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Report Date : |
22.12.2014 |
IDENTIFICATION DETAILS
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Name : |
CANADIAN SOLAR INTERNATIONAL LTD. |
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Registered Office : |
Unit 1520, 15/F., Tower 2, Grand Century Place, |
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Country : |
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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 : |
Designs, Develops, and Manufactures Solar Wafers, Cells and Solar
Module Products That Convert Sunlight Into Electricity For A Variety of Uses |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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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 |
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Source
: CIA |
CANADIAN SOLAR
INTERNATIONAL LTD
ADDRESS: Unit 1520, 15/F., Tower
2, Grand Century Place, 193 Prince Edward Road West, Mongkok, Kowloon, Hong
Kong.
PHONE: 852-2528 1286
FAX: 852-2528 1622
E-MAIL: Joyce.li@canadiansolar.com
Managing Director: Mr. Michael
George Potter
Incorporated on: 25th March, 2011.
Organization: Private Limited Company.
Capital: Nominal: US$1,430,333.00
Issued: US$1,430,333.00
Business Category: Importer
and Exporter.
Group Turnover: US$1,654,356,064 (Year ended 31-12-2013)
Employees: 6.
Group Employees: 7,736.
(Year ended 31-12-2013)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CANADIAN SOLAR
INTERNATIONAL LTD.
Registered Head
Office:-
Unit 1520, 15/F., Tower 2, Grand Century Place, 193 Prince Edward Road
West, Mongkok, Kowloon, 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.
etc.
58139273
1579177
Managing Director: Mr. Michael George Potter
Contact Person: Ms. Joyce Li
Nominal Share Capital: US$1,430,333.00 (Divided into 1,430,333 shares of
US$1.00 each)
Issued Share Capital: US$1,430,333.00
SHAREHOLDERS: (As per registry dated 25-03-2014)
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Name |
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No. of shares |
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Canadian Solar Inc. 545 Speedvale Avenue West, Guelph, Ontario, N1K 1E6, Canada. |
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1,286,033 |
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CSI Solar Power (China) Inc. 199 Lushan Road, Suzhou New District Jiangsu, China. |
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72,150 |
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Canadian Solar Manufacturing (Changshu) Inc. Chang Sheng Road, Yang Yuan Xin Zhuang Town, Changshu, Jiangsu, China. |
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72,150 |
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–––––––– |
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Total: |
1,430,333 ======= |
DIRECTORS: (As per registry dated 25-03-2014)
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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. |
SECRETARY: (As per registry dated 25-03-2014)
|
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.
Formerly the subject’s registered address was located at Room 1802,
18/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong. moved to the
present address in January, 2014.
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, etc.
Employees: 6.
Group Employees: 7,736.
(Year ended 31-12-2013)
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$1,495,509,056 (Year ended 31-12-2010)
US$1,898,922,106 (Year ended 31-12-2011)
US$1,294,829,413 (Year ended 31-12-2012)
US$1,654,356,064 (Year ended 31-12-2013)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: US$1,430,333.00 (Divided into 1,430,333 shares of
US$1.00 each)
Issued Share Capital: US$1,430,333.00
Mortgage or
Charge:-
Date of Receivables Pledge Agreement:
28-08-2013
Amount: US$45,000,000.00
Property: To ensure the
Pledgor to fulfill the Loan Agreement signed by the Pledgor and the Pledgee
under the Loan Agreement with Serial Number: 3220201301100000143, of which the
Pledgor is entitled to dispose of its accounts receivable as collateral,
provide guarantees to the pledgee:-
i) The account receivables
occurred in the Sales Agreement made between the Pledgor and Canadian Solar
(USA) Inc. (Serial Number: HKCS-USCS20130215, of which Canadian Solar (USA)
Inc. purchases solar modules and products from the Pledgor, during the Contract
period from 18th February 2013 to 31st August, 2014.
ii) The account receivable
occurred in the Sales Agreement between the Pledgor and Canadian Solar Japan
K.K. (Serial Number: HKCS-JPCS20130218, of which Canadian Solar Japan K.K.
purchases solar modules and products from the Pledgor, during the Contract
period from 18th February 2013 to 31st August, 2014.
Mortgagee: China
Development Bank
No. 29 Fuxingmennei Street, Xicheng District, Beijing, China.
Group Net Income (Loss): US$ 22,778,000
(Year ended 31-12-2009)
US$ 50,828,396
(Year ended 31-12-2010)
(US$ 90,903,374)
(Year ended 31-12-2011)
(US$195,155,097) (Year ended 31-12-2012)
US$ 45,564,936
(Year ended 31-12-2013)
Profit or Loss: Group
made a loss in 2011 & 2012 but made a profit in 2013.
Condition: Business
is normal.
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 subsidiary of Canadian Solar Inc.
[including associated companies are referred to Group], holding 89.91%, which
is a Canada-based and registered firm.
