|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HONGKONG GRAND INTERNATIONAL CO. LTD. |
|
|
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Registered Office : |
C/o North Asia Corporate Services Ltd. Suite 1001-1002 & 1005, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.06.2007 |
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|
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Com. Reg. No.: |
38097001 |
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|
|
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Legal Form : |
Private Limited Company. |
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|
|
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Line of Business : |
Importer and Exporter of Iron and steel, petrochemical products, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
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 re-exports, is about four times GDP. Hong Kong levies excise
duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the
Euro zone and US slump. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous year. 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 exports 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 34.9 million in 2012,
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 2012 mainland Chinese companies constituted about 46.6% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. 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.
Source
: CIA
HONGKONG GRAND
INTERNATIONAL CO. LTD.
ADDRESS: c/o North Asia Corporate
Services Ltd.
Suite 1001-1002 & 1005, 10/F., Albion
Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2724 1223
FAX: 2722 4373
Managing Director: Mr. Jin Bo
Incorporated on: 25th
June, 2007.
Organization: Private
Limited Company.
Capital: Nominal: US$1,000,000.00
Issued: US$1,000,000.00
Business Category: Importer and Exporter.
Group Turnover: RMB36.3
billion Yuan (Year ended 31-12-2012)
Employees:
Nil.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o North Asia Corporate Services Ltd.
Suite 1001-1002 & 1005, 10/F., Albion Plaza, 2-6 Granville Road,
Tsimshatsui, Kowloon, Hong Kong.
China Office:-
6F-O, Hongqiao Business Center, 2272 Hongqiao Road, 200032 Shanghai,
China.
[Tel: 86-21-6217 9585; Fax:
86-21-6127 9584]
Holding Company:-
Grand Group Corporation, China.
[Formerly known as Zhejiang Grand Import & Export Co. Ltd.]
Building No. 1, Pacific Plaza, 555 Jingjia Road, 315040 Ningbo City,
Zhejiang Province, China.
[Tel: +86-0574-87731421 Fax:
+86-0574-87720288]
Ultimate Holding Company:-
Lianyungang Ideal Group Co. Ltd., China.
Wholly-owned subsidiary:-
Yuan Da Materials (Singapore) Co. Ltd., Singapore.
Associated/Affiliated Companies:-
Brilliance Resources Co. Ltd., Hong Kong.
Chengdu Xiangyuan Polymeric Materials Co. Ltd., China.
China Grand Enterprises (HK) Ltd., Hong Kong.
Grand Cross International Co. Ltd., China.
Grand Iron Trade Co. Ltd., China.
Grand Petrochemical Co. Ltd., China.
Hainan Sino-source Petrochemical Industrial Co. Ltd., China.
Hangzhou Guanji Chemical Industry Co. Ltd., China.
HongKong Flow Resource Co. Ltd., Hong Kong.
Ningbo Grand International Logistics Co. Ltd., China.
Ningbo Grand International Trading Co. Ltd., China.
Ningbo Shenyuan Polymeric Materials Co. Ltd., China.
Ningbo Yuanxin Logistics Co. Ltd., China.
Qingdao Guoyuan Rubber Material Co. Ltd., China.
Shanghai Flow International Trade Co. Ltd., China.
Shanghai Spring International Trade Co. Ltd., China.
Tianjin Grand Tianyi Petrochemical Co. Ltd., China.
Xingjiang Tianyi Petrochemical Co. Ltd., China.
Yuyao Grand Plastics Co. Ltd., China.
Zhejiang Flow Commodities Co. Ltd.,China.
Zhejiang New Vision Import & Export Co. Ltd., China.
