MIRA
INFORM REPORT
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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG RIKE CHEMICAL CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
26.12.2003 |
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Legal Form : |
Public
Independent Company |
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Line of Business : |
·
Subject
is engaged in the research, development, production and distribution of
polyvinyl chloride (PVC) plastic modifier products. Subject provides acrylic
additive (ACR) products, acrylic-methyl methacrylate-butadiene (AMB) products
and acrylic chlorinated polyethylene modifier (AMB) products. |
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No. of Employees : |
461 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
china ECONOMIC OVERVIEW
Since the late 1970s China has
moved from a closed, centrally planned system to a more market-oriented one that
plays a major global role - in 2010 China became the world's largest exporter.
Reforms began with the phasing out of collectivized agriculture, and expanded
to include the gradual liberalization of prices, fiscal decentralization,
increased autonomy for state enterprises, creation of a diversified banking
system, development of stock markets, rapid growth of the private sector, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors it considers important to "economic
security," explicitly looking to foster globally competitive national
champions. After keeping its currency tightly linked to the US dollar for years,
in July 2005 China revalued its currency by 2.1% against the US dollar and
moved to an exchange rate system that references a basket of currencies. From
mid 2005 to late 2008 cumulative appreciation of the renminbi against the US
dollar was more than 20%, but the exchange rate remained virtually pegged to
the dollar from the onset of the global financial crisis until June 2010, when
Beijing allowed resumption of a gradual appreciation. The restructuring of the
economy and resulting efficiency gains have contributed to a more than tenfold
increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, China in 2012 stood as the second-largest
economy in the world after the US, having surpassed Japan in 2001. The dollar
values of China's agricultural and industrial output each exceed those of the
US; China is second to the US in the value of services it produces. Still, per
capita income is below the world average. The Chinese government faces numerous
economic challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently slowed
to under 8% for 2012. An economic slowdown in Europe contributed to China's,
and is expected to further drag Chinese growth in 2013. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
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Source : CIA |
Company
name & address
Shandong Rike Chemical Co
Ltd
No. 3999 Yingxuan
Street, Changle County
Weifang, 262400
China
Tel: 86-536-6283716
Fax: 86-536-6283716
Web www.rikechem.com
synthesis
Employees: 461
Company Type: Public Independent
Traded: Shenzhen Stock
Exchange: 300214
Incorporation
Date: 26-Dec-2003
Auditor: Shandong
Tian Hengxin Accounting Office
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Chinese Renminbi
Annual Sales: 165.9 1
Net Income: 15.5
Total Assets: 192.2 2
Market Value: 283.9
(06-Dec-2013)
Business
Description
Shandong Rike
Chemical Co., Ltd. is principally engaged in the research, development,
production and distribution of polyvinyl chloride (PVC) plastic modifier
products. The Company primarily provides acrylic additive (ACR) products,
acrylic-methyl methacrylate-butadiene (AMB) products and acrylic chlorinated
polyethylene modifier (AMB) products, among others. The Company's products are
mainly used in PVC products. The Company distributes its products in domestic markets
and to overseas markets. For the six months ended 30 September 2013, Shandong
Rike Chemical Co Ltd revenues decreased 42% to RMB463.3M. Net income decreased
69% to RMB29.2M. Revenues reflect a decrease in demand for the Company's
products and services due to unfavorable market conditions. Net income also
reflects Financial expenses decrease of 86% to RMB1M (income), Non-operating
income decrease of 30% to RMB3.6M (income).
Industry
Industry
Synthetic Chemical Manufacturing
ANZSIC 2006: 1821 - Synthetic Resin and Synthetic Rubber
Manufacturing
ISIC Rev 4: 2013 - Manufacture of plastics and
synthetic rubber in primary forms
NACE Rev 2: 2016 - Manufacture of plastics in primary
forms
NAICS 2012: 325211 - Plastics Material and Resin Manufacturing
UK SIC 2007: 2016 - Manufacture of plastics in primary
forms
US SIC 1987: 2821 - Plastics Materials, Synthetic
Resins, and Nonvulcanizable Elastomers
Key
Executives
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Name |
Title |
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Jianbo Hao |
Deputy General Manager, Director |
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Ancheng Liu |
Deputy General Manager, Secretary of the Board, Director |
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Xiufeng Yang |
Chief Financial Officer, Director |
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Dongri Zhao |
Chairman of the Board |
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Shengyu Feng |
Independent Director |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 =
CNY 6.310555
2 - Balance Sheet Item Exchange Rate: USD 1 = CNY
6.2357
Corporate
Overview
Location
No. 3999 Yingxuan
Street, Changle County
Weifang, 262400
China
Tel: 86-536-6283716
Fax: 86-536-6283716
Web: www.rikechem.com
Quote Symbol -
Exchange
300214 - Shenzhen Stock Exchange
Sales CNY(mil): 1,047.2
Assets CNY(mil): 1,198.7
Employees: 461
Fiscal Year End: 31-Dec-2012
Industry: Chemicals - Plastics and
Rubber
Incorporation
Date: 26-Dec-2003
Company Type: Public Independent
Quoted Status: Quoted
Chairman of the
Board: Dongri Zhao
Industry Codes
ANZSIC 2006
Codes:
1821 - Synthetic
Resin and Synthetic Rubber Manufacturing
ISIC Rev 4 Codes:
2013 - Manufacture
of plastics and synthetic rubber in primary forms
NACE Rev 2 Codes:
2016 - Manufacture
of plastics in primary forms
NAICS 2012 Codes:
325211 - Plastics
Material and Resin Manufacturing
US SIC 1987:
2821 - Plastics
Materials, Synthetic Resins, and Nonvulcanizable Elastomers
UK SIC 2007:
2016 - Manufacture
of plastics in primary forms
Business Description
Shandong Rike Chemical
Co., Ltd. is principally engaged in the research, development, production and
distribution of polyvinyl chloride (PVC) plastic modifier products. The Company
primarily provides acrylic additive (ACR) products, acrylic-methyl
methacrylate-butadiene (AMB) products and acrylic chlorinated polyethylene
modifier (AMB) products, among others. The Company's products are mainly used
in PVC products. The Company distributes its products in domestic markets and
to overseas markets. For the six months ended 30 September 2013, Shandong Rike
Chemical Co Ltd revenues decreased 42% to RMB463.3M. Net income decreased 69%
to RMB29.2M. Revenues reflect a decrease in demand for the Company's products
and services due to unfavorable market conditions. Net income also reflects
Financial expenses decrease of 86% to RMB1M (income), Non-operating income
decrease of 30% to RMB3.6M (income).
