MIRA INFORM REPORT
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Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
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Name : |
RENESOLA JIANGSU LTD. |
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Formerly Known as: |
Wuxi Jiacheng Solar Technology
Co., Ltd. |
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Registered Office : |
No. 27 Qingyuan Road (East) , Yixing Economic Development
Zone, Yixing City, Wuxi, Jiangsu Province, 214200 Pr China |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.11.2005 |
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Com. Reg. No.: |
320282000069601 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
Subject is
engaged in R & D, manufacturing and selling of
crystalline silicon solar cell and module products including solar cell, monocrystalline and polycrystalline |
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No. of Employees : |
3,598 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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China |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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.
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Source : CIA |
Company name & address
RENESOLA JiANGSU Ltd.
NO. 27 QINGYUAN
ROAD (EAST)
YIXING ECONOMIC DEVELOPMENT
ZONE,
YIxING CITY, wuxi,
JIANGSU PROVINCE, 214200 PR CHINA
TEL: 86 (0) 510-87120518 FAX:
86 (0) 510-87128056
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 8, 2005
REGISTRATION NO. : 320282000069601
REGISTERED
LEGAL FORM : One-person Limited Liability Company
STAFF
STRENGTH : 3,598
REGISTERED CAPITAL :
CNY 600,000,000
BUSINESS LINE : R & D,
Manufacturing, SELLING
TURNOVER : CNY 3,439,130,000 (AS OF DEC. 31,
2012)
EQUITIES : CNY 513,910,000 (AS OF DEC. 31,
2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIrLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.14 = 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
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).
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 CNY 100,000. 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 research and development, technology
consulting and services of solar technology, photovoltaic power generation
system technology; designing of solar photovoltaic power plant engineering;
manufacturing and selling of single polysilicon rods, silicon, single and
polycrystalline silicon solar cells and modules, photovoltaic system equipment,
inverter, solar controller, energy storage system bracket and accessories;
polysilicon, solar lighting, TPT back sheet, EVA films and accessories,
lighting, battery sales; import & export business and self- agent all kinds
of goods and technology (excluding those limited and prohibited by the State).
** (with permit if needed)
SC is mainly
engaged in R & D, manufacturing and selling of
crystalline silicon solar cell and module products.
Mr. Li
Xianshou is legal representative, chairman and general manager of SC at present.
SC is
known to have approx. 3,598 employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office and factory in economic development
zone of Yixing. Our checks reveal that SC owns the
total premise, but the detailed information of the premise is unspecified.
SC is not known to have any websites at present.
E-mail: jchr@renesola.com
Changes of its
registered information are as follows:
|
Date
of change |
Item |
Before the change |
After the change |
|
2012 |
Company Name |
Wuxi Jiacheng Solar Technology
Co., Ltd. |
Present one |
See below for SC as executive party (defendant).
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Executed
Party |
SC |
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Court |
Suzhou City Gusu District People's Court |
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Date of Case |
2012-8-20 |
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Case
Number |
(2012) 00286 |
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Claim Amount |
RMB 61,226 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are
unable to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Zhejiang Yuhui Solar Energy
Source Co., Ltd. 100
Incorporation Date : August
7, 2003
Registration No. :
330400400003683
Registered Legal Form : Wholly Foreign-Owned Enterprise
Chief Executive :
Mr. Li Xianshou (Chairman)
Web: http://www.renesola.com/ (This
website belongs to ReneSola and its related companies.)
Email: sales@renesola.com
Add.: No. 358, Baoqun Road, Yaozhuang
Industrial Park, Jiashan County, Jiaxing, Zhejiang
Tel: 86 (0) 573-84773428
Fax: 86 (0) 573-84773063
Legal
Representative, Chairman and General Manager:
Mr. Li Xianshou, ID# 330106196808010015, born in 1968, he
received his bachelor’s degree in industrial engineering management from
Zhejiang Industrial University in 1991. he is currently responsible for the
overall and daily management of SC.
Working
Experience(s):
At present Working in SC as legal
representative, chairman and general manager.
Also working in
Zhejiang Yuhui Solar Energy Source Co., Ltd., Sichuan Renesola Silicon Material
Co., Ltd. as legal representative, etc.; and in Renesola
Ltd. (B.V.I.) as director and chief executive officer.
Supervisor:
Wang Cheng, ID# 420106197311197730,
born in 1973.
SC is mainly
engaged in R & D, manufacturing and selling of
crystalline silicon solar cell and module products.
SC’s products mainly include: solar cell,
monocrystalline and polycrystalline.
SC sources its materials 80% from domestic
market and 20% from overseas market. SC sells 20% of its products in domestic
market, and 80% 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.
Note:
SC’s management declined to release its major clients and suppliers.
Sichuan
Renesola Silicon Material Co., Ltd.
----------------------------------
Registration No.: 511400400000108
Chairman: Li
Xianshou
Tel: 0833-8568568
Fax: 0833-8569569
Renesola Ltd. (B.V.I.)
------------------------------------------
ReneSola Ltd. is a public company listed on
both the New York Stock Exchange (Ticker: SOL) and the Alternative Investment
Market (AIM) of the London Stock Exchange (Ticker: SOLA.L).
Web: http://www.renesola.com/ (This
website belongs to ReneSola and its related companies.)
Etc.
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.
SC declined to
release its bank details.
Balance
Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
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Total
liabilities |
1,358,370 |
2,368,100 |
|
Equities |
389,050 |
513,910 |
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-------------------- |
-------------------- |
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Total
liabilities & equities |
1,747,420 |
2,882,010 |
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============= |
Note: SC’s management refused to release the detail of its Balance
sheet.
Income Statement
Unit: CNY’000
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as of Dec. 31,
2012 |
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Turnover |
3,439,130 |
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Cost of goods
sold |
3,442,830 |
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Taxes
and additional of main operation |
4,940 |
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Sales expense |
42,250 |
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Management expense |
133,930 |
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Finance expense |
13,930 |
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Investment
income |
9,130 |
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Other Income |
1,930 |
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Asset impairment
loss |
-33,440 |
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Non-operating
income |
4,000 |
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Non-operating expense |
1,100 |
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Profit before
tax |
-151,350 |
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Less: profit tax |
-22,610 |
|
Profits |
-128,740 |
Important Ratios
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as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
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*Liabilities
to assets |
0.78 |
0.82 |
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*Net profit
margin (%) |
/ |
-3.74 |
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*Return on
total assets (%) |
/ |
-4.47 |
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*Turnover/Total
assets |
/ |
1.19 |
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* Cost of
goods sold/Turnover |
/ |
1.00 |
PROFITABILITY:
FAIR
l
The turnover of SC appears good in its line in
2012.
l
SC’s net profit margin is fair in 2012.
l
SC’s return on total assets is fair in 2012.
l
SC’s cost of goods sold is high in 2012, comparing
with its turnover.
l
SC’s turnover is average in 2012, comparing with
the size of its total assets.
LEVERAGE: FAIR
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
UK Pound |
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.