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Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
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Name : |
CANADIAN SOLAR INTERNATIONAL LTD |
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Registered Office : |
Room 1802, 18/F., Hopewell Centre, 183 Queen’s Road East, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.03.2011 |
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Com. Reg. No.: |
58139273 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of solar energy products |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
CANADIAN SOLAR
INTERNATIONAL LTD
Room 1802, 18/F., Hopewell Centre, 183 Queen’s Road East, Wanchai,
Hong Kong.
PHONE: 2528 1286
FAX: 2528 1913
Managing Director: Mr. Michael
George Potter
Incorporated on: 25th March, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Importer
and Exporter.
Group Turnover: US$1,898,922,000 (Year ended 31-12-2011)
Employees: 5.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CANADIAN SOLAR
INTERNATIONAL LTD
Registered Head
Office:-
Room 1802, 18/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong
Kong.
Holding Company:-
Canadian Solar Inc., Canada.
Associated
Companies:-
Canadian Solar (Australia) Pty.Ltd., Australia.
Canadian Solar (USA) Inc., US.
Canadian Solar EMEA GmbH, Germany.
Canadian Solar Japan K.K., Japan.
Canadian Solar Manufacturing (Changshu) Inc., China.
Canadian Solar Manufacturing (Luoyang) Inc., China.
Canadian Solar Manufacturing (Ontario) Inc., Canada.
Canadian Solar Manufacturing (Suzhou) Inc., China.
Canadian Solar O&M (Ontario) Inc., Canada.
Canadian Solar Solutions Inc., Canada.
Canadian Solar South East Asia Pte.Ltd., Singapore.
CSI Cells Co. Ltd., China.
CSI Project Consulting GmbH, Germany.
CSI Solar Manufacture Inc., China.
CSI Solar New Energy (Suzhou) Co. Ltd., China.
CSI Solar Power (China) Inc., China.
CSI Solar Technologies Inc., China.
CSI Solartronics (Changshu) Co. Ltd., China.
CSI-Cenergy Holdings LLC., US.
SunE Sky First Light III LP, Canada.
SunE Sky GP First Light III Ltd., Canada.
Suzhou Sanysolar Materials Technology Co. Ltd., China.
58139273
1579177
Managing Director: Mr. Michael
George Potter
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 25-03-2012)
|
Name |
|
No. of shares |
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Canadian Solar Inc. 545 Speedvale Avenue West, Guelph, Ontario, N1K 1E6, Canada. |
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10,000,000 ======== |
(As per registry dated 25-03-2012)
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Name (Nationality) |
Address |
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Michael George POTTER |
Room No. 2101, Building 5, Yanlord Riverside Gardens, Lane 388, Fu
Rong Jiang Road, Shanghai 200051, China. |
|
QU Xiaohua |
199 Lushan Road, SND, Suzhou, Jiangsu Province, China. |
(As per registry dated 25-03-2012)
|
Name |
Address |
Co. No. |
|
Hong Kong Corporation Secretaries Ltd. |
Unit 1001, 10/F., Infinitus Plaza, 199 Des Voeux Road Central, Hong
Kong. |
1192442 |
The subject was incorporated on 25th March, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of solar energy products.
Employees: 5.
Commodities Imported: China,
Europe, etc.
Markets: China, other Asian countries,
Europe, North America, etc.
Group Turnover: US$ 630,961,000
(Year ended 31-12-2009)
US$1,495,509,000 (Year ended 31-12-2010)
US$1,898,922,000 (Year ended 31-12-2011)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Group Net Income (Loss): US$22,778,000 (Year ended 31-12-2009)
US$50,828,000 (Year ended 31-12-2010)
(US$90,903,000) (Year ended 31-12-2011)
Profit or Loss: Group made a loss in
2011.
Condition: Business is under
development.
Facilities: Making fairly active use
of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Satisfactory.
Canadian Solar International Ltd. is a wholly-owned subsidiary of
Canadian Solar Inc. [including associated companies are referred to Group]
which is a Canada-based and registered firm.