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executive report
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Board of
Directors |
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Chairman of the Board |
Chairman |
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Independent Director |
Director/Board Member |
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Deputy General Manager, Secretary of the Board, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Executives |
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Deputy General Manager, Director |
Division Head Executive |
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Deputy General Manager, Secretary of the Board, Director |
Division Head Executive |
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General Manager, Director |
Division Head Executive |
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Chief Financial Officer, Director |
Finance Executive |
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Significant
Developments
Shandong Rike
Chemical Co Ltd Announces FY 2013 Q1 to Q3 Net Profit Outlook Oct 14, 2013
Shandong Rike
Chemical Co Ltd announced that it expects its net profit for the first three quarters
of fiscal year (FY) 2013 to decrease 30%-50% (RMB 46,796,900 ~ RMB 65,515,700),
compared to the net profit of the same period in FY 2012 (RMB 93,593,800). The
Company cited the increased exchange loss, low productivity of new projects and
increase of material costs as the main reason for the forecast.
Shandong Rike
Chemical Co Ltd Announces Changes of Corporate Auditor Jul 24, 2013
Shandong Rike
Chemical Co Ltd announced that it has appointed Shandong Hexin Certified Public
Accountants to replace Shandong Tianhengxin Certified Public Accountants as
corporate auditor of the Company, due to the transfer to partnership of
Shandong Tianhengxin Certified Public Accountants.
Shandong Rike
Chemical Co Ltd Announces FY 2013 H1 Net Profit Outlook Jul 08, 2013
Shandong Rike
Chemical Co Ltd announced that it expects its net profit for the first half of
fiscal year (FY) 2013 to be RMB 32.55 million to RMB 52.07 million, or to
decrease by 20% to 50%, compared to the net profit of the same period in FY
2012 (RMB 65.09 million). The Company cited the decreased interest income,
exchange losses and increased financial expense, loss of its subsidiary, and
decreased sales income and gross profit rate, as the main reasons for the
forecast.
Shandong Rike
Chemical Co Ltd Announces FY 2012 Dividend Payment Date Jun 20, 2013
Shandong Rike
Chemical Co Ltd announced that it will pay cash dividend of RMB 1.0 per 10
shares (before tax) to shareholders of record on June 26, 2013. The Company's
shares will be traded ex-dividend on June 27, 2013 and the dividend will be
paid on June 26, 2013.
Shandong Rike
Chemical Co Ltd Announces FY 2012 Dividend Payment Apr 09, 2013
Shandong Rike
Chemical Co Ltd announced that it will pay cash dividend of RMB 1 per 10 shares
(before tax) to the Company's shareholders for fiscal year 2012.
Shandong Rike
Chemical Co Ltd's Subsidiary Obtains High-tech Enterprise Recognition; to Enjoy
Tax Preference Apr 03, 2013
Shandong Rike
Chemical Co Ltd announced that its Shandong-based wholly owned subsidiary was
recognized as high-tech enterprise in Shandong Province, and will enjoy an
income tax rate of 15% from January 1, 2012 to December 31, 2014.
Shandong Rike
Chemical Co Ltd Announces FY 2013 Q1 Net Profit Outlook Apr 03, 2013
Shandong Rike
Chemical Co Ltd announced that it expects its net profit for the first quarter
of fiscal year (FY) 2013 to decrease by 50%-80% or to be RMB 5,338,000-RMB
13,345,000, compared to the net profit of the same period in FY 2012 (RMB 26.69
million). The Company cited the decreased demands, the higher materials price
as well as the increased production cost in its subsidiary as the main reason
for the forecast.
