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Report No. : |
343148 |
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Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CANADIAN
SOLAR INTERNATIONAL LTD. |
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Registered Office : |
Unit 1520, 15/F., Tower 2, Grand Century Place, 193 Prince Edward Road West, Mongkok, Kowloon |
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Country : |
Hongkong |
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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 : |
8 (Group Employees - 8,673 Year ended 31-12-2014) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
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 |
HONGKONG - 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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 total trade 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than
4.4% in 2014. 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. In 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
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.
Issued Share Capital: US$1,430,333.00
Business Category: Importer
and Exporter.
Group Turnover: US$2,960,626,610 (Year ended 31-12-2014)
Employees: 8.
Group Employees: 8,673.
(Year ended 31-12-2014)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
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 (Thailand) Ltd., Thailand.
Canadian Solar (USA) Inc., US.
Canadian Solar Brasil Servicos De Consultoria EM Energia
Solar Ltda., Brazil.
Canadian Solar Construction (USA) LLC, 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 (Suzhou) Inc., China.
Canadian Solar Middle East Ltd.,UAE.
Canadian Solar O&M (Ontario) Inc., Canada.
Canadian Solar Solutions Inc., Canada.
Canadian Solar South Africa Pty. Ltd., Brazil.
Canadian Solar South East Asia Pte. Ltd., Singapore.
Canadian Solar Trading (Changshu) Inc., China.
Canadian Solartronics (Suzhou) Co. Ltd., China.
Changshu Tegu New Materials Technology Co. Ltd., China.
Changshu Tlink Co. Ltd., China.
CSI Cells Co. Ltd., China.
CSI Project Consulting GmbH, Germany.
CSI Solar Manufacture Inc., China.
CSI Solar Power (China) Inc., China.
CSI Solar Technologies Inc., China.
CSI Solartronics (Changshu) Co. Ltd., China.
CSI-Cenergy Holdings LLC., US.
CSI-GCL (Yancheng) Solar Manufacturing Co. Ltd., China.
PT. Canadian Solar Indonesia, Indonesia.
Recurrent Energy LLC, US.
Suzhou Sanysolar Materials Technology Co. Ltd., China.
etc.
58139273
1579177
Managing Director:
Mr. Michael
George Potter
Contact Person: Ms. Joyce Li
US$1,430,333.00
(As per registry dated 25-03-2015)
|
Name |
|
No. of shares |
|
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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Total: |
1,430,333 ======= |
(As per registry dated 25-03-2015)
|
Name (Nationality) |
Address |
|
Michael George POTTER |
4492 Sandalwood Drive, Pleasanton, CA 94588, U.S. |
|
QU Xiaohua |
199 Lushan Road, SND, Suzhou, Jiangsu Province, China. |
(As per registry dated 25-03-2015)
|
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
Employees: 8.
Group Employees: 8,673.
(Year ended 31-12-2014)
Commodities Imported: China,
Europe, etc.
Markets: China,
other Asian countries, Europe, North America, etc.
Group Turnover: 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)
US$2,960,626,610 (Year ended 31-12-2014)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: US$1,430,333.00
Indebtedness:
US$45,000,000 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated 25-03-2015)
Group Net Income (Loss): US$ 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)
US$243,886,084 (Year ended 31-12-2014)
Profit or Loss: Group
made a good profit in 2014.
Condition: Business
is active.
Facilities: Making
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: Very Good.
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, 2014, it had:
· 3.0 GW of total annual solar module manufacturing capacity, 500 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
· 260 MW of total annual ingot and wafer manufacturing capacity in China.
The Group is one of
the world’s largest solar power companies.
It is a leading vertically integrated provider of solar power products and
system solutions with operations in North America, South America, Europe,
Africa, the Middle East, Australia and Asia.
In 2007 and 2008, the
Group entered into a number of long-term supply agreements with several silicon
and wafer suppliers in order to secure a stable supply of raw materials to meet
our production requirements. These
suppliers included GCL-Poly Energy Holdings Limited, or GCL, Neo Solar Power
Corp., or Neo Solar, Deutsche Solar AG, or Deutsche Solar, Jiangxi LDK Solar
Hi-Tech Co., Ltd., or LDK, and a UMG-Si supplier.
The Group has a large
number of competitors, including non-China-based competitors such as First
Solar, Inc., or First Solar, and SunPower Corporation, or SunPower, and
China-based competitors such as Yingli Green Energy Holding Company Limited, or
Yingli, Trina Solar Limited, or Trina, JA Solar Co. Limited, or JA Solar, and
JinkoSolar Holding Co. Limited, or Jinko.
In 2014, its major
suppliers of silicon wafers include GCL, Konca Solar Cell., Ltd, or Konca, and
Suzhou Dongtai Solar Energy Technology Co. Ltd., or Dongtai. Its major suppliers of solar cells in 2014
include Topcell Solar International Co. Ltd, or Topcell, Neo Solar and Motech
Industries, Inc., or Motech.
For the year ended
31st December, 2014, the Group’s total net revenues were US$2,960.6 million
(2013: US$1,654.4 million), net income was US$243.9 million (2013: US$45.6
million). Business improved
substantially in FY 2014.
The increase was
primarily due to an increase in revenue contribution from our total solutions
business, combined with higher shipments from our solar module business from
1,736 MW in 2013 to 2,358 MW in 2014.
Revenues generated
from its solar module business increased by US$461.8 million, or 39.1%, from
US$1,181.7 million in 2013 to US$1,643.5 million in 2014. The increase was primarily due to an increase
of US$404.5 million attributed to the 35.9% increase of shipments of its solar
modules.
Its total solar
module shipments were 2,813 MW in 2014, an increase of 48.5% from 1,894 MW in
2013. Shipments to non-European markets
increased by 848.7 MW from 1,605.2 MW in 2013 to 2,453.9 MW in 2014, primarily
to customers in the U.S. and Japan. Shipments to European markets increased by
69.7 MW from 289.0 MW in 2013 to 358.7 MW in 2014.
As of 31st December,
2014, the Group had 8,673 full-time employees, respectively.
As of 31st December,
2014, it had 3,451 employees at its facilities in Suzhou, 3,039 employees at
its facilities in Changshu, 886 employees at its facilities in Luoyang, 74 employees
at its facilities in Yancheng, and 1,223 employees based in its facilities and
offices in Canada, Japan, Australia, Singapore, South Korea, Hong Kong, India,
the Philippines, the United Arab Emirates, South Africa, 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 four years and six months.
On the whole,
consider it good for normal business engagements.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
|
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.