1. No category

CHINA BUSINESS VIP REPORT
(Sample)
Client
Sample Co., Ltd.
Client's Ref.
I20100830001
Report Mode
Express
Date of Order
2012-7-5
Date of Delivery
2012-7-19
Number of Report
1111XXX51-1
Product Code
086010522
Subject Company
XX 光电股份有限公司
XX Optical & Electronic Co., Ltd.
CBI Business No.
B20100318000
CBI Credit Index
79
Credit Rating
B+
This report is used solely for your use and no part of the report shall be disclosed to any third party. CBI is not
liable for the incompleteness or inaccuracy of the information contained in the report, nor liable for your loss or
damage caused by the errors in the process of our collecting, passing and furnishing information in the report.
Page 1 of 38
VERIFICATION
Inquiry Information
Result of Verification
【Chinese Name】
XX 光电股份有限公司
【English Name】
XX OPTICAL & ELECTRONIC CO., LTD.
【Address in Chinese】
河南省南阳市工业南路 XXX
Correct
【Telephone Number】
0377-63152XXX
Correct
【Contact Person】
张 XX
Correct – see Note 2
【Email】
[email protected]
Correct – see Note 3
【Note 1】
The given name “XX OPTICAL & ELECTRONIC CO., LTD.” is the English name being adopted
Correct
Correct – see Note 1
for promotion purposes by “XX 光电股份有限公司”.
【Note 2】
张 XX is confirmed as the Subject’s legal representative and chairman.
【Note 3】
The given e-mail address is confirmed as the Subject’s email address for general enquiry purpose.
Page 2 of 38
EXECUTIVE SUMMARY
【CBI Business No.】
B20100318000
【CCRI】
79
【Credit Rating】
B+
【Chinese Name】
XX 光电股份有限公司
【English Name】
XX Optical & Electronic Co., Ltd.
【Business Address】
河南省南阳市工业南路 XXX
Risk: Low
XXX South Industrial Road, Nanyang, He’nan Province
【Date of Registration】
1995-4-5
【Legal Form】
Chinese-foreign joint stock limited company (listed)
【Listed or Not】
Yes
【Main Exchange】
Shenzhen Stock Exchange (Stock Code: 00XXXX)
【SIC】
3827
Optical instruments and lenses
【NACE Code】
C26.7.0
Manufacture of optical instruments
【ICNEA】
4141
Manufacture of optical instruments
【Registered Capital】
RMB 199.24 million
【Sales Income】
RMB 367.75360 million (2011)
【Total Profit】
RMB 37.11824 million (2011)
【Total Assets】
RMB 671.93214 million (as at 2011-12-31)
【Shareholder’s Equity】
RMB 450.45150 million (as at 2011-12-31)
【Legal Representative】
Zhang XX 张 XX
【Employees】
About 2,100
【Import-Export Right】
Yes
【Main Business】
Manufacture and sales of optical components.
【Managerial Staff】
1
Person
【Changes of Registration
15
Times
【Public Records】
2
Cases
【Trade Comments】
2
Records
information】
Page 3 of 38
CONTACT INFORMATION
【Chinese Name】
XX 光电股份有限公司
【English Name】
XX Optical & Electronic Co., Ltd.
【Address in Chinese 】
河南省南阳市工业南路 XXX
【City/District/County】
南阳市
【Province】
河南省
【Nationality】
中国
【Address in English】
XXX South Industry Road, Nanyang, He’nan
【City/District/County】
Nanyang
【Province】
He’nan
【Nationality】
China
【Postal Code】
473XXX
【Telephone】
0377-63152XXX
总机
0377-63162XXX
Finance Department
【Mobile Phone】
135XXX77XX0
张 XX
【Fax】
0377-63167XXX
【Website】
http://www.xxoptical.com.cn
【E-mail】
[email protected]
Promotion
general enquiry
Page 4 of 38
REGISTRATION INFORMATON WITH CHANGES
【Registration Information】
【Registration Number】
41000040001XXXX
【Registration Agency】
Henan Administration for Industry and Commerce
【Chinese Name】
XX 光电股份有限公司
【English Name】
Not involved
【Registered Address】
河南省南阳市工业南路 XXX
XXX South Industrial Road, Nanyang, He’nan Province
【Date of Incorporation】
1995-4-5
【Legal Form】
Chinese-foreign joint stock limited company (listed)
【Registered Capital】
RMB 199.24 million
【Paid-in Capital】
RMB 199.24 million
【Total Investment】
RMB 350.00 million
【Legal Representative】
Zhang Xx 张 XX
【Business Scope】
Research and Development, production, sales with after sales services of optical parts, optical
coating products, photosensitive resistance, lens, light engine, optical auxiliary materials, and
optical instruments.
【Condition】
Registered
【Operation Period】
Long Term
【Annual Examination】
Passed
【Year of Annual
2011
Examination】
Page 5 of 38
【Shareholding Structure】
(Unit: RMB’000)
Name
Subscription
Shares (%)
Paid-in Ratio
Mode of
Investment
China XX Industrial Group Corporation
81,455.192
40.88%
100.00%
In Cash
26,713.960
13.41%
100.00%
In Cash
17,177.524
8.62%
100.00%
In Cash
15,466.340
7.76%
100.00%
In Cash
4,686.136
2.35%
100.00%
In Cash
3,760.848
1.89%
100.00%
In Cash
Chen Shengx 陈盛 X
207.800
0.10%
100.00%
In Cash
He Xjun 何 X 军
182.250
0.09%
100.00%
In Cash
Hangzhou XX Investment Co., Ltd.
182.100
0.09%
100.00%
In Cash
Wu Xxian 吴 X 仙
148.000
0.07%
100.00%
In Cash
Other Shareholders
49,259.850
24.74%
100.00%
In Cash
Total
199,240.000
100.00%
100.00%
中国 XX 工业集团公司
XXXX Asset Management Co., Ltd
XXXX 资产管理有限责任公司
Japan XX (Hong Kong) Co., Ltd.
日本 XX（香港）有限公司
XXX Sano Corporation
XXX 佐野株式会社
XX International Co., Ltd.
XX 国际有限公司
Nanyang XX Optoelectronic Instruments Co.,
Ltd. 南阳市 XX 光电仪器有限责任公司
杭州 XX 投资有限公司
【Note】
1.
