MIRA INFORM REPORT
|
Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
LONCIN MOTOR CO LTD |
|
|
|
|
Registered Office : |
Loncin Industrial Estate, Baihe Industrial Park, Economic Development
Zone, Chongqing, 400060 |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.06.2007 |
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|
|
Legal Form : |
Public Parent |
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|
|
Line of Business : |
Subject is engaged in the research, development,
manufacture and distribution of motorcycles, motorcycle engines and general
power machinery products |
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|
|
|
No. of Employees : |
8365 |
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 |
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|
|
|
Payment Behaviour : |
No complaints |
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|
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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) |
|
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 |
COMPANY
NAME & ADDRESS
LONCIN MOTOR CO LTD
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Business
Description
|
Loncin Motor Co., Ltd. is principally engaged in the
research, development, manufacture and distribution of motorcycles,
motorcycle engines and general power machinery products. The Company primarily
provides motorcycles, motorcycle engines, general gasoline engines and
terminal products, such as power generator sets, agricultural machinery and
landscape machinery, among others. The Company distributes its products in
domestic and overseas markets. For the six months ended 30 September 2013,
Loncin Motor Co Ltd revenues decreased 30% to RMB3.28B. Net income decreased
20% to RMB273.5M. Revenues reflect a decrease in demand for the Company's
products and services due to unfavorable market conditions. Net income also
reflects Finance Expense decrease of 77% to RMB4M (income), Non - Operating
Income decrease of 25% to RMB11.1M (income), Investment Income decrease of
18% to RMB9.9M (income). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
2399 -
Other Transport Equipment Manufacturing Not Elsewhere Classified |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Key
Executives
|
Name |
Title |
|
Deputy General Manager |
|
|
Chairman of the Board, General Manager |
|
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Chief Financial Officer |
|
|
Secretary of the Board |
|
|
Zhengsheng Chen |
Independent Director |
Significant
Developments
|
||||||||||||||||||||
|
* number of significant
developments within the last 12 months |
News
|
Title |
Date |
|
US Patent
Issued to Loncin Motor on Nov. 5 for "Built-in parking locking device of
vehicle" (Chinese Inventors) |
5-Nov-2013 |
|
Kawasaki
Riding Back Into China With Large Motorcycles |
8-Aug-2013 |
|
USPTO
grants trade mark "LOW-CARBON LCPOWER" to LONCIN MOTOR CO (CHINA). |
16-Jul-2013 |
|
USPTO
ISSUES TRADEMARK: LOW-CARBON LCPOWER |
11-Jul-2013 |
|
WIPO
PUBLISHES PATENT OF LONCIN MOTOR, YUMING XIE, HONGBO CHEN, BING LIU AND JU
LEI FOR "SMALL GENERAL GASOLINE ENGINE CYLINDER HEAD AND GASOLINE... |
8-Jun-2013 |
|
Loncin
Motor Co Ltd Announces FY 2013 Q1 Net Profit Outlook |
3-Apr-2013 |
Financial
Summary
|
As of 30-Sep-2013 |
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Stock
Snapshot
|
Traded: Shanghai Stock
Exchange: 603766 |
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As of 1-Nov-2013
Financials in: CNY |
