Pansoft's Budget Control Solution Adopted by Jizhong Coal Mining Business in China
Last update: 9/8/2009 8:30:09 AM
JINAN, China, Sep 08, 2009 (BUSINESS WIRE) -- Pansoft Company Limited (PSOF) today announced that the Centralized Comprehensive Budget Control System developed by Pansoft was promoted in the conference held at Jizhong Energy Group Corporation's subsidiary Yun Jia Ling Coal Mine site on September 1, 2009. Pansoft started the comprehensive budgeting solution for Yun Jia Ling Coal Mine in May 2009 and it has been in successful implementation since August 2009. The chief executive officers, chief financial officers and controllers from all group companies and coal mines under Jizhong Energy Group Corporation attended the conference. Jizhong Energy Group Corporation is the second largest state-owned enterprise in Hebei Province and is one of the top 10 coal mining companies in China.
The comprehensive budgeting control solution developed by Pansoft for Yun Jia Ling Coal Mine consolidates major coal mining operating budget systems. This includes budget establishment, assessment, execution, control, settlement and pre-warning as well as various cost control functions in different responsibility centers and organizations blended seamlessly into one comprehensive system. The solution developed by Pansoft enables the coal mining management teams to initiate, execute and control their budgets in a more systematic, effective and timely manner.
Mr. Ruhai Zhang, Vice Chairman of the Board of Directors of Jizhong Energy Group Corporation pointed out when speaking to the conference, "The Comprehensive Budget Control System is a planned engineering process and a good indication of overall management progress. It is a necessary and important step for the whole corporation to enhance financial management and risk control." Mr. Zhang asked all subsidiaries and group companies in Jizhong Energy Group Corporation to adopt this system and convert the budgeting process in an IT approach. "All subsidiaries should accelerate the pace of IT budgeting system establishment and build a solid starting basis within this year and complete the implementation of the IT budgeting system next year," Mr. Zhang emphasized.
"The successful completion of Yun Jia Ling Coal Mine's Centralized Comprehensive Budget Control System developed by Pansoft is a great breakthrough point to enter into the coal mining industry, the biggest energy sector in China, as a part of Pansoft's business expansion and diversification strategy," commented Mr. Hugh Wang, Chairman of Pansoft's Board of Directors. "We are expecting increased revenue realized from coal mining businesses in the current year and much higher revenue shares from this industry next year, under our business growth strategy." China has the largest coal reserves in the world and 80% of its electric power is generated from coal-based energy.
About Jizhong Energy Group Corporation
Jizhong Energy Group Corporation is the major energy business in North China and is one of China's most important coal production regions. Jizhong Energy owns 8 subsidiary groups, including 3 that are publicly listed, and more than 40 coal mines with 50 million tons of annual coal production capacity and 15 billion tons of coal mining reserves in Hebei Province. Jizhong Energy Group Corporation is ranked in the top of Fortune 500 in China. For more information on the company, please visit Jizhong Energy Group Corporation's |