The Subject is a listed company, which experiences frequent changes of shareholding
structure. The following is the shareholding structure as at December 31, 2011;
2.
The shares of “Other shareholders” have been adjusted from 24.72% to 24.74%, so as to
maintain the total investment among all shareholders as 100.00%.
Page 6 of 38
【Changes of Registered Capital】
Date
Registered Capital
Currency
Audited by
1995-4-5
51,430,000.00
RMB
---
2004-8-3
121,116,700.00
RMB
XX Hengxin CPA Co.
XX 恒信会计师事务所
2005-9-14
141,116,700.00
RMB
XX Hengxin CPA Co.
2006-6-24
149,240,000.00
RMB
XX Hengxin CPA Co.
2010-6-30
199,240,000.00
RMB
XX Hengxin CPA Co.
【Note】
2004-8-3, 2005-9-14 and 2006-6-24 refer to the dates when the Subject applied for changes of
registered capital from Administration for Industry and Commerce
(Unit: RMB’000)
【Changes of Shareholders】
Date
Name
1995-4-5
Henan XX Optoelectronic
Subscription
Shares
Audited By
---
Instruments Factory
河南 XX 光电仪器厂
33,430.00
65%
18,000.00
35%
BVI XX Optics Co., Ltd.
英属维尔京群岛 XX 光学有限公司
2003-4-4
2004-8-3
Henan XXX Group Co., Ltd.
---
河南 XXX 集团有限公司
38,572.50
75%
BVI XX Optics Co., Ltd.
12,857.50
25%
Henan XXX Group Co., Ltd.
77,017.60
63.59%
BVI XX Optics Co., Ltd.
12,860.00
10.62%
12,000.00
9.91%
11,013.10
9.09%
5,969.50
4.93%
1,200.00
0.99%
1,056.50
0.87%
XXXX Asset Management Co., Ltd
XXXX 资产管理有限责任公司
Japan XX Properties Corporation
日本 XX 产业株式会社
H.K. XX International Co., Ltd.
H.K. XX 国际有限公司
Hong Kong XX Co., Ltd.
香港 XX 有限公司
Nanyang XX Optoelectronic
Instruments Co., Ltd.
南阳市 XX 光电仪器有限责任公司
Page 7 of 38
XX Hengxin CPA Co.
2005-9-14
China XX Industrial Group
XX Hengxin CPA Co.
Corporation
中国 XX 工业集团公司
77,017.60
54.58%
XXXX Asset Management Co., Ltd
25,260.00
17.90%
16,247.60
11.51%
XXX 佐野株式会社
14,600.00
10.35%
H.K. XX International Co., Ltd.
4,435.00
3.14%
3,556.50
2.52%
Japan XX (Hong Kong) Co., Ltd.
日本 XX（香港）有限公司
XXX Sano Corporation
Nanyang XX Optoelectronic
Instruments Co., Ltd.
2006-6-24
China XX Industrial Group
XX Hengxin CPA Co.
Corporation
81,455.20
54.58%
XXXX Asset Management Co., Ltd
26,714.00
17.90%
Japan XX (Hong Kong) Co., Ltd.
17,177.50
11.51%
XXX Sano Corporation
15,446.40
10.35%
H.K. XX International Co., Ltd.
4,686.10
3.14%
3,760.80
2.52%
Nanyang XX Optoelectronic
Instruments Co., Ltd.
2011-12-31
China XX Industrial Group
XX Hengxin CPA Co.
Corporation
81,455.192
40.88%
XXXX Asset Management Co., Ltd
26,713.960
13.41%
Japan XX (Hong Kong) Co., Ltd.
17,177.524
8.62%
XXX Sano Corporation
15,446.340
7.76%
XX International Co., Ltd.
4,686.136
2.35%
Nanyang XX Optoelectronic
Instruments Co., Ltd.
3,760.848
1.89%
Chen Shengx 陈盛 X
207.800
0.10%
He Xjun 何 X 军
182.250
0.09%
杭州 XX 投资有限公司
182.100
0.09%
Wu Xxian 吴 X 仙
148.000
0.07%
Other Shareholder (Note)
49,259.850
24.74%
Hangzhou XX Investment Co., Ltd.
【Note】
The share of “Other shareholders” has been adjusted from 24.72% to 24.74% to maintain the total
investment among all shareholders as 100.00%
Page 8 of 38
【Changes of Total Investment】
Date
Total Investment
Currency
Audited By
1995-4-5
100,000,000.00
RMB
---
2005-8-15
200,000,000.00
RMB
---
2009-1-2
350,000,000.00
RMB
XX Hengxin CPA Co.
【Changes of Name】
Date
Name
1995-4-5
南阳 XX 光电有限公司
Nanyang XX Optical & Electronic Co., Ltd.
2006-6-24
XX 光电股份有限公司
XX Optical & Electronic Co., Ltd.
【Changes of Legal Representative】
Date
Name
1995-4- 5
Ge Dex 戈德 X
1995-11-11
Wang Xshan 王 X 山
1997-5-15
Li Xqiao 李 X 樵
2003-4-4
Li Shengx 李生 X
2005-9-14
Zhang Xx 张 XX
【Changes of Registration Number】
Date
Registration Number
1995-4-5
410000401XXXX
2005-9-14
41000040001XXXX
【Changes of Legal Form】
Date
Legal Form
1995-4-5
Chinese Foreign Equity Joint Venture
2006-6-24
Chinese-foreign joint stock limited company (unlisted)
2007-12-3
Chinese-foreign joint stock limited company (listed)
【Changes of Registered Address】
Date
Address
1995-4-5
河南省南阳市 XX 路 X 号
No. X, XX Road, Nanyang, He’nan Province
2004-8-3
河南省南阳市工业南路 XXX
XXX South Industrial Road, Nanyang, He’nan Province
Page 9 of 38
【Changes of Business Scope】
Date
1995-4-5
Details
Design, Research and Development, production, sales with after sales services of optical parts,
photosensitive resistance and related products
2004-8-3
Research and Development, production, sales with after sales services of optical parts, optical coating
products, photosensitive resistance, lens, light engine, optical auxiliary materials, and optical
instruments.
