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MIRA INFORM REPORT
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Report No. : |
485087 |
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Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CANADIAN SOLAR INTERNATIONAL LIMITED |
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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 : |
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 all kinds of solar energy products |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company
name And Address
CANADIAN SOLAR
INTERNATIONAL LIMITED
ADDRESS: Unit 1520, 15/F., Tower 2,
Grand Century Place, 193 Prince Edward Road West,
Mongkok,
Kowloon, Hong Kong.
PHONE: 852-2528 1286, 2398 4680
FAX: 852-2528 1622
E-MAIL: Joyce.li@canadiansolar.com
MANAGEMENT
Managing Director: Ms.
Li Yin Sze
SUMMARY
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$2,853,078,000 (Year ended 31-12-2016)
Employees:
10.
Group Employees: 9,724. (Year ended 31-12-2016)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
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 Australia 1 Pty. Ltd.,
Australia.
Canadian Solar Brazil Commerce, Import &
Export of Solar Panels Ltd., Brazil.
Canadian Solar Construction (USA) LLC, US.
Canadian Solar EMEA GmbH, Germany.
Canadian Solar Energy Holding Singapore 1
Pte. Ltd., Singapore.
Canadian Solar Energy Private Ltd., India.
Canadian Solar Japan K.K., Japan.
Canadian Solar Manufacturing (Changshu) Inc.,
China.
Canadian Solar Manufacturing (Luoyang) Inc.,
China.
Canadian Solar Manufacturing (Thailand) Co.
Ltd., Thailand.
Canadian Solar Manufacturing Vietnam Co.
Ltd., Vietnam.
Canadian Solar Middle East Ltd.,UAE.
Canadian Solar O&M (Ontario) Inc.,
Canada.
Canadian Solar Project K.K., Japan.
Canadian Solar Solutions Inc., Canada.
Canadian Solar South Africa Pty. Ltd., South
Africa.
Canadian Solar South East Asia Pte. Ltd.,
Singapore.
Canadian Solar Sunenergy (Baotou) Co.Ltd.,
China.
Canadian Solar Sunenergy (Suzhou) Co. Ltd.,
China.
Canadian Solar Trading (Changshu) Inc.,
China.
Canadian Solar UK Ltd., U.K.
Canadian Solar UK Projects Ltd., U.K.
Changshu Tegu New Materials Technology Co.
Ltd., China.
Changshu Tlian Co. Ltd., China.
CSI Cells Co. Ltd., China.
CSI New Energy Holding Co. Ltd., China.
CSI Solar Power Group Co. Ltd., China.
[Formerly known as CSI Solar Power (China) Inc.]
CSI Solar Technologies Inc., China.
CSI Solartronics (Changshu) Co. Ltd., China.
CSI-GCL Solar Manufacturing (Yancheng) Co.
Ltd., China.
PT. Canadian Solar Indonesia, Indonesia.
Recurrent Energy LLC, US.
Suzhou Sanysolar Materials Technology Co.
Ltd., China.
BUSINESS
REGISTRATION NUMBER
58139273
COMPANY
FILE NUMBER
1579177
MANAGEMENT
Managing Director: Ms.
Li Yin Sze
Contact Person: Ms.
Joyce Li
ISSUED
SHARE CAPITAL
US$1,430,333.00
SHAREHOLDERS
(As per registry dated 25-03-2017)
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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 Group Co. Ltd. 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 15-08-2017)
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Name (Nationality) |
Address |
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QU Xiaohua |
199 Lushan Road, SND, Suzhou, Jiangsu
Province, China. |
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LI Yin Sze |
Flat 8, 11/F., Block F, Garden Vista, On
King Street, Shatin, New Territories, Hong Kong. |
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Steven Jr. LU |
Flat A, 3/F., Block 7, Monte Carlton, 363
Tai Po Road, Cheung Sha Wan, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 25-03-2017)
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Name |
Address |
Co. No. |
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Hong Kong Corporation Secretaries Ltd. |
Unit 1001, 10/F., Infinitus Plaza,
199 Des Voeux Road Central, Hong Kong. |
1192442 |
HISTORY
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.
The subject changed its director in May 2016
and a new director Mr. Steven Jr. Lu was appointed on 15th August, 2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS:
Activities: Importer
and Exporter.
