China Zenix Auto International Limited Reports Financial Results for 2019 Third Quarter

ZHANGZHOU, China, Nov. 21, 2019 /PRNewswire/ -- China Zenix Auto International Limited (OTC: ZXAIY) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, today announced its unaudited financial results for the third quarter ended September 30, 2019.

Financial Highlights

Third Quarter 2019:

    --  Revenue was RMB531.9 million (US$74.4 million), down 27.2%
        year-over-year;
    --  Sales to the Chinese OEM market decreased 33.5% year-over-year;
    --  Aftermarket sales decreased by 15.3% year-over-year;
    --  Gross margin was 6.2%;
    --  Loss and total comprehensive loss for the period was RMB40.3 million
        (US$5.6 million);
    --  Net cash from operations of RMB146.3 million (US$20.5 million) was
        generated during the third quarter of 2019.

First Nine Months of 2019

    --  Revenue was RMB2,000.2 million (US$279.8 million), a decrease of 18.5%
        year-over-year compared with RMB2,454.2 million in the first nine months
        of 2018;
    --  Tubeless steel wheel sales decreased by 18.4% year-over-year;
    --  Sales of aluminum wheels decreased by 16.2% year-over-year;
    --  Gross margin was 10.6%;
    --  Selling and distribution expenses declined by 13.2% and administrative
        costs were 23.4% lower year-over-year;
    --  Loss and total comprehensive loss for the period was RMB34.5 million
        (US$4.8 million) with basic and diluted loss per American Depositary
        Share ("ADS") of RMB0.67 (US$0.09);
    --  Bank balances and cash, pledged bank deposits and fixed bank deposits
        with maturity period over three months totaled RMB1,293.4 million
        (US$181.0 million).

Mr. Junqiu Gao, Deputy CEO and Chief Sales and Marketing Officer of Zenix Auto, commented, "The Chinese GDP grew at 6.0% in the third quarter of 2019; the slowest growth since the first quarter of 1992. Chinese commercial vehicle sales during the quarter consisted of a 6.4% decline in July 2019, a 2.8% decrease in August 2019, and an increase of 1.9% in September 2019, according to statistics from the China Association of Automobiles ("CAAM"). The implementation of the stricter National VI emission standard starting July 1, 2019 in major parts of the country resulted in retailers increasing promotions to boost sales of their inventory of National V emission standard compliant vehicles. The National VI emission standard has affected OEM vehicle production as current inventories are drawn down. The nationwide implementation of the National VI emission standard is following soon."

Mr. Martin Cheung, CFO of Zenix Auto, commented, "We remain financially strong as we ended the 2019 third quarter with bank balances and cash, pledged bank deposits and fixed bank deposits with a maturity period over three months of RMB1,293.4 million (US$181.0 million). We generated net cash from operations of RMB146.3 million (US$20.5 million) during the third quarter of 2019 as well. We have adjusted our personnel and operational requirements to better utilize our resources in the future."

2019 Third Quarter Results

Revenue for the third quarter was RMB531.9 million (US$74.4 million) compared with RMB730.4 million for the third quarter of 2018. The decrease in revenue on a year-over-year basis was mainly due to reduced production by some of the Company's key OEM customers in China, namely JAC, Foton, Yutong and Sinotruk, and softer demand from international sales.

Sales to the Chinese OEM market decreased by 33.5% year-over-year to RMB291.4 million (US$40.8 million) in the third quarter of 2019 compared to RMB438.4 million in the same quarter of 2018. Total unit sales in the OEM market decreased by 28.1% year-over-year during the third quarter of 2019.

Aftermarket sales in China decreased by 15.3% year-over-year to RMB185.0 million (US$25.9 million) in the third quarter of 2019 from RMB218.4 million in the third quarter of 2018. Total unit sales in the aftermarket decreased by 7.4% year-over-year as the softer economy affected the logistics sector. Lower selling prices in the aftermarket also contributed to the revenue decline.