【Changes of Operation Period】
Date
Duration
1995-4-5
1995-4-5 to 2025-4-4
2007-12-3
Long Term
Page 10 of 38
DIRECTORS & MANAGERS
【Board of Directors】
Name
Position
Gender
Year of
Age
Birth
Zhang Xx
Legal Representative
张 XX
and Chairman
Wang Tianx
Director and General
王天 X
Manager
Wang Xliang
Director
Male
***
Marital
Status
48
---
Male
***
48
---
Male
***
49
---
undergraduate, Senior
Economist
Director
Female
***
54
---
Postgraduate, Senior
Engineer
Director
Male
***
45
---
X 晓勇
Xiao Lianx
Postgraduate, Senior
Engineer
左月 X
X Xiaoyong
Postgraduate, Senior
Engineer
王X亮
Zuo Yuex
Education
Postgraduate, Senior
Engineer
Director
Male
***
47
---
Undergraduate
Director
Male
***
64
---
---
Secretary
Male
***
50
---
University, Political engineer
Age
Marital
Education
肖连 X
XX Zhuofu
XX 卓夫
Zhang Xdang
张X党
【Board of Supervisors】
Name
Position
Gender
Year of Birth
Status
Chen Lux
Supervisor
Female
***
47
---
Undergraduate
Supervisor
Male
---
---
---
---
Supervisor
Male
***
48
---
College, Intermediate
陈鲁 X
Wei Kex
魏克 X
Han Xen
韩X恩
Xu Xmin
Economist
Supervisor
Male
***
许X民
47
---
Postgraduate, Senior
Engineer
Page 11 of 38
【Other Management】
Name
Position
Gender
Year of Birth
Age
Marital
Education
Status
Gao Xfu
Independent
高X富
Director
Zhou Chunx
Independent
周春 X
Director
Xuan X
Independent
宣X
Director
Guo Xli
Independent
郭X黎
Director
Li Xchao
Deputy General
李X超
Manager
Wang Jianx
Deputy General
王建 X
Manager
Li Chunx
Deputy General
李春 X
Manager
Zhang Xmin
Deputy General
张X民
Manager and CFO
Male
***
47
---
Undergraduate, CPA, CPV
and CTA
Male
***
45
---
PhD, professor
Male
***
53
---
Postgraduate
Male
***
40
---
Postgraduate
Male
***
46
---
Undergraduate, Researcher
and Senior Engineer
Male
***
42
---
Female
***
47
---
Undergraduate, Economist
Undergraduate, Researcher
and Senior Engineer
Male
***
47
---
【Background of Major Management】
【Name】
Zhang Xx 张 XX
【CBI Individual No.】
I20100317041
【Gender】
Male
【Date of Birth】
***
【Age】
48
【Duties】
Legal Representative and Chairman
【Education】
Postgraduate, Senior Engineer
【Responsibilities】
Operation and management
【Qualifications】
None
【Position】
N/A
【Join Date】
N/A
【Daily Operation】
Yes
【Founder】
Yes
【Industry Experience】
Over 10 years
【Managing Experience】
Over 10 years
【Means of Promotion】
Assigned by shareholders
accurate
Page 12 of 38
Undergraduate, Accountant
【Working Experiences】
Date
Name of Organization
Duties
Before
Henan XX Optoelectronic Instruments Factory
technician, deputy officer, chief
河南 XX 光电仪器厂
officer
Before
Henan XXX Group Co., Ltd.
general deputy factory manager
河南 XXX 集团有限公司
At present
The Subject
Legal Representative and
At present
Henan XXX Group Co., Ltd.
Director and general manager
At present
Henan Nanfang XX Graphical Technology Co., Ltd.
Executive director
At present
Nanyang XXX Mechanical & Electric Equipment
chairman
河南南方 XX 图像技术有限公司
Co., Ltd.
南阳 XXX 机电装备有限公司
【Litigation Records】
Date
Details
---
【Media Records】
Date
Details
---
---
【Detrimental Records】
Date
Details
---
---
Page 13 of 38
Chairman
STAFF AND ORGANIZATION STRUCTURE
【Number of Employees】
including
2,100
Approximation
Managerial Staff
20
Technicians
120
Sales Officers
220
【Temporary Employees】
None
【Retiree】
---
【Personnel Quality】
Good
【Work Efficiency】
Normal
【Employment plan】
None
【Note】
The responsibility of the Subject’s Retiree fund has been transferred to the local Department of
Labor and Social Security.
The Subject is not responsible for Retiree fund.
Page 14 of 38
QUALIFICATION & AUTHENICATION
【Import-Export License】
【Import-Export Right】
Yes
【Date of Approval】
1995
【Approved By】
Henan Provincial Bureau of Commerce 河南省商务厅
【Customs Registration
x87xxx721
Number】
【Declaration Type】
Self-declaration
【Customs Rating】
B
Customs Rating
Comment
Description
AA
Outstanding
Convenience management procedures are suitable for
A
Good
customs clearance
B
Normal
Normal management procedures are suitable for customs
clearance
C
Bad
Strict management procedures are suitable for customs
D
Poor
clearance
【Brands】
【Brands Possessed】
【Popularity】
AA Optical Components
High
【Major Trademarks】
【Name】
AA
【Registration Number】
X364X14
【Class】
9
【Major Patents】
【Total Patents】
0
【Major Qualifications / Certificates】
Name
Certificate No.
Date
GB/T28001:2001 Occupational Health and Safety
---
2007
ISO9001:2000 Quality Management System Certificate
---
2008
ISO14001:2004 Environmental Management Systems
---
2008
Management Certificate
Page 15 of 38
【Advisors】
【Name】
北京市 XX 律师事务所
Beijing XX Law Offices
【Address】
北京市东城区东 XX 条 XX 号 XXX 大厦 3 层
3/F., XXX Mansion, XX,East XX Tiao, Dongcheng District, Beijing
Page 16 of 38
PRODUCTION & OPERATION
【Main Business】
【National Organization
2XX417XX0
Code】
【SIC】
3827
Optical instruments and lenses
【NACE Code】
C26.7.0
Manufacture of optical instruments
【ICNEA】
4141
Manufacture of optical instruments
【Listed or Not】
Yes
【Main Exchange】
Shenzhen Stock Exchange (Stock Code: 00XXXX)
【Business Nature】
Producer
【Main Business】
Manufacture and sales of optical components.
【Products / Services】
Name
Capacity
optical components.
1,500,000 pieces / month
【Sourcing】
【Domestic】
60%
【Name of Products】
Glass in strips, etc.
