MIRA INFORM
REPORT
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Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG SUNRISE CHEMICALS CO., LTD. |
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Registered Office : |
22nd Floor, |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
06.12.2000 |
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Com. Reg. No.: |
330206000010201 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
importing and exporting
chemical raw materials and products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
Company name & address
ZHEJIANG SUNRISE
CHEMICALS CO., LTD.
22ND FLOOR,
455 22
TEL: 86 (0) 574- 87731806/87701708/87817661 FAX: 86 (0) 574- 87701738/87970879
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 6, 2000
REGISTRATION NO. : 330206000010201
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
70
REGISTERED CAPITAL : CNY 55,563,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,020,546,000 (AS OF DEC.
31, 2008)
EQUITIES :
CNY 63,208,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.82770 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a Limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 6, 2000.
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 wholesaling acrylonitrile,
toluene diisocyanate (TDI), and propiolic alcohol (excluding warehousing)
(validity period as of May 10, 2012); wholesaling compressed gas and liquefied
gas (inflammable gas and poisonous gas), inflammable liquid (medium flash-point
liquid, high flash-point liquid, and low flash-point liquid), inflammable
solid,
spontaneously combustibles, inflammables, oxidant, organic peroxide,
toxicant articles, infectious materials, corrosive (acidic corrosive, alkaline
corrosive, and other corrosive) (excluding excluding highly toxic products,
first class poison, product oil) (validity period as of Jul. 7, 2012);
wholesaling and retailing chemical raw materials and products,
pharmaceutical intermediates, amino acid combination, rubber products, building
materials, metal materials, machinery electrical equipments, hardware and
electronic components, daily necessities and auto parts; importing and
exporting commodities and technologies (excluding commodities and technologies
prohibited by country).
SC is mainly
engaged in importing and exporting chemical raw materials and products.
Mr. Sun Yang has
been the legal representative, chairman and general manager of SC since 2000.
SC is known
to have approx. 70 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Ningbo. The detailed information of
the area is unspecified.
http://www.sfcc.com.cn/
The design is professional and the content is well organized. At present it is
in Chinese, English and Japanese versions.
E-mail: info@sfcc.com.cn
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered no. |
3302062701101 |
3302062703261 |
|
|
Registered capital |
CNY 5,000,000 |
CNY 22,030,000 |
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|
Registered no. |
3302062703261 |
330206000010201 |
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|
Registered capital |
CNY 22,030,000 |
CNY 34,275,500 |
|
|
Registered capital |
CNY 34,275,500 |
CNY 39,642,500 |
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|
Registered capital |
CNY 39,642,500 |
CNY 50,600,000 |
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|
Registered capital |
CNY 50,600,000 |
Present amount |
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Shareholders |
Sun Yang 15.5% Chen Feng 8.7% Ding Dafa 8.08% Qiu Jin 7.92% Zhou Chunfei 6.13% Zhang Xiaohua 5.93% Zhang Weili 4.55% Li Riwu 4.55% Zhang Weiwen 3.95% Yu Xiaoou 3.87% Other shareholders 30.82% |
Present ones |
|
|
Company name |
Zhejiang Sunrise Fine Chemicals Co., Ltd. |
Zhejiang Sunrise Chemicals Co., Ltd. |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Sun Yang
15.92
Chen Feng 7.92
Ding Dafa 7.36
Qiu Jin
7.22
Zhou Chunfei
5.58
Zhang Xiaohua
5.4
Yuan Xiangzhi
4.52
Zhang Weili
4.14
Li Riwu
4.14
Zhang Weiwen
3.6
Taizhou Dadi Fine Chemical
Other shareholders
32.49
Taizhou Dadi Fine Chemical Co., Ltd
============================
Address:
A2,
Tel: 0576-8897898
Registered no.: 331002000020288
l
Legal representative, chairman and general manager:
Mr. Sun Yang, ID# 332601701213311, born in 1970. He is currently responsible
for the overall management of SC.
Working Experience(s):
Form 2000 to present Working
in SC as Legal representative, chairman and general manager.
Also working in Ningbo Donghai Shuguang Office as legal representative.
l
Directors:
· Mr. Ding Dafa, ID# 332623197503032555.
· Mr. Chen Feng, ID# 332601740711061.
· Ms. Zhou Chunfei, ID# 332601650203102.
· Mr. Li Riwu, ID# 330323771030191.
·
Mr.
· Mr. Qiu Jin, ID# 31010319700809163X.
l
Supervisor:
· Ms. Chen Xuejuan, ID# 330205198012091209.
