#UAE Debt Collection Market Future Projections

[kenresearch1]

UAE Debt Collection Market is Expected to Reach More Than AED 5Bn by 2027 Owing to Rise in digital collection techniques and Improvement in UAE legal system related to debt collection, bankruptcy and insolvency: Ken Research

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UAE Debt Collection Market Ecosystem

Tahseel, First Solution Management Service are the market leaders in UAE Debt Collection Market; the market is highly fragmented consisting of many players. The UAE Debt Collection Market is composed of many players which are operating across the borders and not just within the UAE.

 Key Market Findings:

Digital collections are being extensively used which leverages analytics to make the process more

Collection agents are being trained to equip them with latest technology and to adept them to various consumer situations for providing more feasible solutions.

The industry is slowly becoming more customer-centric in its approach.

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IT Policies and Proper Documentation: Companies are maintaining proper documentation and proof for all debt provided by them to corporates and individuals. This makes it much easier for debt collection agencies to recover the debt in case of a default both amicably and legally as well through payment order method. Collection companies which provide settlement plans to debtors have start taking post-dated cheques as a proof for future payment. Changing IT policies require companies to maintain complete confidentiality of client information due to threat of data breach. All this factors will provide more growth to collection industry.

Emphasis on NLP Techniques: Collection agencies are extensively using various speech analytics tools to record and analyse customer conversations. This enables to maintain security and gain insights into client expectations. In addition, the information gathered can further be used for training of employees adapting them to different situations while negotiating and hence, improving their performance which would act as a key growth driver for debt collection companies.

Favorable Changes in UAE Legal System: The new legal system at UAE makes it possible to recover debts via court in merely within 7 days if all the documents are readily available. The new Bankruptcy law also provides safety for debtors and changes the shape of debt collection industry. Ultimately, act as catalysts for the industry.

Analysts at Ken Research in their latest publication- “UAE Debt Collection Market Outlook to 2027- Characterized by fierce competition and high growth prospects” by Ken Research provides a comprehensive analysis of the potential of the debt collection market in UAE. Rise in digital collection techniques and increasing use of AI and ML for recovery predictions are expected to contribute to the market growth over the forecast period.

UAE debt collection market is expected to grow at a robust CAGR over the forecasted period 2022-2027.

Key Segments Covered

Segmentation by Segment

Non-Finance

Finance

Insurance

Segmentation by Type of Firm

Debt Collection Agency

Law Firm

Segmentation by Age of Firm:

0 to 10 yrs

10 to 20 yrs

20 to 30 yrs

Segmentation by Geographical Presence

Abu Dhabi

Dubai

Fujairah

Sharjah

Ajman

Umm Al-Quwain

Ras Al-Khaimah

Sub-segmentation of insurance segment & financing segment

Sub-segmentation of insurance segment:

Motor & Transportation

Property/Fire

Liability & Others

Sub-segmentation of financing segment:

Real State

Personal

Financial institution

Services

Manufacturing

Trade

Others

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Key Target Audience

Existing Debt Collection Companies

Law Firms

Financing Companies

Non-Financing Companies

Insurance Companies

Debt Collection & Management software providers

Government Agencies

Finance Consultants

Others

Time Period Captured in the Report:

Historical Period: 2017-2022

Base Year: 2022

Forecast Period: 2022–2027

Companies Covered:

SUPPLY SIDE:

Debt Collection Companies

Tahseel

CMS

Aman Debt Collection

First Solution

Credit Recovery

AW Holding

Bilkish

Derby Group of Companies

Alpha Debt Collection

Fort Equity

Quick Action

ATDC

com

ALQADA

Law firms/Debt Collection

Taswiyeh

ASKTHELAW

HHS LAWYERS

DUBAI DEBT RECOVERY

STA

AE

AL ROWAAD

AL SAFAR

BIN EID

Regulatory Bodies and Judiciary

Central Bank of the UAE

Judicial Department

DEMAND SIDE:

Insurance companies

Etihad Credit Insuranc

Atradiuse

CIGNA

COFACE

PACIFIC PRIME

MetLIFE

ACE

Emirates RE

Financing companies

Emirates NBD

ADCB

DUBAI FIRST

Mashreq

Commercial Bank of Dubai

Dubai Islamic Bank

HSBC

RAKBANK

ADIB

FAB

CITYBANK

Non-Finance companies

Etisalat

Emircom

Etihad Water and Electricity

Abu Dhabi Distribution Companies

Emaar

Nakheel

Lufthansa

Choithrams

Asian Paints

Majid UL Futaim

Naseej

Key Topics Covered in the Report                            

Global Debt Collection Market Overview

Ecosystem of UAE Debt Collection Market – Demand and Supply Side

Value Chain Analysis – Amicable Settlement and Litigation Settlement

Market Size and Segmentation of Debt Collection Industry in UAE, 2017-2022

UAE Debt Collection Market Industry Analysis

Software used in UAE Debt Collection Market

Market Shares of Major Debt Collection Companies in UAE on the basis of Debt Collected, 2022

Competitive Analysis

Future Outlook and Projections, 2022-2027

For More Insights On Market Intelligence, Refer to the Link Below: –

UAE Debt Collection Market Outlook to 2027

Related Reports by Ken Research: –

KSA Debt Collection Market Outlook to FY’2026

[xtruss]

US Echo Chamber Produces Anti-China Propaganda!

— S.L. Kanthan | April 11, 2024

Illustration: Liu Xidan/Global Times

"Does China Matter?" asked Gerald Segal, the renowned geopolitical analyst and prolific writer in 1999. He arrived at profoundly wrong conclusions and dismissed China as a small market that matters little to the world and as a second-rank middle power at best. Segal could be forgiven for his flawed forecast, since China was still poor and accounted for only 3 percent of global trade at the time. However, 25 years later, there is no excuse for Western analysts to continue dismissing China using logical fallacies, cherry-picked data and Orwellian doublespeak.

Such blatant propaganda is exemplified by the recent article, "China Is Gaslighting the Developing World," written by Robert Manning for the esteemed Foreign Policy magazine.

Debunking this one article is to debunk most of the anti-China propaganda emanating out of the American echo chamber.

For starters, the entire article is self-contradictory. The subtitle of the article is, "Beijing's promises of equality are a guise for hegemony" but most of the article portrays a China that is "faltering" in every aspect - at home and abroad. But, wait a minute, if China is performing so badly, there is no way it can achieve "global hegemony." The only one gaslighting everyone is the US establishment.

The rest of the article can be summarized as follows: A multipolar world is a faux utopia, de-dollarization is going nowhere, BRICS has no future, and everyone prefers the US-led world order. The standard lies about China are also recycled: Its economy is stumbling, it bullies its neighbors, it uses the "debt trap," and it has no soft power.

Crying Baby US: “China Is Coming! China Is Coming! China Is Coming!”

Let's refute those lies one by one.

First, the rise of a multipolar world is not only inevitable but is happening in real time. The economic, technological and geopolitical centers are shifting rapidly to Asia. In terms of GDP by purchasing power, BRICS is larger than G7, and Asia is larger than the collective West. According to some projections, by 2030, six out of the ten largest economies in the world will be in Asia. The world's largest and fastest-growing middle class is in the Global South. And China has been leading the world in patents and scientific publications for many years.

No serious analyst can ignore the rapid expansion of BRICS and the resentment toward US-led perpetual wars and chaos. The fact that Saudi Arabia, Iran and the UAE - three energy powerhouses and geopolitically strategic countries - opted to join BRICS last year should be a wake-up call for the exceptionalists. Thirty more countries have queued up to join BRICS, which offers a vision of multilateralism, cooperation, shared destiny and common prosperity.