【Origins】
Chengdu and Wuhan, etc.
【Suppliers】
成都 XX 光电股份有限公司
Chengdu XX Optical & Electronic Co., Ltd.
湖北 XX 光信息材料股份有限公司
Hubei XXguang Information Materials Co., Ltd.
【Payment Method】
Telegraphic-Transfer
【Collection Method】
3 months
【Overseas】
40%
【Name of Products】
Materials for optical processing
【Origins】
Japan
【Suppliers】
日本 XX 产业株式会社
Japan XX Properties Corporation
【Payment Method】
T/T
【Collection Method】
60days
Page 17 of 38
【Comments of Suppliers】
【Name】
Chengdu XX Optical & Electronic Co., Ltd.
【Type】
Producer
【Products】
Glass in strips, etc.
【Verifier Position】
Sales Manager
【Telephone】
028-XXX57XX0
【Date of Interview】
2012-7-5
【Comments】
Positive
【Note】
The cooperation is steady as the Subject has not owed any payments.
【Name】
Hubei XXguang Information Materials Co., Ltd.
【Type】
Producer
【Products】
Glass in strips, etc.
【Verifier Position】
Supervisor of Sales Department
【Telephone】
027-XXX16XX8
【Date of Interview】
2012-7-6
【Comments】
Positive
【Note】
The cooperation is steady as the Subject has not owed any payments.
【Note】
We could not contact Japan XX Properties Corporation during the investigation
【Sales】
【Domestic】
30%
【Name of Products】
Lens, prisms, coatings, optical auxiliary materials, etc.
【Origins】
All over China
【Customers】
XX Zhuhai Co., Ltd.
XX 珠海有限公司
Suzhou XX Taike Co., Ltd. 苏州 XX 泰克有限公司
Henan XX Optical Group Co., Ltd. 河南 XX 学集团有限公司
Nanyang XX Optical and Electronic Equipment Co., Ltd. 南阳市 XX 光电仪器有限责任公司
【Payment Method】
Telegraphic-transfer
【Collection Method】
60 days
【Overseas】
70%
【Name of Products】
Lens, prisms, coatings, optical auxiliary materials, etc.
【Origins】
Japan, USA, Germany, Korea, Hong Kong and Taiwan, etc.
【Customers】
Epson, Canon, Samsung, Zeiss, Sony, Fuji, Sharp, Sanyo, etc.
【Payment Method】
T/T
【Collection Method】
60 days
Page 18 of 38
【Office】
【Address】
河南省南阳市工业南路 XXX
XXX South Industrial Road, Nanyang, He’nan Province
【Number】
4
【Build Time】
Around 1990
【Coverage】
60,555.50 sq. m
【Floorage】
40,000 sq. m
【Ownership】
Lease
【Structure】
Framework
【Floors】
4-5
【Appearance】
Normal
【Location】
Normal
【Mortgage】
None
【Insurance】
Yes
【Geographical
The Subject’s office was situated at an independent building of an industrial park. The environment
Environment】
is good.
【Factories】
【Address】
河南省南阳市工业南路 XXX
XXX South Industrial Road, Nanyang, He’nan Province
【Number】
4
【Build Time】
Around 1990
【Coverage】
60,555.50 sq. m
【Floorage】
40,000 sq. m
【Ownership】
Lease
【Structure】
Framework
【Floors】
4-5
【Appearance】
Normal
【Location】
Normal
【Mortgage】
None
【Insurance】
Yes
【Geographical
The Subject’s office was situated at an independent building of an industrial park. The environment
Environment】
is good.
【Facilities and Equipment】
【Note】
No relevant information was obtained during the investigation.
Page 19 of 38
FINANCE
(Unit: RMB’000)
【Balance Sheet】
Asset
2011-12-31
2010-12-31
2009-12-31
Cash on Hand
321,073.40
73,182.65
57,841.84
Transaction Monetary Assets
---
---
---
Notes Receivable
---
---
200.00
81,124.43
73,349.93
84,718.43
3,985.12
3,376.86
3,471.52
Dividend Receivable
---
---
---
Interest Receivable
---
---
---
5,075.51
976.13
11,056.08
---
---
---
24,399.58
30,128.98
22,438.50
Including : Expendable Biological Assets
---
---
---
Deferred Expenses
---
---
---
Non-current Assets
---
---
---
---
---
---
435,658.04
181,014.55
179,726.37
Financial Assets Available for Sale
---
---
---
Held-Investment Due
---
---
---
Long-term Equity Investment
---
---
---
Long-term Accounts Receivable
---
---
---
Investment Real Estate
---
---
---
221,129.18
226,654.44
208,887.41
4.69
4,055.02
---
Engineering Material
---
---
---
Disposal of Fixed Assets
---
---
---
Productive Living Assets
---
---
---
Oil and Gas Assets
---
---
---
12,415.20
---
---
Development Expenditure
---
---
---
Goodwill
---
---
---
Long-term Deferred Expenses
---
---
---
2,725.03
4,161.76
4,114.26
Other Non-current Assets
---
---
---
Total Non-current Assets
---
---
---
671,932.14
415,885.77
392,728.04
Account Receivable
Account Prepaid
Other Receivables
Receivables from Affiliated Companies
Inventories
(expire in one year)
Other Current Assets
Total Current Assets
Fixed Assets
Construction-in-progress
Intangible Assets
Deferred Income Tax Assets
Total Assets
Page 20 of 38
Liabilities and Equities
2011-12-31
2010-12-31
2009-12-31
97,800.00
82,000.00
87,800.00
Transactional Financial Liabilities
---
---
---
Notes Payable
---
22,600.00
5,000.00
77,686.99
66,698.76
38,001.66
484.22
636.34
678.19
---
---
---
4,310.94
1,162.69
2,688.45
Interest Payable
---
---
---
Dividend Payable
---
---
12,186.68
11,555.41
20,836.63
72,579.73
Payables from Affiliated Companies
---
---
---
Withholding Expenses
---
---
---
Estimated Liabilities
---
---
---
Non current Liabilities (due within one year)
---
---
---
8,343.08
13,479.51
9,742.66
200,180.64
207,413.93
228,677.37
Long-term Loans
---
---
13,100.00
Bond Payable
---
---
---
