Optical trap 11 product sourcing disputes pending lawsuits involving 66 million

Polaris solar PV net news: after September 5, zhengxin photoelectric said in a statement, because of payment disputes, company on August 16 will specify new materials company limited (hereinafter the “out new material”) to small claims court.

Optical, Ming Guanxin materials company, as the plaintiff and the defendant respectively in December 2014 period, two in December 2015 and signed the purchase contract and December 2014 and December 2015 signed two of the component sales contracts, December 2015 signed in December 2014 components make up the contract of sale was signed the supplementary agreement, contract payment deducted on both sides sell each other their products. Out new products for the solar cell back sheet, electro-optical products for the solar module.

Optical, agreed upon in the components of the sales contract, Crown Ming new material should be paid in cash before July 30, 2016, the plaintiff has yet to offset the purchase price, but the defendant still fails to perform the payment obligations. Cases involving arrears of payment amounting to 55.3498 million Yuan.

In addition, on August 1, the optical defendant, already is that the new material to court. Ming Crown new material said, company to are letter photoelectric provides has qualified of products, but are letter photoelectric is to himself provides has large volume of not qualified products, by Ming Crown new material of customer delivery Qian test and the self-test, found accused component exists General of hidden crack problem, and said the quality problem will caused component power attenuation, and appeared hot spot, and debris,, will directly effect component performance.

Crown ming said new material, has negotiated with the optical product quality problems, but received no positive attention for this. In a suit was out new materials in optoelectronic, require compensation for economic losses caused by the default of the latter 48 million Yuan.

Photoelectric said that in August, the company receives a partial Bank freeze information, total freezing of funds of 3.4158 million Yuan, US $ 26.77, 935.07 euros. Photoelectric said company’s most recent audited net worth of $ 824 million Yuan, the amount of frozen funds has not reached the company 10% of most recent audited net assets, part of the account freeze may cause impact to normal operations of the company and therefore no significant adverse impact on the company.

Reporter looking through the optical in 2016, the reporting period, company revenues of 918 million Yuan, down 26.8%; belong to the shareholders of the listed company’s net profits of 52.9473 million Yuan, an increase of 13.81%; reporting by the end, the company’s assets totaled 3.757 billion yuan, up 30.74%.

Meanwhile, opto-electronic displays in the letter as of August 30, 2016, the company a total of 11 pending lawsuits, which are optical 8 for the plaintiffs, lawsuits amounting to 50.6467 million Yuan, 3 of the defendant, being sued for the amount of 15.5406 million Yuan, and total amount of 66.1873 million Yuan, accounting for 2015 the proportion of the net assets at the end of 8.03%, does not exceed 10%.

Photoelectric said in 2015 and 2016.5 has been involved in the annual report of accounts receivable provision for bad debt reserves of 16.9358 million Yuan, and a few have entered the action property preservation measures.

Original title: optical trap 11 product sourcing disputes pending lawsuits involving 66 million

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