As for de-dollarization, the global trends are obvious: More than half of China's cross-border transactions are now happening in yuan, and Russia-China trade is almost completely devoid of the US dollar. From Latin America to Africa and ASEAN to India, everyone is exploring ways to decouple from the US dollar, which has been weaponized. When OPEC starts selling oil for yuan, it will ring the death knell for petrodollar. Creating alternatives to the current rigged financial system is difficult but not impossible. No global reserve currency or empire lasts forever.

While China's economy has slowed down, 32 percent of global economic growth came from China last year. Also, in 2023, China became the world's largest exporter of cars - another milestone in China's manufacturing prowess. In 2024, the World Bank projects the US to grow at 1.6 percent and the Eurozone at 0.7 percent. This means if China achieves its target GDP rate of 5 percent, it will grow 3 times faster than America and 7 times faster than Europe.

China's economy is "stumbling" forward so fast that Americans created a new word - "overcapacity" - to hobble China's success in the next-generation technologies.

Most of China's problems with many of its neighbors have one source: the US. However, China patiently works to find win-win solutions. For example, Australian Prime Minister Albanese visited Beijing last year, and now China's tariffs on Australia's coal, wine, among others, have disappeared. A recent poll also reveals that ASEAN citizens would choose China over the US.

Regarding China's so-called debt trap, let's not forget that 86 percent of developing nations' external debt is owed to private and multilateral creditors. China's share is minimal. More importantly, Chinese "debt" are crucial investments that lead to tangible projects such as highways, railways, seaports, airports, dams, schools and hospitals. These are indispensable for the growth of developing nations.

In summary, the US is now wasting an enormous amount of money on ineffective geopolitical campaigns.

— The Author is a Geopolitical Analyst, Columnist, Blogger, Podcaster, and Writer based out of Bangalore, India.

[ashwinicoherent-blog]

Innovation and growth of Debt Collection Software market in 2023

The report Interprets the complete details covering Executive summary, Scope of the report, Research Methodology, Introduction, 2019 Market landscape, Market segmentation by type, Segmentation by application, Latest Geographical segmentation, Decision framework Drivers and challenges Market trends, Vendor landscape, Key vendor analysis based on Debt Collection Software production region, major players, and product type which will provide a simplified view of the Debt Collection Software industry.

Debt Collection Software Market Development:

Debt Collection Software Market research report also provides an overall analysis of the market share, size, segmentation, revenue forecasts and geographic regions of the Debt Collection Software Market along with industry leading players are studied with respect to their company profile, product portfolio, capacity, price, cost and revenue. The Debt Collection Software market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Debt Collection Software market which will help the emerging market segments in making vital business decisions.

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In the end, the report makes some important proposals for a new project of Global Debt Collection Software Market Industry before evaluating its feasibility. Overall, the report provides an in-depth insight of 2019-2023 Global Debt Collection Software industry covering all important parameters.

– Global Debt Collection Software Market Driver

– Global Debt Collection Software Market Future

– Global Debt Collection Software Market Growth

The report uses SWOT analysis for the growth assessment of the outstanding Global Debt Collection Software Market players. It also analyzes the most recent enhancements while estimating the expansion of the foremost Global Debt Collection Software Market players. It offers valuable information such as product offerings, revenue segmentation, and a business report of the commanding players in the global Global Debt Collection Software Market.

Major Regions:

Geographically, this report split into several key Regions, with sales (MT), revenue (Million USD), market share and growth rate of Debt Collection Software for these regions, covering North America (USA, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India and Southeast Asia) South America (Brazil, Argentina, Columbia etc.) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

The study objectives of Debt Collection Software Market report are:

1) To analyze and study the global Debt Collection Software Market sales revenue, value, status (2013-2019) and forecast (2019-2023). 2) Focuses on the key Debt Collection Software Market manufacturers, to study the sales, demand, value, market share and development plans in the future. 3) To define, describe and forecast the Debt Collection Software Market by type, application, and region. 4) To analyze the global and key regions market potential and advantage, Trends, opportunity, and market challenge, and risks. 5) To identify significant trends and factors driving the Debt Collection Software Market growth. 6) To analyze the opportunities in the market for stakeholders by identifying the high growth segments. 7) To strategically analyze each submarket with respect to individual growth trend and their contribution to the Debt Collection Software Market 8) To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the Debt Collection Software Market 9) To strategically profile the key players and comprehensively analyze their growth strategies. 10) Strategic recommendations, forecast growth areas of the Debt Collection Software Market. 11) Company profiles, product analysis, Marketing strategies, emerging Market segments and comprehensive analysis of Debt Collection Software Market 12) Key performing regions along with their major countries are detailed in this report.

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In Conclusion, the Debt Collection Software Market reports provide meaningful data to those who are looking to enter into the Debt Collection Software Industry by providing market competition, Size, and Trends of Debt Collection Software Market.

[autobizupdate]

SORL Auto Parts Reports a 37.4% Increase in Sales and a Significant Increase in EPS for the First Quarter of 2017

ZHEJIANG, China, May 15, 2017 /PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced today its unaudited financial results for the first quarter ended March 31, 2017.

 First Quarter 2017 Financial Highlights

Net sales for the 2017 first quarter increased by 37.4% to $73.9 million from $53.8 million in the first quarter of 2016; 

Gross profit increased by 42.4% with the gross margin rising to 27.8% from 26.8% in the first quarter of 2016; 

Net Income attributable to stockholders was $6.9 million, or $0.36 per diluted share, compared with $0.4 million, or $0.02 per diluted share in the first quarter of

Mr. Xiaoping Zhang, SORL's Chief Executive Officer and Chairman, stated, "We are pleased to announce another quarter of robust performance as we posted growth in all lines of our business and achieved margin expansions from top to bottom. Since the Chinese government introduced rigorous regulations on overloading in the truck market to reduce emissions and improve safety, we have been gaining market share with our advanced new products and superior performance. On the cost side, we continued to exceed our goals due to significantly improved economy of scale, strengthened receivables collections and better-than-expected cost control results."

First Quarter 2017 Financial Results

For the first quarter of 2017, net sales increased by 37.4% to $73.9 million from $53.8 million in the 2016 first quarter. Revenues from the Company's domestic OEM customers were $41.8 million, an increase of 48.8% from $28.1 million in the first quarter of 2016. The higher OEM sales were mainly due to higher truck sales in the first quarter of 2017. During the first quarter, the total commercial vehicle sales in China grew by 22.9%, while total truck sales were up by 30.9% led by a significant increase of 93.0% year-over-year in the heavy-duty segment.

SORL's aftermarket sales in China grew by 37.1% to $18.1 million for the first quarter of 2017, compared with $13.2 million for the same period of 2016. New vehicle sales in China and the expiration of their OEM warranties assisted our aftermarket business growth. Revenues from SORL's international markets sales increased 12.0% to $14.0 million, compared to $12.5 million in the first quarter of 2016 due to an organic expansion of the customer base across several overseas markets.

The gross profit for the first quarter of 2017 increased by 42.4% to $20.5 million from $14.4 million a year ago. Gross margin was 27.8% compared with 26.8% in the first quarter of 2016.

In the first quarter of 2017, operating expenses decreased 17.8% to $11.7 million from $14.2 million in the same quarter of 2016. The decrease reflected a decline of 41.6% in general and administrative expenses. As a percentage of revenue, operating expenses were 15.8% in the first quarter of 2017, compared with 26.4% in the first quarter of 2016.

Selling and distribution expenses remained the same at $5.6 million, yet decreased to 7.6% of quarterly revenues from 10.3% a year ago.

General and administrative ("G&A") expenses in the first quarter of 2017 were $4.0 million, or 5.5% of quarterly revenues compared with $6.9 million, or 12.9% of total revenues in the first quarter of 2016.  The decrease in G&A expenses was mainly due to a decrease in allowance for doubtful accounts during this quarter.