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ANZSIC
2006 Codes: |
||
|
2399 |
- |
Other Transport Equipment Manufacturing Not Elsewhere Classified |
|
2461 |
- |
Agricultural Machinery and Equipment Manufacturing |
|
2394 |
- |
Aircraft Manufacturing and Repair Services |
|
ISIC
Rev 4 Codes: |
||
|
309 |
- |
Manufacture of transport equipment n.e.c. |
|
2821 |
- |
Manufacture of agricultural and forestry machinery |
|
3030 |
- |
Manufacture of air and spacecraft and related machinery |
|
NACE
Rev 2 Codes: |
||
|
309 |
- |
Manufacture of transport equipment n.e.c. |
|
2830 |
- |
Manufacture of agricultural and forestry machinery |
|
3030 |
- |
Manufacture of air and spacecraft and related machinery |
|
NAICS
2012 Codes: |
||
|
336991 |
- |
Motorcycle, Bicycle, and Parts Manufacturing |
|
333111 |
- |
Farm Machinery and Equipment Manufacturing |
|
336412 |
- |
Aircraft Engine and Engine Parts Manufacturing |
|
US
SIC 1987: |
||
|
3751 |
- |
Motorcycles, Bicycles, and Parts |
|
3724 |
- |
Aircraft Engines and Engine Parts |
|
3523 |
- |
Farm Machinery and Equipment |
|
UK
SIC 2007: |
||
|
309 |
- |
Manufacture of transport equipment n.e.c. |
|
28301 |
- |
Manufacture of agricultural tractors |
|
3030 |
- |
Manufacture of air and spacecraft and related machinery |
|
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Corporate Family
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Chongqing |
China |
Miscellaneous Transportation Equipment Manufacturing |
1,021.3 |
8,365 |
|
|
Subsidiary |
Chongqing, Chongqing |
China |
Motor Vehicle Parts Manufacturing |
3,000 |
||
|
Subsidiary |
Chongqing |
China |
Motor Vehicle Parts Manufacturing |
26.9 |
1,000 |
|
|
Subsidiary |
Chongqing, Chongqing |
China |
Metal Products Manufacturing |
200 |
EXECUTIVE
REPORT
|
Board of Directors |
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Chairman of the Board, General Manager |
Chairman |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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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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Executives
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Deputy General Manager |
Division Head Executive |
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Chairman of the Board, General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Chief Financial Officer |
Finance Executive |
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Secretary of the Board |
Other |
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Loncin Motor Co Ltd Signs Business Contract Oct 25, 2013
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Loncin Motor Co Ltd Announces FY 2012 Dividend Payment Date May 23, 2013
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Loncin Motor Co Ltd Announces FY 2013 Q1 Net Profit Outlook Apr 03, 2013
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Loncin Motor Co Ltd Announces FY 2012 Dividend Payment Mar 29, 2013
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Loncin Motor Co Ltd Announces Capital Injection into Sub-subsidiary Dec 15, 2012
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News
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 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate
(Period Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
|
Auditor |
ShineWing
Certified Public Accountants |
ShineWing
Certified Public Accountants |
ShineWing
Certified Public Accountants |
ShineWing
