MIRA INFORM REPORT

 

 

Report No. :

500974

Report Date :

28.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GRAINPRO PHILIPPINES INC

 

 

Registered Office :

3-C Carmela Suite, 15 Chronicle Street, West Triangle, Quezon City, Metro Manila

 

 

Country :

Philippines

 

 

Date of Incorporation :

1992

 

 

Legal Form :

Private Corporation

 

 

Line of Business :

Subject is a green, “not-only-for-profit“ company, is driving a global revolution in safe storage and  drying of grains and seeds

 

 

No. of Employees :

Not available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Philippines

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

PHILIPPINES - ECONOMIC OVERVIEW

 

The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding outsourcing industry. During 2016, the current account balance narrowed to its lowest level since the 2008 global financial crisis, but nevertheless mustered a surplus for a 14th consecutive year. International reserves remain at comfortable levels and the banking system is stable.

Efforts to improve tax administration and expenditures management have helped ease the Philippines' debt burden and tight fiscal situation. The Philippines received investment-grade credit ratings on its sovereign debt under the former AQUINO administration and has had little difficulty financing its budget deficits. However, weak absorptive capacity and implementation bottlenecks have prevented the government from maximizing its expenditure plans. Although it has improved, the low tax-to-GDP ratio remains a constraint to supporting increasingly higher spending levels and sustaining high and inclusive growth over the longer term.

Economic growth has accelerated, averaging 6.1% per year from 2011 to 2016, compared with 4.5% under the MACAPAGAL-ARROYO government; and competitiveness rankings have improved. Although 2016 saw a record year for net foreign direct investment inflows, FDI to the Philippines has continued to lag regional peers, in part because the Philippine constitution and other laws restrict foreign ownership in important activities/sectors - such as land ownership and public utilities.

Although the economy grew at a faster pace under the AQUINO government, challenges to achieving more inclusive growth remain. Wealth is concentrated in the hands of the rich. The unemployment rate declined from 7.3% to 5.5% between 2010 and 2016 but the jobs are low paying and tedious. Underemployment hovers at around 18% to 19% of the employed. At least 40% of the employed work in the informal sector. Poverty afflicts more than a fifth of the population. More than 60% of the poor reside in rural areas, where the incidence of poverty (about 30%) is more severe - a challenge to raising rural farm and non-farm incomes. Continued efforts are needed to improve governance, the judicial system, the regulatory environment, the infrastructure, and the overall ease of doing business.

2016 saw the election of President Rodrigo DUTERTE, who has pledged to make inclusive growth and poverty reduction his top priority. DUTERTE believes that illegal drug use, crime and corruption are key barriers to economic development among the lower income class. This administration wants to reduce the poverty rate to 14% and graduate the economy to upper-middle income status by the end of President DUTERTE’s term in 2022. Key themes under the government’s Ten-Point Socioeconomic Agenda include continuity of macroeconomic policy, tax reform, higher investments in infrastructure and human capital development, and improving competitiveness and the overall ease of doing business. The administration has vowed to address spending bottlenecks and is pushing for congressional passage of a Comprehensive Tax Reform Program to help finance more aggressive infrastructure and social spending, starting in 2018. The government also supports relaxing restrictions on foreign ownership, except for land.

 

Source : CIA

 

ANTECEDENT INFORMATION

 

Company:                  GRAINPRO PHILIPPINES INC.

Address:                    Subic Bay Industrial Park, Subic Bay Freeport Zone

Service Type:             Normal                 

 

 

FINDINGS

 

We conducted research and investigation on GRAINPRO PHILIPPINES INC. and showed the following, viz:

 

 

VERIFICATION WITH SECURITIES & EXCHANGE COMMISSION (SEC): GRAINPRO PHILIPPINES INC. 
 
 

Legal Entity 

 
PRIVATE CORPORATION, duly organized and existing under the laws of Massachusettestative, USA. Licensed to established representative office on Nov.13, 2002.
 
 

REGISTRATION

 

a)     Certificate No.                       :       A200210131

b)    Date                                      :       November 13, 2002

c)     Term                                     :       Fifty (50) years

d)    Telephone No.                      :       (63) 47 252 78061284 / 411-0330

e)      Fax No.                                :       (63) 47 252 7885 / (632) 372

f)     Type of Organization            :       Foreign Stock  (Representative Office)   

g)    Country Where Organized   :        USA

h)     Address                              :        USA

i)      Nature of Business              :        Grain Storage

j)    Website                                :         www.grainpro.com

      k)    Email                                    :         salesasia@grainpro.com                                                                                

 

           

Addresses       

 

1)    :       3-C Carmela Suite, 15 Chronicle Street, West Triangle, Quezon City, Metro Manila, Philippines

                                   

2)   :        Subic Bay Industrial Park, Subic Bay Freeport Zone

 

3)   :         Lot 46 Efficiency Avenue, Subic Bay Gateway Park, Subic Bay Feeport Zone, Zambales

 

4)   :        Lot 28  29 Innovative St., Olongapo, 2222  Zambales

           

     

CAPITALIZATION     

 

Not Available

 

 

AUDITED FINANCIAL STATEMENT  

 

Not Available

 

      

OTHER FINDINGS

 

Based on our 2015 report.  

 

From various sources, 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 and manufactured 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:

 

1. GrainPro Flood Protected Self-Verifying Cocoon – an airtight (ultra hermetic) unsupported rectangular structures made of lightweight UV resistant PVC.    

 

2. GrainPro Super Grainbag – water resistant gas tight solution for a vast range of dry agricul-tural commodities. Used as an inner linen for jute bags & ordinary sacks.

             

3. GrainPro Collapsible Dryer Case – a low cost solution for safe, effective & convenient drying of a vast ranges of agricultural products.

 

4. GrainPro TransSafeLiner – prevents condensation & infection in agricultural commodities transported in shipping lines.

 

5. GrainPro GrainSafe – a water resistant & gas tight solution for dry agricultural products. Made of foodgrade UV resistant flexible PVC, designed for indoor & outdoon installation                                                     

 

6. GrainPro Silbag – a sealed collapsible enclosure, used for making, storing & preserving good quality silage.

 

 

SOCIAL/MEDIA REPORTS –

 

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 PHILIPPINES 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

INR 64.80

UK Pound

1

INR 92.25

Euro

1

INR 80.76

PHP

1

INR 1.24

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TPT

                                                


 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.