MIRA
INFORM REPORT
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Report No. : |
347546 |
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Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
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Name : |
RISEN ENERGY CO., LTD. |
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Registered Office : |
Tashan Industry Zone, Meilin Street, Ninghai
County, Ningbo, Zhejiang Province, 315609 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.12.2002 |
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Com. Reg. No.: |
330226000001791 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling solar battery board,
solar lighting products, solar system |
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No. of Employee : |
2,803 |
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 |
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Status : |
Good |
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|
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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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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
RISEN ENERGY CO., LTD.
Tashan Industry Zone, Meilin Street, Ninghai County, ningbo, zhejiang
PROVINCE, 315609 PR CHINA
TEL: 86 (0)
574-65173983/59953228 FAX: 86
(0) 574-59953338/65173959
EXECUTIVE SUMMARY
INCOsRPORATION DATE : Dec. 2, 2002
REGISTRATION NO. : 330226000001791
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
2,803
REGISTERED CAPITAL : cny 674,593,924
BUSINESS LINE :
MANUFACTURING AND selling
TURNOVER :
CNY 1,615,674,000 (Consolidated, JAN. 1 TO JUN. 30, 2015)
EQUITIES :
CNY 2,893,099,000 (Consolidated, AS OF JUN. 30, 2015)
PAYMENT :
GOOD
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.35 = USD 1 AS OF 2015-11-3
Adopted abbreviations:
ANS - amount not stated NS - not stated SC - subject company (the company inquired by you)
NA - not available CNY - China Yuan Renminbi
Note: SC’s complete address should be the
heading one.
SC was registered as a Limited Liabilities Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Dec. 2, 2002 and has been under
present legal form since 2009.
Company Status:
Shares limited co.
This form of business in PR China is defined as a legal person. Its
registered capital is divided into shares of equal par value and the co. raises
capital by issuing share certificates by promotion or by public offer.
Shareholders bear limited liability to the extent of shareholding, and the co.
is liable for its debts only to the extent of its total assets. The co has
independent property of legal person and enjoys property rights of legal
person. The characteristics of the shares limited co. are as follows:
The establishment of the co. requires at least two promoters and no more
than 200, half of whom shall be domiciled in China. Natural person are allowed
to serve as promoters.
The minimum registered capital of a co. is CNY
The board of directors must consist of five to nineteen directors.
If the co. raises capital by public offer,
the promoters must not subscribe less than 35% of the total shares. the
promoters’ shares are restricted to transfer- within one year of the offer.
A state-owned enterprise that is restructured into a shares limited co.
must comply with the conditions & requirements specified under the law
& administrative rule.
SC’s registered business scope includes manufacturing and processing of
silicon solar cell components and parts, appliances, lamps, rubber products,
electronic products, optoelectronic devices, solar power generation engineering
design, construction and contract; electric power, new energy, energy-saving
technology development, transfer, consulting and services; contract energy
management and advisory services, equipment and facility leasing; solar power
generation; import & export of goods and technology, excluding those
limited and prohibited by the State.
SC is mainly
engaged in manufacturing and selling solar battery board, solar lighting products,
solar system, etc
Mr. Lin
Haifeng has been the legal
representative and chairman of SC since 2009.
SC is known
to have approx. 2,803 employees at present, including 347 technical personnel,
417 administrative staff and sales staff, 29 financial staff and 2,010
production staff.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Ningbo. SC’s management
declined to release the detailed information of the premise.
