MIRA INFORM REPORT
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Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
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Name : |
GRANDWAYS
INTERNATIONAL LTD. |
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Registered Office : |
c/o SBC Corporate Services Ltd., Unit 503, 5/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.03.2003 |
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Com. Reg. No.: |
33577000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Granite, slab and other building materials |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
Company name
GRANDWAYS INTERNATIONAL LTD.
Company ADDRESS
c/o SBC Corporate Services Ltd.
Unit 503, 5/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3519 6338
FAX: 3519 6339
E-MAIL: silvercord@sbc.com.hk
MANAGEMENT
Managing Director: Mr. Feng Hua
SUMMARY
Incorporated on: 24th March, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer and Exporter.
Employees: Nil
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Xiamen Branch, China.
Banking Relation: Fair.
Company ADDRESS
Registered Head Office:-
c/o SBC Corporate Services Ltd.
Unit 503, 5/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Subsidiary/Associated Companies:-
Xiamen Shenji Stones Co. Ltd., China.
Xiamen Stone Enterprise Group Co. Ltd., China.
XSE Blocks Company, China.
BUSINESS REGISTRATION NUMBER
33577000
COMPANY FILE NUMBER
0841315
MANAGEMENT
Managing Director: Mr. Feng Hua
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry
dated 24-03-2011)
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Name |
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No. of shares |
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HAN Wen Qing |
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5,000 |
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HAN Ming Chen |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTOR
(As per registry
dated 02-11-2011)
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Name (Nationality) |
Address |
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FENG Hua |
8/F., Zhong Xin Hui Yang Business Building, 59 Hu Bin Bei Lu, Shamen City, China. |
SECRETARY
(As per registry
dated 01-09-2011)
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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 |
HISTORY
The subject was incorporated on 24th March, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Granite, slab and other building materials.
Employees: Nil
Commodities Imported: India, China, etc.
Markets: US, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping a balance account.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Xiamen Branch, China.
Standing: Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Grandways International Ltd. is equally owned by Mr. Han Wen Qing and Mr. Han Ming Chen, both of whom are China merchants residing in Shandong Province, China. Mr. Feng Hua is 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 Unit 503, 5/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong known as SBC Corporate Services Ltd. [SBC] which is handling its correspondences and documents. Having several branch offices in Hong Kong, SBC is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
To our knowledge, the subject is a marble and granite trader. It has had a granite processing factory in Xiamen Special Economic Zone, China. The factory is known as Xiamen Shenji Stones Co. Ltd. [Shenji]. Shenji was established in October 2002 as a Sino-Hongkong joint venture. With a registered capital of US$5.5 million, it is jointly owned by Xiamen Stone Enterprise Group Co. Ltd., a large-scale crude stone importer in Xiamen Special Economic Zone, China holding 51% interests while the subject, holding 49%.
Raw materials are imported from Europe and India. After processing in Xiamen, the finished products are exported to the United States, Europe and other Asian countries. Shenji is controlled by Mr. Yang Zhanli.
In 2009, Shenji’s sale income amounted to RMB40.7 million Yuan, total profit was RMB0.7 million Yuan. Profit margin was extremely low in the year.
The subject’s business in Hong Kong is not active.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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17-04-2006 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of US$600,000 under Deposit A/C No. 003-031861-253, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Xiamen Branch, China. |
Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge |
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06-10-2008 |
Instrument: Security Over Deposits with the Bank (Individual and Firm – Under Seal) Property: The deposit with HSBC Bank (China) Co. Ltd., Xiamen Branch in the amount of US$1,000,000 under Deposit A/C No. 003-031861-250 and 003-031861-254, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: HSBC Bank (China) Co. Ltd., Xiamen Branch, China. |
All moneys |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.67 |
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UK Pound |
1 |
Rs.77.72 |
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Euro |
1 |
Rs.64.63 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.