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SRKP 1 Inc.(SRKP)

 
123Jump Rating:   Underwriters:
     
Status: Filed  
 
Address: FiledDate: 11/13/2006
     
  Filed Price Range ($):
       
Telephone: Filed Offer Amount ($ Million): $0.00
       
Fax: Shares Offered (Millions):
       
Websites: Shares Outstanding (Millions):
       
Management: Luo Ken Yi, CEO
IPO Date:
     
  Final Offer Price ($): $0.00
       
Industry: Real estate Final Offer Size (Millions of Shares): 0.00
       
Employees: 385 Final Offer Amount ($ Million): $0.00
       
Competitors: S-1 Forms:
     
   
       
     
     
     
       
 
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Business Environment

The continuing expansion of the Chinese economy has spurred the substantial growth of China’s construction industry, especially in the commercial and public works sectors. As architectural designs for these buildings have become more complex, challenging and modern in scope, there has been an increased need for technology driven companies providing high-end specialty curtain wall systems.

Increasingly, architects have come to favor designs that focus on improved natural lighting, active climate control and cost savings. Increasing demand for state-of-the-art curtain wall glass cladding has spurred technological innovation within the industry to provide new designs and engineering processes. Contractors are relying on firms that can work with architects to develop and enhance their vision and efficiently implement their design while maintaining high quality standards and cost control.

There is an increasing trend in the construction industry toward complex, fast-track, design-build projects. These projects require that all phases of construction be accomplished in accordance with compressed time schedules that involve the hired firm at early stages of the project.

These projects also are characterized by numerous design changes requiring that all construction participants coordinate their efforts in order to respond quickly and efficiently in implementing these changes. Those firms capable of meeting this demand must have the ability to provide a total overall solution, from design and project management, to complete engineering services, through manufacturing, installation and servicing.

Company Strategy
The Company specializes in the design, engineering and installation of high-end specialty curtain wall systems, including glass curtain walls, stone curtain walls, metal curtain walls, roofing systems, and related products, for public works projects and commercial real estate.

Product/Services Portfolio
The Company designs and develops systems to offer custom-designed solutions for developers of commercial and public works projects with special architectural features. In terms of project management, the Company exercises overall project planning and control over key areas of activities such as design and engineering, procurement, production scheduling, quality control and site installation.

The Company’s primary business focus is on designing, engineering and installing specialty high-end curtain wall systems, including glass curtain walls, stone curtain walls, metal curtain walls, roofing systems, and related products.

The Company’s curtain wall products are highly engineered specialty wall systems consisting primarily of a series of glass panels set in metal frames, stone panels, or metal panels, as well as roofing systems and related products. A curtain wall is fixed to the commercial building by mechanical connection, either in a primarily inoperable mode or adjustable with special settings with spring or press systems. Glass panels are connected to the metal support system by metal clamps and fixing bolts. The support system of fixing bolts could be a steel, aluminum and or glass structure, with glass flank or spidery tension rod or cable.

The Company offers a variety of support systems:

- Glass Fin Support System. The facial glass mixing with the glass fin provides facade with maximum transparence, which eliminates the differential expansion among glass metal structures.

- Metal Structure Support System. This system utilizes both steel post and steel truss of aluminum post in a metal structure.

Spidery Tension Rod/Cable Support System. This system utilizes a stainless steel tension rod connector for connecting the tension rod or the tension cable to the steel structure in order to form a stable spidery structure for glass curtain wall supporting.

The Company offers a variety of glass panels allowing a diverse selection of styles to meet the architectural demands of the clients: insulating glass, laminated glass, energy- efficient coated glass, and spandrel glass.

Investment Analysis
Contract revenues earned for six months ended June 30, 2006 were $26.4 million, an increase of $10.5 million, or 65.6%, from the contract revenues earned of $16.0 million for the comparable period in 2005.

Cost of contract revenues earned for the six months ended June 30, 2006 was $19.2 million, an increase of $7.1 million, or 59.1%, from $12.1 million for the comparable period in 2005.

Selling and administrative expenses were $2.2 million for the six months ended June 30, 2006, a decrease of approximately $0.8 million, or 25.6%, from $3.0 million for the comparable period in 2005.

Net income for the six months ended June 30, 2006 was $4.9 million, an increase of $4.0 million, or 481.7%, from $836,000 for the comparable period in 2005.

 

 

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