MIRA INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU TONGDING OPTIC-ELECTRONIC STOCK CO., LTD |
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Registered Office : |
No.18, Xiaoping Avenue, Badu Industrial Zone, Zhenze Town, Wujiang
City Suzhou, 215233 |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.04.1999 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacture
and distribution of cables,
optical cables and railway signal cables. |
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No. of Employees : |
2,783 |
RATING & COMMENTS
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
JIANGSU TONGDING
OPTIC-ELECTRONIC STOCK CO., LTD
No.18
Xiaoping Avenue, Badu Industrial Zone
Zhenze Town, Wujiang City
Suzhou, 215233
China
Tel: 86-512-63878226
Fax: 86-512-63877239
Web www.tdgd.com.cn
Synthesis
Employees: 2,783
Company Type: Public Independent
Traded: Shenzhen
Stock Exchange: 002491
Incorporation Date:
22-Apr-1999
Auditor: Jiangsu Tianheng CPA
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: Chinese
Renminbi
Annual Sales: 295.0
1
Net Income: 25.2
Total Assets:
393.1 2
Market Value: 560.6
(10-May-2013)
Business Description
JIANGSU TONGDING OPTIC-ELECTRONIC STOCK CO., LTD is principally engaged in the manufacture and distribution of cables, optical cables and railway signal cables. The Company is also involved in the recycling of waste metal materials. The Company primarily provides urban communications cable products, communications optical cables products, railway signal cable products, indoor flexible optical cables and radio frequency (RF) coaxial cables, among others. Its products are applied in urban communications, long-distance communications, network cable management, transmission systems and railway signal systems, among others. For the nine months ended 30 September 2012, Jiangsu Tongding Optic revenues increased 61% to RMB2.11B. Net income remained flat at RMB112.8M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income reflects Income from changes in fair value decrease from RMB6.3M (expense) to RMB5.2M (income), Non-operating income increase of 69% to RMB8.6M (income).
Industry
Industry Miscellaneous Fabricated Products
ANZSIC 2006: 2149 - Other Basic
Non-Ferrous Metal Product Manufacturing
NACE 2002: 2745 - Other
non-ferrous metal production
NAICS 2002: 335929 - Other
Communication and Energy Wire Manufacturing
UK SIC 2003: 2745 - Other
non-ferrous metal production
UK SIC 2007: 2445 - Other
non-ferrous metal production
US SIC 1987: 3357 - Drawing and
Insulating of Nonferrous Wire
Key Executives
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Name |
Title |
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Longqin Li |
General Manager |
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Wenzhong Qian |
Chief Financial Officer |
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Zhongliang He |
Secretary of the Board, Deputy General Manager, Director |
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Yanhui Liu |
Chief Operating Officer, Deputy General Manager |
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Xiaoqiang Jiang |
Deputy General Manager |
Significant
Developments
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* number of significant developments within the last 12 months
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.18
Xiaoping Avenue, Badu Industrial Zone
Zhenze Town, Wujiang City
Suzhou, 215233
China
Tel: 86-512-63878226
Fax: 86-512-63877239
Web: www.tdgd.com.cn
Quote Symbol - Exchange
002491 - Shenzhen
Stock Exchange
Sales CNY(mil): 1,861.6
Assets CNY(mil): 2,451.6
Employees: 2,783
Fiscal Year End: 31-Dec-2012
Industry: Miscellaneous
Fabricated Products
Incorporation Date: 22-Apr-1999
Company Type: Public
Independent
Quoted Status: Quoted
Secretary of the
Board, Deputy General Manager, Director:
Zhongliang He
Industry Codes
ANZSIC 2006 Codes:
2149 - Other Basic Non-Ferrous Metal Product Manufacturing
3322 - Metal and Mineral Wholesaling
NACE 2002 Codes:
2745 - Other non-ferrous metal production
5157 - Wholesale of waste and scrap
NAICS 2002 Codes:
335929 - Other Communication and Energy Wire Manufacturing
423930 - Recyclable Material Merchant Wholesalers
US SIC 1987:
3357 - Drawing and Insulating of Nonferrous Wire
5093 - Scrap and Waste Materials
UK SIC 2003:
2745 - Other non-ferrous metal production
5157 - Wholesale of waste and scrap
UK SIC 2007:
2445 - Other non-ferrous metal production
4677 - Wholesale of waste and scrap
Business
Description
JIANGSU TONGDING
OPTIC-ELECTRONIC STOCK CO., LTD is principally engaged in the manufacture and
distribution of cables, optical cables and railway signal cables. The Company
is also involved in the recycling of waste metal materials. The Company
primarily provides urban communications cable products, communications optical
cables products, railway signal cable products, indoor flexible optical cables
and radio frequency (RF) coaxial cables, among others. Its products are applied
in urban communications, long-distance communications, network cable
management, transmission systems and railway signal systems, among others. For
the nine months ended 30 September 2012, Jiangsu Tongding Optic revenues
increased 61% to RMB2.11B. Net income remained flat at RMB112.8M. Revenues
reflect an increase in demand for the Company's products and services due to
favorable market conditions. Net income reflects Income from changes in fair
value decrease from RMB6.3M (expense) to RMB5.2M (income), Non-operating income
increase of 69% to RMB8.6M (income).
