Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Entity Registrant Name | 'FUWEI FILMS (HOLDINGS), CO. LTD. |
Entity Central Index Key | '0001381074 |
Trading Symbol | 'FFHL |
Current Fiscal Year End Date | '--12-31 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Entity Filer Category | 'Non-accelerated Filer |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Common Stock, Shares Outstanding | 13,062,500 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Current assets | ' | ' | ' |
Cash and cash equivalents | $1,913 | 11,578 | 5,006 |
Restricted cash | 6,842 | 41,422 | 21,457 |
Accounts and bills receivable, net | 1,383 | 8,373 | 21,587 |
Inventories | 6,352 | 38,454 | 34,291 |
Advance to suppliers | 1,153 | 6,977 | 13,543 |
Prepayments and other receivables | 4,313 | 26,107 | 26,174 |
Deferred tax assets - current | 281 | 1,702 | 1,857 |
Total current assets | 22,237 | 134,613 | 123,915 |
Property, plant and equipment, net | 86,687 | 524,777 | 233,335 |
Construction in progress | 104 | 632 | 337,990 |
Lease prepayments, net | 3,138 | 18,999 | 19,523 |
Advance to suppliers - long term, net | 353 | 2,134 | 5,299 |
Long-term deposit | 2,769 | 16,760 | 16,760 |
Other assets | 2,188 | 13,244 | 262 |
Deferred tax assets - non current | 3,450 | 20,888 | 10,466 |
Total assets | 120,926 | 732,047 | 747,550 |
Current liabilities | ' | ' | ' |
Short-term borrowings | 17,345 | 105,000 | 110,000 |
Accounts payables | 5,526 | 33,454 | 28,796 |
Notes payable | 13,544 | 81,990 | 38,299 |
Advance from customers | 2,422 | 14,665 | 11,714 |
Accrued expenses and other payables | 1,119 | 6,777 | 6,831 |
Obligations under capital leases-current | 1,373 | 8,314 | 6,282 |
Total current liabilities | 41,329 | 250,200 | 201,922 |
Obligations under capital leases | 1,415 | 8,563 | 13,718 |
Long-term loan | 1,652 | 10,000 | 10,000 |
Deferred tax liabilities | 617 | 3,736 | 3,476 |
Total liabilities | 45,013 | 272,499 | 229,116 |
Shareholders' equity | ' | ' | ' |
Registered capital (of US$0.129752 par value; 20,000,000 shares authorized; 13,062,500 issued and outstanding) | 2,201 | 13,323 | 13,323 |
Additional paid-in capital | 51,523 | 311,907 | 311,907 |
Statutory reserve | 6,185 | 37,441 | 37,441 |
Retained earnings | 15,919 | 96,370 | 155,341 |
Cumulative translation adjustment | 210 | 1,266 | 1,222 |
Total shareholders’ equity | 76,038 | 460,307 | 519,234 |
Non-controlling interest | -125 | -759 | -800 |
Total equity | 75,913 | 459,548 | 518,434 |
Total liabilities and shareholders’ equity | $120,926 | 732,047 | 747,550 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock, Par or Stated Value Per Share | $0.13 | $0.13 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 13,062,500 | 13,062,500 |
Common stock, shares outstanding | 13,062,500 | 13,062,500 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Net sales | $50,374 | 304,950 | 372,866 | 537,645 |
Cost of sales | 52,922 | 320,375 | 375,973 | 452,173 |
Gross (loss) margin | -2,548 | -15,425 | -3,107 | 85,472 |
Operating expenses: | ' | ' | ' | ' |
Selling expenses | 2,782 | 16,839 | 18,212 | 19,930 |
Administrative expenses | 5,307 | 32,130 | 32,389 | 34,806 |
Goodwill impairment | 0 | 0 | 10,276 | 0 |
Total operating expenses | 8,089 | 48,969 | 60,877 | 54,736 |
Operating (loss) income | -10,637 | -64,394 | -63,984 | 30,736 |
Other income (expense): | ' | ' | ' | ' |
- Interest income | 169 | 1,024 | 1,022 | 2,612 |
- Interest expense | -1,667 | -10,094 | 0 | -10,227 |
- Others income (expense), net | 744 | 4,505 | 798 | 1,872 |
Total other income (expense) | -754 | -4,565 | 1,820 | -5,743 |
(Loss) Income before provision for income taxes | -11,391 | -68,959 | -62,164 | 24,993 |
Income tax benefit (expense) | 1,653 | 10,007 | 7,727 | -3,955 |
Net (Loss) income | -9,738 | -58,952 | -54,437 | 21,038 |
Net income (Loss) attributable to noncontrolling interests | 3 | 19 | -10 | -43 |
Net (loss) income attributable to the Company | -9,741 | -58,971 | -54,427 | 21,081 |
Other comprehensive income (loss): | ' | ' | ' | ' |
- Foreign currency translation adjustments attributable to noncontrolling interest | 4 | 22 | 8 | 39 |
- Foreign currency translation adjustments attributable to the Company | 7 | 44 | -8 | 44 |
Comprehensive income (loss) attributable to non-controlling interest | 7 | 41 | -2 | -4 |
Comprehensive (loss) income attribute to the Company | ($9,734) | -58,927 | -54,435 | 21,125 |
(Loss) Earnings per share, Basic and diluted | ($0.74) | -4.51 | -4.17 | 1.61 |
Weighted average number ordinary shares, Basic and diluted | 13,062,500 | 13,062,500 | 13,062,500 | 13,062,500 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY | Total | Total | Ordinary Shares [Member] | Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Statutory Reserve [Member] | Statutory Reserve [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity [Member] | Total Shareholders' Equity [Member] | Non-controlling Interest [Member] | Non-controlling Interest [Member] |
In Thousands, except Share data | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY |
Balance at Dec. 31, 2010 | ' | 551,750 | ' | 13,323 | ' | 311,907 | ' | 35,195 | ' | 190,933 | ' | 1,186 | ' | 552,544 | ' | -794 |
Balance, shares at Dec. 31, 2010 | ' | ' | ' | 13,062,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | 21,038 | ' | 0 | ' | 0 | ' | 0 | ' | 21,081 | ' | 0 | ' | 21,081 | ' | -43 |
Transfer to statutory reserve | ' | 0 | ' | 0 | ' | 0 | ' | 2,246 | ' | -2,246 | ' | 0 | ' | 0 | ' | 0 |
Foreign currency translation adjustment | ' | 83 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 44 | ' | 44 | ' | 39 |
Balance at Dec. 31, 2011 | ' | 572,871 | ' | 13,323 | ' | 311,907 | ' | 37,441 | ' | 209,768 | ' | 1,230 | ' | 573,669 | ' | -798 |
Balance, shares at Dec. 31, 2011 | ' | ' | ' | 13,062,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | -54,437 | ' | 0 | ' | 0 | ' | 0 | ' | -54,427 | ' | 0 | ' | -54,427 | ' | -10 |
Foreign currency translation adjustment | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | -8 | ' | -8 | ' | 8 |
Balance at Dec. 31, 2012 | ' | 518,434 | ' | 13,323 | ' | 311,907 | ' | 37,441 | ' | 155,341 | ' | 1,222 | ' | 519,234 | ' | -800 |
Balance, shares at Dec. 31, 2012 | ' | ' | ' | 13,062,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -9,738 | -58,952 | ' | 0 | ' | 0 | ' | 0 | ' | -58,971 | ' | 0 | ' | -58,971 | ' | 19 |
Foreign currency translation adjustment | ' | 66 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 44 | ' | 44 | ' | 22 |
Balance at Dec. 31, 2013 | $75,913 | 459,548 | $2,201 | 13,323 | $51,523 | 311,907 | $6,185 | 37,441 | $15,919 | 96,370 | $210 | 1,266 | $76,038 | 460,307 | ($125) | -759 |
Balance, shares at Dec. 31, 2013 | ' | ' | 13,062,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Cash flow from operating activities | ' | ' | ' | ' |
Net (loss) income | ($9,738) | -58,952 | -54,437 | 21,038 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities | ' | ' | ' | ' |
- Loss on disposal of property, plant and equipment | 5 | 33 | 10 | 0 |
- Loss on goodwill impairment | 0 | 0 | 10,276 | 0 |
- Depreciation of property, plant and equipment | 7,956 | 48,161 | 48,709 | 43,783 |
- Amortization of intangible assets | 87 | 524 | 524 | 454 |
- Deferred income taxes | -1,653 | -10,007 | -7,727 | 165 |
- Bad debt (recovery) expense | -288 | -1,744 | 1,026 | -354 |
- Inventory provision | 0 | 0 | 0 | 3,533 |
Changes in operating assets and liabilities | ' | ' | ' | ' |
- Accounts and bills receivable | 2,249 | 13,615 | 31,460 | -26,620 |
- Inventories | -688 | -4,164 | 7,483 | 7,270 |
- Advance to suppliers | 1,306 | 7,909 | -6,351 | 2,167 |
- Prepaid expenses and other current assets | -66 | -398 | 29,192 | -30,180 |
- Accounts payable | 769 | 4,658 | 9,579 | 5,021 |
- Accrued expenses and other payables | 6 | 38 | 789 | -7,185 |
- Advance from customers | 488 | 2,952 | -162 | -25,415 |
- Tax payable | 77 | 465 | -23,920 | -7,695 |
Net cash provided by (used in) operating activities | 510 | 3,090 | 46,451 | -14,018 |
Cash flow from investing activities | ' | ' | ' | ' |
Purchases of property, plant and equipment | -729 | -4,416 | -5,285 | -35,943 |
Restricted cash related to trade finance | -3,299 | -19,974 | 80,752 | -100,915 |
Advanced to suppliers - non current | 523 | 3,165 | 57,500 | -273 |
Amount change in construction in progress | -1,451 | -8,785 | -207,432 | 17,806 |
Interest capitalization related to CIP | -340 | -2,059 | -11,174 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 250 | 0 |
Net cash used in investing activities | -5,296 | -32,069 | -85,389 | -119,325 |
Cash flow from financing activities | ' | ' | ' | ' |
Principal payments of short-term bank loans | -18,171 | -110,000 | -168,501 | -142,000 |
Proceeds from short-term bank loans | 17,345 | 105,000 | 110,000 | 148,501 |
Payment of capital lease obligation | -1,342 | -8,123 | 0 | 0 |
Change in notes payable | 7,217 | 43,691 | 38,299 | 0 |
Proceeds from sale-leaseback equipment | 826 | 5,000 | 20,000 | 0 |
Net cash (used in) provided by financing activities | 5,875 | 35,568 | -202 | 6,501 |
Effect of foreign exchange rate changes | 20 | -17 | -26 | -213 |
Net increase (decrease) in cash and cash equivalent | 1,109 | 6,572 | -39,166 | -127,055 |
Cash and cash equivalent | ' | ' | ' | ' |
At beginning of period/year | 804 | 5,006 | 44,172 | 171,227 |
At end of period/year | 1,913 | 11,578 | 5,006 | 44,172 |
SUPPLEMENTARY DISCLOSURE: | ' | ' | ' | ' |
Interest paid | 2,008 | 12,153 | 11,174 | 10,227 |
Income tax paid | 0 | 0 | 0 | 9,654 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCIAL ACTIVITIES: | ' | ' | ' | ' |
Account payable for plant and equipment: | 1,233 | 7,466 | 6,003 | 1,730 |
Obligations for acquired equipment under capital lease: | $2,788 | 16,877 | 20,000 | 0 |
Principal_Activities_and_Reorg
Principal Activities and Reorganization | 12 Months Ended |
Dec. 31, 2013 | |
Principal Activities and Reorganization [Abstract] | ' |
Principal Activities and Reorganization | ' |
(1) Principal Activities and Reorganization | |
Fuwei Films (Holdings) Co., Ltd and its subsidiaries (the “Company” or the “Group”) are principally engaged in the production and distribution of BOPET film, a high quality plastic film widely used in packaging, imaging, electronics, electrical and magnetic products in the People’s Republic of China (the “PRC”). The Company is a holding company incorporated in the Cayman Islands, established on August 9, 2004 under the Cayman Islands Companies Law as an exempted company with limited liability. The Company was established for the purpose of acquiring shares in Fuwei (BVI) Co., Ltd (“Fuwei (BVI)”), an intermediate holding company established for the purpose of acquiring all of the ownership interest in Fuwei Films (Shandong) Co., Ltd. | |
On April 23, 2009, Fuwei Films USA, LLC was set up and co-invested by Fuwei Films (Holdings) Co., Ltd. and Newell Finance Management Co., Ltd. Fuwei Films USA, LLC has a registered capital of US$10 and total investment amount of US$100. Fuwei Films (Holdings) Co., Ltd. and Newell Finance Management Co., Ltd. own 60% and 40% of the total shares of Fuwei Films USA, LLC, respectively. | |
On May 9 and 17, 2011, the Company received two notifications from the Weifang State-Owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-Owned Asset Management and Supervision Committee (the “Administration Company”), regarding the transfer of the Company stock previously controlled by the Company’s major shareholders. As a result of the transfer, and based on information provided by the Administration Company, the Company believes that 65.45% of its outstanding ordinary shares are controlled indirectly by the Administration Company and the sole director of each of the intermediate holding companies, Mr. Zheng Min. | |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
(2) Basis of Presentation | |
The Group’s consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |
This basis of accounting differs in certain material respects from that used in the preparation of the books of account of Shandong Fuwei, the Company’s principal subsidiary, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises limited by shares as established by the Ministry of Finance of the PRC (“PRC GAAP”), the accounting standards used in the country of its domicile. The accompanying consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company’s subsidiaries to present them in conformity with U.S. GAAP. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Practices | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary of Significant Accounting Policies and Practices [Abstract] | ' | ||
Summary of Significant Accounting Policies and Practices | ' | ||
(3) Summary of Significant Accounting Policies and Practices | |||
(a) Principles of Consolidation | |||
The consolidated financial statements include the financial statements of the Company and its three subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||
(b) Foreign Currency Transactions | |||
The Group’s reporting currency is the Chinese Yuan (“Renminbi” or “RMB”). | |||
The Company and Fuwei (BVI) operate in Hong Kong as investment holding companies and their financial records are maintained in Hong Kong dollars, being the functional currency of these two entities. Fuwei US company, the wholly owned subsidiaries of the company, their financial records are maintained in US dollars. Assets and liabilities are translated into RMB at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and income, expenses, and cash flow items are translated using the average rate for the period. The translation adjustments are recorded in accumulated other comprehensive income in the statements of equity. | |||
Transactions denominated in currencies other than RMB are translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing at the dates of transactions. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. | |||
Commencing from July 21, 2005, the PRC government moved the RMB into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. | |||
For the convenience of the readers, the RMB amounts for the year of 2013 included in the accompanying consolidated financial statements in our annual report has been translated into U.S. dollars at the rate of US$1.00 =MB 6.0537, being the noon buy rate for U.S. dollars in effect on December 31, 2013 in the City of New York for cable transfer in RMB per U.S. dollar as certified for custom purposes by the Federal Reserve Bank. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollar at that rate or at any other certain rate on December 31, 2013, or at any other date. | |||
RMB is not fully convertible into foreign currencies. All foreign exchange transactions involving RMB must take place either through the PBOC or other institutions authorized to buy and sell foreign currency. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC which are determined largely by supply and demand. | |||
(c) Cash and Cash Equivalents and Restricted Cash | |||
For statements of cash flow purposes, the Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. | |||
As of December 31, 2013 and 2012, there were cash and cash equivalents of RMB11,578 (US$1,913) and RMB5,006, respectively. | |||
As of December 31, 2013 and 2012, there were restricted cash of RMB41,422 (US$6,842) and RMB21,457, respectively, as deposit in bank for letters of credit and banker’s acceptance bill. | |||
(d) Trade Accounts Receivable | |||
Trade accounts receivable are recorded at the invoiced amount after deduction of trade discounts, value added taxes and allowances, if any, and do not bear interest. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable. The Group determines the allowance based on historical write-off experience, customer specific facts and economic conditions. | |||
The Group reviews its allowance for doubtful accounts monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. All other balances are reviewed on a pooled basis by aging of such balances. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. | |||
(e) Inventories | |||
Inventories are stated at the lower of cost or market value as of balance sheet date. Inventory valuation and cost-flow is determined using Moving Weighted Average Method basis. The Group estimates excess and slow moving inventory based upon assumptions of future demands and market conditions. If actual market conditions are less favorable than projected by management, additional | |||
inventory write-downs may be required. Cost of work in progress and finished goods comprises direct material, direct production cost and an allocated portion of production overheads based on normal operating capacity. | |||
(f) Property, Plant and Equipment | |||
Property, plant and equipment are stated at cost less accumulated depreciation. | |||
Depreciation on property, plant and equipment is calculated on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: | |||
Years | |||
Buildings and improvements | 25 – 30 | ||
Plant and equipment | 10 – 15 | ||
Computer equipment | 5 | ||
Furniture and fixtures | 5 | ||
Motor vehicles | 5 | ||
Depreciation related to abnormal amounts from idle capacity is charged to cost of goods sold for the period incurred. Total depreciations for the years ended December 31, 2013, 2012 and 2011 were RMB48,161 (US$7,956), RMB48,709 and RMB43,783 respectively, of which 86.7%, 86.1% and 84.6% was recorded in cost of goods sold and 13.3%, 13.9% and 15.4% was recorded in administrative and selling expenses, respectively. | |||
Construction in progress represented capital expenditure in respect of the BOPET productions line. No depreciation is provided in respect of construction in progress. | |||
(g) Leased Assets | |||
An arrangement, comprising a transaction or a series of transactions, is or contains a lease if the Group determines that the arrangement conveys a right to use a specific asset or assets for an agreed period of time in return for a payment or a series of payments. Such a determination is made based on an evaluation of the substance of the arrangement and is regardless of whether the arrangement takes the legal form of a lease. | |||
Classification of assets leased to the Group. Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership are classified as being held under capital leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases. | |||
Assets acquired under capital leases. Where the Group acquires the use of assets under capital leases, the amounts representing the fair value of the leased asset, or, if lower, the present value of the minimum lease payments, of such assets are included in property, plant and equipment and the corresponding liabilities, net of finance charges, are recorded as obligations under capital leases. Depreciation is provided at rates which write off the cost or valuation of the assets over the term of the relevant lease or, where it is likely the Group will obtain ownership of the asset, the life of the asset. Finance charges implicit in the lease payments are charged to the consolidated income statement over the period of the leases so as to produce an approximately constant periodic rate of charge on the remaining balance of the obligations for each accounting period. Contingent rentals are charged to the consolidated income statement in the accounting period in which they are incurred. | |||
