|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU LANFENG BIO CHEMICAL CO LTD |
|
|
|
|
Registered Office : |
No. Suhua Road Xinyi Economic Development Zone Xuzhou, 221400 |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.09.2007 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacture of pesticides and other agro-chemical products |
|
|
|
|
No. of Employees : |
1,629 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Source
: CIA
Jiangsu Lanfeng
Bio Chemical Co Ltd
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Business
Description
|
Jiangsu Lanfeng Bio-chemical Co., Ltd. is principally engaged in the
production and distribution of raw materials and preparations of fungicides,
insecticides and herbicides, as well as the fine chemical intermediate
products. The primarily provides carbendazim, thiophanate methyl, benomyl,
hexazinone, metazachlor, spermine, methyl chloroformate and ethyl
chloroformate, among others. The Company distributes its products in domestic
market and to overseas markets. For the fiscal year ended 31 December 2012, Jiangsu
Lanfeng Bio Chemical Co Ltd revenues increased 11% to RMB1.27B. Net income
decreased 29% to RMB59.2M. Revenues reflect an increase in demand for the
Company's products and services due to favorable market conditions. Net
income was offset by Interest Inocme decrease of 94% to RMB704K (income),
Non-operating income decrease of 81% to RMB2.2M (income). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
2420 - Manufacture of pesticides and other
agro-chemical products |
|
NAICS 2002: |
32532 - Pesticide and Other Agricultural Chemical
Manufacturing |
|
UK SIC 2003: |
2420 - Manufacture of pesticides and other
agro-chemical products |
|
UK SIC 2007: |
2020 - Manufacture of pesticides and other
agrochemical products |
|
US SIC 1987: |
2879 - Pesticides and Agricultural Chemicals, Not
Elsewhere Classified |
Key Executives
|
Significant
Developments
|
Financial
Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = CNY 6.310555
2 - Balance Sheet Item Exchange Rate: USD 1 = CNY 6.2357
|
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Executives Report
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|
|
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 |
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 |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu Gongzheng
Tianye CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
198.3 |
176.9 |
135.0 |
91.9 |
130.7 |
|
Revenue |
198.3 |
176.9 |
135.0 |
91.9 |
130.7 |
|
Other Revenue |
2.7 |
- |
- |
- |
- |
|
Other Revenue, Total |
2.7 |
- |
- |
- |
- |
|
Total Revenue |
201.0 |
176.9 |
135.0 |
91.9 |
130.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
159.9 |
139.1 |
105.2 |
68.0 |
103.1 |
|
Cost of Revenue, Total |
159.9 |
139.1 |
105.2 |
68.0 |
103.1 |
|
Gross Profit |
38.3 |
37.8 |
29.9 |
23.9 |
27.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
14.5 |
18.6 |
14.4 |
8.9 |
9.9 |
|
Labor & Related Expense |
3.4 |
- |
- |
- |
- |
|
Advertising Expense |
0.2 |
- |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
18.2 |
18.6 |
14.4 |
8.9 |
9.9 |
|
Research & Development |
4.8 |
- |
- |
- |
- |
|
Depreciation |
1.0 |
- |
- |
- |
- |
|
Amortization of Intangibles |
