MIRA
INFORM REPORT
|
Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GRAND GROUP CORPORATION |
|
|
|
|
Registered Office : |
12-15/F, Bldg. A, Pacific Plaza, No. 555, Jingjia Road, Jiangdong District, Ningbo, Zhejiang Province, 315040 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
09.09.1999 |
|
|
|
|
Com. Reg. No.: |
330216000002826 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
International Trade mainly include liquid chemical products, plastic raw materials, steel & iron products, rubber plastic products, etc. |
|
|
|
|
No. of Employees : |
450 |
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 |
|
Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
Source
: CIA
Company name and 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)
574-89071321/89071289 FAX: 86 (0)
574-87725606/87723729
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 9, 1999
REGISTRATION NO. :
330216000002826
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
450
REGISTERED CAPITAL : CNY 150,000,000
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
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.23 = 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
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. 450 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
Jul. 2011, SC ranked No.2 among Top 100 Enterprises
in Tertiary Sector in Ningbo
Ÿ
Jul. 2011, SC ranked No.7 among Top 100 Enterprises
in Ningbo
Ÿ
May 2011, SC achieved Excellent Enterprise in Zhejiang
Province
Ÿ
Mar. 2011, SC awarded 2010 Advanced Group for
Foreign Trade Certification and
Authentication
Ÿ
Feb. 2011, SC awarded 2010 Award for Ningbo Foreign
Trade Enterprise of Advanced Export Enterprise
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 |
|
2008-03-03 |
Registration no. |
3302061900277 |
330216000002826 |
|
2008-09-02 |
Legal representative |
Shen Zhihong |
Jin Bo |
|
2010-7-12 |
Company name |
Zhejiang Grand Imp. & Exp. Co., Ltd. |
The present one |
|
Unspecified |
Registered Capital |
CNY 80,000,000 |
The present amount |
|
Shareholders & shareholdings |
Lianyungang Ideal Group Co., Ltd. 52% Shen Zhihong 4.9% Jin Bo
4.1% Wu Xiangdong3.9% Huang Wencong3.7% Xu Qiang
3.7% Luo Rongqiang3.5% Xia Xiangmin3.5% Qiu Zhiliang2% Chen Chuoting1.8% Zhou Huijun1.8% Wang Kaihong1.2% Other 38 individuals13.9% |
The present ones |
MAIN SHAREHOLDERS:
Name % of Shareholding
Lianyungang Ideal Group Co., Ltd. 52
Zhou Huijun 1.8
Jin Bo 6.7
Wang Kaihong 2.3
Wu Xiangdong 5.9
Zheng Ping 1
Luo Rongqiang 3.5
Xu Qiang 5.7
Xia Xiangmin 3
Xin Xiankun 1
Lan Wu 1
Xu Zhaoyang 2.5
Chen Chuoting 1.8
Other 33 individuals 11.8
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
Web: http://www.ideal-group.com.cn/
E-mail: idealgroup@ideal-group.com.cn
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., etc. as
legal representative.
Director:
=======
Bai Xinhua
Xu Qiang
Qin Zhaoping
Wu Xiangdong
Peng Liang
Zhang Mian
Supervisor:
=======
Jiang Qinqin
Xia Xiangmin
Zhou Yanwu
SC is mainly
engaged in international trade.
SC’s products mainly include liquid chemical products, plastic raw
materials, steel & iron products, rubber plastic 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.
================================
Registration No.: 370285230013102
Incorporation Date:
Chairman: Xing Guofeng
Tel:
0532-66895789
Fax:
0532-66895789
Ningbo
Shenyuan Polymeric Materials Co., Ltd.
===================================
Registration No.: 330215000006108
Incorporation Date:
Chairman: Lan Wu
Tel:
0574-87737483
Fax:
0574-87706781
Grand
Cross International Co., Ltd.
=======================
Tel: +82-2-5543541
Fax:
+82-2-5543540
Ningbo Grand International Logistics Co., Ltd.
==================================
Registration No.: 330216000003144
Incorporation Date:
Chairman: Jin Bo
Tel: 0574-87710149
Fax:
0574-87716692
Chengdu Xiangyuan Polymeric Materials Co.,
Ltd.
====================================
Registration No.: 510100000085671
Incorporation Date:
Chairman: Wang Kaihong
Tel: 028-84112598
Fax:
028-84112398
Hainan Sino-source Petrochemical Industrial Co., Ltd.
======================================
Registration No.: 460000000187505
Incorporation Date:
Chairman: Xu Qiang
Tel: 0898-68535596
Fax: 0898-68535822
Ningbo Grand International Trading Co., Ltd.
=====================
Registration No.: 330214000008529
Incorporation Date:
Chairman: Zou Minggang
Tel: 0574-87731351
Fax: 0574-87730012
HongKong Grand International Co., Limited
================================
CR No.: 1143985
Date of
Incorporation:
Company Status:
Private
Active Status:
Live
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 did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
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
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 |
|
|
------------------ |
|
Total assets |
2,757,380 |
|
|
============= |
|
Short loans |
766,410 |
|
Accounts payable |
719,680 |
|
Notes payable |
316,850 |
|
Other payable |
22,960 |
|
Taxes payable |
15,270 |
|
Advances from
clients |
488,520 |
|
Accrued payroll |
80,000 |
|
Accrued expenses |
18,350 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
2,428,040 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
2,428,040 |
|
Equities |
329,340 |
|
|
------------------ |
|
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 have not been audited. SC’s management refused to release the financial information for
Yr2011.
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 14 years development history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
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.