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Chisen Electric Corp.
Symbol:  CIEC


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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
 
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Chisen Electric Corp.
Symbol:  CIEC


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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
 
 
 
 
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Chisen Electric Corp.
Symbol:  CIEC


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Management
OfficersPosition
 Kecheng  XuChairman, President & Chief Executive Officer
 Chuanjie  LiuTreasurer, Chief Accounting Officer & Chief Financial Officer
 Wenmei  FeiSecretary
 Ken  DonenfeldInvestor Relations Contact

Directors
 Quanfeng  Dong
 Xiaoyan  Gong
 Zhiwei  He
 Yanfu Yan Jiang
 Chuanjie  Liu
 Kecheng  Xu
 Hon Man Yun
 
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Chisen Electric Corp.
Symbol:  CIEC


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Capitalization as of 03/31/2010:
 
 Authorized SharesOutstanding Shares
Preferred $0.001 par10,000,000None
Common $0.001 par100,000,00050,000,000
 
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
 
ExchangeYearHighLow
OTC Bulletin Board20098.00001.7000
 
DIVIDENDS: Common $0.001 par: No cash. Common split 3-for-1, Nov. 5, 2008.
 
 
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Chisen Electric Corp.
Symbol:  CIEC


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Annual Report
 
Income Statement
  20102009
REVENUES
Net Sales To: Third Parties177,192109,020
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 Income343362
Other Income, Net1,671758
Earnings before Taxes11,08710,741
TAXES AND OTHER EXPENSES
Provision for Income Tax(1,587)(1,861)
Net Income (Loss)9,5008,880
SUPPLEMENTARY INFO
Gross Profit/loss23,484.0020,197.00
Operating Income (Loss)11,141.0010,853.00
Earnings per share - basic and diluted 0.190.18
 
Balance Sheet
  20102009
ASSETS:
CURRENT ASSETS
Cash and Cash Equivalents6,0192,620
Trade Receivables Net50,44035,023
Other Receivables800842
Inventories30,03817,135
Prepayments4,933862
Restricted Bank Balances21,42013,878
Due from Related Parties8474
Other Financial Assets7,4381,314
Total Current Assets121,09672,148
NON CURRENT ASSETS
Property, Plant and Equipment, Net10,4745,315
Available-for-sale Financial Assets882878
Long-term Land Lease Prepayments, Net749608
Total Assets133,20178,949
LIABILITIES:
CURRENT LIABILITIES
Trade Payables14,92311,176
Accrued Expenses and Other Accrued Liabilities5,0873,769
Short-term Bank Borrowings46,14120,451
Notes Payable35,50423,343
Income Taxes Payable148264
Due to Related Parties2,532639
Total Current Liabilities104,33559,642
NON CURRENT LIABILITIES
Government Subsidies139186
Deferred Tax Liabilities460460
SHAREHOLDERS' EQUITY
Common Stock - Par Value5050
Additional Paid in Capital144144
Retained Earnings24,78016,416
Statutory Reserves2,2391,103
Accumulated Other Comprehensive Income1,054948
Total Shareholders Equity28,26718,661
Total Liabilities & Shareholders Equity133,20178,949
 
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Chisen Electric Corp.
Symbol:  CIEC


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Interim Report   
 
Data Not Available
 
 
 
 
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Chisen Electric Corp.
Symbol:  CIEC


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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Chisen Electric Corp.
Symbol:  CIEC


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2008   Full Year 109,000,000
 
 
Quarterly Net Income
 
Data Not Available
 
Quarterly EPS, US$
YearQuarterRevenue
  2009   Full Year .18
 
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