0.2 |
- |
- |
- |
- |
|
Depreciation/Amortization |
1.1 |
- |
- |
- |
- |
|
Interest Expense -
Operating |
4.7 |
3.7 |
1.5 |
1.9 |
1.9 |
|
Interest Capitalized -
Operating |
- |
- |
- |
-0.3 |
0.0 |
|
Interest Expense - Net Operating |
4.7 |
3.7 |
1.5 |
1.6 |
1.9 |
|
Interest Income -
Operating |
-0.1 |
-1.9 |
-0.1 |
-0.1 |
-0.1 |
|
Investment Income -
Operating |
0.6 |
1.0 |
0.3 |
0.0 |
0.0 |
|
Interest/Investment Income - Operating |
0.5 |
-0.9 |
0.2 |
-0.1 |
-0.1 |
|
Interest Expense (Income) - Net Operating |
0.6 |
- |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
5.8 |
2.8 |
1.7 |
1.5 |
1.8 |
|
Impairment-Assets Held for Use |
- |
0.8 |
0.1 |
-0.5 |
0.7 |
|
Unusual Expense (Income) |
- |
0.8 |
0.1 |
-0.5 |
0.7 |
|
Other Operating Expense |
0.2 |
0.3 |
0.6 |
0.3 |
0.2 |
|
Other Operating Expenses, Total |
0.2 |
0.3 |
0.6 |
0.3 |
0.2 |
|
Total Operating Expense |
190.0 |
161.6 |
121.9 |
78.2 |
115.7 |
|
|
|
|
|
|
|
|
Operating Income |
11.0 |
15.3 |
13.2 |
13.6 |
14.9 |
|
|
|
|
|
|
|
|
Gain (Loss) on Sale of Assets |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Other Non-Operating Income (Expense) |
-0.1 |
-0.1 |
0.3 |
3.5 |
2.1 |
|
Other, Net |
-0.1 |
-0.1 |
0.3 |
3.5 |
2.1 |
|
Income Before Tax |
10.9 |
15.1 |
13.4 |
17.1 |
16.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.5 |
2.2 |
2.0 |
2.6 |
2.8 |
|
Income After Tax |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
Net Income |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
211.5 |
213.1 |
162.7 |
158.4 |
158.4 |
|
Basic EPS Excl Extraord Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Basic/Primary EPS Incl Extraord Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Diluted Net Income |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
Diluted Weighted Average Shares |
211.5 |
213.1 |
162.7 |
158.4 |
158.4 |
|
Diluted EPS Excl Extraord Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Diluted EPS Incl Extraord Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.04 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
7.6 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
4.7 |
3.7 |
1.5 |
1.6 |
1.9 |
|
Interest Capitalized, Supplemental |
- |
-0.3 |
-1.5 |
-0.3 |
0.0 |
|
Depreciation, Supplemental |
1.0 |
7.5 |
5.2 |
3.5 |
3.3 |
|
Total Special Items |
0.2 |
0.8 |
0.1 |
-0.4 |
0.9 |
|
Normalized Income Before Tax |
11.0 |
15.9 |
13.5 |
16.7 |
17.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.1 |
0.0 |
-0.1 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
1.5 |
2.3 |
2.1 |
2.5 |
3.0 |
|
Normalized Income After Tax |
9.5 |
13.6 |
11.5 |
14.1 |
14.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.5 |
13.6 |
11.5 |
14.1 |
14.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Diluted Normalized EPS |
0.05 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Advertising Expense, Supplemental |
0.2 |
0.4 |
0.1 |
0.1 |
0.0 |
|
Research & Development Exp, Supplemental |
4.8 |
1.7 |
0.5 |
0.4 |
0.6 |
|
Normalized EBIT |
16.9 |
18.8 |
14.9 |
14.6 |
17.4 |
|
Normalized EBITDA |
18.0 |
26.4 |
20.2 |
18.3 |
20.9 |
|
Current Tax - Total |
1.7 |
2.2 |
2.2 |
2.6 |
2.9 |
|
Current Tax - Total |
1.7 |
2.2 |
2.2 |
2.6 |
2.9 |
|
Deferred Tax - Total |
-0.2 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