International sales decreased by 24.5% year-over-year to RMB55.5 million (US$7.8 million) in the third quarter of 2019 compared to sales of RMB73.6 million in the third quarter of 2018. Total international unit sales decreased by 28.6% year-over-year in the third quarter of 2019 mainly due to continued weak demand in Southeastern Asian countries and the high material costs affecting the Company's pricing competitiveness.

In the third quarter of 2019, domestic OEM sales, domestic aftermarket sales and international sales contributed 54.8%, 34.8% and 10.4% of revenue, respectively.

Sales of tubed steel wheels comprised 45.5% of 2019 third quarter revenue compared to 45.1% in the same quarter in 2018. Tubeless steel wheel sales represented 41.2% of 2019 quarter revenue compared to 42.5% in the same quarter of 2018. While tubed and tubeless steel wheel sales remain the main sources of revenue for the Company, sales of aluminum wheels accounted for 9.4% of third quarter revenue as compared to 8.7% in the same quarter a year ago.

Third quarter gross profit was RMB32.9 million (US$4.6 million), compared to RMB88.7 million in the same quarter in 2018. Gross margin was 6.2%, compared with 12.1% in the third quarter of 2018. Despite the improved margin in international sales, the decline in overall unit sales and selling prices on a year-over-year basis led to the decrease in the overall gross margin.

Selling and distribution expenses decreased by 17.7% to RMB34.5 million (US$4.8 million) from RMB41.9 million in the third quarter of 2018. The decrease in selling and distribution costs was primarily due to lower transportation expenses associated with lower sales volume. As a percentage of revenue, selling and distribution costs were 6.5% in the third quarter of 2019, compared to 5.7% in the same quarter a year ago.

Research and development ("R&D") expenses increased by 10.6% to RMB14.0 million (US$2.0 million), compared to RMB12.6 million in the third quarter of 2018. R&D as a percentage of revenue was 2.6% in the third quarter of 2019, compared to 1.7% in the same quarter a year ago. Despite the sluggish market, the Company continued to commit to new product development.

Administrative expenses decreased by 39.5% to RMB31.3 million (US$4.4 million) from RMB51.8 million in the third quarter of 2018. This decrease is mainly due to a one-time loss of RMB18.5 (US$2.7 million) on the disposal of an obsolete production line at the Lang Fang steel wheel factory in the third quarter of 2018. As a percentage of revenue, administrative expenses were 5.9%, compared to 7.1% of revenue in the third quarter of 2018.

Net loss and total comprehensive loss were RMB40.3 million (US$5.6 million) in the third quarter of 2019 compared to a net loss and total comprehensive loss of RMB15.1 million for the third quarter of 2018.

Basic and diluted losses per ADS were RMB0.78 (US$0.11) in the third quarter of 2019 compared to basic and diluted loss per ADS of RMB0.29 in the third quarter of 2018.

In the third quarter of 2019, the Company recorded net cash inflows from operating activities of RMB146.3 million (US$20.5 million). Days Sales Outstanding (DSO) was at 56 days in the third quarter of 2019, in comparison with 54 days during the full year of 2018. The Company had capital expenditures of RMB6.7 million (US$0.9 million) for the purchase of property, plant and equipment in the third quarter of 2019.

During the third quarter of 2019 and 2018, the weighted average number of ordinary shares was 206.5 million and the weighted average number of ADSs was 51.6 million.

2019 First Nine Months Results

Revenue for the first nine months ended September 30, 2019 was RMB2,000.2 million (US$279.8 million) compared with RMB2,454.2 million in the first nine months of 2018.

Sales to the Chinese OEM market decreased by 24.3% year-over-year to RMB1,086.2 million (US$152.0 million) and represented 54.3% of revenue. Aftermarket sales decreased by 6.2% year-over-year to RMB694.6 million (US$97.2 million) in the first nine months of 2019 and represented 34.7% of total revenue. International sales decreased by 21.5% year-over-year to RMB219.4 million (US$30.7 million) and represented 11.0% of revenue.