http://www.risenenergy.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: info@risenenergy.com
; xuesx@risenenergy.com
See below for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Ningbo Municipal Intermediate People's Court |
|
Date
of Case |
|
|
Case Number |
(2013) 00024 |
|
Claim
Amount |
RMB 14,344,911 |
|
Case
Status |
Completed |
|
Executed Party |
SC |
|
Court |
Ningbo Municipal Intermediate People's Court |
|
Date
of Case |
2014-12-13 |
|
Case Number |
(2014) 00325 |
|
Claim
Amount |
RMB 38,220,936 |
|
Case
Status |
-- |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300118.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
Apr. 14, 2004 |
Registered capital |
CNY 560,000 |
CNY 5,560,000 |
|
Jul. 25, 2007 |
Registered No. |
3302262001241 |
Present one |
|
Sep. 8, 2008 |
Registered capital |
CNY 5,560,000 |
CNY 6,541,176 |
|
May 26, 2009 |
Registered legal form |
Limited Liabilities Company |
Shares Limited Company |
|
Company name |
Ninghai Risen Electric Co., Ltd. |
Present one |
|
|
Registered capital |
CNY 6,541,176 |
CNY 130,000,000 |
|
|
Nov. 25, 2010 |
Registered capital |
CNY 130,000,000 |
CNY 175,000,000 |
|
Aug. 8, 2011 |
Registered capital |
CNY 175,000,000 |
CNY 350,000,000 |
|
Jul. 13, 2012 |
Registered capital |
CNY 350,000,000 |
CNY 560,000,000 |
|
Jan. 6, 2015 |
Registered capital |
CNY 560,000,000 |
CNY 649,912,224 |
|
Sep. 30, 2015 |
Registered capital |
CNY 649,912,224 |
Present amount |
Tax Registration Certificate No.: 330226144973901
Organization Code: 14497390-1
MAIN SHAREHOLDERS: (As of Sep. 30, 2015)
Name % of Shareholding
Lin Haifeng 32.58
Zhao Shijie 6.07
Ninghai Hexing Investment Consulting Co.,
Ltd. 2.03
Yang Haigen 1.82
Zhao Guangxin 1.81
Bank of Communications Co., Ltd. – Hua’an
Strategy Selection Mixed Securities Investment Fund 1.65
Central Huijin Investment Ltd. 1.35
Shanghai Huamin Real Estate Holding (Group)
Co., Ltd. 1.07
National Social Security Fund 110
combination 1.06
Shenzhen Capital Group Co., Ltd. 0.94
Other shareholders
49.62
Ninghai Hexing Investment Consulting Co.,
Ltd.
===============================
Registration no.: 330226000039823
Incorporated date: 2009-4-24
Legal representative: Yuan Jianping
Central Huijin Investment Ltd.
===============================
Registration no.: 100000000038533
Incorporated date: 2003-12-16
Legal representative: Ding Xuedong
Website: http://www.huijin-inv.cn/
Shanghai Huamin Real Estate Holding (Group)
Co., Ltd.
===============================
Credibility Code: 91310000631557657F
Incorporated date: 1999-8-4
Legal representative: Cai Zhongru
Website: http://www.huamin.com.cn/
Tel.: 86 021-62288888
Fax: 86 021-52380728
Shenzhen Capital Group Co., Ltd.
===============================
Credibility Code: 91440300715226118E
Registration no.: 440301103269709
Incorporated date: 1999-8-25
Legal representative: Ni Zewang
Website: http://www.szvc.com.cn/
l Legal
representative and Chairman:
Mr. Lin Haifeng, ID# 33022619750312****,
born in 1975, EMBA, he is currently responsible for the overall management of
SC.
Working Experience(s):
From 2009 to present Working in SC as legal representative
and chairman.
l President:
Mr. Wang Hong, born in 1973, MBA, he
is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as president.
l Vice Presidents:
Mr. Cui Hongxing, born in 1979, with Master’s
degree;
Mr. Xue Shanxing, born in 1968, EMBA;
Mr. Xu Yongbing , born in 1960, with
bachelor’s degree, economist;
Mr. Cao Zhiyuan , born in 1966, with
Master’s degree;
They are currently responsible for the
daily management of SC.
Working Experience(s):
At present Working in SC as vice presidents.
l Directors:
Yang Chunhui
Dai Jianjun
Shi Zhanzhong
Xu Yongbing
l Supervisors:
Zeng
Xueren
Zhong
Bin
Ying
Jianfei
SC is mainly engaged
in manufacturing and selling solar battery board, solar lighting products,
solar system.
SC’s products
mainly include: various kinds of LED products, PV products, and solar system,
etc.
,
SC sources its materials 50% from domestic
market, and 50% from overseas market. SC sells 50% of its products in domestic
market, and 50% to overseas market.
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.
Note:
SC’s management declined to release its major clients and suppliers.
Trademark & Patents
|
Registration No. |
11423961 |
9078646 |
7390552 |
|
Registration Date |
2014-2-7 |
2012-2-21 |
2010-12-28 |
|
Trademark Design |
|
|
|
Subsidiaries:
Risen Energy (Hong
Kong) Co., Limited
===========================
CR No.: 1519990
Date of
Incorporation:
Company Status:
Private Company Limited by Shares
Active Status:
Live
Zhejiang
Boxin Investment Co., Ltd. (literal translation)
==================
Registration No.: 330226000067977
Incorporation Date:
Legal representative:
Risen
Energy GmbH
===========================
Add.:
Neumeyerstr. 28-34 90411 Nurnberg, Germany
Tel.:
+49-911-956490-0
Fax:
+49-911-95649069
Email:
de@risenenergy.com
Qiande
Yongren New Energy Investment (Suzhou) Co., Ltd. (literal translation)
===============================
Registration No.: 320506000253076
Incorporation Date:
Legal representative: Yu Yimin
Jiangsu
Sveck New Material Co., Ltd.
