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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINT SOLAR (HONG
KONG) CO. LTD. |
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Registered Office : |
50/F., Bank of China Tower, 1 Garden Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.12.2011 |
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Com. Reg. No.: |
59242340 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Electric Appliances,
Electrical Products, Solar Energy Products |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 levies excise duties on only four commodities, namely:
hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas
or dumping laws. 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 9.1% of total system
deposits in Hong Kong by the end of 2012, an increase of 59% from the previous
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 34.9 million in 2012, 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
2012 mainland Chinese companies constituted about 46.6% of the firms listed on
the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing
supply conditions caused Hong Kong property prices to rise rapidly and
inflation to rise 4.1% in 2012. 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 |
CHINT
SOLAR (HONG KONG)
CO. LTD.
c/o CWL
Secretarial Services Ltd.
50/F., Bank of China
Tower, 1 Garden Road, Central, Hong Kong.
PHONE: 852-2521 0880
FAX: 852-2521 0220
E-MAIL: info@cwl-partners.com
Managing
Director: Mr. Lu Chuan
Incorporated on: 9th December, 2011.
Organization: Private Limited Company.
Capital: Nominal: US$100,000.00
Issued: US$1.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Citi Bank China Co. Ltd., China.
Banking Relation: Good.
CHINT SOLAR (HONG
KONG) CO. LTD.
Registered
Office:-
c/o CWL
Secretarial Services Ltd.
50/F., Bank of
China Tower, 1 Garden Road, Central, Hong Kong.
Holding
Company:-
Astronergy
Holdings (Hong Kong) Co. Ltd., Hong Kong.
(Same address)
Associated
Companies:-
Astronergy GmbH, Germany.
Astronergy Solar Inc., US.
Astronergy Solar Korea Co. Ltd., Korea.
Astronergy Solar Thailand Co. Ltd., China.
Chint Group Corporation, China.
Chint Solar (Zhejiang) Co. Ltd., China.
Chint Solar Hispania S.L., Spain.
Koyo Astro Co. Ltd., Japan.
Zhejiang Chint Building Electrics Co. Ltd., China.
Zhejiang Chint Control Engineering Co. Ltd., China.
Zhejiang Chint Electrics Co. Ltd., China.
Zhejiang Chint Investment & Meter Co. Ltd., China.
59242340
1688924
Managing
Director: Mr. Lu Chuan
Nominal Share
Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share
Capital: US$1.00
(As per registry dated 09-12-2013)
|
Name |
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No.
of share |
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Astronergy Holdings (Hong Kong) Co. Ltd.,
Hong Kong. |
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1 = |
(As per registry dated 09-12-2013)
|
Name (Nationality) |
Address |
|
LU Chuan |
Room 502, No. 9, Lane 1999, Hami Road,
Changning District, Shanghai, China. |
(As per registry dated 09-12-2013)
|
Name |
Address |
Co.
No. |
|
CWL
Secretarial Services Ltd. |
50/F., Bank of China Tower, 1 Garden Road, Central, Hong Kong. |
1470762 |
The
subject was incorporated on 9th December, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Astronergy Solar International Trading
Ltd., name changed to the present style on 17th February, 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Electric Appliances, Electrical Products, Solar Energy Products
Employees: Nil.
Commodities Imported: China, etc.
Markets: Europe, North America, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Prepayment, L/C, etc.
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$1.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Citi Bank China Co. Ltd., China.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having
issued just 1 ordinary share of US$1.00, Chint Solar (Hong Kong) Co. Ltd. is
wholly owned by Astronergy Holdings (Hong Kong) Co. Ltd. which is a Hong
Kong-registered firm.
The
director of the subject Lu Chuan is a China merchant. He is a China passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “50/F.,
Bank of China Tower, 1 Garden Road, Central, Hong Kong” known as “CWL
Secretarial Services Ltd.” [CWL] which is handling its correspondences and
documents. CWL is also the corporate
secretary of the subject.
The
subject has no employees in Hong Kong.
It belongs to the Chint Group which is in China. It has had a main associated company in China
known as Chint Solar (Zhejiang) Co. Ltd. [Chint Solar]. Chint Solar is also a subsidiary of the Chint
Group.
Founded
in 1984, Chint Group has developed to be the leader in Chinese industrial
electrical equipment production and clean energy fields.
Chint
has a total assets of over US$30 billion and 29,000 employees. Business of Chint ranges from low-voltage
electrical products to power transmission and distribution equipments and
services, instruments & meters, building appliances, automobile parts,
industrial automation, PV power generation, equipment manufacturing, etc. Chint is also the largest clean energy
supplier and energy efficiency management solution provider with the most
complete product ranges in China. Its
products have found ready markets in more than 100 countries and regions,
including Europe, Asia, the Middle East, Africa, etc.
Chint
has been in the list of China’s Top 500 Private Enterprises in comprehensive
strength and has been ranking the first among all manufacturing enterprises in
Wenzhou City, Zhejiang Province, for a number of consecutive years in amount of
tax payment.
Zhejiang
Chint Electrics Co., Ltd., a subsidiary of the Group and a listed firm in
Shanghai, is the largest company in terms of production and sales volume in the
low-voltage electrical products in China as well as the first listed company
specialized in low-voltage apparatus on Shanghai A Stock Market. According to the Global Challengers research
report published by Boston Consulting Group, Chint is one of the 33 Chinese
enterprises that are most likely to change the global industry pattern and
challenge the multinational companies.
Zhejiang Chint Electrics Co., Ltd. provides customers with power
distribution devices, terminal devices, control devices, power supply devices,
electronic devices, instrumentation, construction electrical devices and
control systems, including circuit breakers, contactors, power relay,
transformers, regulators, isolating switches, transfer switches and welding
devices. It distributes its products in
domestic and overseas markets, with East China as its major market.
Chint,
among its counterparts, was the first to get the ISO9001 Quality System
Certification, ISO14001 Environment System Certification and OHSAS18001
Occupation Health Safety Management System Certification, and also has got the
other certifications, including China Compulsory Certification (CCC),
International CB Safety Certification, America UL Certification, Finland FI
Certification, Belgium CEBEC Certification, Netherlands KEMA Certification,
Germany VDE Certification, etc.
Currently, the Group claims having more than 1,000 Chinese and international
patents, and has led the formulation and revision of tens of industry
standards.
Chint
is specialised in researching and developing plasma enhanced chemical vapour
deposition (PECVD) equipment, China’s first thin-film solar cell manufacturing
equipment representing the international advanced level, was deemed to have
achieved the “zero breakthrough” of China in clean energy top-end equipment
field.
Now
Chint Group has set up associated companies in Spain, the United States,
Germany, South Korea, Japan, etc.
Chint
Solar is significant for its Crystalline Series and Thin Film Series, BOS
Components, PV System Solution, etc. It
has been equipped with state-of-the-art production lines producing solar cells
from high quality silicon wafers and assemble these cells into solar modules of
varying dimensions. It offers customers
with a wide range of efficient and reliable monocrystalline PV modules with
output ranging from 85W-310W and applicable to a wide array of photovoltaic
projects. Its polycrystalline modules
have output ranging from 130W-295W. The
subject is trading in the same commodities.
Lu
Chuan is also the Vice President and Board Secretary of Chint Solar.
Supported
by the Chint Group, the subject’s business in Hong Kong is not active. History in Hong Kong is just over two years.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.103.66 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
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 |
|
<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.