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Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
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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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Com. Reg. No.: |
38097001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Iron and steel, petrochemical products |
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No. of Employees |
No employees in Hong Kong It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
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Source
: CIA |
HONGKONG GRAND
INTERNATIONAL CO. LTD.
c/o North Asia Corporate Services Ltd.
Suite 1001-1002 & 1005, 10/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2724 1223
FAX: 852-2722 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: RMB45.2 billion Yuan (Year ended 31-12-2013)
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 Resources Group Co. Ltd.,
[Formerly known as Grand Group Corporation]
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.
China Grand Enterprises Inc., China.
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.
etc.
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
SHAREHOLDER: (As per registry dated 25-06-2013)
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Name |
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No. of shares |
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Grand Group Corporation Jinying Trading Building, Kaifa District, Daxie, Ningbo, Zhejiang, China. |
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1,000,000 ======= |
DIRECTOR: (As per registry dated 25-06-2013)
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Name (Nationality) |
Address |
|
JIN Bo |
Room 504, No. 14, Lane 58, Caihong South Road, Jiangdong District, Ningbo, Zhejiang, China. |
SECRETARY: (As per registry dated 25-06-2013)
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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, US, Europe, etc.
Ideal Group Turnover:-
RMB31,318.1 million Yuan (Year ended 31-12-2011)
RMB36,307.7 million Yuan (Year ended 31-12-2012) - [restated]
RMB45,194.8 million Yuan (Year ended 31-12-2013)
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$110,000,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 25-06-2013)
Mortgage or Charge: (See attachment)
Total Profit of Ideal Group:-
RMB 30.3 million Yuan (Year ended 31-12-2011)
RMB 15.8 million Yuan (Year ended 31-12-2012) - [restated]
RMB 45.2 million Yuan (Year ended 31-12-2013)
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 Resources Group Co. Ltd., [Grand/ formerly known as Grand Group Corporation] 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 is Mr. Jin Bo. He is a China passport holder and does 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. 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 and marketed in China. Business is rather active.
Established in July 1994, Grand is engaged in importing and exporting business. Establish in July 1994, Grand has developed into a comprehensive group integrating trade, logistics and investment. With annual sales volume of over RMB45 billion Yuan, Grand ranks among Top 500 China Enterprises.
Specialized in the distribution of such bulk raw material as petrochemical, metal, agricultural products, etc. and the export of light industrial products, Grand has shaped a business pattern combining physical commodities and futures transaction, import and export business, international and domestic trade. So far, it has more than 30 wholly-owned and holding subsidiaries. Moreover, it has set up representative offices in Hong Kong, South Korea, Singapore, etc. A strategic layout has been formed which covers the whole China and goes global with headquarter in Ningbo, Yangtze River Delta.
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.
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. Besides, it has set up a number of associated and affiliated companies in Zhejiang Province, China.
For the year ended 31st December, 2013, the turnover of the Ideal Group amounted to RMB45,194.8 million Yuan (2012: RMB36,307.7 million Yuan), increased by 24.5%; total profit was RMB45.2 million Yuan (2012: RMB15.8 million Yuan), increased by 132.2%.
The history of the subject in Hong Kong is over six 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.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
|
Date |
Particulars |
Amount |
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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 |
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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 |
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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. |
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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 |
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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 |
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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 |
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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 |
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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 |
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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.60.05 |
|
|
1 |
Rs.101.32 |
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Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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.