|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRAINPRO PHILIPPINES INC. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
13.11.2002 |
|
|
|
|
Legal Form : |
Private Corporation |
|
|
|
|
Line of Business : |
Subject provides safe, cost effective solar drying and airtight
storage products worldwide |
|
|
|
|
No. of Employees |
No 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 : |
Moderate |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Philippines |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PHILIPPINES ECONOMIC OVERVIEW
The economy has weathered global economic and financial downturns better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a rapidly expanding business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; and the stock market was Asia's second best-performer in 2012. Efforts to improve tax administration and expenditure management have helped ease the Philippines' tight fiscal situation and reduce high debt levels. The Philippines has received several credit rating upgrades on its sovereign debt, and has had little difficulty tapping domestic and international markets to finance its deficits. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration, but poverty worsened during her term. Growth has accelerated under the AQUINO government, but with limited progress thus far in bringing down unemployment, which hovers around 7%, and improving the quality of jobs. Underemployment is nearly 20% and more than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for education, health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to help fund major infrastructure projects under its Public-Private Partnership program. Long term challenges include reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities)
|
Source
: CIA |
Company: GRAINPRO PHILIPPINES INC.
Address: Subic Bay Industrial Park, Subic Bay
Free Port Zone,
Zambales, 2222, Philippines
Service Type: Normal
FINDINGS
We conducted research and investigation on GRAINPRO PHILIPPINES INC. and
showed the following, viz:
VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): INDO PHIL. ACRYLIC MANUFACTURING. CORPORATION
Legal Entity - PRIVATE CORPORATION
Certificate No. : A200210131
Date : November 13, 2002
Term : Fifty (50) years
Corporate Tax No. : 224-746-815-000
Telephone No. : (63) 2 411-0330
Type of Company : Foreign Stock
Country Where Organized
:
Address : 3C Carmela Suite, 15 Chronicle Street, West Triangle, Quezon City, Philippines
Resident Agent: Tom De Bruin (Dutch), VP Sales & Marketing. Tel. No. (047) 252-7884
Current Address : Subic Bay Industrial Park, Subic Bay Freeport Zone, Zambales.(since 2007)
(Note: Currency in Philipine Peso, unless otherwise specified)
Not Available
Grain Storage
(Not Available)
As gathered, GrainPro, Inc., a green “not only for profit” company has created a revolution in safe storage and drying of grain & seeds. Founded in Concorde, Massachusett, USA in 1992. Products are principally manufactured at its wholly owned subsidiary, GRAINPRO PHILIPPINES INC., in Subic Bay, Zambales, Philippines. GrainPro provides safe, cost effective solar drying and airtight storage products worldwide.
Products:
GrainPro Flood Protected Self-Verifying Cocoon – an airtight (ultra hermetic) unsupported rectangular
structures made of lightweight UV resistant PVC.
GrainPro Super Grainbag – water resistant gas tight solution for a vast range of dry agricultural
Commodities. Used as an inner linen for jute bags & ordinary sacks.
GrainPro Collapsible Dryer Case – a low cost solution for safe, effective & convenient drying of
a vast ranges of agricultural products.
GrainPro TransSafeLiner – prevents condensation & infection in agricultural commodities
transported in shipping lines.
GrainPro GrainSafe – a water resistant & gas tight solution for dry agricultural products. Made of
foodgrade UV resistant flexible PVC, designed for indoor & outdoon installation
GrainPro Silbag – a sealed collapsible enclosure, used for making, storing & preserving good
quality silage.
Address 1: Lots 28 & 29 Innovative Street, Olongapo City, Zambales.
Tel. No. (047) 252 7884. Fax No. (047) 252 7885
Address 2: 46 Efficiency Avenue, Subic Bay Industrial Park, Subic Bay Freeport Zone,
Zambales. Mobile No. 0917-590-0457.
Email: salesasia@grainpro.com
Website: www.grainpro.com
Mr. Tom De Bruin,
President & CEO, since 2007. In 2002, employed as VP Sales &
Marketing,
GrainPro Inc., USA. Member, Subic Bay
Freeport Chamber of Commerce.
(Audited Financial Statement,
Not Available)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.