Operating lease charges. Where the Group has the use of assets held under operating leases, payments made under the leases are charged to the consolidated income statement in equal installments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognized in the consolidated income statement as an integral part of the aggregate net lease payments made. Contingent rentals are charged to the consolidated income statement in the accounting period in which they are incurred. | |||
Sale and leaseback transactions. Gains or losses on equipment sale and leaseback transactions which result in capital leases are deferred and amortized over the terms of the related leases. Gains or losses on equipment sale and leaseback transactions which result in operating leases are recognized immediately if the transactions are established at fair value. Any loss on the sale perceived to be a real economic loss is recognized immediately. However, if a loss is compensated for by future rentals at a below-market price, then the artificial loss is deferred and amortized over the period that the equipment is expected to be used. If the sale price is above fair value, then any gain is deferred and amortized over the useful life of the assets. | |||
(h) Lease Prepayments | |||
Lease prepayments represent the costs of land use rights in the PRC. Land use rights are carried at cost and charged to expense on a straight-line basis over the respective periods of rights of 30 years. The current portion of lease prepayments has been included in prepayments and other receivables in the balance sheet. | |||
(i) Goodwill | |||
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized but is tested for impairment annually, or when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds the fair value of the reporting unit, with the fair value of the reporting unit determined using a discounted cash flow (DCF) analysis. A number of significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including the discount rate, the internal rate of return, and projections of realizations and costs to produce. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Goodwill was determined to be fully impaired during the year ended December 31, 2012. | |||
(j) Impairment of Long-lived Assets | |||
The Company recognizes an impairment loss when circumstances indicate that the carrying value of long-lived assets with finite lives may not be recoverable. Management’s policy in determining whether an impairment indicator exists, a triggering event, comprises measurable operating performance criteria at an asset group level as well as qualitative measures. If an analysis is necessitated by the occurrence of a triggering event, the Company uses assumptions, which are predominately identified from the Company’s strategic long-range plans, in determining the impairment amount. In the calculation of the fair value of long-lived assets, the Company compares the carrying amount of the asset group with the estimated future cash flows expected to result from the use of the assets. If the carrying amount of the asset group exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset group with their estimated fair value. We estimate the fair value of assets based on market prices (i.e., the amount for which the asset could be bought by or sold to a third party), when available. When market prices are not available, we estimate the fair value of the asset group using discounted expected future cash flows at the Company’s weighted-average cost of capital. Management believes its policy is reasonable and is consistently applied. Future expected cash flows are based upon estimates that, if not achieved, may result in significantly different results. No impairment was determined to exist as of December 31, 2013 and 2012. | |||
(k) Revenue Recognition | |||
Sales of plastic flexible packaging materials are reported, net of value added taxes (“VAT”), sales returns, trade discounts. The standard terms and conditions under which the Group generally delivers allow a customer the right to return product for refund only if the product does not conform to product specifications; the non-conforming product is initially identified by customer, and the customer notifies the Group about the situation. After receiving the Group’s permission, the non-conforming product may be returned for replacement or refund. The Group recognizes revenue when products are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sale price is fixed or determinable. | |||
In the PRC, VAT of 17% on invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Group; instead, the amount is recorded as a liability on the consolidated balance sheet until such VAT is paid to the authorities. | |||
(l) Research and Development Costs | |||
Research and development expenditures are expensed as incurred. Research and development costs amounted to RMB10,906 (US$1,802), RMB9,617 and RMB10,159 for the year ended December 31, 2013, 2012 and 2011 and such costs were recorded in administrative expenses. | |||
(m) Income Taxes | |||
Income taxes are accounted for under the asset and liability method. Under guidance contained in FASB ASC 740-10, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We follow the recognition and disclosure provisions under guidance contained in FASB ASC 740-10-25. Under this guidance, tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Our policy is to record interest and penalties relating to uncertain tax positions in income tax expense. | |||
(n) Earnings (loss) per Share | |||
Basic earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of ordinary shares outstanding during the year. Diluted earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of ordinary and dilutive potential ordinary shares outstanding during the year. Diluted potential ordinary shares consist of shares issuable pursuant to stock option plan. | |||
(o) Use of Estimates | |||
The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management of the Group to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates and assumptions including those related to the recoverability of the carrying amount and the estimated useful lives of long-lived assets, valuation allowances for accounts receivable and realizable values for inventories. Changes in facts and circumstances may result in revised estimates. | |||
(p) Noncontrolling interest | |||
Non-controlling interest represents the portion of equity that is not attributable to the Company. The net income (loss) attributable to noncontrolling interests are separately presented in the accompanying statements of income and other comprehensive income. Losses attributable to noncontrolling interests in a subsidiary may exceed the interest in the subsidiary’s equity. The related noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit of the noncontrolling interest balance. | |||
(q) Segment Reporting | |||
The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. Management, including the chief operating decision maker, reviews operating results solely by monthly revenue of BOPET film (but not by sub-product type or geographic area) and operating results of Shandong Fuwei, the operating subsidiary in the PRC. As such, the Group has determined that the Group has a single operating segment. | |||
(r) Contingencies | |||
In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, including among others, product liability. The Group recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments including past history and the specifics of each matter. As of December 31, 2013 and 2012, the balance of predicted liability was RMB200 (US$33) and RMB830, respectively, which was estimated liability related to our defective products and included in accrued expenses and other payables as current liabilities on balance sheets. | |||
(s) Reclassification | |||
Certain reclassifications have been made to the fiscal year 2013 and 2012 consolidated financial statements to conform to the fiscal 2013 consolidated financial statement presentation. These reclassifications had no effect on net loss or cash flows as previously reported. | |||
(t) Going Concern Matters | |||
The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles which contemplate continuation of the company as a going concern. However, as of December 31, 2013, the Company had a working capital deficiency of RMB115,587 (US$19,094) and accumulated deficit of RMB58,952 (US$9,738) from net losses incurred during the year of 2013. Confronted with the fierce competition in the BOPET industry in China, the Company may still witness losses over the next twelve months. The ability of the Company to operate as a going concern depends upon its ability to obtain outside sources of working capital and/or generate positive cash flow from operations. The Company accordingly has developed an outside financing plan to meet the need of working capital for our operation or debts. At the same time, the Company will continue implementing cost reductions on both manufacturing costs and operating expenses to improve profit margins. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern. | |||
(u) Recently Issued Accounting Standards | |||
In July 2013, the Financial Accounting Standards Board, or FASB, issued a new accounting standard which will require the presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities in the consolidated balance sheets when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new standard requires adoption on a prospective basis in the first quarter of 2015; however, early adoption is permitted. We do not expect the adoption will have a significant impact on our consolidated financial statements | |||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02, which requires entities to present information about significant items reclassified out of accumulated other comprehensive income (loss) by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. This ASU is effective for the Company in the first quarter of fiscal 2014. We do not expect the adoption will have a significant impact on our consolidated financial statements | |||
In July 2012, the FASB issued ASU 2012-02, which amends how companies test for impairment of indefinite-lived intangible assets. The new guidance permits a company to assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the annual impairment test. The ASU is effective for the Company in the first quarter of fiscal 2014. We do not expect the adoption will have a significant impact on our consolidated financial statements | |||
Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not applicable or not significant to the consolidated financial statements of the Company. | |||
Accounts_and_Bills_Receivable_
Accounts and Bills Receivable, net | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts and Bills Receivable, net [Abstract] | ' | |||||||||
Accounts and Bills Receivable, net | ' | |||||||||
(4) Accounts and Bills Receivable, net | ||||||||||
Accounts receivable consisted of the following: | ||||||||||
December 31, 2013 | December 31, 2012 | |||||||||
RMB | US$ | RMB | ||||||||
Accounts receivable | 6,868 | 1,134 | 11,943 | |||||||
Less: Allowance for doubtful accounts | -795 | -131 | -1,196 | |||||||
6,073 | 1,003 | 10,747 | ||||||||
Bills receivable | 2,300 | 380 | 10,840 | |||||||
8,373 | 1,383 | 21,587 | ||||||||
An analysis of the allowance for doubtful accounts for 2013, 2012 and 2011 is as follows: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Balance at beginning of year | 1,196 | 197 | 1,785 | 2,140 | ||||||
Bad debt (recovery) expense | -401 | -66 | -589 | -355 | ||||||
Write-offs | - | - | - | - | ||||||
Balance at end of year | 795 | 131 | 1,196 | 1,785 | ||||||
The Group has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. These receivables are due within 7 to 90 days from the date of billing. Normally, the Group does not obtain collateral from customers. | ||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
(5) Inventories | ||||||||
Inventories consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
RMB | US$ | RMB | ||||||
Raw materials | 16,322 | 2,696 | 19,081 | |||||
Work-in-progress | 3,436 | 568 | 3,095 | |||||
Finished goods | 24,114 | 3,983 | 17,507 | |||||
Consumables and spare parts | 693 | 114 | 719 | |||||
Allowance for obsolescence | -6,111 | -1,009 | -6,111 | |||||
38,454 | 6,352 | 34,291 | ||||||
Prepayments_and_Other_Receivab
Prepayments and Other Receivables | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepayments and Other Receivables [Abstract] | ' | |||||||
Prepayments and Other Receivables | ' | |||||||
6) Prepayments and Other Receivables | ||||||||
Prepayments and other receivables consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
RMB | US$ | RMB | ||||||
Prepayments | 593 | 98 | 627 | |||||
Other receivables | 25,514 | 4,215 | 25,547 | |||||
26,107 | 4,313 | 26,174 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
(7) Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following: | ||||||||
December 31, 2013 | December 31,2012 | |||||||
RMB | US$ | RMB | ||||||
Buildings | 101,027 | 16,688 | 46,280 | |||||
Plant and equipment | 735,831 | 121,551 | 453,518 | |||||
Computer equipment | 2,367 | 391 | 2,056 | |||||
Furniture and fixtures | 12,201 | 2,015 | 9,027 | |||||
Motor vehicles | 2,093 | 346 | 2,094 | |||||
853,519 | 140,991 | 512,975 | ||||||
Less: accumulated depreciation | -328,742 | -54,304 | -279,640 | |||||
524,777 | 86,687 | 233,335 | ||||||
All of the Group’s buildings are located in the PRC. As of December 31, 2013 and 2012, property, plant and equipment plus land use rights with carrying value totaling RMB262,809 (US$43,413) and RMB231,501 respectively were pledged to banks as collateral for short-term bank loans and credit limits (see Note 12). | ||||||||
Construction-in-progress represents capital expenditure in respect of the BOPET production line. The interest capitalization was RMB2,059 and RMB11,174 during the years ended December 31, 2013 and 2012, respectively. | ||||||||
Lease_Prepayments
Lease Prepayments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Lease Prepayments [Abstract] | ' | |||||||
Lease Prepayments | ' | |||||||
(8) Lease Prepayments | ||||||||
The balance represents the lease prepayments of land use rights of the Group as follows: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
RMB | US$ | RMB | ||||||
Non-current portion | 18,999 | 3,138 | 19,523 | |||||
Current portion - amount charged to expense next year | 454 | 75 | 454 | |||||
19,453 | 3,213 | 19,977 | ||||||
As of December 31, 2013, total prepaid land use rights were pledged to banks as collateral for short-term bank loans and credit limit in bank (see Note 12). | ||||||||
Land use rights amortization for the year ended December 31, 2013, 2012 and 2011 were RMB454 (US$75), RMB454 and RMB454, respectively. | ||||||||
As of December 31, 2013, prepaid land use rights of the Group included certain parcels of land located in Weifang City, Shandong Province, the PRC, with a net book value of RMB19,453 (US$3,213). The land use rights for land with area of approximately 43,878 square meters, 5,279 square meters and 25,094 square meters will expire in November 2050, May 2053 and February 2055, respectively. | ||||||||
Advance_to_suppliers
Advance to suppliers | 12 Months Ended |
Dec. 31, 2013 | |
Advance To Suppliers [Abstract] | ' |
Advance to suppliers | ' |
9) Advance to suppliers | |
Historically, we have significant working capital commitments because suppliers of PET resin and additives -based raw materials require us to make prepayments in advance of shipment. Besides, we may make prepayments related to some equipment purchases based on arrangement of contract. Our prepayments to suppliers were recorded either as advances to suppliers, if they are expected to be utilized within 12 months as of balance sheet date, or as long-term prepayments, which was included in the line item “advance to suppliers –long term” in our consolidated balance sheet, if they represented the portion expected to be utilized after 12 months. As of December 12, 2013 and 2012, the current portion of advance to suppliers was RMB6,977 (US$1,153) and RMB13,543, respectively. The noncurrent portion of advance to suppliers was RMB2,134 (US$353) and RMB5,299, net of allowance for bad debts of RMB272 (US$45) and RMB1,616, respectively, as of December 31, 2013 and 2012. | |
Longterm_Deposit
Long-term Deposit | 12 Months Ended |
Dec. 31, 2013 | |
Long Term Deposit [Abstract] | ' |
Long-term Deposit | ' |
(10) Long-term Deposit | |
On January 20, 2008, Shandong Fuwei signed a “Letter of Intent of Joyinn Capital Increase and Share Expansion” (“LOI”) with Joyinn Hotel Investment & Management Co., Ltd. (“Joyinn”) and the Shareholder of Joyinn. Joyinn is a legal company of limited liability that registered on May 19, 2006 in Beijing, with registered capital of RMB50,000 (US$6,236). | |
According to the LOI, Shandong Fuwei deposited RMB 26,000 (half of the would-be added register capital of RMB52,000), to Joyinn as the prepayment as of June 30, 2008. The prepayment to Joyinn will be regarded as investment payment after all parties enter into the final capital increase and shares expansion agreement during the effective term of this LOI. A share pledging agreement was entered into subsequently on April 9, 2008 between Shandong Fuwei and Shandong Xinmeng Investment Co., Ltd (“Pledger”), which holds 97.6% shares of Joyinn. The Pledger agreed to pledge its 52% interest in Joyinn, as a guarantee to the prepayment on the newly increased register capital made by Shandong Fuwei to Joyinn. Based on the mutual supplementary agreement signed in June 2008, the prepayment was decreased by RMB5,000 and returned to the Company on June 18, 2008. | |
On June 23, 2009, Shandong Fuwei and the Pledger, the major shareholder of Joyinn, agreed that the Pledger would pledge another 19% of its interest in Joyinn in addition to the previous pledge of 52% interest in Joyinn as a guarantee to the prepayment on the newly increased register capital made by Shandong Fuwei to Joyinn. As a result, the Pledger’s percentage of pledged interest in Joyinn increased from 52% to 71%. In the year 2010, the Company impaired the deposit amount by RMB4,240 (US$681). The impairment was determined based on an independent appraisal study. | |
On July 14, 2009, Shandong Fuwei and Joyinn signed “Supplementary Agreement of Letter of Intent of Joyinn Capital Increase and Share Expansion” which extends the duration of former agreement to two (2) years that is, Fuwei has the option right to determine to continue or withdraw the investment prior to January 14, 2010, the expiration date of the agreement. | |