Certified Public Accountants |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Sales |
1,021.3 |
1,057.5 |
832.9 |
669.8 |
|
Revenue |
1,021.3 |
1,057.5 |
832.9 |
669.8 |
|
Total Revenue |
1,021.3 |
1,057.5 |
832.9 |
669.8 |
|
|
|
|
|
|
|
Cost of Revenue |
836.1 |
912.1 |
699.0 |
549.7 |
|
Excise Taxes Payments |
9.1 |
- |
- |
- |
|
Cost of Revenue, Total |
845.2 |
912.1 |
699.0 |
549.7 |
|
Gross Profit |
176.1 |
145.4 |
133.9 |
120.1 |
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
40.4 |
72.4 |
83.1 |
63.6 |
|
Labor & Related Expense |
28.6 |
- |
- |
- |
|
Advertising Expense |
3.1 |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
72.1 |
72.4 |
83.1 |
63.6 |
|
Research & Development |
7.7 |
- |
- |
- |
|
Depreciation |
9.3 |
- |
- |
- |
|
Amortization of Intangibles |
0.7 |
- |
- |
- |
|
Depreciation/Amortization |
10.1 |
- |
- |
- |
|
Interest Expense -
Operating |
- |
- |
6.9 |
13.8 |
|
Interest Expense - Net Operating |
- |
- |
6.9 |
13.8 |
|
Interest Income - Operating |
-1.6 |
-1.1 |
-8.5 |
-16.1 |
|
Investment Income -
Operating |
0.0 |
-3.0 |
1.5 |
-1.2 |
|
Interest/Investment Income - Operating |
-1.5 |
-4.1 |
-7.0 |
-17.3 |
|
Interest Expense (Income) - Net Operating Total |
-1.5 |
-4.1 |
-0.1 |
-3.5 |
|
Impairment-Assets Held for Use |
0.6 |
1.3 |
-10.2 |
11.6 |
|
Unusual Expense (Income) |
0.6 |
1.3 |
-10.2 |
11.6 |
|
Other Operating Expense |
0.1 |
-0.2 |
0.7 |
0.8 |
|
Other Operating Expenses, Total |
0.1 |
-0.2 |
0.7 |
0.8 |
|
Total Operating Expense |
934.1 |
981.5 |
772.5 |
622.3 |
|
|
|
|
|
|
|
Operating Income |
87.2 |
75.9 |
60.5 |
47.5 |
|
|
|
|
|
|
|
Gain (Loss) on Sale of Assets |
-0.2 |
0.0 |
0.5 |
0.0 |
|
Other Non-Operating Income (Expense) |
3.6 |
6.9 |
7.0 |
2.1 |
|
Other, Net |
3.6 |
6.9 |
7.0 |
2.1 |
|
Income Before Tax |
90.6 |
82.9 |
67.9 |
49.6 |
|
|
|
|
|
|
|
Total Income Tax |
13.7 |
12.9 |
13.2 |
7.5 |
|
Income After Tax |
76.9 |
70.0 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Minority Interest |
-3.8 |
-1.8 |
0.0 |
- |
|
Net Income Before Extraord Items |
73.2 |
68.2 |
54.7 |
42.1 |
|
Net Income |
73.2 |
68.2 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
73.2 |
68.2 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
73.2 |
68.2 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
746.7 |
800.0 |
800.0 |
800.0 |
|
Basic EPS Excl Extraord Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
Basic/Primary EPS Incl Extraord Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
Diluted Net Income |
73.2 |
68.2 |
54.7 |
42.1 |
|
Diluted Weighted Average Shares |
746.7 |
800.0 |
800.0 |
800.0 |
|
Diluted EPS Excl Extraord Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
Diluted EPS Incl Extraord Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
22.2 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
- |
- |
6.9 |
13.8 |
|
Depreciation, Supplemental |
19.1 |
14.4 |
12.8 |
11.7 |
|
Total Special Items |
0.8 |
1.2 |
-10.7 |
11.6 |
|
Normalized Income Before Tax |
91.4 |
84.1 |
57.2 |
61.2 |
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.1 |
0.2 |
-2.1 |
1.7 |
|
Inc Tax Ex Impact of Sp Items |
13.8 |
13.0 |
11.1 |
9.2 |
|
Normalized Income After Tax |
77.6 |
71.1 |
46.1 |
52.0 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
73.8 |
69.2 |
46.1 |
52.0 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.09 |
0.06 |
0.06 |
|
Diluted Normalized EPS |
0.10 |
0.09 |
0.06 |
0.06 |
|
Amort of Intangibles, Supplemental |
1.2 |
1.1 |
0.6 |
0.5 |
|
Advertising Expense, Supplemental |
3.1 |
