China Jushi FY2011: Projects and construction progress

The Chengdu subsidiary modified its existing 40,000-tonne alkali-free and 60,000-tonne medium-alkali tank-furnace glass-fiber lines to use oxygen combustion. These line sizes identify the facilities being altered; adding them does not establish new capacity. The investment summary reports a CNY 20,522,200 project amount and completion in February 2011, repeated in the account of shareholder-resolution implementation. A similarly named oxygen-conversion row in the financial note carries the same budget, CNY 9,764,868.76 at the opening, CNY 9,308,923.71 of current additions and CNY 19,073,792.47 transferred to fixed assets. Opening plus additions equals that transfer. The note reports a 92.94% spending-to-budget ratio but 90% project progress. Technical completion and those accounting percentages are retained as source-specific descriptions, rather than silently making them identical. The report associates oxygen combustion with lower energy intensity at domestic bases, but does not quantify an incremental annual saving attributable solely to this Chengdu work.

Reported investment summary amount / 2011 / chengdu oxygen management

RMB 20,522,200

Reported project accounting opening / 2011 / chengdu oxygen financial

RMB 9,764,868.76

Reported project accounting additions / 2011 / chengdu oxygen financial

RMB 9,308,923.71

Reported project transfer to fixed assets / 2011 / chengdu oxygen financial

RMB 19,073,792.47

Reported project accounting progress / 2011 / chengdu oxygen financial

90%

Reported project accounting budget ratio / 2011 / chengdu oxygen financial

92.94%

The investment summary describes a chopped-strand technical modification of the Chengdu 40,000-tonne alkali-free tank-furnace line, with a CNY 136,010,000 project amount and completion in March 2011. The shareholder-resolution account also says the work completed. The financial major-project schedule instead lists a 40,000-tonne chopped-strand line with the same budget, CNY 11,973,752.36 at the opening, CNY 1,070,137.64 of additions and CNY 13,043,890.00 transferred to fixed assets. The amounts reconcile, but the note reports 9.59% spending against budget and 10% project progress. The combination of a completion statement and much lower financial-schedule progress cannot be resolved from these passages. Both descriptions remain explicit, and no corrected budget, date or scope is invented. The work changes an identified existing line toward chopped-strand production; it is not evidence of an additional furnace or additive 40,000-tonne installed capacity. The report does not give an independently measured annual sales or productivity benefit from this modification.

Reported investment summary amount / 2011 / chengdu chopped management

RMB 136,010,000

Reported project accounting opening / 2011 / chengdu chopped financial

RMB 11,973,752.36

Reported project accounting additions / 2011 / chengdu chopped financial

RMB 1,070,137.64

Reported project transfer to fixed assets / 2011 / chengdu chopped financial

RMB 13,043,890

Reported project accounting progress / 2011 / chengdu chopped financial

10%

Reported project accounting budget ratio / 2011 / chengdu chopped financial

9.59%

The Tongxiang investment summary reports CNY 40,347,500 for converting steam refrigeration to electric refrigeration, completed in July 2011. It separately reports CNY 33,458,100 for a chemical-workshop production-line expansion, completed in October 2011. These are process-support investments rather than disclosed new glass-fiber tonnage. A logistics-center project is listed at CNY 90,164,800 but had not started because the development zone lacked an available land quota. Land availability is therefore an actual disclosed constraint, not a forecast construction date. The financial schedule separately names a sixth-workshop expansion with the same CNY 33,458,100 budget: CNY 92,100 opening balance plus CNY 38,035,338.58 of additions equals CNY 38,127,438.58 transferred to fixed assets, with 100% progress and 114% spending against budget. Matching amounts offer a comparison reference but do not alone prove that this accounting label is identical to the named chemical expansion. The report does not allocate measured cost savings or incremental sales to each support project.