Deferred Tax - Total |
-0.2 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
Income Tax - Total |
1.5 |
2.2 |
2.0 |
2.6 |
2.8 |
|
|
|
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 |
Updated Normal |
Updated 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 |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
41.1 |
58.4 |
132.2 |
14.5 |
10.5 |
|
Short Term Investments |
- |
- |
- |
0.0 |
0.0 |
|
Cash and Short Term Investments |
41.1 |
58.4 |
132.2 |
14.5 |
10.5 |
|
Accounts Receivable -
Trade, Gross |
- |
31.4 |
16.8 |
11.8 |
- |
|
Provision for Doubtful
Accounts |
- |
-2.3 |
-1.5 |
-0.6 |
- |
|
Trade Accounts Receivable - Net |
39.1 |
29.1 |
15.3 |
11.2 |
11.7 |
|
Notes Receivable - Short Term |
4.1 |
4.9 |
2.1 |
1.4 |
0.3 |
|
Other Receivables |
1.9 |
1.4 |
0.4 |
1.2 |
0.5 |
|
Total Receivables, Net |
45.1 |
35.3 |
17.8 |
13.8 |
12.5 |
|
Inventories - Finished Goods |
- |
3.2 |
1.8 |
1.5 |
1.0 |
|
Inventories - Work In Progress |
- |
7.9 |
8.0 |
2.9 |
3.7 |
|
Inventories - Raw Materials |
- |
8.1 |
7.1 |
3.3 |
2.6 |
|
Inventories - Other |
- |
- |
- |
0.0 |
- |
|
Total Inventory |
43.8 |
19.3 |
16.9 |
7.8 |
7.2 |
|
Prepaid Expenses |
9.0 |
10.8 |
6.1 |
2.4 |
1.2 |
|
Total Current Assets |
139.0 |
123.8 |
172.9 |
38.4 |
31.5 |
|
|
|
|
|
|
|
|
Buildings |
- |
22.7 |
24.0 |
25.2 |
- |
|
Machinery/Equipment |
- |
69.3 |
63.1 |
40.2 |
- |
|
Property/Plant/Equipment - Gross |
- |
92.1 |
87.1 |
65.4 |
- |
|
Accumulated Depreciation |
- |
-22.4 |
-26.3 |
-21.6 |
- |
|
Property/Plant/Equipment - Net |
222.5 |
147.4 |
74.0 |
50.3 |
30.3 |
|
Intangibles, Net |
10.8 |
5.7 |
2.9 |
6.9 |
5.5 |
|
LT Investments - Other |
0.7 |
0.8 |
0.8 |
- |
- |
|
Long Term Investments |
0.7 |
0.8 |
0.8 |
- |
- |
|
Deferred Income Tax - Long Term Asset |
0.8 |
0.6 |
0.5 |
0.3 |
0.4 |
|
Other Long Term Assets, Total |
0.8 |
0.6 |
0.5 |
0.3 |
0.4 |
|
Total Assets |
373.9 |
278.3 |
251.1 |
95.9 |
67.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
41.7 |
18.6 |
9.9 |
10.3 |
7.1 |
|
Accrued Expenses |
3.2 |
3.3 |
3.4 |
3.4 |
3.2 |
|
Notes Payable/Short Term Debt |
126.1 |
45.2 |
40.7 |
21.1 |
21.9 |
|
Current Portion - Long Term Debt/Capital Leases |
16.4 |
14.3 |
5.4 |
3.7 |
1.5 |
|
Dividends Payable |
- |
- |
0.0 |
3.2 |
0.0 |
|
Customer Advances |
4.1 |
4.0 |
3.8 |
4.9 |
4.1 |
|
Income Taxes Payable |
-9.5 |
-3.4 |
-1.1 |
-0.6 |
-0.3 |
|
Other Current Liabilities |
0.0 |
1.4 |
1.5 |
0.1 |
0.2 |
|
Other Current liabilities, Total |
-5.4 |
2.0 |
4.2 |
7.6 |
4.0 |
|
Total Current Liabilities |
182.0 |
83.4 |
63.6 |
46.0 |
37.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
13.0 |
23.3 |
14.3 |
3.3 |
|
Total Long Term Debt |
0.0 |
13.0 |
23.3 |
14.3 |
3.3 |
|
Total Debt |
142.4 |
72.6 |
69.3 |
39.0 |
26.7 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
2.4 |
0.8 |
0.8 |
0.0 |
0.1 |
|
Other Liabilities, Total |
2.4 |
0.8 |
0.8 |
0.0 |
0.1 |
|
Total Liabilities |
184.4 |
97.3 |
87.6 |
60.3 |
41.1 |
|
|
|
|
|
|
|
|
Common Stock |
34.2 |
21.2 |
11.2 |
8.1 |
8.1 |
|
Common Stock |
34.2 |
21.2 |
11.2 |
8.1 |
8.1 |
|
Additional Paid-In Capital |
97.8 |
108.0 |
112.1 |
0.5 |
0.5 |
|
Retained Earnings (Accumulated Deficit) |
57.6 |
52.0 |
40.2 |
27.1 |
18.0 |
|
Total Equity |
189.5 |
181.1 |
163.5 |