38097001
1143985
Managing Director: Mr. Jin Bo
Nominal Share Capital: US$1,000,000.00 (Divided into 1,000,000 shares of
US$1.00 each)
Issued Share Capital: US$1,000,000.00
(As per registry dated 25-06-2012)
|
Name |
|
No. of shares |
|
Grand Group Corporation Jinying Trading Building, Kaifa District, Daxie, Ningbo, Zhejiang,
China. |
|
1,000,000 ======= |
(As per registry dated 25-06-2012)
|
Name (Nationality) |
Address |
|
JIN Bo |
Room 504, No. 14, Lane 58, Caihong South Road, Jiangdong District,
Ningbo, Zhejiang, China. |
|
LI Zhi Guang |
Room 504, No. 3, Lane 15, Xianxia Road, Changning District, Shanghai,
China. |
(As per registry dated 25-06-2012)
|
Name |
Address |
Co. No. |
|
Larich Ltd. |
Suite 1001-1002, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui,
Kowloon, Hong Kong. |
0437591 |
The subject was incorporated on 25th June, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 1505-1506, 15/F., Albion
Plaza, 2‑6 Granville Road, Tsimshatsui, Kowloon, Hong Kong where was
the operating office of Asia Corporate Services Ltd., moved to Suite 1001‑1002 &
1005, 10/F. of the same building due to the address change of Asia Corporate
Services Ltd. in September 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Iron
and steel, petrochemical products, etc.
Employees: Nil.
Commodities Imported: Asia, North & South America, etc.
Markets: China,
Japan, USA, Europe, etc.
Group Turnover: RMB21,187.2 million Yuan
(Year ended 31-12-2010)
RMB31,318.1
million Yuan (Year ended 31-12-2011)
RMB36,300.0
million Yuan (Year ended 31-12-2012)
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: As per
contracted.
Nominal Share Capital: US$1,000,000.00 (Divided into 1,000,000 shares
of US$1.00 each)
Issued Share Capital: US$1,000,000.00
Indebtedness: US$11,000,000.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 25-06-2012)
Mortgage or Charge: (See attachment)
Total Profit of Group: RMB173.1 million Yuan (Year ended 31-12-2010)
RMB 87.2 million Yuan (Year ended 31-12-2011)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not very active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Fortis Bank, Hong Kong Branch.
Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A.
[trading as Rabobank International], Hong Kong Branch.
RB International Finance (Hong Kong)
Ltd., Hong Kong.
Standing:
Small.
Incorporated in June 2007, Hongkong Grand International Co. Ltd. is a
wholly-owned subsidiary of Grand Group Corporation [Grand] (renamed from
Zhejiang Grand Import & Export Co. Ltd. in July 2010) which is a
China-based firm.
The ultimate holding company Lianyungang Ideal Group Co. Ltd.
[Ideal/Group] which is also a China-based firm.
Ideal has been listed on Shenzhen Stock Exchange. It bears stock code 000626.
The directors of the subject are Mr. Jin Bo and Mr. Li Zhi Guang. The former is a China passport holder while
the latter is a China ID holder. Both do
not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Suite 1001-1002 & 1005, 10/F., Albion Plaza, 2-6
Granville Road, Tsimshatsui, Kowloon, Hong Kong known as North Asia Corporate
Services Ltd. which is handling its correspondences and documents. Formerly North Asia Corporate Services Ltd.
was located at Suite 1505-1506, 15/F. of the same building, moved to the
present address in September 2008.
The subject has no employees in Hong Kong. It is engaged in the same lines of business
as Grand and Ideal.
The subject’s main office is in Ningbo City, Zhejiang Province,
China. It also has had an associated
company in Shanghai which was founded in January 1994. The sales manager is a Mr. Lin. This firm is administered by Li Zhi Guang who
is a director of the subject. The phone
number and fax number of the Shanghai Office is 021-6127 9585 and 021-6127 9584
respectively.
The subject and its Shanghai Office are trading in the following
commodities: billets, deformed bars, wire rods, HR/CR coils/sheet, GI, PPGI,
beams, checker plate, seamless pipe, round bar, stainless steel, etc. Commodities are imported from India, Russia,
etc. Products are exported to worldwide
countries. Business is rather active.
Established in July 1994, Grand is engaged in importing and exporting
business.
Grand was named “One of the Top 100 Enterprises in Tertiary Industry” in
2006 and has been named “ANA Class Company” for 10 consecutive years. Grand ranked the 362nd in China’s Top 500
enterprises in 2009.
Grand’s major business covers trading, industry and investment. Exported products include garments, steel,
auto-parts, wood products, textile fabrics, clothing, plastics, outdoor leisure
products, hardware, chemicals, mechanical products, electrical products, and
other manufactured goods. There are five
business divisions in the Group including Export Department, Plastics
Department, Steel & Iron Department, Liquid Chemical Department, and Rubber
Plastic & Road Materials Department.
