MIRA INFORM REPORT

Report Date :

03.12.2012

IDENTIFICATION DETAILS

Name :	SUZHOU AKCOME PHOTOVOLTAIC SYSTEM CO., LTD
Registered Office :	Zhenbei West Road, Economic Development Park, Zhangjiagang, Suzhou City, Jiangsu Province
Country :	China
Date of Incorporation :	23.04.2010
Com. Reg. No.:	320582000204747
Legal Form :	Limited Liabilities Company
Line of Business :	Manufacture and Sale of Installation Support of Photovoltaic Generating System
No. of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 30, 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

china - ECONOMIC OVERVIEW

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.

Source : CIA

Company name and address

SUZHOU AKCOME PHOTOVOLTAIC SYSTEM CO., LTD
Zhenbei West Road, Economic Development Park, Zhangjiagang, Suzhou City, Jiangsu Province
215600
Tel :	86 512 35002659 / 13815146641
Fax:	86 512 35002659
E-mail:	--
Website:	http://www.akcome.com

Currency in this report is Chinese Yuan unless otherwise stated.

Exchange Rate: 1 USD=6.34 Chinese Yuan

"--"in this report indicates "unavailable" due to insufficient information or "no comments"

Notes

1. The in the order is subject’s previous. Its current address is as listed in the report.

2. Due to the recent establishment of subject, its financial information is unavailable so far. Hence no credit rating or credit limit can be provided in the report.

EXECUTIVE SUMMARY

DATE OF establishment	APR.23^RD, 2010
Aic Registration No.	320582000204747
REGISTERED LEGAL FORM	limited liabilities company
REGISTERED CAPITAL	187,048,000.00
main BUSINESS	manufacture and sale of installation support of photovoltaic generating system
SIC Code (China)	3411 manufacture of metal structure products
employees	100
import and export permits	yes
business scale	Medium
operation trend	Good
EXCHANGE RATE	1 Usd=6.34CNY (dec.6^th, 2011)

REGISTRATION

Name	SUZHOU AKCOME PHOTOVOLTAIC SYSTEM CO., LTD
AIC Registration Number	330282000064566
Registered address	Nanzhuang Village, Yangshe Town, Zhangjiagang City
Operation address	Zhenbei West Road, Economic Development Park, Zhangjiagang, Suzhou City, Jiangsu Province
Date of Establishment	Apr.23^rd, 2010
Registry	Administration Bureau of Industry and Commerce – Zhangjiagang, Suzhou
Legal Representative	Zou Chenghui
Registered Legal Form	limited liabilities company
Registered Capital	187,048,000.00
Operating Duration	From Apr.23^rd, 2010 to Apr.22^nd, 2030
Changes in Registration	1. May.24^th, 2010 Subject’s registered address was changed from Yue Feng Plaza, No.1 Guotai North Road, Zhangjiagang To Dongqu Avenue, Yangshe Tow, Zhangjiagang, Jiangsu. 2. Feb.23^rd, 2011 Subject’s registered capital was increased from 60,000,000 to 80,000,000 CNY. 3. Feb.23^rd, 2011 Subject’s shareholder was changed to Jiangsu Akcome Solar Science and Technology Co., Ltd. 4. June.16^th, 2011 Subject’s registered address was changed to the current registered address. 5. Oct.9^th, 2011 Subject’s registered capital was increased from 80,000,000 to 187,048,000 CNY.

Limited liabilities co.

This form of business in PR China is defined as a legal person. Its registered capital is contributed jointly by at least two shareholders and no more than fifty. 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 listed as follows:

-manufacturing co. : RMB 500,000.00

-trading &wholesaling co. : RMB 500,000.00

-retailing co. : RMB 300,000.00

-consultancy & service co. : RMB 100,000.00

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 50% of the registered capital while contribution by intangible assets must not exceed 20% 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.

