Super Bond real where the creditors?

Arctic star solar PV network news: August 18, Shanghai Super day solar technology Corporation restructuring case first times creditors Assembly Shang, Shanghai Super day solar technology Corporation restructuring case property management programme was through, management people said will continues to survey overseas should collection of situation, especially on its trading opponents take necessary of legal action and held necessary of business negotiations, to as soon as possible reached some debt restructuring agreement.

On one hand, the once-per-share price of 36 dollars, landed the platelet is facing significant arrears of listed companies unable to pay, faces delisting risks on the other, issued by the accounting firm’s audit report shows that companies with large overseas receivables. So, these receivables can be collected back? Overseas business dealings related to the Suri, exactly what kind of company is it?

Daxin certified public accountants issued “Shanghai chaori solar energy science and technology company limited in 2013 in the audit report, a list of receivables is especially interesting, this is a Super day top 5 companies of the accounts receivable. The aging one year short of the companies, long three-year cumulative count down, Super day for their receivables more than 1.8 billion, these funds accounted for Suri total accounts receivable 78% proportion. So, what kinds of companies are these debt companies, Suri also receivable are recovered to the possibilities?

On the face of it, these 5 companies are foreign, and Super day Sun matches over 85% of business in overseas markets. But that is the case? This reporter learned that, Suri’s second largest skybaseinternational in Shanghai’s Pudong has one location in arrears, so he went to the interview, but in the actual interview skybase staff has totally denied doing business with Suri. And frankly, in Shanghai which skybase in PV module by purchase, but is mainly targeted at the home market, while doing business with Suri, is the parent company of “skybaseinternational” registered in Hong Kong. After the reporter’s investigation was informed that “skybaseinternational” directors named Zhou Yun, are Chinese citizens living in Shanghai.

According to the audit report shows that at present, skybase ultra 500 million owed in arrears and the company operating what will, within a short time seems impossible to check up.

So, the biggest outstanding “Solarprojekte” then what kind of company is it? Reporter checked publicly available information shows that the financial situation of the company and the Super’s announcement risked his day. Like Super day of 2010 annual report shows that Solarprojekte of outstanding accounts receivable balances for 133 million dollars; but Solarprojekte the financial statements show that as of 2010 the period under review, the company’s total liabilities of 10.9741 million euros, of which payable trade accounts payable of 6.5068 million euros, company’s retained earnings € 489,200 book, only 176,000 euros net profit for the year. In other words, even if Solarprojekte then the debt is outstanding over the receivables, calculated according to the current exchange rate, had no more than 133 million Yuan, Suri may have exaggerated accounts receivable balances.

Also, 2012 of Super day half reported said, Solarprojekte not reimbursement company of should received account paragraph balances for 241 million Yuan, a as 2010, total assets only 13.5323 million euro, while bear with huge debt of company, its reimbursement capacity really let people worried, but in such of situation Xia, Super day why also continues to with occurred business exchanges, until last year late, should accounts receivable paragraph soared to 630 million Yuan Yuan?

In addition, several other receivables stalwart, also makes people suspicious clumps. For example, over 340 million yuan in arrears and the third largest parties in arrears PlamaInvestmentLtd arrears and fourth-largest party MBPOWER not only information is hard to find, but even the companies with the same name on the Internet is hard to see his tracer; as fifth largest company in arrears of up to 110 million yuan in arrears, “CHINASOLAR” was registered in Germany companies and their legal representative is also a Chinese name is Mr FUNG Kin-.

On one hand, Suri main revenues come from overseas markets, but most of its client companies are controlled by the Chinese, in the case of customer to payment, Suri is not only not control trading and shipping, instead of “business” grew and grew, and their generosity is incredible.

Over of earnings displayed, 2011 late, Super day sun of should accounts receivable paragraph for 2.211 billion yuan, this digital is 2010 with period of 3.4 times times; to has 2012 years, should accounts receivable paragraph more is surged, half reached has 2.586 billion, third quarter surged to 3.342 billion yuan, and of corresponds to of is, company of main income and no substantially growth, half and Qian three quarter of revenue respectively for 1.063 billion and 2.098 billion. In other words, ultra Sun’s revenues in the third quarter of 2012 and for 1.035 billion yuan, but accounts receivable increased to 756 million Yuan. On one hand, receivables in the increase in the number, on the other hand, quality of the accounts is worrying. Accounting firm “tip top accounting firms” Super Sun 2011 annual report issued by the qualified audit reports, one of the main reasons is that overseas power plant of the company partners the recoverability of the accounts receivable and when uncertainty over the recovery.

In fact, as a solar photovoltaic companies, Suri and contacts in overseas markets is a perfectly normal thing, but the question is, whether a customer or partner of the company conducted analyses and investigations of qualification? For information in this regard, Suri has been secretive. And as early as last year, as a sponsor of Suri “CITIC,” said regulators pressed its investigation Suri authenticity of overseas debts, but this is not too difficult to work and at present the only scant information. Over the past few years, continue to export millions of dollars of solar modules over, indeed, have a duty to investors to explain their criteria for selecting partners and determine the customer credit.

Original title: Super debt real where the creditors?

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