2.0 |
1.9 |
9.5 |
|
Research & Development Exp, Supplemental |
7.7 |
6.7 |
4.7 |
4.8 |
|
Normalized EBIT |
86.2 |
73.1 |
50.2 |
55.6 |
|
Normalized EBITDA |
106.5 |
88.7 |
63.5 |
67.8 |
|
Current Tax - Total |
14.7 |
16.3 |
12.3 |
9.5 |
|
Current Tax - Total |
14.7 |
16.3 |
12.3 |
9.5 |
|
Deferred Tax - Total |
-1.0 |
-3.5 |
0.9 |
-2.0 |
|
Deferred Tax - Total |
-1.0 |
-3.5 |
0.9 |
-2.0 |
|
Income Tax - Total |
13.7 |
12.9 |
13.2 |
7.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
|
Auditor |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash |
267.1 |
179.2 |
- |
- |
|
Cash & Equivalents |
- |
- |
154.0 |
96.7 |
|
Short Term Investments |
32.6 |
2.2 |
- |
0.4 |
|
Cash and Short Term Investments |
299.7 |
181.4 |
154.0 |
97.1 |
|
Accounts
Receivable - Trade, Gross |
112.2 |
94.2 |
48.6 |
54.7 |
|
Provision
for Doubtful Accounts |
-1.9 |
-1.6 |
-1.6 |
-1.2 |
|
Trade Accounts Receivable - Net |
110.4 |
92.6 |
47.0 |
53.5 |
|
Notes Receivable - Short Term |
74.5 |
77.8 |
65.2 |
31.2 |
|
Other Receivables |
9.6 |
8.7 |
12.0 |
274.5 |
|
Total Receivables, Net |
194.4 |
179.1 |
124.1 |
359.2 |
|
Inventories - Finished Goods |
24.7 |
20.8 |
18.5 |
- |
|
Inventories - Work In Progress |
4.0 |
4.0 |
1.9 |
- |
|
Inventories - Raw Materials |
11.8 |
14.4 |
4.6 |
- |
|
Inventories - Other |
0.7 |
0.8 |
1.3 |
- |
|
Total Inventory |
41.3 |
40.0 |
26.3 |
32.6 |
|
Prepaid Expenses |
19.8 |
23.1 |
28.6 |
4.9 |
|
Total Current Assets |
555.2 |
423.6 |
333.0 |
493.8 |
|
|
|
|
|
|
|
Buildings |
179.7 |
175.8 |
81.3 |
- |
|
Machinery/Equipment |
75.5 |
61.5 |
40.9 |
- |
|
Construction
in Progress |
45.5 |
32.4 |
- |
- |
|
Other
Property/Plant/Equipment |
16.4 |
13.6 |
12.9 |
- |
|
Property/Plant/Equipment - Gross |
317.1 |
283.2 |
135.2 |
- |
|
Accumulated Depreciation |
-68.3 |
-51.0 |
-34.6 |
- |
|
Property/Plant/Equipment - Net |
248.8 |
232.2 |
168.4 |
144.1 |
|
Intangibles - Gross |
46.1 |
45.7 |
- |
- |
|
Accumulated Intangible
Amortization |
-3.8 |
-2.6 |
- |
- |
|
Intangibles, Net |
42.3 |
43.1 |
18.9 |
18.2 |
|
LT Investment - Affiliate
Companies |
- |
- |
- |
0.2 |
|
Long Term Investments |
- |
- |
- |
0.2 |
|
Deferred Charges |
- |
- |
- |
0.1 |
|
Deferred Income Tax - Long Term
Asset |
8.2 |
7.4 |
3.8 |
4.8 |
|
Other Long Term Assets, Total |
8.2 |
7.4 |
3.8 |
4.9 |
|
Total Assets |
854.4 |
706.3 |
524.1 |
661.1 |
|
|
|
|
|
|
|
Accounts Payable |
165.9 |
182.3 |
104.9 |
122.1 |
|
Accrued Expenses |
10.4 |
11.7 |
10.4 |
92.1 |
|
Notes Payable/Short Term Debt |
46.9 |
33.4 |
36.1 |
207.2 |
|
Customer Advances |
12.8 |
9.9 |
12.2 |
19.0 |
|
Income Taxes Payable |
5.0 |
5.4 |
5.8 |
4.4 |
|
Other Payables |
72.5 |
69.9 |
62.0 |
- |
|
Other Current Liabilities |
-3.9 |
0.2 |
- |
- |
|
Other Current liabilities, Total |
86.3 |
85.4 |
80.0 |
23.4 |
|
Total Current Liabilities |
309.5 |
312.8 |
231.4 |
444.9 |
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
46.9 |
33.4 |
36.1 |
207.2 |
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.5 |
1.9 |
1.9 |
2.1 |
|
Deferred Income Tax |
1.5 |
1.9 |
1.9 |
2.1 |
|
Minority Interest |
11.2 |
8.1 |
1.2 |
- |
|
Other Long Term Liabilities |
17.2 |
17.6 |
6.9 |
1.0 |
|
Other Liabilities, Total |
17.2 |
17.6 |
6.9 |
1.0 |
|
Total Liabilities |
339.4 |
340.5 |
241.5 |
448.0 |
|
|
|
|
|
|
|
Common Stock |
128.3 |
114.4 |
109.3 |
103.3 |
|
Common Stock |
128.3 |
114.4 |
109.3 |
103.3 |
|
Additional Paid-In Capital |
107.5 |
41.8 |
43.7 |
19.6 |
|
Retained Earnings (Accumulated Deficit) |
275.3 |
205.7 |