Long-term Account Payables
---
---
---
Special Account Payables
---
---
---
Estimated Liabilities
---
---
---
Deferred Income Tax Liabilities
---
---
---
Other Non-current Liabilities
---
---
---
Total Non-current Liabilities
---
---
13,100.00
Total Liabilities
221,480.64
232,213.93
241,777.37
Paid-up Capital
199,240.00
149,240.00
121,116.70
Capital Reserves
185,145.22
23.06
9.25
Surplus Reserves
7,678.51
4,512.76
9,329.15
Retained Profits
58,387.77
29,896.02
20,495.57
Minus: Treasury Stock
---
---
---
Converted Difference in Foreign Currency Statements
---
---
---
Adjustment for abnormal Operation Income
---
---
---
---
---
---
---
---
---
Total Shareholders’ Equity
450,451.50
183,671.84
150,950.67
Total Liabilities and Shareholders’ Equity
671,932.14
415,885.77
392,728.04
Short-term Loans
Account Payable
Receipts in Advance
Wages Payable
Tax Payable
Other Account Payables
Other Current Liabilities
Total Current Liabilities
Shareholders’ Equity assigned to Parent Company
(or Shareholders’ equity)
Minority Shareholders’ Equity
Page 21 of 38
(Unit: RMB’000)
【Income Statement】
2011-12-31
2010-12-31
2009-12-31
360,753.60
379,298.32
310,835.33
270,393.81
277,077.10
232,899.94
---
---
---
Selling Expenses
13,913.56
19,138.98
12,841.87
Management Expenses
37,965.64
37,539.15
30,050.94
Financing Expenses
6,772.97
11,253.40
11,446.95
Other Expenses
Operation Income
Minus:
Operating Costs
Sales Taxes and Extra Charges
Add:
1,684.88
2,486.60
-505.85
Assets Devaluation
---
---
---
Sound Value Flexible Profits & Loss
---
---
---
Net Gain from Investment
---
---
---
30,022.74
31,803.09
24,101.48
Subsidy Revenue
---
---
---
Non-operating Income
---
---
---
7,124.42
4,676.38
4,113.61
Income from Operation
Add:
Other Income
---
---
---
28.92
191.10
45.00
---
---
---
37,118.24
36,288.37
28,170.09
5,460.75
2,167.23
2,465.14
---
---
---
31,657.49
34,121.14
25,704.95
Net Profit Attributable to Owners of the Parent company
---
---
---
Minority Shareholders’ Equity
Minus:
Non-operating Expenses
Other Expenses
Including: Net Disposal loss on non-current liability (Net
Gain with the mark “-”)
Total Profit
Minus:
Income Tax
Other Adjustments
Net Profit
---
---
---
(1) Basic Earnings Per Share
---
---
---
(2) Diluted Earnings Per Share
---
---
---
【Sources】
Annual Report
Page 22 of 38
FINANCIAL ANALYSIS
(Unit: RMB’000)
【Key Financial Stats】
Items
2009-12-31
2010-12-31
% change
2011-12-31
% change
310,835.33
379,298.32
▲22.03%
360,753.60 ▼4.89%
Total Assets
392,728.04
415,885.77
▲5.90%
671,932.14 ▲61.57%
Total Shareholders’ Equity
150,950.67
183,671.84
▲21.68%
450,451.50 ▲145.25%
Income from Principal
Operations
【Sales of Optical Components in 2011】
Domestic
Overseas
30.00%
70.00%
Page 23 of 38
【Comprehensive Analysis】
Rating
Analysis
【Growth in Revenue】
Steady
The income from principal operations maintained steady for past three years.
【Solvency】
Good
Financial risk is low with high level current assets and low level of current
liabilities.
【Turnover】
Average
High level of Account Receivables and high operating cost lead to average business
activity.
【Profitability】
Good
The Subject’s ability to raise profit is good.
【Financial Ratio】
(SIC: 3827)
【Financial Index】
2011
Subject
2010
Industry
Subject
(30*)
2009
Industry
Subject
Industry
(30*)
(30*)
Current Ratio
217.63%
120.18%
87.27%
115.00%
78.59%
112.00%
Quick Ratio
205.44%
90.12%
72.75%
89.00%
68.78%
89.00%
Asset Liability Ratio
32.96%
36.25%
55.84%
34.00%
61.56%
33.00%
Debt/Equity Ratio
49.17%
40.45%
126.43%
45.82%
160.17%
43.50%
A/R Turnover Days
79.41
81.82
68.80
65.84
96.87
81.73
A/R Turnover Times
4.53
3.61
5.23
5.47
3.72
4.40
Inventory Turnover Days
32.94
34.57
36.69
38.56
35.17
36.54
Inventory Turnover
11.08
0.10
9.20
10.27
10.38
9.79
8.78%
8.71%
9.00%
8.66%
8.27%
7.68%
Gross Profit Ratio
25.05%
24.66%
26.95%
27.55%
25.07%
26.10%
Return on Equity
7.03%
19.25%
18.58%
19.0%
17.03%
16.00%
Return on Assets
5.82%
5.65%
8.44%
8.11%
---
7.96%
Times
Net Profit Ratio
* The number in the bracket refers to the number of the enterprises in the same industry being stored in CBI database for
the calculation of average financial figures
Page 24 of 38
BANKING INFORMATION
【Name】
Nanyang Branch of Bank of China
【Account Type】
Not available
【Account No.】
XX056XX01
【Address】
河南省南阳市七一路 129 号
129 Qiyi Road, Nanyang, Henan Province
【Telephone】
0377-63198052
【Opening Date】
1996
【Date of Interview】
2012-7-5
【Bank’s Opinion】
Normal
【Average Deposit】
9 digits low (as at 2011-12-31)
【Loan】
The balance of the Subject’s short term loan is RMB 97.8 million (as at 2011-12-31)
Page 25 of 38
PUBLIC RECORDS
【Litigation Records】
【Date】
2009-6-11
Hearing Date
【Date】
2009-9-11
Judgment Date
【Court】
北京市西城区人民法院 (Beijing Xicheng District People’s Court)
【Court】
Purchase and sales contract dispute
【Case No.】
(2009) Xi Min Chu Zi No. XXXX
【Party Involved】
Plaintiff
The Subject
【Party Involved】
Defendant
Beijing XX Technologies Co., Ltd.
