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Report No. : |
343381 |
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Report Date : |
02.10.2015 |
IDENTIFICATION DETAILS
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Name : |
GRAINPRO INC. |
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Registered Office : |
Subic Bay Industrial Park, Subic
Bay Free Port Zone, Zambales, 2222 |
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Country : |
Philippines |
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Date of Incorporation : |
13.11.2002 |
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Legal Form : |
Private Corporation |
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Line of Business : |
Subject is engaged in safe
storage and drying of grains and seeds. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Philippines |
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 |
PHILIPPINES - ECONOMIC OVERVIEW
The economy has weathered global economic
shocks better than its regional peers due to less 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 outsourcing industry. The current
account balance has recorded consecutive surpluses since 2003, international
reserves remain at comfortable levels, and the banking system is stable; the
stock market resumed an upward trajectory in 2014, climbing to new record highs
during the first four months of 2015. Efforts to improve tax administration and
management of expenditures have helped ease the Philippines' tight fiscal
situation and reduce debt levels. Nevertheless, government taxation and spending
remain weak. The Philippines has received investment-grade credit ratings on
its sovereign debt under the AQUINO administration and has had little
difficulty financing its deficits. Economic growth has accelerated, averaging
6.0% per year from 2011-2014, compared with 4.5% under the MACAPAGAL-ARROYO
government; competitiveness has improved; and foreign direct investment hit a
historic high in 2014, although it continues to lag compared with the rest of
the region. Unemployment has remained high, hovering at around 7% of the
population, and underemployment is nearly 20%. At least 40% of the employed
work in the informal sector and poverty afflicts about a quarter of the
population. The AQUINO administration has been working to boost expenditures for
education, health, transfers to the poor, and other social spending programs.
Infrastructure remains underfunded and the government is relying on the private
sector to help with major projects under its Public-Private Partnership
program. Other long term challenges include reforming governance, the judicial
system, and the regulatory environment, and improving the ease of doing
business. The Philippine Constitution and other laws restrict foreign ownership
in important activities/sectors - such as land ownership and public utilities.
Some progress has been made in establishing a Customs Modernization Act to meet
international standards and commitments.
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Source : CIA |
GRAINPRO
INC.
Company:
GRAINPRO PHILIPPINES INC.
Address: Subic Bay Industrial Park, Subic Bay
Free Port Zone,
Zambales, 2222
Country:
Philippines
Service Type:
Normal
Legal Entity - PRIVATE CORPORATION
REGISTRATION –
a)
Certificate No. : A200210131
b)
Date : November 13, 2002
c)
Term : Fifty (50) years
d)
Telephone No. : (63) 47 252 7884
e)
Fax No. : (63) 47 252 7885
f)
Type of Company : Foreign Stock
g)
Country Where Organized :
USA
Address
: 3C Carmela Suite, 15
Chronicle Street, West Triangle, Quezon City, Philippines
(Note: Currency in Philipine Peso, unless otherwise
specified)
CAPITALIZATION - Not
Available
From various sources, we gathered the following: -
GrainPro, Inc., a green, “not-only-for-profit“
company, is driving a global revolution in safe storage and drying of grains and seeds. Using the
principles of Ultra Hermetic™ technology and modified atmospheres,
GrainPro has grown to become a world-leader and a key proponent of the Second
Green
Revolution – the proper storage, handling and distribution of food commodities.
Founded in 1992 in Concord, Massachusetts, USA, GrainPro has a wide
distribution network starting from its head office in Concord to its offices in
Asia (Philippines and India), Africa (Kenya, Ethiopia and Ivory Coast) and
Latin America (Mexico, Costa Rica, Guatemala and Brazil). GrainPro’s solutions are developed andmanufactured by
its wholly-owned subsidiary, GrainPro Philippines, Inc., located in Subic Bay
Gateway Park, Philippines. GrainPro’s line of environmentally-friendly,
easy-to-use and affordable storage and drying solutions are designed to reduce
post-harvest losses of dry agricultural commodities. The following are the
Corporate Officers –
1.
Tom de Bruin, President/CEO
2.
Tommy Ng, VP for Sales & Marketing
– International
3.
Lerva Cardinoza, Sales & Marketing
Coordinator – AFRICA
4.
Claire R. Pagaduan, Sales &
Marketing Coordinator - ASIA
5.
Lyra D. Sales & Marketing
Coordinator - AMERICA
Products:
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
(Audited Financial Statement, Not Available)
June 01, 2015 –
“A Subic-based company, recognized as world leader in post-harvest
storage & drying solutions, launched another innovation of solar-powered
grain dryers that aim to improve the the productivity of small farmers.
GrainPro Inc., with a manufacturing and marketing facility in Subic Bay,
announced the commercial launching of its Solar Bubble Dryer 25 (SBD25), which
promises significantly improved grain drying capability all-year round. The
company also produces the SBD25-Electric, which has the same specifications but
uses electricity to operate. SBD25 is a collapsible modular dryer measuring 15
meters long and with a drying area of 25 square meters that can accommodate up
to 500 kilograms of grains. Because of its compact feature, the SBD25 can be
easily transported, assembled, and stored. Last year, GrainPro rolled out at
its production facility in Subic Bay the SBD25’s predecessor, the Solar Bubble
Dryer 50 (SBD50) and Collapsible Dryer Case II (CDC II) which are designed to
dry up to one metric ton using the same principles employed by the SBD25. A
wholly-owned subsidiary of US-based GrainPro, GrainPro Philippines has sales
offices in India, Kenya, Ethiopia, Ivory Coast, Costa Rica, Guatemala, Brazil
and Mexico. “
November 12, 2014 –
“GrainPro continues to strengthen its focus on
providing safe storage and drying solutions for
the
poorest farmers around the world. Last month, GrainPro introduced the new SuperGrainBagFarm, a low-cost, reusable hermetic
storage bag developed primarily for subsistence farmers. In addition to the SGB Farm, GrainPro also
recently unveiled a Solar Bubble Dryer that was developed in
cooperation with Hohenheim University (Germany) and the non-profit
International Rice Research Institute (IRRI), based in the Philippines.
The SBD uses pure solar energy to dry grains and because of the bubble
enclosure quickly dries commodities while
protecting them from impurities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
UK Pound |
1 |
Rs.99.17 |
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Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis
Done by : |
KIN |
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Report
Prepared by : |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.