Tubed steel wheel sales for the first nine months ended September 30, 2019 decreased by 20.4% compared with the same period in 2018 and accounted for 45.0% of revenue. Tubeless steel wheel sales decreased by 18.4% from the same period a year ago and accounted for 42.1% of revenue. Aluminum wheel sales decreased 16.2% from the same period a year ago and accounted for 8.8% of revenue. Off-road steel wheel sales increased by 22.7% and accounted for 2.2% of revenue.

Gross profit for the first nine months ended September 30, 2019 was RMB211.8 million (US$29.6 million) compared with RMB298.9 million during the same period in 2018. Gross margin was 10.6% compared with 12.2% in the same period last year.

Net loss and total comprehensive loss for the first nine months ended June 30, 2019 was RMB34.5 million (US$4.8 million) compared with net profit and total comprehensive income of RMB5.2 million during the same period in 2018.

Basic and diluted losses per ADS for the first nine months ended September 30, 2019 were RMB 0.67 (US$0.09), compared with basic and diluted earnings per ADS RMB 0.10 during the same period in 2018.

As of September 30, 2019, Zenix Auto had bank balances and cash of RMB980.0 million (US$137.1 million) and fixed bank deposits with a maturity period over three months of RMB290.0 million (US$40.6 million). Pledged bank deposits were RMB23.4 million (US$3.3 million). Total bank borrowings were RMB558.0 million (US$78.1 million). Total equity attributable to owners of the Company was RMB2,504.1 million (US$350.3 million).

Conference Call Information

The Company will host a conference call, to be simultaneously webcast, on Thursday, November 21, 2019 at 8:00 a.m. ET/ 9:00 p.m. Beijing Time. Interested parties may participate in the conference call by dialing +1-877-407-0782 (U.S. Toll Free) or +1-201-689-8567 (International). Please dial in five minutes before the call start time and ask to be connected to the "China Zenix Auto" conference call.

A replay will be available shortly after the conclusion of the conference call through December 21, 2019, at 8:00 a.m. ET. Interested parties may access the replay by dialing +1-877-481-4010 (U.S. Toll Free) or +1-919-882-2331 (International) and using Conference ID 56808 to access the replay.

Exchange Rate Information

The United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader. All translations from RMB to U.S. dollars are made at a rate of RMB7.1477 to US$1.00, the effective noon buying rate as of September 30, 2019 in The City of New York, for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board. The percentages stated are calculated based on RMB amounts.

About China Zenix Auto International Limited

China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. The Company offers more than 834 series of aluminum wheels, tubed steel wheels, tubeless steel wheels, and off-road steel wheels in the aftermarket and OEM markets in China and internationally. The Company's customers include large PRC commercial vehicle manufacturers, and it also exports products to over 78 distributors in more than 30 countries worldwide. With six large, strategically located manufacturing facilities in multiple regions across China, the Company has a designed annual production capacity of approximately 15.5 million units of steel and aluminum wheels as of September 30, 2019. For more information, please visit: www.zenixauto.com/en.

Safe Harbor

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

For more information, please contact

Kevin Theiss
Awaken Advisors
Tel: +1-(212) 521-4050
Email: Kevin@awakenlab.com

- tables follow -


                                                                     
            
              China Zenix Auto International Limited


                                                     
       
        Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income


                                                             
            
              For the three months ended September 30, 2019 and 2018


                                                       
       
        (RMB and US$ amounts expressed in thousands, except number of shares and per share data)




                                                                                       
            
              2018 Q3               
            
              2019 Q3        
     
     2019 Q3



                                                                                       
            
              RMB' 000              
            
              RMB' 000       
     
     US$' 000



            Revenue                                                                                             730,385                                    531,875              74,412



            Cost of sales                                                                                     (641,652)                                 (498,972)           (69,809)




            Gross profit                                                                                         88,733                                     32,903               4,603



            Other operating income                                                                                3,750                                      4,200                 588



            Net exchange gain                                                                                     1,582                                      1,115                 156



            Selling and distribution costs                                                                     (41,900)                                  (34,464)            (4,822)



            Research and development expenses                                                                  (12,641)                                  (13,982)            (1,956)



