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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China XD Plastics Company Ltd | NASDAQ:CXDC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.59 | 0.555 | 0.615 | 0 | 01:00:00 |
Nevada
|
04-3836208
|
(State or other jurisdiction of incorporation or
organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer o
|
Accelerated filer o
|
Non-accelerated filer o
(Do not check if a smaller reporting company)
|
Smaller reporting company x
|
|
PAGE
|
|
PART I. FINANCIAL INFORMATION
|
3
|
|
|
|
|
Item 1. Financial Statements
|
3
|
|
|
|
|
|
Unaudited Condensed Consolidated Balance Sheets
|
3
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Comprehensive Income
|
4
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
5
|
|
|
|
|
Notes to the Unaudited Condensed Consolidated Financial Statements
|
6
|
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
18
|
|
|
|
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
29
|
|
|
|
|
Item 4. Controls and Procedures
|
30
|
|
|
|
|
PART II. OTHER INFORMATION
|
31
|
|
|
|
|
Item 1. Legal Proceedings
|
31
|
|
|
|
|
Item 1A. Risk Factors
|
31
|
|
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
31
|
|
|
|
|
Item 3. Defaults Upon Senior Securities
|
31
|
|
|
|
|
Item 4. Mine Safety Disclosures
|
31
|
|
|
|
|
Item 5. Exhibits
|
32
|
|
|
|
|
Signatures
|
33
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
62,710,680
|
95,545,904
|
||||||
Restricted cash
|
14,539,090
|
13,708,971
|
||||||
Time deposits
|
222,385,142
|
281,343,641
|
||||||
Account receivable, net
|
193,778,969
|
282,320,819
|
||||||
Amount due from a related party
|
4,073
|
225,752
|
||||||
Inventories
|
247,200,357
|
144,885,688
|
||||||
Prepaid expenses and other current assets
|
11,032,978
|
8,418,143
|
||||||
Total current assets
|
751,651,289
|
826,448,918
|
||||||
Property, plant and equipment, net
|
239,216,935
|
233,841,735
|
||||||
Land use rights, net
|
12,090,697
|
12,457,001
|
||||||
Prepayment to equipment suppliers
|
213,173,709
|
1,332,742
|
||||||
Other non-current assets
|
24,162,039
|
1,826,232
|
||||||
Total assets
|
1,240,294,669
|
1,075,906,628
|
||||||
|
||||||||
|
||||||||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Short-term bank loans, including current portion of long-term bank loans
|
136,689,475
|
314,682,620
|
||||||
Bills payable
|
43,011,515
|
25,604,176
|
||||||
Accounts payable
|
101,780,984
|
122,457,396
|
||||||
Amount due to a related party
|
361,257
|
-
|
||||||
Income taxes payable
|
8,765,362
|
18,631,698
|
||||||
Warrants liability
|
537,210
|
1,063,401
|
||||||
Accrued expenses and other current liabilities
|
15,254,759
|
55,893,004
|
||||||
Total current liabilities
|
306,400,562
|
538,332,295
|
||||||
Long-term bank loans, excluding current portion
|
167,751,711
|
-
|
||||||
Notes payable
|
148,553,073
|
-
|
||||||
Income taxes payable
|
9,375,619
|
8,224,057
|
||||||
Deferred income tax liabilities
|
17,787,182
|
19,428,706
|
||||||
Total liabilities
|
649,868,147
|
565,985,058
|
||||||
|
||||||||
Redeemable Series D convertible preferred stock
|
97,576,465
|
97,576,465
|
||||||
Stockholders’ equity:
|
||||||||
Series B preferred stock
|
100
|
100
|
||||||
Common stock, US$0.0001 par value, 500,000,000 shares authorized, 49,152,418 shares and
47,896,133 shares issued, 49,131,418 shares and 47,875,133 shares outstanding as of
September 30, 2014 and December 31, 2013, respectively
|
4,914
|
4,789
|
||||||
Treasury stock, 21,000 shares at cost
|
(92,694
|
)
|
(92,694
|
)
|
||||
Additional paid-in capital
|
77,716,977
|
76,341,659
|
||||||
Retained earnings
|
396,038,034
|
311,047,337
|
||||||
Accumulated other comprehensive income
|
19,182,726
|
25,043,914
|
||||||
Total stockholders’ equity
|
492,850,057
|
412,345,105
|
||||||
Commitments and contingencies
|
-
|
-
|
||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity
|
1,240,294,669
|
1,075,906,628
|
|
Three-Month Period Ended September 30,
|
Nine-Month Period Ended September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
US$
|
US$
|
US$
|
US$
|
||||||||||||
|
||||||||||||||||
Revenues
|
315,746,209
|
293,139,049
|
803,535,879
|
666,256,978
|
||||||||||||
Cost of revenues
|
(250,378,605
|
)
|
(227,473,486
|
)
|
(639,219,994
|
)
|
(534,250,688
|
)
|
||||||||
Gross profit
|
65,367,604
|
65,665,563
|
164,315,885
|
132,006,290
|
||||||||||||
|
||||||||||||||||
Selling expenses
|
(177,287
|
)
|
(143,573
|
)
|
(435,240
|
)
|
(253,565
|
)
|
||||||||
General and administrative expenses
|
(5,413,088
|
)
|
(4,436,021
|
)
|
(13,762,596
|
)
|
(10,775,595
|
)
|
||||||||
Research and development expenses
|
(5,081,833
|
)
|
(5,139,610
|
)
|