Shandong Rike
Chemical Co Ltd Announces FY 2012 Net Profit Outlook Below Analysts' Estimate
Jan 31, 2013
Shandong Rike
Chemical Co Ltd announced that it expects its net profit for fiscal year (FY)
2012 to increase by -15% to 10% or to be RMB 86.23 million to RMB 111.60
million, compared to the net profit of FY 2011 (RMB 101.45 million). The
Company cited the slower growth of its business, the provision of RMB 5.3
million for assets impairment loss as well as the increased non-operating
profit as the main reason for the forecast. According to I/B/E/S Estimates,
analysts expect the Company's net profit for fiscal year 2012 to be RMB 131.29
million.
annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
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Auditor |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian Hengxin
Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
165.9 |
152.7 |
115.8 |
70.4 |
58.3 |
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Revenue |
165.9 |
152.7 |
115.8 |
70.4 |
58.3 |
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Total Revenue |
165.9 |
152.7 |
115.8 |
70.4 |
58.3 |
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Cost of Revenue |
131.0 |
122.9 |
93.0 |
55.7 |
49.6 |
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Cost of Revenue, Total |
131.0 |
122.9 |
93.0 |
55.7 |
49.6 |
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Gross Profit |
34.9 |
29.8 |
22.8 |
14.7 |
8.7 |
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Selling/General/Administrative Expense |
8.1 |
5.0 |
7.5 |
4.9 |
4.0 |
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Labor & Related Expense |
4.2 |
2.9 |
- |
- |
- |
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Advertising Expense |
0.2 |
0.1 |
- |
- |
- |
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Total Selling/General/Administrative Expenses |
12.5 |
8.0 |
7.5 |
4.9 |
4.0 |
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Research & Development |
3.6 |
2.2 |
- |
- |
- |
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Depreciation |
1.3 |
0.4 |
- |
- |
- |
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Depreciation/Amortization |
1.3 |
0.4 |
- |
- |
- |
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Interest Expense -
Operating |
0.5 |
1.2 |
1.0 |
0.7 |
0.9 |
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Interest Expense - Net Operating |
0.5 |
1.2 |
1.0 |
0.7 |
0.9 |
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Interest Income -
Operating |
-1.7 |
-0.3 |
0.0 |
-0.2 |
0.0 |
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Investment Income -
Operating |
0.0 |
0.2 |
0.1 |
-0.1 |
0.1 |
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Interest/Investment Income - Operating |
-1.7 |
-0.1 |
0.1 |
-0.2 |
0.1 |
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Interest Expense (Income) - Net Operating Total |
-1.2 |
1.1 |
1.1 |
0.4 |
0.9 |
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Impairment-Assets Held for Use |
0.9 |
- |
0.2 |
0.1 |
0.1 |
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Other Unusual Expense (Income) |
- |
0.7 |
- |
- |
- |
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Unusual Expense (Income) |
0.9 |
0.7 |
0.2 |
0.1 |
0.1 |
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Other Operating Expense |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
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Other Operating Expenses, Total |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
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Total Operating Expense |
148.2 |
135.5 |
102.0 |
61.2 |
54.8 |
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Operating Income |
17.8 |
17.3 |
13.8 |
9.2 |
3.6 |
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Gain (Loss) on Sale of Assets |
-0.2 |
0.0 |
- |
0.0 |
0.0 |
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Other Non-Operating Income (Expense) |
0.7 |
0.8 |