More Business
Descriptions
Fiber Optic Cable Mfr
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Executive report
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Board of
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Chairman of the Board |
Chairman |
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Secretary of the Board, Deputy General Manager, Director |
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Independent Director |
Director/Board Member |
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Director |
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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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Deputy General Manager, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Executives |
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General Manager |
Division Head Executive |
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Chief Operating Officer, Deputy General Manager |
Operations Executive |
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Secretary of the Board, Deputy General Manager, Director |
Company Secretary |
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Chief Financial Officer |
Finance Executive |
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Deputy General Manager |
Other |
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Deputy General Manager |
Other |
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Significant Developments
Jiangsu Tongding Optic Electronic Stock Co Ltd Announces FY 2012 Dividend Payment Date May 13, 2013
Jiangsu Tongding Optic Electronic Stock Co Ltd announced that it will use undistributed profits to pay a cash dividend of RMB 2.7(after tax) for every 10 shares, to shareholders of record on May 16, 2013. The Company's shares will be traded ex-dividend on May 17, 2013 and the dividend will be paid on May 17, 2013.
Jiangsu Tongding Optic Electronic Stock Co Ltd Issues FY 2013 First Short-term Financing Notes Apr 15, 2013
Jiangsu Tongding Optic Electronic Stock Co Ltd announced that it has issued the first tranche of short-term financing notes for fiscal year 2013, worth RMB 300 million on April 11, 2013. The notes are each with par value of RMB 100, a term of 365 days and an interest rate of 4.89%. Industrial and Commercial Bank of China served as the main underwriter.
Jiangsu Tongding Optic Electronic Stock Co Ltd Announces FY 2012 Dividend Payment Apr 02, 2013
Jiangsu Tongding Optic Electronic Stock Co Ltd announced that it will use undistributed profits to pay a cash dividend of RMB 3 (pre-tax) for every 10 shares, to shareholders for fiscal year 2012.
Jiangsu Tongding Optic Electronic Stock Co Ltd Announces FY 2012 Net Profit Outlook Oct 24, 2012
Jiangsu Tongding Optic Electronic Stock Co Ltd announced that it expects its net profit for fiscal year (FY) 2012 to be RMB 127,458,655.7 - 175,255,651.6 (or to decrease by 20% - increase by 10%), compared to the net profit of FY 2011 (RMB 159,323,319.63). According to I/B/E/S Estimates, analysts were expecting the Company to report net profit of RMB 151.21 million for the fiscal year 2012.
Jiangsu Tongding Optic Electronic Stock Co Ltd Revises FY 2012 H1 Net Profit Outlook Jul 14, 2012
Jiangsu Tongding Optic Electronic Stock Co Ltd announced that it expects its net profit for the first half of fiscal year (FY) 2012 to be RMB 63.1074 million to RMB 72.1227 million, or to decrease 30% to 20%, compared to that of FY 2011 (RMB 90.1534 million). The Company previously announced that it expected the profit to decrease 20% to 10%. The Company cited the decreased sales income as the main reason for the revision.
Jiangsu Tongding Optic Electronic Stock Co Ltd to Issue Short-term Financing Notes Jun 02, 2012
Jiangsu Tongding Optic Electronic Stock Co Ltd announced that it will apply to issue RMB 625 million worth of short-term financing notes, each with a term of up to 365 days.