(27,068,448
|
)
|
(15,926,298
|
)
|
||||||||
Total operating expenses
|
(10,672,208
|
)
|
(9,719,204
|
)
|
(41,266,284
|
)
|
(26,955,458
|
)
|
||||||||
|
||||||||||||||||
Operating income
|
54,695,396
|
55,946,359
|
123,049,601
|
105,050,832
|
||||||||||||
|
||||||||||||||||
Interest income
|
2,058,843
|
1,702,488
|
8,548,857
|
4,242,205
|
||||||||||||
Interest expense
|
(10,865,335
|
)
|
(4,499,497
|
)
|
(31,059,573
|
)
|
(10,810,221
|
)
|
||||||||
Foreign currency exchange gains (losses)
|
(120,435
|
)
|
550,010
|
(193,146
|
)
|
1,916,626
|
||||||||||
Gains (losses) on foreign currency forward contracts
|
309,999
|
-
|
(624,766
|
)
|
-
|
|||||||||||
Change in fair value of warrants liability
|
1,594,936
|
(112,229
|
)
|
526,191
|
308,102
|
|||||||||||
Government grant
|
-
|
709,655
|
1,324,213
|
919,746
|
||||||||||||
Total non-operating expense, net
|
(7,021,992
|
)
|
(1,649,573
|
)
|
(21,478,224
|
)
|
(3,423,542
|
)
|
||||||||
|
||||||||||||||||
Income before income taxes
|
47,673,404
|
54,296,786
|
101,571,377
|
101,627,290
|
||||||||||||
|
||||||||||||||||
Income tax expense
|
(4,515,418
|
)
|
(13,235,220
|
)
|
(16,580,680
|
)
|
(25,308,256
|
)
|
||||||||
|
||||||||||||||||
Net income
|
43,157,986
|
41,061,566
|
84,990,697
|
76,319,034
|
||||||||||||
|
||||||||||||||||
Earnings per common share:
|
||||||||||||||||
Basic earnings per common share
|
0.66
|
0.64
|
1.30
|
1.19
|
||||||||||||
Diluted earnings per common share
|
0.62
|
0.64
|
1.29
|
1.19
|
||||||||||||
|
||||||||||||||||
Net Income
|
43,157,986
|
41,061,566
|
84,990,697
|
76,319,034
|
||||||||||||
|
||||||||||||||||
Other comprehensive income (loss)
|
||||||||||||||||
Foreign currency translation adjustment, net of nil income taxes
|
6,981,015
|
768,724
|
(5,861,188
|
)
|
5,408,011
|
|||||||||||
|
||||||||||||||||
Comprehensive income
|
50,139,001
|
41,830,290
|
79,129,509
|
81,727,045
|
|
Nine-Month Period Ended September 30,
|
|||||||
|
2014
|
2013
|
||||||
|
US$
|
US$
|
||||||
Cash flows from operating activities:
|
||||||||
Net cash provided by operating activities
|
64,066,706
|
60,137,200
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturity of time deposits
|
530,549,654
|
145,189,952
|
||||||
Purchase of time deposits
|
(475,702,678
|
)
|
(275,929,213
|
)
|
||||
Purchases of property, plant and equipment
|
(64,433,870
|
)
|
(13,234,510
|
)
|
||||
Prepayment for purchase of property, plant and equipment | (211,215,764 | ) | (2,852,464 | ) | ||||
Net cash used in investing activities
|
(220,802,658
|
)
|
(146,826,235
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
574,971,049
|
324,695,542
|
||||||
Repayments of bank borrowings
|
(580,584,760
|
)
|
(230,155,513
|
)
|
||||
Release of restricted cash
|
7,501,176
|
4,824,298
|
||||||
Placement of restricted cash as collateral for bank borrowings
|
(20,597,823
|
)
|
(4,013,492
|
)
|
||||
Proceeds from the exercise of Series A investor warrants
|
596,740
|
-
|
||||||
Proceeds from issuance of the Notes
|
148,396,175
|
-
|
||||||
Payment of issuance costs of the Notes
|
(4,693,152
|
)
|
-
|
|||||
Net cash provided by financing activities
|
125,589,405
|
95,350,835
|
||||||
|
||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
(1,688,677
|
)
|
1,772,631
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(32,835,224
|
) |
10,434,431
|
|||||
|
||||||||
Cash and cash equivalents at beginning of period
|
95,545,904
|
83,822,602
|
||||||
Cash and cash equivalents at end of period
|
62,710,680
|
94,257,033
|
||||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid
|
27,770,246
|
8,316,403
|
||||||
Income taxes paid
|
26,287,989
|
17,638,502
|
||||||
|
|
Three-Month Period Ended September 30,
|
|||||||||||||||
|
2014
|
2013
|
||||||||||||||
|
US$
|
%
|
US$
|
%
|
||||||||||||
Distributor A
|
47,591,686
|
15.1
|
%
|
56,245,919
|
19.2
|
%
|
||||||||||
Distributor B
|
35,788,387
|
11.3
|
%
|
26,710,594
|
9.1
|
%
|
||||||||||
Distributor C
|
35,451,116
|
11.2
|
%
|
65,069,987
|
22.2
|
%
|
||||||||||
Distributor D
|
33,419,979
|
10.6
|
%
|
35,631,930
|
12.2
|
%
|
||||||||||
Distributor E
|
32,643,168
|
10.3
|
%
|
38,080,146
|
13.0
|
%
|
||||||||||
|
||||||||||||||||
Total
|
184,894,336
|
58.5
|
%
|
221,738,576
|
75.7
|
%
|
|
Nine-Month Period Ended September 30,
|
|||||||||||||||
|
2014
|
2013
|
||||||||||||||
|
US$
|
%
|
US$
|
%
|
||||||||||||
130,069,535
|
16.2
|
%
|
137,629,782
|
20.7
|
%
|
|||||||||||
Distributor B
|
104,194,093
|
13.0
|
%
|
26,710,594
|
4.0
|
%
|
||||||||||
Distributor C
|
102,885,009
|
12.8
|
%
|
170,707,884
|
25.6
|
%
|
||||||||||
Distributor D
|
102,811,791
|
12.8
|
%
|
85,700,647
|
12.9
|
%
|
||||||||||
Distributor E
|
106,116,347
|
13.2
|
%
|
90,659,257
|