SC is mainly
engaged in importing and exporting chemical raw materials and products.
SC’s products
mainly include: chemical raw materials and products, pharmaceutical intermediates,
amino acid combination, rubber products, etc.
SC sources its
materials 70% from domestic market, and 30% from the overseas market. SC sells
30% of its products in domestic market and 70% to the 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 T/T, L/C and Credit of 30-60 days.
According to SC’s website:
Shanghai Office
Add.:
Room 2201,
Tel.:
+86-21-52715561
Fax:
+86-21-52715560
Add.:
Room 703,
Tel:
+86-20-38817889
Fax:
+86-20-38808319
Taizhou Office
Add.:
Room 2023,
Tel.:
+86-576-88897898
Fax:
+86-576-88531153
Add:
Tel:
+82-2-32737172
Fax:
+82-2-32737116
Sunchem Japan Inc
Add:
Tel.:
81-3-3667-6222
Fax:
81-3-3667-6223
SC is known to invest in the following companies:
Ningbo
Yuanou Fine Chemical Co., Ltd.
Address:
Xiepu Chemical Zone, Zhenhai,
Linhai
Jianxin Chemical Co., Ltd.
Address:
4th Floor,
Ningbo
Zhenhai Jiacheng Chemical Co., Ltd. (in Chinese Pinyin)
Address:
Xiepu Chemical Zone, Zhenhai,
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 refused to release any information of its
suppliers and the trade reference was not available.
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#
810033911208091001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2007 |
As
of Dec. 31, 2008 |
|
Cash & bank |
35,820 |
31,870 |
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Inventory |
111,613 |
44,064 |
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Bills receivable |
2,686 |
6,377 |
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Accounts
receivable |
80,876 |
63,248 |
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Advances to
suppliers |
70,404 |
19,526 |
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Other
receivables |
29,517 |
29,117 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
|
330,916 |
194,202 |
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Fixed assets net
value |
6,792 |
5,934 |
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Long term
investment |
13,373 |
16,715 |
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Intangible and
other assets |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
351,081 |
216,851 |
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|
============= |
============= |
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Short loan |
118,566 |
43,618 |
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Bills payable |
6,516 |
37,762 |
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Accounts payable |
172,917 |
60,142 |
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Advances from
clients |
13,357 |
6,287 |
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Taxes payable |
-5,400 |
-282 |
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Other Accounts
payable |
2,397 |
5,930 |
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Other unpayment |
83 |
171 |
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Withdraw the
expenses in advance |
6 |
15 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
308,442 |
153,643 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
|
308,442 |
153,643 |
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Equities |
42,639 |
63,208 |
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------------------ |
------------------ |
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Total
liabilities & equities |
351,081 |
216,851 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2007 |
As
of Dec. 31, 2008 |
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Turnover |
1,374,755 |
1,020,546 |
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Cost of goods sold |
1,323,479 |
981,412 |
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Taxes and additional of main operation |
615 |
569 |
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Sales expense |
36,758 |
25,787 |
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Management expense |
5,397 |
6,194 |
|
Finance expense |
3,530 |
3,689 |
|
Other operating profit |
0 |
5 |
|
Investment income |
0 |
2,492 |
|
Non-operating income |
84 |
4 |
|
Non-operating
expenses |
57 |
120 |
|
Profit before tax |
5,003 |
5,276 |
|
Less: profit tax |
1,781 |
1,032 |
|
Profits |
3,222 |
4,244 |
Note: SC has not lodged
the latest annual returns in the local registry, hence no up-to-date detailed
financial information could be provided.
Important Ratios
=============
|
|
As
of Dec. 31, 2007 |
As of Dec. 31,
2008 |
|
*Current ratio |
1.07 |
1.26 |
|
*Quick ratio |
0.71 |
0.98 |
|
*Liabilities
to assets |
0.88 |
0.71 |
|
*Net profit
margin (%) |
0.23 |
0.42 |
|
*Return on
total assets (%) |
0.92 |
1.96 |
|
*Inventory
/Turnover ×365 |
30 days |
16 days |
|
*Accounts
receivable/Turnover ×365 |
21 days |
23 days |
|
*Turnover/Total
assets |
3.92 |
4.71 |
|
* Cost of
goods sold/Turnover |
0.96 |
0.96 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level in
2007, but normal in 2008.
l
The inventory of SC appears fairly large in 2007,
but average in 2008.
l
The accounts receivable of SC appears average in
2007 and 2008.
l
The short loan of SC appears fairly large in 2007,
but average in 2008.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
---- |
NB |
New Business |
---- |
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.