            Administrative expenses                                                                            (51,790)                                  (31,348)            (4,385)



            Finance costs                                                                                       (5,877)                                   (6,202)              (868)




            Loss before taxation                                                                               (18,143)                                  (47,778)            (6,684)



            Income tax credit                                                                                     3,060                                      7,499               1,049






            
              Loss and total comprehensive                                                            (15,083)                                  (40,279)            (5,635)
    loss for the period






            Loss per share



            Basic                                                                                                (0.07)                                    (0.20)             (0.03)



            Diluted                                                                                              (0.07)                                    (0.20)             (0.03)






            Loss per ADS



            Basic                                                                                                (0.29)                                    (0.78)             (0.11)



            Diluted                                                                                              (0.29)                                    (0.78)             (0.11)






            Shares                                                                                          206,500,000                                206,500,000         206,500,000



            ADSs                                                                                             51,625,000                                 51,625,000          51,625,000


                                     
              
         Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income


                                                    
           
                For the nine months ended September 30, 2019 and 2018


                                       
              
         (RMB and US$ amounts expressed in thousands, except number of shares and per share data)




                                                                                                                            2018                             2019            2019



                                                                                                
              
                RMB' 000               
       
        RMB' 000  
     
      US$' 000



              Revenue                                                                                                 2,454,213                        2,000,223         279,841



              Cost of sales                                                                                         (2,155,353)                     (1,788,422)      (250,209)




              Gross profit                                                                                              298,860                          211,801          29,632



              Other operating income                                                                                     11,927                           13,144           1,839



              Net exchange gain                                                                                           1,609                            1,108             155



              Selling and distribution costs                                                                          (135,849)                       (117,850)       (16,488)



              Research and development expenses                                                                        (39,225)                        (42,198)        (5,904)



              Administrative expenses                                                                                 (112,996)                        (86,525)       (12,105)



              Finance costs                                                                                            (17,337)                        (18,230)        (2,550)




              Profit (loss) before taxation                                                                               6,989                         (38,750)        (5,421)



              Income tax (expense) credit                                                                               (1,760)                           4,202             588






              
                Profit (loss) and total                                                                        5,229                         (34,548)        (4,833)
    comprehensive income (loss) for
    the period






              Earnings (loss) per share



              Basic                                                                                                        0.03                           (0.17)         (0.02)



              Diluted                                                                                                      0.03                           (0.17)         (0.02)






              Earnings (loss) per ADS



              Basic                                                                                                        0.10                           (0.67)         (0.09)



              Diluted                                                                                                      0.10                           (0.67)         (0.09)






              Shares                                                                                                206,500,000                      206,500,000     206,500,000



              ADSs                                                                                                   51,625,000                       51,625,000      51,625,000


                                                                        
       
                China Zenix Auto International Limited


                                                                   
      
         Unaudited Condensed Consolidated Statements of Financial Position


                                                                     
        
               (RMB and US$ amounts expressed in thousands)




                                                                                                                 December 31             
        
       September 30  
       
       September 30
                                                                                                                        2018                               2019                   2019

                                                                                                                                                                                 ---

                                                                                           
              
                RMB'000                  
       
        RMB'000      
       
       US$' 000



             
                ASSETS



             Current Assets



             Inventories                                                                                            172,111                            232,113                 32,473



             Trade and other receivables and prepayments                                                            776,473                            594,683                 83,199



             Prepaid lease payments                                                                                   9,425                              9,425                  1,319



             Pledged bank deposits                                                                                   33,500                             23,400                  3,274



             Fixed bank deposits with maturity period over three                                                    290,000                            290,000                 40,572
    months



             Bank balances and cash                                                                                 933,250                            979,989                137,106



             Total current assets                                                                                 2,214,759                          2,129,610                297,943






             Non-Current Assets



             Property, plant and equipment                                                                        1,099,003                          1,008,434                141,086



             Prepaid lease payments                                                                                 357,599                            350,530                 49,041



             Deferred tax assets                                                                                     40,272                             50,384                  7,049



