MIRA
INFORM REPORT
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Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI SOLAR ENERGY S&T CO., LTD. |
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Registered Office : |
No. 555 Shennan Road, Xinzhuang Industry Zone, Minhang
District, Shanghai, 201108 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
JAN. 27, 2000 |
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Com. Reg. No.: |
310112000238927 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in researching, developing, producing, selling, constructing and providing
services of terrestrial solar cells and PV systems. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To USD 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI SOLAR ENERGY S&T CO., LTD.
NO.555 SHENNAN ROAD, XINZHUANG INDUSTRY ZONE, MINHANG DISTRICT,
SHANGHAI, 201108 PR CHINA
TEL : 0086-21-64895099
FAX :
0086-21-64898715
EXECUTIVE SUMMARY
INCORPORATION DATE :
JAN. 27, 2000
REGISTRATION NO. :
310112000238927
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. FU YUGANG (CHAIRMAN)
STAFF STRENGTH :
225
REGISTERED CAPITAL :
CNY 100,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 859,786,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 140,098,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 600,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.33650=US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan. 27, 2000.
Company Status: Limited liabilities co. This form
of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its
registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business scope includes technology
developing, manufacturing, selling and installing solar battery monolithic and modules, battery concomitant
products and other new
energy sources; solar technology research on security, sanitation and environmental protection, setting
and checking the standard of solar
technology, professional evaluation of innovative projects (with the quality of operating
permits); producing, processing and selling solar materials; exporting
its products and technology, importing machinery equipment, parts, raw
materials and technology needed in manufacture (not enclosing commodity catalogue),
excluding the items limited or forbidden by the state(with permit if needed).
SC is
mainly engaged in researching, developing, producing, selling, constructing and
providing services of terrestrial solar cells and PV systems.
Mr. Fu
Yugang has been legal representative and chairman of SC since 2000.
SC is known to have approx. 225 staff members at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Shanghai. Our checks reveal that SC owns the total premise about 8,000 square
meters.
http://www.ssec-china.com/
The design is professional and the content
is well organized. At present it is in Chinese, Japanese, English and German versions.
E-Mail: hr@ssec-solar.com
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Date of change |
Item |
Before the change |
After the change |
|
2004-02-10 |
Registered capital |
CNY 35,000,000 |
CNY 56,875,000 |
|
Shareholders (Shareholding) |
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
(70%), Shanghai Institute of Space Power Sources (30%) |
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
(80%), Shanghai Institute of Space Power Sources (20%) |
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|
2005-05-23 |
Shareholders (Shareholding) |
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
(80%), Shanghai Institute of Space Power Sources (20%) |
Shanghai Aerospace Automobile Electromechanical Co., Ltd. (70%),
Shanghai Institute of Space Power Sources (12%), Shanghai Science &
Technology Investment Co., Ltd. (18%) |
|
2005-06-28 |
Registered capital |
CNY 56,875,000 |
CNY 100,000,000 |
|
2007-07-23 |
Shareholders (Shareholding) |
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
(70%), Shanghai Institute of Space Power Sources (12%), Shanghai Science
& Technology Investment Co., Ltd. (18%) |
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
(70%), Shanghai Institute of Space Power Sources (9%), Shanghai Shenneng New
Energy Investment Co., Ltd. (21%) |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Aerospace Automobile
Electromechanical Co., Ltd. 70
Shanghai Shenneng New Energy
Investment Co., Ltd. 21
Shanghai Institute of Space Power Sources 9
l
Legal representative and chairman:
Mr. Fu Yugang, with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2000 to present Working in SC as chairman and legal representative.
SC is mainly
engaged in researching, developing, producing, selling, constructing and
providing services of terrestrial solar cells and PV systems.
SC’s products mainly include: solar modules, single crystal silicon photovoltaic module,
multi-silicon photovoltaic module and PV power station.
SC sources its materials 80% from domestic market and 20%
from the overseas market. SC sells 30% of its products to overseas market and 70% in domestic
market.
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, and Credit of 30-60
days.