Research and development ("R&D") expenses were $2.1 million in the first quarter of 2017 compared with $1.7 million in the first quarter of 2016. As a percentage of revenue, R&D expenses were 2.8% in the first quarter of 2017 compared with 3.2% of revenue in the first quarter of 2016.

Income from operations increased by 761.7% to $9.6 million in the first quarter of 2017 compared with $1.1 million in the first quarter of 2016. As a percentage of revenue, income of operations was 13.0% in the first quarter of 2017, compared with 2.1% in the first quarter of 2016.

Financial expenses were $0.5 million in the first quarter of 2017 compared with $0.2 million in the first quarter of 2016.

Income before income taxes was $9.0 million for the first quarter of 2017, compared to $0.4 million for the same quarter of 2016. The increase in income before income taxes reflected higher sales and operating income with lower operating expenses during the first quarter of 2017 compared to the first quarter of 2016.

The provision for income taxes was $1.3 million in the first quarter of 2017, compared with a gain of $0.3 million in the first quarter of 2016.

Net income attributable to stockholders for the first quarter of 2017 was $6.9 million, or $0.36 per basic and diluted share, compared with $0.4 million, or $0.02 per basic and diluted share a year ago.

Balance Sheet

As of March 31, 2017, the Company had cash and cash equivalents of $11.5 million compared to $8.1 million on December 31, 2016. Total equity increased to $171.0 million at March 31, 2017 compared with $162.4 million at December 31, 2016. On March 31, 2017, working capital was $107.8 million with a current ratio of 1.7 to 1.

Business Outlook

For the fiscal year 2017, management has increased annual guidance of net sales to be approximately $315 million and net income to be approximately $27.5 million. These targets are based on the Company's current views on the operating and market conditions, which are subject to change.

"We continue to roll out new advanced braking products which immediately gain traction in the market due to their enhanced performance, added features and improved reliability. We have implemented stricter cost controls, purchased more advanced machinery and moved into new facilities to improve our efficiency and increase our profitability," Ms. Jinrui Yu, SORL's Chief Operating Officer, stated.

Conference Call

Management will host a conference call on Monday, May 15, 2017, at 8:00 A.M. EDT/ 8:00 P.M. Beijing Time to discuss its 2017 first quarter results. Listeners may access the call by dialing U.S. toll free number +1-877-407-0778 and +1-201-689-8565 for international callers, and Mainland China toll free +864-001-202-840. A live web cast of the conference call will also be available at http://www.sorl.cn.

A replay of the call will be available shortly after the conference call through 11:59 P.M. EDT on June 15, 2017, or 11:59 A.M. Beijing Time on June 16, 2017. The replay dial-in numbers are: U.S. toll free number +1-877-481-4010 or the international number +1-919-882-2331; using Conference ID "10392" to access the replay.

About SORL Auto Parts, Inc.

As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the market leader for commercial vehicles brake systems, such as trucks and buses in China. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake systems and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network. For more information, please visit http://www.sorl.cn.