Grand has had ten wholly-owned subsidiaries and one joint stock
company. It has established
representative offices in Shanghai, Beijing, Dalian, etc. and in countries of
South Korea, Turkey and Vietnam. Major
import products include plastic materials, liquid chemicals, medicinal
compounds, timber, metals, and other staple products. Products are imported from South Korea,
Japan, Singapore, India, the United States, Taiwan, the United Arab Emirates,
etc. Prime markets of the Group are the
United States, Japan, Europe, including more than 50 countries and regions of
the world.
Grand’s major business covers trading, logistics and investment. Close business ties have been developed with
many world leading companies such as LAG, SK, Deli, Hyundai in South Korea,
Mitsubishi in Japan, Formosa Chemical & Fibber in Taiwan, Gesso and Mite in
Singapore, Reliance in India and other world leading companies, etc. Grand has got ISO 9001 certification. It has set up a number of associated and
affiliated companies in Zhejiang Province, China.
In July 2011, Grand ranked the seventh in 100 top enterprises in Ningbo
City, Zhejiang Province, China. It also
has got the other awards.
Lianyungang Ideal holds 52% of Grand’s interests while some of the
employees hold 48%.
For the year ended 31st December, 2011, the turnover of the Group
amounted to RMB31,318.1 million Yuan (2010: RMB21,187.2 million Yuan); total
profit was RMB87.2 million Yuan (2010: RMB173.1 million Yuan).
For the year ended 31st December, 2012, the turnover of the Group
amounted to RMB36.3 billion Yuan.
Grand and the subject’s Shanghai Office do business with foreign parties
under the name of the subject with its corresponding address in
Hong Kong. The history of the
subject in Hong Kong is over five years.
Since the subject does not have its own office and has no employees in
Hong Kong, consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
|
19-10-2007 |
Instrument: Deed of Charge Property: 1) Charged Property means
the property, assets and rights for the time being comprised in or subject to
the charges contained in this Deed 2) As security for the
due payment and discharge of the Secured Amounts Mortgagee: BNP Paribas (China) Ltd., China. |
To secure the payment and discharge of all moneys and liabilities |
|
17-04-2008 |
Instrument: Deed of Charge Property: As security for the due payment and discharge of the Secured Amounts Mortgagee: BNP Paribas, Singapore Branch. |
All moneys and liabilities |
|
22-07-2009 |
Instrument: Charge Over Deposits – CD 1 (09) Property: 1) By fixed Charge: all the Company’s rights in respect of (i)
the sum deposited by the Company; and (ii) all other sums in any currency from
time to time standing to the credit of the Company or the credit of any other
person for the Company’s benefit whether alone or jointly with others, on any
deposit account with the Bank or any other SCB Group Company including
additions to or renewals or replacements of such sum; and all interest from
time to time accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group
Company Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and
liabilities, whether actual or contingent at the date of the Charge or at any
time after the date thereof, due, owing or incurred by the Company to
Standard Chartered Bank (Hong Kong) Ltd. |
|
20-05-2010 |
Instrument: Security over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account number
873530004923 and all deposits Mortgagee: Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong. |
All monies and liabilities |
|
13-08-2010 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities Mortgagee: Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A. [trading as Rabobank International], Hong Kong
Branch. |
All obligations and liabilities |
|
30-05-2011 |
Instrument: Letter of Pledge Property: Any documents, bills of exchange, negotiable instruments, documents of
title, transport documents, Insurance policies, delivery orders, godown
warrants and any other documents Mortgagee: RB International Finance
(Hong Kong) Ltd., Hong Kong. |
All obligations and liabilities |
|
30-05-2011 |
Instrument: Trade Finance Security Assignment Property: All the present and future rights, title, interests and benefits of
the Company Mortgagee: RB International Finance
(Hong Kong) Ltd., Hong Kong. |
All obligations and liabilities |
|
30-05-2011 |
Instrument: Charge on Collateral Account Property: All and any money from time to time standing to the credit of or
earned on such account as shall from time to time be designated by the Lender
as the Company’s Collateral Account Mortgagee: RB International Finance
(Hong Kong) Ltd., Hong Kong. |
All moneys and liabilities |
|
18-07-2011 |
Instrument: Trade Finance Security Assignment Property: 1) As security for the
payment of all Secured Liabilities 2) As security for the
Assigned Obligations Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.