MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JIANGYIN HAREON POWER CO., LTD. |
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Registered Office : |
Huangtang Industrial Zone, Xuxiake Town, Jiangyin Jiangsu Province
214407 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
29.02.2008 |
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Com. Reg. No.: |
320281000208946 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling solar battery
component. |
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No. of Employees : |
1,473 |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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China |
A2 |
A2 |
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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 and address
JIANGYIN HAREON POWER CO., LTD.
HUANGTANG INDUSTRIAL ZONE, XUXIAKE TOWN, JIANGYIN JIANGSU PROVINCE
214407 PR CHINA
TEL: 86 (0) 510-86530222/86530513-8513
FAX: 86 (0) 510-86530828
EXECUTIVE SUMMARY
Date of Registration : February 29, 2008
REGISTRATION NO. : 320281000208946
LEGAL FORM : One-person Limited Liability Company
CHIEF EXECUTIVE :
ren xiangdong (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 600,000,000
staff :
1,473
BUSINESS CATEGORY : MANUFACTURING
Revenue :
CNY 6,925,505,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 511,418,000 (AS OF DEC. 31, 2012)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.15 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as one-person limited liabilities company of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 320281000208946 on February 29, 2008.
SC’s Organization Code Certificate No.:
67253477-7
SC’s Tax No.: 320281672534777
SC’s registered capital: CNY 600,000,000
SC’s paid-in capital: CNY 600,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008-4-30 |
Registered Capital |
CNY 10,000,000 |
CNY 50,000,000 |
|
Company Name |
Jiangyin Changrun Solar Power Materials Co.,
Ltd. |
Jiangyin Hareon Power Co., Ltd. |
|
|
2009-12 |
Registered Capital |
CNY 50,000,000 |
CNY 200,000,000 |
|
2012-9 |
Registered Capital |
CNY 200,000,000 |
CNY 430,000,000 |
|
2012-11 |
Registered Capital |
CNY 430,000,000 |
CNY 600,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hareon Solar Technology Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Ren Xiangdong |
|
Supervisor |
Wang Bin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hareon Solar Technology Co., Ltd. 100
------------------------------------
Date of Registration: July 8, 2000
Registration No.: 320000000014948
Legal Form: Shares Limited
Company
Chief Executive: Ren Xiangdong任向东
Registered Capital: CNY 1,036,420,000
Web: www.hareonsolar.com
E-mail: ir@hareon.net
MANAGEMENT
Ren Xiangdong, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------------
Gender: M
Age: 47
ID# 320219196609232278
Qualification: University
Mobile: 86 (0) 13506169313
Working experience (s):
From 2008 to present, working in SC as legal representative, chairman
and general manager, also working in Hareon Solar Technology Co., Ltd. as legal
representative
Wang Bin,
Supervisor
-------------------------------------
Gender: M
Age: 37
ID# 320219197601202298
BUSINESS OPERATION
SC’s registered business scope includes developing,
manufacturing, processing and selling polycrystalline silicon solar modules,
monocrystalline silicon solar modules, operating and acting as an agent of
importing and exporting various kinds of commodities and technology, excluding
the goods forbidden by the government.
SC is mainly engaged in manufacturing and selling solar battery
component.
Brand: HAREON
SC’s products mainly include: Solar Panels, etc.
SC sources its materials 60% from domestic market, mainly Jiangsu, and 40% from overseas market. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly USA, etc.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Aspects Furniture Mfg. Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 1,473
staff at present.
SC rents an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
SC is known to
have 3 subsidiaries at present,
Hareon Solar GmbH
Hareon(Korean) Solar Co., Ltd.
Altusvia Energy Corporation
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank of China
AC#: 509258210538
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Long term investment |
-- |
40,283 |
|
Total assets |
2,737,445 |
3,174,067 |
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|
------------- |
------------- |
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Total liabilities |
2,565,541 |
2,662,649 |
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Equities |
171,904 |
511,418 |
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|
------------- |
------------- |
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Revenue |
-- |
6,925,505 |
|
Profit before tax |
-23,775 |
-80,053 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-23,775 |
-80,053 |
Note: The detailed financials for Y2011 & Y2012 are not available in
SAIC.
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Liabilities to assets |
0.94 |
0.84 |
|
*Net profit margin (%) |
-- |
-1.56 |
|
*Return on total assets (%) |
-0.87 |
-2.52 |
|
* Revenue/Total assets |
-- |
2.18 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears fairly good in its line in 2012.
SC’s net profit margin is fair in both years.
SC’s return on total assets is fair in both years.
LIQUIDITY: AVERAGE
SC’s revenue is in an average level in 2012, comparing with the size of
its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered large-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
|
1 |
Rs.84.44 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.