129.6 |
90.2 |
|
Other Equity |
4.0 |
3.9 |
- |
- |
|
Other Equity, Total |
4.0 |
3.9 |
- |
- |
|
Total Equity |
515.0 |
365.9 |
282.6 |
213.1 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
854.4 |
706.3 |
524.1 |
661.1 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
800.0 |
800.0 |
800.0 |
800.0 |
|
Total Common Shares Outstanding |
800.0 |
800.0 |
800.0 |
800.0 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
8,365 |
- |
- |
- |
|
Number of Common Shareholders |
21,686 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
3.8 |
2.6 |
1.4 |
- |
|
Deferred Revenue - Current |
12.8 |
9.9 |
12.2 |
19.0 |
Annual Cash Flows
Financials in: USD
(mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate (Period
Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
|
Auditor |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash Receipts |
977.8 |
949.5 |
750.4 |
631.6 |
|
Cash Payments |
-817.1 |
-878.8 |
-663.3 |
-496.1 |
|
Cash Taxes Paid |
2.4 |
20.0 |
7.7 |
-3.0 |
|
Other Operating Cash Flow |
-86.4 |
-16.6 |
-17.9 |
-30.1 |
|
Changes in Working Capital |
-86.4 |
-16.6 |
-17.9 |
-30.1 |
|
Cash from Operating Activities |
76.7 |
74.1 |
76.9 |
102.4 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-33.0 |
-64.9 |
-59.7 |
-27.1 |
|
Capital Expenditures |
-33.0 |
-64.9 |
-59.7 |
-27.1 |
|
Sale of Fixed Assets |
0.6 |
0.1 |
0.5 |
0.1 |
|
Sale/Maturity of Investment |
- |
- |
- |
0.1 |
|
Purchase of Investments |
-63.4 |
- |
- |
- |
|
Other Investing Cash Flow |
1.3 |
4.0 |
239.7 |
-82.7 |
|
Other Investing Cash Flow Items, Total |
-61.5 |
4.1 |
240.1 |
-82.6 |
|
Cash from Investing Activities |
-94.5 |
-60.8 |
180.4 |
-109.6 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
55.5 |
13.7 |
-10.5 |
8.8 |
|
Financing Cash Flow Items |
55.5 |
13.7 |
-10.5 |
8.8 |
|
Cash Dividends Paid - Common |
-7.2 |
- |
-0.4 |
-0.3 |
|
Total Cash Dividends Paid |
-7.2 |
- |
-0.4 |
-0.3 |
|
Total Debt Issued |
- |
- |
159.7 |
387.1 |
|
Total Debt Reduction |
- |
- |
-364.8 |
-386.3 |
|
Issuance (Retirement) of Debt, Net |
- |
- |
-205.1 |
0.8 |
|
Cash from Financing Activities |
48.3 |
13.7 |
-216.0 |
9.3 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.6 |
-0.8 |
-0.7 |
0.0 |
|
Net Change in Cash |
31.1 |
26.2 |
40.7 |
2.1 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
174.9 |
144.6 |
97.4 |
94.5 |
|
Net Cash - Ending Balance |
206.0 |
170.8 |
138.1 |
96.5 |
|
Depreciation |
19.1 |
14.4 |
12.8 |
11.7 |
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 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate (Period
Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
|
Auditor |
ShineWing Certified Public
Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Other Rev from Biz Related Activ. |
2.7 |
- |
- |
- |
|
Other Net Sales |
1,018.6 |
- |
- |
- |
|
Net Sales |
- |
1,057.5 |
832.9 |
669.8 |
|
Total Revenue |
1,021.3 |
1,057.5 |
832.9 |
669.8 |
|
|
|
|
|
|
|
Advertising Expense, Supplemental |
3.1 |
- |
- |
- |
|
Labor & Related Expenses-Sell |
6.2 |
- |
- |
- |
|
Labor & Related Expenses-Admin |
22.4 |
- |
- |
- |
|
Depreciation/Amortization-Admin |
9.3 |
- |
- |
- |
|
Research & Development ExpenseAdmin |
7.7 |
- |
- |
- |
|
Amort Low Value Consumable-Admin
Exp |
0.7 |
- |
- |
- |
|
Other Business Tax and Surcharges |
9.1 |
- |
- |
- |
|
Cost of Sales |
836.1 |
899.0 |
688.6 |
537.9 |
|
Business Tax and Surcharges |
- |
13.1 |
10.4 |
11.8 |
|
Construction tax |
2.8 |
- |
- |
- |
|
Education surcharge |
1.3 |
- |
- |
- |
|