The minor shareholders of the subject are CSI Solar Power (China) Inc.
and Canadian Solar Manufacturing (Changshu) Inc. Both are China registered companies and each
is holding 5.04%.
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 sq.m. of floor area in Changshu,
including 13,889 sq.m. for manufacturing facilities under a lease effective
from 1st June, 2011 to 31st May, 2012, 8,852 sq.m. for manufacturing
facilities under a lease effective from 1st October, 2011 to 30th September,
2012, and 8,378 sq.m. 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 sq.m. 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
sq.m. The property ownership certificate
was granted in June 2008. In 2008, CSI Luoyang Manufacturing obtained the land
use rights for approximately 79,685 sq.m. of adjacent land (Phase II), on
which it has constructed wafer manufacturing facilities. The floor area of Phase II is 30,071
sq.m. 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.
Over the past several quarters the Group has taken steps to become more
vertically integrated at the cell to module production steps of the
manufacturing value chain. As of 31st
December, 2013, it had:
2.4 GW of total annual solar module manufacturing capacity, 330 MW
of which is located in Ontario, Canada with the balance located in China;
1.5 GW of total annual solar cell manufacturing capacity in China; and
216 MW of total annual ingot and wafer manufacturing capacity in China.
For the year ended 31st December, 2013, the Group’s total net revenues
increased by US$359.5 million, or 27.8%, from US$1,294.8 million in 2012 to
US$1,654.4 million in 2013. The increase
in its net revenues was primarily due to an increase in revenue contribution
from its total solutions business and increased shipments from its solar module
business from 1,490 MW in 2012 to 1,736 MW in 2013, partially offset by a
decrease in average selling price of our solar modules from US$0.77 per watt in
2012 to US$0.67 per watt in 2013.
The Group suffered from losses in 2011 and 2012, but made a profit of
US$45.6 million in FY 2013.
Revenues generated from its solar module business increased by US$35.7
million, or 3.1%, from US$1,146.0 million in 2012 to US$1,181.7 million in
2013. The increase was primarily due to
an increase of US$205.3 million attributed to the 16.5% increase of shipments
of its solar modules, partially offset by a decrease of US$169.6 million
attributed to the 13.0% decline in average selling price of its solar modules.
Its total solar module shipments were 1,894 MW in 2013, an increase of
22.7% from 1,543 MW in 2012. Its
shipments to non-European markets increased by 961.6 MW from 643.6 MW in 2012
to 1,605.2 MW in 2013. The increase in
shipments to non-European markets primarily came from Japan and Canada among
others. Its shipments to European
markets decreased by 610.5 MW from 899.5 MW in 2012 to 289.0 MW in 2013,
primarily due to the provisional anti-dumping duties imposed by the EU, the
subsequent undertaking agreement that fixed the price of Chinese made modules
at a relatively high level, and overall decline in the demand for solar modules
in the EU countries.
Historically, the solar module business has accounted for the majority
of its net revenues—89.1%, 88.5% and 71.4% in 2011, 2012 and 2013,
respectively. However, it has, in recent
years, increased investment in, and management attention on our total solutions
business, which consists primarily of solar power project development, EPC
services, O&M services and sales of solar system kits. As it continued to expand its business into
the downstream segment of the industry, it expects that, in 2014, its total
solutions business will account for approximately 50% of its net revenues, an
increase from 28.6% in 2013 and 11.5% in 2012.
As of December 31, 2013, the Group had 3,140 employees at its facilities
in Suzhou, 2,933 employees at its facilities in Changshu, 856 employees at its
facilities in Luoyang, and 807 employees based in its facilities and offices in
Canada, Japan, Australia, Singapore, South Korea, Hong Kong, India, the
Philippines, the Americas and the EU (which includes Germany, Italy and
France).
The subject is fully supported by the Group. History in Hong Kong is over three years and
seven months.
On the whole, consider it good for normal business engagements in
moderate credit amounts.
Brief personal profile of the principal director:-
Mr. Michael George POTTER is a Senior Vice President and Chief Financial
Officer of the Group. Mr. Michael G.
Potter has served as a Board Director since September, 2007. He was appointed Senior Vice President and
Chief Financial Officer of Canadian Solar Inc. in July 2011, Mr. Potter has
worked in finance, controlling and audit positions with a variety of
multinational companies for over 20 years, serving most recently as Corporate
Vice President and Chief Financial Officer of Lattice Semiconductor
Corporation. Before joining Lattice, Mr.
Potter was Senior Vice President and Chief Financial Officer of NeoPhotonics
Corporation and before that Senior Vice President and Chief Financial Officer
of STATS ChipPAC Inc. Before he joined
STATSChipPAC, Mr. Potter held a variety of executive positions at
Honeywell Inc., Mr. Potter is a Chartered Accountant and holds a Bachelor
of Commerce degree from Concordia University, Canada and a Diploma of Public
Accountancy from McGill university, Canada.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.07 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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 |
|
-- |
NB |
New Business |
-- |
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.