MIRA
INFORM REPORT
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Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TIANWEI NEW ENERGY HOLDINGS CO., LTD |
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Registered Office : |
No. 1 Tianwei Road, Southwest Airport Economic Development Zone, Shuangliu County, Chengdu, Sichuan Province 610200 Pr |
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Country : |
China |
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Date of Incorporation : |
09.07.2007 |
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Com. Reg. No.: |
510122000019362 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business
: |
Engaged in researching, developing, manufacturing, and selling solar
wafers, cells, modules, crystal silicon crystal and crucible and photovoltaic
glass, technology consultation and after services; power plant design,
construction, maintenance, and management; the introduction of international
advanced equipment and manufacturing technology, technical research and
development and transformation; selling its products and raw materials; new
energy investment, construction and production; item investment and
management; tender agency; transfer of technology; project planning,
management and consulting services; importing and exporting commodities and technology.
Subject products ranges includes including solar modules, cell, wafer,
polysilicon materials, silicon
wafers, PV cells, PV modules, and PV systems. |
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No. of Employees |
2000 (approximately) |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
TIANWEI NEW ENERGY HOLDINGS CO., LTD.
NO. 1 TIANWEI ROAD
SOUTHWEST AIRPORT ECONOMIC
DEVELOPMENT ZONE
SHUANGLIU COUNTY, CHENGDU,
SICHUAN PROVINCE 610200 PR CHINA
TEL: 86 (0) 28-67050194/67050048
FAX: 86 (0) 28-67050181/67050038
EXECUTIVE SUMMARY
Date of Registration : july 9, 2007
REGISTRATION NO. : 510122000019362
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE : bian haiqing (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 887,214,448
staff : 2,000
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue : n/a (AS OF DEC. 31, 2013)
EQUITIES : n/a (AS OF
DEC. 31, 2013)
WEBSITE : www.twnesolar.com
E-MAIL :
sales@twnesolar.com
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : n/a
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.20 = 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
LEGAL STATUS
& HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 510122000019362.
SC’s Organization Code Certificate
No.: 66303320-9
SC’s registered capital: CNY 887,214,448
SC’s paid-in capital: CNY 887,214,448
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2008-1-21 |
Registered capital |
CNY 200,000,000 |
CNY 300,000,000 |
|
2008-7-4 |
Registered capital |
CNY 300,000,000 |
CNY 517,930,000 |
|
Shareholder (s) (% of
shareholding) |
Baoding Tianwei Group Co., Ltd. 100% |
Ding Qiang 2.02% Shi Guangrui 1.18% Zhang Jinzuo 0.77% Li Zhiheng 0.77% Zhou Wentao 0.77% Zhang Guoqiang 0.77% Song Shucai 0.77% Bian Haiqing 0.77% Xia Wei 0.77% Jing Chongyou 0.77% Shi Quansheng 0.77% Su Shiying 0.77% Yang Mingjin 0.77% Wang Keyi 0.21% Duan Xiaozhi 0.21% Hong Junping 0.21% Baoding Tonghe Investment Co., Ltd. 3.37% Baoding Qianhe Investment Co., Ltd. 2.63% Baoding Jiahe Investment Co., Ltd. 3.20% Baoding Shunhe Investment Co., Ltd. 3.49% Baoding Fenghe Investment Co., Ltd. 3.79% Baoding Zhonghe Investment Co., Ltd. 1.71% Baoding Tianwei Group Co., Ltd. 69.51% |
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Legal Form |
One-person Limited Liability
Company |
Limited Liability Company |
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-- |
Registration No. |
5101221802979 |
510122000019362 |
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2009-4-29 |
Shareholder (s) (% of shareholding) |
Ding Qiang 2.02% Shi Guangrui 1.18% Zhang Jinzuo 0.77% Li Zhiheng 0.77% Zhou Wentao 0.77% Zhang Guoqiang 0.77% Song Shucai 0.77% Bian Haiqing 0.77% Xia Wei 0.77% Jing Chongyou 0.77% Shi Quansheng 0.77% Su Shiying 0.77% Yang Mingjin 0.77% Wang Keyi 0.21% Duan Xiaozhi 0.21% Hong Junping 0.21% Baoding Tonghe Investment Co., Ltd. 3.37% Baoding Qianhe Investment Co., Ltd 2.63% Baoding Jiahe Investment Co., Ltd. 3.20% Baoding Shunhe Investment Co., Ltd. 3.49% Baoding Fenghe Investment Co., Ltd. 3.79% Baoding Zhonghe Investment Co., Ltd. |
Baoding Tianwei Group Co., Ltd. 69.51% Chengdu Industry Investment Industry
Innovation Investment Co., Ltd. (literal translation) 30.49% |
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2010-12-28 |
Registered Capital |
CNY 517,930,000 |
CNY 887,214,448 |
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Shareholder (s) (% of shareholding) |
Baoding Tianwei Group Co., Ltd. 69.51% Chengdu Industry Investment Industry
Innovation Investment Co., Ltd. (literal translation) 30.49% |
Baoding Tianwei Group Co., Ltd. 58.19% Chengdu Yuanhong Venture Capital Co., Ltd. 40.00% Zhang Fengying 0.79% Gao Zhengfei 0.67% Sheng Wenting 0.11% Li Zhilei 0.06% He Tanggui 0.06% Cai Wei 0.06% Liu Bo 0.06% |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
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Baoding Tianwei Group Co., Ltd. |
58.19 |
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Chengdu Yuanhong Venture Capital Co., Ltd. |
40.00 |
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Zhang Fengying |
0.79 |
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Gao Zhengfei |
0.67 |
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Sheng Wenting |
0.11 |
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Li Zhilei |
0.06 |
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He Tanggui |
0.06 |
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Cai Wei |
0.06 |
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Liu Bo |
0.06 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative and
Chairman |
Bian Haiqing |
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Vice Chairman |
Meng Song |
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General Manager and Director |
Yin Xiaonan |
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Director |
Lin Kefeng |
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Gao Zhengfei |
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|
Zhang Fengming |
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Supervisor |
Chai Jianyi |
|
Zhao Daqi |
RECENT
DEVELOPMENT
Qualifications:
SC has obtained TUV, UL and MCS-BABT certificates.