0.3 |
0.0 |
0.1 |
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Other, Net |
0.7 |
0.8 |
0.3 |
0.0 |
0.1 |
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Income Before Tax |
18.3 |
18.1 |
14.2 |
9.2 |
3.7 |
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Total Income Tax |
2.8 |
2.7 |
1.9 |
1.3 |
0.4 |
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Income After Tax |
15.4 |
15.5 |
12.3 |
7.9 |
3.3 |
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Minority Interest |
0.0 |
0.0 |
0.0 |
- |
- |
|
Net Income Before Extraord Items |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
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Net Income |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
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Income Available to Common Excl Extraord Items |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
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Income Available to Common Incl Extraord Items |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
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Basic/Primary Weighted Average Shares |
202.5 |
188.6 |
202.5 |
202.5 |
202.5 |
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Basic EPS Excl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
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Basic/Primary EPS Incl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
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Diluted Net Income |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
|
Diluted Weighted Average Shares |
202.5 |
188.6 |
202.5 |
202.5 |
202.5 |
|
Diluted EPS Excl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
|
Diluted EPS Incl Extraord Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
|
Dividends per Share - Common Stock Primary Issue |
0.02 |
0.02 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
3.2 |
3.1 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
0.5 |
1.2 |
1.0 |
0.7 |
0.9 |
|
Depreciation, Supplemental |
2.5 |
1.6 |
1.1 |
0.8 |
0.7 |
|
Total Special Items |
1.1 |
0.7 |
0.2 |
0.1 |
0.1 |
|
Normalized Income Before Tax |
19.4 |
18.8 |
14.4 |
9.3 |
3.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
3.0 |
2.8 |
1.9 |
1.3 |
0.4 |
|
Normalized Income After Tax |
16.4 |
16.0 |
12.5 |
8.1 |
3.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.4 |
16.1 |
12.5 |
8.1 |
3.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.09 |
0.06 |
0.04 |
0.02 |
|
Diluted Normalized EPS |
0.08 |
0.09 |
0.06 |
0.04 |
0.02 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Rental Expenses |
0.2 |
- |
- |
- |
- |
|
Advertising Expense, Supplemental |
0.2 |
0.1 |
- |
- |
- |
|
Research & Development Exp, Supplemental |
3.6 |
2.2 |
1.9 |
0.9 |
0.9 |
|
Normalized EBIT |
17.4 |
19.0 |
15.2 |
9.7 |
4.6 |
|
Normalized EBITDA |
20.4 |
21.1 |
16.6 |
10.8 |
5.5 |
|
Current Tax - Total |
3.1 |
2.7 |
2.0 |
1.3 |
0.7 |
|
Current Tax - Total |
3.1 |
2.7 |
2.0 |
1.3 |
0.7 |
|
Deferred Tax - Total |
-0.3 |
-0.1 |
-0.1 |
0.0 |
-0.2 |
|
Deferred Tax - Total |
-0.3 |
-0.1 |
-0.1 |
0.0 |
-0.2 |
|
Income Tax - Total |
2.8 |
2.7 |
1.9 |
1.3 |
0.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
6.823 |
|
Auditor |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash |
46.1 |
89.1 |
- |
- |
- |
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Cash & Equivalents |
- |
- |
5.9 |
8.5 |
7.7 |
|
Cash and Short Term Investments |
46.1 |
89.1 |
5.9 |
8.5 |
7.7 |
|
Accounts Receivable -
Trade, Gross |
25.1 |
20.7 |
10.2 |
6.8 |
6.7 |
|
Provision for Doubtful
Accounts |
-1.8 |
-1.4 |
-0.8 |
-0.6 |
-0.5 |
|
Trade Accounts Receivable - Net |
23.3 |
19.3 |
9.4 |
6.2 |
6.2 |
|
Notes Receivable - Short Term |
18.4 |
14.4 |
7.4 |
3.3 |
1.6 |
|
Other Receivables |
1.0 |
0.5 |
0.2 |
0.1 |
0.1 |
|
Total Receivables, Net |
42.8 |
34.2 |
16.9 |
9.6 |
7.9 |
|
Inventories - Finished Goods |
8.6 |
6.2 |
3.1 |
1.8 |
2.2 |
|
Inventories - Work In Progress |
0.3 |
0.1 |
0.1 |
0.3 |