Reported investment summary amount / 2011 / tongxiang electric refrigeration management

RMB 40,347,500

Reported investment summary amount / 2011 / tongxiang chemical management

RMB 33,458,100

Reported investment summary amount / 2011 / tongxiang logistics management

RMB 90,164,800

Reported cip ledger budget / 2011 / unassigned sixth workshop

RMB 33,458,100

Reported cip ledger additions / 2011 / unassigned sixth workshop

RMB 38,035,338.58

Reported project transfer to fixed assets / 2011 / unassigned sixth workshop

RMB 38,127,438.58

The proposed Egyptian plant in the Suez economic and trade cooperation zone was an 80,000-tonne-per-year alkali-free tank-furnace glass-fiber line. Planned products were direct roving, assembled roving and chopped strands, together forming that capacity rather than 80,000 tonnes for each product. The company says approvals were obtained during 2011 and completion with production was expected in 2013. The investment table states USD 223,309,500, converted from its explicitly dollar-denominated ten-thousand-dollar figure despite a general renminbi table heading. It describes construction starting in January 2012, with production buildings being designed and residential buildings under construction when the filing was prepared. This is a post-year-end update, not FY 2011 operational output. The post-balance-sheet note likewise says the Egyptian subsidiary had been established and other work was being advanced. A resolution-implementation summary uses broader language about starting construction without giving an earlier precise date; it does not override the explicit January 2012 date. The source identifies the cooperation-zone location without a precise factory coordinate, production yield or realized customer delivery.

Project budget / 2011 / management investment summary fy2011

223,309,500 USD

Consolidated construction in progress closed at CNY 570,167,231.84, compared with CNY 49,728,071.24 at the opening. Management attributes the increase mainly to fixed assets transferred for reconstruction; the closing balance is not simply new cash investment or newly added capacity. The 308-line electric-boost melting retrofit carries CNY 530,367,353.39 of current additions and closing balance, with a CNY 13,519,300 stated budget,90% progress and a 90% spending-to-budget ratio. Those figures are not arithmetically interchangeable: the cited note does not bridge the large accounting balance to the much smaller retrofit budget or reported ratio. The 103-line oven modification similarly has a CNY 13,519,300 budget, CNY 97,618,099.60 of additions, CNY 90,099,447.45 transferred to fixed assets and CNY 7,518,652.15 remaining, with 90% reported progress. Its additions less the transfer reconcile to the closing balance, but this does not resolve the budget comparison. The five selected major works total CNY 537,886,005.54 at year-end, a narrower perimeter than all construction in progress. Short accounting labels do not establish a precise factory address or measured commercial benefit.

Reported cip ledger balance / 2011 / consolidated total fy2011

RMB 570,167,231.84

Reported cip ledger balance / 2011 / consolidated opening fy2011

RMB 49,728,071.24

Reported cip ledger budget / 2011 / 308 electric assist fy2011

RMB 13,519,300

Reported cip ledger balance / 2011 / 308 electric assist fy2011

RMB 530,367,353.39

Reported cip ledger additions / 2011 / 308 electric assist fy2011

RMB 530,367,353.39

Reported cip ledger budget / 2011 / 103 oven fy2011

RMB 13,519,300

Reported cip ledger additions / 2011 / 103 oven fy2011

RMB 97,618,099.6

Reported project transfer to fixed assets / 2011 / 103 oven fy2011

RMB 90,099,447.45

Reported cip ledger balance / 2011 / 103 oven fy2011

RMB 7,518,652.15

Reported cip ledger balance / 2011 / major projects subtotal fy2011

RMB 537,886,005.54

The construction ledger includes a second-phase waste-fiber recovery and processing project at CNY 4,494,754.53, an energy-metering management information system at CNY 340,564.79 and work using furnace waste gas to dry waste residue at CNY 254,145.43. These labels identify recorded resource-use and process-control work. They are not separately measured savings, certified emissions reductions or proof of commissioned production. Management also says internally developed waste-fiber reuse and oxygen-combustion technology had been applied across domestic bases; that broad statement does not establish that every separately listed phase was complete. Other small automation and equipment labels are retained in the evidence without creating a new standalone project identity for each item. The report does not supply full specifications, precise addresses or production benefits for these ledger rows, so they remain grouped with explicit disclosure limits.

Reported cip ledger balance / 2011 / waste fiber recovery phase two fy2011

RMB 4,494,754.53

Reported cip ledger balance / 2011 / energy metering system fy2011

RMB 340,564.79

Reported cip ledger balance / 2011 / furnace gas waste drying fy2011

RMB 254,145.43