Upon the expiration of the Supplementary Agreement on January 14, 2010, Shandong Fuwei and the Pledger entered into an agreement pursuant to which the Pledger agreed to transfer a 71% interest in Joyinn to Shandong Fuwei. The transaction is subject to the approval of the authority body of both parties. | |
On March 9, 2012, Shandong Fuwei and the Pledger agreed that prior to the approval of the foregoing share transfer, all the related agreements and share pledge terms and conditions will remain in full force and effect. | |
The Pledger’s percentage of Joyinn was transferred to Weifang State-Owned Assets Operation Administration Company (the “Administration Company”) according to the court order. On December 10, 2012, Shandong Fuwei entered into a Share Pledge Agreement with the major shareholder of Joyinn – the Administration Company, in which the Administration Company agreed all the terms and conditions in LOI and its Supplementary Agreement. The Administration Company, as the new Pledger, agreed to increase the pledged interest by 16.8% to 87.8%. | |
As of December 31, 2013 and 2012 the total amount of the deposit was RMB16,760 (US$2,769) and RMB16,760, respectively. | |
Other_assets
Other assets | 12 Months Ended |
Dec. 31, 2013 | |
Other Assets [Abstract] | ' |
Other assets | ' |
(11) Other assets | |
Other assets represent loss on sale-leaseback arrangement with International Far Eastern Leasing Co., Ltd. The loss is treated as compensation for the future rentals paid by Shandong Fuwei at a below-market price. The artificial loss should be deferred and amortized in proportion to the amortization of the related leased assets. As of December 31, 2013 and 2012, the total amount of the other assets was RMB13,244 (US$2,188) and RMB262, respectively. | |
ShortTerm_and_LongTerm_Bank_Lo
Short-Term and Long-Term Bank Loans | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Short-term and Long-term Bank Loans [Abstract] | ' | |||||||||
Short-term and Long-term Bank Loans | ' | |||||||||
(12) Short-term and Long-term Bank Loans | ||||||||||
Interest | 12/31/13 | 12/31/12 | ||||||||
rate per | ||||||||||
Lender | annum | RMB | US$ | RMB | ||||||
SHORT-TERM LOANS | ||||||||||
Bank of Communications Co., Ltd. | ||||||||||
- May 11, 2012 to May 7, 2013 | 7.87 | % | - | - | 10,000 | |||||
- May 8, 2012 to April 5, 2013 | 7.87 | % | - | - | 30,000 | |||||
- May 9, 2012 to April 15, 2013 | 7.87 | % | - | - | 35,000 | |||||
- May 9, 2012 to April 26, 2013 | 7.87 | % | - | - | 35,000 | |||||
- April 18, 2013 to April 2, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
- April 19, 2013 to April 11, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
- April 23, 2013 to April 16, 2014 | 7.20 | % | 25,000 | 4,129 | - | |||||
- April 25, 2013 to April 18, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
- May 2, 2013 to April 24, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
LONG-TERM LOANS | ||||||||||
Weifang Dongfang State-owned Assets Management Co., Ltd. | ||||||||||
- October 19, 2009 to October 18, 2017 | 6.12 | % | 10,000 | 1,652 | 10,000 | |||||
115,000 | 18,997 | 120,000 | ||||||||
Less amounts classified as short-term | -105,000 | -17,345 | -110,000 | |||||||
10,000 | 1,652 | 10,000 | ||||||||
Notes: | ||||||||||
The Company has entered into six loan agreements with commercial banks to finance its working capital, R&D investment and construction. The weighted average interest rate of short-term bank loans outstanding as of December 31, 2013 and 2012 was 7.42% and 7.66% per annum, respectively. | ||||||||||
The principal amounts of the above short-term loans are repayable at the end of the loan period. | ||||||||||
The Company paid off four short-term loans totaling RMB110,000 (US$18,171) to Bank of Communications Co., Ltd. in April 2013 and then obtained five new short-term loans from Bank of Communications Co., Ltd. in April and May 2013 for a total amount of RMB105,000 (US$17,345), including: (i) RMB20,000 (US$3,304) on April 18, 2013, maturing on April 2, 2014; (ii) RMB20,000 (US$3,304) on April 19, 2013, maturing on April 11, 2014; (iii) RMB25,000 (US$4,129) on April 23, 2013, maturing on April 16, 2014; (iv) RMB20,000 (US$3,304) on April 25, 2013, maturing on April 18, 2014; and (v) RMB20,000 (US$3,304) on May 2, 2013, maturing on April 24, 2014. The annual interest rate of these bank loans is 7.20%. As of December 31, 2013 and 2012, the balance of short-term loans was RMB105,000 (US$17,345) and RMB110,000, respectively. | ||||||||||
On November 20, 2009, we signed a long-term loan agreement of RMB10,000 (US$1,652) with Weifang Dongfang State-owned Assets Management Co., Ltd., with an eight-year loan term, which became effective on October 19, 2009 and will expire on October 18, 2017. From 2015 to 2016, the Company will make principal installment payments of RMB3,350 (US$553) per year with the remaining principal balance of RMB3,300 (US$545) due in 2017. The annual interest rate for the loan is the benchmark interest rate for over five-year loans announced by the People’s Bank of China reduced by 10% and the applicable annual interest rate for the period ended December 31, 2013 is 6.12%. The loan is guaranteed by Shandong Deqin Investment& Guarantee Co., Ltd. and is used for our projects. | ||||||||||
Bank loans outstanding, which are all denominated in Renminbi, are secured and guaranteed as follows: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
Secured by: | RMB | US$ | RMB | RMB | ||||||
Property plant and equipment, Land use right | 105,000 | 17,345 | 110,000 | 150,000 | ||||||
Bills receivable | - | - | - | - | ||||||
Guarantee company | 10,000 | 1,652 | 10,000 | 10,000 | ||||||
Restricted cash | - | - | - | 18,501 | ||||||
115,000 | 18,997 | 120,000 | 178,501 | |||||||
Long-term bank loans maturity for the next five years after December 31, 2013 are as follows: | ||||||||||
RMB | US$ | |||||||||
Fiscal 2014 | - | - | ||||||||
Fiscal 2015 | 3,350 | 553 | ||||||||
Fiscal 2016 | 3,350 | 553 | ||||||||
Fiscal 2017 | 3,300 | 546 | ||||||||
Fiscal 2018 | - | - | ||||||||
Notes_Payable
Notes Payable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Notes Payable | ' | |||||||
(13) Notes Payable | ||||||||
As of December 31, 2013, Shandong Fuwei had banker’s acceptances opened with a maturity from three to six months totaling RMB81,990 (US$13,544) for payment in connection with raw materials on a total deposits of RMB40,998 (US$6,772) at SPD Bank. | ||||||||
Notes payable consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Issuing bank | RMB | US$ | RMB | |||||
SPD Bank | 81,990 | 13,544 | 38,299 | |||||
81,990 | 13,544 | 38,299 | ||||||
Accrued_Expenses_and_Other_Pay
Accrued Expenses and Other Payables | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses and Other Payables [Abstract] | ' | |||||||
Accrued Expenses and Other Payables | ' | |||||||
(14) Accrued Expenses and Other Payables | ||||||||
Accrued expenses and other payables consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
RMB | US$ | RMB | ||||||
Other payables | 6,577 | 1,087 | 6,001 | |||||
Predicted liability | 200 | 32 | 830 | |||||
6,777 | 1,119 | 6,831 | ||||||
As of December 31, 2013 and 2012, the balance of predicted liability was RMB200 (US$32) and RMB830, respectively, which was estimated liability related to our defective products. | ||||||||
Obligations_under_capital_leas
Obligations under capital leases | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Obligations under capital leases [Abstract] | ' | |||||||||||||||||||
Obligations under capital leases | ' | |||||||||||||||||||
(15) Obligations under capital leases | ||||||||||||||||||||
The Group has commitments under capital lease agreements as for a part of new third production line and associated equipment. The lease has terms of 3 years expiring by the end of December, 2015. As of December 31, 2013, future payments under these capital leases are as follows: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
RMB | US$ | RMB | US$ | RMB | US$ | RMB | RMB | RMB | ||||||||||||
Present value of the | Total minimum | Interest | Present | Total | Interest | |||||||||||||||
minimum lease | lease payments | value of | minimum | |||||||||||||||||
payments | the | lease | ||||||||||||||||||
minimum | payments | |||||||||||||||||||
lease | ||||||||||||||||||||
payments | ||||||||||||||||||||
Within 1 year | 8,314 | 1,373 | 9,166 | 1,514 | 852 | 141 | 6,282 | 7,287 | 1,005 | |||||||||||
After 1 year but within 2 years | 8,259 | 1,364 | 8,555 | 1,413 | 296 | 49 | 6,637 | 7,333 | 696 | |||||||||||
After 2 years but within 3 years | 304 | 51 | 306 | 51 | 2 | - | 7,081 | 7,332 | 251 | |||||||||||
After 3 years | - | - | - | - | - | - | - | |||||||||||||
16,877 | 2,788 | 18,027 | 2,978 | 1,150 | 190 | 20,000 | 21,952 | 1,952 | ||||||||||||
Less: balance due within one year classified as current liabilities | -8,314 | -1,373 | -6,282 | |||||||||||||||||
8,563 | 1,415 | 13,718 | ||||||||||||||||||
Details of obligations under capital leases are as follows: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
RMB | RMB | |||||||||||||||||||
RMB denominated obligations | ||||||||||||||||||||
Fixed interest rate of 6.49% per annum as of December 31, 2013 | 16,877 | 20,000 | ||||||||||||||||||
16,877 | 20,000 | |||||||||||||||||||
Guarantee deposit of RMB800 (US$132) over the capital leased assets concerned and relevant insurance policies were provided to the lessors as collateral and security. In addition, as is customary in the case of capital leases, the Group’s obligations are secured by four related parties (see Notes 21). | ||||||||||||||||||||
Revenues
Revenues | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Revenues [Abstract] | ' | |||||||||||||||
Revenues | ' | |||||||||||||||
(16) Revenues | ||||||||||||||||
The Company’s revenue is primarily derived from the manufacture and sale of plastic flexible packaging materials. | ||||||||||||||||
During the fiscal year ended December 31, 2013, net revenues were RMB304,950 (US$50,374), compared to RMB372,866 during the same period in 2012, representing a decrease of RMB67,916 or 18.2%, mainly due to the reduction of average sales price by 4.9% and total sales volumes by 14.0%. For further analysis of the factors causing revenue decrease, the reduction of average sales price caused a decrease of RMB15,660 and sales volume factor made a decrease of RMB52,256. | ||||||||||||||||
The following table shows the distribution of the Company’s revenue by the geographical location of customers, whereas all the Company’s assets are located in the PRC: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||
RMB | US$ | RMB | RMB | |||||||||||||
Sales in China | 263,076 | 43,457 | 302,290 | 392,195 | ||||||||||||
Sales in other countries (principally Europe, Asia and North America) | 41,874 | 6,917 | 70,576 | 145,450 | ||||||||||||
304,950 | 50,374 | 372,866 | 537,645 | |||||||||||||
Overseas sales were RMB41,874 (US$6,917) or 13.7% of total revenues, compared with RMB70,576 or 18.9% of total revenues in 2012. The decrease in overseas sales was mainly due to enhanced competition as well as anti-dumping measures taken by the USA and South Korea, which led to decrease in orders from the overseas market compared to the same period of 2012. | ||||||||||||||||
The Company’s revenue by significant types of films for 2013, 2012 and 2011 was as follows: | ||||||||||||||||
December 31, 2013 | December | December | ||||||||||||||
31, 2012 | 31, 2011 | |||||||||||||||
RMB | US$ | % of Total | RMB | % of Total | RMB | % of Total | ||||||||||
Stamping and transfer film | 142,309 | 23,508 | 46.7 | % | 202,029 | 54.2 | % | 293,768 | 54.6 | % | ||||||
Printing film | 27,852 | 4,601 | 9.1 | % | 42,449 | 11.4 | % | 55,218 | 10.3 | % | ||||||
Metallized film | 17,686 | 2,922 | 5.8 | % | 18,886 | 5.1 | % | 28,205 | 5.3 | % | ||||||
Specialty film | 89,382 | 14,764 | 29.3 | % | 92,536 | 24.8 | % | 140,491 | 26.1 | % | ||||||
Base film for other applications | 27,721 | 4,579 | 9.1 | % | 16,966 | 4.5 | % | 19,963 | 3.7 | % | ||||||
304,950 | 50,374 | 100 | % | 372,866 | 100 | % | 537,645 | 100 | % | |||||||
In 2013, sales of specialty films were RMB89,382 (US$14,764) and 29.3% of our total revenues as compared to RMB92,536 and 24.8% in 2012, which was a decrease of RMB3,154, or 3.4%, as compared to the same period in 2012. The decrease was largely attributable to the decrease in sales prices for films in electronics and high-end packaging. | ||||||||||||||||
Depreciation_and_Amortization
Depreciation and Amortization | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Depreciation and Amortization [Abstract] | ' | |||||||||
Depreciation and Amortization | ' | |||||||||
(17) Depreciation and Amortization | ||||||||||
Depreciation of property, plant and equipment and amortization of intangible asset is included in the following captions: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Cost of goods sold | 41,771 | 6,900 | 41,918 | 36,988 | ||||||
Selling expenses | 33 | 5 | 59 | 53 | ||||||
Administrative expenses | 6,357 | 1,051 | 6,732 | 6,742 | ||||||
48,161 | 7,956 | 48,709 | 43,783 | |||||||
Freight_Costs
Freight Costs | 12 Months Ended |
Dec. 31, 2013 | |
Freight Costs [Abstract] | ' |
Freight Costs | ' |
(18) Freight Costs | |
The Group records freight costs related to the transporting of the raw materials to the Group’s warehouse in cost of raw materials and all other outbound freight costs in selling expenses. For the year ended December 31, 2013, 2012 and 2011, freight costs included in cost of goods sold were RMB3,738 (US$617), RMB2,527 and RMB2,147, respectively, and RMB11,770 (US$1,944), RMB10,534 and RMB9,771, respectively, were included in selling expenses. | |
Interest_Expense
Interest Expense | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Interest Expense [Abstract] | ' | |||||||||
Interest Expense | ' | |||||||||
(19) Interest Expense | ||||||||||
The Group capitalizes interest expense as a component of the cost of construction in progress. The following is a summary of interest cost incurred during the year ended December 31, 2013, 2012 and 2011: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Interest cost capitalized | 2,059 | 341 | 11,174 | - | ||||||
Interest cost charged to expense | 10,094 | 1,667 | - | 10,227 | ||||||
12,153 | 2,008 | 11,174 | 10,227 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
(20) Income Taxes | ||||||||||
Cayman Islands Tax | ||||||||||
Under the current Cayman Island laws, the Company is not subject to tax on income or capital gain. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is imposed. | ||||||||||
PRC Tax | ||||||||||
Shandong Fuwei, being a Hi-Tech Enterprise in the Weifang Hi-Tech Industrial Zone in Shandong, the PRC, has been granted preferential tax treatments by the Tax Bureau of the PRC. According to the PRC Income Tax Law and various approval documents issued by the Tax Bureau, Shandong Fuwei’s profit was taxed at a rate of 15%. | ||||||||||
If our subsidiary Shandong Fuwei was not entitled to a reduced enterprise income tax, or EIT, rate of 15% for the year ended December 31, 2013, 2012 and 2011, it would have had an EIT rate of 25%, net income and basic and diluted earnings per share would be reduced by the following amounts: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Net income | - | - | - | -2,499 | ||||||
Earnings per share | ||||||||||
- Basic | - | - | - | -0.19 | ||||||
- Diluted | - | - | - | -0.19 | ||||||
The Group had minimal operations in jurisdictions other than the PRC. Net (loss) income before income taxes consists of: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Cayman Islands | -2,144 | -354 | -2,482 | -2,183 | ||||||
British Virgin Islands | -3 | -1 | -3 | -2 | ||||||
PRC | -66,860 | -11,045 | -59,655 | 27,285 | ||||||
U.S.A | 48 | 8 | -25 | -107 | ||||||
-68,959 | -11,391 | -62,164 | 24,993 | |||||||
The Company has no material unrecognized tax benefit which would favorably affect the income taxes in future periods and does not believe there will be any significant increases or decreases within the next twelve months. As of December 31, 2013, we do not have any accrued liability for uncertain tax positions. | ||||||||||
Shandong Fuwei was designated as a High-and-New Tech Enterprise in December 2008 and retained its status as a high-tech enterprise for three years commencing from 2011 enjoying a favorable corporate tax rate during the term from January 1, 2011 to December 31, 2013 pursuant to the Enterprise Income Tax Law. Accordingly, the deferred taxes as of December 31, 2013 have been calculated employing the statutory rate of Shandong Fuwei of 15%. | ||||||||||
Income tax benefit (expense) consists of: | ||||||||||
Current | Deferred | Total | ||||||||
PRC Income tax | RMB | RMB | RMB | |||||||
Year ended December 31, 2011 | -3,790 | -165 | -3,955 | |||||||
Year ended December 31, 2012 | - | 7,727 | 7,727 | |||||||
Year ended December 31, 2013 | - | 10,007 | 10,007 | |||||||
Year ended December 31, 2013 (US$) | - | 1,653 | 1,653 | |||||||
Income tax expenses reported in the consolidated statements of income differs from the income tax expense amount computed by applying the PRC income tax rate of 15% (the statutory tax rate of the Company’s principal subsidiary) for the year ended December 31, 2013, 2012 and 2011 for the following reasons: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Income (loss) before income taxes | -68,959 | -11,391 | -62,164 | 24,993 | ||||||
Computed “expected” tax expense | -218 | -36 | - | -6,604 | ||||||
Non-deductible expenses | - | - | - | -767 | ||||||
Non-taxable income | 131 | 22 | - | 940 | ||||||
Tax holiday | 87 | 14 | - | 2,641 | ||||||
Tax effect of deferred tax and tax rates differential | 10,007 | 1,653 | 7,727 | -165 | ||||||
Actual income tax benefit (expense) | 10,007 | 1,653 | 7,727 | -3,955 | ||||||
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) as of December 31, 2013 and 2012 are presented below. | ||||||||||
December 31,2013 | December 31,2012 | |||||||||
RMB | US$ | RMB | ||||||||
Current | ||||||||||
Accounts receivable | 119 | 20 | 179 | |||||||
Other receivables | 636 | 105 | 636 | |||||||
Inventory impairment | 917 | 151 | 917 | |||||||
Estimated Loss due to Product Warranty | 30 | 5 | 125 | |||||||
1,702 | 281 | 1,857 | ||||||||
Non-current | ||||||||||
Property, plant and equipment, principally due to differences in depreciation | 1,340 | 221 | 1,481 | |||||||
Construction in progress, principally due to capitalized interest | -3,363 | -555 | -3,093 | |||||||
Lease prepayments, principally due to differences in charges | -373 | -62 | -383 | |||||||
Allowance for advanced to supplier-long term | 41 | 7 | 242 | |||||||
Net loss carryforward | 19,507 | 3,222 | 8,743 | |||||||
17,152 | 2,833 | 6,990 | ||||||||
Net deferred income tax assets | 18,854 | 3,114 | 8,847 | |||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Considering the level of historical performance of Shandong Fuwei, management believes the deferred tax assets are realizable. | ||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