SHAREHOLDER
CHART & BACKGROUND
Name
% of Shareholding
Baoding Tianwei Group Co., Ltd. 58.19
Chengdu Yuanhong Venture Capital Co., Ltd. 40.00
Zhang Fengying 0.79
Gao Zhengfei 0.67
Sheng Wenting 0.11
Li Zhilei 0.06
He Tanggui 0.06
Cai Wei 0.06
Liu Bo 0.06
Baoding Tianwei Group Co., Ltd.
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Baoding Tianwei Group Co., Ltd. was formerly Baoding Transformer
Factory. It was the first to reform in accordance with "Company Law"
and to standardize its operations successfully. In January 2008, it became a
member of the China South Industries Group. Tianwei Group, after five decades
of innovation and hard work ahead, has transformed from a single transformer
factory to a world-class power transmission and new energy enterprise group and
an important modern hi-tech equipment manufacturing group in China.
Date of Registration: Jan. 9, 1991
Registration No.: 130605000004577
Legal Form: One-Person Limited
Liability Company
Registered Capital: CNY 2,109,000,000
Website: www.btwgroup.com
Chengdu Yuanhong Venture Capital Co., Ltd.
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Registration No.: 510109000028682
Registered Capital: CNY 1,585,000,000
Legal Representative: Mao Junqiang
MANAGEMENT
Bian Haiqing, Legal
Representative and Chairman
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Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Meng Song, Vice
Chairman
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Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as vice
chairman
Yin Xiaonan , General
Manager and Director
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Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as general manager and
director
Director
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Lin Kefeng
Gao Zhengfei
Zhang Fengming
Supervisor
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Chai Jianyi
Zhao Daqi
BUSINESS
OPERATION
SC’s registered business scope includes researching,
developing, manufacturing, and selling solar wafers, cells, modules, crystal silicon
crystal and crucible and photovoltaic glass, technology consultation and after
services; power plant design, construction, maintenance, and management; the
introduction of international advanced equipment and manufacturing technology,
technical research and development and transformation; selling its products and
raw materials; new energy investment, construction and production; item
investment and management; tender agency; transfer of technology; project
planning, management and consulting services; importing and exporting
commodities and technology.
SC is mainly
engaged in manufacturing and selling polysilicon and solar modules.
SC’s products mainly include: solar modules, cell, wafer, polysilicon
materials, silicon wafers, PV
cells, PV modules, and PV systems.
SC sources its materials 50% from domestic
market, and 50% from overseas market. SC sells 30% of its products in domestic
market, and 70% to overseas market, mainly Germany and other European
countries.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 2,000 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
Tianwei
New Energy Holdings Co., Ltd. Oversea office
Address:
#2808-10, Tower B, No.100 Zunyi Rd, Shanghai, China 200051
International
Sales: +86-21-61951391; +86-21-61951392; +86-21-61951393; +86-21-61951396;
+86-21-61951397;
Marketing:
+86-21-61951395
Fax:
+86-21-61951399
Baoding Tianwei Solarfilms Co., Ltd.
SC is known to
invest in the following companies:
·
Tianwei New Energy (Chengdu) PV Module Co., Ltd.
Tianwei
New Energy (Chengdu) Wafer Co., Ltd.
Tianwei
New Energy (Chengdu) Cell Co., Ltd.
Tianwei
New Energy (Chengdu) PV Material Co., Ltd.
Tianwei Solution (Beijing) Co., Ltd.
Tianwei
New Energy Technology Research Institute Co., Ltd.
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
Bank of China
Shuangliu Sub-branch
AC#: 01-841000083218099001
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered large-sized in its line with 7 years
history. Taking into consideration of SC’s general performance, reputation as
well as market conditions, credit dealings with SC should be confined into
moderate amount at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
|
UK Pound |
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SHG |
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.