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MIRA
INFORM REPORT
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Report No. : |
503971 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
JA SOLAR INTERNATIONAL LIMITED |
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Registered Office : |
C/O SBC Corporate
Services Ltd., Room D, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.05.2016 |
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Com. Reg. No.: |
66148624 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
The subject has no employees in Hong Kong NOTE: It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there. |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source : CIA |
Company name
JA SOLAR
INTERNATIONAL LIMITED
ADDRESS
Registered Office:-
c/o SBC Corporate
Services Ltd.
Room D, 10/F., Tower
A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
JingAo Solar Co.
Ltd., China.
Ultimate Holding
Company:-
JA Solar Holdings Co.
Ltd., Cayman Islands.
Associated/Affiliated
Companies:-
Aiyouen Power
Electric (Yinchuan) Co. Ltd., China.
Beijing JA Solar PV
Technology Co. Ltd., China.
Donghai JA Solar
Technology Co. Ltd., China.
Dunhuang JA Solar
Power Development Co. Ltd., China.
Full Shine Holdings
Ltd., Hong Kong.
Hefei JA Solar
Technology Co. Ltd., China.
JA (Hefei) Renewable
Energy Co. Ltd., China.
JA Development Co.
Ltd., British Virgin Islands.
JA New Energy Development
(Hebei) Co. Ltd., China.
JA Solar (Xingtai)
Co. Ltd., China.
JA Solar Australia
Pty. Ltd., Australia.
JA Solar Brasil,
Brazil.
JA Solar GmbH,
Germany.
JA Solar Holdings Co.
Ltd., China.
JA Solar Hong Kong
Ltd., Hong Kong.
JA Solar Investment
(Hong Kong) Ltd., Hong Kong.
JA Solar Investment
China Co. Ltd., China.
JA Solar Japan Ltd.,
Japan.
JA Solar Malaysia
Sdn. Bhd., Malaysia.
JA Solar New Energy
Electric (Chifeng) Co. Ltd., China.
JA Solar PV Electric
(Datong) Co. Ltd., China.
JA Solar PV Electric
(Hefei) Co. Ltd., China.
JA Solar PV Electric
(Hoboksar) Co. Ltd., China.
JA Solar PV Electric
(Huanghua) Co. Ltd., China.
JA Solar PV Electric
(Jarud) Co. Ltd., China.
JA Solar PV Electric
(Linzhou) Co. Ltd., China.
JA Solar PV Electric
(Shexian) Co. Ltd., China.
JA Solar PV Electric
(Wulanchabu) Co. Ltd., China.
JA Solar PV Electric
(Yanchi) Co. Ltd., China.
JA Solar PV
Technology Co. Ltd., China.
JA Solar South Africa
(Pty) Ltd., South Africa.
JA Solar Technology
(Karamay) Co. Ltd., China.
JA Solar Technology
Yangzhou Co. Ltd., China.
JA Solar USA Inc.,
U.S.
JA Solar Vietnam Co.
Ltd., Vietnam.
JA Yangzhou PV
Technology Co. Ltd., China.
Jing Hai Yang
Semiconductor Materials (Donghai) Co. Ltd., China.
Jingneng New Energy
Development (Lincheng) Co. Ltd., China.
Jingneng New Energy
Development (Renxian) Co. Ltd., China.
Jiuzhou Fangyuan New
Energy (Xinjiang) Co. Ltd., China.
Shanghai JA Solar PV
Technology Co. Ltd., China.
Shanghai JA Solar
Technology Co. Ltd., China.
Shanghai Jinglong
Solar Technology Co. Ltd., China.
Silver Age Holdings
Ltd., British Virgin Islands.
Solar Silicon Valley
Electronic Science & Technology Co. Ltd., China.
Yangzhou JA Solar PV
Engineering Co. Ltd., China.
BUSINESS REGISTRATION NUMBER
66148624
COMPANY FILE NUMBER
2375720
DATE OF INCORPORATION
12th May, 2016.
ISSUED SHARE CAPITAL
HK$100,000.00
SHAREHOLDER
(As per registry
dated 12-05-2017)
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Name |
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No. of shares |
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JingAo Solar Co.