REGISTRATION INFO: AVAILABLE

FINANCIAL REPORTS: AVAILABLE

SHAREHOLDERS AND SHARES

As indicated in the following table:

Shareholder	Capital Subscribed	Percentage
Jiangsu Akcome Solar Science and Technology Co., Ltd.	187,048,000.00	100%
Total	187,048,000.00	100%

Shareholder	Way of Investment	Paid-up Percentage
Jiangsu Akcome Solar Science and Technology Co., Ltd.	Capital	100%

Background of major shareholder

Name	Jiangsu Akcome Solar Science and Technology Co., Ltd.
Address	No.1015 Qinfeng Road, Huashi Industrial Zone, Jiangyin City, Jiangsu Province
Main business	R&D, manufacture and sales of photovoltaic solar battery accessories

AFFILIATE(S)

No affiliate of subject is found after checking

MANAGEMENT

Name	Zou Chenghui
Gender	Male
Title	Chairman
Date of birth	Sep.8^th, 1974
National ID No.	32021919740908851X
Name	Huang Guoyun
Gender	Male
Title	Director
Date of birth	Oct.11^th, 1961
National ID No.	320221196110117774
Name	Zhang Jianwei
Gender	Male
Title	Supervisor
Date of birth	Aug.9^th, 1979
National ID No.	320222197908096934
Name	Ji Haiyu
Gender	Female
Title	Director
Date of birth	Sep.12^th, 1975
National ID No.	320219197509123263

BANKERS INFORMATION

No bank information of subject is found after checking.

OFFICE FACILITIES

Geographic Location	Zhenbei West Road, Economic Development Park, Zhangjiagang, Suzhou City, Jiangsu Province
Area	70,000 square meters
Environment and traffic	Acceptable
Property Ownership	Rented

TRADEMARKS

After checking with the Trademark Office of Chinese Administration Bureau of Industry and Commerce, no trademarks of SC were found.

PATENTS

Total patents	4 (only the latest 3 are listed)
Application No.	201130054231.8
Application date	Mar.24^th, 2011
Patent name	Supporting frame
Application No.	201130054227.1
Application date	Mar.24^th, 2011
Patent name	Supporting frame
Application No.	201130054225.2
Application date	Mar.24^th, 2011
Patent name	Supporting frame

MAIN PRODUCTS & SERVICES

Main business	manufacture and sales of photovoltaic generating system installation support
Products and services	Subject’s main products are fixed ground system, roof system, single and double shaft automatic tracing system etc. It can manufacture according to the clients’ special requirements.
Annual production capacity	300MW (photovoltaic generating system installation support)
Certificates	--

SALES INFORMATION

Local sales	80%
Regions	North west and Southwest China
Major domestic clients	Photovoltaic power stations
Payment terms	Prompt payment; on credit
Export	20%
Regions	Europe, America etc.
Major overseas clients	First Solar, Inc.; Enfinity; Petra Solar
Payment terms	L/C, T/T
Subject’s production scale so far is not large. As the scale expanding, its sales scale and client network would be further developed.
The above information was confirmed by SC’s employee on Dec.6^th, 2011.

PURCHASE INFORMATION

Main Commodities Purchased	Steel, aluminum, laser cutting machine, saw etc.
Region	Local: 100%
Number of Major Suppliers	More than 5
Major suppliers	Guangdong Hao Mei Aluminum Co., Ltd; JIANGSU SHASTEEL MATERIALS TRADE CO., LTD; GUANGDONG XINGFA ALUMINIUM CO., LTD; GUANG CHENG ALUMINUM CO.,LTD; JIANGYIN EAST CHINA ALUMINUM TECHNOLOGY CO., LTD; FOSHAN JIANMEI ALUMINUM CO., LTD etc.
Main Terms of Payment	Prompt payment; on credit
SC’s equipments and raw materials are all purchased within China. The aluminum is supplied by its shareholder’s suppliers, and the steel is mainly supplied by JIANGSU SHASTEEL MATERIALS TRADE CO., LTD which has high product quality.
The above information was confirmed by SC’s employee on Dec.6^th, 2011.

CREDIT

Name of supplier	JIANGYIN EAST CHINA ALUMINUM TECHNOLOGY CO., LTD
Main commodities and service supplied	aluminum
Title of interviewee	Sales staff
Telephone of Interviewee	86 510 86219029
Cooperation	Confirmed
Payment comment	Prompt
Date of interview	Dec.6^th, 2011

LITIGATION

After checking with China Court organization, the local court website and other major searching websites, no litigation record related to subject company in the latest three years is found.

FINANCE

Subject was established in 2010 and hasn’t been in operation for a whole financial year. It is not required to submit the financial information to the AIC. Hence no financial information can be obtained in the report.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.52
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.