*Major Suppliers*
=============
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
*Major Customers*
==============
Shanghai Baike Solar Technology Co., Ltd.
SC is known to invest the following companies at present:
Ningxia Ninghu Solar Technology Co., Ltd.
Shanghai Baike Solar Technology Co., Ltd.
Shanghai Solar Energy Research Center
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average
( ) Fair (
) Poor ( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience: SC’s suppliers
declined to make any comments.
Delinquent
payment record: None in our database.
Debt collection record: No overdue amount owed by SC was placed to us for
collection within the last 6 years.
Industrial
& Commercial Bank of China Caohejing Economic Development Zone Sub-branch
AC#：1001266309004624908
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
Cash
& bank |
29,073 |
30,445 |
|
Bills
receivable |
1,274 |
2,833 |
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Accounts
receivable |
42,949 |
69,906 |
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Other
receivables |
2,449 |
4,018 |
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Advances to
suppliers |
7,416 |
7,915 |
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Inventory |
86,551 |
389,413 |
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Other
current assets |
0 |
0 |
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------------------ |
------------------ |
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Current
assets |
169,712 |
504,530 |
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Fixed assets |
120,811 |
148,348 |
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Fixed
assets net value |
45,765 |
112,878 |
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Projects
under construction |
75,046 |
35,470 |
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Long
term investment |
2,249 |
16,683 |
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Other
assets |
2,681 |
6,794 |
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------------------ |
------------------ |
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Total
assets |
295,453 |
676,355 |
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============= |
============= |
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Short
loans |
60,000 |
189,800 |
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Bills
payable |
0 |
0 |
|
Accounts
payable |
22,112 |
174,685 |
|
Welfare
payable |
305 |
0 |
|
Advances from
clients |
709 |
19,271 |
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Accrued
payroll |
0 |
0 |
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Tax
payable |
4,074 |
-36,060 |
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Other
payable |
6,398 |
12,315 |
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Surcharge
payable |
22 |
0 |
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Long-term
liabilities due with in one year |
31,000 |
0 |
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Accrued expenses |
0 |
3,259 |
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Other
current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
124,620 |
363,270 |
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Long
term liabilities |
40,070 |
172,987 |
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------------------ |
------------------ |
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Total
liabilities |
164,690 |
536,257 |
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Equities |
130,763 |
140,098 |
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------------------ |
------------------ |
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Total
liabilities & equities |
295,453 |
676,355 |
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============= |
============= |
Income Statement
Unit: CNY’000
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|
as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
241,034 |
859,786 |
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Cost of goods
sold |
203,220 |
825,392 |
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Add: Income from other operations |
15,644 |
7,986 |
|
Sales expense |
4,855 |
5,778 |
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Management expense |
13,319 |
18,245 |
|
Finance expense |
2,805 |
8,816 |
|
Profit before
tax |
34,147 |
11,326 |
|
Less: profit tax |
5,530 |
1,991 |
|
Profits |
28,617 |
9,335 |
Important Ratios
=============
|
|
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
*Current ratio |
1.36 |
1.39 |
|
*Quick ratio |
0.67 |
0.32 |
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*Liabilities to
assets |
0.56 |
0.79 |
|
*Net profit
margin (%) |
11.87 |
1.09 |
|
*Return on
total assets (%) |
9.69 |
1.38 |
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*Fixed
assets/Total assets |
0.41 |
0.22 |
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*Inventory
/Turnover ×365 |
132 days |
166 days |
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*Accounts
receivable/Turnover ×365 |
66 days |
30 days |
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*Turnover/Total
assets |
0.82 |
1.27 |
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* Cost of
goods sold/Turnover |
0.84 |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line, and it
increased in 2006.
l
SC’s net profit margin is fairly good in 2005 and average in
2006.
l
SC’s return on total assets is fairly good in 2005 and
average in 2006.
l
SC’s cost of goods sold is fairly high, comparing with its
turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory conversion period of SC appears too long.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan appears large.
l
SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of inventory could be a threat to SC’s
financial condition. A credit line up to USD 600,000 would appear to be within
SC’s capacities upon a periodical review basis.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)