The Group designs, develops, and manufactures solar wafers, cells and
solar module products that convert sunlight into electricity for a variety of
uses. It was incorporated in Canada and
conduct most of its manufacturing operations in China. Its products include a range of standard
solar modules built to general specifications for use in a wide range of
residential, commercial and industrial solar power generation systems. It also designs and produces specialty solar
modules and products based on its customers’ requirements. Specialty solar modules and products consist
of customized solar modules that its customers incorporate into their own products,
such as solar-powered bus stop lighting, and complete specialty products, such
as portable solar home systems and solar-powered car battery chargers. It also sells its products under its
“CanadianSolar” brand name and to OEM customers under their brand names. It also sells solar system kits and implement
solar power development projects.
Its product lines range from modules of medium power, to high
efficiency, high-power output mono-crystalline modules, as well as a range of
specialty products. It currently sells
its products to a diverse customer base in various markets worldwide, including
Germany, Spain, Italy, France, the Czech Republic, the United States, Canada,
China, Japan and India, among others. It
sells its standard solar modules to distributors and system integrators, as well
as to solar projects.
The Group has had a main factory in Changshu known as CSI Changshu
Manufacturing. CSI Changshu
Manufacturing rents approximately 31,119 square meters of floor area in
Changshu, including 13,889 square meters for manufacturing facilities under a
lease effective from 1st June, 2011 to 31st May, 2012, 8,852 square meters
for manufacturing facilities under a lease effective from 1st October, 2011 to
30th September, 2012, and 8,378 square meters for manufacturing facilities
under a lease effective from 1st April, 2010 to 31st March, 2013.
Another factory is CSI Luoyang Manufacturing. CSI Luoyang Manufacturing holds a land use
rights certificate for approximately 35,345 square meters of land in Luoyang
(Phase I), on which it has constructed a manufacturing facility for module
manufacturing and an office building.
The floor area of all workshops and office buildings in Phase I is
approximately 6,761 square meters. The
property ownership certificate was granted in June 2008. In 2008, CSI Luoyang
Manufacturing obtained the land use rights for approximately 79,685 square
meters of adjacent land (Phase II), on which it has constructed wafer
manufacturing facilities. The floor area
of Phase II is 30,071 square meters.
It expects to receive the property ownership certificate upon passing
the required inspection after the completion of construction.
The Group also has had other factories in China.
As of 31st December, 2011, the Group had:-
·
1.5 GW of total annual solar cell manufacturing
capacity in China.;
·
2.1 GW of total annual solar module manufacturing
capacity, 218 MW of which is located in Ontario, Canada with the balance
located in China.; &
·
And 228 MW of total annual ingot and wafer
manufacturing capacity in China.
The Group’s net revenues increased by US$403.4 million, or 27.0%, from
US$1,495.5 million in 2010 to US$1,898.9 million in 2011. Increase in net revenues from non-European
markets contributed US$365.9 million to increase in our total net revenues in
2011. Its net revenues increased
primarily due to increased shipments from 803.5 MW in 2010 to 1,322.5 MW in
2011, an increase of 64.6%, offset by decreased average selling prices of our
standard solar modules from US$1.80 per watt in 2010 to US$1.34 per watt in
2011.
Its shipments to European markets increased by 216.4 MW from 665.9 MW in
2010 to 882.3 MW in 2011. And its
shipments to non-European markets increased by 302.7 MW from 137.6 MW in 2010
to 440.3 MW in 2011. The increase in
shipments in non-European markets primarily came from China, the United State
and India among others as it increased its marketing efforts and expanded its
customer base in these markets.
As a result of the foregoing, the net income attributable to Canadian
Solar Inc. decreased by US$141.4 million, or 279.6%, from US$50.6 million in
2010, to negative US$90.8 million in 2011.
The subject is fully supported by the Group. History in Hong Kong is just over a year.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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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.