MIRA INFORM REPORT

Report Date :

30.01.2014

IDENTIFICATION DETAILS

Name :	NEO SOLAR POWER CORP

Registered Office :	Hisnchu Science Park 7 Li-Hsin 3^rd Rd, Hsinchu City 300

Country :	Taiwan

Financials (as on) :	31.12.2009

Date of Incorporation :	26.08.2005

Com. Reg. No.:	27763753

Legal Form :	Public Listed Company

Line of Business :	· Import and local purchase of raw materials. Manufacturer of a wide range of mono-crystalline solar modules and solar cells. Sales and distribution of manufactured products to local and export markets.

Company name & address

NEO SOLAR POWER CORP

HISNCHU SCIENCE PARK 7 LI-HSIN 3^RD RD

HSINCHU CITY 300, TAIWAN

TEL: 886-3-5780011

FAX: 886-3-5781255

EXECUTIVE SUMMARY

INCORPORATION DATE : AUGUST 26, 2005

REGISTRATION NO. : 27763753

LEGAL FORM : PUBLIC LISTED COMPANY

CHIEF EXECUTIVE : MR. KUN-HSI LIN (CEO)

STAFF STRENGTH : 960

CAPITAL : US$ 93,545,370

BUSINESS LINE : MANUFACTURER

TURNOVER : NTD 7,485,262,000 (AS OF 2^ND QUARTER 2010)

EQUITIES : NTD 7,053,447,000 (AS OF 2^ND QUARTER 2010)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 300,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : FAIRLY STABLE

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : TWD 31.88968 = US$1

Adopted abbreviations

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

TWD –Taiwan New Dollars

Registered Legal Address: 7 Li Hsing 3rd Rd Hsinchu City 300

Name in Local Language : 新日光能源科技股份有限公司

*OTHER LICENSES*

================

License Number : 28434724

Date of Registration : 21 May, 2008

Issuing Authority : Ministry of Economic Affairs

*Capital (Currency: NTD)

===================

Authorized Capital : 3,000,000,000

Paid-up Capital : 2,144,018,550

Date Paid-up Capital - History

------ -----------------------------

26 August, 2005 1,500,000

October, 2005 77,450,000

December, 2005 600,000,000

January, 2007 813,750,000

March, 2007 963,750,000

May, 2007 964,250,000

October, 2007 970,425,000

January, 2008 985,025,000

April, 2008 1,185,850,000

July, 2008 1,434,729,200

February, 2009 1,594,904,000

May, 2009 1,602,754,000

August, 2009 1,802,998,000

September, 2009 2,103,798,000

October, 2009 2,106,823,000

April, 2010 2,139,318,550

n/a 2,144,018,550

*Office & Facilities*

================

Size : 47,941 square meters

Property status : Mortgaged

Comments : Serves as office and factory

Other e-mail address : ir@neosolarpower.com

*Factory Contact Details*

===================

Address : Hsinchu Industrial Park 2 Wen Hua Rd

Zip : 303

Suburb : Hukou Hsiang

State : Hsinchu Hsien

Tel : [+886] 3-5980126

Fax : [+886] 3-5986066

*Awards*

========

Award Awarded by Date Details

---------- ------------------ ------- ---------

One of Top 10 DELOITTE & TOUCHE September 2009 Deloitte Technology

Fast 500 Asia Pacific Ranking and CEO Survey

Top 3 best Growth Manufacturer COMMONWEALTH MAGAZINE May 2009 Measured by revenue &

profit growth, and ROE

Top 5 in Revenue Growth BUSINESS TODAY MAGAZINE May 2008 One of top 10 candidates

to be the highest priced

stock in Taiwan

Top 6 in Profit Growth BUSINESS TODAY MAGAZINE May 2008 One of top 10 candidates

to be the highest priced

stock in Taiwan

Top 8 in Operation Efficiency COMMONWEALTH MAGAZINE May 2009 Measured by revenue &

profit growth, and ROE

*Sales Ranking*

=============

Top 5,000 companies in Taiwan - Based on Turnover in 2007, 2008 and 2009

*Accountants*

===========

DELOITTE & TOUCHE CO

*Registrar*

=========

CHINATRUST COMMERCIAL BANK LTD - STOCK AFFAIRS DEPARTMENT

www.neosolarpower.com The design is professional and the content is well organized. At present it is in both Chinese and English versions.