35.6 |
26.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
373.9 |
278.3 |
251.1 |
95.9 |
67.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
213.1 |
213.1 |
213.1 |
158.4 |
158.4 |
|
Total Common Shares Outstanding |
213.1 |
213.1 |
213.1 |
158.4 |
158.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
1,535 |
1,395 |
1,340 |
1,313 |
|
Number of Common Shareholders |
- |
12,911 |
12,317 |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
0.6 |
0.4 |
0.5 |
- |
|
Deferred Revenue - Current |
4.1 |
4.0 |
3.8 |
4.9 |
4.1 |
|
|
|
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 |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu Gongzheng
Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
206.6 |
175.3 |
140.9 |
101.2 |
145.7 |
|
Cash Payments |
-167.4 |
-162.7 |
-122.1 |
-76.8 |
-121.3 |
|
Cash Taxes Paid |
3.8 |
2.6 |
1.9 |
-3.1 |
-6.0 |
|
Other Operating Cash Flow |
-33.7 |
-12.2 |
-10.3 |
-2.6 |
-4.6 |
|
Changes in Working Capital |
-33.7 |
-12.2 |
-10.3 |
-2.6 |
-4.6 |
|
Cash from Operating Activities |
9.3 |
3.0 |
10.4 |
18.7 |
13.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-68.1 |
-79.7 |
-31.3 |
-23.2 |
-8.8 |
|
Capital Expenditures |
-68.1 |
-79.7 |
-31.3 |
-23.2 |
-8.8 |
|
Acquisition of Business |
- |
- |
-0.3 |
- |
- |
|
Sale of Fixed Assets |
0.0 |
0.3 |
0.1 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
- |
0.0 |
0.0 |
|
Other Investing Cash Flow |
2.4 |
1.5 |
8.1 |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
2.4 |
1.9 |
7.9 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-65.7 |
-77.8 |
-23.4 |
-23.1 |
-8.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
111.7 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
- |
- |
111.7 |
0.0 |
0.0 |
|
Cash Dividends Paid - Common |
-8.9 |
-7.3 |
-6.0 |
-4.0 |
-1.9 |
|
Total Cash Dividends Paid |
-8.9 |
-7.3 |
-6.0 |
-4.0 |
-1.9 |
|
Total Debt Issued |
84.1 |
42.5 |
41.9 |
33.3 |
21.1 |
|
Total Debt Reduction |
-57.8 |
-33.8 |
-24.2 |
-20.2 |
-19.8 |
|
Issuance (Retirement) of Debt, Net |
26.3 |
8.7 |
17.7 |
13.1 |
1.3 |
|
Cash from Financing Activities |
17.5 |
1.4 |
123.3 |
9.2 |
-0.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
-1.0 |
-0.3 |
0.0 |
0.0 |
|
Net Change in Cash |
-39.5 |
-74.4 |
110.0 |
4.8 |
4.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
55.8 |
128.9 |
13.1 |
8.3 |
3.5 |
|
Net Cash - Ending Balance |
16.3 |
54.5 |
123.1 |
13.0 |
8.1 |
|
Depreciation |
11.5 |
7.5 |
5.2 |
3.5 |
3.3 |
|
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 |
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 |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Other Rev from Biz Related Activ. |
2.7 |
- |
- |
- |
- |
|
Other Net Sales |
198.3 |
- |
- |
- |
- |
|
Net Sales |
- |
176.9 |
135.0 |
91.9 |
130.7 |
|
Total Revenue |
201.0 |
176.9 |
135.0 |
91.9 |
130.7 |
|
|
|
|
|
|
|
|
Advertising Expenses |
0.2 |
- |
- |
- |
- |
|
Depreciation in SGA |
1.0 |
- |
- |
- |
- |
|
Research & Development Expense |
4.8 |
- |
- |
- |
- |
|
Amortisation of Intangibles |
0.2 |
- |
- |
- |
- |
|
Labor & Related Expenses in SGA |
0.4 |
- |
- |
- |
- |
|
Labor & Related Expenses in SGA |
0.6 |
- |
- |
- |
- |
|
Labor & Related Expenses in SGA |
2.0 |
- |
- |
- |
- |
|
Labor & Related Expenses in SGA |