北京市 XX 科技有限公司
【Amount】
RMB 78,000.00
【Judgment】
In favor of plaintiff
【Remarks】
Case closed
【Date】
2010-3-5
Hearing Date
【Date】
2010-7-18
Judgment Date
【Court】
北京市西城区人民法院 (Beijing Xicheng District People’s Court)
【Court】
Labor Contract Dispute
【Case No.】
(2009) Xi Min Chu Zi No. XXXX
【Party Involved】
Plaintiff
Chen X 陈 X
【Party Involved】
Defendant
The Subject
【Amount】
RMB 10,000.00
【Judgment】
In favor of plaintiff
【Remarks】
Case closed
【Media Records】
【Date】
N/A
【Sources】
【Summary】
【Detrimental Records】
【Date】
N/A
【Sources】
【Summary】
Page 26 of 38
Clarifications:
1.
Court information is not open for public review in China.
2.
There also lacks a centralized database for litigation information as China’s legal regime is built vertically and one
segment is separate from another.
3.
Litigation search service is not feasible in Chinese courts;
Information sources:
1.
CBI China Litigation Database (including 12 million litigation records from 957 local courts in different provinces and
cities of China)
2.
Local courts at different levels
3.
Enquired companies themselves
4.
Customers and suppliers
5.
News media
6.
Internet
Note: The litigation records as listed in this report are not equivalent to the total number of claims the Subject is actually involved
in.
Page 27 of 38
ORGANIZATION MEMBERS
Page 28 of 38
【Major Shareholders】
【CBI Business No.】
B20100217011
【National Organization
71XX26XX3
Code】
【Name】
China XX Industrial Group Corporation
中国 XX 工业集团公司
【Business Address】
北京市海淀区 XXX 路 X 号 XX 大厦 5 层
5/F., XX Building, No. X, XXX Road, Haidian District, Beijing
【City/District/County】
Haidian District
【Province】
Beijing
【Nationality】
China
【Postal Code】
100089
【Telephone】
010-6XXX382X
【Date of Incorporation】
010-6XXX368X
【Shares】
40.88%
【Note】
---
【CBI Business No.】
B20100117011
【National Organization
71XX28XX8
Code】
【Name】
XXXX Asset Management Co., Ltd
XXXX 资产管理有限责任公司
【Business Address】
北京市海淀区 XXX 路 X 号 XX 大厦 20 层
20/F., XX Building, No. X, XXX Road, Haidian District, Beijing
【City/District/County】
Haidian District
【Province】
Beijing
【Nationality】
China
【Postal Code】
100089
【Telephone】
010-6XXX395X
【Date of Incorporation】
Not available
【Shares】
13.41%
【Note】
---
Page 29 of 38
【Major Branches】
【CBI Business No.】
B201003170011
【National Organization
68XX63XXX
Code】
【Name】
XX 光电股份有限公司深圳办事处
XX Optical & Electronic Co., Ltd. Shenzhen Office
【Business Address】
广东省深圳市福田区车公庙 XX 大厦 XXX
XXX, XX Building, Chegongmiao, Futian District, Shenzhen, Guangdong Province
【Telephone】
1383898XXX
【Contact Person】
Feng XX 冯 XX
【CBI Business No.】
B201003170012
【National Organization
61XX30XX3
Code】
【Name】
XX 光电股份有限公司苏州办事处
XX Optical & Electronic Co., Ltd. Suzhou Office
【Business Address】
江苏省苏州市 XX 路 XX
No. XX, XX Road, Suzhou, Jiangsu Province
【Telephone】
1350377XXXX
【Contact Person】
Li XX 李 XX
【Number of Branches】
2
【Note】
---
Approximation
【Subsidiaries】
【Note】
The Subject has no subsidiaries
【Investments】
【Note】
The Subject has no investments
Page 30 of 38
OVERVIEW
【Background】
Having a good prospect in the industry of optical instruments, 河南 XX 光电仪器厂 Henen XX Optoelectronic
Instruments Factory and 英属维尔京群岛 XX 光学有限公司 BVI XX Optics Co., Ltd. established the Subject on April 5, 1995
and developed related products. Its registration information during the establishment is listed below:
1.
Name: 南阳 XX 光电有限公司 Nanyang XX Optical & Electronic Co., Ltd.
2.
Legal Representative: Ge Dex 戈德 X;
3.
Registered address: 河南省南阳市 XX 路 X 号 No. X, XX Road, Nanyang, He’nan Province;
4.
Registered capital: RMB 51,430.00 千元人民币；
5.
Shareholders
(1) Henen XX Optoelectronic Instruments Factory invested RMB 33.43 (65.00%);
(2) BVI XX Optics Co., Ltd. invested RMB 18.00 million (35.00%)
6.
Legal form: Chinese Foreign Equity Joint Venture
7.
Business scope: 光学零件、光学电阻和相关产品的设计、开发、生产、销售及售后服务 Design, Research and
Development, production, sales with after sales services of optical parts, photosensitive resistance and related
products
8.
Operation period: 1995-4-5 to 2025-4-4
【History】
1995-4-5:
The Subject was registered.
2007-XX-X: The Subject was listed at Shenzhen Stock Exchange with the stock code of 00XXXX.
The Subject has developed steadily since incorporation.
【Line of Business】
(Unit: RMB’000)
Item
2009
2010
2011
Manufacturing and Sales of optical components
310,835.33
379,298.32
360,753.60
Revenue from Lease of Properties
4,113.61
4,676.38
7,124.42
Total
314,948.94
383,974.70
367,878.02
Page 31 of 38
Manufacturing and Sales of optical components
The Subject’s optical components can be classified as lens, prisms, optical auxiliary materials, light dependent resistors and
others. The Subject’s lens include CRT lens, lens for illumination systems, optical lens for digital cameras and lens for projectors,
etc. The sales of lens account for at least 50% of the Subject’s total annual sales of optical components. Another major product is
prism, which has been accounted for about 30-35% of the Subject’s annual sales of optical components for last three years.
Examples are pentagon prisms, DVD PSB prisms, TIR prisms, PSC and optical blank of x-cubes. The Subject’s light dependent
resistors and others have shared 12-15% of the total annual sales of optical components for latest 3 years, while the optical
auxiliary materials occupied less than 5%.
Revenue from Lease of Properties
The Subject’s lease revenue is mainly originated from leasing its own residential units, offices and warehouses in
Nanyang. Generally, this revenue is less than 2% of the Subject’s total revenue.