13.6
|
%
|
||||||||||
|
||||||||||||||||
Total
|
546,076,775
|
68.0
|
%
|
511,408,164
|
76.8
|
%
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
RMB denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
301,171,912
|
389,522,815
|
||||||
U.S. dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
802,121
|
84,011
|
||||||
Financial Institutions in the PRC
|
10,016,016
|
-
|
||||||
Financial Institution in Hong Kong Special Administrative Region (“Hong Kong SAR”)
|
1,042,621
|
847,559
|
||||||
Financial Institution in Macau Special Administrative Region (“Macau SAR”)
|
28,491
|
-
|
||||||
Financial Institution in Dubai, United Arab Emirates (“UAE”)
|
4,095,268
|
-
|
||||||
Euro denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
86,431
|
143,890
|
||||||
HK dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
9,996
|
-
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
302,031
|
-
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Accounts receivable
|
193,911,324
|
282,466,580
|
||||||
Allowance for doubtful accounts
|
(132,355
|
)
|
(145,761
|
)
|
||||
Accounts receivable, net
|
193,778,969
|
282,320,819
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
Raw materials
|
234,431,847
|
135,120,514
|
||||||
Work in progress
|
159,806
|
2,551,621
|
||||||
Finished goods
|
12,608,704
|
7,213,553
|
||||||
Total inventories
|
247,200,357
|
144,885,688
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||
|
US$
|
US$
|
||||||
|
||||||||
Advances to suppliers
|
78,304
|
920,277
|
||||||
Value added taxes receivables
|
6,367,526
|
3,924,767
|
||||||
Interest receivable
|
3,068,712
|
2,405,666
|
||||||
Others
|
1,518,436
|
1,167,433
|
||||||
Total prepaid expenses and other current assets
|
11,032,978
|
8,418,143
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Machinery, equipment and furniture
|
209,890,482
|
209,921,805
|
||||||
Motor vehicles
|
1,643,716
|
1,580,877
|
||||||
Workshops and buildings
|
79,866,632
|
62,217,256
|
||||||
Construction in progress
|
8,756,220
|
4,807,666
|
||||||
Total property, plant and equipment
|
300,157,050
|
278,527,604
|
||||||
Less accumulated depreciation
|
(60,940,115
|
)
|
(44,685,869
|
)
|
||||
Property, plant and equipment, net
|
239,216,935
|
233,841,735
|
|
Three-Month Period Ended September 30,
|
|||||||
|
2014
|
2013
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Cost of revenues
|
4,965,194
|
5,321,483
|
||||||
General and administrative expenses
|
205,585
|
101,534
|
||||||
Research and development expenses
|
553,350
|
430,360
|
||||||
Total depreciation expense
|
5,724,129
|
5,853,377
|
|
Nine-Month Period Ended September 30,
|
|||||||
|
2014
|
2013
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Cost of revenues
|
14,474,009
|
14,265,007
|
||||||
General and administrative expenses
|
827,368
|
827,547
|
||||||
Research and development expenses
|
1,513,322
|
1,226,324
|
||||||
Total depreciation expense
|
16,814,699
|
16,318,878
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
Payables for purchase of property, plant and equipment
|
5,454,497
|
44,510,678
|
||||||
Accrued freight expenses
|
1,681,335
|
5,010,341
|
||||||
Accrued interest expenses
|
4,421,052
|
1,171,203
|
||||||
Others
|
3,697,875
|
5,200,782
|
||||||
Total accrued expenses and other current liabilities
|
15,254,759
|
55,893,004
|
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
|
US$
|
US$
|
||||||
|
|
||||||||
Unsecured loans
|
|
57,021,831
|
169,027,897
|
||||||
Loans secured by accounts receivable
|
|
71,521,668
|
100,434,445
|
||||||
Loans secured by bank deposits
|
|
-
|
36,960,867
|
||||||
Current portion of long-term bank loans (note b)
|
|
8,145,976
|
-
|
||||||
|
|
||||||||
Total short-term bank loans, including current portion of long-term bank loans
|
(i)
|
136,689,475
|
306,423,209
|
||||||
|
|
||||||||
Interest-free loan secured by land use rights
|
(ii)
|
-
|
8,259,411
|
||||||
|
|
||||||||
Total short-term bank loans, including current portion of long-term bank loans
|
|
136,689,475
|
314,682,620
|
(i) | As of September 30, 2014 and December 31, 2013, the Company’s short-term bank loans (including the current portion of long-term bank loans) bear a weighted average interest rate of 5.7% and 5.9% per annum, respectively. All short-term bank loans mature at various times within one year and contain no renewal terms. |
(ii) | The Company obtained an interest-free loan in the amount of RMB50.0 million from a company affiliated with the People’s Government of Shunqing District, Nanchong City, Sichuan Province (“Shunqing Government”). The loan was issued to support the Company’s construction of a production plant in Sichuan. The Company repaid the loan in July 2014. |
