MIRA INFORM REPORT
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Report Date : |
18.10.2014 |
IDENTIFICATION DETAILS
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Name : |
NICE SUN PV CO., LTD. |
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Registered Office : |
No. 11, Nanbu Road, Jinzhangzhu Industrial Concentration Zone, Yixing, Jiangsu Province, 214231 Pr |
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Country : |
China |
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Date of Incorporation : |
04.02.2010 |
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Com. Reg. No.: |
320282000232689 |
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Legal Form : |
Limited
Liabilities Company |
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LINE OF BUSINESS : |
MANUFACTURING
AND SELLING 60MW MONOCRYSTALLINE SILICON SOLAR CELLS AND MODULES;
RESEARCHING, DEVELOPING AND SELLING SINGLE POLYSILICON FILMS, POLYCRYSTALLINE
SILICON SOLAR CELLS AND MODULES, SOLAR LIGHTS, SOLAR POWER EQUIPMENT;
IMPORTING AND EXPORTING COMMODITIES AND TECHNOLOGY. |
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No. of Employees : |
260 |
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 : |
Unknown |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
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Source
: CIA |
Company
name & address
NICE SUN PV CO., LTD.
NO. 11, NANBU ROAD, JINZHANGZHU INDUSTRIAL CONCENTRATION ZONE, YIXING, JIANGSU PROVINCE, 214231 PR CHINA
TEL: 86
(0) 510-87398050/87396788 FAX: 86 (0) 510-87398091
EXECUTIVE
SUMMARY
INCORPORATION DATE :
FEB. 4, 2010
REGISTRATION NO. :
320282000232689
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. ZHU XUDONG (CHAIRMAN)
STAFF STRENGTH :
260
REGISTERED CAPITAL :
CNY 30,000,000
BUSINESS LINE :
RESEARCHING, DEVELOPING, MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.1805 = 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 Ren Min Bi
SC was registered as a Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Feb. 4, 2010.
Company Status: Limited
liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their capital
contributions in cash or by means of tangible assets or intangible assets
such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes general business items: manufacturing
and selling 60MW monocrystalline silicon solar cells and modules; researching,
developing and selling single polysilicon films, polycrystalline silicon solar
cells and modules, solar lights, solar power equipment; importing and exporting
commodities and technology (excluding the items limited or prohibited by the
state).
SC is mainly engaged in researching, developing, manufacturing and
selling solar photovoltaic products.
Mr. Zhu Xudong has been legal representative, chairman and general
manager of SC since 2010.
SC is known to have approx. 260 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial concentration zone of
Yixing. Our checks reveal that SC owns the total premise, but the gross area of
the premise is unspecific.
www.nicesunpv.com
The design is professional and the content is well organized. At present it is
in English version.
E-mail: nicesun@nicesunpv.com
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Organization Code: 550290639
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhu Xudong 30
Gao Guorong 17
Hu Jun 17
Shi Xiaolei
13
Zhang Suming
13
Huang Fuxi 10
Legal
Representative, Chairman and General Manager:
Mr. Zhu Xudong is currently responsible for the overall management of
SC.
Working Experience(s):
From 2010 to present Working
in SC as legal representative, chairman and general manager.
Also working in Nice Sun PV Co., Ltd. Yixing R & D Branch as principal.
Supervisor:
Huang Fuxi
SC is mainly engaged in researching, developing, manufacturing and
selling solar photovoltaic products.
SC’s products mainly include: solar photovoltaic products.
SC sources its materials 100% from domestic market. SC sells 15% of its
products in domestic market, and 85% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
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TRADEMARKS & PATENTS |
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Registration No. |
8337480 |
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Registration Date |
Sep. 14, 2011 |
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Trademark Design |
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Note: SC’s
management declined to release its major clients and suppliers.
SC is known to have the following branch:
Nice Sun PV Co., Ltd. Yixing R & D Branch
=================================
Incorporation date:
Registration no.: 320282000337448
Principal: Zhu Xudong
According to SC’s website:
Wuxi Huarui PV Technology Co., Ltd.
============================
Incorporation date:
Registration no.: 320282000263839
Registered capital: CNY 20,000,000
Legal representative: Lu Yan
Legal form: Limited liabilities co.
Add: Nanbu Road, Jinzhangzhu Industrial Zone, Yixing City, Jiangsu
Province 214233, P.R. China.
Tel: +86 510-8739 8155
Fax: +86 510-8739 8152
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’s management declined to release the bank information of SC.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
4 years. Taking into consideration of SC’s operating size as well as market
conditions we would rate SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.15 |
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1 |
Rs.101.92 |
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Euro |
1 |
Rs.80.64 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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.