(21) Related Party Transactions | |||
Name of party | Relationship | ||
Shandong Baorui Investment Co., Ltd (“Shandong Baorui”) | Former shareholder (10%) of Shandong Fuwei. Shandong Baorui is 22.1% owned by the Group Founders. | ||
Shenghong Group Co., Ltd (“Shenghong Group”) | Former shareholder (90%) of Shandong Fuwei. | ||
Shandong Neo-Luck Plastic Co., Ltd (“Shandong Neo-Luck”) | The Group Founders’ former employer previously engaged in the business of BOPET film production. | ||
Weifang Neo-Luck (Group) Co., Ltd (“Weifang Neo-Luck Group”) | Major shareholder (59%) of Shandong Neo-Luck. One of the directors of the Company was the general manager of Weifang Neo-Luck Group prior to joining the Company in April 2005. | ||
Weifang State-Owned Assets Operation Administration Company (the “Administration Company”) | Shareholder of the Company 65.45% | ||
Everise Investment Management Co., Ltd. | Owned by the Management of the Company | ||
Beijing Shiweitong Technology Development Co., Ltd. | Subsidiary of Weifang State-Owned Assets Operation Administration Company | ||
Joyinn Hotel Investment & Management Co., Ltd. | Subsidiary of Weifang State-Owned Assets Operation Administration Company | ||
During the years ended 2013, 2012 and 2011, we paid approximately RMB164 (USD$27), RMB153 and RMB120, respectively, to Fuhua Industrial Material Management Co., Ltd. as rental payments in connection with living quarters for our staff. | |||
As of December 31, 2013, the balance due from Joyinn Hotel Investment & Management Co., Ltd. was RMB16,760 (US$2,769) net of impairment of RMB4,240 (US$700). The background of the long term deposit is disclosed in Note 10. | |||
Obligations under sale-leaseback transaction amounting to RMB16,877 (US$2,788) were guaranteed by Weifang State-Owned Assets Operation Administration Company, Beijing Shiweitong Technology Development Co., Ltd., Fuwei Films (Holdings) Co., Ltd., and Fuwei Films (BVI) Co., Ltd., respectively. | |||
Pension_Plan
Pension Plan | 12 Months Ended |
Dec. 31, 2013 | |
Pension Plan [Abstract] | ' |
Pension Plan | ' |
(22) Pension Plan | |
Pursuant to the relevant PRC regulations, the Group is required to make contributions at a rate of 20% of employees’ salaries and wages to a defined contribution retirement scheme organized by the local Social Bureau in respect of the retirement benefits for the Group’s employees in the PRC. The total amount of contributions of RMB1,047 (US$173), RMB949 and RMB1,003 for the year ended December 31, 2013, 2012 and 2011 respectively, was charged to administrative expenses in the accompanying consolidated statements of income. The Group has no other obligation to make payments in respect of retirement benefits of the employees. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value of Financial Instruments [Abstract] | ' |
Fair Value of Financial Instruments | ' |
(23) Fair Value of Financial Instruments | |
Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | |
Level one — Quoted market prices in active markets for identical assets or liabilities; | |
Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |
Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |
Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The measurement basis used in the preparation of the consolidated financial statements is the historical cost basis except that the following assets and liabilities are stated at their fair value, such as derivative financial instruments and available-for-sale equity securities. The Company had no assets and liabilities measured at fair value on December 31, 2013. | |
The carrying amount of cash and cash equivalents, trade accounts receivable, prepayments and other receivables, amounts due from related parties, amounts due to related parties, and accrued liabilities and other payables, approximate their fair values because of the short maturity of these instruments. | |
The carrying amount of bank loans approximate the fair value based on the borrowing rates currently available for bank loans with similar terms and maturity. | |
Business_and_Credit_Concentrat
Business and Credit Concentrations | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Business And Credit Concentrations [Abstract] | ' | |||||||||
Business and Credit Concentrations | ' | |||||||||
(24) Business and Credit Concentrations | ||||||||||
(a) Almost all of the Group’s customers are located in the PRC. There is no individual customer with gross revenue more than 10% of total gross revenue during the year ended December 31, 2013, 2012 and 2011. | ||||||||||
Each amount due from the following customers represented more than 10% of the outstanding accounts receivable on December 31, 2013 and 2012. | ||||||||||
Percentage of accounts receivable outstanding (%) | ||||||||||
December 31, 2013 | ||||||||||
Eternal Electronic Material (Guangzhou) Co., Ltd. | 39 | % | ||||||||
Percentage of accounts receivable outstanding (%) | ||||||||||
December 31, 2012 | ||||||||||
Eternal Electronic Material (Guangzhou) Co., Ltd. | 29.5 | % | ||||||||
Kurz Production (M) SDN BHD MY | 11.7 | % | ||||||||
Celplast Metallized Products Limited | 10.6 | % | ||||||||
Leonhard Kurz Stiftung & Co. KG | 10.4 | % | ||||||||
(b) The Group purchased a significant portion of PET resin required for the production of BOPET film from Sinopec Yizheng Chemical Fibre Company Limited (“Sinopec Yizheng”) during the year ended December 31, 2013, 2012 and 2011. The Group believes that there are a limited number of suppliers in the PRC with the ability to consistently supply PET resin that meets the Group’s quality standards and requirements. Currently, the Group has an annual supply agreement with Sinopec Yizheng pursuant to which Sinopec Yizheng has agreed to supply fixed quantities of PET resin to the Group on a monthly basis at the prevailing market prices. The terms of such supply agreement are reviewed annually. Although the Group believes that it maintains a good relationship with its major suppliers, there can be no assurance that Sinopec Yizheng will continue to sell to the Group under normal commercial terms as and when needed. | ||||||||||
The following are the vendors that supplied10% or more of our raw materials for each of the year ended December 31, 2013, 2012 and 2011: | ||||||||||
Percentage of total purchases (%) | ||||||||||
Supplier | Item | 2013 | 2012 | 2011 | ||||||
Sinopec Yizheng Chemical Fibre Company Limited | PET resin and Additives | 56.7 | 36.4 | 43.8 | ||||||
Jiangyin Huaxing Compound Co., Ltd. | PET resin | 4.1 | 16.5 | 11 | ||||||
The balance of advance to supplier to Sinopec Yizheng and Jiangyin Huaxing was RMB1,928 and RMB23 as of December 31, 2013, respectively. | ||||||||||
The balance of advance to supplier to Sinopec Yizheng and Jiangyin Huaxing was RMB6,202 and RMB3,069 as of December 31, 2012, respectively. | ||||||||||
The balance of advance to supplier to Sinopec Yizheng and Jiangyin Huaxing was RMB1,860 and RMB2,473 as of December 31, 2011, respectively. | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies [Abstract] | ' | ||||||
Commitments and Contingencies | ' | ||||||
(25) Commitments and Contingencies | |||||||
(a) Operating lease commitments | |||||||
Future minimum lease payments under non-cancelable operating leases as of December 31, 2013 are as follows: | |||||||
December 31, 2013 | |||||||
RMB | US$ | ||||||
Operating lease commitments | 369 | $ | 61 | ||||
The Company leases warehouses, staff quarters and offices under operating leases. The leases duration is typically for one to three years, with an option to renew. None of the leases includes contingent rentals. | |||||||
For the year ended December 31, 2013, 2012 and 2011, total rental expenses for non-cancelable operating leases were RMB410 (US$68), RMB383 and RMB606, respectively. | |||||||
(b) Capital commitments | |||||||
Capital commitments for purchase of property, plant and equipment as of December 31, 2013 were RMB12,019 (US$1,985). | |||||||
(c) Outstanding bills receivable discounted | |||||||
As of December 31, 2013, the Company had not retained any recourse obligation in respect of bills receivable discounted with and sold to banks. | |||||||
(d) Legal Proceedings | |||||||
Shandong Fuwei is currently a party to five legal proceedings in China. From time to time, we may be subject to legal actions and other claims arising in the ordinary course of business. | |||||||
On July 9, 2012, a client (the “Plaintiff”) filed a lawsuit against Shandong Fuwei over the execution of the Procurement Contract between them in Beijing Daxing District People’s Court. Shandong Fuwei raised a jurisdictional objection when filing the pleading and Beijing Daxing District People’s Court overruled the objection. Shandong Fuwei filed an appeal against the judgment in the First Intermediate People’s Court of Beijing. The appeal was then dismissed on January 23, 2013 and the lawsuit will be heard by Beijing Daxing District People’s Court with a claim at RMB953 plus its interest. On May 15, 2013, Beijing Daxing District People’s Court heard the case and then adjourned the hearing due to the fact that plaintiff who failed to provide sufficient evidences. On June 25, 2013, the case was heard in Beijing Daxing District again but it was also adjourned due to Plaintiff’s failure to provide sufficient evidence. The case was then scheduled to be heard on August 7, 2013. However on the day prior to reopening, Fuwei was informed by Beijing Daxing District People’s Court that the hearing was adjourned again for the same reason that the Plaintiff failed to provide sufficient evidences. To date, Shandong Fuwei is still waiting for a court reopening notice from the Beijing Daxing District People’s Court. | |||||||
On October 29, 2012, another client of Shandong Fuwei (the “Plaintiff”) filed a lawsuit against Shandong Fuwei over the execution of the Procurement Contract between them in Zhejiang Haining People’s Court. Shandong Fuwei raised a jurisdictional objection when filing the pleading and Zhejiang Haining People’s Court sustained the objection and decided that the lawsuit be heard by Weifang High-Tech District People’s Court. The Plaintiff filed an appeal against the judgment in Zhejiang Jiaxing People’s Court. The appeal was then dismissed and the plaintiff withdrew its charges against Shandong Fuwei on March 5, 2013. Soon afterwards, on March 20, 2013, the court unfroze an amount of RMB770 of Shandong Fuwei’s savings, which had been frozen during the hearing of the lawsuit. In early May 2013, this client filed a lawsuit against Shandong Fuwei over the product liability in Zhejiang Haining People’s Court. Pursuant to a court order, an amount of RMB770 of Shandong Fuwei’s savings was frozen. Shandong Fuwei then raised a jurisdictional objection which was overruled. Shandong Fuwei filed an appeal against this judgment. The appeal was then dismissed as a final decision. On October 21, 2013, the Plaintiff and Shandong Fuwei reached a settlement to compensate the Plaintiff by RMB160 or products valued at RMB160 from Shandong Fuwei and the case was closed. | |||||||
On May 31, 2013, a supplier of Shandong Fuwei (the “Plaintiff”) filed a lawsuit against Shandong Fuwei over the execution of the Construction Contract between them in Weifang High-Tech District People’s Court with a claim at RMB870. On July 8, 2013, Weifang High-Tech District People’s Court heard the case and the Plaintiff offered a settlement. Afterwards, the Plaintiff and Shandong Fuwei failed to reach a settlement. On December 18, 2013, Weifang High-Tech District People’s Court issued a civil judgment that Shandong Fuwei should pay the claim at RMB870 to the Plaintiff. On December 28, 2013, Shandong Fuwei filed an appeal against the judgment in the Intermediate People’s Court of Weifang and the case was heard on February 26, 2014. To date, the case is still in the process of hearing. | |||||||
On June 5, 2013, a supplier (the “Plaintiff”) filed a lawsuit against Shandong Fuwei over the execution of the Procurement Contract between them in Zhangjiagang People’s Court, claiming that the quality guaranteed deposit of RMB208 set aside from the total contract payable should be refunded by Shandong Fuwei. Shandong Fuwei declined its claim for the reason of quality problem related to the supplied equipment. On March 7, 2014, Zhangjiagang People’s Court heard the case and supported the Plaintiff’s claim. Shandong Fuwei filed an appeal against the judgment in the Intermediate People’s Court of Suzhou. To date, the case is still in the process of hearing. | |||||||
On January 21, 2014, an Hong Kong citizen (the "Plaintiff") filed a lawsuit against Shandong Fuwei in the Intermediate People's Court of Weifang to claim a refund of US$500 (approximately RMB4,138) and related interest of RMB2,332. The plaintiff alleged that according to an oral agreement of purchasing intention for stocks of Fuwei Films (Holdings) Co., Ltd. (the "Fuwei Holdings") between the Plaintiff and Shandong Fuwei in June 2005, the Plaintiff transferred US$500 to Wellplus Investments Limited, a company registered in Hong Kong, for acquiring stocks of Fuwei Holdings. However, the Plaintiff has not received any stocks of Fuwei Holdings till now. Shandong Fuwei believes that there was not any engagement or agreement about stock purchase between Shandong Fuwei and the Plaintiff and did not be aware of the fact of fund transfer between the Plaintiff and Wellplus Investments Limited. The case was heard by the Intermediate People's Court of Weifang on April 3, 2014. To date, the case is still in the process of hearing. | |||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings (Loss) Per Share [Abstract] | ' | |||||||||
Earnings (Loss) Per Share | ' | |||||||||
(26) Earnings (Loss) Per Share | ||||||||||
Basic and diluted earnings per share for the period/year ended December 31, 2013, 2012 and 2011 have been calculated as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Net (loss) income available to ordinary shareholders | -58,971 | -9,741 | -54,427 | 21,081 | ||||||
Weighted average number of ordinary shares outstanding | 13,062,500 | 13,062,500 | 13,062,500 | 13,062,500 | ||||||
Dilutive effect of share options | - | - | - | - | ||||||
Diluted weighted average number of ordinary shares outstanding | 13,062,500 | 13,062,500 | 13,062,500 | 13,062,500 | ||||||
Basic and diluted earnings (loss) per share | -4.51 | -0.74 | -4.17 | 1.61 | ||||||
Fuwei_Films_Holdings_Co_Ltd_Pa
Fuwei Films (Holdings) Co., Ltd (Parent Company) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Fuwei Films (Holdings) Co., Ltd (Parent Company) [Abstract] | ' | |||||||||
Fuwei Films (Holdings) Co., Ltd (Parent Company) | ' | |||||||||
(27) Fuwei Films (Holdings) Co., Ltd (Parent Company) | ||||||||||
Under PRC regulations, the Company’s operating subsidiary, Shandong Fuwei may pay dividends only out of its accumulated profits, if any, determined in accordance with the accounting standards and regulations prevailing in the PRC (“PRC GAAP”). In addition, Shandong Fuwei is required to set aside at least 10% of its accumulated profits each year, if any, to fund the statutory general reserve until the balance of the reserve reaches 50% of its registered capital. The statutory general reserve is not distributable in the form of cash dividends to the Company and can be used to make up cumulative prior year losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the registered capital. Further, Shandong Fuwei is also required to allocate 5% of the profit after tax, determined in accordance with PRC GAAP, to the statutory public welfare fund which is restricted to be used for capital expenditures for staff welfare facilities owned by the Company. The statutory public welfare fund is not available for distribution to equity owners (except in liquidation) and may not be transferred in the form of loans, advances, or cash dividends. As of December 31, 2013, an aggregate amount of RMB37,441 (US$6,185) has been appropriated from retained earnings and set aside for statutory general reserve and public welfare fund, by Shandong Fuwei. | ||||||||||
As of December 31, 2013, the amount of restricted assets of Shandong Fuwei, which may not be transferred to the Company in the form of loans, advances or cash dividends by the subsidiaries without the consent of a third party, was approximately 48% of the Company’s consolidated total assets as discussed above. In addition, the current foreign exchange control policies applicable in the PRC also restrict the transfer of assets or dividends outside the PRC. | ||||||||||
The following presents condensed unaudited unconsolidated financial information of the Parent Company only. | ||||||||||
Condensed unaudited Balance Sheet as of December 31, 2013 and 2012 | ||||||||||
2013 | 2012 | |||||||||
RMB | US$ | RMB | ||||||||
Cash and cash equivalents | 67 | 11 | 65 | |||||||
Other current assets | 262,449 | 43,353 | 271,006 | |||||||
Investments in subsidiaries | 367 | 61 | 378 | |||||||
Total assets | 262,882 | 43,425 | 271,450 | |||||||
Current liabilities | 52,325 | 8,643 | 51,842 | |||||||
Total shareholders’ equity | 210,558 | 34,782 | 219,608 | |||||||
Total liabilities and shareholders’ equity | 262,882 | 43,425 | 271,450 | |||||||
Condensed unaudited Statements of Operations (For the years ended December 31, 2013, 2012 and 2011) | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Interest income (expenses) | -9 | -1 | -13 | -18 | ||||||
General and administrative expenses | -2,135 | -353 | -2,468 | -3,281 | ||||||
Other income | - | - | - | 1,116 | ||||||
Loss before equity in undistributed earnings of subsidiaries | -2,144 | -354 | -2,482 | -2,183 | ||||||
Equity in earnings of subsidiaries | -56,808 | -9,384 | -51,956 | 22,515 | ||||||
Net income | -58,952 | -9,738 | -54,437 | 20,332 | ||||||
Condensed unaudited Statement of Cash Flows (For the year ended December 31, 2013, 2012 and 2011) | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Cash flow from operating activities | ||||||||||
Net income | -58,952 | -9,738 | -54,437 | 20,332 | ||||||
Adjustment to reconcile net income (loss) to net cash from operating activities: | ||||||||||
- Equity in earnings of subsidiaries | 56,808 | 9,384 | 51,956 | -22,515 | ||||||
- Foreign exchange gain | - | - | - | - | ||||||
Changes in operating assets and liabilities: | ||||||||||
- Other current assets | - | - | - | - | ||||||
- Other current liabilities | -124 | -20 | 61 | -7,277 | ||||||
Net cash provided by operating activities | -2,268 | -375 | -2,420 | -9,460 | ||||||
Cash flow from financing activities | ||||||||||
Payments to related parties | 2,272 | 375 | 2,365 | 9,493 | ||||||
Proceeds from related parties | - | - | - | - | ||||||
Effect of exchange | -2 | - | -1 | -4 | ||||||
Net cash provided by (used in) financing activities | 2,270 | 375 | 2,364 | 9,489 | ||||||
