MIRA
INFORM REPORT
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Report Date : |
07.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI SUNSHINE CHEMICAL CO., LTD. |
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Registered Office : |
Room 1702, No. 1, Lane 377, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jun. 28, 2002 |
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Com. Reg. No.: |
3102282027659 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in selling
cosmetic raw materials. |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
Up To USD10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI SUNSHINE CHEMICAL CO., LTD.
ROOM 1702, NO. 1, LANE 377,
SHANGHAI 200235 PR
TEL: 86 (0) 21-54256395
FAX: 86 (0) 21-54258973
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUN. 28, 2002
REGISTRATION NO. :
3102282027659
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
8
REGISTERED CAPITAL : CNY500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY2,490,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY1,050,000 (AS OF DEC. 31,
2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADy
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.55= US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was reregistered as a limited liabilities company at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Jun. 28, 2002.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes
selling cosmetics, cosmetic raw materials, plastic products, and groceries.
SC is mainly
engaged in selling cosmetic raw materials.
Ms. Xie Lizi has
been chairman of SC since 2002.
SC is known to have approx. 8 staff members at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 100 square meters.
http://www.rscosmetic.com The design is
professional and the content is well organized. At present, the web is in
Chinese and English versions.
No
significant events or changes were found during our checks with the local AIC.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Xie Lizi 60
Lv Shunfang 40
l
Chairman and
General Manager:
Ms. Xie Lizi, in her
Working Experience(s):
From 2002 to present Working in SC as chairman and general manager.
SC is mainly
engaged in selling cosmetic raw materials.
SC’s products mainly include: Sun Care Products, Emollient, Hair Care,
Whitening products, etc.
SC sources its
materials 80% from domestic market, and 20% from overseas market. SC sells 30%
to overseas market, mainly European and American countries, and 70% in domestic market, mainly
The buying terms of SC include Check, T/T, L/C, Check and Credit of 30-60 days. The payment terms of SC
include T/T, L/C, Check and Credit of 30-60 days.
SC is
not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average ( )
Fair ( ) Poor
( ) Not yet 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.
Bank of
AC#：N/A
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
240 |
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Inventory |
200 |
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Bills receivable |
0 |
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Accounts
receivable |
20 |
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Other Accounts
receivable |
0 |
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Advances to
suppliers |
720 |
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To be
apportioned expense |
0 |
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Other current
assets |
10 |
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Current assets |
1,190 |
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Fixed assets |
50 |
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Long term
investment |
0 |
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Other assets |
10 |
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Total assets |
1,250 |
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Short loans |
0 |
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Bills payable |
0 |
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Accounts payable |
170 |
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Advances from
clients |
0 |
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Other Accounts
payable |
0 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
30 |
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Current
liabilities |
200 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
200 |
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Equities |
1,050 |
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Total
liabilities & equities |
1,250 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
2,490 |
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Cost of goods
sold |
2,070 |
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Sales expense |
280 |
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Management expense |
70 |
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Finance expense |
0 |
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Profit before
tax |
60 |
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Less: profit tax |
10 |
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Profits |
50 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 5.95
*Quick ratio 4.95
*Liabilities to
assets 0.16
*Net profit
margin (%) 2.01
*Return on total
assets (%) 4.00
*Inventory
/Turnover ×365 29 days
*Accounts
receivable/Turnover ×365 3 days
*Turnover/Total
assets 1.99
*Cost of goods
sold/Turnover 0.83
PROFITABILITY: AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY:
AVERAGE
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The current ratio of SC is maintained in a
fairly good level.
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SC’s quick ratio is maintained in a fairly good
level.
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The inventory of SC is maintained in an acceptable
level.
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The accounts receivable of SC appears normal.
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SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is fairly low.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD10,000 would appear to be within SC’s
capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)