0.1 |
|
Inventories - Raw Materials |
6.6 |
5.0 |
1.4 |
3.5 |
1.2 |
|
Inventories - Other |
0.0 |
1.2 |
2.5 |
0.9 |
0.3 |
|
Total Inventory |
15.5 |
12.5 |
7.1 |
6.6 |
3.9 |
|
Prepaid Expenses |
29.0 |
23.6 |
5.3 |
3.0 |
7.5 |
|
Total Current Assets |
133.4 |
159.4 |
35.3 |
27.7 |
27.0 |
|
|
|
|
|
|
|
|
Buildings |
13.5 |
8.8 |
6.5 |
3.4 |
- |
|
Machinery/Equipment |
26.2 |
17.5 |
11.2 |
6.3 |
- |
|
Property/Plant/Equipment - Gross |
39.8 |
26.3 |
17.7 |
9.7 |
- |
|
Accumulated Depreciation |
-8.3 |
-5.5 |
-3.7 |
-2.5 |
- |
|
Property/Plant/Equipment - Net |
47.5 |
27.6 |
22.8 |
14.6 |
6.9 |
|
Intangibles - Gross |
13.0 |
12.8 |
- |
- |
- |
|
Accumulated Intangible Amortization |
-2.3 |
-1.8 |
- |
- |
- |
|
Intangibles, Net |
10.7 |
11.0 |
9.4 |
7.8 |
4.4 |
|
Deferred Income Tax - Long Term Asset |
0.6 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Other Long Term Assets, Total |
0.6 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Total Assets |
192.2 |
198.2 |
67.7 |
50.2 |
38.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
3.9 |
3.0 |
2.6 |
2.1 |
0.8 |
|
Accrued Expenses |
0.5 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Notes Payable/Short Term Debt |
0.0 |
13.7 |
16.5 |
12.5 |
11.9 |
|
Customer Advances |
1.0 |
2.1 |
2.9 |
1.6 |
2.7 |
|
Income Taxes Payable |
0.4 |
0.9 |
0.6 |
0.4 |
0.2 |
|
Other Payables |
1.5 |
1.0 |
1.0 |
0.3 |
0.1 |
|
Other Current Liabilities |
-0.9 |
0.4 |
- |
- |
- |
|
Other Current liabilities, Total |
2.0 |
4.3 |
4.4 |
2.3 |
3.0 |
|
Total Current Liabilities |
6.4 |
21.1 |
23.6 |
16.9 |
15.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
0.8 |
1.5 |
2.8 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.8 |
1.5 |
2.8 |
0.0 |
|
Total Debt |
0.0 |
14.5 |
18.0 |
15.3 |
11.9 |
|
|
|
|
|
|
|
|
Minority Interest |
0.7 |
5.3 |
0.0 |
- |
- |
|
Other Long Term Liabilities |
1.8 |
1.2 |
1.1 |
1.1 |
1.2 |
|
Other Liabilities, Total |
1.8 |
1.2 |
1.1 |
1.1 |
1.2 |
|
Total Liabilities |
8.9 |
28.3 |
26.1 |
20.8 |
17.0 |
|
|
|
|
|
|
|
|
Common Stock |
32.5 |
21.4 |
15.2 |
14.6 |
12.7 |
|
Common Stock |
32.5 |
21.4 |
15.2 |
14.6 |
12.7 |
|
Additional Paid-In Capital |
104.4 |
114.7 |
9.1 |
8.8 |
3.3 |
|
Retained Earnings (Accumulated Deficit) |
46.6 |
33.9 |
17.3 |
6.0 |
5.4 |
|
Other Equity |
-0.1 |
-0.1 |
- |
- |
- |
|
Other Equity, Total |
-0.1 |
-0.1 |
- |
- |
- |
|
Total Equity |
183.4 |
169.9 |
41.6 |
29.4 |
21.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
192.2 |
198.2 |
67.7 |
50.2 |
38.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
202.5 |
202.5 |
202.5 |
202.5 |
202.5 |
|
Total Common Shares Outstanding |
202.5 |
202.5 |
202.5 |
202.5 |
202.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
461 |
397 |
265 |
- |
- |
|
Number of Common Shareholders |
8,260 |
- |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
2.3 |
1.8 |
1.3 |
1.0 |
- |
|
Deferred Revenue - Current |
1.0 |
2.1 |
2.9 |
1.6 |
2.7 |
|
Deferred Revenue - Long Term |
1.5 |
1.0 |
- |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian Hengxin
Accounting Office |
Shandong Tian
Hengxin Accounting Office |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
167.8 |
155.0 |
134.3 |
79.1 |
67.6 |
|
Cash Payments |
-137.1 |
-150.8 |
-118.6 |
-66.6 |
-56.4 |
|
Cash Taxes Paid |
-5.3 |
-5.1 |
-4.6 |
-3.1 |
-2.3 |
|
Other Operating Cash Flow |
-14.7 |
-6.2 |
-3.4 |
-2.7 |
-2.5 |
|
Changes in Working Capital |
-14.7 |
-6.2 |
-3.4 |
-2.7 |
-2.5 |
|
Cash from Operating Activities |
10.7 |
-7.2 |
7.7 |
6.6 |
6.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-31.6 |
-19.0 |
-10.1 |
-8.6 |
-12.0 |
|
Capital Expenditures |
-31.6 |
-19.0 |
-10.1 |
-8.6 |
-12.0 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Purchase of Investments |
-5.1 |
- |
0.0 |
0.0 |
-2.9 |
|
Other Investing Cash Flow |
- |
0.1 |
- |
- |
- |
|
Other Investing Cash Flow Items, Total |
-5.1 |
0.1 |
0.0 |
0.0 |
-2.9 |
|
Cash from Investing Activities |
-36.7 |
-18.9 |
-10.1 |
-8.6 |