===============================
Registration No.: 440301103291906
Incorporation Date: 2005-10-25
Legal
representative: Zhao Shijie
Risen
(Ningbo) Electric Power Development Co., Ltd. (literal translation)
===============================
Registration No.: 330200400079951
Incorporation Date: 2014-2-26
Legal
representative: Qiu Chengfeng
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 declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as
of June 30, 2015 |
as of Dec. 31,
2014 |
|
Cash & bank |
1,293,645 |
794,980 |
|
Inventory |
935,728 |
593,442 |
|
Derivative
financial assets |
523 |
0 |
|
Accounts
receivable |
1,709,973 |
1,791,212 |
|
Notes receivable |
156,692 |
179,951 |
|
Advances to supplies |
452,260 |
308,926 |
|
Other
receivables |
139,350 |
87,737 |
|
Other current
assets |
33,470 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
4,721,641 |
3,756,248 |
|
Financial assets
available for sale |
206,554 |
205,994 |
|
Long-term
receivable |
33,000 |
0 |
|
Fixed assets net
value |
1,386,158 |
1,289,466 |
|
Projects under
construction |
118,163 |
71,383 |
|
Long-term
investments |
18,712 |
17,629 |
|
Investment real
estate |
0 |
0 |
|
Goodwill |
308,628 |
308,628 |
|
Long-term
deferred expenses |
12,964 |
2,977 |
|
Deferred income
tax assets |
61,639 |
74,846 |
|
Intangible
assets |
129,671 |
116,277 |
|
Other assets |
30,241 |
27,180 |
|
|
------------------ |
------------------ |
|
Total assets |
7,027,371 |
5,870,628 |
|
|
============= |
============= |
|
Short loans |
1,356,706 |
1,168,980 |
|
Accounts payable |
861,139 |
615,310 |
|
Other Accounts
payable |
21,181 |
71,730 |
|
Transaction financial
liabilities |
0 |
0 |
|
Notes payable |
405,790 |
487,409 |
|
Advances from
clients |
59,204 |
93,892 |
|
Taxes payable |
20,736 |
43,185 |
|
Accrued payroll |
14,389 |
13,543 |
|
Interest payable |
7,942 |
9,067 |
|
Non-current liabilities
due within one year |
310,368 |
350,000 |
|
Other current
liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
3,057,455 |
2,853,116 |
|
Long term
liabilities |
1,076,817 |
225,263 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
4,134,272 |
3,078,379 |
|
Shareholders
equities |
2,893,099 |
2,792,249 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
7,027,371 |
5,870,628 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan.
1 to Jun. 30, 2015 |
as of Dec. 31,
2014 |
|
Turnover |
1,615,674 |
2,952,192 |
|
Cost of goods
sold |
1,244,479 |
2,346,013 |
|
Taxes and
additional of main operation |
9,336 |
5,970 |
|
Sales expense |
51,467 |
97,836 |
|
Management expense |
89,070 |
155,403 |
|
Finance expense |
108,888 |
190,124 |
|
Changes in fair
value |
523 |
0 |
|
Investment
income |
-551 |
9,214 |
|
Asset impairment loss |
-26,045 |
38,040 |
|
Non-operating
income |
7,621 |
14,319 |
|
Non-operating expense |
1,000 |
45,143 |
|
Profit before
tax |
145,072 |
97,196 |
|
Less: profit tax |
32,304 |
19,455 |
|
Net profit |
112,768 |
77,741 |
Important Ratios
=============
|
|
as
of June 30, 2015 |
as of Dec. 31,
2014 |
|
*Current ratio |
1.54 |
1.32 |
|
*Quick ratio |
1.24 |
1.11 |
|
*Liabilities
to assets |
0.59 |
0.52 |
|
*Net profit
margin (%) |
6.98 |
2.63 |
|
*Return on
total assets (%) |
1.60 |
1.32 |
|
*Inventory
/Turnover ×365 |
/ |
73 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
221 days |
|
*Turnover/Total
assets |
0.23 |
0.50 |
|
* Cost of
goods sold/Turnover |
0.77 |
0.79 |
PROFITABILITY: AVERAGE
l The
turnover of SC appears good in
its line.
l SC’s net profit margin is average in 2014 and fairly good in the 1st
half of 2015.
SC’s return on total assets is average.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l The current ratio
of SC is maintained in a normal level.
l SC’s quick ratio
is maintained in a normal level.
l The inventory of
SC appears average.
l The accounts
receivable of SC appears fairly large.
l
The short-term loan of SC appears fairly large.
l SC’s turnover is
in a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of
SC is average.
l The risk for SC to
go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
SC is considered large-sized in its line
with fairly stable financial conditions. The large amount of accounts
receivable and short-term loan could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.45 |
|
|
1 |
Rs.100.96 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.