Net increase (decrease) in cash | 2 | 0 | -56 | 29 | ||||||
Cash: | ||||||||||
At beginning of year | 65 | 11 | 121 | 92 | ||||||
At end of year | 67 | 11 | 65 | 121 | ||||||
Unaudited_Quarterly_Data
Unaudited Quarterly Data | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Unaudited Quarterly Data [Abstract] | ' | |||||||||||||||||||||
Unaudited Quarterly Data | ' | |||||||||||||||||||||
(28) Unaudited Quarterly Data | ||||||||||||||||||||||
Quarter Ended | March 31 | June 30 | September 30 | December 31 | Total | |||||||||||||||||
Fiscal year 2013 | RMB | US$ | RMB | US$ | RMB | US$ | RMB | US$ | RMB | US$ | ||||||||||||
Revenue | 76,577 | 12,330 | 77,401 | 12,611 | 75,890 | 12,400 | 75,082 | 12,403 | 304,950 | 50,374 | ||||||||||||
Gross profit | -1,191 | -191 | -2,307 | -376 | -9,857 | -1,611 | -2,070 | -342 | -15,425 | -2,548 | ||||||||||||
Net income | -18,076 | -2,909 | -18,190 | -2,964 | -23,203 | -3,792 | 499 | 82 | -58,971 | -9,741 | ||||||||||||
Basic and diluted earnings per share | -1.38 | -0.22 | -1.39 | -0.23 | -1.78 | -0.29 | 0.04 | 0.01 | -4.51 | -0.74 | ||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(29) Subsequent Event | |
On March 25, 2014, a public auction was held by the Company's controlling shareholder, the Weifang State-owned Assets Operation Administration Company which is a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee, in order to sell over 6,912,503 (or 52.9%) of the Company’s outstanding ordinary shares it owned. The public auction resulted in the acceptance of a successful bid from an unrelated party, Shandong SNTON Optical Materials Technology Co., Ltd. (the “Bidder”). The Bidder is expected to receive control over 6,912,503 (or 52.9%) of the Company’s outstanding ordinary shares at a price of RMB101,800 (approximately US$16,573) or approximately US$2.40 per ordinary share. | |
The Bidder is an optical BOPET film manufacturer established in August 2011 with registered capital of RMB260,000 (approximately US$42,328). The parent company of the Bidder is Shandong SNTON Group Co., Ltd., which was founded in January 1987, mainly specializes in metal products, fine chemicals, new materials and real estate development. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary of Significant Accounting Policies and Practices [Abstract] | ' | ||
Principles of Consolidation | ' | ||
(a) Principles of Consolidation | |||
The consolidated financial statements include the financial statements of the Company and its three subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||
Foreign Currency Transactions | ' | ||
(b) Foreign Currency Transactions | |||
The Group’s reporting currency is the Chinese Yuan (“Renminbi” or “RMB”). | |||
The Company and Fuwei (BVI) operate in Hong Kong as investment holding companies and their financial records are maintained in Hong Kong dollars, being the functional currency of these two entities. Fuwei US company, the wholly owned subsidiaries of the company, their financial records are maintained in US dollars. Assets and liabilities are translated into RMB at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and income, expenses, and cash flow items are translated using the average rate for the period. The translation adjustments are recorded in accumulated other comprehensive income in the statements of equity. | |||
Transactions denominated in currencies other than RMB are translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing at the dates of transactions. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. | |||
Commencing from July 21, 2005, the PRC government moved the RMB into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. | |||
For the convenience of the readers, the RMB amounts for the year of 2013 included in the accompanying consolidated financial statements in our annual report has been translated into U.S. dollars at the rate of US$1.00 =MB 6.0537, being the noon buy rate for U.S. dollars in effect on December 31, 2013 in the City of New York for cable transfer in RMB per U.S. dollar as certified for custom purposes by the Federal Reserve Bank. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollar at that rate or at any other certain rate on December 31, 2013, or at any other date. | |||
RMB is not fully convertible into foreign currencies. All foreign exchange transactions involving RMB must take place either through the PBOC or other institutions authorized to buy and sell foreign currency. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC which are determined largely by supply and demand. | |||
Cash and Cash Equivalents and Restricted Cash | ' | ||
(c) Cash and Cash Equivalents and Restricted Cash | |||
For statements of cash flow purposes, the Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. | |||
As of December 31, 2013 and 2012, there were cash and cash equivalents of RMB11,578 (US$1,913) and RMB5,006, respectively. | |||
As of December 31, 2013 and 2012, there were restricted cash of RMB41,422 (US$6,842) and RMB21,457, respectively, as deposit in bank for letters of credit and banker’s acceptance bill. | |||
Trade Accounts Receivable | ' | ||
(d) Trade Accounts Receivable | |||
Trade accounts receivable are recorded at the invoiced amount after deduction of trade discounts, value added taxes and allowances, if any, and do not bear interest. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable. The Group determines the allowance based on historical write-off experience, customer specific facts and economic conditions. | |||
The Group reviews its allowance for doubtful accounts monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. All other balances are reviewed on a pooled basis by aging of such balances. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. | |||
Inventories | ' | ||
(e) Inventories | |||
Inventories are stated at the lower of cost or market value as of balance sheet date. Inventory valuation and cost-flow is determined using Moving Weighted Average Method basis. The Group estimates excess and slow moving inventory based upon assumptions of future demands and market conditions. If actual market conditions are less favorable than projected by management, additional | |||
inventory write-downs may be required. Cost of work in progress and finished goods comprises direct material, direct production cost and an allocated portion of production overheads based on normal operating capacity. | |||
Property, Plant and Equipment | ' | ||
(f) Property, Plant and Equipment | |||
Property, plant and equipment are stated at cost less accumulated depreciation. | |||
Depreciation on property, plant and equipment is calculated on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: | |||
Years | |||
Buildings and improvements | 25 – 30 | ||
Plant and equipment | 10 – 15 | ||
Computer equipment | 5 | ||
Furniture and fixtures | 5 | ||
Motor vehicles | 5 | ||
Depreciation related to abnormal amounts from idle capacity is charged to cost of goods sold for the period incurred. Total depreciations for the years ended December 31, 2013, 2012 and 2011 were RMB48,161 (US$7,956), RMB48,709 and RMB43,783 respectively, of which 86.7%, 86.1% and 84.6% was recorded in cost of goods sold and 13.3%, 13.9% and 15.4% was recorded in administrative and selling expenses, respectively. | |||
Construction in progress represented capital expenditure in respect of the BOPET productions line. No depreciation is provided in respect of construction in progress. | |||
Leased Assets | ' | ||
(g) Leased Assets | |||
An arrangement, comprising a transaction or a series of transactions, is or contains a lease if the Group determines that the arrangement conveys a right to use a specific asset or assets for an agreed period of time in return for a payment or a series of payments. Such a determination is made based on an evaluation of the substance of the arrangement and is regardless of whether the arrangement takes the legal form of a lease. | |||
Classification of assets leased to the Group. Assets that are held by the Group under leases which transfer to the Group substantially all the risks and rewards of ownership are classified as being held under capital leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases. | |||
Assets acquired under capital leases. Where the Group acquires the use of assets under capital leases, the amounts representing the fair value of the leased asset, or, if lower, the present value of the minimum lease payments, of such assets are included in property, plant and equipment and the corresponding liabilities, net of finance charges, are recorded as obligations under capital leases. Depreciation is provided at rates which write off the cost or valuation of the assets over the term of the relevant lease or, where it is likely the Group will obtain ownership of the asset, the life of the asset. Finance charges implicit in the lease payments are charged to the consolidated income statement over the period of the leases so as to produce an approximately constant periodic rate of charge on the remaining balance of the obligations for each accounting period. Contingent rentals are charged to the consolidated income statement in the accounting period in which they are incurred. | |||
Operating lease charges. Where the Group has the use of assets held under operating leases, payments made under the leases are charged to the consolidated income statement in equal installments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognized in the consolidated income statement as an integral part of the aggregate net lease payments made. Contingent rentals are charged to the consolidated income statement in the accounting period in which they are incurred. | |||
Sale and leaseback transactions. Gains or losses on equipment sale and leaseback transactions which result in capital leases are deferred and amortized over the terms of the related leases. Gains or losses on equipment sale and leaseback transactions which result in operating leases are recognized immediately if the transactions are established at fair value. Any loss on the sale perceived to be a real economic loss is recognized immediately. However, if a loss is compensated for by future rentals at a below-market price, then the artificial loss is deferred and amortized over the period that the equipment is expected to be used. If the sale price is above fair value, then any gain is deferred and amortized over the useful life of the assets. | |||
Lease Prepayments | ' | ||
(h) Lease Prepayments | |||
Lease prepayments represent the costs of land use rights in the PRC. Land use rights are carried at cost and charged to expense on a straight-line basis over the respective periods of rights of 30 years. The current portion of lease prepayments has been included in prepayments and other receivables in the balance sheet. | |||
Goodwill | ' | ||
(i) Goodwill | |||
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized but is tested for impairment annually, or when circumstances indicate a possible impairment may exist. Impairment testing is performed at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds the fair value of the reporting unit, with the fair value of the reporting unit determined using a discounted cash flow (DCF) analysis. A number of significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including the discount rate, the internal rate of return, and projections of realizations and costs to produce. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Goodwill was determined to be fully impaired during the year ended December 31, 2012. | |||
Impairment of Long-lived Assets | ' | ||
(j) Impairment of Long-lived Assets | |||
The Company recognizes an impairment loss when circumstances indicate that the carrying value of long-lived assets with finite lives may not be recoverable. Management’s policy in determining whether an impairment indicator exists, a triggering event, comprises measurable operating performance criteria at an asset group level as well as qualitative measures. If an analysis is necessitated by the occurrence of a triggering event, the Company uses assumptions, which are predominately identified from the Company’s strategic long-range plans, in determining the impairment amount. In the calculation of the fair value of long-lived assets, the Company compares the carrying amount of the asset group with the estimated future cash flows expected to result from the use of the assets. If the carrying amount of the asset group exceeds the estimated expected undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset group with their estimated fair value. We estimate the fair value of assets based on market prices (i.e., the amount for which the asset could be bought by or sold to a third party), when available. When market prices are not available, we estimate the fair value of the asset group using discounted expected future cash flows at the Company’s weighted-average cost of capital. Management believes its policy is reasonable and is consistently applied. Future expected cash flows are based upon estimates that, if not achieved, may result in significantly different results. No impairment was determined to exist as of December 31, 2013 and 2012. | |||
Revenue Recognition | ' | ||
(k) Revenue Recognition | |||
Sales of plastic flexible packaging materials are reported, net of value added taxes (“VAT”), sales returns, trade discounts. The standard terms and conditions under which the Group generally delivers allow a customer the right to return product for refund only if the product does not conform to product specifications; the non-conforming product is initially identified by customer, and the customer notifies the Group about the situation. After receiving the Group’s permission, the non-conforming product may be returned for replacement or refund. The Group recognizes revenue when products are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sale price is fixed or determinable. | |||
In the PRC, VAT of 17% on invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Group; instead, the amount is recorded as a liability on the consolidated balance sheet until such VAT is paid to the authorities. | |||
Research and Development Costs | ' | ||
(l) Research and Development Costs | |||
Research and development expenditures are expensed as incurred. Research and development costs amounted to RMB10,906 (US$1,802), RMB9,617 and RMB10,159 for the year ended December 31, 2013, 2012 and 2011 and such costs were recorded in administrative expenses. | |||
Income Taxes | ' | ||
(m) Income Taxes | |||
Income taxes are accounted for under the asset and liability method. Under guidance contained in FASB ASC 740-10, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We follow the recognition and disclosure provisions under guidance contained in FASB ASC 740-10-25. Under this guidance, tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Our policy is to record interest and penalties relating to uncertain tax positions in income tax expense. | |||
Earnings (loss) per Share | ' | ||
(n) Earnings (loss) per Share | |||
Basic earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of ordinary shares outstanding during the year. Diluted earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of ordinary and dilutive potential ordinary shares outstanding during the year. Diluted potential ordinary shares consist of shares issuable pursuant to stock option plan. | |||
Use of Estimates | ' | ||
(o) Use of Estimates | |||
The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management of the Group to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates and assumptions including those related to the recoverability of the carrying amount and the estimated useful lives of long-lived assets, valuation allowances for accounts receivable and realizable values for inventories. Changes in facts and circumstances may result in revised estimates. | |||
Noncontrolling interest | ' | ||
(p) Noncontrolling interest | |||
Non-controlling interest represents the portion of equity that is not attributable to the Company. The net income (loss) attributable to noncontrolling interests are separately presented in the accompanying statements of income and other comprehensive income. Losses attributable to noncontrolling interests in a subsidiary may exceed the interest in the subsidiary’s equity. The related noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit of the noncontrolling interest balance. | |||
Segment Reporting | ' | ||
(q) Segment Reporting | |||
The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. Management, including the chief operating decision maker, reviews operating results solely by monthly revenue of BOPET film (but not by sub-product type or geographic area) and operating results of Shandong Fuwei, the operating subsidiary in the PRC. As such, the Group has determined that the Group has a single operating segment. | |||
Contingencies | ' | ||
(r) Contingencies | |||
In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, including among others, product liability. The Group recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments including past history and the specifics of each matter. As of December 31, 2013 and 2012, the balance of predicted liability was RMB200 (US$33) and RMB830, respectively, which was estimated liability related to our defective products and included in accrued expenses and other payables as current liabilities on balance sheets. | |||
Reclassification | ' | ||
(s) Reclassification | |||
Certain reclassifications have been made to the fiscal year 2013 and 2012 consolidated financial statements to conform to the fiscal 2013 consolidated financial statement presentation. These reclassifications had no effect on net loss or cash flows as previously reported. | |||
Going Concern Matters | ' | ||
(t) Going Concern Matters | |||
The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles which contemplate continuation of the company as a going concern. However, as of December 31, 2013, the Company had a working capital deficiency of RMB115,587 (US$19,094) and accumulated deficit of RMB58,952 (US$9,738) from net losses incurred during the year of 2013. Confronted with the fierce competition in the BOPET industry in China, the Company may still witness losses over the next twelve months. The ability of the Company to operate as a going concern depends upon its ability to obtain outside sources of working capital and/or generate positive cash flow from operations. The Company accordingly has developed an outside financing plan to meet the need of working capital for our operation or debts. At the same time, the Company will continue implementing cost reductions on both manufacturing costs and operating expenses to improve profit margins. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern. | |||
Recently Issued Accounting Standards | ' | ||
(u) Recently Issued Accounting Standards | |||