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "anticipates," "believes," "targets," "goals," "projects," "intends," "plans," "seeks," "estimates," "may," "will," "should" or similar expressions. For example, when the Company describes the evaluation of the preliminary non-binding proposal letter, it is using forward-looking statements. These forward-looking statements may also include statements about the Company's proposed discussions related to its business or growth strategy, which are subject to change. Such information is based upon expectations of the Company's management that were reasonable when made, but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond the Company's control and upon assumptions with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this press release. These risks and uncertainties may include, but are not limited to general political, economic and business conditions which may impact the demand for commercial vehicles or passenger vehicles in China and the other significant markets where the Company's products are sold, uncertainty regarding such political, economic and business conditions, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible recessions, natural disasters, the political stability of China and the impact of any of those events on demand for commercial or passenger vehicles, changes in consumer confidence, new product development and introduction, competitive products and pricing, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier's inability to fulfill the Company's orders, cost of labor and raw materials, the loss of or curtailed sales to significant customers, the Company's dependence on key employees and officers, the ability to secure and protect trademarks, patents and other intellectual property rights, potential effects of competition in the Company's business, the dependency of the Company upon the normal operation of its sole manufacturing facility, potential effect of the economic and currency instability in China and countries to which the Company sold its products, the ability of the Company to successfully manage its expenses on a continuing basis, the continued availability to the Company of financing and credit on favorable terms, business disruptions, disease, general risks associated with doing business in China or other countries including, without limitation, foreign trade policies, import duties, tariffs, quotas, political and economic stability, and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. For additional information regarding known material factors that could cause the Company's results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov.

Contact Information

Phyllis Huang +86-151-6770-5972 +86-577-6581-7721 phyllis@sorl.com.cn

Kevin Theiss Investor Relations Awaken Advisors 646-726-6511 kevin.theiss@awakenlab.com

  -- Tables Follow --

  SORL Auto Parts, Inc. and Subsidiaries

Consolidated Balance Sheets

March 31, 2017 and December 31, 2016

March 31, 2017

December 31, 2016

(Unaudited)

Assets

Current Assets

Cash and cash equivalents

US$

11,455,214

US$

8,057,155

Accounts receivable, net, including $0 and $5,025,509 from related parties at March 31, 2017 and December 31, 2016, respectively

104,844,561

102,129,294

Bank acceptance notes from customers

45,638,224

42,697,276

Inventories

71,745,365

65,776,517

Prepayments

20,159,736

10,797,601

Restricted cash

5,596,257

5,476,621

Other current assets

1,774,940

1,124,608

Deferred tax assets

3,219,643

3,210,575

Total Current Assets

264,433,940

239,269,647

Property, plant and equipment, net

54,885,852

53,737,706

Land use rights, net

8,284,055

8,309,333

Intangible assets, net

9,324

11,438

Total Non-Current Assets

63,179,231

62,058,477

Total Assets

US$

327,613,171

US$

301,328,124

Liabilities and Equity

Current Liabilities

Accounts payable and bank acceptance notes to vendors, including $6,234,911 and $1,953,707 due to related parties at March 31, 2017 and December 31, 2016, respectively

US$

60,477,514

US$

65,672,626

Deposit received from customers

25,900,566

22,733,742

Short term bank loans

48,871,970

27,416,376

Income tax payable

1,268,213

996,522

Accrued expenses

17,688,422

20,103,392

Other current liabilities

2,410,732

2,013,943

Total Current Liabilities

156,617,417

138,936,601

Total Liabilities

156,617,417

138,936,601

Equity

Preferred stock - no par value; 1,000,000 authorized; none issued and outstanding as of March 31, 2017 and December 31, 2016

-

-

Common stock - $0.002 par value; 50,000,000 authorized,

19,304,921 issued and outstanding as of

March 31, 2017 and December 31, 2016

38,609

38,609

Additional paid-in capital

(28,582,654)

(28,582,654)

Reserves

15,822,287

15,129,935

Accumulated other comprehensive income

6,937,331

6,117,042

Retained earnings

152,583,697

146,352,530

Total SORL Auto Parts, Inc. Stockholders' Equity

146,799,270

139,055,462

Noncontrolling Interest In Subsidiaries

24,196,484

23,336,061

Total Equity

170,995,754

162,391,523

Total Liabilities and Equity

US$

327,613,171

US$

301,328,124

    SORL Auto Parts, Inc. and Subsidiaries

Consolidated Statements of Income and Comprehensive Income

For The Three Months Ended March 31, 2017 and 2016 (Unaudited)