-14.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.7 |
112.2 |
1.1 |
2.4 |
5.5 |
|
Financing Cash Flow Items |
0.7 |
112.2 |
1.1 |
2.4 |
5.5 |
|
Cash Dividends Paid - Common |
-3.7 |
-1.1 |
-2.4 |
-0.7 |
-0.9 |
|
Total Cash Dividends Paid |
-3.7 |
-1.1 |
-2.4 |
-0.7 |
-0.9 |
|
Total Debt Issued |
6.5 |
39.7 |
22.7 |
20.6 |
13.4 |
|
Total Debt Reduction |
-21.0 |
-43.9 |
-20.7 |
-17.1 |
-6.6 |
|
Issuance (Retirement) of Debt, Net |
-14.5 |
-4.2 |
2.1 |
3.5 |
6.8 |
|
Cash from Financing Activities |
-17.4 |
106.8 |
0.7 |
5.2 |
11.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-43.3 |
80.7 |
-1.7 |
3.2 |
3.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
88.9 |
6.0 |
7.5 |
4.2 |
1.1 |
|
Net Cash - Ending Balance |
45.6 |
86.8 |
5.8 |
7.4 |
4.2 |
|
Depreciation |
2.5 |
1.6 |
1.1 |
0.8 |
0.7 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Other Revenues |
2.6 |
3.6 |
- |
- |
- |
|
In Operating Income - Balancing value |
163.4 |
149.1 |
- |
- |
- |
|
In Operating Income |
- |
- |
115.8 |
70.4 |
58.3 |
|
Total Revenue |
165.9 |
152.7 |
115.8 |
70.4 |
58.3 |
|
|
|
|
|
|
|
|
Advertising Expenses, Selling Exp. |
0.2 |
0.1 |
- |
- |
- |
|
Labor & Related Expenses, Selling Exp. |
2.4 |
1.5 |
- |
- |
- |
|
Staff Remuneration, Admin Exp |
1.8 |
1.4 |
- |
- |
- |
|
Depreciation in SGA, Selling Exp. |
0.0 |
- |
- |
- |
- |
|
Depreciation/Amortization in SGA, Admin |
1.3 |
0.4 |
- |
- |
- |
|
Research & Development Expense, Admin Ex |
3.6 |
2.2 |
- |
- |
- |
|
Listing fee, Admin Exp |
- |
0.7 |
- |
- |
- |
|
OperatingCost |
131.0 |
122.9 |
92.7 |
55.6 |
49.5 |
|
Business Tax and Surcharges |
- |
- |
0.3 |
0.2 |
0.1 |
|
Construction tax |
0.1 |
0.1 |
- |
- |
- |
|
Education surcharge |
0.1 |
0.1 |
- |
- |
- |
|
Local Water Conservansy Funds |
0.0 |
0.0 |
- |
- |
- |
|
Rental Expense, Selling Exp. |
0.2 |
- |
- |
- |
- |
|
Other Selling Expense |
5.3 |
3.0 |
- |
- |
- |
|
Taxes, Admin Exp |
0.6 |
0.4 |
- |
- |
- |
|
Other Expenses, Selling Exp. |
- |
0.2 |
- |
- |
- |
|
Other General&Administrative Expenses |
1.3 |
0.6 |
- |
- |
- |
|
Bad Debt Written Off |
0.4 |
0.5 |
- |
- |
- |
|
General & Administrative Expenses |
- |
- |
4.0 |
2.3 |
1.8 |
|
Selling Expense |
- |
- |
3.6 |
2.5 |
2.2 |
|
Interest Expense |
0.5 |
1.2 |
1.0 |
0.7 |
0.9 |
|
Interest Income |
-1.7 |
-0.3 |
0.0 |
-0.2 |
0.0 |
|
Foreign Exchange Loss |
0.3 |
0.2 |
0.3 |
0.0 |
0.1 |
|
Foreign Exchange Gain |
-0.3 |
0.0 |
-0.2 |
-0.1 |
-0.1 |
|
Other Fiance Costs |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Impair of Fix Assets |
0.9 |
- |
- |
- |
- |
|
Impairment Loss on Assets |
- |
- |
0.2 |
0.1 |
0.1 |
|
Total Operating Expense |
148.2 |
135.5 |
102.0 |
61.2 |
54.8 |
|
|
|
|
|
|
|
|
Gain on sale of fixed assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Non - Operating Expense |
-0.1 |
- |
- |
- |
- |
|
Non - Operating Income - Balancing value |
0.8 |
0.9 |
- |
- |
- |
|
Non - Operating Income |
- |
- |
0.3 |
0.0 |
0.1 |
|
Loss on sale of fixed assets |
-0.2 |
- |
- |
0.0 |
0.0 |
|
Non - Operating Expense |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Taxes |
18.3 |
18.1 |
14.2 |
9.2 |
3.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2.8 |
2.7 |
1.9 |
1.3 |
0.4 |
|
Net Income After Taxes |
15.4 |
15.5 |
12.3 |
7.9 |
3.3 |
|
|
|
|
|
|
|
|
Minority interests |
0.0 |
0.0 |
0.0 |
- |
- |
|
Net Income Before Extra. Items |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
|
Net Income |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
202.5 |
188.6 |
202.5 |
202.5 |
202.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
|
Basic EPS Including ExtraOrdinary Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
|
Diluted Net Income |
15.5 |
15.5 |
12.3 |
7.9 |
3.3 |
|
Diluted Weighted Average Shares |
202.5 |
188.6 |
202.5 |
202.5 |
202.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.08 |
0.08 |
0.06 |
0.04 |
0.02 |
|
DPS-Ordinary Shares |
0.02 |
0.02 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
3.2 |