Local Education surcharge |
0.9 |
- |
- |
- |
|
Tax-Admin |
2.7 |
- |
- |
- |
|
Bad Debt Written-off/Provision |
0.3 |
- |
- |
- |
|
Other General & Administrative
Expenses |
6.8 |
- |
- |
- |
|
Other Selling Expense |
25.6 |
- |
- |
- |
|
Selling Expense |
- |
32.3 |
27.7 |
33.8 |
|
General & Administrative
Expenses |
- |
40.1 |
55.3 |
29.8 |
|
Interest Expense |
- |
- |
6.9 |
13.8 |
|
Interest Income |
-1.6 |
-1.1 |
-8.5 |
-16.1 |
|
Provision for Invenroty |
1.0 |
- |
- |
- |
|
Bills Discount Interest |
- |
0.0 |
0.4 |
0.3 |
|
G/L on disposal of financial
assets |
-2.1 |
- |
- |
- |
|
Foreign Exchange Gain/Loss |
0.5 |
3.2 |
2.8 |
-0.7 |
|
Commission Fees & Other |
-1.0 |
-0.2 |
0.3 |
0.5 |
|
Other Impairment Loss on Assets |
0.6 |
- |
- |
- |
|
Impairment Loss on Assets |
- |
1.3 |
-10.2 |
11.6 |
|
Gain/Loss from Change in Fair
Value |
1.7 |
-2.1 |
0.4 |
-2.5 |
|
Investment Income |
- |
-4.0 |
-1.7 |
2.0 |
|
Total Operating Expense |
934.1 |
981.5 |
772.5 |
622.3 |
|
|
|
|
|
|
|
Gain on Sale of Non-current Assets |
0.1 |
0.1 |
0.5 |
0.1 |
|
Donation |
0.0 |
- |
- |
- |
|
Other Non - Operating Expense |
0.0 |
- |
- |
- |
|
Other Non - Operating Income |
3.6 |
- |
- |
- |
|
Non - Operating Income |
- |
6.9 |
7.0 |
2.2 |
|
Loss on Sale of Non-current Assets |
-0.3 |
0.0 |
-0.1 |
-0.1 |
|
Non - Operating Expense |
- |
0.0 |
-0.1 |
-0.1 |
|
Net Income Before Taxes |
90.6 |
82.9 |
67.9 |
49.6 |
|
|
|
|
|
|
|
Provision for Income Taxes |
13.7 |
12.9 |
13.2 |
7.5 |
|
Net Income After Taxes |
76.9 |
70.0 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Minority interests |
-3.8 |
-1.8 |
0.0 |
- |
|
Net Income Before Extra. Items |
73.2 |
68.2 |
54.7 |
42.1 |
|
Net Income |
73.2 |
68.2 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
73.2 |
68.2 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
73.2 |
68.2 |
54.7 |
42.1 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
746.7 |
800.0 |
800.0 |
800.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
Basic EPS Including ExtraOrdinary Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
Diluted Net Income |
73.2 |
68.2 |
54.7 |
42.1 |
|
Diluted Weighted Average Shares |
746.7 |
800.0 |
800.0 |
800.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
Diluted EPS Including ExtraOrd Items |
0.10 |
0.09 |
0.07 |
0.05 |
|
DPS-Ordinary Shares |
0.03 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
22.2 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
91.4 |
84.1 |
57.2 |
61.2 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
13.8 |
13.0 |
11.1 |
9.2 |
|
Normalized Income After Taxes |
77.6 |
71.1 |
46.1 |
52.0 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
73.8 |
69.2 |
46.1 |
52.0 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.09 |
0.06 |
0.06 |
|
Diluted Normalized EPS |
0.10 |
0.09 |
0.06 |
0.06 |
|
Interest Expense, Supplemental |
- |
- |
6.9 |
13.8 |
|
Depreciation, Supplemental |
19.1 |
14.4 |
12.8 |
11.7 |
|
Amort of Intangibles, Supplemental |
1.2 |
1.1 |
0.6 |
0.5 |
|
Advertising Expense, Supplemental |
3.1 |
2.0 |
1.9 |
9.5 |
|
Research & Development Exp, Supplemental |
7.7 |
6.7 |
4.7 |
4.8 |
|
Current Tax |
14.7 |
16.3 |
12.3 |
9.5 |
|
Current Tax - Total |
14.7 |
16.3 |
12.3 |
9.5 |
|
Deferred Tax |
-1.0 |
-3.5 |
0.9 |
-2.0 |
|
Deferred Tax - Total |
-1.0 |
-3.5 |
0.9 |
-2.0 |
|
Income Tax - Total |
13.7 |
12.9 |
13.2 |
7.5 |
Annual Balance SheeT
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate |
6.2357 |
6.294 |
6.5897 |
6.827 |
|
Auditor |