In July 2013, the Financial Accounting Standards Board, or FASB, issued a new accounting standard which will require the presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities in the consolidated balance sheets when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new standard requires adoption on a prospective basis in the first quarter of 2015; however, early adoption is permitted. We do not expect the adoption will have a significant impact on our consolidated financial statements | |||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-02, which requires entities to present information about significant items reclassified out of accumulated other comprehensive income (loss) by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. This ASU is effective for the Company in the first quarter of fiscal 2014. We do not expect the adoption will have a significant impact on our consolidated financial statements | |||
In July 2012, the FASB issued ASU 2012-02, which amends how companies test for impairment of indefinite-lived intangible assets. The new guidance permits a company to assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the annual impairment test. The ASU is effective for the Company in the first quarter of fiscal 2014. We do not expect the adoption will have a significant impact on our consolidated financial statements | |||
Other pronouncements issued by the FASB or other authoritative accounting standards group with future effective dates are either not applicable or not significant to the consolidated financial statements of the Company. | |||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Practices (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary of Significant Accounting Policies and Practices [Abstract] | ' | ||
Depreciation On Property, Plant and Equipment | ' | ||
Depreciation on property, plant and equipment is calculated on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: | |||
Years | |||
Buildings and improvements | 25 – 30 | ||
Plant and equipment | 10 – 15 | ||
Computer equipment | 5 | ||
Furniture and fixtures | 5 | ||
Motor vehicles | 5 | ||
Accounts_and_Bills_Receivable_1
Accounts and Bills Receivable, net (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts and Bills Receivable, net [Abstract] | ' | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||
Accounts receivable consisted of the following: | ||||||||||
December 31, 2013 | December 31, 2012 | |||||||||
RMB | US$ | RMB | ||||||||
Accounts receivable | 6,868 | 1,134 | 11,943 | |||||||
Less: Allowance for doubtful accounts | -795 | -131 | -1,196 | |||||||
6,073 | 1,003 | 10,747 | ||||||||
Bills receivable | 2,300 | 380 | 10,840 | |||||||
8,373 | 1,383 | 21,587 | ||||||||
Schedule of Allowance For Doubtful Accounts | ' | |||||||||
An analysis of the allowance for doubtful accounts for 2013, 2012 and 2011 is as follows: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Balance at beginning of year | 1,196 | 197 | 1,785 | 2,140 | ||||||
Bad debt (recovery) expense | -401 | -66 | -589 | -355 | ||||||
Write-offs | - | - | - | - | ||||||
Balance at end of year | 795 | 131 | 1,196 | 1,785 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
RMB | US$ | RMB | ||||||
Raw materials | 16,322 | 2,696 | 19,081 | |||||
Work-in-progress | 3,436 | 568 | 3,095 | |||||
Finished goods | 24,114 | 3,983 | 17,507 | |||||
Consumables and spare parts | 693 | 114 | 719 | |||||
Allowance for obsolescence | -6,111 | -1,009 | -6,111 | |||||
38,454 | 6,352 | 34,291 | ||||||
Prepayments_and_Other_Receivab1
Prepayments and Other Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepayments and Other Receivables [Abstract] | ' | |||||||
Schedule of Prepayments and Other Receivables | ' | |||||||
Prepayments and other receivables consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
RMB | US$ | RMB | ||||||
Prepayments | 593 | 98 | 627 | |||||
Other receivables | 25,514 | 4,215 | 25,547 | |||||
26,107 | 4,313 | 26,174 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consisted of the following: | ||||||||
December 31, 2013 | December 31,2012 | |||||||
RMB | US$ | RMB | ||||||
Buildings | 101,027 | 16,688 | 46,280 | |||||
Plant and equipment | 735,831 | 121,551 | 453,518 | |||||
Computer equipment | 2,367 | 391 | 2,056 | |||||
Furniture and fixtures | 12,201 | 2,015 | 9,027 | |||||
Motor vehicles | 2,093 | 346 | 2,094 | |||||
853,519 | 140,991 | 512,975 | ||||||
Less: accumulated depreciation | -328,742 | -54,304 | -279,640 | |||||
524,777 | 86,687 | 233,335 | ||||||
Lease_Prepayments_Tables
Lease Prepayments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Lease Prepayments [Abstract] | ' | |||||||
Schedule of Lease Prepayments | ' | |||||||
The balance represents the lease prepayments of land use rights of the Group as follows: | ||||||||
December 31,2013 | December 31,2012 | |||||||
RMB | US$ | RMB | ||||||
Non-current portion | 18,999 | 3,138 | 19,523 | |||||
Current portion - amount charged to expense next year | 454 | 75 | 454 | |||||
19,453 | 3,213 | 19,977 | ||||||
ShortTerm_and_LongTerm_Bank_Lo1
Short-Term and Long-Term Bank Loans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Short-term and Long-term Bank Loans [Abstract] | ' | |||||||||
Schedule of Short-Term Loans | ' | |||||||||
Interest | 12/31/13 | 12/31/12 | ||||||||
rate per | ||||||||||
Lender | annum | RMB | US$ | RMB | ||||||
SHORT-TERM LOANS | ||||||||||
Bank of Communications Co., Ltd. | ||||||||||
- May 11, 2012 to May 7, 2013 | 7.87 | % | - | - | 10,000 | |||||
- May 8, 2012 to April 5, 2013 | 7.87 | % | - | - | 30,000 | |||||
- May 9, 2012 to April 15, 2013 | 7.87 | % | - | - | 35,000 | |||||
- May 9, 2012 to April 26, 2013 | 7.87 | % | - | - | 35,000 | |||||
- April 18, 2013 to April 2, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
- April 19, 2013 to April 11, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
- April 23, 2013 to April 16, 2014 | 7.20 | % | 25,000 | 4,129 | - | |||||
- April 25, 2013 to April 18, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
- May 2, 2013 to April 24, 2014 | 7.20 | % | 20,000 | 3,304 | - | |||||
LONG-TERM LOANS | ||||||||||
Weifang Dongfang State-owned Assets Management Co., Ltd. | ||||||||||
- October 19, 2009 to October 18, 2017 | 6.12 | % | 10,000 | 1,652 | 10,000 | |||||
115,000 | 18,997 | 120,000 | ||||||||
Less amounts classified as short-term | -105,000 | -17,345 | -110,000 | |||||||
10,000 | 1,652 | 10,000 | ||||||||
Schedule of Short-Term Loans Outstanding | ' | |||||||||
Bank loans outstanding, which are all denominated in Renminbi, are secured and guaranteed as follows: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
Secured by: | RMB | US$ | RMB | RMB | ||||||
Property plant and equipment, Land use right | 105,000 | 17,345 | 110,000 | 150,000 | ||||||
Bills receivable | - | - | - | - | ||||||
Guarantee company | 10,000 | 1,652 | 10,000 | 10,000 | ||||||
Restricted cash | - | - | - | 18,501 | ||||||
115,000 | 18,997 | 120,000 | 178,501 | |||||||
Schedule of Long-Term Bank Loans Maturity | ' | |||||||||
Long-term bank loans maturity for the next five years after December 31, 2013 are as follows: | ||||||||||
RMB | US$ | |||||||||
Fiscal 2014 | - | - | ||||||||
Fiscal 2015 | 3,350 | 553 | ||||||||
Fiscal 2016 | 3,350 | 553 | ||||||||
Fiscal 2017 | 3,300 | 546 | ||||||||
Fiscal 2018 | - | - | ||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Schedule of Notes Payable | ' | |||||||
Notes payable consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Issuing bank | RMB | US$ | RMB | |||||
SPD Bank | 81,990 | 13,544 | 38,299 | |||||
81,990 | 13,544 | 38,299 | ||||||
Accrued_Expenses_and_Other_Pay1
Accrued Expenses and Other Payables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses and Other Payables [Abstract] | ' | |||||||
Schedule of Accrued Expenses and Other Payables | ' | |||||||
Accrued expenses and other payables consisted of the following: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
RMB | US$ | RMB | ||||||
Other payables | 6,577 | 1,087 | 6,001 | |||||
Predicted liability | 200 | 32 | 830 | |||||
6,777 | 1,119 | 6,831 | ||||||
Obligations_under_capital_leas1
Obligations under capital leases (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Obligations under capital leases [Abstract] | ' | |||||||||||||||||||
Schedule of Capital Lease Obligations | ' | |||||||||||||||||||
As of December 31, 2013, future payments under these capital leases are as follows: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
RMB | US$ | RMB | US$ | RMB | US$ | RMB | RMB | RMB | ||||||||||||
Present value of the | Total minimum | Interest | Present | Total | Interest | |||||||||||||||
minimum lease | lease payments | value of | minimum | |||||||||||||||||
payments | the | lease | ||||||||||||||||||
minimum | payments | |||||||||||||||||||
lease | ||||||||||||||||||||
payments | ||||||||||||||||||||
Within 1 year | 8,314 | 1,373 | 9,166 | 1,514 | 852 | 141 | 6,282 | 7,287 | 1,005 | |||||||||||
After 1 year but within 2 years | 8,259 | 1,364 | 8,555 | 1,413 | 296 | 49 | 6,637 | 7,333 | 696 | |||||||||||
After 2 years but within 3 years | 304 | 51 | 306 | 51 | 2 | - | 7,081 | 7,332 | 251 | |||||||||||
After 3 years | - | - | - | - | - | - | - | |||||||||||||
16,877 | 2,788 | 18,027 | 2,978 | 1,150 | 190 | 20,000 | 21,952 | 1,952 | ||||||||||||
Less: balance due within one year classified as current liabilities | -8,314 | -1,373 | -6,282 | |||||||||||||||||
8,563 | 1,415 | 13,718 | ||||||||||||||||||
Details of obligations under capital leases are as follows: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
RMB | RMB | |||||||||||||||||||
RMB denominated obligations | ||||||||||||||||||||
Fixed interest rate of 6.49% per annum as of December 31, 2013 | 16,877 | 20,000 | ||||||||||||||||||
16,877 | 20,000 | |||||||||||||||||||
Guarantee deposit of RMB800 (US$132) over the capital leased assets concerned and relevant insurance policies were provided to the lessors as collateral and security. In addition, as is customary in the case of capital leases, the Group’s obligations are secured by four related parties (see Notes 21). | ||||||||||||||||||||
Revenues_Tables
Revenues (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Revenues [Abstract] | ' | |||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||
The following table shows the distribution of the Company’s revenue by the geographical location of customers, whereas all the Company’s assets are located in the PRC: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||
RMB | US$ | RMB | RMB | |||||||||||||
Sales in China | 263,076 | 43,457 | 302,290 | 392,195 | ||||||||||||
Sales in other countries (principally Europe, Asia and North America) | 41,874 | 6,917 | 70,576 | 145,450 | ||||||||||||
304,950 | 50,374 | 372,866 | 537,645 | |||||||||||||
Schedule of Revenue by Significant Types of Films | ' | |||||||||||||||
The Company’s revenue by significant types of films for 2013, 2012 and 2011 was as follows: | ||||||||||||||||
December 31, 2013 | December | December | ||||||||||||||
31, 2012 | 31, 2011 | |||||||||||||||
RMB | US$ | % of Total | RMB | % of Total | RMB | % of Total | ||||||||||
Stamping and transfer film | 142,309 | 23,508 | 46.7 | % | 202,029 | 54.2 | % | 293,768 | 54.6 | % | ||||||
Printing film | 27,852 | 4,601 | 9.1 | % | 42,449 | 11.4 | % | 55,218 | 10.3 | % | ||||||
Metallized film | 17,686 | 2,922 | 5.8 | % | 18,886 | 5.1 | % | 28,205 | 5.3 | % | ||||||
Specialty film | 89,382 | 14,764 | 29.3 | % | 92,536 | 24.8 | % | 140,491 | 26.1 | % | ||||||
Base film for other applications | 27,721 | 4,579 | 9.1 | % | 16,966 | 4.5 | % | 19,963 | 3.7 | % | ||||||
304,950 | 50,374 | 100 | % | 372,866 | 100 | % | 537,645 | 100 | % | |||||||
Depreciation_and_Amortization_
Depreciation and Amortization (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Depreciation and Amortization [Abstract] | ' | |||||||||
Schedule of Depreciation of Property, Plant and Equipment and Amortization of Intangible Asset | ' | |||||||||
Depreciation of property, plant and equipment and amortization of intangible asset is included in the following captions: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Cost of goods sold | 41,771 | 6,900 | 41,918 | 36,988 | ||||||
Selling expenses | 33 | 5 | 59 | 53 | ||||||
Administrative expenses | 6,357 | 1,051 | 6,732 | 6,742 | ||||||
48,161 | 7,956 | 48,709 | 43,783 | |||||||
Interest_Expense_Tables
Interest Expense (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Interest Expense [Abstract] | ' | |||||||||
Schedule of Interest Expense | ' | |||||||||
The following is a summary of interest cost incurred during the year ended December 31, 2013, 2012 and 2011: | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Interest cost capitalized | 2,059 | 341 | 11,174 | - | ||||||
Interest cost charged to expense | 10,094 | 1,667 | - | 10,227 | ||||||
12,153 | 2,008 | 11,174 | 10,227 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule of Net Income and Basic and Diluted Earnings Per Share, Reduced Amounts | ' | |||||||||
If our subsidiary Shandong Fuwei was not entitled to a reduced enterprise income tax, or EIT, rate of 15% for the year ended December 31, 2013, 2012 and 2011, it would have had an EIT rate of 25%, net income and basic and diluted earnings per share would be reduced by the following amounts: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Net income | - | - | - | -2,499 | ||||||
Earnings per share | ||||||||||
- Basic | - | - | - | -0.19 | ||||||
- Diluted | - | - | - | -0.19 | ||||||
Schedule of Net Income (Loss) Before Income Taxes | ' | |||||||||
The Group had minimal operations in jurisdictions other than the PRC. Net (loss) income before income taxes consists of: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Cayman Islands | -2,144 | -354 | -2,482 | -2,183 | ||||||
British Virgin Islands | -3 | -1 | -3 | -2 | ||||||
PRC | -66,860 | -11,045 | -59,655 | 27,285 | ||||||
U.S.A | 48 | 8 | -25 | -107 | ||||||
-68,959 | -11,391 | -62,164 | 24,993 | |||||||
Schedule of Income Tax Benefit (Expense) | ' | |||||||||
Income tax benefit (expense) consists of: | ||||||||||
Current | Deferred | Total | ||||||||
PRC Income tax | RMB | RMB | RMB | |||||||
Year ended December 31, 2011 | -3,790 | -165 | -3,955 | |||||||
Year ended December 31, 2012 | - | 7,727 | 7,727 | |||||||
Year ended December 31, 2013 | - | 10,007 | 10,007 | |||||||
Year ended December 31, 2013 (US$) | - | 1,653 | 1,653 | |||||||
Schedule of Reconciliation of Income Tax Benefit Rate | ' | |||||||||
Income tax expenses reported in the consolidated statements of income differs from the income tax expense amount computed by applying the PRC income tax rate of 15% (the statutory tax rate of the Company’s principal subsidiary) for the year ended December 31, 2013, 2012 and 2011 for the following reasons: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Income (loss) before income taxes | -68,959 | -11,391 | -62,164 | 24,993 | ||||||
Computed “expected” tax expense | -218 | -36 | - | -6,604 | ||||||
Non-deductible expenses | - | - | - | -767 | ||||||
Non-taxable income | 131 | 22 | - | 940 | ||||||
Tax holiday | 87 | 14 | - | 2,641 | ||||||
Tax effect of deferred tax and tax rates differential | 10,007 | 1,653 | 7,727 | -165 | ||||||
Actual income tax benefit (expense) | 10,007 | 1,653 | 7,727 | -3,955 | ||||||
Schedule of Deferred Tax Assets (Liabilities) | ' | |||||||||
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) as of December 31, 2013 and 2012 are presented below. | ||||||||||
December 31,2013 | December 31,2012 | |||||||||
RMB | US$ | RMB | ||||||||
Current | ||||||||||
Accounts receivable | 119 | 20 | 179 | |||||||
Other receivables | 636 | 105 | 636 | |||||||
Inventory impairment | 917 | 151 | 917 | |||||||
Estimated Loss due to Product Warranty | 30 | 5 | 125 | |||||||
1,702 | 281 | 1,857 | ||||||||
Non-current | ||||||||||
Property, plant and equipment, principally due to differences in depreciation | 1,340 | 221 | 1,481 | |||||||
Construction in progress, principally due to capitalized interest | -3,363 | -555 | -3,093 | |||||||
Lease prepayments, principally due to differences in charges | -373 | -62 | -383 | |||||||
Allowance for advanced to supplier-long term | 41 | 7 | 242 | |||||||
Net loss carryforward | 19,507 | 3,222 | 8,743 | |||||||
17,152 | 2,833 | 6,990 | ||||||||
Net deferred income tax assets | 18,854 | 3,114 | 8,847 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
Name of party | Relationship | ||
Shandong Baorui Investment Co., Ltd (“Shandong Baorui”) | Former shareholder (10%) of Shandong Fuwei. Shandong Baorui is 22.1% owned by the Group Founders. | ||
Shenghong Group Co., Ltd (“Shenghong Group”) | Former shareholder (90%) of Shandong Fuwei. | ||
Shandong Neo-Luck Plastic Co., Ltd (“Shandong Neo-Luck”) | The Group Founders’ former employer previously engaged in the business of BOPET film production. | ||
Weifang Neo-Luck (Group) Co., Ltd (“Weifang Neo-Luck Group”) | Major shareholder (59%) of Shandong Neo-Luck. One of the directors of the Company was the general manager of Weifang Neo-Luck Group prior to joining the Company in April 2005. | ||
Weifang State-Owned Assets Operation Administration Company (the “Administration Company”) | Shareholder of the Company 65.45% | ||
Everise Investment Management Co., Ltd. | Owned by the Management of the Company | ||
Beijing Shiweitong Technology Development Co., Ltd. | Subsidiary of Weifang State-Owned Assets Operation Administration Company | ||
Joyinn Hotel Investment & Management Co., Ltd. | Subsidiary of Weifang State-Owned Assets Operation Administration Company | ||
Business_and_Credit_Concentrat1
Business and Credit Concentrations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Business And Credit Concentrations [Abstract] | ' | |||||||||
Amount Due From Customers, Percent of Outstanding Accounts Receivable | ' | |||||||||
Each amount due from the following customers represented more than 10% of the outstanding accounts receivable on December 31, 2013 and 2012. | ||||||||||
Percentage of accounts receivable outstanding (%) | ||||||||||
December 31, 2013 | ||||||||||
Eternal Electronic Material (Guangzhou) Co., Ltd. | 39 | % | ||||||||
Percentage of accounts receivable outstanding (%) | ||||||||||
December 31, 2012 | ||||||||||
Eternal Electronic Material (Guangzhou) Co., Ltd. | 29.5 | % | ||||||||
Kurz Production (M) SDN BHD MY | 11.7 | % | ||||||||
Celplast Metallized Products Limited | 10.6 | % | ||||||||
Leonhard Kurz Stiftung & Co. KG | 10.4 | % | ||||||||
Percentage of Total Purchases From Vendors | ' | |||||||||
The following are the vendors that supplied10% or more of our raw materials for each of the year ended December 31, 2013, 2012 and 2011: | ||||||||||
Percentage of total purchases (%) | ||||||||||
Supplier | Item | 2013 | 2012 | 2011 | ||||||
Sinopec Yizheng Chemical Fibre Company Limited | PET resin and Additives | 56.7 | 36.4 | 43.8 | ||||||
Jiangyin Huaxing Compound Co., Ltd. | PET resin | 4.1 | 16.5 | 11 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies [Abstract] | ' | ||||||
