MIRA
INFORM REPORT
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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
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Name : |
YINGLI ENERGY (CHINA) COMPANY LTD. |
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Registered Office : |
No. 3399
North Chaoyang Road, Baoding, Hebei Province 071051 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.10.2007 |
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Com. Reg. No.: |
130605400001057 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in the manufacturing and selling silicon solar battery
and its related products, fan and its related products, thermal power
generation products, controller, inverter, MW tracker, technical consultation
and services, design, installation, construction of solar photovoltaic power
station engineering, wholesale and retail of photovoltaic power generation
system, providing technical advice and services. |
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No. of Employees : |
8,337 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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Status : |
Satisfactory |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 & address
YINGLI ENERGY
(CHINA) COMPANY LTD.
(TRADE NAME:
YINGLI GREEN ENERGY INTERNATIONAL TRADING LIMITED)
NO. 3399 NORTH
CHAOYANG ROAD, BAODING
HEBEI PROVINCE
071051 PR CHINA
TEL: 86 (0)
312-8922208/8632687
FAX: 86 (0)
312-8929800
***Note: SC’s name
should be the above stated one, Yingli Green Energy International Trading
Limited (the given name) is SC’s subsidiary registered in Hong Kong, and
however, SC always uses this name as its trade name.
EXECUTIVE SUMMARY
Date of Registration : october 16, 2007
REGISTRATION NO. : 130605400001057
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE :
miao liansheng (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : USD 434,680,000
staff :
8,337
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 7,866,785,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 3,322,706,000 (AS OF DEC. 31, 2012)
WEBSITE : www.yinglisolar.com
E-MAIL :
commerce@yinglisolar.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.05 = 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 a wholly
foreign-owned enterprise of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 130605400001057
on October 16, 2007.
SC’s Organization Code Certificate No.:
66770810-3
%20COMPANY%20LTD%20%20-%20254377%2014-Feb-2014_files/image002.jpg)
SC’s Tax No.: 130611667708103
SC’s Customs Registration No.: 1306340020
SC’s registered capital: USD 434,680,000
SC’s paid-in capital: USD 434,680,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yingli Green Energy Holding Co., Ltd. (B.V.I.) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Miao Liansheng |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Yingli Green Energy Holding Co., Ltd. (B.V.I.) 100
MANAGEMENT
Miao Liansheng, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------------
Gender: M
Age: 52
ID# 330625196210230159
Qualification: University
Working experience
(s):
From 2007 to present, working in SC as legal representative, chairman
and general manager
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
selling silicon solar battery and its related products, fan and its related
products, thermal power generation products, controller, inverter, MW tracker,
technical consultation and services, design, installation, construction of
solar photovoltaic power station engineering, wholesale and retail of
photovoltaic power generation system, providing technical advice and services.
SC is mainly engaged in manufacturing and selling silicon solar battery.
Brand: YINGLI
SC’s products mainly include: silicon solar battery.
SC sources its materials 60% from domestic market, and 40% from overseas market. SC sells 30% of its products in domestic market, and 70% 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.
*Major Customer*
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Yingli Green Energy Americas Inc.
Qinghai Huanghe Hydropower Development Co., Ltd.
YGEA
YGEG
IBC SOLAR AG
YGEE
*Major Suppliers*
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DCC (OCI)
CIP
Baoding Tianwei Yingli New Energy Resources Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 8,337
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
Related Companies,
Baoding Tianwei Yingli New Energy Resources Co., Ltd.
Date of Registration: August 28, 1998
Registration No.: 130000400000845
Legal Form: Chinese-Foreign Equity Joint Venture Enterprise
Chief Executive : Miao Liansheng
(Legal Representative)
Registered Capital: CNY 3,375,220,000
SC is known to
have 8 subsidiaries and 4 branches at present,
Yingli Green Energy International Trading Limited
------------------------------------------
Date of Registration: May 4, 2009
CR No.: 1335852
Legal Form: Private
Status: Live
Hainan Yingli New Energy Co., Ltd.
Hengshui Yingli New Energy Co., Ltd.
Suzhou Yingli Urban PV Application Technology Co., Ltd.
Tianjin Yingli New Energy Co., Ltd.
Yingli (Tianjin) International Trade Co., Ltd.
Yingli Energy (Shandong) Co., Ltd.
Li County Yingli New Energy Co., Ltd.
Yingli Energy (China) Company Ltd. Baoding Branch
Yingli Energy (China) Company Ltd. Lanzhou Branch
Yingli Energy (China) Company Ltd. Shandong Branch
Yingli Energy (China) Company Ltd. Kuming Branch
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’s supplier refused 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.
BANKING
The bank information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2012 |
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Long term investment |
3,273,327 |
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Total assets |
15,765,951 |
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Long term liabilities |
838,545 |
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Total liabilities |
12,443,245 |
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Equities |
3,322,706 |
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Revenue |
7,866,785 |
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Profit before tax |
-1,176,136 |
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Less: profit tax |
-161,712 |
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Profits |
-1,014,424 |
Important Ratios
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As
of Dec. 31, 2012 |
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*Liabilities to assets |
0.79 |
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*Net profit margin (%) |
-12.90 |
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*Return on total assets (%) |
-6.43 |
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* Revenue/Total assets |
0.50 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
·
The revenue of SC appears fairly good in its line.
·
SC’s net profit margin is poor.
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SC’s return on total assets is fair.
LIQUIDITY: FAIR
·
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
·
The risk for SC to go bankrupt is low.
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.62.27 |
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|
1 |
Rs.103.47 |
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Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.