3.1 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
19.4 |
18.8 |
14.4 |
9.3 |
3.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.0 |
2.8 |
1.9 |
1.3 |
0.4 |
|
Normalized Income After Taxes |
16.4 |
16.0 |
12.5 |
8.1 |
3.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
16.4 |
16.1 |
12.5 |
8.1 |
3.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.09 |
0.06 |
0.04 |
0.02 |
|
Diluted Normalized EPS |
0.08 |
0.09 |
0.06 |
0.04 |
0.02 |
|
Rental Expense, Selling Exp. |
0.2 |
- |
- |
- |
- |
|
Advertising Expenses, Selling Exp. |
0.2 |
0.1 |
- |
- |
- |
|
Interest Expense |
0.5 |
1.2 |
- |
- |
- |
|
Interest Expense, Supplemental |
- |
- |
1.0 |
0.7 |
0.9 |
|
Research & Development Exp, Supplemental |
3.6 |
2.2 |
1.9 |
0.9 |
0.9 |
|
Depreciation, Supplemental |
2.5 |
1.6 |
1.1 |
0.8 |
0.7 |
|
Amort of Intangibles, Supplemental |
0.5 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Current Tax - Total |
3.1 |
2.7 |
2.0 |
1.3 |
0.7 |
|
Current Tax - Total |
3.1 |
2.7 |
2.0 |
1.3 |
0.7 |
|
Deferred Tax - Total |
-0.3 |
-0.1 |
-0.1 |
0.0 |
-0.2 |
|
Deferred Tax - Total |
-0.3 |
-0.1 |
-0.1 |
0.0 |
-0.2 |
|
Income Tax - Total |
2.8 |
2.7 |
1.9 |
1.3 |
0.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
6.823 |
|
Auditor |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
- |
- |
5.9 |
8.5 |
7.7 |
|
Notes Receivable |
18.4 |
14.4 |
7.4 |
3.3 |
1.6 |
|
Accounts Receivable, Gross |
25.1 |
20.7 |
10.2 |
6.8 |
6.7 |
|
Provision for doubtful accounts |
-1.8 |
-1.4 |
-0.8 |
-0.6 |
-0.5 |
|
Prepayments |
29.0 |
23.6 |
5.3 |
3.0 |
7.5 |
|
Other Receivables, Gross |
1.1 |
0.5 |
- |
- |
- |
|
Provision for Other Receivables |
-0.1 |
0.0 |
- |
- |
- |
|
Other Receivables |
- |
- |
0.2 |
0.1 |
0.1 |
|
Raw Material |
6.6 |
5.0 |
1.4 |
3.5 |
1.2 |
|
Work-in-Process |
0.3 |
0.1 |
0.1 |
0.3 |
0.1 |
|
Finished Products/Goods in Store |
8.6 |
6.2 |
3.1 |
1.8 |
2.2 |
|
Circulating Material |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Subcontracted Material |
- |
1.1 |
2.4 |
0.9 |
0.2 |
|
Cash |
0.0 |
0.0 |
- |
- |
- |
|
Bank Deposit |
45.9 |
86.1 |
- |
- |
- |
|
Other Cash |
0.2 |
3.0 |
- |
- |
- |
|
Total Current Assets |
133.4 |
159.4 |
35.3 |
27.7 |
27.0 |
|
|
|
|
|
|
|
|
Buildings & Structures |
13.5 |
8.8 |
6.5 |
3.4 |
- |
|
Machinery and Equipment |
24.4 |
15.9 |
10.1 |
5.3 |
- |
|
Transportation Equipment |
1.0 |
0.9 |
0.6 |
0.6 |
- |
|
Electrical Equipment & Other |
0.9 |
0.7 |
0.5 |
0.4 |
- |
|
Acc Depr Buildings & Structures |
-1.6 |
-1.1 |
- |
- |
- |
|
Impmt Buildings & Structures |
-0.1 |
- |
- |
- |
- |
|
Acc Depr Machinery and Equipment |
-4.8 |
-3.5 |
- |
- |
- |
|
Impmt Machinery and Equipment |
-0.7 |
- |
- |
- |
- |
|
Acc Depr Transportation Equipment |
-0.6 |
-0.4 |
- |
- |
- |
|
Acc Depr Electrical Equipment & Other |
-0.5 |
-0.4 |
- |
- |
- |
|
Impmt Transportation Equipment |
0.0 |
- |
- |
- |
- |
|
Accumulated Depreciation |
- |
- |
-3.7 |
-2.5 |
- |
|
Fixed Assets, Net |
- |
- |
- |
- |
6.7 |
|
Construction in Progress |
16.0 |
6.7 |
8.6 |
6.1 |
0.2 |
|
Project materials |
- |
0.1 |
0.2 |
1.2 |
0.0 |
|
Intangible assets |
- |
- |
9.4 |
7.8 |
4.4 |
|
Deferred income tax assets |
0.6 |
0.3 |
0.2 |
0.1 |
0.1 |
|
Acc Amort Land Use Right |
-0.7 |
-0.5 |
- |
- |
- |
|
Acc Amort Patents |
-1.5 |
-1.3 |
- |
- |
- |
|
Acc Amort Computer Software |
0.0 |
0.0 |
- |
- |
- |
|
Land Use Right, Gross |
10.7 |
10.6 |
- |
- |
- |
|
Patents, Gross |
2.2 |
2.1 |
- |
- |
- |
|
Computer Software, Gross |
0.2 |
0.0 |
- |
- |
- |
|
Total Assets |
192.2 |
198.2 |
67.7 |
50.2 |
38.4 |
|
|
|
|
|
|
|
|
Guaranteed Loan |
- |
10.5 |
- |
- |
- |
|
Credit Short Term Debt |
- |
3.2 |
- |
- |
- |
|
Short Term Borrowing |
- |
- |
16.5 |
12.5 |
11.9 |
|
Accounts Payable |
3.9 |
3.0 |
2.6 |
2.1 |
0.8 |
|
Advance receipts |
1.0 |
2.1 |
2.9 |
1.6 |
2.7 |
|
Staff remuneration payables |
0.5 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Taxes payable - Balancing value |
0.4 |
0.9 |
- |
- |
- |
|
Taxes payable |
- |
- |
0.6 |
0.4 |
0.2 |
|