ShineWing Certified Public
Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash and Cash Equivalent |
- |
- |
154.0 |
96.7 |
|
Financial Assets - Trading |
32.6 |
2.2 |
- |
0.4 |
|
Notes Receivable |
74.5 |
77.8 |
65.2 |
31.2 |
|
Accounts Receivable, Gross |
112.2 |
94.2 |
48.6 |
54.7 |
|
Provision for Doubtful Accounts |
-1.9 |
-1.6 |
-1.6 |
-1.2 |
|
Payment in Advance |
19.8 |
23.1 |
28.6 |
4.9 |
|
Provision for Other Receivables |
-1.1 |
-0.9 |
- |
- |
|
Other Receivables, Gross |
10.6 |
9.6 |
- |
- |
|
Other Receivables |
- |
- |
12.0 |
274.5 |
|
Inventory, Net |
- |
- |
- |
32.6 |
|
Raw Material |
11.8 |
14.4 |
4.6 |
- |
|
Work-in-Process |
4.0 |
4.0 |
1.9 |
- |
|
Goods in Store |
17.5 |
19.9 |
13.5 |
- |
|
Goods in Transit |
7.2 |
0.9 |
5.0 |
- |
|
Packaging Material & Low Value
Consumabl |
0.6 |
0.6 |
0.4 |
- |
|
Subcontracted Material |
0.2 |
0.2 |
0.9 |
- |
|
Cash in Hand |
0.0 |
0.0 |
- |
- |
|
Banks |
192.3 |
155.0 |
- |
- |
|
Other Cash |
74.7 |
24.2 |
- |
- |
|
Total Current Assets |
555.2 |
423.6 |
333.0 |
493.8 |
|
|
|
|
|
|
|
Long Term Equity Investment |
- |
- |
- |
0.2 |
|
Fixed Assets, Net |
- |
- |
- |
100.4 |
|
Buildings |
179.7 |
175.8 |
81.3 |
- |
|
Machinery and Equipment |
49.7 |
38.9 |
27.3 |
- |
|
Testing Equipment |
12.3 |
10.6 |
9.1 |
- |
|
Power Equipment |
4.8 |
4.3 |
1.2 |
- |
|
Transportation Equipment |
8.7 |
7.7 |
3.3 |
- |
|
Office Equipment & Other |
1.6 |
1.6 |
5.1 |
- |
|
Molding Tools |
14.8 |
12.0 |
7.8 |
- |
|
Acc Depr Buildings |
-28.3 |
-19.8 |
- |
- |
|
Acc Depr Machinery and Equipment |
-15.3 |
-12.8 |
- |
- |
|
Acc Depr Transportation Equipment |
-3.4 |
-2.7 |
- |
- |
|
Acc Depr Testing Equipment |
-5.8 |
-4.8 |
- |
- |
|
Acc Depr Power Equipment |
-2.7 |
-2.1 |
- |
- |
|
Acc Depr Office Equipment &
Other |
-1.0 |
-0.8 |
- |
- |
|
Acc Depr Molding Tools |
-10.6 |
-7.6 |
- |
- |
|
Imp. of Machinery and Equipment |
-0.9 |
-0.4 |
- |
- |
|
Imp. of Transportation Equipment |
-0.1 |
- |
- |
- |
|
Acc Depr Construction in Progress |
0.0 |
0.0 |
- |
- |
|
Accumulated Depreciation on Fixed
Assets |
- |
- |
-34.6 |
- |
|
Construction in Progress |
- |
- |
67.8 |
43.6 |
|
Intangible Assets, Net |
- |
- |
18.9 |
18.2 |
|
Long Term Prepaid Expense |
- |
- |
- |
0.1 |
|
Deferred Tax Assets |
8.2 |
7.4 |
3.8 |
4.8 |
|
Acc Amort Land Use Right |
-2.7 |
-1.8 |
- |
- |
|
Acc Amort Computer Software |
-1.1 |
-0.8 |
- |
- |
|
Land Use Right, Gross |
44.7 |
44.3 |
- |
- |
|
Computer Software, Gross |
1.4 |
1.4 |
- |
- |
|
Construction in Progress, Gross |
45.5 |
32.4 |
- |
- |
|
Total Assets |
854.4 |
706.3 |
524.1 |
661.1 |
|
|
|
|
|
|
|
Financial Liabilities for Trading |
0.0 |
- |
- |
- |
|
Short Term Borrowing |
- |
- |
- |
203.3 |
|
Notes Payable |
46.9 |
33.4 |
36.1 |
3.9 |
|
Accounts Payable |
165.9 |
182.3 |
104.9 |
122.1 |
|
ST Deferred Income |
0.9 |
- |
- |
- |
|
Customer Advance |
11.8 |
9.9 |
12.2 |
19.0 |
|
Accrued Payroll |
10.4 |
11.7 |
10.4 |
9.2 |
|
Other Tax Payable |
5.0 |
5.4 |
- |
- |
|
Tax Payable |
- |
- |
5.8 |
4.4 |
|
Other Creditors |
- |
- |
- |
83.0 |
|
VAT |
-5.9 |
-2.7 |
- |
- |
|
Selling tax |
0.9 |
1.0 |
- |
- |
|
Operating tax |
0.0 |
0.0 |
- |
- |
|
City Development tax |
0.5 |
0.8 |
- |
- |
|
Real Estate tax/Property tax |
- |
0.0 |
- |
- |
|
Land use tax |
0.1 |
0.1 |
- |
- |
|
Education surtax |
0.2 |
0.4 |
- |
- |
|
Local Education surtax |
0.1 |
0.2 |
- |
- |
|
Printing tax |
0.1 |
0.2 |
- |
- |
|
Water construction funds |
0.0 |
0.0 |
- |
- |
|
Other Tax |
0.0 |
0.0 |
- |
- |
|
