MIRA INFORM REPORT

Report No. :	323635
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	NEO SOLAR POWER CORP.
Registered Office :	No.7, Li-Hsin Rd. 3, Hsinchu Science Park, Hsinchu
Country :	Taiwan
Financials (as on) :	31.12.20104
Date of Incorporation :	26.08.2005
Com. Reg. No.:	27763753
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of solar cell.
No. of Employee :	About 2,652 employees (Taiwan)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Exist

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Taiwan	A2	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TAIWAN ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. However, negotiations on follow-on components of ECFA, including an agreement on trade in services, deals on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 expected to account for 20% of the island's total population by 2025. The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fourth largest, behind those of China, Japan, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding entry-level jobs.

Source : CIA

Contact Points

Company Name:	Neo Solar Power Corp.
Supplied Name:	Neo Solar Power Corp.
Trading Address:	No.7, Li-Hsin Rd. 3, Hsinchu Science Park, Hsinchu, Taiwan, R.O.C.
Supplied Address:	No. 7, Li-Hsin Rd. III, Hsinchu Park Hsinchu Taiwan 300
Telephone Number:	+886-3-578-0011
Fax Number:	+886-3-578-1255
E-mail:	sales.module@nsp.com

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Neo Solar Power Corp.
Registered Address:	No.7, Li-Hsin Rd. 3, Hsinchu Science Park, Hsinchu, Taiwan, R.O.C.
Date of Foundation:	2005-8-26
Registration Number:	27763753
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 12,000,000,000 (USD 384,000,000) (As of 2015.05, 1 NTD = 0.032 USD)
Paid-up Capital:	NTD 8,562,769,800 (USD 274,008,634)
Legal Representatives:	Kunxi Lin
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of solar cell and etc.
Staff:	About 2,652 employees (Taiwan)
Listed at Stock Exchange:	No
Date of Last Annual Return:	2015-4-2

History

Subject was incorporated on 2005-8-26 with registered number 27763753 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 2009-1-12.

Corporate Structure

Factories

1
Address:	No.7, Li-Hsin Rd. 3, Hsinchu Science Park, Hsinchu, Taiwan, R.O.C.
Date of Registration:	2008-11-12
Factory Registration Number:	95A00776
Factory Manager:	Weiming Chen
Status:	In production
Date of Last Annual Return:	2014-10-31
Major Products:	264 optical materials and components
2
Name:	Zhunan Factory
Address:	No.6, Kebei 2^nd Road, Zhunan Township, Miaoli County, Hsinchu Science and Industrial Park, Taiwan
Date of Registration:	2011-10-24
Factory Registration Number:	95C00776
Factory Manager:	Weiming Chen
Status:	In production
Date of Last Annual Return:	2014-10-31
Major Products:	264 optical materials and components 269 other electronic components
Tel	+886-3-578-0011
Fax	+886-37-581299
3
Name:	Hsinchu Module Factory
Address:	2/F., No. 25, Yanfa 2^nd Rd., Hsinchu East Dist., Hsinchu Science and Industrial Park, Taiwan
Date of Registration:	2010-5-21
Factory Registration Number:	95B00776
Factory Manager:	Zhizhong Wen
Status:	In production
Date of Last Annual Return:	2014-11-24
Major Products:	269 other electronic components
4
Name:	Tainan Factory
Address:	No.518, Sec. 2, Bentian Rd., An-Nan District,, Tainan City, Taiwan
Date of Registration:	2011-11-7
Factory Registration Number:	67000224
Factory Manager:	Weiming Chen
Status:	In production
Date of Last Annual Return:	2014-11-17
Major Products:	264 optical materials and components
Tel	+886-6-700-6588
Fax	+886-6-384-1111

Branch

1
Name	Neo Solar Power Corp., Tainan Branch
Address:	No.518, Sec. 2, Bentian Rd., Annan Dist., Tainan City 70955, Taiwan (R.O.C.)
Registration Number	28113053
Date of Registration	2011-1-28
Status	In Production
Manager Name	Weiming Chen
Date of Last Annual Return	2014-11-17
2
Name	Neo Solar Power Corp., Hu-Kou Branch
Address:	No.18-1, Guangfu N. Rd., Hukou Township, Hsinchu County, Taiwan (R.O.C.)
Registration Number	28113856
Date of Registration	2015-1-12
Manager Name	Zhizhong Wen