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
Secured loans
|
70,000,000
|
-
|
||||||
Unsecured loans
|
105,897,687
|
-
|
||||||
Less: current portion
|
8,145,976
|
-
|
||||||
Total long-term bank loans, excluding current portion
|
167,751,711
|
-
|
Year
|
Redemption Price
|
|||
2017
|
105.875
|
%
|
||
2018
|
102.938
|
%
|
Three-Month Period Ended September 30,
|
Nine-month Period Ended September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
|
US$
|
US$
|
US$
|
US$
|
||||||||||||
Costs and expenses resulting from transactions with related parties:
|
||||||||||||||||
Rental expenses for plant and office spaces
|
197,910
|
201,146
|
583,449
|
599,416
|
|
September 30, 2014
|
December 31, 2013
|
||||||
|
US$
|
US$
|
||||||
Amount due from a related party:
|
||||||||
Prepaid rent expenses to Xinda High-Tech
|
-
|
225,752
|
||||||
Prepaid rent expenses to Mr. Han’s son
|
4,073
|
-
|
||||||
Total
|
4,073
|
225,752
|
Amount due to a related party:
|
||||||||
Rent payable to Xinda High-Tech
|
361,257
|
-
|
Premise Leased
|
Area (M2)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Plant and office building
|
20,250
|
664,878
|
Between May 1, 2012 and December 31, 2013
|
||||||
Office building
|
250
|
8,108
|
Between January 1, 2012 and December 31, 2013
|
||||||
Office building
|
3,394
|
110,080
|
Between May 1, 2012 and April 30, 2013
|
||||||
Office building
|
3,394
|
110,080
|
Between May 1, 2013 and December 31, 2013
|
||||||
Office building
|
23,894
|
775,047
|
Between January 1, 2014 and December 31, 2018
|
Premise Leased
|
Area (M2)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Facility
|
3,134
|
16,219
|
Between January 1, 2014 and December 31, 2014
|
||||||
Facility
|
200
|
6,488
|
Between August 17, 2014 and August 16, 2015
|
Warrants
|
Exercise Price
|
Number of Warrants
Outstanding
|
Remaining
Contractual Life
|
|||||||||
|
US$
|
Years
|
||||||||||
Series A investor warrants
|
4.58
|
401,960
|
0.17
|
|||||||||
Series A placement agent warrants
|
5.50
|
117,261
|
0.17
|
|||||||||
Total
|
519,221
|
|
|
Series A Investor
Warrants
|
|
|
Series A Placement
Agent Warrants
|
|
Volatility
|
|
73.2%
|
|
|
73.2%
|
|
Expected dividends yield
|
|
0%
|
|
|
0%
|
|
Fair value of underlying common stock (per share)
|
|
5.47
|
|
|
5.47
|
|
Risk-free interest rate (per annum)
|
|
0.02%
|
|
|
0.02%
|
|
|
Series B Preferred Stock
|
Common Stock
|
|
Accumulated
|
|||||||||||||||||||||||
Number
|
Number |
Additional
Paid-in
|
Retained |
Other
Comprehensive
|
Total
Stockholders’
|
||||||||||||||||||||||
|
of Shares
|
Amount
|
of Shares
|
Amount
|
Treasury Stock
|
Capital
|
Earnings
|
Income
|
Equity
|
||||||||||||||||||
|
US$
|
US$
|
|||||||||||||||||||||||||
Balance as of January 1, 2014
|
1,000,000
|
100
|
47,875,133
|
4,789
|
(92,694
|
)
|
76,341,659
|
311,047,337
|
25,043,914
|
412,345,105
|
|||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
84,990,697
|
-
|
84,990,697
|
||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,861,188
|
)
|
(5,861,188
|
)
|
||||||||||||||||
Exercise of Series A investor warrants
|
582,080
|
58
|
596,682
|
596,740
|
|||||||||||||||||||||||
Vesting of unvested shares
|
-
|
-
|
674,205
|
67
|
-
|
(67
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Stock based
compensation
|
-
|
-
|
-
|
-
|
-
|
778,703
|
-
|
-
|
778,703
|
||||||||||||||||||
Balance as of September 30, 2014
|
1,000,000
|
100
|
49,131,418
|
4,914
|
(92,694
|
)
|
77,716,977
|
396,038,034
|
19,182,726
|
492,850,057
|
|
Number of Nonvested
Shares
|
Weighted Average
Grant date Fair Value
|
||||||
|
US$
|
|||||||
Outstanding as of December 31, 2013
|
1,090,575
|
4.89
|
||||||
Granted
|
291,948
|
5.13
|
||||||
Vested
|
(674,205
|
)
|
4.32
|
|||||
Forfeited
|
(27,730
|
)
|
4.40
|
|||||
Outstanding as of September 30, 2014
|
680,588
|
4.69
|
|
Three-Month Period Ended September 30,
|
Nine-Month Period Ended September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
US$
|
US$
|
US$
|
US$
|
||||||||||||
Numerator:
|
||||||||||||||||
Net income
|
43,157,986
|
41,061,566
|
84,990,697
|
76,319,034
|
||||||||||||
Less:
|
||||||||||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(10,512,703
|
)
|
(10,168,194
|
)
|
(20,832,947
|
)
|
(19,000,909
|
)
|
||||||||
Earnings allocated to participating nonvested shares
|
(370,030
|
)
|
(493,187
|
)
|
(707,154
|
)
|
(583,257
|
)
|
||||||||
Net income for basic earnings per share
|
32,275,253
|
30,400,185
|
63,450,596
|
56,734,868
|
||||||||||||
|
||||||||||||||||
Changes in fair value of derivative liabilities - Series A investor warrants
|
(1,285,962
|
)
|
-
|
(542,191
|
)
|
-
|
||||||||||
Changes in fair value of derivative liabilities - Series A placement agent warrants
