MIRA INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
GRAND GROUP CORPORATION |
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Registered Office : |
12-15/F, Bldg. A, Pacific Plaza, No. 555, Jingjia Road, Jiangdong
District, Ningbo, Zhejiang Province, 315040 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.09.1999 |
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Com. Reg. No.: |
330216000002826 |
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Legal Form : |
Limited Liabilities
Company |
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Line of Business : |
International Trade |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
2,000,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
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 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
Company name & address
GRAND GROUP
CORPORATION
12-15/f, bldg. a, pacific plaza, no. 555,
jingjia road, jiangdong district, NINGBO, ZHEJIANG PROVINCE, 315040 PR CHINA
TEL: 86 (0)574-89071321 FAX: 86 (0) 574-87725606
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 9, 1999
REGISTRATION NO. :
330216000002826
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
400
REGISTERED CAPITAL : CNY 80,000,000
BUSINESS
LINE : TRADING
TURNOVER : CNY 15,820,390,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES : CNY
329,340,000 (UNaudited, AS OF
DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM.
CREDIT RANGE : UP TO USD 2,000,000
(PERIODICAL REVIEW)
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND :
STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE
RATE : CNY 6.50 = USD 1
Adopted abbreviations
ANS - amount not
stated
NS - not stated
SC - subject company
(the company inquired by you)
NA - not available
CNY - China Yuan
Renminbi
Note: SC’s detail address and phone number should be the heading ones.
SC was registered as
a limited liabilities co. at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Sep. 9, 1999.
Company Status: Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business scope includes
operating Category 3 flammable liquid (low-flash liquid, medium-flash liquid
and high-flash liquid), Category 6 poisons and infectious substances (poisons),
Category 8 corrosives (acidity corrosives) (excluding
highly toxic products, precursor chemicals and product oil). importing
and exporting commodities, excluding the 16 goods controlled to export by the
government and the Class I goods controlled to import by the companies with
authorization from the government; importing and exporting technologies,
counter trade & transiting trade; manufacturing and processing industrial
products excluding the
goods forbidden by the government; services within limits; importing steel
materials and acrylic; selling fuel oil.
SC is mainly engaged in international trade.
Mr. Jin Bo is the legal representative,
chairman and general manager of SC since 2008.
SC is known to
have approx. 400 employees at present.
SC is currently operating
at the above stated address, and this address houses its operating office in
the commercial zone of Ningbo. SC’s accountant refused to release the detailed
information of the area.
http://www.grand-trade.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: grand@grand-trade.com
Honors:
Ÿ
In Jul.
2010, Zhejiang Grand achieved “AA” Responsible Enterprise issued by Ningbo
Commerce and Industry Bureau.
Ÿ
In Jul.
2010, Zhejiang Grand was involved in Top 500 China enterprises for 5
consecutive years, and ranked No. 33 on Top 100 Zhejiang enterprises and No. 8
on top 100 Ningbo enterprises with sales volume of 13 billion yuan.
Ÿ
In Apr.
2010, Zhejiang Grand was entitled Top 20 Taxpayers in Ningbo Service
Enterprises.
Ÿ
In Jan.
2010, Zhejiang Grand was entitled Economic Development Contributor by Daxie
district government.
Ÿ
In Sep.
2009, Zhejiang Grand ranked among the Innovation Chart Award, and was granted
one of the most successful enterprises in Ningbo during the 60 years of the
PRC.
Changes of its registered information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
|
Registration no. |
3302061900277 |
330216000002826 |
|
|
Legal
representative |
Shen Zhihong |
Jin Bo |
|
|
Company name |
Zhejiang Grand
Imp. & Exp. Co., Ltd. |
The present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
Lianyungang Ideal Group Co., Ltd.
52
Shen Zhihong 4.9
ID # 330203196401302434
Jin Bo
4.1
ID # 330921196808147510
Wu Xiangdong 3.9
ID # 33062319700908047X
Huang Wencong
3.7
ID # 330203196404032433
Xu Qiang 3.7
ID # 330622197403070038
Luo Rongqiang
3.5
ID # 330106196206260017
Xia Xiangmin
3.5
ID # 230103196911265515
Qiu Zhiliang
2
ID # 33020319660116091X
Chen Chuoting
1.8
ID # 330227195701112022
Zhou Huijun
1.8
ID # 330203197011211523
Wang Kaihong 1.2
ID # 330203197506130653
Other 38 individuals
13.9
Lianyungang Ideal Group Co., Ltd.
============================
STOCK CODE :
000626 (Shenzhen Stock Exchange)
INCORPORATION DATE :
JUN. 27, 1994
REGISTRATION NO. :
320000000009286
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. QIN ZHAOPING (CHAIRMAN)
REGISTERED CAPITAL :
CNY 202,500,000
Add.: No. 6, Beijiao Road, Xinpu District, Lianyungang,
Jiangsu Province
Tel.: 86-518-85153595
Fax: 86-518-85150105
l
Legal
representative, chairman and general manager:
Mr. Jin Bo , ID# 330921196808147510,
born in 1968, with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2008 to present Working in SC as legal representative, chairman and general manager
Also working in Ningbo Grand International Logistics Co., Ltd. as legal representative
Director:
=======
Mr. Zhang Mian , ID# 110105197307181817
Supervisor:
=======
Mr. Weng Qidong , ID# 33022419731015601X
SC is mainly engaged in international trade.
SC’s products mainly
include liquid chemical products, plastic raw materials, steel products, etc.
SC sources its materials 40% from domestic market, and 60% from
overseas market. SC sells 80% of its products in domestic market, and 20% to
overseas market.