Major Related Companies

Name	Wang Neng Optoelectronic (Wujiang) Limited Company
Address	No.1688, Jiangxing East Road, Wujiang Eco & Tech Development Zone, Wujiang City, Jiangsu Province, P.R.C
Tel	+86-512-63168558
Fax	+86-512-63970558

Shareholders

Major Shareholders

Name	Subscription Shares
Kunxi Lin	2,253,081
Delta Electronics, Inc.	161,590,296
Ju Li Venture Capital Investment Co., Ltd. (Literal Translation)	4,593,286
Chuanxian Hong	1,100,968
China Development Venture Capital Investment Co., Ltd. (Literal Translation)	2,621,996

Shareholder Information:

1
Registered Name:	Delta Electronics, Inc.
Registered Address:	No.31-1, Shien Pam Rd., Kuei Shan Industrial Zone, Taoyuan Hsien, Taiwan, R.O.C.
Date of Foundation:	1975-8-20
Registration Number:	34051920
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 27,000,000,000
Paid-up Capital:	NTD 24,375,433,290
Legal Representatives:	Yingjun Hai
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-6-27
2
Registered Name:	Ju Li Venture Capital Investment Co., Ltd. (Literal Translation)
Registered Address:	10/F., No. 39, Jihu Rd., Neihu Dist., Taipei, Taiwan, R.O.C.
Date of Foundation:	1995-4-10
Registration Number:	89392253
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 1,000,000,000
Paid-up Capital:	NTD 644,000,000
Legal Representatives:	Yigui Wu
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2013-7-22
3
Registered Name:	China Development Venture Capital Investment Co., Ltd. (Literal Translation)
Registered Address:	11/F., No. 125, Sec.5, Nanjing East Rd., Song Shan Dist., Taipei City10504, Taiwan (R.O.C)
Date of Foundation:	2002-3-5
Registration Number:	80328870
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 9,255,380,000
Paid-up Capital:	NTD 6,686,713,630
Legal Representatives:	Xin Chen
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2015-3-30

Former Shareholders

Management Information

Core Management

Directors

1
Name		Kunxi Lin
Position		Board Chairman & Manager
Date Appointment of Manager		2006-11-21
2
Name	Liangfu Liu
Position		Director
3
Name	Mingzhong Zhang
Position		Director
4
Name	Yayi Huang
Position		Director
5
Name	Chuanxian Hong
Position		Director & Manager
Date Appointment of Manager		2005-12-30
6
Name	Xueli Li
Position		Director
7
Name	Xianming Lin
Position		Independent Director
8
Name	Xueren Jian
Position		Independent Director
9
Name	Weijun Shen
Position		Manager
Date Appointment of Manager		2013-1-1

Personnel Structure

Total Employees

Operation Information

Offices & Factories

	Headquarters
Add	About 2,652 Employees (Taiwan)

Production Information

Subject is engaged in manufacturing of solar cells, etc.

Subject has factories in Taiwan for production.

Subject has obtained the certification of ISO 9001.

Purchase Information

The registered activities of subject:

Business Code	Details
CC01080	Manufacturing of electronic components
CC01090	Manufacturing of batteries
CC01010	Manufacturing of power, transmission and distribution equipment
F119010	Wholesale of electronic materials (operation out of restricted area)
F219010	Retail of electronic materials (operation out of restricted area)
F401010	International trade business
--	Research, development, design, manufacture and sale of the following products: 1. solar cells and related systems 2. solar modules and wafers 3. import and export products related to the company’s business

The components and raw materials for production are purchased from both home and abroad.

Sales Information

Subject is engaged in sale of solar cells

Subject’s major products are solar cells and solar modules

Subject has its own brand “nsp”.

