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Report No. : |
342851 |
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Report Date : |
28.09.2015 |
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 Liability Company |
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Line of Business : |
· Subject is engaged as Trader of iron and Steel Products · Subject is engaged in trading of Billets, Deformed Bars, Wire Rods, HR/CR Coils/Sheet, GI, PPGI, Beams, Checker Plate, Seamless Pipe, Round Bar & Stainless Steel |
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No of Employees : |
no employees in Hong Kong (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.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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 |
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.
|
Source
: CIA |
(formerly located at c/o North Asia Corporate Services Ltd. Suite 1505-1506, 15/F., Albion Plaza, 2-6 Granville Road, Tsimshatsui, Kowloon, Hong Kong.)
HONGKONG GRAND
INTERNATIONAL CO. LTD.
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: 86-21-6127 9585, 6127 9510, 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.
38097001
1143985
US$1,000,000.00
(As per registry
dated 25-06-2014)
|
Name |
No. of shares |
|
Grand Resources Group Co. Ltd. Jinying Trading Building, Kaifa District, Daxie, Ningbo,
Zhejiang, China. |
1,000,000 ======= |
(As per registry
dated 25-06-2014)
|
Name (Nationality) |
Address |
|
JIN Bo |
Room 504, No. 14, Lane 58, Caihong South Road, Jiangdong
District, Ningbo, Zhejiang, China. |
(As per registry
dated 25-06-2014)
|
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.
US$110,000,000.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 25-06-2014)
· 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.
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. However, it has had a representative in Hong Kong which is handling its business.
The subject 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, 6127 9510 and 021-6127 9584 respectively.
The subject is an iron and steel products trader.
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 Commodities are imported from India, Russia. Products are exported to worldwide countries and marketed in China. Business is 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. 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. A strategic layout has been formed which covers the whole China and goes global with headquarters in Ningbo, Zhejiang Province, China.
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. 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. 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%.
For the year ended 31st December, 2014, the turnover of the Ideal Group amounted to RMB48,000.0 million Yuan while its profit was RMB47.0 million Yuan. However, both figures were estimated by related organizations in China.
The subject has been banking with Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. It is fully supported by Grand and ultimately by Ideal.
The history of the subject in Hong Kong is over seven years and nine months.
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 or in small credit amounts.
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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.66.10 |
|
UK Pound |
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
VNT |
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 |
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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.