E-mail: sales@neosolarpower.com

For the past two years there is no record of litigation.

*Major Shareholders*

=================

Total number of shareholders: 22,556

Total number of shares: n/a

Shareholders Country Number

Public Shareholdings traded via Stock Exchange n/a n/a

CHINA DEVELOPMENT FINANCIAL BANK CO LTD Taiwan 7,535,920.00

CHU LI ENTERPRISE INVESTMENT CO LTD Taiwan 3,757,359.00

HSIN CHEN INVESTMENT CO LTD Taiwan 3,210,057.00

SHIH JEN INVESTMENT CO LTD Taiwan 2,394,185.00

Mr. Chuan-hsien Hung Taiwan 2,007,581.00

Mr. Kun-hsi Lin Taiwan 740,833.00

Management: Mr. Kun-hsi Lin, CEO

Mr. Min-huang Yang, Chief Financial Officer

Mr. Chuan-hsien Hung, General Manager

Name Nationality Job Description

Mr. Kun-hsi Lin Taiwanese CEO

Mr. Min-huang Yang Taiwanese Chief Financial Officer

Mr. Chuan-hsien Hung Taiwanese General Manager

Mr. Chien-chang Huang Taiwanese Vice General Manager

Mr. Chih-chung Wen Taiwanese Vice General Manager

Mr. Hui-fung Hu Taiwanese Vice General Manager

Mr. Hui-ping Lee Taiwanese Vice General Manager

Mr. Shih-chien Liu Taiwanese Vice General Manager

Mr. Wei-chun Shen Taiwanese Vice General Manager -

Ms. Chao-yi Lu Taiwanese Vice President

*COMPANY DIRECTORS*

=====================

Name : Mr. Kun-hsi Lin

Sex : M

AKA : Quincy Lin

Other Details : Responsibilities : Handles the overall management of the company

Other Positions

Country Company name Position

Taiwan TAIWAN SEMICONDUCTOR MFG CO LTD Vice President

Name : Mr. Min-huang Yang

Sex : M

Tel : [+886] 3-5780011

Name : Mr. Chuan-hsien Hung

Sex : M

Country University / College name Qualification Major

Taiwan NATIONAL TSING HUA UNIVERSITY n/a Electronics

Name : Mr. Chien-chang Huang

Sex : M

Name : Mr. Chih-chung Wen

Sex : M

Name : Mr. Hui-fung Hu

Sex : M

Name : Mr. Hui-ping Lee

Sex : M

Name : Mr. Shih-chien Liu

Sex : M

Name : Mr. Wei-chun Shen

Sex : M

Name : Ms. Chao-yi Lu

Sex : F

AKA : Samantha Lu

Name : Mr. Chia-tung Hsu

Nationality : Taiwanese

Name : Mr. Chui-chi Tseng

Nationality : Taiwanese

Name : Mr. Hsien-ming Lin

Nationality : Taiwanese

Name : Mr. Hsueh-jen Chien

Nationality : Taiwanese

Name : Mr. Teh-chang Yeh

Nationality : Taiwanese

Name : Mr. Teh-feng Sun

Nationality : Taiwanese

Name : Mr. Yi-chung Chang

Nationality : Taiwanese

*Main Products & Services*

======================

Specializes in the following areas of work :

1. Import and local purchase of raw materials.

2. Manufacture of a wide range of mono-crystalline solar modules and solar cells.

3. Sales and distribution of manufactured products to local and export markets.

Products: Mono-crystalline solar modules

Multi-crystalline solar cells

Solar cells

*Payment Terms*

=============

Sales

-------

Local : Cash on Delivery (COD)