Other Payables |
1.5 |
1.0 |
1.0 |
0.3 |
0.1 |
|
VAT |
-1.0 |
0.2 |
- |
- |
- |
|
City Development Tax |
0.0 |
0.0 |
- |
- |
- |
|
Property Tax |
0.0 |
0.0 |
- |
- |
- |
|
Land Use Tax |
0.1 |
0.1 |
- |
- |
- |
|
Education Surcharge |
0.0 |
0.0 |
- |
- |
- |
|
Local Educational Surcharge |
0.0 |
0.0 |
- |
- |
- |
|
Printing Tax |
0.0 |
0.0 |
- |
- |
- |
|
Construction of Water Conservancy Fund |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
6.4 |
21.1 |
23.6 |
16.9 |
15.8 |
|
|
|
|
|
|
|
|
LT Debt |
- |
0.8 |
- |
- |
- |
|
Long Term Borrowing |
- |
- |
1.5 |
2.8 |
0.0 |
|
Total Long Term Debt |
- |
0.8 |
1.5 |
2.8 |
0.0 |
|
|
|
|
|
|
|
|
LT Deferred Income |
1.5 |
1.0 |
- |
- |
- |
|
Special Payables |
0.3 |
0.2 |
0.0 |
1.1 |
1.2 |
|
Other Non-current Liabilities |
- |
- |
1.1 |
0.1 |
0.0 |
|
Minority Stockholder''s Interest |
0.7 |
5.3 |
0.0 |
- |
- |
|
Total Liabilities |
8.9 |
28.3 |
26.1 |
20.8 |
17.0 |
|
|
|
|
|
|
|
|
Other Capital reserves |
-0.1 |
-0.1 |
- |
- |
- |
|
Capital Stock |
32.5 |
21.4 |
15.2 |
14.6 |
12.7 |
|
Paid in Capital - Balancing value |
104.4 |
114.7 |
- |
- |
- |
|
Paid in Capital |
- |
- |
9.1 |
8.8 |
3.3 |
|
Surplus reserves |
4.2 |
2.7 |
1.3 |
0.3 |
0.5 |
|
Retained profits |
42.4 |
31.2 |
16.0 |
5.7 |
4.9 |
|
Total Equity |
183.4 |
169.9 |
41.6 |
29.4 |
21.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
192.2 |
198.2 |
67.7 |
50.2 |
38.4 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
202.5 |
202.5 |
202.5 |
202.5 |
202.5 |
|
Total Common Shares Outstanding |
202.5 |
202.5 |
202.5 |
202.5 |
202.5 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Deferred Income |
1.5 |
1.0 |
- |
- |
- |
|
Customer Advance |
1.0 |
2.1 |
2.9 |
1.6 |
2.7 |
|
Accumulated Intangible Amort, Suppl. |
2.3 |
1.8 |
1.3 |
1.0 |
- |
|
Number of Common Shareholders |
8,260 |
- |
- |
- |
- |
|
Full-Time Employees |
461 |
397 |
265 |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
|
Auditor |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
Shandong Tian
Hengxin Accounting Office |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash from sale of Goods & Services |
167.8 |
155.0 |
134.3 |
79.1 |
67.6 |
|
Cash Paid for Goods and Services |
-137.1 |
-150.8 |
-118.6 |
-66.6 |
-56.4 |
|
Tax rebates received |
1.2 |
0.4 |
0.2 |
0.0 |
- |
|
Cash Paid to/for Employees |
-4.7 |
- |
- |
- |
- |
|
Other cash received concerning operating |
3.1 |
1.1 |
1.9 |
0.6 |
0.9 |
|
All Taxes Paid |
-6.5 |
-5.5 |
-4.8 |
-3.1 |
-2.3 |
|
Cash paid for other operating activities |
-13.1 |
-7.4 |
-5.4 |
-3.3 |
-3.4 |
|
Cash from Operating Activities |
10.7 |
-7.2 |
7.7 |
6.6 |
6.5 |
|
|
|
|
|
|
|
|
Net cash from disposal of fixed assets, |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other cash received concerning investing |
- |
0.1 |
- |
- |
- |
|
Capital Expenditure |
-31.6 |
-19.0 |
-10.1 |
-8.6 |
-12.0 |
|
Cash Paid for Purchase of Investments |
-5.1 |
- |
0.0 |
0.0 |
-2.9 |
|
Cash from Investing Activities |
-36.7 |
-18.9 |
-10.1 |
-8.6 |
-14.8 |
|
|
|
|
|
|
|
|
Cash received from capital contributions |
- |
112.7 |
- |
0.0 |
9.7 |
|
Cash from Borrowings |
6.5 |
39.7 |
22.7 |
20.6 |
13.4 |
|
Other Cash from Financing Activities |
0.7 |
0.2 |
1.1 |
3.4 |
1.0 |
|
Cash repayments of amounts borrowed |
-21.0 |
-43.9 |
-20.7 |
-17.1 |
-6.6 |
|
Cash paid for other financing activities |
- |
-0.7 |
0.0 |
-1.1 |
-5.2 |
|
Cash Paid for Dividend and Interest |
-3.7 |
-1.1 |
-2.4 |
-0.7 |
-0.9 |
|
Cash from Financing Activities |
-17.4 |
106.8 |
0.7 |
5.2 |
11.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-43.3 |
80.7 |
-1.7 |
3.2 |
3.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
88.9 |
6.0 |
7.5 |
4.2 |
1.1 |
|
Net Cash - Ending Balance |
45.6 |
86.8 |
5.8 |
7.4 |
4.2 |
|
Depreciation |
2.5 |
1.6 |
1.1 |
0.8 |
0.7 |
|
Amortization of Intangibles |
0.5 |
0.4 |
0.3 |
0.3 |
0.2 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
UK Pound |
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.