Subject’s sales regions include Asia, Europe and America

One of subject’s major foreign customers is Delta Product Corporation.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials
Payment Terms	T/T, Cash

Import

Products	Raw materials
Payment Terms	T/T

Sales

Domestic Markets

Product	Solar cells
Selling Terms	T/T, Cash

Export

Product	Solar cells
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	8,721,777	6,372,612
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	1,514	22
Accounts receivable, net
Accounts receivable	4,982,697	4,078,295
Lease payments receivable	59,368	56,335
Accounts receivable, net	5,042,065	4,134,630
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	193,495	264,427
Other receivables
Other receivables, net	76,766	61,957
Other receivables due from related parties
Other receivables due from related parties, net	652,560	0
Current tax assets
Total current tax assets	17,108	24,420
Inventories
Total inventories	2,043,721	1,520,630
Prepayments
Total prepayments	719,244	264,611
Non-current assets classified as held for sale, net
Non-current assets classified as held for sale, net	34,189	0
Other current assets
Total other current assets	1,461,213	1,593,722
Total current assets	18,963,652	14,237,031
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	159,578	222,750
Non-current financial assets at cost
Non-current financial assets at cost, net	66,983	24,448
Investments accounted for using equity method
Investments accounted for using equity method, net	71,360	0
Property, plant and equipment
Total property, plant and equipment	14,193,490	15,606,909
Intangible assets
Total intangible assets	534,271	557,739
Deferred tax assets	38,816	49,936
Other non-current assets
Prepayments for business facilities	1,175,748	1,804,767
Guarantee deposits paid	247,167	63,365
Long-term notes and accounts receivable
Long-term lease payments receivable	1,113,661	1,652,582
Long-term notes and accounts receivable, net	1,113,661	1,652,582
Long-term prepaid rents	24,736	31,027
Other non-current assets, others
Total other non-current assets, others	735,093	61,447
Total other non-current assets	3,296,405	3,613,188
Total non-current assets	18,360,903	20,074,970
Total assets	37,324,555	34,312,001
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	3,039,296	2,732,789
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	16,812	700
Accounts payable
Total accounts payable	1,548,785	2,366,092
Accounts payable to related parties
Total accounts payable to related parties	84,920	8,785
Other payables
Employee bonus payable	35,404	72,095
Compensation due to directors and supervisors	4,312	7,000
Other accrued expenses	1,427,360	1,524,785
Payable on machinery and equipment	667,156	988,011
Total other payables	2,134,232	2,591,891
Current tax liabilities	888	10,201
Other current liabilities
Advance receipts
Total advance receipts	255,678	61,916
Long-term liabilities, current portion
Total long-term liabilities, current portion	1,868,726	1,757,933
Other current liabilities, others	32,598	11,991
Total other current liabilities	2,157,002	1,831,840
Total current liabilities	8,981,935	9,542,298
Non-current liabilities
Bonds payable
Total bonds payable	3,596,810	549,004
Long-term borrowings
Total long-term borrowings	1,943,953	4,708,754
Non-current provisions
Total non-current provisions	225,308	159,098
Deferred tax liabilities
Total deferred tax liabilities	100,778	140,988
Other non-current liabilities
Non-current preference share liabilities	470,000	0
Guarantee deposits received	1,360	1,118
Credit balance of investments accounted for using equity method	15,324	0
Other non-current liabilities, others	265,316	0
Total other non-current liabilities	752,000	1,118
Total non-current liabilities	6,618,849	5,558,962
Total liabilities	15,600,784	15,101,260
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	8,562,770	7,770,292
Total capital stock	8,562,770	7,770,292
Capital surplus
Total capital surplus	12,197,491	10,697,569
Retained earnings
Legal reserve	47,566	0
Special reserve	18,928	0
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	391,744	475,664
Total retained earnings	458,238	475,664
Other equity interest
Total other equity interest	37,934	-86,508
Total equity attributable to owners of parent	21,256,433	18,857,017
Non-controlling interests	467,338	353,724
Total equity	21,723,771	19,210,741
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Operating revenue
Net sales revenue
Net sales revenue	27,580,249	20,084,253
Total operating revenue	27,580,249	20,084,253
Operating costs
Cost of sales
Total cost of sales	26,000,535	18,374,388
Total operating costs	26,000,535	18,374,388
Gross profit (loss) from operations	1,579,714	1,709,865
Unrealized profit (loss) from sales	-207,582	0
Gross profit (loss) from operations	1,787,296	1,709,865
Operating expenses
Selling expenses
Total selling expenses	519,499	342,464
Administrative expenses
Total administrative expenses	605,993	506,014
Research and development expenses
Total research and development expenses	451,574	407,519
Total operating expenses	1,577,066	1,255,997
Net other income (expenses)
Net other income (expenses)	37,294	-139,511
Net operating income (loss)	247,524	314,357
Non-operating income and expenses
Other income
Interest income
Total interest income	21,052	19,229
Dividend income	0	7,200
Other income, others	154,143	41,912
Total other income	175,195	68,341
Other gains and losses
Gains on disposals of investments	-14,072	266,584
Foreign exchange gains	151,656	37,869
Miscellaneous disbursements	22,022	5,330
Losses on financial assets (liabilities) at fair value through profit or loss	28,360	-8,354
Other gains and losses, net	87,202	307,477
Finance costs
Finance costs, net	245,238	189,174
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of loss of associates and joint ventures accounted for using equity method	42,694	1,582
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-42,694	-1,582
Total non-operating income and expenses	-25,535	185,062
Profit (loss) from continuing operations before tax	221,989	499,419
Tax expense (income)
Total tax expense (income)	-22,400	-16,026
Profit (loss) from continuing operations	244,389	515,445
Profit (loss)	244,389	515,445
Other comprehensive income
Exchange differences on translation	161,903	42,451
Unrealised gains (losses) on valuation of available-for-sale financial assets	-40,457	-36,727
Other comprehensive income, net	121,446	5,724
Total comprehensive income	365,835	521,169
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	218,562	502,480
Profit (loss), attributable to non-controlling interests	25,827	12,965
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	332,094	508,204
Comprehensive income, attributable to non-controlling interests	33,741	12,965
Basic earnings per share
Basic earnings (loss) per share from continuing operations	0.28	0.86
Total basic earnings per share	0.28	0.86
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	0.27	0.85
Total diluted earnings per share	0.27	0.85