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 |
|
Period Length |
|
12 Months |
12 Months |
12 Months |
12 Months |
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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 Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
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Auditor Opinion |
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Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
- |
288.0 |
197.8 |
139.7 |
95.1 |
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Revenue |
- |
288.0 |
197.8 |
139.7 |
95.1 |
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Total Revenue |
- |
288.0 |
197.8 |
139.7 |
95.1 |
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|
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Cost of Revenue |
- |
226.2 |
151.5 |
112.0 |
76.6 |
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Cost of Revenue, Total |
- |
226.2 |
151.5 |
112.0 |
76.6 |
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Gross Profit |
- |
61.8 |
46.3 |
27.7 |
18.5 |
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Selling/General/Administrative Expense |
- |
28.7 |
17.3 |
10.4 |
6.1 |
|
Total Selling/General/Administrative Expenses |
- |
28.7 |
17.3 |
10.4 |
6.1 |
|
Interest Expense -
Operating |
- |
3.1 |
3.4 |
2.9 |
2.3 |
|
Interest Expense - Net Operating |
- |
3.1 |
3.4 |
2.9 |
2.3 |
|
Interest Income - Operating |
- |
-0.8 |
-0.2 |
-0.1 |
-0.2 |
|
Investment Income -
Operating |
- |
1.3 |
-0.2 |
0.0 |
0.0 |
|
Interest/Investment Income - Operating |
- |
0.5 |
-0.3 |
-0.1 |
-0.2 |
|
Interest Expense (Income) - Net Operating Total |
- |
3.6 |
3.0 |
2.8 |
2.1 |
|
Impairment-Assets Held for Use |
- |
1.1 |
1.7 |
-0.5 |
1.3 |
|
Unusual Expense (Income) |
- |
1.1 |
1.7 |
-0.5 |
1.3 |
|
Other Operating Expense |
- |
0.3 |
0.1 |
0.2 |
0.1 |
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Other Operating Expenses, Total |
- |
0.3 |
0.1 |
0.2 |
0.1 |
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Total Operating Expense |
- |
259.9 |
173.7 |
124.9 |
86.2 |
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Operating Income |
- |
28.1 |
24.2 |
14.8 |
8.8 |
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Gain (Loss) on Sale of Assets |
- |
-0.7 |
0.0 |
-0.2 |
0.0 |
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Other Non-Operating Income (Expense) |
- |
2.1 |
1.0 |
0.1 |
0.2 |
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Other, Net |
- |
2.1 |
1.0 |
0.1 |
0.2 |
|
Income Before Tax |
- |
29.4 |
25.2 |
14.7 |
9.0 |
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Total Income Tax |
- |
4.6 |
4.1 |
2.5 |
1.3 |
|
Income After Tax |
- |
24.8 |
21.1 |
12.3 |
7.6 |
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Minority Interest |
- |
-0.2 |
0.1 |
0.1 |
0.0 |
|
Net Income Before Extraord Items |
- |
24.6 |
21.2 |
12.3 |
7.6 |
|
Net Income |
- |
24.6 |
21.2 |
12.3 |
7.6 |
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Income Available to Common Excl Extraord Items |
- |
24.6 |
21.2 |
12.3 |
7.6 |
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Income Available to Common Incl Extraord Items |
- |
24.6 |
21.2 |
12.3 |
7.6 |
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Basic/Primary Weighted Average Shares |