Three Months Ended March 31,

2017

2016

Sales

US$

73,895,781

US$

53,836,728

Include: sales to related parties

3,026,924

2,580,846

Cost of sales

53,348,076

39,397,649

Gross profit

20,547,705

14,439,079

Expenses:

Selling and distribution expenses

5,608,623

5,562,432

General and administrative expenses

4,044,913

6,929,858

Research and development expenses

2,055,096

1,743,687

Total operating expenses

11,708,632

14,235,977

Other operating income, net

788,468

914,205

Income from operations

9,627,541

1,117,307

Interest income

10,550

88,102

Government grants

28,909

4,757

Other income

664

45,589

Interest expenses

(481,160)

(174,460)

Other expenses

(207,531)

(637,629)

Income before income taxes provision (benefit)

8,978,973

443,666

Income taxes provision (benefit)

1,286,174

(34,824)

Net income

US$

7,692,799

US$

478,490

Net income attributable to noncontrolling interest in subsidiaries

769,280

47,849

Net income attributable to common stockholders

US$

6,923,519

US$

430,641

Comprehensive income:

Net income

US$

7,692,799

US$

478,490

Foreign currency translation adjustments

911,432

1,106,640

Comprehensive income

8,604,231

1,585,130

Comprehensive income attributable to noncontrolling interest in subsidiaries

860,423

158,513

Comprehensive income attributable to common shareholders

US$

7,743,808

US$

1,426,617

Weighted average common share - basic

19,304,921

19,304,921

Weighted average common share - diluted

19,304,921

19,304,921

EPS - basic

US$

0.36

US$

0.02

EPS - diluted

US$

0.36

US$

0.02

    SORL Auto Parts, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For The Three Months Ended March 31, 2017 and 2016 (Unaudited)

Three Months Ended March 31,

2017

2016

Cash Flows From Operating Activities

Net Income

US$

7,692,799

US$

478,490

Adjustments to reconcile net income to net cash

used in operating activities:

Allowance for doubtful accounts

-

3,676,683

Depreciation and amortization

2,017,224

1,733,874

Deferred income tax

8,453

(596,802)

Changes in assets and liabilities:

Accounts receivable

(2,151,307)

(3,192,855)

Bank acceptance notes from customers

(2,700,239)

(5,236,626)

Other currents assets

(638,653)

(216,932)

Inventories

(5,594,100)

6,020,763

Prepayments

1,142,387

(4,828,231)

Prepaid capital lease interest  

-

40,714

Accounts payable and bank acceptance notes to vendors

(4,434,657)

2,389,292

Income tax payable

265,518

-

Deposits received from customers

3,033,848

1,221,498

Other current liabilities and accrued expenses

(2,133,534)

(1,900,667)

Net Cash Flows Used In Operating Activities

(3,492,261)

(410,799)

Cash Flows From Investing Activities

Change in short term investments

-

2,854,289

Acquisition of property and equipment

(14,320,981)

(1,247,024)

Advance to related party

-

(18,695,590)

Change in restricted cash

(89,465)

(284,338)

Net Cash Flows Used In Investing Activities

(14,410,446)

(17,372,663)

Cash Flows From Financing Activities

Proceeds from bank loans

21,247,576

13,795,728

Repayment of bank loans  

-

(20,050,944)

Repayment of capital lease

-

(906,123)

Net Cash Flows Provided By (Used In) Financing Activities

21,247,576

(7,161,339)

Effects on changes in foreign exchange rate

53,190

817,739

Net change in cash and cash equivalents

3,398,059

(24,127,062)

Cash and cash equivalents - beginning of the period

8,057,155

30,230,828

Cash and cash equivalents - end of the period

US$

11,455,214

US$

6,103,766

Supplemental Cash Flow Disclosures:

Interest paid

US$

250,601

US$

275,913

Income taxes paid

US$

1,012,203

US$

677,301

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Read this news on PR Newswire Asia website: SORL Auto Parts Reports a 37.4% Increase in Sales and a Significant Increase in EPS for the First Quarter of 2017