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Chisen Electric Corp. Symbol:  CIEC Click here for a printable version Business Summary: Chisen Electric Corporation manufactures and sells sealed lead-acid battery products for China's personal transportation device market. The company's motive battery products are predominantly used in electric bicycles and distributed and sold in China.   Address   Jingyi Road, Changxing Economic Development Zone   Changxing , Zhejiang Province   Phone: 011-0572-6267666   Website: http://www.chisenpower.com Auditor   Mazars CPA Limited Transfer Agent   Interwest Transfer Co. Inc. Employees:  2,000 ShareHolders:  87 Founded:  2005 Domicile:  Nevada      S & P Disclaimer   Chisen Electric Corp. Symbol:  CIEC Click here for a printable version Chisen Electric Corporation, through its subsidiaries, manufactures and sells sealed lead-acid battery products for China's personal transportation device market. The company's motive battery products are sold under Chisen's own brand name and are predominantly used in electric bicycles and distributed and sold in China. According to the company, among all types of batteries for electric bicycles, the lead-acid motive battery is the preferred choice for electric bicycle manufacturers in China because of its cost efficiency. Chisen manufactures over 14 million batteries each year. Chisen produces and offers ten models of lead-acid motive battery products for sale. The key components of a lead-acid motive battery include electrode plates and fiberglass dividing plates. The electrode plates are coated with oxidized lead and alloy lead. Pairs of positively charged electrode plates and negatively charged electrode plates, each separated by a fiberglass dividing plate, are bound together by metal strip and installed into the plastic casing of a lead-acid motive battery. The battery is then filled with sulfuric acid and charged with electricity. The number and the size of electrode plates required to be installed in a lead-acid motive battery will depend on the required level of its storage capacity and the power output. All of the lead-acid motive battery products produced by the company are rechargeable and can be recharged approximately 500 times. They are standardized and can be used in electric bicycles, electric motorcycles and electric cars produced by different manufacturers. Chisen sells its lead-acid motive battery products principally to manufacturers of electric bicycles. However, with the growing retail market for replacement of battery products, i.e., Chisen's secondary market, the company has also strengthened its efforts in the sale of battery products to sales representatives and exclusive distributors which are strategically located in 27 provinces, autonomous regions and directly-administered municipalities in China. Chisen has exclusive sales agreements with distributors at the provincial and county level, and employs sales representatives in each province across China to help distributors to further distribute products from counties to towns. The company's largest distributors are located in Zhumadian, Henan Province; Tangshan, Hebei Province; Haimen, Jiangsu Province; and Yancheng, Jiangsu Province. History:  INCORPORATED in Nevada Jan. 13, 2005, as World Trophy Oufitters, Inc.; name changed to Chisen Electric Corp. Feb. 2, 2009. Pursuant to a share exchange agreement dated Nov. 12, 2008, the company acquired all of the issued and outstanding Common stock of Fast More Limited (incorporated in Hong Kong Dec. 17, 2007) for 35,000,000 Common shares.   Subsidiaries: Changxing Chisen Battery Co., Limited Fast More Limited            S & P Disclaimer   Chisen Electric Corp. Symbol:  CIEC Click here for a printable version Management Officers Position  Kecheng  Xu Chairman, President & Chief Executive Officer  Chuanjie  Liu Treasurer, Chief Accounting Officer & Chief Financial Officer  Wenmei  Fei Secretary  Ken  Donenfeld Investor Relations Contact Directors  Quanfeng  Dong  Xiaoyan  Gong  Zhiwei  He  Yanfu Yan Jiang  Chuanjie  Liu  Kecheng  Xu  Hon Man Yun      S & P Disclaimer   Chisen Electric Corp. Symbol:  CIEC Click here for a printable version   Capitalization as of 03/31/2010:     Authorized Shares Outstanding Shares Preferred $0.001 par 10,000,000 None Common $0.001 par 100,000,000 50,000,000   LONG TERM DEBT: None.   Common $0.001 par   Stockholders:  06/22/2010, 87. Transfer Agent:  Interwest Transfer Co. Inc.   Salt Lake City , UT   OTC Bulletin Board( Primary): CIEC   Exchange Year High Low OTC Bulletin Board 2009 8.0000 1.7000   DIVIDENDS: Common $0.001 par: No cash. Common split 3-for-1, Nov. 5, 2008.        S & P Disclaimer   Chisen Electric Corp. Symbol:  CIEC Click here for a printable version Annual Report   Income Statement   2010 2009 REVENUES Net Sales To: Third Parties 177,192 109,020 EXPENSES Cost of Sales (153,708) (88,823) Sales, Marketing and Distribution (8,696) (5,337) General and Administrative (3,647) (4,007) Interest Expense (2,068) (1,232) Interest Income 343 362 Other Income, Net 1,671 758 Earnings before Taxes 11,087 10,741 TAXES AND OTHER EXPENSES Provision for Income Tax (1,587) (1,861) Net Income (Loss) 9,500 8,880 SUPPLEMENTARY INFO Gross Profit/loss 23,484.00 20,197.00 Operating Income (Loss) 11,141.00 10,853.00 Earnings per share - basic and diluted 0.19 0.18   Balance Sheet   2010 2009 ASSETS: CURRENT ASSETS Cash and Cash Equivalents 6,019 2,620 Trade Receivables Net 50,440 35,023 Other Receivables 800 842 Inventories 30,038 17,135 Prepayments 4,933 862 Restricted Bank Balances 21,420 13,878 Due from Related Parties 8 474 Other Financial Assets 7,438 1,314 Total Current Assets 121,096 72,148 NON CURRENT ASSETS Property, Plant and Equipment, Net 10,474 5,315 Available-for-sale Financial Assets 882 878 Long-term Land Lease Prepayments, Net 749 608 Total Assets 133,201 78,949 LIABILITIES: CURRENT LIABILITIES Trade Payables 14,923 11,176 Accrued Expenses and Other Accrued Liabilities 5,087 3,769 Short-term Bank Borrowings 46,141 20,451 Notes Payable 35,504 23,343 Income Taxes Payable 148 264 Due to Related Parties 2,532 639 Total Current Liabilities 104,335 59,642 NON CURRENT LIABILITIES Government Subsidies 139 186 Deferred Tax Liabilities 460 460 SHAREHOLDERS' EQUITY Common Stock - Par Value 50 50 Additional Paid in Capital 144 144 Retained Earnings 24,780 16,416 Statutory Reserves 2,239 1,103 Accumulated Other Comprehensive Income 1,054 948 Total Shareholders Equity 28,267 18,661 Total Liabilities & Shareholders Equity 133,201 78,949      S & P Disclaimer   Chisen Electric Corp. Symbol:  CIEC Click here for a printable version Interim Report      Data Not Available            S & P Disclaimer   Chisen Electric Corp. Symbol:  CIEC Click here for a printable version Pro Forma Report      Data Not Available            S & P Disclaimer   Chisen Electric Corp. Symbol:  CIEC Click here for a printable version Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2008   Full Year 109,000,000     Quarterly Net Income   Data Not Available   Quarterly EPS, US$ Year Quarter Revenue   2009   Full Year .18      S & P Disclaimer