Lines: All
kinds of solar energy products,
Employees: 10.
Group Employees: 9,724. (Year ended 31-12-2016)
Commodities Imported: China, Europe, etc.
Markets: China,
other Asian countries, Europe, North America, etc.
Group Turnover:-
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)
US$3,467,626,000 (Year ended 31-12-2015)
US$2,853,078,000 (Year ended 31-12-2016)
US$2,184,650,000 (9 months ended 30-09-2016)
US$2,281,630,000 (9 months ended 30-09-2017)
Terms/Sales:
As per contracted.
Terms/Buying:
Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: US$1,430,333.00
Mortgage or Charge: (See
attachment)
Group Net Income/(Loss):-
(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)
US$173,316,000 (Year ended 31-12-2015)
US$ 65,275,000
(Year ended 31-12-2016)
US$ 79,051,000
(9 months ended 30-09-2016)
US$ 40,202,000
(9 months ended 30-09-2017)
Profit or Loss: Group business was profitable in past 4 years.
Condition: Business
is active.
Facilities: Making
active use of general banking facilities.
Payment: Regular.
Commercial Morality: Satisfactory.
Bankers:-
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
KEB Hana
Bank, Tokyo Branch, Japan.
Kookmin
Bank, South Korea.
Shinhan
Bank, Japan.
Standing:
Very Good.
GENERAL
Canadian
Solar International Limited is a subsidiary of Canadian Solar Inc.
[Company/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 Group Co. Ltd.
[formerly known as 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.
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.
As of
December 31, 2016, CSI had:
· 6.17 GW of total annual solar module manufacturing capacity, approximately 30 MW of which is located in Ontario, Canada, 1,080 MW in South East Asia, 360 MW in Brazil and the rest in China;
· 2.44 GW of total annual solar cell manufacturing capacity located in China; and
· 1.4 GW of total annual ingot and wafer manufacturing capacity located in China.
CSI plans
to expand its module, cell, wafer and ingot manufacturing capacities to 6.97
GW, 4.49 GW, 4.0 GW and 1.7 GW, respectively, by December 31, 2017.
Its
business consists of the following two business segments: module segment and
energy segment. Its module segment
primarily involves the design, development, manufacturing and sale of a wide
range of solar power products, including standard solar modules and specialty
solar products, and solar system kits.
Its energy segment primarily consists of solar power project development
and sale, EPC and development services, O&M services and operating solar
power projects and sales of electricity.
For the
year ended 31st December, 2016, the Group’s total net revenues were US$2,853.1
million (2015: US$3,467.6 million), net income was US$65.3 million (2015:
US$173.3 million). Net revenue and net
income both dropped in FY 2016.
For the 9
months ended 30th September, 2017, the Group’s total net revenues were
US$2,281.6 million (same period of 2016: US$2,184.7 million), net income was
US$40.2 million (same period of 2016: US$79.1 million).
As of
December 31, 2016, CSI had 2,453 employees at our facilities in Suzhou, 2,443
employees at our facilities in Changshu, 1,748 employees at its facilities in
Luoyang, 729 employees at its facilities in Yancheng, and 2,351 employees based
in its facilities and offices in Canada, Japan, Australia, Singapore, South
Korea, Hong Kong, India, Indonesia, Vietnam, Brazil, United Arab Emirates,
South Africa, the Americas and the EU (which includes Germany, Italy and
Spain).
The
subject is fully supported by the Group.
History in Hong Kong is over six years and eight months.
On the
whole, consider it good for normal business engagements.
MORTGAGE
OR CHARGE
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Date |
Description
of Instrument |
Mortgagee |
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31-10-2016 |
First Priority Equity Revolving Pledge Agreement |
1) KEB
Hana Bank, Tokyo Branch, Japan. 2)
Kookmin Bank, Korea. 3)
Shinhan Bank Japan. |
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31-10-2016 |
Second Priority Equity Revolving Pledge Agrement |
1) KEB
Hana Bank, Tokyo Branch, Japan. 2)
Kookmin Bank, Korea. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.38 |
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1 |
INR 86.02 |
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Euro |
1 |
INR 76.50 |
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HKD |
1 |
INR 8.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.