- |
267.8 |
212.0 |
200.8 |
200.8 |
|
Basic EPS Excl Extraord Items |
- |
0.09 |
0.10 |
0.06 |
0.04 |
|
Basic/Primary EPS Incl Extraord Items |
- |
0.09 |
0.10 |
0.06 |
0.04 |
|
Diluted Net Income |
- |
24.6 |
21.2 |
12.3 |
7.6 |
|
Diluted Weighted Average Shares |
- |
267.8 |
212.0 |
200.8 |
200.8 |
|
Diluted EPS Excl Extraord Items |
- |
0.09 |
0.10 |
0.06 |
0.04 |
|
Diluted EPS Incl Extraord Items |
- |
0.09 |
0.10 |
0.06 |
0.04 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.03 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
8.3 |
4.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
- |
3.1 |
3.4 |
2.9 |
2.3 |
|
Interest Capitalized, Supplemental |
- |
- |
-0.5 |
-0.6 |
0.0 |
|
Depreciation, Supplemental |
- |
6.5 |
4.4 |
2.9 |
1.8 |
|
Total Special Items |
- |
1.8 |
1.7 |
-0.3 |
1.4 |
|
Normalized Income Before Tax |
- |
31.3 |
26.9 |
14.4 |
10.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.3 |
0.3 |
-0.1 |
0.2 |
|
Inc Tax Ex Impact of Sp Items |
- |
4.9 |
4.4 |
2.4 |
1.5 |
|
Normalized Income After Tax |
- |
26.4 |
22.5 |
12.0 |
8.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
26.2 |
22.6 |
12.1 |
8.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
0.10 |
0.11 |
0.06 |
0.04 |
|
Diluted Normalized EPS |
- |
0.10 |
0.11 |
0.06 |
0.04 |
|
Amort of Intangibles, Supplemental |
- |
0.4 |
0.3 |
0.3 |
0.2 |
|
Advertising Expense, Supplemental |
- |
- |
- |
6.6 |
4.0 |
|
Research & Development Exp, Supplemental |
- |
9.9 |
1.4 |
- |
- |
|
Normalized EBIT |
- |
32.8 |
28.9 |
17.1 |
12.2 |
|
Normalized EBITDA |
- |
39.7 |
33.6 |
20.3 |
14.2 |
|
Current Tax - Total |
- |
4.8 |
4.4 |
2.1 |
1.6 |
|
Current Tax - Total |
- |
4.8 |
4.4 |
2.1 |
1.6 |
|
Deferred Tax - Total |
- |
-0.2 |
-0.3 |
0.4 |
-0.3 |
|
Deferred Tax - Total |
- |
-0.2 |
-0.3 |
0.4 |
-0.3 |
|
Income Tax - Total |
- |
4.6 |
4.1 |
2.5 |
1.3 |
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 Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
- |
116.8 |
116.4 |
11.4 |
12.0 |
|
Short Term Investments |
- |
- |
0.1 |
- |
- |
|
Cash and Short Term Investments |
- |
116.8 |
116.5 |
11.4 |
12.0 |
|
Accounts Receivable -
Trade, Gross |
- |
59.3 |
39.2 |
23.1 |
31.9 |
|
Provision for Doubtful
Accounts |
- |
-3.3 |
-2.1 |
-1.2 |
-1.8 |
|
Trade Accounts Receivable - Net |
- |
56.0 |
37.1 |
21.9 |
30.1 |
|
Notes Receivable - Short Term |
- |
5.5 |
0.5 |
0.3 |
0.3 |
|
Other Receivables |
- |
2.2 |
0.6 |
0.8 |
0.6 |
|
Total Receivables, Net |
- |
63.8 |
38.2 |
22.9 |
31.0 |
|
Inventories - Finished Goods |
- |
73.5 |
44.3 |
23.8 |
13.6 |
|
Inventories - Work In Progress |
- |
11.5 |
7.4 |
2.3 |
2.1 |
|
Inventories - Raw Materials |
- |
7.7 |
5.8 |
4.2 |
1.9 |
|
Total Inventory |
- |
92.7 |
57.6 |
30.3 |
17.6 |
|
Prepaid Expenses |
- |
11.8 |
10.1 |
1.9 |
1.4 |
|
Other Current Assets |
- |
- |
- |
0.1 |
0.0 |
|
Other Current Assets, Total |
- |
- |
- |
0.1 |
0.0 |
|
Total Current Assets |
- |
285.0 |
222.4 |
66.6 |
62.0 |
|
|
|
|
|
|
|
|
Buildings |
- |
35.2 |
23.7 |
14.0 |
9.8 |
|
Machinery/Equipment |
- |
67.4 |
46.7 |
21.2 |
16.0 |
|
Property/Plant/Equipment - Gross |
- |
102.6 |
70.4 |
35.2 |
25.8 |
|
Accumulated Depreciation |
- |
-20.0 |
-12.8 |
-8.1 |
-5.5 |
|
Property/Plant/Equipment - Net |
- |
90.5 |
66.3 |
52.1 |
21.3 |
|
Goodwill, Net |
- |
0.7 |