|
(308,974 | ) | - | 16,865 | - | |||||||||||
Net income for dilutive earnings per share
|
30,680,317
|
30,400,185
|
62,925,270
|
56,734,868
|
||||||||||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings per share:
|
||||||||||||||||
Weighted average number of common stock outstanding
|
49,121,908
|
47,835,729
|
48,730,964
|
47,774,447
|
||||||||||||
Series A investor warrants
|
110,671
|
-
|
119,722
|
-
|
||||||||||||
Series A placement agent warrants
|
15,104
|
- |
18,279
|
- | ||||||||||||
Denominator for diluted earnings per share
|
49,247,683
|
47,835,729
|
48,868,965
|
47,774,447
|
||||||||||||
|
||||||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
0.66
|
0.64
|
1.30
|
1.19
|
||||||||||||
Diluted
|
0.62
|
0.64
|
1.29
|
1.19
|
|
Three-Month Period Ended September 30,
|
Nine-month Period Ended September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
||||||||||||||||
Shares issuable upon conversion of Series D convertible preferred stock
|
16,000,000
|
16,000,000
|
16,000,000
|
16,000,000
|
||||||||||||
Shares issuable upon exercise of Series A investor warrant
|
-
|
1,320,696
|
-
|
1,320,696
|
||||||||||||
Shares issuable upon exercise of Series A placement agent warrant
|
-
|
117,261
|
-
|
117,261
|
(1) | Lease commitments |
|
US$
|
|||
Period from October 1, 2014 to December 31, 2014
|
273,696
|
|||
Years ending December 31,
|
||||
2015
|
1,074,115
|
|||
2016
|
975,658
|
|||
2017
|
840,412
|
|||
2018
|
775,047
|
|||
2019 and thereafter
|
-
|
(2) | Sichuan plant construction and equipment |
(3) | Equipment acquisition |
(4) | Contingencies |
(in millions, except percentage)
|
Three-Month Period Ended
|
Nine-Month Period Ended
|
||||||||||||||||||||||
|
September 30,
|
Change
|
September 30,
|
Change
|
||||||||||||||||||||
|
2014
|
2013
|
%
|
2014
|
2013
|
%
|
||||||||||||||||||
Revenues
|
315.7
|
293.1
|
7.7
|
%
|
803.5
|
666.3
|
20.6
|
%
|
||||||||||||||||
Cost of revenues
|
(250.3
|
)
|
(227.4
|
)
|
10.1
|
%
|
(639.2
|
)
|
(534.3
|
)
|
19.6
|
%
|
||||||||||||
Gross profit
|
65.4
|
65.7
|
(0.5
|
)%
|
164.3
|
132.0
|
24.5
|
%
|
||||||||||||||||
Total operating expenses
|
(10.7
|
)
|
(9.7
|
)
|
10.3
|
%
|
(41.3
|
)
|
(26.9
|
)
|
53.5
|
%
|
||||||||||||
Operating income
|
54.7
|
55.9
|
(2.1
|
)%
|
123.0
|
105.1
|
17.0
|
%
|
||||||||||||||||
Income before income taxes
|
47.7
|
54.3
|
(12.2
|
)%
|
101.5
|
101.6
|
(0.1
|
)%
|
||||||||||||||||
Income tax expense
|
(4.5
|
)
|
(13.2
|
)
|
(65.9
|
)%
|
(16.6
|
)
|
(25.3
|
)
|
(34.4
|
)%
|
||||||||||||
Net income
|
43.2
|
41.1
|
5.1
|
%
|
84.9
|
76.3
|
11.3
|
%
|
(in millions, except percentage)
|
Revenues
For the Three-Month Period Ended September 30,
|
|||||||||||||||||||||||
|
2014
|
2013
|
||||||||||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
Change in
Amount
|
Change in
%
|
||||||||||||||||||
Modified Polyamide 66 (PA66)
|
38.7
|
12.3
|
%
|
52.8
|
18.0
|
%
|
(14.1
|
)
|
(26.7
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Polyamide 6 (PA6)
|
60.6
|
19.2
|
%
|
60.1
|
20.5
|
%
|
0.5
|
0.8
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Plastic Alloy
|
132.8
|
42.1
|
%
|
87.4
|
29.8
|
%
|
45.4
|
51.9
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polypropylene (PP)
|
64.2
|
20.3
|
%
|
75.7
|
25.8
|
%
|
(11.5
|
)
|
(15.2
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
8.8
|
2.8
|
%
|
7.9
|
2.7
|
%
|
0.9
|
11.4
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyoxymethylenes (POM)
|
0.8
|
0.3
|
%
|
0.6
|
0.2
|
%
|
0.2
|
33.3
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyphenylene Oxide (PPO)
|
5.3
|
1.7
|
%
|
5.9
|
2.0
|
%
|
(0.6
|
)
|
(10.2
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Raw Materials
|
4.5
|
1.3
|
%
|
2.2
|
0.8
|
%
|
2.3
|
104.5
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Sub-total
|
315.7
|
100.0
|
%
|
292.6
|
99.8
|
%
|
23.1
|
7.9
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Service revenue
|
-
|
0.0
|
%
|
0.5
|
0.2
|
%
|
(0.5
|
)
|
(100
|
)%
|
||||||||||||||
Total Revenues
|
315.7
|
100
|
%
|
293.1
|
100
|
%
|
22.6
|
7.7
|
%
|
(in MTs, except percentage)
|
Sales Volume
For the Three-Month Period Ended September 30,
|
|||||||||||||||||||||||
|
2014
|
2013
|
||||||||||||||||||||||
|
MT
|
%
|
MT
|
%
|
Change in
MT
|
Change in
%
|
||||||||||||||||||
Modified Polyamide 66 (PA66)
|
7,636
|
8.0
|
%
|
9,251
|
10.2
|
%
|
(1,615
|
)
|
(17.5
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Polyamide 6 (PA6)
|
13,446
|
14.1
|
%
|
11,524
|
12.6
|
%
|
1,922
|
16.7
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Plastic Alloy
|
34,015
|
35.7
|
%
|
29,380
|
32.1
|
%
|
4,635
|
15.8
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polypropylene (PP)
