China BAK Battery Inc. (CBAK, Financial) filed Annual Report for the period ended 2011-09-30.
China Bak Battery Inc. has a market cap of $51.3 million; its shares were traded at around $0.84 with and P/S ratio of 0.2.
The tax holiday of Shenzhen BAK commenced in 2002, the first calendar year in which Shenzhen BAK had assessable profit, and ended on December 31, 2006. In addition, due to additional capital contributed by BAK International to Shenzhen BAK in both 2005 and 2006 and Shenzhen BAKs qualification as an advanced technology enterprise in 2007 and 2008, Shenzhen BAK was granted a preferential income tax rate of 7.5%, 11.8% and 12.6% for calendar years 2007, 2008 and 2009, respectively. In accordance with the transition period of the EIT Law and before considering the above-mentioned tax concessions, Shenzhen BAKs income tax rate for calendar years 2010 and 2011 are 22% and 24%, respectively, and starting in calendar year 2012, it is expected to be subject to an income tax rate of 25%. Therefore, Shenzhen BAKs income tax rates after consideration of its tax concessions are 15% for both calendar years 2010 and 2011and starting in calendar year 2012, it is expected to be subject to an income tax rate of 25%.
We sold $10.2 million in lithium polymer cells for the year ended September 30, 2011, compared to $10.1 million in lithium polymer cells in fiscal year 2010, a slight increase of $51,000, or 0.5%, resulting from an increase of 8.0% in our average selling price, offset by a decrease of 7.0% in sales volume.
We sold $10.1 million in lithium polymer cells for the year ended September 30, 2010, compared to $14.3 million in lithium polymer cells in fiscal year 2009, a decrease of $4.1 million, or 28.9%, resulting from a 27.0% decrease in sales volume and a 2.6% decrease in average selling price as result of fierce competition.
Government Grant Income. Government grant income was $714,000 for the year ended September 30, 2010 as compared to $636,000 for fiscal year 2009. Government grant income for the year ended September 30, 2010 mainly consisted of government grant funds: $479,000 to fund certain lithium battery research projects and $235,000 represented amortization of government subsidies received in relation to the additional cost of the land use rights of BAK Industrial Park. No present or future obligation arises from the receipt of such government subsidies. Government grant income for the year ended September 30, 2009 mainly consisted of government grant funds of $402,000 to reward Shenzhen BAK for its contributions to the Shenzhen areas economy and the amortization of deferred revenue of $234,000 in respect of the government subsidies received for the additional cost of land use rights for BAK Industrial Park. No present or future obligation arises from the receipt of such government subsidies.
Read the The complete Report
China Bak Battery Inc. has a market cap of $51.3 million; its shares were traded at around $0.84 with and P/S ratio of 0.2.
Highlight of Business Operations:
The tax holiday of Shenzhen BAK commenced in 2002, the first calendar year in which Shenzhen BAK had assessable profit, and ended on December 31, 2006. In addition, due to additional capital contributed by BAK International to Shenzhen BAK in both 2005 and 2006 and Shenzhen BAKs qualification as an advanced technology enterprise in 2007 and 2008, Shenzhen BAK was granted a preferential income tax rate of 7.5%, 11.8% and 12.6% for calendar years 2007, 2008 and 2009, respectively. In accordance with the transition period of the EIT Law and before considering the above-mentioned tax concessions, Shenzhen BAKs income tax rate for calendar years 2011 and 2012 are expected to be 24% and 25%, respectively. Therefore, Shenzhen BAKs income tax rate after consideration of its tax concessions is expected to be 15% for calendar year 2011, and starting in calendar year 2012, it is expected to be subject to an income tax rate of 25%.The tax holiday of Shenzhen BAK commenced in 2002, the first calendar year in which Shenzhen BAK had assessable profit, and ended on December 31, 2006. In addition, due to additional capital contributed by BAK International to Shenzhen BAK in both 2005 and 2006 and Shenzhen BAKs qualification as an advanced technology enterprise in 2007 and 2008, Shenzhen BAK was granted a preferential income tax rate of 7.5%, 11.8% and 12.6% for calendar years 2007, 2008 and 2009, respectively. In accordance with the transition period of the EIT Law and before considering the above-mentioned tax concessions, Shenzhen BAKs income tax rate for calendar years 2010 and 2011 are 22% and 24%, respectively, and starting in calendar year 2012, it is expected to be subject to an income tax rate of 25%. Therefore, Shenzhen BAKs income tax rates after consideration of its tax concessions are 15% for both calendar years 2010 and 2011and starting in calendar year 2012, it is expected to be subject to an income tax rate of 25%.
We sold $10.2 million in lithium polymer cells for the year ended September 30, 2011, compared to $10.1 million in lithium polymer cells in fiscal year 2010, a slight increase of $51,000, or 0.5%, resulting from an increase of 8.0% in our average selling price, offset by a decrease of 7.0% in sales volume.
We sold $10.1 million in lithium polymer cells for the year ended September 30, 2010, compared to $14.3 million in lithium polymer cells in fiscal year 2009, a decrease of $4.1 million, or 28.9%, resulting from a 27.0% decrease in sales volume and a 2.6% decrease in average selling price as result of fierce competition.
Government Grant Income. Government grant income was $714,000 for the year ended September 30, 2010 as compared to $636,000 for fiscal year 2009. Government grant income for the year ended September 30, 2010 mainly consisted of government grant funds: $479,000 to fund certain lithium battery research projects and $235,000 represented amortization of government subsidies received in relation to the additional cost of the land use rights of BAK Industrial Park. No present or future obligation arises from the receipt of such government subsidies. Government grant income for the year ended September 30, 2009 mainly consisted of government grant funds of $402,000 to reward Shenzhen BAK for its contributions to the Shenzhen areas economy and the amortization of deferred revenue of $234,000 in respect of the government subsidies received for the additional cost of land use rights for BAK Industrial Park. No present or future obligation arises from the receipt of such government subsidies.
Read the The complete Report