- |
- |
- |
|
Intangibles, Net |
- |
12.2 |
11.6 |
10.7 |
10.6 |
|
LT Investment - Affiliate Companies |
- |
0.2 |
0.2 |
0.1 |
0.1 |
|
Long Term Investments |
- |
0.2 |
0.2 |
0.1 |
0.1 |
|
Deferred Income Tax - Long Term Asset |
- |
0.9 |
0.6 |
0.3 |
0.7 |
|
Other Long Term Assets, Total |
- |
0.9 |
0.6 |
0.3 |
0.7 |
|
Total Assets |
- |
389.5 |
301.1 |
129.8 |
94.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
32.9 |
12.0 |
7.9 |
6.1 |
|
Accrued Expenses |
- |
6.8 |
5.4 |
5.1 |
3.6 |
|
Notes Payable/Short Term Debt |
- |
96.3 |
57.6 |
39.7 |
37.2 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
0.8 |
4.4 |
0.0 |
|
Customer Advances |
- |
2.8 |
4.7 |
0.3 |
2.4 |
|
Income Taxes Payable |
- |
0.5 |
1.8 |
-0.5 |
0.4 |
|
Other Current liabilities, Total |
- |
3.3 |
6.5 |
-0.2 |
2.8 |
|
Total Current Liabilities |
- |
139.3 |
82.3 |
56.9 |
49.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
- |
- |
13.9 |
0.7 |
|
Total Long Term Debt |
- |
0.0 |
0.0 |
13.9 |
0.7 |
|
Total Debt |
- |
96.3 |
58.4 |
58.0 |
37.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
0.0 |
- |
- |
|
Deferred Income Tax |
- |
- |
0.0 |
- |
- |
|
Minority Interest |
- |
3.0 |
1.3 |
0.9 |
0.8 |
|
Other Long Term Liabilities |
- |
1.7 |
3.0 |
3.0 |
0.9 |
|
Other Liabilities, Total |
- |
1.7 |
3.0 |
3.0 |
0.9 |
|
Total Liabilities |
- |
144.0 |
86.7 |
74.8 |
52.1 |
|
|
|
|
|
|
|
|
Common Stock |
- |
42.5 |
40.6 |
29.4 |
29.4 |
|
Common Stock |
- |
42.5 |
40.6 |
29.4 |
29.4 |
|
Additional Paid-In Capital |
- |
142.0 |
135.6 |
9.8 |
9.8 |
|
Retained Earnings (Accumulated Deficit) |
- |
61.0 |
38.1 |
15.8 |
3.5 |
|
Total Equity |
- |
245.5 |
214.4 |
55.0 |
42.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
389.5 |
301.1 |
129.8 |
94.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
267.8 |
267.8 |
200.8 |
200.8 |
|
Total Common Shares Outstanding |
- |
267.8 |
267.8 |
200.8 |
200.8 |
|
Treasury Shares - Common Stock Primary Issue |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
2,491 |
1,634 |
1,365 |
813 |
|
Number of Common Shareholders |
- |
25,871 |
26,033 |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
1.4 |
1.0 |
0.6 |
0.3 |
|
Deferred Revenue - Current |
- |
2.8 |
4.7 |
0.3 |
2.4 |
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 |
Reclassified
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 Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
- |
305.7 |
218.0 |
168.1 |
101.4 |
|
Cash Payments |
- |
-271.5 |
-191.0 |
-142.6 |
-98.9 |
|
Cash Taxes Paid |
- |
-14.9 |
-6.8 |
-4.7 |
-5.5 |
|
Other Operating Cash Flow |
- |
-13.6 |
-10.4 |
-9.6 |
-5.0 |
|
Changes in Working Capital |
- |
-13.6 |
-10.4 |
-9.6 |
-5.0 |
|
Cash from Operating Activities |
- |
5.6 |
9.8 |
11.2 |
-8.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-32.9 |
-17.3 |
-32.5 |
-10.0 |
|
Capital Expenditures |
- |
-32.9 |
-17.3 |
-32.5 |
-10.0 |
|
Acquisition of Business |
- |
-1.3 |
- |
- |
-6.4 |
|
Sale of Fixed Assets |
- |
0.1 |
0.0 |
0.0 |
1.0 |
|
Purchase of Investments |
- |
-1.7 |
-0.1 |
0.0 |
- |
|
Other Investing Cash Flow |
- |
0.0 |
0.1 |
2.2 |
0.9 |
|
Other Investing Cash Flow Items, Total |
- |
-2.9 |
-0.1 |
2.2 |
-4.5 |
|
Cash from Investing Activities |
- |
-35.7 |
-17.4 |
-30.2 |
-14.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.8 |