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	221,989	499,419
Profit (loss) before tax	221,989	499,419
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	2,010,938	1,732,639
Amortization expense	47,688	62,891
Provision (reversal of provision) for bad debt expense	-52	-11,388
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	14,620	539
Interest expense	245,238	189,174
Interest income	-115,444	-60,034
Dividend income	0	-7,200
Share-based payments	80,394	117,471
Share of loss (profit) of associates and joint ventures accounted for using equity method	42,694	1,582
Loss (gain) on disposal of property, plan and equipment	0	31
Property, plan and equipment transferred to expenses	22,470	0
Loss (gain) on disposal of non-current assets classified as held for sale	-73,933	0
Loss (gain) on disposal of investments	14,072	-266,584
Impairment loss on financial assets	0	88,950
Impairment loss on non-financial assets	69,338	244,556
Reversal of impairment loss on non-financial assets	7,999	-189,805
Realized loss (profit) on from sales	-207,582	0
Unrealized foreign exchange loss (gain)	-10,100	29,550
Total adjustments to reconcile profit (loss)	2,148,340	1,932,372
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	0	238
Decrease (increase) in accounts receivable	-685,135	-1,345,318
Decrease (increase) in accounts receivable due from related parties	130,346	230,863
Decrease (increase) in other receivable	-274,915	20,324
Decrease (increase) in other receivable due from related parties	-679,975	0
Decrease (increase) in inventories	-564,812	-261,438
Decrease (increase) in prepayments	115,492	429,191
Decrease (increase) in other current assets	-31,291	-207,393
Total changes in operating assets	-1,990,290	-1,133,533
Changes in operating liabilities
Increase (decrease) in notes payable to related parties	308,519	-27,191
Increase (decrease) in accounts payable	-888,913	496,682
Increase (decrease) in other payable	-80,067	-550,150
Increase (decrease) in provisions	62,402	21,291
Increase (decrease) in receipts in advance	479,525	35,413
Increase (decrease) in other current liabilities	219	-8,716
Total changes in operating liabilities	-118,315	-32,671
Total changes in operating assets and liabilities	-2,108,605	-1,166,204
Total adjustments	39,735	766,168
Cash inflow (outflow) generated from operations	261,724	1,265,587
Income taxes refund (paid)	-8,696	-3,361
Net cash flows from (used in) operating activities	253,028	1,262,226
Cash flows from (used in) investing activities
Acquisition of financial assets at fair value through profit or loss, designated as upon initial recognition	0	-88,950
Proceeds from disposal of available-for-sale financial assets	12,695	0
Acquisition of financial assets at cost	-42,500	-1,858
Acquisition of investments accounted for using equity method	-104,024	0
Net cash flow from acquisition of subsidiaries	-11,995	0
Proceeds from disposal of subsidiaries	451,742	0
Proceeds from disposal of non-current assets classified as held for sale	410,000	0
Acquisition of property, plant and equipment	-2,123,341	-2,751,230
Increase in refundable deposits	-229,182	-42,131
Decrease in refundable deposits	13,649	10,969
Acquisition of intangible assets	-77	0
Net cash inflows from business combination	0	1,301,754
Decrease in long-term lease and installment receivables	75,046	7,318
Increase in other financial assets	-485,484	-370,367
Increase in other non-current assets	-10,841	-47,260
Decrease in other non-current assets	41,280	57,627
Interest received	115,446	60,023
Dividends received	0	7,200
Net cash flows from (used in) investing activities	-1,887,586	-1,856,905
Cash flows from (used in) financing activities
Increase in short-term loans	15,688,300	18,081,051
Decrease in short-term loans	-15,492,318	-20,022,106
Proceeds from issuing bonds	3,496,104	998,830
Proceeds from long-term debt	560,605	607,639
Repayments of long-term debt	-2,142,579	-1,554,684
Proceeds from issuing preference share liabilities	470,000	0
Increase in guarantee deposits received	49	8
Cash dividends paid	-236,003	0
Proceeds from issuing shares	1,722,500	3,107,000
Exercise of employee share options	0	7,746
Interest paid	-204,992	-175,519
Change in non-controlling interests	105,624	126,155
Net cash flows from (used in) financing activities	3,967,290	1,176,120
Effect of exchange rate changes on cash and cash equivalents	16,433	-28,352
Net increase (decrease) in cash and cash equivalents	2,349,165	553,089
Cash and cash equivalents at beginning of period	6,372,612	5,819,523
Cash and cash equivalents at end of period	8,721,777	6,372,612
Cash and cash equivalents reported in the statement of financial position	8,721,777	6,372,612