             Intangible assets                                                                                       17,000                             17,000                  2,378



             Deposits paid for acquisition of property, plant and                                                         -                            86,964                 12,167
    equipment



             Total non-current assets                                                                             1,513,874                          1,513,312                211,721



             Total assets                                                                                         3,728,633                          3,642,922                509,664




             
                EQUITY AND LIABILITIES



             Current Liabilities



             Trade and other payables and accruals                                                                  611,463                            471,897                 66,021



             Amount due to a shareholders                                                                             9,911                             16,565                  2,318



             Taxation payable                                                                                         2,477                                641                     90



             Bank borrowings                                                                                        473,000                            558,000                 78,067



             Total current liabilities                                                                            1,096,851                          1,047,103                146,496




             Deferred tax liabilities                                                                                86,239                             85,422                 11,951



             Deferred income                                                                                          6,903                              6,305                    882



             Total non-current liabilities                                                                           93,142                             91,727                 12,833




             Total liabilities                                                                                    1,189,993                          1,138,830                159,329




             
                EQUITY



             Share capital                                                                                              136                                136                     19



             Paid in capital                                                                                        392,076                            392,076                 54,853



             Reserves                                                                                             2,146,428                          2,111,880                295,463



             Total equity attributable to owners of the company                                                   2,538,640                          2,504,092                350,335



             Total equity and liabilities                                                                         3,728,633                          3,642,922                509,664


                                                                                      
           
              China Zenix Auto International Limited


                                                                                 
          
           Unaudited Condensed Consolidated Statement of Cash Flows


                                                                                   
          
              For the three months ended September 30, 2019


                                                                                    
          
              (RMB and US$ amounts expressed in thousands)




                                                                                                                                                               Three Months Ended



              
                OPERATING ACTIVITIES                                                                                                             September 30, 2019



                                                                                                                                                         
     
            RMB' 000          
     
     US$' 000



              Loss before taxation                                                                                                                                        (47,778)             (6,684)



              Adjustments for:


                                                                                                      Amortization of prepaid lease payments                                    2,356                  330


                                                                                                      Depreciation of property plant and
                                                                                                       equipment                                                               33,803                4,729


                                                                                             
            Release of deferred income                                                (199)                (28)


                                                                                             
            Finance costs                                                             6,202                  868


                                                                                                      Loss on disposal of property, plant and
                                                                                                       equipment                                                                  144                   20


                                                                                             
            Interest income                                                         (2,996)               (419)




              Operating cash flows before movements in working capital                                                                                                     (8,468)             (1,184)



              Increase in inventories                                                                                                                                     (14,609)             (2,044)



              Decrease in trade and other receivables and prepayments                                                                                                      285,524               39,946



              Decrease in trade and other payables and accruals                                                                                                          (115,604)            (16,174)




              Cash generated from operations                                                                                                                               146,843               20,544



              Interest received                                                                                                                                              3,122                  437



              PRC income tax paid                                                                                                                                          (3,686)               (516)



              
                NET CASH FROM OPERATING ACTIVITIES                                                                                                              146,279               20,465




              
                INVESTING ACTIVITIES



              Purchase of property, plant and equipment                                                                                                                    (6,734)               (942)



              Placement of pledged bank deposits                                                                                                                         (147,400)            (20,622)



              Withdrawal of pledged bank deposits                                                                                                                          155,000               21,686



              Deposits paid for acquisition of property, plant and equipment                                                                                              (90,744)            (12,696)



              Placement of fixed bank deposits with maturity periods over three                                                                                          (160,000)            (22,385)
    months



              Withdrawal of fixed bank deposits with maturity periods over                                                                                                 160,000               22,385
    three months



              
                NET CASH USED IN INVESTING ACTIVITIES                                                                                                          (89,878)            (12,574)




              
                FINANCING ACTIVITIES



              New bank borrowings raised                                                                                                                                  (80,000)            (11,192)



              Repayment of bank borrowings                                                                                                                                  80,000               11,192



              Interest paid                                                                                                                                                (6,202)               (868)