【Characteristics】
The Subject is a listed company. The major shareholder is China XX Industrial Group Corporation 中国 XX 工业集团公
司(占股 40.88%), which is a large scale state-owned enterprise being approved to operate by State Council. It is authorized by
government to conduct investment business and supervised by State Council directly. It also holds another 13.41% shares through
another company: XXXX Asset Management Co., Ltd XXXX 资产管理有限责任公司. As a result, this shareholder actually
holds 54.29%.
The Subject is one of the key optical component manufacturers in China with the major products of lens and prism
occupying about 80% of total sales. About 70% of the total output (such as lens and prisms) is exported to Japan, USA, Germany
Korea, Hong Kong and Taiwan with the Clients including Epson, Canon, Samsung, Zeiss, Sony, Fuji, Sharp and Sanyo, etc. The
Subject supplies its products to the Clients (such as Sony, Fuji, Sharp and Sanyo) with the supports / assistance of two foreign
Page 32 of 38
dealers Japan YY Properties Corporation 日本清水产业株式会社 and Ming X International Co., Ltd 明汇国际有限公司
respectively.
The Subject experiences a rapid growth in recent years with an increase of market share regarding optical components
(for projectors). For examples, the Subject’s output regarding prism series have occupied over 20% of global market share in
2011. Other lens have also been shared a very important role.
【Operating Performance】
Although the Subject experienced a drop of total revenue by 4.90% in 2011, it can still maintain the sales level exceeding
RMB 350 million. It shows that the market demand for the Subject’s products has been steady. There has also been a significant
improvement of leasing business with 50% increase of revenue. However, this amount has been offset by the increase of income
tax by 150%. As a result, the net profit also dropped by 7.22% as compared to 2008.
【Analysis of business competitiveness】
Superiority
1.
The production of optical components is one of the high tech industry, which supported by the Government. This
supports create a good environment for the industrial growth;
2.
The Subject has a strong history and background from military based enterprises, which formed an important
component of the Subject’s enterprise culture;
3.
The Subject consists of various overseas clients, which provides feedbacks and supports for the improvement of
management and technology;
4.
As China becomes dominant for the industry of optical components, the Subject takes this opportunity to change
the tradition and lead the industry with high technology. As a result, its products become very competitive;
5.
The Subject plays a leading role in the production of optical coating products and has a high production capacity
of optical components and related accessories. It became an important supplier for well-known enterprises such as SONY,
EPSON, CANON, SAMSUNG and ZEISS. Its base of clients is international leading enterprises;
6.
Based on the structure of global optical components industry, 36% belongs to lens (for digital cameras), 22% for
DVD players, and only 16% for projectors. This creates a room for the Subject’s development and growth for projectors
related components.
Inferiority:
The Subject specialized in the production of optical components for projectors and digital TV. Its performance will
be largely affected by the quantity demanded by related manufacturers.
Note: Military based enterprises refer to various institutions. Its main shareholder: China Southern Industrial Group Co.,
also has a strong military background.
Page 33 of 38
【Industry Analysis】
Optical devices are widely used for various observations, measurements, analysis and recording, information processing,
graphic evaluation, energy transmission and changes. They are important components for optical instruments, graphical display
products and optical storage equipment.
The processing of optical devices is a labor, capital and technology intensive industry. Its main feature is the necessity to
design and produce the products, which can meet the requirements and characteristics of client’s products. To produce a high
performance, low cost and large bulk of optical devices, the capacity of product design, high tech equipment and well trained
labor is a must for the manufacturer. The main obstacles to break into this industry include the required technology protection,
goodwill and trust, quality of labor force and system management skills.
The world optical device business centralized in Germany, Japan, Korea and Taiwan. Having a traditional history of
research and development of various glasses and lens in Germany, leading enterprises such as Leica and Carl Zeiss emerged and
provide series of highly ranked products. Japan’s industry for optical devices has developed rapidly since World War II. Although
the quality is still worse than those manufactured in Germany, the price and the unique functions become significant advantages
in global markets. The main manufacturers include Canon, Nikon, Fuji, Olympus and Chinontec.
The traditional processing of optical device in China developed since the establishment of People’s Republic of China.
This process was mainly carried out by various institutions and research laboratories in the aspects of military, aviation and
aerospace. The scale was relatively small and the production equipment was old. The quality of the output was very poor when
compared to those manufactured by advanced countries. The performance, cost, production skills, applications and market
promotion were weak. Most enterprises focused on the traditional processes, such as grinding through particles and polishing, etc.
The level of automation for these processes was low with the quality depends on the workers’ experience and skills. The output
was applied to telescopes, microscopes and spectacle lenses.
There has been a technological development of the skills regarding optical coating, information and display since 60s of
20th century. The emergence of digital and graphical information products made the optical components to express its
characteristics of high precision and function. They could be applied to a wide range of products, including projectors, digital TV,
digital cameras, lens (for mobile phones), CD-ROM, DVD ROM, DVD players, as well as MD players.
The rapid growth of global industry of optical components triggers the injections of state and private capital in domestic
industry by establishing related enterprises. The competitions become more and more intense. Many global well known
enterprises in Japan, Korea, Taiwan, USA and Germany set up production plants in China, which centralized in the area of
Zhujiang Delta, Yangtze River Delta and Huanbohai Area. The advantage for the domestic manufacturers having the labor force
in low cost weakens and China becomes the world’s major production base.
Page 34 of 38
At present, the industry of optical components is market oriented, with the macro-regulation and control by related
governmental departments. An agency, namely 中国光学光电子行业协会 China Optics & Optoelectronics Manufactures
Association (COEMA) plays as an advisor and assistant role for government administrating optics and optoelectronics industries.
It was voluntarily sponsored by enterprises, institutions engaging in optics and optoelectronic science researching, manufacturing,
teaching and studying. Recently, the government issued various policies encouraging the industrial development. Examples are
《当前国家鼓励发展的产业、产品和技术目录（2000 年修订）》
translated as the List of Industries, Products and Technologies Encouraged and Emphasized on by the State for
Development (revised in 2000)
《当前优先发展的高技术产业化重点领域指南（2004 年度）
》
translated as the Directory of Priority Development of High Tech Industries (2004)
《國家中長期科學和技術發展規劃綱要》2006
translated as National Guideline on Medium and Long Term Program for Science and Technology Development
《高技術產業發展“十一五”規劃》
translated as Plan 11-5 for High Tech Industrial Development
The domestic enterprises for the production of optical component can survive and growth in such a competitive market
only when they put more effort on product innovation and skill improvement.
