On November 6th, “G20-LED Summit member company†Sunshine Lighting announced in the evening that the joint venture company India Ai Nite Lighting Co., Ltd. (hereinafter referred to as “Indian Companyâ€) filed for bankruptcy due to suspension of operations and insolvency.
According to the information, the Indian company was established on November 3, 2007 with a registered capital of 4 million US dollars. Sunshine Lighting and a local Indian company contributed US$2 million respectively. Since the mid-2011, the company's business has begun to shrink, coupled with factors such as depreciation of fixed assets, continued sales expenses and large exchange rate losses, the operating efficiency has exceeded the situation until all production stops.
Sunshine Lighting said that the Indian company's 2012 operating income was 107 million yuan, accounting for only 6.23% of the company's overseas income. The income share has decreased further this year. The loss in 2012 was 1,221,460 yuan. Therefore, the bankruptcy of the company is overseas. The impact of the market is small. In addition, the company has accrued a total of 28.2311 million yuan of bad debts for the receivables of Indian companies. It is estimated that if the bad debts are fully accrued in the current period, the bankruptcy of the Indian company will reduce the net profit of Sunshine Lighting by approximately 60,129,100 yuan.
According to the information, the Indian company was established on November 3, 2007 with a registered capital of 4 million US dollars. Sunshine Lighting and a local Indian company contributed US$2 million respectively. Since the mid-2011, the company's business has begun to shrink, coupled with factors such as depreciation of fixed assets, continued sales expenses and large exchange rate losses, the operating efficiency has exceeded the situation until all production stops.
Sunshine Lighting said that the Indian company's 2012 operating income was 107 million yuan, accounting for only 6.23% of the company's overseas income. The income share has decreased further this year. The loss in 2012 was 1,221,460 yuan. Therefore, the bankruptcy of the company is overseas. The impact of the market is small. In addition, the company has accrued a total of 28.2311 million yuan of bad debts for the receivables of Indian companies. It is estimated that if the bad debts are fully accrued in the current period, the bankruptcy of the Indian company will reduce the net profit of Sunshine Lighting by approximately 60,129,100 yuan.
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