132.5 |
0.2 |
0.8 |
|
Financing Cash Flow Items |
- |
0.8 |
132.5 |
0.2 |
0.8 |
|
Cash Dividends Paid - Common |
- |
-7.2 |
-3.9 |
-3.5 |
-2.1 |
|
Total Cash Dividends Paid |
- |
-7.2 |
-3.9 |
-3.5 |
-2.1 |
|
Total Debt Issued |
- |
87.7 |
81.6 |
117.6 |
62.7 |
|
Total Debt Reduction |
- |
-56.8 |
-109.8 |
-97.8 |
-42.3 |
|
Issuance (Retirement) of Debt, Net |
- |
30.9 |
-28.2 |
19.8 |
20.4 |
|
Cash from Financing Activities |
- |
24.5 |
100.4 |
16.5 |
19.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
- |
-5.6 |
92.7 |
-2.5 |
-3.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
104.3 |
6.8 |
9.3 |
12.5 |
|
Net Cash - Ending Balance |
- |
98.6 |
99.6 |
6.8 |
9.1 |
|
Depreciation |
- |
6.5 |
4.4 |
2.9 |
1.8 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
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) |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
In Operating Income |
288.0 |
197.8 |
139.7 |
95.1 |
63.7 |
|
Total Revenue |
288.0 |
197.8 |
139.7 |
95.1 |
63.7 |
|
|
|
|
|
|
|
|
Cost of Sales |
225.4 |
151.2 |
111.9 |
76.3 |
54.2 |
|
Investment Income |
0.7 |
-0.1 |
-0.1 |
0.0 |
0.0 |
|
Business Tax and Surcharges |
0.8 |
0.3 |
0.2 |
0.2 |
0.2 |
|
General & Administrative Expenses |
17.1 |
7.5 |
3.8 |
2.1 |
2.8 |
|
Selling Expense |
11.6 |
9.8 |
6.6 |
4.0 |
2.7 |
|
Interest Expense |
3.1 |
3.4 |
2.9 |
2.3 |
3.8 |
|
Interest Income |
-0.8 |
-0.2 |
-0.1 |
-0.2 |
-1.7 |
|
Foreign Exchange Gain/Loss |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Commission Fees |
0.3 |
0.1 |
0.2 |
0.1 |
0.1 |
|
Cash Discount |
0.0 |
- |
- |
- |
- |
|
Impairment Loss on Assets |
1.1 |
1.7 |
-0.5 |
1.3 |
-0.5 |
|
Income from changes in fair value |
0.6 |
-0.1 |
- |
- |
- |
|
Total Operating Expense |
259.9 |
173.7 |
124.9 |
86.2 |
61.7 |
|
|
|
|
|
|
|
|
Gain on Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
- |
0.2 |
|
Non-operating income |
2.1 |
1.1 |
0.1 |
0.2 |
1.6 |
|
Loss on Sale of Fixed Assets |
-0.8 |
0.0 |
-0.2 |
0.0 |
-0.4 |
|
Non - Operating Expense |
0.0 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Net Income Before Taxes |
29.4 |
25.2 |
14.7 |
9.0 |
3.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.6 |
4.1 |
2.5 |
1.3 |
1.9 |
|
Net Income After Taxes |
24.8 |
21.1 |
12.3 |
7.6 |
1.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.2 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
24.6 |
21.2 |
12.3 |
7.6 |
1.3 |
|
Net Income |
24.6 |
21.2 |
12.3 |
7.6 |
1.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
24.6 |
21.2 |
12.3 |
7.6 |
1.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
24.6 |
21.2 |
12.3 |
7.6 |
1.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
267.8 |
212.0 |
200.8 |
200.8 |
192.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.09 |
0.10 |
0.06 |
0.04 |
0.01 |
|
Basic EPS Including ExtraOrdinary Items |
0.09 |
0.10 |
0.06 |
0.04 |
0.01 |
|
Diluted Net Income |
24.6 |
21.2 |
12.3 |
7.6 |
1.3 |
|
Diluted Weighted Average Shares |
267.8 |
212.0 |
200.8 |
200.8 |
192.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.09 |
0.10 |
0.06 |
0.04 |
0.01 |
|
Diluted EPS Including ExtraOrd Items |
0.09 |
0.10 |
0.06 |
0.04 |
0.01 |
|
DPS-A Share |
0.03 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
8.3 |
4.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