The buying terms of
SC include Check, L/C, T/T and Credit of 30-60 days. The payment terms of SC
include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s management declined to release its
customer and supplier details.
SC has
invested in the following companies: (website sources)
Qingdao Guoyuan Rubber
Material Co., Ltd.
Tel: 0532-66895789
Fax: 0532-66895789
Ningbo Shenyuan Polymeric
Materials Co., Ltd.
Tel: 0574-87737483
Fax: 0574-87706781
Grand Cross International
Co., Ltd.
Tel: +82-2-5543541
Fax: +82-2-5543540
Hangzhou Guanji Chemical
Industry Co., Ltd.
Tel: 0571-87928570
Fax: 0571-87928571
Zhejiang New Vision Imp. And Exp. Co., Ltd.
Tel: 0574-87731539
Fax: 0574-87720288
Yuyao Grand Plastics Co., Ltd.
Tel: 0574-62532388
Fax: 0574-62532115
Ningbo Grand International
Logistics Co., Ltd.
Legal representative: Jin Bo
Tel: 0574-87710149
Fax: 0574-87716692
Chengdu Xiangyuan Polymeric Materials Co., Ltd.
Tel: 028-84112598
Fax: 028-84112398
Xingjiang Tianyi Petrochemical
Co., Ltd.
Tel: 0991-3333666/776
Fax: 0991-3333777 / 79
Hainan Sino-source Petrochemical
Industrial Co., Ltd.
Tel: 0898-68535596
Fax: 0898-68535822
Ningbo Grand International
Trading Co., Ltd.
Tel: 0574-87731351
Fax: 0574-87730012
HongKong Grand International
Co., Limited
Etc.
Overall payment
appraisal:
( ) Excellent (
) Good (X) Average ( )
Fair ( ) Poor
( ) Not yet determined
The appraisal serves
as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current
enquiry with SC's suppliers), our delinquent payment and our debt collection
record concerning SC.
Trade payment
experience: SC refused to
release any information of its suppliers and the trade reference was not
available.
Delinquent payment record: None
in our database.
Debt collection record:
No overdue amount owed by SC was placed to us
for collection within the last 6 years.
Industrial and Commercial Bank of China Daxie Sub-branch
AC#: 390102000900001490
Relationship: Normal.
Industrial and Commercial Bank of China Ningbo Branch
AC#: 3901020009000009
Relationship: Normal.
Balance Sheet (as
of Dec. 31, 2010)
Unit: CNY’000
|
Cash & bank |
473,590 |
|
Inventory |
1,062,510 |
|
Accounts receivable |
248,530 |
|
Notes receivable |
104,940 |
|
Advances to suppliers |
537,920 |
|
Other receivables |
167,030 |
|
Other current assets |
7,580 |
|
|
------------------ |
|
Current assets |
2,602,100 |
|
Fixed assets net value |
20,880 |
|
Projects under construction |
1,330 |
|
Long term investment |
115,080 |
|
Intangible assets |
3,390 |
|
Other assets |
14,600 |
|
|
------------------ |
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Total assets |
2,757,380 |
|
|
============= |
|
Short loans |
766,410 |
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Accounts payable |
719,680 |
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Notes payable |
316,850 |
|
Other payable |
22,960 |
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Taxes payable |
15,270 |
|
Advances from clients |
488,520 |
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Accrued payroll |
80,000 |
|
Accrued expenses |
18,350 |
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Other current liabilities |
0 |
|
|
------------------ |
|
Current liabilities |
2,428,040 |
|
Long term liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
2,428,040 |
|
Equities |
329,340 |
|
|
------------------ |
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Total liabilities & equities |
2,757,380 |
|
|
============= |
Income Statement (as
of Dec. 31, 2010)
Unit: CNY’000
|
Turnover |
15,820,390 |
|
Cost of goods sold |
15,354,990 |
|
Add: Income from other
operations |
89,070 |
|
Sales expense |
406,090 |
|
Management expense |
44,540 |
|
Finance expense |
9,890 |
|
Investment income |
18,400 |
|
Subsidy income |
14,310 |
|
Other incomes |
7,760 |
|
Profit before tax |
134,420 |
|
Less: profit tax |
33,610 |
|
Profits |
100,810 |
Note: The above financial records
have not been audited.
Important Ratios
=============
|
|
as of Dec. 31, 2010 |
|
*Current ratio |
1.07 |
|
*Quick ratio |
0.63 |
|
*Liabilities to assets |
0.88 |
|
*Net profit margin (%) |
0.64 |
|
*Return on total assets (%) |
3.66 |
|
*Inventory /Turnover ×365 |
25 days |
|
*Accounts receivable/Turnover ×365 |
6 days |
|
*Turnover/Total assets |
5.74 |
|
* Cost of goods sold/Turnover |
0.97 |
PROFITABILITY: FAIRLY GOOD
l
The
turnover of SC appears good in its line.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is fairly good.
l
SC’s
cost of goods sold is high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level.
l
SC’s
quick ratio is maintained in a fair level.
l
The
inventory of SC appears fairly large in 2010.
l
The
accounts receivable of SC is maintained in an average level.
l
SC’s
short-term loan appears fairly large in 2010.
l
SC’s
turnover is in a fairly good level, comparing with the size of its total
assets.
LEVERAGE: FAIR
l
The debt
ratio of SC is high.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered
large-sized in its line with fairly stable financial conditions. The large
amount of inventory could be a threat to SC’s financial condition. A credit
line up to USD 2,000,000 appears to be within SC’s capacities upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.34 |
|
UK Pound |
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.65.75 |
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 |
|
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.