30 - 90 days credit

Export : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

Purchases

--------------

Local : Cash on Delivery (COD)

30 - 90 days credit

Import : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

*Brand*

======

SUPER CELL

*Production Capacity*

==================

Item Year Current Capacity Maximum Capacity Unit Measure

------- --------- ----------------------- -------------------------- -------------------

Solar cells 2008 29,344,000 30,434,000 Pieces

Solar cells 2009 48,300,000 61,320,000 Pieces

*Exhibition Participation*

====================

Exhibition fair : PV Forum & Exhibition Taiwan - Taiwan Int'l Photovoltaic Forum & Exhibition

Dates attended : 7-8 October, 2008

Location : TWTC Exhibition Hall

Booth no. : A1319

*Competitors*

===========

The following locally based companies supply similar range of products :

- BIG SUN ENERGY TECHNOLOGY INC

- DANEN TECHNOLOGY CORP

- DELSOLAR CO LTD

- E-TON SOLAR TECH CO LTD

- SUNRISE GLOBAL SOLAR ENERGY CO LTD

*DOMESTIC SUPPLIERS*

======================

BOC LIENHWA INDUSTRIAL GASES CO LTD

CONFEDERATE TECHNOLOGY CO LTD

SAN FU CHEMICAL CO LTD

WAFER WORKS CORP

*Local Distribution Network*

======================

An estimated 12% of the annual turnover is attributed to local sales.

*Export Markets*

==============

An estimated 88% of the annual turnover is attributed to export.

*OVERSEAS CUSTOMERS*

======================

CANADIAN SOLAR INC

SCHEUTEN SARL

SOLARDAY SPA

SC is not known to have any subsidiary at present.

PAYMENT RATING : 3 OBTAINED SCORES : 60

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

Dealings on open terms may be possible for MODERATE amounts depending on individual judgement experience.

*BANK DETAILS*

===============

Bank Name : CHANG HWA COMMERCIAL BANK LTD

Branch : Hsinchu City

Branch Address : 2Fl Hsinchu Science-Based Industrial Park 5 Industry East Rd

SWIFT Code : CCBCTWTP

Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD

Branch : Hsinchu City

Branch Address : Hsinchu Science-Based Industrial Park 21 Chu Tsuen 7th Rd

SWIFT Code : ICBCTWTP

Bank Name : FIRST COMMERCIAL BANK CO LTD

Branch : Hsinchu City

Branch Address : 30 Chungking South Rd Section 1 Chungcheng Dist Taipei City 100 (Head Office)