31.3 |
26.9 |
14.4 |
10.3 |
3.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4.9 |
4.4 |
2.4 |
1.5 |
1.8 |
|
Normalized Income After Taxes |
26.4 |
22.5 |
12.0 |
8.8 |
1.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
26.2 |
22.6 |
12.1 |
8.8 |
1.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.11 |
0.06 |
0.04 |
0.01 |
|
Diluted Normalized EPS |
0.10 |
0.11 |
0.06 |
0.04 |
0.01 |
|
Interest Expense, Supplemental |
3.1 |
3.4 |
2.9 |
2.3 |
3.8 |
|
Interest Capitalized, Supplemental |
- |
-0.5 |
-0.6 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
6.5 |
4.4 |
2.9 |
1.8 |
1.0 |
|
Amort of Intangibles, Supplemental |
0.4 |
0.3 |
0.3 |
0.2 |
0.1 |
|
Advertising Expense, Supplemental |
- |
- |
6.6 |
4.0 |
2.7 |
|
Research & Development Exp, Supplemental |
9.9 |
1.4 |
- |
- |
- |
|
Current Tax Payable |
4.8 |
4.4 |
2.1 |
1.6 |
1.7 |
|
Current Tax - Total |
4.8 |
4.4 |
2.1 |
1.6 |
1.7 |
|
Deferred Tax |
-0.2 |
-0.3 |
0.4 |
-0.3 |
0.2 |
|
Deferred Tax - Total |
-0.2 |
-0.3 |
0.4 |
-0.3 |
0.2 |
|
Income Tax - Total |
4.6 |
4.1 |
2.5 |
1.3 |
1.9 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.294 |
6.5897 |
6.827 |
6.823 |
7.3041 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
116.8 |
116.4 |
11.4 |
12.0 |
25.5 |
|
Notes Receivable |
5.5 |
0.5 |
0.3 |
0.3 |
3.0 |
|
Accounts Receivable, Gross |
59.3 |
39.2 |
23.1 |
31.9 |
26.4 |
|
Provision for Doubtful Accounts |
-3.3 |
-2.1 |
-1.2 |
-1.8 |
-1.4 |
|
Held-for-trading financial assets |
- |
0.1 |
- |
- |
- |
|
Payment in Advance |
11.8 |
10.1 |
1.9 |
1.4 |
0.1 |
|
Other Receivables |
2.2 |
0.6 |
0.8 |
0.6 |
2.2 |
|
Other Current Assets |
- |
- |
0.1 |
0.0 |
0.0 |
|
Raw Material |
7.7 |
5.8 |
4.2 |
1.9 |
1.5 |
|
Work-in-Process |
11.5 |
7.4 |
2.3 |
2.1 |
2.8 |
|
Finished Products |
73.5 |
44.3 |
23.8 |
13.6 |
12.9 |
|
Total Current Assets |
285.0 |
222.4 |
66.6 |
62.0 |
73.0 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Buildings and Structures |
35.2 |
23.7 |
14.0 |
9.8 |
5.5 |
|
Machinery and Equipment |
59.6 |
42.4 |
18.9 |
14.0 |
11.2 |
|
Office Equipment |
6.5 |
3.6 |
1.6 |
1.5 |
1.3 |
|
Transportation Equipment |
1.2 |
0.7 |
0.7 |
0.5 |
0.5 |
|
Accumulated Depreciation |
-20.0 |
-12.8 |
-8.1 |
-5.5 |
-3.4 |
|
Provision for Impairment of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Construction in Progress |
7.9 |
8.7 |
25.0 |
1.0 |
1.2 |
|
Intangible Assets, Net |
12.2 |
11.6 |
10.7 |
10.6 |
5.6 |
|
Goodwill |
0.7 |
- |
- |
- |
- |
|
Deferred Tax Assets |
0.9 |
0.6 |
0.3 |
0.7 |
0.4 |
|
Total Assets |
389.5 |
301.1 |
129.8 |
94.8 |
95.3 |
|
|
|
|
|
|
|
|
Short Term Borrowing |
63.7 |
29.7 |
39.1 |
36.9 |
18.7 |
|
Held-for-trading financial liabilities |
0.5 |
- |
- |
- |
- |
|
Notes Payable |
32.1 |
27.9 |
0.6 |
0.3 |
30.7 |
|
Accounts Payable |
32.9 |
12.0 |
7.9 |
6.1 |
4.9 |
|
Customer Advance |
2.8 |
4.7 |
0.3 |
2.4 |
2.0 |
|
Accrued Payroll |
3.9 |
2.9 |
2.8 |
1.1 |
0.4 |
|
Tax Payable |
0.5 |
1.8 |
-0.5 |
0.4 |
0.3 |
|
Interest Payable |
0.1 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Other Creditors |
2.9 |
2.5 |
2.2 |
2.4 |
0.2 |
|
Current Portion of LT Debt |
- |
0.8 |
4.4 |
0.0 |
0.0 |
|
Total Current Liabilities |
139.3 |
82.3 |
56.9 |
49.7 |
57.2 |
|
|
|
|
|
|
|
|
Long-term borrowings |
- |
- |
13.9 |
0.7 |
0.0 |
|
Total Long Term Debt |