Schedule of Future Minimum Lease Payments for Operating Leases | ' | ||||||
Future minimum lease payments under non-cancelable operating leases as of December 31, 2013 are as follows: | |||||||
December 31, 2013 | |||||||
RMB | US$ | ||||||
Operating lease commitments | 369 | $ | 61 | ||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings (Loss) Per Share [Abstract] | ' | |||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||
Basic and diluted earnings per share for the period/year ended December 31, 2013, 2012 and 2011 have been calculated as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Net (loss) income available to ordinary shareholders | -58,971 | -9,741 | -54,427 | 21,081 | ||||||
Weighted average number of ordinary shares outstanding | 13,062,500 | 13,062,500 | 13,062,500 | 13,062,500 | ||||||
Dilutive effect of share options | - | - | - | - | ||||||
Diluted weighted average number of ordinary shares outstanding | 13,062,500 | 13,062,500 | 13,062,500 | 13,062,500 | ||||||
Basic and diluted earnings (loss) per share | -4.51 | -0.74 | -4.17 | 1.61 | ||||||
Fuwei_Films_Holdings_Co_Ltd_Pa1
Fuwei Films (Holdings) Co., Ltd (Parent Company) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Fuwei Films (Holdings) Co., Ltd (Parent Company) [Abstract] | ' | |||||||||
Condensed Unaudited Balance Sheet | ' | |||||||||
Condensed unaudited Balance Sheet as of December 31, 2013 and 2012 | ||||||||||
2013 | 2012 | |||||||||
RMB | US$ | RMB | ||||||||
Cash and cash equivalents | 67 | 11 | 65 | |||||||
Other current assets | 262,449 | 43,353 | 271,006 | |||||||
Investments in subsidiaries | 367 | 61 | 378 | |||||||
Total assets | 262,882 | 43,425 | 271,450 | |||||||
Current liabilities | 52,325 | 8,643 | 51,842 | |||||||
Total shareholders’ equity | 210,558 | 34,782 | 219,608 | |||||||
Total liabilities and shareholders’ equity | 262,882 | 43,425 | 271,450 | |||||||
Condensed Unaudited Statements of Operations | ' | |||||||||
Condensed unaudited Statements of Operations (For the years ended December 31, 2013, 2012 and 2011) | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Interest income (expenses) | -9 | -1 | -13 | -18 | ||||||
General and administrative expenses | -2,135 | -353 | -2,468 | -3,281 | ||||||
Other income | - | - | - | 1,116 | ||||||
Loss before equity in undistributed earnings of subsidiaries | -2,144 | -354 | -2,482 | -2,183 | ||||||
Equity in earnings of subsidiaries | -56,808 | -9,384 | -51,956 | 22,515 | ||||||
Net income | -58,952 | -9,738 | -54,437 | 20,332 | ||||||
Condensed Unaudited Statement of Cash Flows | ' | |||||||||
Condensed unaudited Statement of Cash Flows (For the year ended December 31, 2013, 2012 and 2011) | ||||||||||
2013 | 2012 | 2011 | ||||||||
RMB | US$ | RMB | RMB | |||||||
Cash flow from operating activities | ||||||||||
Net income | -58,952 | -9,738 | -54,437 | 20,332 | ||||||
Adjustment to reconcile net income (loss) to net cash from operating activities: | ||||||||||
- Equity in earnings of subsidiaries | 56,808 | 9,384 | 51,956 | -22,515 | ||||||
- Foreign exchange gain | - | - | - | - | ||||||
Changes in operating assets and liabilities: | ||||||||||
- Other current assets | - | - | - | - | ||||||
- Other current liabilities | -124 | -20 | 61 | -7,277 | ||||||
Net cash provided by operating activities | -2,268 | -375 | -2,420 | -9,460 | ||||||
Cash flow from financing activities | ||||||||||
Payments to related parties | 2,272 | 375 | 2,365 | 9,493 | ||||||
Proceeds from related parties | - | - | - | - | ||||||
Effect of exchange | -2 | - | -1 | -4 | ||||||
Net cash provided by (used in) financing activities | 2,270 | 375 | 2,364 | 9,489 | ||||||
Net increase (decrease) in cash | 2 | 0 | -56 | 29 | ||||||
Cash: | ||||||||||
At beginning of year | 65 | 11 | 121 | 92 | ||||||
At end of year | 67 | 11 | 65 | 121 | ||||||
Unaudited_Quarterly_Data_Table
Unaudited Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Unaudited Quarterly Data [Abstract] | ' | |||||||||||||||||||||
Unaudited Quarterly Data | ' | |||||||||||||||||||||
Quarter Ended | March 31 | June 30 | September 30 | December 31 | Total | |||||||||||||||||
Fiscal year 2013 | RMB | US$ | RMB | US$ | RMB | US$ | RMB | US$ | RMB | US$ | ||||||||||||
Revenue | 76,577 | 12,330 | 77,401 | 12,611 | 75,890 | 12,400 | 75,082 | 12,403 | 304,950 | 50,374 | ||||||||||||
Gross profit | -1,191 | -191 | -2,307 | -376 | -9,857 | -1,611 | -2,070 | -342 | -15,425 | -2,548 | ||||||||||||
Net income | -18,076 | -2,909 | -18,190 | -2,964 | -23,203 | -3,792 | 499 | 82 | -58,971 | -9,741 | ||||||||||||
Basic and diluted earnings per share | -1.38 | -0.22 | -1.39 | -0.23 | -1.78 | -0.29 | 0.04 | 0.01 | -4.51 | -0.74 | ||||||||||||
Principal_Activities_and_Reorg1
Principal Activities and Reorganization (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 23, 2009 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | CNY | CNY | Fuwei Films USA, LLC [Member] | Administration Company [Member] |
USD ($) | |||||||
Principal Activities And Reorganization [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Outstanding ordinary shares controlled indirectly by the Administration Company, percent | ' | ' | ' | ' | ' | ' | 65.45% |
Registered Capital | ' | ' | ' | ' | ' | $10 | ' |
Total investment amount | $75,913 | 459,548 | 518,434 | 572,871 | 551,750 | $100 | ' |
Equity interest held by parent | ' | ' | ' | ' | ' | 60.00% | ' |
Equity interest held by partner | ' | ' | ' | ' | ' | 40.00% | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies and Practices (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings and Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '30 years |
Buildings and Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Plant and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '15 years |
Plant and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Computer Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies and Practices (Narrative) (Details) | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | Use Rights [Member] | |
Summary Of Significant Accounting Policies And Practices [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Value Added Tax Rate | 17.00% | 17.00% | ' | ' | ' | ' | ' |
Research and Development Expense | $1,802 | 10,906 | 9,617 | 10,159 | ' | ' | ' |
Cash and cash equivalents | 1,913 | 11,578 | 5,006 | 44,172 | 804 | 171,227 | ' |
Restricted cash | 6,842 | 41,422 | 21,457 | ' | ' | ' | ' |
Depreciation expense recorded in cost of goods sold | 7,956 | 48,161 | 48,709 | 43,783 | ' | ' | ' |
Depreciation recorded in cost of goods sold, percent | 86.70% | 86.70% | 86.10% | 84.60% | ' | ' | ' |
Depreciation recorded in administrative and selling expenses, percent | 13.30% | 13.30% | 13.90% | 15.40% | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | '30 years |
Estimated liability related to defective products | 32 | 200 | 830 | ' | ' | ' | ' |
Working Capital | 19,094 | 115,587 | ' | ' | ' | ' | ' |
Net income (loss) | ($9,738) | -58,952 | -54,437 | 21,038 | ' | ' | ' |
Accounts_and_Bills_Receivable_2
Accounts and Bills Receivable, net (Accounts Receivable) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Accounts receivable | $1,134 | 6,868 | 11,943 |
Less: Allowance for doubtful accounts | -131 | -795 | -1,196 |
Accounts receivable, net of allowance for doubtful accounts | 1,003 | 6,073 | 10,747 |
Bills receivable | 380 | 2,300 | 10,840 |
Accounts and bills receivable, net | $1,383 | 8,373 | 21,587 |
Accounts_and_Bills_Receivable_3
Accounts and Bills Receivable, net (Allowance For Doubtful Accounts) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Balance at beginning of year | $197 | 1,196 | 1,785 | 2,140 |
Bad debt (recovery) expense | -66 | -401 | -589 | -355 |
Write-offs | 0 | 0 | 0 | 0 |
Balance at end of year | $131 | 795 | 1,196 | 1,785 |
Inventories_Details
Inventories (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Raw materials | $2,696 | 16,322 | 19,081 |
Work-in-progress | 568 | 3,436 | 3,095 |
Finished goods | 3,983 | 24,114 | 17,507 |
Consumables and spare parts | 114 | 693 | 719 |
Allowance for obsolescence | -1,009 | -6,111 | -6,111 |
Total inventories | $6,352 | 38,454 | 34,291 |
Prepayments_and_Other_Receivab2
Prepayments and Other Receivables (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Prepayments | $98 | 593 | 627 |
Other Receivables | 4,215 | 25,514 | 25,547 |
Total prepayments and other receivables | $4,313 | 26,107 | 26,174 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Building [Member] | Building [Member] | Building [Member] | Plant and Equipment [Member] | Plant and Equipment [Member] | Plant and Equipment [Member] | Computer Equipment [Member] | Computer Equipment [Member] | Computer Equipment [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Vehicles [Member] | Vehicles [Member] | Vehicles [Member] |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | $140,991 | 853,519 | 512,975 | $16,688 | 101,027 | 46,280 | $121,551 | 735,831 | 453,518 | $391 | 2,367 | 2,056 | $2,015 | 12,201 | 9,027 | $346 | 2,093 | 2,094 |
Less: accumulated depreciation | -54,304 | -328,742 | -279,640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $86,687 | 524,777 | 233,335 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | |
Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | |||||
USD ($) | CNY | CNY | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pledged Assets, Not Separately Reported, Real Estate | ' | ' | ' | ' | $43,413 | 262,809 | 231,501 |
Interest Costs Capitalized | $341 | 2,059 | 11,174 | 0 | ' | ' | ' |
Lease_Prepayments_Details
Lease Prepayments (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Non-current portion | $3,138 | 18,999 | 19,523 |
Current portion - amount charged to expense next year | 75 | 454 | 454 |
Total lease prepayments of land use rights | $3,213 | 19,453 | 19,977 |
Lease_Prepayments_Narrative_De
Lease Prepayments (Narrative) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Amortization of Leased Asset | $75 | 454 | 454 | 454 |
Finite-Lived Intangible Assets, Net | $3,213 | 19,453 | ' | ' |
Expiration period for the land use rights, period one | '2050-11 | '2050-11 | ' | ' |
Expiration period for the land use rights, period two | '2053-05 | '2053-05 | ' | ' |
Expiration period for the land use rights, period three | '2055-02 | '2055-02 | ' | ' |
Advance_to_suppliers_Narrative
Advance to suppliers (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Advance to suppliers | $1,153 | 6,977 | 13,543 |
Advance to suppliers - long term, net | 353 | 2,134 | 5,299 |
Allowance for bad debts | $45 | 272 | 1,616 |
LongTerm_Deposit_Narrative_Det
Long-Term Deposit (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 19-May-06 | 19-May-06 | Jun. 30, 2008 | Jun. 30, 2008 | Jun. 16, 2008 | Dec. 10, 2012 | Jun. 23, 2009 | Jan. 14, 2010 | Apr. 09, 2008 |
USD ($) | CNY | USD ($) | CNY | CNY | Joyinn Hotel Investment and Management Co., Ltd. [Member] | Joyinn Hotel Investment and Management Co., Ltd. [Member] | Initial Deposit Amount [Member] | Total Deposit Amount [Member] | Deposit Reduction Amount [Member] | Pledged Interest [Member] | Pledged Interest [Member] | Pledged Interest [Member] | Pledged Interest [Member] | |
USD ($) | CNY | CNY | CNY | CNY | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registered capital | ' | ' | ' | ' | ' | $6,236 | 50,000 | ' | 52,000 | ' | ' | ' | ' | ' |
Long-term deposit | ' | ' | 2,769 | 16,760 | 16,760 | ' | ' | 26,000 | ' | 5,000 | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.60% |
Increase In Pledged Amount Of Interest Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.80% | 19.00% | ' | ' |
Pledged Amount Of Interest Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87.80% | ' | 71.00% | 52.00% |
Impairment provision | $681 | 4,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_assets_Narrative_Details
Other assets (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Other Assets, Noncurrent | $2,188 | 13,244 | 262 |
ShortTerm_and_LongTerm_Bank_Lo2
Short-Term and Long-Term Bank Loans (Summary of Bank Loans) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | CNY | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Weifang Dongfang State-Owned Assets Management Co Ltd [Member] | Weifang Dongfang State-Owned Assets Management Co Ltd [Member] | Weifang Dongfang State-Owned Assets Management Co Ltd [Member] |
- May 11, 2012 to May 7, 2013 [Member] | - May 11, 2012 to May 7, 2013 [Member] | - May 11, 2012 to May 7, 2013 [Member] | - May 8, 2012 to April 5, 2013 [Member] | - May 8, 2012 to April 5, 2013 [Member] | - May 8, 2012 to April 5, 2013 [Member] | - May 9, 2012 to April 15, 2013 [Member] | - May 9, 2012 to April 15, 2013 [Member] | - May 9, 2012 to April 15, 2013 [Member] | - May 9, 2012 to April 26, 2013 [Member] | - May 9, 2012 to April 26, 2013 [Member] | - May 9, 2012 to April 26, 2013 [Member] | - April 18, 2013 to April 2, 2014 [Member] | - April 18, 2013 to April 2, 2014 [Member] | - April 18, 2013 to April 2, 2014 [Member] | - April 19, 2013 to April 11, 2014 [Member] | - April 19, 2013 to April 11, 2014 [Member] | - April 19, 2013 to April 11, 2014 [Member] | - April 23, 2013 to April 16, 2014 [Member] | - April 23, 2013 to April 16, 2014 [Member] | - April 23, 2013 to April 16, 2014 [Member] | - April 25, 2013 to April 18, 2014 [Member] | - April 25, 2013 to April 18, 2014 [Member] | - April 25, 2013 to April 18, 2014 [Member] | - May 2, 2013 to April 24, 2014 [Member] | - May 2, 2013 to April 24, 2014 [Member] | - May 2, 2013 to April 24, 2014 [Member] | October 19, 2009 to October 18, 2017 [Member] | October 19, 2009 to October 18, 2017 [Member] | October 19, 2009 to October 18, 2017 [Member] | |||||
USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | |||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term bank loans, fixed interest rate | ' | ' | ' | ' | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.87% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% | 6.12% | 6.12% | 6.12% |
Short-term borrowings | $17,345 | 105,000 | 110,000 | ' | $0 | 0 | 10,000 | $0 | 0 | 30,000 | $0 | 0 | 35,000 | $0 | 0 | 35,000 | $3,304 | 20,000 | 0 | $3,304 | 20,000 | 0 | $4,129 | 25,000 | 0 | $3,304 | 20,000 | 0 | $3,304 | 20,000 | 0 | ' | ' | ' |
Long-term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,652 | 10,000 | 10,000 |
Total loans payable | 18,997 | 115,000 | 120,000 | 178,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less amounts classified as short-term | -17,345 | -105,000 | -110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term loan | $1,652 | 10,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShortTerm_and_LongTerm_Bank_Lo3
Short-Term and Long-Term Bank Loans (Short-Term Loans Outstanding) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | CNY |
Property plant and equipment, Land use right | $17,345 | 105,000 | 110,000 | 150,000 |
Bills receivable | 0 | 0 | 0 | 0 |
Guarantee company | 1,652 | 10,000 | 10,000 | 10,000 |
Restricted cash | 0 | 0 | 0 | 18,501 |
Loans outstanding | $18,997 | 115,000 | 120,000 | 178,501 |
ShortTerm_and_LongTerm_Bank_Lo4
Short-Term and Long-Term Bank Loans (Long-Term Bank Loans Maturity) (Details) | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Short-term and Long-term Bank Loans [Abstract] | ' | ' |
Fiscal 2014 | $0 | 0 |
Fiscal 2015 | 553 | 3,350 |
Fiscal 2016 | 553 | 3,350 |
Fiscal 2017 | 546 | 3,300 |
Fiscal 2018 | $0 | 0 |
ShortTerm_and_LongTerm_Bank_Lo5
Short-Term and Long-Term Bank Loans (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Bank of Communications Co Ltd [Member] | Weifang Dongfang State-Owned Assets Management Co Ltd [Member] | Weifang Dongfang State-Owned Assets Management Co Ltd [Member] | Weifang Dongfang State-Owned Assets Management Co Ltd [Member] | Weifang Dongfang State-Owned Assets Management Co Ltd [Member] | Dornier [Member] | Dornier [Member] |
USD ($) | CNY | - April 18, 2013 to April 2, 2014 [Member] | - April 18, 2013 to April 2, 2014 [Member] | - April 18, 2013 to April 2, 2014 [Member] | - April 19, 2013 to April 11, 2014 [Member] | - April 19, 2013 to April 11, 2014 [Member] | - April 19, 2013 to April 11, 2014 [Member] | - April 23, 2013 to April 16, 2014 [Member] | - April 23, 2013 to April 16, 2014 [Member] | - April 23, 2013 to April 16, 2014 [Member] | - April 25, 2013 to April 18, 2014 [Member] | - April 25, 2013 to April 18, 2014 [Member] | - April 25, 2013 to April 18, 2014 [Member] | - May 2, 2013 to April 24, 2014 [Member] | - May 2, 2013 to April 24, 2014 [Member] | - May 2, 2013 to April 24, 2014 [Member] | April And May 2013 [Member] | April And May 2013 [Member] | October 19, 2009 to October 18, 2017 [Member] | October 19, 2009 to October 18, 2017 [Member] | October 19, 2009 to October 18, 2017 [Member] | October 19, 2009 to October 18, 2017 [Member] | October 19, 2009 to October 18, 2017 [Member] | |||||
USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | USD ($) | CNY | CNY | USD ($) | CNY | |||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 7.42% | 7.42% | 7.66% | 7.20% | 7.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt | $17,345 | 105,000 | 110,000 | ' | ' | $3,304 | 20,000 | 0 | $3,304 | 20,000 | 0 | $4,129 | 25,000 | 0 | $3,304 | 20,000 | 0 | $3,304 | 20,000 | 0 | $17,345 | 105,000 | ' | ' | ' | ' | ' | ' |
Repayments of Bank Debt | ' | ' | ' | 18,171 | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,652 | 10,000 | 10,000 | ' | ' |
Debt Instrument, Annual Principal Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 553 | 3,350 |
Remaining principal balance due in 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $545 | 3,300 |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.12% | ' | ' | ' | ' | ' |
Percentage Of Long Term Debt Interest Rate Decreased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Notes_Payable_Details
Notes Payable (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
SPD Bank | $13,544 | 81,990 | 38,299 |
Total notes payable | $13,544 | 81,990 | 38,299 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Total Notes payable | $13,544 | 81,990 | 38,299 |
Deposits at SPD Bank | $6,772 | 40,998 | ' |
Accrued_Expenses_and_Other_Pay2
Accrued Expenses and Other Payables (Accrued expenses and other payables) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Other payables | $1,087 | 6,577 | 6,001 |
Predicted liability | 32 | 200 | 830 |
Accrued Liabilities and Other Liabilities, Total | $1,119 | 6,777 | 6,831 |
Accrued_Expenses_and_Other_Pay3
Accrued Expenses and Other Payables (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Predicted liability | $32 | 200 | 830 |
Obligations_under_capital_leas2
Obligations under capital leases (Schedule of Capital Lease Commitments) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Present value of the minimum lease payments | ' | ' | ' |
Within 1 year | $1,373 | 8,314 | 6,282 |
After 1 year but within 2 years | 1,364 | 8,259 | 6,637 |
After 2 years but within 3 years | 51 | 304 | 7,081 |
After 3 years | 0 | 0 | 0 |
