Pink Sheets

Sorel (no website) manufactures and distributes air brake valves and hydraulic brake valves for trucks and buses in China. Yet another Chinese reverse merger effective May 7, 2004. Previously The Enchanted Village.

The company owns 90% of Ruili Group Ruian Auto Parts Co., Ltd. a sino-joint venture.

42 customers, including all the truck manufacturers in China. Largest 3 customers were 31% of sales in 2004.
FAW Qingdao Automobile Works 18.83% (one of the top 5 carmakers in China)
First Auto Group Purchase Dept 6.96%
Liuzhou Special Auto Mfg Co 5.48%

At the end of 2004, nearly all of their current assets were trade receivables. There was also some PP&E.
Liabilities are AP and bank loans, all current.
Current ratio is OK.

Revenues were $46.8 million in 2004 (up from $33 million in 2003)
Gross profits: $10.9 million (up from $6.9 million)
Net income: $4.8 million (up from $1.2 million), 76 cents per share.

Stock price is $6.45, P/E of 8.5 based on 2004.

Cash from from ops is fairly ugly due to the huge increase in trade receivables.

Trade receivables continued to increase during the first half of 2005.
No taxes.
22 cents earnings in first half of 2005 (P/E starting to look more like 15)
Number of shares held steady
Cash flow from ops continues to be very ugly

Some of these stocks I know aren't going to be very good, but I want to scan them quickly anyway.

These guys are covering Sorl.