MIRA INFORM REPORT
|
Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
JINKO SOLAR IMPORT AND EXPORT CO., LTD. |
|
|
|
|
Registered Office : |
No. 1 Jingke Road, Xuri District, Shangrao Economic, Development Zone, Jiangxi Province, 334100 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
24.12.2009 |
|
|
|
|
Com. Reg. No.: |
361100210019059 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
trading in solar battery and other related products |
|
|
|
|
No. of Employees
: |
60 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
JINKO
SOLAR IMPORT AND EXPORT CO., LTD.
NO. 1 JINGKE ROAD, XURI DISTRICT, SHANGRAO
ECONOMIC
DEVELOPMENT ZONE, JIANGXI PROVINCE, 334100
PR CHINA
TEL: 86 (0) 793-8588188 FAX: 86 (0) 793-8461152
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 24, 2009
REGISTRATION NO. : 361100210019059
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
60
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,986,029,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 41,042,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000 (periodical review)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.34 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC is also known as Jinko Import and Export Co., Ltd.
SC was registered as a one-person limited liability company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on December 24, 2009.
Company Status: One-person Limited Liability Company Single person LLC refers to a limited
liability company set up by only one natural person or legal person as the
single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes importing and
exporting monocrystalline silicon rod, monocrystalline silicon piece, multicrystalline
ingot, multicrystalline silicon piece, efficient solar battery, component and
PV system (with permit if needed).
SC is mainly
engaged in trading in solar battery and other related products.
Mr. Li
Xiande has been the legal representative
and chairman of SC since 2009.
SC is known to
have approx. 60 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the economic development zone of Shangrao. The detailed
information about the premise is unspecified.
http://www.jinkosolar.com
The website belongs to JinkoSolar Holding Co., Ltd. The design is
professional and the content is well organized. At present it is in Chinese,
English, German versions and etc.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jinko Solar Co., Ltd. 100
Incorporation Date :
Dec. 13, 2006
Registration No. :
361100520000106
Registered Legal Form :
Wholly Foreign-Owned Enterprise
Chief Executive :
Mr. Li Xiande (Chairman)
Registered Capital :
USD 190,000,000
Add.: No. 1 Jingke Road, Shangrao Economic
Development Zone, Jiangxi Province, 334100 Pr China
Tel: 86 (0) 793-8588188
Fax: 86 (0) 793-8461152
l
Legal representative and
chairman:
Mr. Li Xiande ID#332627197508090190, born in 1975, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as legal representative and chairman;
Also working in Jinko Solar Co., Ltd.,
Jinko Solar Holding Co., Ltd.,
and Zhejiang Jinko Solar Co., Ltd. as legal representative.
SC is mainly
engaged in trading in solar battery and other related products.
SC’s products mainly
include: monocrystalline silicon rod, monocrystalline silicon piece,
multicrystalline ingot, multicrystalline silicon piece, efficient solar
battery, component and PV system, etc.
SC sources its materials 90% from domestic market and 10% from
the overseas market, mainly Germany, America and Korea. SC sells 60% of its
products in domestic market, and 40% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
· Jinko Solar Holding Co., Ltd.
· Zhejiang Jinko Solar Co., Ltd.
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 did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
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.
The bank
information is not available in local AIC.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Cash & bank |
76,158 |
|
Inventory |
221,657 |
|
Bills receivable |
0 |
|
Accounts
receivable |
369,061 |
|
Advances to
suppliers |
92,565 |
|
Other
receivables |
25,839 |
|
Prepaid expenses |
0 |
|
Other current
assets |
4,653 |
|
|
------------------ |
|
Current assets |
789,933 |
|
Fixed assets net
value |
4,539 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Intangible
assets and other assets |
652 |
|
|
------------------ |
|
Total assets |
795,124 |
|
|
============= |
|
Short loans |
475,000 |
|
Bills payable |
0 |
|
Accounts payable |
205,938 |
|
Advances from
clients |
55,590 |
|
Taxes payable |
0 |
|
Payroll payable |
0 |
|
Other payable |
9,222 |
|
Withholding
Expenses |
0 |
|
Other current
liabilities |
8,332 |
|
|
------------------ |
|
Current
liabilities |
754,082 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
754,082 |
|
Equities |
41,042 |
|
|
------------------ |
|
Total
liabilities & equities |
795,124 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
|
Turnover |
1,986,029 |
|
Cost of goods sold |
1,970,650 |
|
Taxes and additional of main |
1,755 |
|
Sales expense |
8,964 |
|
Management expense |
4,362 |
|
Finance expense |
9,223 |
|
Investment income |
0 |
|
Non-operation income |
0 |
|
Non-operation expense |
33 |
|
Profit before tax |
-8,958 |
|
Less: profit tax |
0 |
|
Profits |
-8,958 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.05 |
|
*Quick ratio |
0.75 |
|
*Liabilities
to assets |
0.95 |
|
*Net profit
margin (%) |
-0.45 |
|
*Return on
total assets (%) |
-1.13 |
|
*Inventory
/Turnover ×365 |
41 days |
|
*Accounts
receivable/Turnover ×365 |
68 days |
|
*Turnover/Total
assets |
2.50 |
|
* Cost of
goods sold/Turnover |
0.99 |
PROFITABILITY:
FAIR
l
The turnover of SC appears good in 2010.
l
SC’s net profit margin appears fair in 2010.
l
SC’s return on total assets is fair in 2010.
l
SC’s cost of goods sold is high in 2010, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in 2010.
l
SC’s quick ratio is maintained in a fair level in
2010.
l
The inventory of SC appears average in 2010.
l
The accounts receivable of SC appears average in
2010.
l
SC’s short-term loan appears large in 2010.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition. A credit line up to USD 100,000 would appear to be within
SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.45 |
|
UK Pound |
1 |
Rs.80.38 |
|
Euro |
1 |
Rs.69.12 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.