|
33,625
|
35.3
|
%
|
36,617
|
40.1
|
%
|
(2,992
|
)
|
(8.2
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
3,383
|
3.6
|
%
|
2,677
|
2.9
|
%
|
706
|
26.4
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyoxymethylenes (POM)
|
240
|
0.3
|
%
|
210
|
0.2
|
%
|
30
|
14.3
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyphenylene Oxide (PPO)
|
720
|
0.8
|
%
|
820
|
0.9
|
%
|
(100
|
)
|
(12.2
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Sub-total Volume
|
93,065
|
97.8
|
%
|
90,479
|
99.0
|
%
|
2,586
|
2.9
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Raw materials
|
2,139
|
2.2
|
%
|
957
|
1.0
|
%
|
1,182
|
123.5
|
%
|
|||||||||||||||
Total Volume
|
95,204
|
100
|
%
|
91,436
|
100
|
%
|
3,768
|
4.1
|
%
|
|
Three-Month Period Ended September 30,
|
|
Change
|
|
||||||||||
(in millions, except percentage)
|
2014
|
|
2013
|
|
Amount
|
|
%
|
|
||||||
Gross Profit
|
|
$
|
65.4
|
|
|
$
|
65.7
|
|
|
$
|
(0.3
|
)
|
(0.5)
|
%
|
Gross Profit Margin
|
|
|
20.7
|
%
|
|
|
22.4
|
%
|
|
|
|
|
(1.7)
|
%
|
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
General and Administrative Expenses
|
$ | 5.4 | $ | 4.4 | $ | 1.0 | 22.7 | % | ||||||||
as a percentage of revenues
|
1.9 | % | 1.5 | % | 0.4 | % |
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Research and Development Expenses
|
$ | 5.1 | $ | 5.1 | $ | - | - | |||||||||
as a percentage of revenues
|
1.6 | % | 1.7 | % | (0.1) | % |
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
2.1
|
$
|
1.7
|
$
|
0.4
|
23.5
|
%
|
||||||||
Interest Expenses
|
(10.9
|
)
|
(4.5
|
)
|
(6.4
|
)
|
142.2
|
%
|
||||||||
Net Interest Expenses
|
$
|
(8.8
|
)
|
$
|
(2.8
|
)
|
$
|
(6.0
|
)
|
214.3
|
%
|
|||||
as a percentage of revenues
|
(2.8
|
)%
|
(1.0
|
)%
|
(1.8
|
)%
|
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Gains on foreign currency forward contracts
|
$ | 0.3 | $ | - | $ | 0.3 | N/A | |||||||||
as a percentage of revenues
|
0.1 | % | - | 0.1 | % |
|
Three-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$ | 47.7 | $ | 54.3 | $ | (6.6 | ) | (12.2) | % | |||||||
Income Tax Expense
|
(4.5 | ) | (13.2 | ) | 8.7 | (65.9) | % | |||||||||
Effective income tax rate
|
9.5 | % | 24.4 | % | (14.9) | % |
(in millions, except percentage)
|
Revenues
For the Nine-Month Period Ended September 30,
|
|||||||||||||||||||||||
|
2014
|
2013
|
||||||||||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
Change in
Amount
|
Change in
%
|
||||||||||||||||||
Modified Polyamide 66 (PA66)
|
150.8
|
18.8
|
%
|
122.5
|
18.4
|
%
|
28.3
|
23.1
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polyamide 6 (PA6)
|
175.0
|
21.8
|
%
|
130.4
|
19.6
|
%
|
44.6
|
34.2
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Plastic Alloy
|
263.2
|
32.8
|
%
|
185.0
|
27.8
|
%
|
78.2
|
42.3
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polypropylene (PP)
|
168.9
|
21.0
|
%
|
193.8
|
29.1
|
%
|
(24.9
|
)
|
(12.8
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
28.0
|
3.5
|
%
|
22.3
|
3.3
|
%
|
5.7
|
25.6
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyoxymethylenes (POM)
|
2.9
|
0.4
|
%
|
2.7
|
0.4
|
%
|
0.2
|
7.4
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyphenylene Oxide (PPO)
|
9.5
|
1.2
|
%
|
5.9
|
0.9
|
%
|
3.6
|
61.0
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Raw Materials
|
5.2
|
0.5
|
%
|
2.2
|
0.3
|
%
|
3.0
|
136.4
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Sub-total
|
803.5
|
100.0
|
%
|
664.8
|
99.8
|
%
|
138.7
|
20.9
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Service revenue
|
-
|
0.0
|
%
|
1.5
|
0.2
|
%
|
(1.5
|
)
|
(100
|
)%
|
||||||||||||||
Total Revenues
|
803.5
|
100
|
%
|
666.3
|
100
|
%
|
137.2
|
20.6
|
%
|
(in MTs, except percentage)
|
Sales Volume
For the Nine-Month Period Ended September 30,
|
|||||||||||||||||||||||
|
2014
|
2013
|
||||||||||||||||||||||
|
MT
|
%
|
MT
|
%
|
Change in
MT
|
Change in
%
|
||||||||||||||||||
Modified Polyamide 66 (PA66)
|
27,356
|
11.2
|
%
|
23,128
|
10.4
|
%
|
4,228
|
18.3
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polyamide 6 (PA6)
|
36,114
|
14.7
|
%
|
25,683
|
11.5
|
%
|
10,431
|
40.6
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Plastic Alloy
|
79,748
|
32.5
|
%
|
67,406
|
30.3
|
%
|
12,342
|
18.3
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polypropylene (PP)
|
87,078
|
35.5
|
%
|
95,826
|
43.1
|
%
|
(8,748
|
)
|
(9.1
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
10,469
|
4.3
|
%
|
7,797
|
3.5
|
%
|
2,672
|
34.3
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyoxymethylenes (POM)
|
840
|
0.3
|
%
|
880
|
0.4
|
%
|
(40
|
)
|
(4.5
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Polyphenylene Oxide (PPO)