Ltd. Jing Long Street,
Ning Jin County, Hebei, China. |
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100,000 ====== |
DIRECTOR
(As per registry
dated 15-03-2018)
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Name (Nationality) |
Address |
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CAO Bo |
No. 3105, Building
1, He Kang Ming Di, Hanyang Dao, Heping District, Tianjin, China. |
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HUANG Xinming |
No. 201, Door 2,
50/F., Yuxin Garden, Xi San Qi, Haidian District, Beijing, China. |
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JIN Baofang |
Dian Li Jia Shu
Yuan, Ying Street, Feng Huang Town, Ning Jin County, Xing Tai City, Hebei,
China. |
SECRETARY
(As per registry
dated 12-05-2017)
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Name |
Address |
Co. No. |
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SBC Corporate
Services Ltd. |
Room B, 10/F.,
Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong
Kong. |
0618863 |
MORTGAGE OR CHARGE
Date: 07-08-2017
Description
of Instrument: Charge Over
Securities and Deposits with the Bank (Limited Company) (Limited Amount)
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
GENERAL
JA Solar
International Limited was incorporated on 12th May, 2016 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at ‘Room B, 10/F.,
Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong’
known as ‘SBC Corporate Services Ltd.’ [SBC] which is handling its
correspondences and documents. SBC is
also the corporate secretary of the subject.
The subject has no
employees in Hong Kong. However, it has
had a representative in Hong Kong, it is reported, but details are unknown.
According to the
Companies Registry of Hong Kong, the subject has issued 100,000 ordinary shares
of HK$1.00 each which are wholly-owned by JingAo Solar Co. Ltd. [JingAo].
The directors of the
subject are Mr. Cao Bo, Mr. Huang Xinming and Mr. Jin Baofang. The first and the second are China passport
holders while the third is a China ID holder.
All of them do not have the right to reside in Hong Kong
permanently. Their registered addresses
are in China.
The ultimate holding
company of JingAo is JA Solar Holdings Co. Ltd. [JASH/Group, when including
associates], a company registered in the Cayman Islands.
JASH is a listed
company in the United States. Its shares
have been traded in The NASDAQ Stock Market LLC.
JASH is a world
leading manufacturer of high-performance solar power products that convert
sunlight into electricity, for residential, commercial and utility-scale power
generation. It was founded in May 2005
and publicly listed on the NASDAQ in February 2007. JASH, the world’s cell producer since 2010,
has firmly established itself as a leading module supplier. Capitalizing on its strength in solar cell
technology, it is committed to provide modules with conversion efficiency,
yield efficiency, and reliability to enable customers to maximize the returns
of their PV projects. JASH adopts a selective
vertical integration model, covering silicon wafer, cell and module production,
as well as photovoltaic power plant investment, development, construction,
operation and maintenance. It has eleven
production facilities worldwide. Its
silicon wafer, cell and module production capacity has reached 3.0GW, 6.5GW and
7.0GW respectively. To date, JASH has a
cumulative shipment of over 23 GW. With its leading industry experience,
continuous effort on R&D, customer-oriented service and sound financial conditions.
For the years from
2012 to 2016, the total revenues of the Group are as follow (Unit: RMB’ million, year ended 31 December):
2012: 6,719
2013: 7,183
2014: 11,296
2015: 13,525
2016: 15,737
2016: 11,746 (from
Jan. to Sept.)
2017: 13,987 (from
Jan. to Sept.)
Net Income / (Loss)
attributable to ordinary shareholders:
(Unit: RMB’ million, year ended 31 December):
2012: (1,662)
2013: (
473)
2014: 347
2015: 516
2016: 684
2016: 365 (from Jan. to Sept.)
2017: 185 (from Jan. to Sept.)
Currently the Group
distributes products under its own brand and also produces on behalf of its
clients. The Company shipped 5.2 GW of
solar power products in 2016. It is
headquartered in Beijing, China, and maintains production facilities in
Shanghai, Hebei, Jiangsu and Anhui provinces in China, as well as Penang,
Malaysia and Bac Giang, Vietnam.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is just less than 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.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject operates
from some other country and does not have a base in Hong Kong. Such companies
are registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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HKD |
1 |
INR 8.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.