MIRA INFORM REPORT
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Report No. : |
337202 |
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Report Date : |
18.08.2015 |
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) : |
31.12.2014 |
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Date of Incorporation : |
29.12.2008 |
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Com. Reg. No.: |
320281000208946 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in 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; selling solar power generation equipment and software; solar
power project construction general contracting, and professional subcontracting;
operation, maintenance and management of power plant assets. |
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No. of Employee : |
989 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank
of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that
year... 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 2014 more than 274 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. In 2014 China agreed to begin
limiting carbon dioxide emissions by 2030. China implemented several economic
reforms in 2014, including passing legislation to allow local governments to
issue bonds, opening several state-owned enterprises to further private
investment, loosening the one-child policy, passing harsher pollution fines,
and cutting administrative red tape.
|
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 : Limited Liabilities Company
REGISTERED CAPITAL : CNY 900,000,000
staff :
989
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 6,750,655,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 550,058,000 (AS OF DEC. 31, 2014)
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 6.20 = USD
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 on February 29, 2008. However, SC changed to
present legal form, and was registered as a limited liabilities company of PRC
with State Administration for Industry & Commerce (SAIC) under registration
No.: 320281000208946 on October
30, 2014.
SC’s Organization Code Certificate No.:
67253477-7
SC’s Tax No.: 320281672534777
SC’s registered capital: CNY 900,000,000
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. 江阴长润太阳能电力材料有限公司 |
Jiangyin Hareon Power Co., Ltd. 江阴海润太阳能电力有限公司 |
|
|
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 |
|
2014-10-30 |
Legal Form |
One-Person Limited Liabilities Company |
Limited Liabilities Company |
|
Shareholder (s) (% of Shareholding) |
Hareon Solar Technology Co., Ltd. 100% |
Hareon Solar Technology Co., Ltd. 70% Altusvia Energy Co., Ltd. 30% |
|
|
Registered Capital |
CNY 600,000,000 |
CNY 900,000,000 |
|
|
2014-11-27 |
Legal Representative |
Ren Xiangdong |
Zhang Yongxin |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hareon Solar Technology Co., Ltd. |
70 |
|
Altusvia Energy Co., Ltd. |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Zhang Yongxin |
|
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. 70
Altusvia Energy Co., Ltd. 30
Hareon Solar Technology Co., Ltd.
------------------------------------------
Date of Registration: July 8, 2000
Registration No.: 320000000014948
Legal Form: Shares Limited
Company
Registered Capital: CNY 1,574,978,384
Web: www.hareonsolar.com
E-mail: ir@hareon.net
Altusvia Energy Co., Ltd.
-------------------------------
Date of Registration: 320585000114959
Registration No.: December 25, 2009
Legal Form: One-person Limited
Liabilities Company
Registered Capital: CNY 888,000,000
MANAGEMENT
Zhang
Yongxin , Legal Representative, Chairman and General
Manager
--------------------------------------------------------------------------------------------------------
Ø Gender: M
Ø Age: 44
Ø ID#
132229197109260073
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Wang
Bin , Supervisor
-------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
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; selling solar power generation equipment
and software; solar power project construction general contracting, and
professional subcontracting; operation, maintenance and management of power plant
assets.
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. 989 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 the
following subsidiaries at present,
Hareon Solar GmbH
Taicang Hairun Solar Energy Co., Ltd.
Kuancheng Hairun Photovoltaic Power Generation Co., Ltd.
Dingtao Hairun Photovoltaic Power Generation Co., Ltd.
Hami Xinrun Photovoltaic Power Generation 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
Basic Bank:
Bank
of China
AC#:
509258210538
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
Long term investment |
-- |
40,283 |
-- |
-- |
|
Total assets |
2,737,445 |
3,174,067 |
3,794,264 |
4,294,572 |
|
|
------------- |
------------- |
------------- |
------------- |
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Total
liabilities |
2,565,541 |
2,662,649 |
3,197,958 |
3,744,514 |
|
Equities |
171,904 |
511,418 |
596,306 |
550,058 |
|
|
------------- |
------------- |
------------- |
------------- |
|
Revenue |
-- |
6,925,505 |
5,717,635 |
6,750,655 |
|
Profit before
tax |
-23,775 |
-80,053 |
112,816 |
-346,248 |
|
Less: profit tax |
0 |
0 |
27,929 |
0 |
|
Profits |
-23,775 |
-80,053 |
84,887 |
-346,248 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.94 |
0.84 |
0.84 |
0.87 |
|
*Net profit
margin (%) |
-- |
-1.56 |
1.48 |
-5.13 |
|
*Return on
total assets (%) |
-0.87 |
-2.52 |
2.24 |
-8.06 |
|
*Revenue /
Total assets |
-- |
2.18 |
1.51 |
1.57 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is fair in 2012 and 2014, average in 2013.
l SC’s return on
total assets is fair in 2012 and 2014, average in 2013.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
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.65.22 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.