23 Wind Turbines Supplied by GC China to Tianhe Wind Power Development

GC China Turbine declared that it has transported 23 turbines on the 29th of November, 2010, to Tianhe Wind Power Development, a company, which is a part of the Guodian Group. GC China is a leading manufacturer of state-of-the art twin blade wind turbines in China.

It had expected to deliver and commission these turbines in the third quarter but as the site preparations were not ready the customer had postponed the date of delivery as reported in its third quarter financial results. This project would bring in a whopping $ 13 million revenue for the company in the fourth quarter. Till now the company showed a revenue of $ 40 million and a net income of $4 to $5 million representing a growth of 206 to 221% when compared to the net income ofr 2009 for GC China.

By the end of November 2010, GC China had a working capital of $13.5 million out of which $5 million was in cash and also a loan facility of $17.9 million from a PRC bank. It has already borrowed $ 9 million at 6.37% annual interest rate and another $4.5 million with a 6.67% annual interest rate and has $ 4.4 million available for future loans. In December, the company went it for another loan of $7.5 million for procuring raw materials from another PRC bank. GC China depending on the receipt of $ 3.5 million as receivable accounts in the fourth quarter expects that it has an adequate amount of capital to meet its shipping commitments till the year end.