Present value of minimum lease payments | 2,788 | 16,877 | 20,000 |
Less: balance due within one year classified as current liabilities | -1,373 | -8,314 | -6,282 |
Capital Leases Present Value Of Minimum Lease Payments Noncurrent | 1,415 | 8,563 | 13,718 |
Total minimum lease payments | ' | ' | ' |
Within 1 year | 1,514 | 9,166 | 7,287 |
After 1 year but within 2 years | 1,413 | 8,555 | 7,333 |
After 2 years but within 3 years | 51 | 306 | 7,332 |
After 3 years | ' | 0 | 0 |
Total future minimum lease payments | 2,978 | 18,027 | 21,952 |
Interest | ' | ' | ' |
Within 1 year | 141 | 852 | 1,005 |
After 1 year but within 2 years | 49 | 296 | 696 |
After 2 years but within 3 years | 0 | 2 | 251 |
After 3 years | ' | 0 | 0 |
Total interest | $190 | 1,150 | 1,952 |
Obligations_under_capital_leas3
Obligations under capital leases (Schedule of Obligations under Capital Leases) (Details) (CNY) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
RMB Denominated Obligations | ' | ' |
Fixed interest rate of 6.49% per annum as of December 31, 2013 | 16,877 | 20,000 |
Total | 16,877 | 20,000 |
Obligations_under_capital_leas4
Obligations under capital leases (Narrative) (Details) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | CNY | |
Guarantee deposit | $132 | 800 |
Lease Expiring Term | '3 years | '3 years |
Fixed Interest Rate Under Capital Lease | 6.49% | 6.49% |
Revenues_By_Geographical_Locat
Revenues (By Geographical Location of Customers) (Details) | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Sales in China [Member] | Sales in China [Member] | Sales in China [Member] | Sales in China [Member] | Sales in other countries principally Europe, Asia and North America [Member] | Sales in other countries principally Europe, Asia and North America [Member] | Sales in other countries principally Europe, Asia and North America [Member] | Sales in other countries principally Europe, Asia and North America [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |||||
Revenues from External Customers [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $50,374 | 304,950 | 372,866 | 537,645 | $43,457 | 263,076 | 302,290 | 392,195 | $6,917 | 41,874 | 70,576 | 145,450 |
Revenues_By_Significant_Types_
Revenues (By Significant Types of Films) (Details) | 12 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Stamping and Transfer Film [Member] | Stamping and Transfer Film [Member] | Stamping and Transfer Film [Member] | Stamping and Transfer Film [Member] | Printing Film [Member] | Printing Film [Member] | Printing Film [Member] | Printing Film [Member] | Metallization Film [Member] | Metallization Film [Member] | Metallization Film [Member] | Metallization Film [Member] | Specialty Film [Member] | Specialty Film [Member] | Specialty Film [Member] | Specialty Film [Member] | Base Film For Other Applications [Member] | Base Film For Other Applications [Member] | Base Film For Other Applications [Member] | Base Film For Other Applications [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customer | $50,374 | 304,950 | 372,866 | 537,645 | $23,508 | 142,309 | 202,029 | 293,768 | $4,601 | 27,852 | 42,449 | 55,218 | $2,922 | 17,686 | 18,886 | 28,205 | $14,764 | 89,382 | 92,536 | 140,491 | $4,579 | 27,721 | 16,966 | 19,963 |
Percent of Total | 100.00% | 100.00% | 100.00% | 100.00% | 46.70% | 46.70% | 54.20% | 54.60% | 9.10% | 9.10% | 11.40% | 10.30% | 5.80% | 5.80% | 5.10% | 5.30% | 29.30% | 29.30% | 24.80% | 26.10% | 9.10% | 9.10% | 4.50% | 3.70% |
Revenues_Narrative_Details
Revenues (Narrative) (Details) (CNY) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net Revenues Decrease Amount | 67,916 | ' | ' |
Net Revenues Decrease Percentage | 18.20% | ' | ' |
Average Sales Price Reduction Percentage | 4.90% | ' | ' |
Sales Volume Reduction Percentage | 14.00% | ' | ' |
Net Revenues Decrease Due To Change In Average Sales Price | 15,660 | ' | ' |
Net Revenues Decrease Due To Change In Sales Volume | 52,256 | ' | ' |
Revenues From External Customers Percentage Of Total | 100.00% | 100.00% | 100.00% |
Sales Decrease Amount | 3,154 | ' | ' |
Sales Decrease Percentage | 3.40% | ' | ' |
Sales in other countries principally Europe, Asia and North America [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Revenues From External Customers Percentage Of Total | 13.70% | 18.90% | ' |
Depreciation_and_Amortization_1
Depreciation and Amortization (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Cost of goods sold | $6,900 | 41,771 | 41,918 | 36,988 |
Selling expenses | 5 | 33 | 59 | 53 |
Administrative expenses | 1,051 | 6,357 | 6,732 | 6,742 |
Depreciation | $7,956 | 48,161 | 48,709 | 43,783 |
Freight_Costs_Narrative_Detail
Freight Costs (Narrative) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Freight costs | $617 | 3,738 | 2,527 | 2,147 |
Freight costs, distribution expenses | $1,944 | 11,770 | 10,534 | 9,771 |
Interest_Expense_Details
Interest Expense (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Interest Costs Capitalized | $341 | 2,059 | 11,174 | 0 |
Interest cost charged to expense | 1,667 | 10,094 | 0 | 10,227 |
Interest cost incurred | $2,008 | 12,153 | 11,174 | 10,227 |
Income_Taxes_EIT_of_25_Percent
Income Taxes (EIT of 25 Percent Scenario) (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | CNY | CNY | EIT of 25 Percent Scenario [Member] | EIT of 25 Percent Scenario [Member] | EIT of 25 Percent Scenario [Member] | EIT of 25 Percent Scenario [Member] | |
USD ($) | CNY | CNY | CNY | |||||||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $82 | 499 | ($3,792) | -23,203 | ($2,964) | -18,190 | ($2,909) | -18,076 | ($9,741) | -58,971 | -54,427 | 21,081 | $0 | 0 | 0 | -2,499 |
Earnings Per Share, Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | 0 | 0 | -0.19 |
Earnings Per Share, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | 0 | 0 | -0.19 |
Income_Taxes_Operations_in_Jur
Income Taxes (Operations in Jurisdictions Other Than PRC) (Details) | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Cayman Islands [Member] | Cayman Islands [Member] | Cayman Islands [Member] | Cayman Islands [Member] | British Virgin Islands [Member] | British Virgin Islands [Member] | British Virgin Islands [Member] | British Virgin Islands [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | USA [Member] | USA [Member] | USA [Member] | USA [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | ' | ' | ' | ' | ($354) | -2,144 | -2,482 | -2,183 | ($1) | -3 | -3 | -2 | ' | ' | ' | ' | ' | ' | ' | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,045 | -66,860 | -59,655 | 27,285 | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 48 | -25 | -107 |
Net income (loss) before income taxes | ($11,391) | -68,959 | -62,164 | 24,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Income_Tax_Benefi
Income Taxes (Income Tax Benefit (Expense)) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Income tax benefit (expense) | $0 | 0 | 0 | -3,790 |
Deferred Income Tax Expense (Benefit) | 1,653 | 10,007 | 7,727 | -165 |
Actual income tax benefit (expense) | $1,653 | 10,007 | 7,727 | -3,955 |
Income_Taxes_Income_Tax_Benefi1
Income Taxes (Income Tax Benefit Statutory Tax Rate) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Net income (loss) before income taxes | ($11,391) | -68,959 | -62,164 | 24,993 |
Computed "expected" tax expense | -36 | -218 | 0 | -6,604 |
Non-deductible expenses | 0 | 0 | 0 | -767 |
Non-taxable income | 22 | 131 | 0 | 940 |
Tax holiday | 14 | 87 | 0 | 2,641 |
Tax effect of deferred tax and tax rates differential | 1,653 | 10,007 | 7,727 | -165 |
Actual income tax benefit (expense) | ($1,653) | -10,007 | -7,727 | 3,955 |
Income_Taxes_Tax_Effects_of_Te
Income Taxes (Tax Effects of Temporary Differences) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Current | ' | ' | ' |
Accounts receivable | $20 | 119 | 179 |
Other receivables | 105 | 636 | 636 |
Inventory impairment | 151 | 917 | 917 |
Estimated Loss due to Product Warranty | 5 | 30 | 125 |
Deferred tax assets - current | 281 | 1,702 | 1,857 |
Non-current | ' | ' | ' |
Property, plant and equipment, principally due to differences in depreciation | 221 | 1,340 | 1,481 |
Construction in progress, principally due to capitalized interest | -555 | -3,363 | -3,093 |
Lease prepayments, principally due to differences in charges | -62 | -373 | -383 |
Allowance for advanced to supplier-long term | 7 | 41 | 242 |
Net loss carryforward | 3,222 | 19,507 | 8,743 |
Deferred Tax Assets, Gross, Noncurrent | 2,833 | 17,152 | 6,990 |
Net deferred income tax assets | $3,114 | 18,854 | 8,847 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation At Preferential Income Tax Rate | 15.00% | ' | ' |
Effective Income Tax Rate Reconciliation Preferential Tax Benefits | 15.00% | 15.00% | 15.00% |
Income tax rate | 25.00% | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) | Dec. 31, 2013 |
Shandong Baorui [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership percentage | 22.10% |
Shenghong Group [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership percentage | 90.00% |
Weifang Neo-Luck Group [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership percentage | 59.00% |
Weifang Dongfang State-Owned Assets Management Co Ltd [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership percentage | 65.45% |
Shandong Fuwei [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership percentage | 10.00% |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Short Term Debt Bank Loan Three [Member] | Short Term Debt Bank Loan Three [Member] | Joyinn Hotel Investment and Management Co., Ltd. [Member] | Joyinn Hotel Investment and Management Co., Ltd. [Member] | Fuhua Industrial Material Management Co Ltd [Member] | Fuhua Industrial Material Management Co Ltd [Member] | Fuhua Industrial Material Management Co Ltd [Member] | Fuhua Industrial Material Management Co Ltd [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | CNY | CNY | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties, Total | ' | ' | $2,769 | 16,760 | ' | ' | ' | ' |
Debt Instrument Third Party Credit Enhancement Amount | 2,788 | 16,877 | ' | ' | ' | ' | ' | ' |
Payments for Rent | ' | ' | ' | ' | 27 | 164 | 153 | 120 |
Impairment Of Long Term Deposits | ' | ' | $700 | 4,240 | ' | ' | ' | ' |
Pension_Plan_Narrative_Details
Pension Plan (Narrative) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Defined Contribution Plan, Employer Matching Contribution, Percent | 20.00% | 20.00% | ' | ' |
Expenses related to defined contribution plan | $173 | 1,047 | 949 | 1,003 |
Business_and_Credit_Concentrat2
Business and Credit Concentrations (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts Receivable [Member] | Eternal Electronic Material (Guangzhou) Co Ltd [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 39.00% | 29.50% | ' |
Accounts Receivable [Member] | Kurz Production (M) SDN BHD MY [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | 11.70% | ' |
Accounts Receivable [Member] | Celplast Metallized Products Limited [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | 10.60% | ' |
Accounts Receivable [Member] | Leonhard Kurz Stiftung & Co. KG [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | ' | 10.40% | ' |
Raw Materials [Member] | Sinopec Yizheng Chemical Fibre Company Limited [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 56.70% | 36.40% | 43.80% |
Raw Materials [Member] | Jiangyin Huaxing Compound Co Ltd [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 4.10% | 16.50% | 11.00% |
Business_and_Credit_Concentrat3
Business and Credit Concentrations (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Sinopec Yizheng Chemical Fibre Company Limited [Member] | Sinopec Yizheng Chemical Fibre Company Limited [Member] | Sinopec Yizheng Chemical Fibre Company Limited [Member] | Jiangyin Huaxing Compound Co Ltd [Member] | Jiangyin Huaxing Compound Co Ltd [Member] | Jiangyin Huaxing Compound Co Ltd [Member] |
CNY | CNY | CNY | CNY | CNY | CNY | ||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances on Inventory Purchases | $1,153 | 6,977 | 13,543 | 1,928 | 6,202 | 1,860 | 23 | 3,069 | 2,473 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Operating lease commitments | $61 | 369 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jan. 21, 2014 | Jan. 21, 2014 | Oct. 21, 2013 | Jun. 05, 2013 | 31-May-13 | Jan. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 20, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | CNY | USD ($) | |
Rental expenses | ' | ' | ' | ' | ' | ' | $68 | 410 | 383 | 606 | ' | ' |
Amount of claim filed against Shandong Fuwei | 500 | 4,138 | ' | 208 | 870 | 953 | ' | ' | ' | ' | ' | ' |
Frozen bank savings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 770 | ' |
Capital commitments for purchase of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 12,019 | ' | ' | 1,985 |
Litigation Settlement, Amount | ' | ' | 160 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Damages Interest Sought Value | ' | 2,332 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Liability | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | CNY | CNY | |
Net income (loss) available to ordinary shareholders | $82 | 499 | ($3,792) | -23,203 | ($2,964) | -18,190 | ($2,909) | -18,076 | ($9,741) | -58,971 | -54,427 | 21,081 |
Weighted average number of ordinary shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 13,062,500 | 13,062,500 | 13,062,500 | 13,062,500 |
Dilutive effect of share options | ' | ' | ' | ' | ' | ' | ' | ' | $0 | 0 | 0 | 0 |
Diluted weighted average number of ordinary shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 13,062,500 | 13,062,500 | 13,062,500 | 13,062,500 |
Basic and diluted earnings (loss) per share | $0.01 | 0.04 | ($0.29) | -1.78 | ($0.23) | -1.39 | ($0.22) | -1.38 | ($0.74) | -4.51 | -4.17 | 1.61 |
Fuwei_Films_Holdings_Co_Ltd_Pa2
Fuwei Films (Holdings) Co., Ltd (Parent Company) (Condensed Unaudited Balance Sheet) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | USD ($) | CNY | USD ($) | CNY | CNY | CNY | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] |
USD ($) | CNY | USD ($) | CNY | CNY | CNY | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $1,913 | 11,578 | $804 | 5,006 | 44,172 | 171,227 | $11 | 67 | $11 | 65 | 121 | 92 |
Other current assets | ' | ' | ' | ' | ' | ' | 43,353 | 262,449 | ' | 271,006 | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' | ' | ' | 61 | 367 | ' | 378 | ' | ' |
Total assets | 120,926 | 732,047 | ' | 747,550 | ' | ' | 43,425 | 262,882 | ' | 271,450 | ' | ' |
Current liabilities | 41,329 | 250,200 | ' | 201,922 | ' | ' | 8,643 | 52,325 | ' | 51,842 | ' | ' |
Total shareholders’ equity | 76,038 | 460,307 | ' | 519,234 | ' | ' | 34,782 | 210,558 | ' | 219,608 | ' | ' |
Total liabilities and shareholders’ equity | $120,926 | 732,047 | ' | 747,550 | ' | ' | $43,425 | 262,882 | ' | 271,450 | ' | ' |
Fuwei_Films_Holdings_Co_Ltd_Pa3
Fuwei Films (Holdings) Co., Ltd (Parent Company) (Condensed unaudited Statements of Operations) (Details) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |
USD ($) | CNY | CNY | CNY | |||||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income (expenses) | $169 | 1,024 | 1,022 | 2,612 | ($1) | -9 | -13 | -18 |
General and administrative expenses | ' | ' | ' | ' | -353 | -2,135 | -2,468 | -3,281 |
Other Income | ' | ' | ' | ' | 0 | 0 | 0 | 1,116 |
Loss before equity in undistributed earnings of subsidiaries | ' | ' | ' | ' | -354 | -2,144 | -2,482 | -2,183 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | -9,384 | -56,808 | -51,956 | 22,515 |
Net income | ' | ' | ' | ' | ($9,738) | -58,952 | -54,437 | 20,332 |
Fuwei_Films_Holdings_Co_Ltd_Pa4
Fuwei Films (Holdings) Co., Ltd (Parent Company) (Condensed unaudited Statement of Cash Flows) (Details) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |
USD ($) | CNY | CNY | CNY | |||||
Cash flow from operating activities | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ($9,738) | -58,952 | -54,437 | 20,332 |
Adjustment to reconcile net income (loss) to net cash from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | -9,384 | -56,808 | -51,956 | 22,515 |
Foreign exchange gain | ' | ' | ' | ' | 0 | 0 | 0 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | 0 | 0 | 0 | 0 |
Other current liabilities | ' | ' | ' | ' | -20 | -124 | 61 | -7,277 |
Net cash provided by operating activities | 510 | 3,090 | 46,451 | -14,018 | -375 | -2,268 | -2,420 | -9,460 |
Cash flow from financing activities | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to related parties | ' | ' | ' | ' | 375 | 2,272 | 2,365 | 9,493 |
Proceeds from related parties | ' | ' | ' | ' | 0 | 0 | 0 | 0 |
Effect of exchange | 20 | -17 | -26 | -213 | 0 | -2 | -1 | -4 |
Net cash (used in) provided by financing activities | 5,875 | 35,568 | -202 | 6,501 | 375 | 2,270 | 2,364 | 9,489 |
Net increase (decrease) in cash and cash equivalent | 1,109 | 6,572 | -39,166 | -127,055 | 0 | 2 | -56 | 29 |
At beginning of period/year | 804 | 5,006 | 44,172 | 171,227 | 11 | 65 | 121 | 92 |
At end of period/year | $1,913 | 11,578 | 5,006 | 44,172 | $11 | 67 | 65 | 121 |
Fuwei_Films_Holdings_Co_Ltd_Pa5
Fuwei Films (Holdings) Co., Ltd (Parent Company) (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | CNY | |
Required percent of accumulated profits, reserve | 10.00% | 10.00% |
Required statutory general reserve, percent of registered capital | 50.00% | 50.00% |
Required statutory general reserve, percent minimum remaining after issuance of shares or increase in par value | 25.00% | 25.00% |
Statutory public welfare fund required amount of profit, percent | 5.00% | 5.00% |
Statutory surplus reserve | $6,185 | 37,441 |
Restricted net assets, percent of consolidated net assets | 48.00% | 48.00% |
Unaudited_Quarterly_Data_Detai
Unaudited Quarterly Data (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | CNY | CNY | |
Schedule of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $12,403 | 75,082 | $12,400 | 75,890 | $12,611 | 77,401 | $12,330 | 76,577 | $50,374 | 304,950 | ' | ' |
Gross profit | -342 | -2,070 | -1,611 | -9,857 | -376 | -2,307 | -191 | -1,191 | -2,548 | -15,425 | -3,107 | 85,472 |
Net income (loss) available to ordinary shareholders | $82 | 499 | ($3,792) | -23,203 | ($2,964) | -18,190 | ($2,909) | -18,076 | ($9,741) | -58,971 | -54,427 | 21,081 |
Basic and diluted earnings per share | $0.01 | 0.04 | ($0.29) | -1.78 | ($0.23) | -1.39 | ($0.22) | -1.38 | ($0.74) | -4.51 | -4.17 | 1.61 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Subsequent Event [Member]) | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 25, 2014 | Mar. 25, 2014 | Mar. 25, 2014 | Mar. 25, 2014 |
USD ($) | CNY | SNTON Group Co., Ltd [Member] | SNTON Group Co., Ltd [Member] | |
USD ($) | CNY | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | 6,912,503 | 6,912,503 | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | 52.90% | 52.90% |
Stock Issued During Period, Value, Other | $16,573 | 101,800 | ' | ' |
Capital | ' | ' | $42,328 | 260,000 |
Sale of Stock, Price Per Share | $2.40 | ' | ' | ' |