|
1,290
|
0.5
|
%
|
820
|
0.4
|
%
|
470
|
57.3
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Sub-total Volume
|
242,895
|
99.0
|
%
|
221,540
|
99.6
|
%
|
21,355
|
9.6
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Raw materials
|
2,539
|
1.0
|
%
|
957
|
0.4
|
%
|
1,582
|
165.3
|
%
|
|||||||||||||||
Total Volume
|
245,434
|
100
|
%
|
222,497
|
100
|
%
|
22,937
|
10.3
|
%
|
|
Nine-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Gross Profit
|
$ | 164.3 | $ | 132.0 | $ | 32.3 | 24.5 | % | ||||||||
Gross Profit Margin
|
20.4 | % | 19.8 | % | 0.6 | % |
|
Nine-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
General and Administrative Expenses
|
$ | 13.8 | $ | 10.8 | $ | 3.0 | 27.8 | % | ||||||||
as a percentage of revenues
|
1.6 | % | 1.6 | % | 0.0 | % |
|
Nine-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Research and Development Expenses
|
$ | 27.1 | $ | 15.9 | $ | 11.2 | 70.4 | % | ||||||||
as a percentage of revenues
|
3.4 | % | 2.4 | % | 1.0 | % |
|
Nine-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
8.6
|
$
|
4.2
|
$
|
4.4
|
104.8
|
%
|
||||||||
Interest Expenses
|
(31.1
|
)
|
(10.8
|
)
|
(20.3
|
)
|
188.0
|
%
|
||||||||
Net Interest Expenses
|
$
|
(22.5
|
)
|
$
|
(6.6
|
)
|
$
|
(15.9
|
)
|
240.9
|
%
|
|||||
as a percentage of revenues
|
(2.9
|
)%
|
(1.0
|
)%
|
(1.9
|
)%
|
|
Nine-Month Period Ended September 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Losses on foreign currency forward contract
|
$
|
(0.6
|
) |
$
|
-
|
$
|
(0.6
|
) |
N/A
|
|
||||||
as a percentage of revenues
|
(0.1
|
)%
|
-
|
|
(0.1
|
)%
|
Nine-Month Period Ended September 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2014
|
2013
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
101.5
|
$
|
101.6
|
$
|
(0.1
|
) |
(0.1
|
)%
|
|||||||
Income Tax Expense
|
(16.6
|
)
|
(25.3
|
)
|
8.7
|
(34.4
|
)%
|
|||||||||
Effective income tax rate
|
16.3
|
%
|
24.9
|
%
|
(8.6
|
)%
|
|
September 30, 2014
|
December 31, 2013
|
Change
|
|||||||||||||
(in millions, except percentage)
|
Amount
|
%
|
||||||||||||||
Cash and cash equivalents
|
62.7
|
95.5
|
(32.8
|
)
|
(34.3
|
)%
|
||||||||||
Restricted cash
|
14.5
|
13.7
|
0.8
|
5.8
|
%
|
|||||||||||
Time deposits
|
222.4
|
281.3
|
(58.9
|
)
|
(20.9
|
)%
|
||||||||||
Accounts receivable, net of allowance for doubtful accounts
|
193.8
|
282.3
|
(88.5
|
)
|
(31.3
|
)%
|
||||||||||
Inventories
|
247.2
|
144.9
|
102.3
|
70.6
|
%
|
|||||||||||
Property, plant and equipment, net
|
239.2
|
233.8
|
5.4
|
2.3
|
%
|
|||||||||||
Land use rights, net
|
12.1
|
12.5
|
(0.4
|
)
|
(3.2
|
)%
|
||||||||||
Prepayment to equipment suppliers
|
213.2
|
1.3
|
211.9
|
16,300.0
|
%
|
|||||||||||
Other non-current assets
|
24.1
|
1.8
|
22.3
|
1,238.9
|
%
|
|||||||||||
Total assets
|
1,240.3
|
1,075.9
|
164.4
|
15.3
|
%
|
|||||||||||
Short-term bank loans, including current portion of long-term bank loans
|
136.7
|
314.7
|
(178.0
|
)
|
(56.6
|
)%
|
||||||||||
Bills payable
|
43.0
|
25.6
|
17.4
|
68.0
|
%
|
|||||||||||
Accounts payable
|
101.8
|
122.5
|
(20.7
|
)
|
(16.9
|
)%
|
||||||||||
Income taxes payable, including noncurrent portion
|
18.1
|
26.8
|
(8.7
|
)
|
(32.5
|
)%
|
||||||||||
Accrued expenses and other current liabilities
|
15.2
|
55.9
|
(40.7
|
)
|
(72.8
|
)%
|
||||||||||
Long-term bank loans, excluding current portion
|
167.8
|
-
|
167.8
|
N/
|
A
|
|||||||||||
Notes payable
|
148.6
|
-
|
148.6
|
N/
|
A
|
|||||||||||
Redeemable Series D convertible preferred stock
|
97.6
|
97.6
|
-
|
-
|
||||||||||||
Stockholders’ equity
|
492.8
|
412.3
|
80.5
|
19.5
|
%
|
(in millions)
|
September 30, 2014
|
||||||||||||
|
Lines of Credit, Obtained
|
Remaining Available
|
|||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
|||||||||
Bank of Communications
|
March 26, 2014
|
245.0
|
39.9
|
39.9
|
|||||||||
Bank of Longjiang, Heilongjiang
|
March 10, 2014
|
300.0
|
48.9
|
6.8
|
|||||||||
Bank of China
|
April 30, 2014
|
1,110.0
|
180.8
|
13.1
|
|||||||||
HSBC
|
September 2, 2014
|
276.2
|
45.0
|
45.0
|
|||||||||
Industrial and Commercial Bank of China Limited
|
July 30, 2013
|
500.0
|
81.5
|
43.8
|
|||||||||
Agriculture Bank of China
|
September 25, 2014
|
300.0
|
48.9
|
22.8
|
|||||||||
China Construction Bank
|
December 25, 2013
|
300.0
|
48.9
|
24.5
|
|||||||||
Societe Generale
|
August 1, 2014
|
150.0
|
24.4
|
17.9
|
|||||||||
Total
|
|
3,181.2
|
518.3
|
213.8
|
|
Nine-Month Period Ended September 30,
|
|||||||
(in millions US$)
|
2014
|
2013
|
||||||
Net cash provided by operating activities
|
64.1
|
60.1
|
||||||
Net cash used in investing activities
|
(220.7
|
)
|
(146.8
|
)
|
||||
Net cash provided by financing activities
|
125.6
|
95.4
|