Note: Subject didn’t submit its individual financial information; we obtained its consolidated financials as above for reference.

The above financial figures are based on the IFRSs Accounting System.

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

1
Trial Number:	2013,fuming, 65
Date of Trial:	2014-9-30
Reason:	Claimed compensation for damage
Claimant:	Neo Solar Power Corp. Workers Welfare Committee
Defendant:	Yijie Yang
2
Trial Number:	2013, sisheng, 315
Date of Trial:	2014-10-21
Reason:	Command the creditor sue within the deadline
Claimant:	Mingfeng Jian
Defendant:	Neo Solar Power Corp. Workers Welfare Committee
3
Trial Number:	2013, Jianshang, 100
Date of Trial:	2014-5-21
Reason:	Compensation for damage
Claimant:	Qifen Yan
Defendant:	Neo Solar Power Corp.
4
Trial Number:	2011, chongsu, 57
Date of Trial:	2013-6-25
Reason:	Compensation for damage
Claimant:	Neo Solar Power Corp.
Defendant:	Shang Yang Photoelectricity Co., Ltd. (Literal Translation)
5
Trial Number:	2012, sisheng, 472
Date of Trial:	2013-1-15
Reason:	Command the creditor sue within the deadline
Claimant:	Yijie Yang
Defendant:	Neo Solar Power Corp. Workers Welfare Committee
6
Trial Number:	2011, bu, 565
Date of Trial:	2011-6-28
Reason:	Return the warrants
Claimant:	Huitang Chen Zongqi Chen
Defendant:	Neo Solar Power Corp.
6
Trial Number:	2015, Sisheng, 38
Date of Trial:	2015-2-9
Reason:	Returns for lodged property
Claimant:	Neo Solar Power Corp.
Defendant:	Yijie Yang Mingfeng Jian

Special Note

Interview Details

Position	Mr. Chen
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.84
UK Pound	1	Rs.98.38
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.