              Advance from a shareholder                                                                                                                                     6,007                  841




              
                NET CASH USED IN FINANCING ACTIVITIES                                                                                                             (195)                (27)




              
                NET INCREASE IN CASH AND CASH EQUIVALENTS                                                                                                        56,206                7,864



              
                Cash and cash equivalents at beginning of the period                                                                                            924,409              129,330




              
                Effect of foreign exchange rate changes                                                                                                           (626)                (88)



              
                Cash and cash equivalents at end of the period                                                                                                  979,989              137,106


                                                                               
              
                China Zenix Auto International Limited


                                                                      
              
                Unaudited Condensed Consolidated Statement of Cash Flows


                                                                            
              
                For the nine months ended September 30, 2019


                                                                            
              
                (RMB and US$ amounts expressed in thousands)




                                                                                                                                                                     Nine Months Ended



              
                OPERATING ACTIVITIES                                                                                                                     September 30, 2019



                                                                                                                         RMB' 000                                                   US$' 000



              Loss before taxation                                                                                                                       (38,750)                             (5,421)



              Adjustments for:


                                                    
              Amortization of prepaid lease payments                                                          7,069                                  989


                                                    
              Depreciation of property plant and equipment                                                  101,882                               14,254


                                                    
              Release of deferred income                                                                      (598)                                (84)


                                                    
              Finance costs                                                                                  18,230                                2,551


                                                    
              Loss on disposal of property, plant and equipment                                                 146                                   20


                                                    
              Interest income                                                                               (8,953)                             (1,253)




              Operating cash flows before movements in working capital                                                                                     79,026                               11,056





              Increase in inventories                                                                                                                    (60,002)                             (8,395)



              Decrease in trade and other receivables and prepayments                                                                                     182,481                               25,530



              Decrease in trade and other payables and accruals                                                                                         (140,222)                            (19,618)

                                                                                                                                                                                                   ---


              Cash generated from operations                                                                                                               61,283                                8,573



              Interest received                                                                                                                             9,096                                1,273



              PRC income tax paid                                                                                                                         (8,929)                             (1,249)



              
                NET CASH FROM OPERATING ACTIVITIES                                                                                              61,450                                8,597

                                                                                                                                                                                                   ---


              
                INVESTING ACTIVITIES



              Purchase of property, plant and equipment                                                                                                   (7,118)                               (996)



              Placement of pledged bank deposits                                                                                                        (479,900)                            (67,140)



              Withdrawal of pledged bank deposits                                                                                                         490,000                               68,554



              Proceeds on disposal of property, plant and equipment                                                                                            49                                    7



              Deposits paid for acquisition of property, plant and equipment                                                                             (90,744)                            (12,696)



              Placement of fixed bank deposits with maturity periods over                                                                             (1,220,000)                           (170,684)
    three months



              Withdrawal of fixed bank deposits with maturity periods over                                                                              1,220,000                              170,684
    three months



              
                NET CASH USED IN INVESTING ACTIVITIES                                                                                         (87,713)                            (12,271)

                                                                                                                                                                                                   ---


              
                FINANCING ACTIVITIES



              New bank borrowings raised                                                                                                                  420,000                               58,760



              Repayment of bank borrowings                                                                                                              (335,000)                            (46,868)



              Interest paid                                                                                                                              (18,184)                             (2,544)



              Advance from a shareholder                                                                                                                    6,654                                  931

                                                                                                                                                                                                   ---


              
                NET CASH FROM FINANCING ACTIVITIES                                                                                              73,470                               10,279

                                                                                                                                                                                                   ---


              
                NET INCREASE IN CASH AND CASH EQUIVALENTS                                                                                       47,207                                6,605



              
                Cash and cash equivalents at beginning of the period                                                                           933,250                              130,566

                                                                                                                                                                                                   ---


              
                Effect of foreign exchange rate changes                                                                                          (468)                                (65)



              
                Cash and cash equivalents at end of the period                                                                                 979,989                              137,106

                                                                                                                                                                                                   ===

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SOURCE China Zenix Auto International Limited