SWIFT Code : FCBKTWTP

Bank Name : LAND BANK OF TAIWAN

Branch : Hsinchu City

Branch Address : 1 Chung Yang Rd

SWIFT Code : LBOTTWTP

Bank Name : HUA NAN COMMERCIAL BANK LTD

Branch : Hsinchu City

Branch Address : 131 Tung Men St

SWIFT Code : HNBKTWTP

*Real Estate & Fixed Assets*

======================

Type of asset : Premises at the heading address

Value : NTD 1,474,370,000.00

Balance Sheet

Currency : NTD

Denomination : In thousands

31 December, 2008 31 December, 2009 2nd Quarter 2010

------------------------- ------------------------- -------------------------

Current Assets 5,902,004.00 6,118,562.00 7,219,882.00

Non Current Assets 5,062,600.00 5,564,068.00 7,685,780.00

Funds & long-term investments - 99,825.00 81,533.00

Property 3,591,886.00 3,808,545.00 5,940,703.00

Other Assets 1,470,714.00 1,655,698.00 1,663,544.00

Current Liabilities 1,705,990.00 2,741,058.00 4,603,548.00

Current Liabilities (After) 1,910,690.00 - -

Non Current Liabilities 3,751,566.00 3,258,949.00 3,248,667.00

Long-term Liabilities 3,751,510.00 3,258,904.00 3,247,357.00

Other Liabilities 56 45 1,310.00

Share Capital 1,439,904.00 2,119,698.00 2,144,018.00

Total Reserves 3,029,604.00 4,017,660.00 3,595,672.00

Retained Earnings (Before) 1,037,540.00 -454,735.00 1,313,757.00

Retained Earnings (After) 656,394.00 - -

Total Assets 10,964,604.00 11,682,630.00 14,905,662.00

Total Liabilities 5,457,556.00 6,000,007.00 7,852,215.00

Total Liabilities (After) 5,662,256.00 - -

Total Shareholder's Equity (Before) 5,507,048.00 5,682,623.00 7,053,447.00

Total Shareholder's Equity (After) 5,302,348.00 - -

Book Value Per Share - - 33

Income Statement

Currency : NTD

Denomination : In thousands

31 December, 2008 31 December, 2009 2nd Quarter 2010

------------------------- ------------------------- -------------------------

Turnover 10,176,014.00 10,301,103.00 7,485,262.00

Profit (Loss) Before Tax 838,591.00 27,927.00 1,258,051.00

Operating Income 523,799.00 -267,780.00 918,947.00

Non-operating income 430,876.00 108,672.00 594,042.00

Non-operating expense 186,280.00 777,488.00 166,461.00

Profit After Tax attributable

to Shareholders 831,339.00 -1,139,383.00 1,313,757.00

Earnings (losses) per share (After) 6 -6 -1,265.00

Net Income before tax (Loss) 768,395.00 -936,596.00 1,346,528.00

Net Income after tax (Loss) 831,339.00 -1,139,383.00 1,313,757.00

operating expenses - - 337,839.00

operating cost - - 6,227,211.00

*Financial Ratios*

==============

31 December, 2009 31 December, 2008

------------------------- -------------------------

Growth %

Year-on-Year Growth 1.23 N/A

Profitability

Profit Margin (%) -11.06 8.17

Return on Equity (%) -20.06 15.10

Return on Assets (%) -9.75 7.58

Leverage

Total Debt Equity (Times) 1.05 0.99

Current Debt Equity (Times) 0.48 0.31

Total Asset To Total Equity 2.06 1.99

Asset Management

Total Assets Turnover (Times) 0.88 0.93

Fixed Assets Turnover (Times) 2.70 2.83

Liquidity

Current Ratio 2.23 3.46

*Financial Summary (Currency: U.S. $'s)

===============================

Year Sales Assets Net Income

2008 $316,025,279.50 $340,515,652.17 $25,817,981.37

2009 $320,208,361.83 $363,152,937.52 -$35,417,562.95

*Int´l Trade Activity (Currency: U.S. $'s)

==============================

Year Imports Exports Total

2007 $66,735,421.00 $99,865,194.00 $166,600,615.00

2008 $278,336,921.99 $128,373,274.01 $406,710,196.00

2009 $280,074,603.67 $130,090,146.10 $410,164,749.77

SC is considered large-sized in its line with a development history of 5 years. According to the latest financial details, a credit line up to USD 300,000 appears to be within SC’s capacities.

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Manufacturing 3679 Electronic components,

Trading 3679 Electronic components,

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Manufacturing 8541406020 Solar cells assembled into modules or panels

Manufacturing 8542 Electronic integrated circuits & microassembl, parts

Trading 8541406020 Solar cells assembled into modules or panels

Trading 8542 Electronic integrated circuits & microassembl, parts

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Product/Service Description

Trader Mono-crystalline solar modules

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Country / Region Main Trading Activity

Asia / Pacific Exporting,Importing

Europe Exporting

North America Exporting

Canada Exporting

Chile Importing

China Exporting

India Exporting

Italy Exporting

Japan Exporting

Netherlands Exporting

South Africa Exporting

USA Exporting

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.103.12
Euro	1	Rs.84.96

INFORMATION DETAILS

Report Prepared by :

MNL

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