0.4 |
- |
- |
- |
- |
|
Labor & Related Expenses in SGA |
0.1 |
- |
- |
- |
- |
|
Other Business Tax and Surcharges |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
159.9 |
139.1 |
105.2 |
67.7 |
102.6 |
|
Investment Income In Affilitates |
- |
- |
- |
0.0 |
0.0 |
|
Business Tax and Surcharges |
- |
0.0 |
0.0 |
0.3 |
0.5 |
|
Property & Other Taxes |
0.0 |
- |
- |
- |
- |
|
Property & Other Taxes |
0.0 |
- |
- |
- |
- |
|
Bad Debt Written-off/Provision |
0.5 |
- |
- |
- |
- |
|
Other General & Administrative Expenses |
5.8 |
- |
- |
- |
- |
|
Other Selling Expense |
8.2 |
- |
- |
- |
- |
|
General & Administrative Expenses |
- |
10.0 |
7.5 |
5.2 |
5.5 |
|
Selling Expense |
- |
8.5 |
6.9 |
3.7 |
4.4 |
|
Other Financial expenses |
0.6 |
- |
- |
- |
- |
|
Interest Expense |
4.7 |
3.7 |
1.5 |
1.9 |
1.9 |
|
Interest Capitalized |
- |
- |
- |
-0.3 |
0.0 |
|
Interest Inocme |
-0.1 |
-1.9 |
-0.1 |
-0.1 |
-0.1 |
|
Foreign Exchange Gain/Loss |
0.6 |
1.0 |
0.3 |
0.0 |
0.0 |
|
Other Finance Expense |
- |
0.3 |
0.5 |
0.3 |
0.2 |
|
Commission Fees |
0.2 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Impairment Loss on Assets |
- |
0.8 |
0.1 |
-0.5 |
0.7 |
|
Gain/Loss from Change in Fair Value |
- |
- |
- |
0.0 |
0.0 |
|
Total Operating Expense |
190.0 |
161.6 |
121.9 |
78.2 |
115.7 |
|
|
|
|
|
|
|
|
Gain on Sale of Fixed Assets |
- |
0.0 |
0.0 |
- |
- |
|
Other Non-operating expenses |
-0.4 |
- |
- |
- |
- |
|
Non-operating income |
0.3 |
1.7 |
6.8 |
3.6 |
2.3 |
|
Loss on Sale of Fixed Assets |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Non-operating expenses |
- |
-1.9 |
-6.5 |
-0.1 |
-0.2 |
|
Net Income Before Taxes |
10.9 |
15.1 |
13.4 |
17.1 |
16.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.5 |
2.2 |
2.0 |
2.6 |
2.8 |
|
Net Income After Taxes |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
Net Income |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
211.5 |
213.1 |
162.7 |
158.4 |
158.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Basic EPS Including ExtraOrdinary Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Diluted Net Income |
9.4 |
12.9 |
11.3 |
14.5 |
14.1 |
|
Diluted Weighted Average Shares |
211.5 |
213.1 |
162.7 |
158.4 |
158.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Diluted EPS Including ExtraOrd Items |
0.04 |
0.06 |
0.07 |
0.09 |
0.09 |
|
DPS-A Share |
0.00 |
0.04 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
7.6 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
11.0 |
15.9 |
13.5 |
16.7 |
17.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.5 |
2.3 |
2.1 |
2.5 |
3.0 |
|
Normalized Income After Taxes |
9.5 |
13.6 |
11.5 |
14.1 |
14.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
9.5 |
13.6 |
11.5 |
14.1 |
14.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Diluted Normalized EPS |
0.05 |
0.06 |
0.07 |
0.09 |
0.09 |
|
Interest Expense |
4.7 |
- |
- |
- |
- |
|
Interest Expense, Supplemental |
- |
3.7 |
1.5 |
1.6 |
1.9 |
|
Interest Capitalized, Supplemental |
- |
-0.3 |
-1.5 |
-0.3 |
0.0 |
|
BC - Depreciation of Fixed Assets |
1.0 |
- |
- |
- |
- |
|
Depreciation, Supplemental |
- |
7.5 |
5.2 |
3.5 |
3.3 |
|
BC - Depreciation of Intangible Assets |
0.2 |
- |
- |
- |
- |
|
Amort of Intangibles, Supplemental |
