MIRA INFORM
REPORT
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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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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) : |
31.12.2012 |
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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 : |
Subject is engaged in international trade products mainly include
liquid chemical products, plastic raw materials, steel & iron products, rubber
plastic products |
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No. of Employees : |
480 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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China |
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 |
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to China's, and is expected to further drag Chinese growth in 2013. 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.
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Source
: CIA |
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)
574-89071321/89071289
FAX: 86 (0)
574-87725606/87723729
EXECUTIVE SUMMARY
Date of Registration : september 9, 1999
REGISTRATION NO. : 330216000002826
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
JIN
BO (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 150,000,000
staff :
480
BUSINESS CATEGORY : TRADING
Revenue :
CNY 20,387,166,000 (FROM JAN. 1, 2013 TO JUN. 30, 2013)
EQUITIES :
CNY 688,545,000 (AS OF JUN. 30, 2013)
WEBSITE : www.grand-trade.com
E-MAIL :
grand@grand-trade.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY GOOD
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.10 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION:
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established as a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
330216000002826 on September 9, 1999.
SC’s Organization Code Certificate No.:
25610756-5
SC’s Tax No.: 330206256107565
SC’s registered capital: CNY 150,000,000
SC’s paid-in capital: CNY 150,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008-03-03 |
Registration No. |
3302061900277 |
330216000002826 |
|
2008-09-02 |
Legal Representative |
Shen Zhihong |
Jin Bo |
|
2010-07-12 |
Company Name |
Zhejiang Grand Imp. & Exp. Co., Ltd. |
Grand Group Corporation |
|
-- |
Registered Capital |
CNY 80,000,000 |
CNY 150,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lianyungang Ideal Group Co., Ltd. |
52 |
|
Other Individuals |
48 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Jin Bo |
|
Director |
Bai Xinhua |
|
Xu Qiang |
|
|
Qin Zhaoping |
|
|
Wu Xiangdong |
|
|
Peng Liang |
|
|
Zhang Mian |
|
|
Supervisor |
Jiang Qinqin |
|
Xia Xiangmin |
|
|
Zhou Yanwu |
RECENT DEVELOPMENT
Honors:
·
Jul. 2011, SC ranked No.2 among Top 100 Enterprises
in Tertiary Sector in Ningbo
·
Jul. 2011, SC ranked No.7 among Top 100 Enterprises
in Ningbo
·
May 2011, SC achieved Excellent Enterprise in
Zhejiang Province
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Mar. 2011, SC awarded 2010 Advanced Group for
Foreign Trade Certification and
Authentication
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Feb. 2011, SC awarded 2010 Award for Ningbo Foreign
Trade Enterprise of Advanced Export Enterprise
·
In Jul. 2010, Zhejiang Grand achieved “AA”
Responsible Enterprise issued by Ningbo Commerce and Industry Bureau.
·
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.
·
In Apr. 2010, Zhejiang Grand was entitled Top 20
Taxpayers in Ningbo Service Enterprises.
·
In Jan. 2010, Zhejiang Grand was entitled Economic
Development Contributor by Daxie district government.
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.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Lianyungang Ideal Group Co., Ltd. 52
Other Individuals 48
Lianyungang Ideal Group Co., Ltd.
Registration No.: 320000000009286
Date of Registration: June
27, 1994
Legal Form: Shares Limited Company
Registered Capital: CNY
202,500,000
Legal Representative: Qin
Zhaoping
Stock Code: 000626
Add.: No.
6, Beijiao Road, Xinpu District, Lianyungang, Jiangsu Province
Tel.: 86-518-85153595
Fax: 86-518-85150105
E-mail: idealgroup@ideal-group.com.cn
MANAGEMENT
Jin Bo, Legal Representative, Chairman and General
Manager
Gender: M
ID# 330921196808147510
Age: 45
Qualification: University
Working experience
(s):
At 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
BUSINESS
OPERATION
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.
SC’s products mainly include liquid chemical products, plastic raw
materials, steel & iron products, rubber plastic products
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, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff &
Office:
SC is known to have approx. 480
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED
COMPANY
SC has invested in
the following companies:
Qingdao Guoyuan Rubber Material Co., Ltd.
Registration No.: 370285230013102
Date of Registration:
Legal Representative: Xing
Guofeng
Tel: 86
(0) 532-66895789
Fax: 86
(0) 532-66895789
Ningbo Shenyuan Polymeric Materials Co., Ltd.
Registration No.: 330215000006108
Date of Registration:
Legal Representative: Lan Wu
Tel: 86
(0) 574-87737483
Fax: 86
(0) 574-87706781
Grand Cross International Co., Ltd.
Tel: +82-2-5543541
Fax: +82-2-5543540
Ningbo Grand International Logistics Co., Ltd.
Registration No.: 330216000003144
Date of Registration:
Legal Representative: Jin Bo
Tel: 86
(0) 574-87710149
Fax: 86 (0) 574--87716692
Chengdu Xiangyuan Polymeric Materials Co., Ltd.
Registration No.: 510100000085671
Date of Registration:
Legal Representative: Wang
Kaihong
Tel: 86
(0) 28-84112598
Fax: 86
(0) 28-84112398
Hainan Sino-source Petrochemical Industrial Co., Ltd.
Registration No.: 460000000187505
Date of Registration:
Legal Representative: Xu Qiang
Tel: 86
(0) 898-68535596
Fax: 86
(0) 898-68535822
Ningbo Grand International Trading Co., Ltd.
Registration No.: 330214000008529
Date of Registration:
Legal Representative: Zou
Minggang
Tel: 86
(0) 574-87731351
Fax: 86
(0) 574-87730012
HongKong Grand International Co., Limited
CR No.: 1143985
Date of Registration:
Legal Form: Private
Status: Live
Etc.
PAYMENT
Overall payment appraisal: ( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Industrial and Commercial Bank of China Daxie
Sub-branch
AC#: 390102000900001490
Industrial and Commercial Bank of China Ningbo
Branch
AC#: 3901020009000009
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Jun. 30, 2013 |
|
Total assets |
4,446,119 |
7,124,122 |
|
|
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------------- |
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Total liabilities |
3,901,025 |
6,435,577 |
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Equities |
545,094 |
688,545 |
|
|
------------- |
------------- |
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Revenue |
36,306,934 |
20,387,166 |
|
Profits |
54,245 |
98,054 |
Important Ratios
|
|
As
of Dec. 31, 2012 |
From
Jan. 1, 2013 to Jun. 30, 2013 |
|
*Liabilities to assets |
0.88 |
0.90 |
|
*Net profit margin (%) |
0.15 |
0.48 |
|
*Return on total assets (%) |
1.22 |
1.38 |
|
*Revenue / Total assets |
8.17 |
2.86 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
·
The revenue of SC appears fairly good.
·
SC’s net profit margin is average.
·
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
·
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
·
The debt ratio of SC is fairly high.
·
The risk for SC to go bankrupt is low.
Overall financial condition
of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s good background, general
performance, reputation as well as market conditions
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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 |
|
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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.