The Subject commences the production of precision optical components and part upon the receipt of purchase orders from
both dealers and manufacturers. The X cubes, TIR prisms and lens are mainly exported to the manufacturers in Japan, Korea,
USA and Europe. The quantity demanded is affected by the sales performance of the consumer products including digital TV,
digital projectors and digital cameras.
The Subject’s main competitors include 日本 XX 光器 (translated as Japan XX Optics), 亞洲 XX 股份有限公司
(translated as Asia XX Co., Inc.), ZZ 光學工業股份有限公司 (translated as ZZ Optical Co., Ltd) and BB 光學科技（集團）有
限公司 BB Optical Technology (Group) Company Limited.
Japan XX Optics is a Japan based manufacturer, which specialized in the production of various prisms, polarizers /
polarizing prisms, mirrors, coating products, gratings, collimating lens, components made of calcium fluoride, cylindrical lenses,
etc. Its skills and techniques applied on PSC components are in the leading role. It also established an enterprise in Zhongshan,
Guangdong Province. Its total sales revenue reached 13.9 billion yen in 2011.
Page 35 of 38
Asia XX Co., Inc. is a global well known manufacturer of optical components. The main products include lens, prisms,
mirrors, filters, gunsights, microscopes and cameras, etc. This company has rich experience and skills regarding multi-layer
coating and glass molding. At present, it has established four subsidiaries in Dongguan, Shenzhen, Shanghai and Hangzhou. The
value of the components being produced in 2011 is NT$ 9.50 billion.
ZZ Optical Co., Ltd. is a Taiwan based enterprise, which specialized in the manufacture of lens. Its lens for scanners,
digital cameras and mobile phones were developed rapidly. At present, it is capable of producing non-spherical lens (made of
glass) and has technique for non-spherical coating. It is also in a leading position for the lens being used in projectors. Two
enterprises have been set up in Foshan and Suzhou respectively. The total sales exceeded NT 4.50 billion in 2011.
BB Optical Technology (Group) Company Limited is one of the leading optical manufacturers in China. It specialized in
the design, manufacture and sale of optical components, instruments and modules. The main products include lens, mirrors,
prisms, modules for digital cameras, projectors, scanners. It is the largest manufacturer for mobile phone camera modules with
the sales revenue from processing amounted to RMB 450 million in 2011.
The Subject is one of the high-tech enterprises in Henan Province and one of the leaders in the industry. It received the
supports from the government. The total output of optical components by domestic enterprises has reached 60-70% of total world
output. The Subject occupied about 30% of domestic market share.
【Business Plan】
The Subject attempted to develop the optical components into the aspect of laser and phase space, in order to strengthen
the application of the products. The potential new products include key optical modules for “mini” projection devices, modern
smooth surface components and mini camera modules, etc.
The Subject’s strategy in the coming 3-5 years is: “the optical component is base, the optical thin film is core, actively
extends to the downriver of the industry chain, became the top optoelectronics enterprise in the world”
As the demand for digital cameras, mobile phones (with cameras), projectors increases rapidly in recent years, it is expected
the business opportunity for the manufacturers of optical components is optimistic. As the Subject is one of the leading
manufacturers in China, its products have a strong competitive power and will not be seriously affected by some unfavorable
factors, such as appreciation of RMB, the increasing cost of materials, and the drop of price regarding optical lens, and the recent
global financial crisis.
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【Relationship and Appraisal】
The Subject is honored as “Key High-Tech Enterprise under National Torch Plan” by Torch High Technology Industry
Development Center, The Ministry of Science and Technology. It is one of the High-Tech enterprises in Henan Province, which
was honored 双优外商投资企业 and A-class enterprise management method by China Customs. Besides, it was honored as Top
100 Potential Small-Medium Sized Innovative Enterprises by “Forbes” Chinese Edition in 2005 and 2006. It also passed
ISO9001:2000 Quality Management System Certificate, ISO14001:2004 Environmental Management Systems and
GB/T28001:2001 Occupational Health and Safety Management Certificate respectively.
***********************End of Report**********************
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APPENDIX
【CBI Credit Index】
Credit Index and Descriptions
ITEM
MAX SCORE
SCORE
Organization
19
16
Management
6
4
Performance
10
7
Present Situation
15
10
Solvency
18
16
Turnover
9
7
Profitability
8
6
Credit Appraisals
3
3
Banking
2
2
Public Records
5
4
Prospects (Industry)
2
1
Prospects (Subject)
3
2
Additive Scores (+/-)
-5~5
1
100
79
Management
Operation
Finance
Credit
Business
Additional Factors
Total
CCRI
Rating
Over 90
A+
80-89.5
A
Risk
Extremely
Low
Very Low
70-79.5
B+
Low
60-69.5
B
Medium
50-59.5
C+
High
40-49.5
C
Very High
Below 40
D
Extremely
High
-
NR
Not Rated
Description
The Subject’s credit status is excellent for any business transactions.
The Subject’s credit status is very good for any business transactions at present.
The Subject’s credit status is good for normal business transactions at
present.
The Subject’s credit status is fairly good for any business transactions with
secured terms.
The Subject’s credit status is fair. Prudence is recommended for any high-valued
business transactions
The Subject’s credit status is poor. Prudence is recommended for all business
transactions
The Subject’s credit status is very poor. Any business transactions are not
advisable.
No credit rating is given due to any one of the reasons below:
The Subject has been existed for less than 1 year;
The Subject’s registration status is either canceled or revoked
Insufficient financial information could be retrieved
The Subject is not an incorporated enterprise.
This report is furnished by Central Business Information Limited in STRICT CONFIDENCE at your request for your exclusive use as an aid in
determining the advisability of granting credit or insurance, and for no other purpose. While reasonable effort has been taken to ensure
accuracy, Central Business Information Limited does not guarantee the correctness of this report and shall not be liable for any loss or injury
caused by the neglect or other act or failure to act on the part of said company and/or its agents in proceeding, collecting or communicating any
information. Copyright by Central Business Information Limited. All rights reserved.
Page 38 of 38