MIRA INFORM REPORT
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Report No. : |
349015 |
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Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
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Name : |
GRAND RESOURCES GROUP CO., LTD. |
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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) : |
30.06.2015 |
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Date of Incorporation : |
09.09.1999 |
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Com. Reg. No.: |
91330201256107565A |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in international trade and its product include 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 : |
Good |
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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 2014 more than 274 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.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name and address
GRAND RESOURCES GROUP CO., LTD.
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
***Note: SC’s correct
name should be the above stated one, instead of the given name - Grand Resources Corporation.
EXECUTIVE
SUMMARY
Date of Registration :
september 9, 1999
REGISTRATION NO. :
91330201256107565A
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
JIN BO (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 150,000,000
staff :
480
BUSINESS CATEGORY : TRADING
REVENUE : CNY
7,254,566,000 (FROM JAN. 1, 2015 TO JUN. 30, 2015)
EQUITIES : CNY
518,070,000 (AS OF JUN. 30, 2015)
WEBSITE : www.grand-trade.com
E-MAIL :
grand@grand-trade.com
PAYMENT :
REGULAR
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
fairLY GOOD
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.35 = 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.:
91330201256107565A 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 沈志宏 |
Jin Bo 金波 |
|
2010-07-12 |
Company Name |
Zhejiang Grand Imp. & Exp. Co.,
Ltd. 浙江远大进出口有限公司 |
Grand Group Corporation 远大物产集团有限公司 |
|
-- |
Registered Capital |
CNY 80,000,000 |
CNY 150,000,000 |
|
2015-10-22 |
Registration No. |
330216000002826 |
91330201256107565A |
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 |
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|
Qin Zhaoping |
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|
Wu Xiangdong |
|
|
Peng Liang |
|
|
Zhang Mian |
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Supervisor |
Lou Rong |
|
Zhang Liwen |
|
|
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
Mar.
2011, SC awarded 2010 Advanced Group for Foreign Trade Certification and Authentication
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:
47
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.. as
legal representative
Director
-----------
Bai
Xinhua
Xu
Qiang
Qin
Zhaoping
Wu
Xiangdong
Peng
Liang
Zhang
Mian
Supervisor
--------------
Lou
Rong
Zhang
Liwen
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.
*Major
Customer:
=============
Henkel
Adhesives Technologies India Pvt. Ltd.
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
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, 2013 |
As of Dec. 31, 2014 |
As of Jun. 30, 2015 |
|
Total assets |
1,954,429 |
2,831,673 |
4,888,749 |
|
|
------------- |
------------- |
------------- |
|
Total liabilities |
1,654,861 |
2,458,272 |
4,370,679 |
|
Equities |
299,568 |
373,401 |
518,070 |
|
|
------------- |
------------- |
------------- |
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
From Jan. 1, 2015 to Jun. 30, 2015 |
|
Revenue |
13,484,778 |
14,756,309 |
7,254,566 |
|
Profits |
11,637 |
123,368 |
294,669 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
As of Jun. 30, 2015 |
|
*Liabilities to assets |
0.85 |
0.87 |
0.89 |
|
*Net profit margin (%) |
0.09 |
0.84 |
4.06 |
|
*Return on total assets (%) |
0.60 |
4.36 |
6.03 |
|
*Revenue/Total assets |
6.90 |
5.21 |
1.48 |
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 a fairly good level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is average.
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.66.35 |
|
UK Pound |
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
TRU |
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 |
|
|
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 |
|
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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.