- |
0.1 |
0.1 |
0.2 |
0.1 |
|
Research & Development Exp, Supplemental |
4.8 |
1.7 |
0.5 |
0.4 |
0.6 |
|
Advertising Expense, Supplemental |
0.2 |
0.4 |
0.1 |
0.1 |
0.0 |
|
Current Tax |
1.7 |
2.2 |
2.2 |
2.6 |
2.9 |
|
Current Tax - Total |
1.7 |
2.2 |
2.2 |
2.6 |
2.9 |
|
Deferred Tax |
-0.2 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
Deferred Tax - Total |
-0.2 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
Income Tax - Total |
1.5 |
2.2 |
2.0 |
2.6 |
2.8 |
|
|
|
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 |
Updated Normal |
Updated 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 |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu Gongzheng
Tianye CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
41.1 |
58.4 |
132.2 |
14.5 |
10.5 |
|
Financial Assets - Trading |
- |
- |
- |
0.0 |
0.0 |
|
Notes Receivable |
4.1 |
4.9 |
2.1 |
1.4 |
0.3 |
|
Accounts receivable, net |
39.1 |
- |
- |
- |
11.7 |
|
Accounts Receivable, Gross |
- |
31.4 |
16.8 |
11.8 |
- |
|
Provision for Doubtful Accounts |
- |
-2.3 |
-1.5 |
-0.6 |
- |
|
Payment in Advance |
9.0 |
10.8 |
6.1 |
2.4 |
1.2 |
|
Interest Receivable |
- |
- |
0.0 |
- |
- |
|
Other Receivables |
1.9 |
1.4 |
0.3 |
1.2 |
0.5 |
|
Inventory, Net |
43.8 |
- |
- |
- |
- |
|
Raw Material |
- |
8.1 |
7.1 |
3.3 |
2.6 |
|
Semi-finished Products |
- |
7.9 |
8.0 |
2.9 |
3.7 |
|
Finished Products |
- |
3.2 |
1.8 |
1.5 |
1.0 |
|
Provision/Allowance for Inventory |
- |
- |
- |
0.0 |
- |
|
Total Current Assets |
139.0 |
123.8 |
172.9 |
38.4 |
31.5 |
|
|
|
|
|
|
|
|
Investment properties |
0.7 |
0.8 |
0.8 |
- |
- |
|
Construction Materials |
4.6 |
- |
- |
- |
- |
|
Fixed assets |
188.3 |
- |
- |
- |
29.1 |
|
Buildings and Structures |
- |
22.7 |
24.0 |
25.2 |
- |
|
Machinary Equipment |
- |
66.1 |
59.3 |
38.1 |
- |
|
Electronic Equipment |
- |
0.4 |
1.4 |
0.2 |
- |
|
Analyzaion Equipment |
- |
0.7 |
0.7 |
0.7 |
- |
|
Transportation Equipment |
- |
2.2 |
1.7 |
1.2 |
- |
|
Office Equipments |
- |
0.0 |
0.0 |
- |
- |
|
Accumulated Depreciation |
- |
-22.4 |
-25.8 |
-21.6 |
- |
|
Provision for Impairment of Fixed Assets |
- |
- |
-0.5 |
- |
- |
|
Construction in Progress |
29.7 |
77.8 |
13.2 |
6.4 |
1.2 |
|
Intangible Assets, Net |
7.9 |
5.2 |
2.9 |
6.9 |
5.5 |
|
Development expenses |
3.0 |
0.5 |
- |
- |
- |
|
Deferred Tax Assets |
0.8 |
0.6 |
0.5 |
0.3 |
0.4 |
|
Total Assets |
373.9 |
278.3 |
251.1 |
95.9 |
67.6 |
|
|
|
|
|
|
|
|
Short Term Borrowing |
78.7 |
40.5 |
27.5 |
18.7 |
18.8 |
|
Notes Payable |
47.4 |
4.8 |
13.1 |
2.3 |
3.2 |
|
Accounts Payable |
41.7 |
18.6 |
9.9 |
10.3 |
7.1 |
|
Customer Advance |
4.1 |
4.0 |
3.8 |
4.9 |
4.1 |
|
Accrued Payroll |
0.6 |
0.7 |
0.8 |
0.8 |
0.7 |
|
Tax Payable |
-9.5 |
-3.4 |
-1.1 |
-0.6 |
-0.3 |
|
Interest Payable |
0.2 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Dividend Payable |
- |
- |
0.0 |
3.2 |
0.0 |
|
Other Creditors |
2.4 |
2.4 |
2.5 |
2.5 |
2.4 |
|
Current Portion of LT Debt |
16.4 |
14.3 |
5.4 |
3.7 |
1.5 |
|
Other Current Liabilities |
0.0 |
1.4 |
1.5 |
0.1 |
0.2 |
|
Total Current Liabilities |
182.0 |
83.4 |
63.6 |
46.0 |
37.7 |
|
|
|
|
|
|
|
|
Long Term Borrowing |
- |
13.0 |
23.3 |
14.3 |
3.3 |
|
Total Long Term Debt |
- |
13.0 |
23.3 |
14.3 |
3.3 |
|
|
|
|
|
|
|
|