Security of employment for the
disabled |
0.0 |
0.0 |
- |
- |
|
Other Payables |
72.5 |
69.9 |
62.0 |
- |
|
Total Current Liabilities |
309.5 |
312.8 |
231.4 |
444.9 |
|
|
|
|
|
|
|
Deferred Income Tax Liabilities |
1.5 |
1.9 |
1.9 |
2.1 |
|
Other Non-current Liabilities |
17.2 |
17.6 |
6.9 |
1.0 |
|
Minority Interest |
11.2 |
8.1 |
1.2 |
- |
|
Total Liabilities |
339.4 |
340.5 |
241.5 |
448.0 |
|
|
|
|
|
|
|
Other Reserves/Equity |
4.0 |
3.9 |
- |
- |
|
Capital Stock |
128.3 |
114.4 |
109.3 |
103.3 |
|
Other Paid in Capital |
107.5 |
41.8 |
- |
- |
|
Paid in Capital |
- |
- |
43.7 |
19.6 |
|
Surplus Reserve |
14.2 |
7.9 |
1.0 |
3.6 |
|
Undistributed Profit |
261.1 |
197.8 |
128.6 |
86.7 |
|
Total Equity |
515.0 |
365.9 |
282.6 |
213.1 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
854.4 |
706.3 |
524.1 |
661.1 |
|
|
|
|
|
|
|
S/O-Ordinary Shares |
800.0 |
800.0 |
800.0 |
800.0 |
|
Total Common Shares Outstanding |
800.0 |
800.0 |
800.0 |
800.0 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
|
ST Deferred Income |
0.9 |
- |
- |
- |
|
Customer Advance |
11.8 |
9.9 |
12.2 |
19.0 |
|
Accumulated Intangible Amort, Suppl. |
3.8 |
2.6 |
1.4 |
- |
|
Number of Common Shareholders |
21,686 |
- |
- |
- |
|
Full-Time Employees |
8,365 |
- |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
CNY |
CNY |
CNY |
CNY |
|
Exchange Rate (Period
Average) |
6.310555 |
6.46438 |
6.768989 |
6.831007 |
|
Auditor |
ShineWing Certified
Public Accountants |
ShineWing Certified Public
Accountants |
ShineWing Certified
Public Accountants |
ShineWing Certified
Public Accountants |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash from Sale of Goods &
Services |
977.8 |
949.5 |
750.4 |
631.6 |
|
Cash Paid for Goods and Services |
-817.1 |
-878.8 |
-663.3 |
-496.1 |
|
Refund of Taxes |
57.2 |
60.3 |
43.4 |
30.7 |
|
Cash Paid to/for Employees |
-50.4 |
- |
- |
- |
|
Other Cash from Operating
Activities |
6.4 |
18.2 |
14.1 |
4.2 |
|
All Taxes Paid |
-54.9 |
-40.3 |
-35.8 |
-33.7 |
|
Other Cash Paid for Operating
Activities |
-42.4 |
-34.8 |
-32.0 |
-34.3 |
|
Cash from Operating Activities |
76.7 |
74.1 |
76.9 |
102.4 |
|
|
|
|
|
|
|
Cash Paid for Purchase of
Investments |
-63.4 |
- |
- |
- |
|
Sale/Maturity/Redemption of
Investments |
- |
- |
- |
0.1 |
|
Cash from Return on Investments |
1.3 |
4.0 |
1.7 |
-0.3 |
|
Sale of FA/Intangibles/Other
Assets |
0.6 |
0.1 |
0.5 |
0.1 |
|
Other Cash from Investing
Activities |
- |
- |
525.5 |
481.6 |
|
Capital Expenditure |
-33.0 |
-64.9 |
-59.7 |
-27.1 |
|
Other Cash Paid for Investing
Activities |
- |
- |
-287.6 |
-564.1 |
|
Cash from Investing Activities |
-94.5 |
-60.8 |
180.4 |
-109.6 |
|
|
|
|
|
|
|
Cash from Investors |
79.3 |
4.9 |
1.2 |
- |
|
Cash from Borrowings |
- |
- |
159.7 |
387.1 |
|
Other Cash from Financing
Activities |
3.6 |
12.4 |
0.1 |
8.9 |
|
Repayment of Borrowings |
- |
- |
-364.8 |
-386.3 |
|
Cash Paid for Dividend and
Interest |
-7.2 |
- |
-0.4 |
-0.3 |
|
Other Cash Paid for Financing
Activities |
-27.5 |
-3.6 |
-11.8 |
-0.1 |
|
Cash from Financing Activities |
48.3 |
13.7 |
-216.0 |
9.3 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.6 |
-0.8 |
-0.7 |
0.0 |
|
Net Change in Cash |
31.1 |
26.2 |
40.7 |
2.1 |
|
|
|
|
|
|
|
Depreciation |
19.1 |
14.4 |
12.8 |
11.7 |
|
Amortization of Intangibles |
1.2 |
1.1 |
0.6 |
0.5 |
|
Net Cash - Beginning Balance |
174.9 |
144.6 |
97.4 |
94.5 |
|
Net Cash - Ending Balance |
206.0 |
170.8 |
138.1 |
96.5 |
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.