||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
(1.8
|
)
|
1.8
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(32.8
|
)
|
10.5
|
|||||
Cash and cash equivalents at the beginning of period
|
95.5
|
83.8
|
||||||
Cash and cash equivalents at the end of period
|
62.7
|
94.3
|
|
Nine-month period ended September 30, 2014
|
Year ended December 31, 2013
|
Customer Payment Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 90 days
|
Supplier Payment Term
|
Payment in advance/up to 60 days
|
Payment in advance/up to 30 days
|
Contractual obligations
|
Total
|
Payment due
less than 1 year
|
1 – 3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Lease commitments
|
3,938,927
|
1,081,757
|
1,888,361
|
968,809
|
-
|
|||||||||||||||
Purchase of land use rights, plant equipment, and construction in progress
|
147,501,351
|
147,501,351
|
-
|
-
|
-
|
|||||||||||||||
Long-term bank Loans (1)
|
180,735,699
|
8,059,435
|
172,676,264
|
-
|
-
|
|||||||||||||||
Notes payable (2)
|
229,312,500
|
17,625,000
|
35,250,000
|
176,437,500
|
-
|
|||||||||||||||
Total
|
561,488,477
|
174,267,543
|
209,814,625
|
177,406,309
|
-
|
(1)
|
Includes interest of US$15.4 million accrued at the interest rate under the loan agreements. For borrowings with a floating rate, the most recent rate as of September 30, 2014 was applied.
|
(2)
|
On February 4, 2014, Favor Sea Limited, a wholly owned subsidiary of the Company, issued US$150,000,000 aggregate principal amount of 11.75% Guaranteed Senior Notes due 2019 with issuance price of 99.080% (the “Notes”). The Notes bear interest at a rate of 11.75% per annum, payable on February 4 and August 4 of each year, commencing August 4, 2014. The Notes will mature on February 4, 2019.
|
(3)
|
On March 8, 2013, Xinda Holding (HK) Company Limited (“Xinda Holding (HK)”), a wholly owned subsidiary of the Company, entered into an investment agreement with Shunqing Government, pursuant to which Xinda Holding (HK) will invest RMB1.8 billion (equivalent to US$290 million) in property, plant and equipment and approximately RMB0.6 billion (equivalent to US$97 million) in working capital, for the construction of Sichuan plant. As of September 30, 2014, the Company has a commitment of RMB832.6 million (equivalent to US$135.6 million) mainly for the acquisition of equipment.
|
Exhibit
No.
|
|
Document Description
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
32.2
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
|
China XD Plastics Company Limited
|
|
|
|
|
Date: November 13, 2014
|
By:
|
/s/ Jie Han
|
|
Name: Jie Han
|
|
|
Title: Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date: November 13, 2014
|
By:
|
/s/ Taylor Zhang
|
|
Name: Taylor Zhang
|
|
|
Title: Chief Financial Officer
|
Exhibit
No.
|
|
Document Description
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
32.2
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
1. | I have reviewed this Quarterly Report on Form 10-Q of China XD Plastics Company Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
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Date: November 13, 2014
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By:
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/s/ Jie Han
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Jie Han, Chief Executive Officer
(Principal Executive Officer)
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1. | I have reviewed this Quarterly Report on Form 10-Q of China XD Plastics Company Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
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Date: November 13, 2014
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By:
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/s/ Taylor Zhang
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Taylor Zhang, Chief Financial Officer
(Princiapl Financial and Accounting Officer)
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Date: November 13, 2014
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By:
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/s/ Jie Han
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Jie Han, Chief Executive Officer
(Principal Executive Officer)
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Date: November 13, 2014
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By:
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/s/ Taylor Zhang
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Taylor Zhang, Chief Financial Officer
(Princiapl Financial and Accounting Officer)
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1 Year China XD Plastics Chart |
1 Month China XD Plastics Chart |
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