Other Non-current Liabilities |
2.4 |
0.8 |
0.8 |
0.0 |
0.1 |
|
Total Liabilities |
184.4 |
97.3 |
87.6 |
60.3 |
41.1 |
|
|
|
|
|
|
|
|
Capital Stock |
34.2 |
21.2 |
11.2 |
8.1 |
8.1 |
|
Paid in Capital |
97.8 |
108.0 |
112.1 |
0.5 |
0.5 |
|
Surplus Reserve |
7.0 |
6.0 |
4.4 |
3.1 |
1.7 |
|
Undistributed Profit |
48.5 |
43.8 |
33.8 |
22.5 |
15.1 |
|
Special Reserve |
2.1 |
2.2 |
2.0 |
1.4 |
1.2 |
|
Total Equity |
189.5 |
181.1 |
163.5 |
35.6 |
26.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
373.9 |
278.3 |
251.1 |
95.9 |
67.6 |
|
|
|
|
|
|
|
|
S/O-A Share |
213.1 |
213.1 |
213.1 |
158.4 |
158.4 |
|
Total Common Shares Outstanding |
213.1 |
213.1 |
213.1 |
158.4 |
158.4 |
|
T/S-A Share |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advance |
4.1 |
4.0 |
3.8 |
4.9 |
4.1 |
|
Accumulated Intangible Amort, Suppl. |
- |
0.6 |
0.4 |
0.5 |
- |
|
Full-Time Employees |
- |
1,535 |
1,395 |
1,340 |
1,313 |
|
Number of Common Shareholders |
- |
12,911 |
12,317 |
- |
- |
|
|
|
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 |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
Jiangsu
Gongzheng Tianye CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash from Sale of Goods & Services |
206.6 |
175.3 |
140.9 |
101.2 |
145.7 |
|
Cash Paid for Goods and Services |
-167.4 |
-162.7 |
-122.1 |
-76.8 |
-121.3 |
|
Amortization of Intangibles |
0.2 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Refund of Taxes |
5.8 |
5.7 |
4.6 |
0.4 |
0.5 |
|
Cash Paid to/for Employees |
-15.9 |
- |
- |
- |
- |
|
Other Cash from Operating Activities |
0.3 |
2.0 |
0.3 |
3.6 |
2.2 |
|
All Taxes Paid |
-1.9 |
-3.2 |
-2.7 |
-3.5 |
-6.5 |
|
Other Cash Paid for Operating Activities |
-18.1 |
-14.2 |
-10.6 |
-6.2 |
-6.8 |
|
Cash from Operating Activities |
9.3 |
3.0 |
10.4 |
18.7 |
13.9 |
|
|
|
|
|
|
|
|
Sale/Maturity/Redemption of Investments |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Return on Investments |
- |
- |
- |
0.0 |
0.0 |
|
Sale of FA/Intangibles/Other Assets |
0.0 |
0.3 |
0.1 |
0.0 |
0.0 |
|
Other Cash from Investing Activities |
2.4 |
1.5 |
8.1 |
- |
- |
|
Net cash paid for acquisition of subsidi |
- |
- |
-0.3 |
- |
- |
|
Capital Expenditure |
-68.1 |
-79.7 |
-31.3 |
-23.2 |
-8.8 |
|
Cash from Investing Activities |
-65.7 |
-77.8 |
-23.4 |
-23.1 |
-8.8 |
|
|
|
|
|
|
|
|
Cash from Investors |
- |
- |
112.7 |
0.0 |
0.0 |
|
Cash from Borrowings |
84.1 |
42.5 |
41.9 |
33.3 |
21.1 |
|
Repayment of Borrowings |
-57.8 |
-33.8 |
-24.2 |
-20.2 |
-19.8 |
|
Cash Paid for Dividend and Interest |
-8.9 |
-7.3 |
-6.0 |
-4.0 |
-1.9 |
|
Cash paid for other financing activities |
- |
- |
-1.1 |
- |
- |
|
Cash from Financing Activities |
17.5 |
1.4 |
123.3 |
9.2 |
-0.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
-1.0 |
-0.3 |
0.0 |
0.0 |
|
Net Change in Cash |
-39.5 |
-74.4 |
110.0 |
4.8 |
4.6 |
|
|
|
|
|
|
|
|
Depreciation |
11.5 |
7.5 |
5.2 |
3.5 |
3.3 |
|
Net Cash - Beginning Balance |
55.8 |
128.9 |
13.1 |
8.3 |
3.5 |
|
Net Cash - Ending Balance |
16.3 |
54.5 |
123.1 |
13.0 |
8.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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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.60.34 |
|
|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.