- |
- |
13.9 |
0.7 |
0.0 |
|
|
|
|
|
|
|
|
Other Non-current Liabilities |
1.7 |
3.0 |
3.0 |
0.9 |
0.0 |
|
Minority Interest |
3.0 |
1.3 |
0.9 |
0.8 |
0.0 |
|
Deferred income tax liabilities |
- |
0.0 |
- |
- |
- |
|
Total Liabilities |
144.0 |
86.7 |
74.8 |
52.1 |
57.2 |
|
|
|
|
|
|
|
|
Paid-up capital |
42.5 |
40.6 |
29.4 |
29.4 |
27.5 |
|
Paid in Capital |
142.0 |
135.6 |
9.8 |
9.8 |
7.6 |
|
Surplus Reserve |
6.6 |
3.8 |
1.6 |
0.4 |
0.4 |
|
Undistributed Profit |
54.4 |
34.3 |
14.2 |
3.0 |
2.5 |
|
Total Equity |
245.5 |
214.4 |
55.0 |
42.7 |
38.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
389.5 |
301.1 |
129.8 |
94.8 |
95.3 |
|
|
|
|
|
|
|
|
S/O-A Share |
267.8 |
267.8 |
200.8 |
200.8 |
200.8 |
|
Total Common Shares Outstanding |
267.8 |
267.8 |
200.8 |
200.8 |
200.8 |
|
T/S-A Share |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advance |
2.8 |
4.7 |
0.3 |
2.4 |
2.0 |
|
Accumulated Intangible Amort, Suppl. |
1.4 |
1.0 |
0.6 |
0.3 |
0.1 |
|
Full-Time Employees |
2,491 |
1,634 |
1,365 |
813 |
696 |
|
Number of Common Shareholders |
25,871 |
26,033 |
- |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.46438 |
6.768989 |
6.831007 |
6.950445 |
7.605973 |
|
Auditor |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
Jiangsu Tianheng
CPA |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash from Sale of Goods & Services |
305.7 |
218.0 |
168.1 |
101.4 |
86.9 |
|
Cash Paid for Goods and Services |
-271.5 |
-191.0 |
-142.6 |
-98.9 |
-67.0 |
|
Amortization of Intangibles |
0.4 |
0.3 |
0.3 |
0.2 |
0.1 |
|
Refund of Taxes |
0.0 |
0.1 |
0.0 |
0.0 |
1.6 |
|
Other Cash from Operating Activities |
4.1 |
1.2 |
0.2 |
0.4 |
0.7 |
|
All Taxes Paid |
-14.9 |
-6.9 |
-4.8 |
-5.6 |
-3.6 |
|
Other Cash Paid for Operating Activities |
-17.7 |
-11.6 |
-9.8 |
-5.4 |
-15.4 |
|
Cash from Operating Activities |
5.6 |
9.8 |
11.2 |
-8.0 |
3.3 |
|
|
|
|
|
|
|
|
Cash from Return on Investments |
0.0 |
0.1 |
0.1 |
0.0 |
- |
|
Sale of FA/Intangibles/Other Assets |
0.1 |
0.0 |
0.0 |
1.0 |
- |
|
Other Cash from Investing Activities |
- |
0.0 |
2.1 |
0.9 |
- |
|
Cash paid for acquisition of investments |
-1.7 |
-0.1 |
0.0 |
- |
- |
|
Net cash paid for acquisition of subsidi |
-1.3 |
- |
- |
-6.4 |
- |
|
Capital Expenditure |
-32.9 |
-17.3 |
-32.5 |
-10.0 |
-17.6 |
|
Cash from Investing Activities |
-35.7 |
-17.4 |
-30.2 |
-14.5 |
-17.6 |
|
|
|
|
|
|
|
|
Cash from Investors |
0.8 |
133.9 |
0.2 |
0.8 |
28.0 |
|
Cash from Borrowings |
87.7 |
81.6 |
117.6 |
62.7 |
62.1 |
|
Other Cash from Financing Activities |
- |
- |
- |
0.0 |
15.9 |
|
Repayment of Borrowings |
-56.8 |
-109.8 |
-97.8 |
-42.3 |
-62.4 |
|
Cash Paid for Dividend and Interest |
-7.2 |
-3.9 |
-3.5 |
-2.1 |
-3.8 |
|
Cash paid for other financing activities |
- |
-1.4 |
0.0 |
0.0 |
-23.3 |
|
Cash from Financing Activities |
24.5 |
100.4 |
16.5 |
19.1 |
16.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-5.6 |
92.7 |
-2.5 |
-3.3 |
2.2 |
|
|
|
|
|
|
|
|
Depreciation |
6.5 |
4.4 |
2.9 |
1.8 |
1.0 |
|
Net Cash - Beginning Balance |
104.3 |
6.8 |
9.3 |
12.5 |
9.4 |
|
Net Cash - Ending Balance |
98.6 |
99.6 |
6.8 |
9.1 |
11.6 |
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.55.99 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
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.