MIRA
INFORM REPORT
|
Report Date : |
19.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SINOPEC CHEMICAL
SALES CO., LTD. |
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Registered Office : |
10/F, No. 22, Chaoyangmen North Street,
Chaoyang District, Beijing, 100728 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.02.2009 |
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Com. Reg. No.: |
110000011609074 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Selling chemical materials and chemical products. |
RATING & COMMENTS
|
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 8,000,000 |
|
Status : |
Good |
|
Payment Behaviour : |
Usually Correct |
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
SINOPEC CHEMICAL
SALES CO., LTD.
10/F, NO. 22, CHAOYANGMEN NORTH STREET,
CHAOYANG DISTRICT,
BEIJING, 100728 PR CHINA
TEL: 86 (0)
10-59966938/59966953 FAX: 86 (0) 10-59760713
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEB. 2, 2009
REGISTRATION NO. : 110000011609074
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
284 (including branches)
REGISTERED CAPITAL : CNY 1,101,920,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 28,354,470,000 (Consolidated, AS OF DEC. 31, 2010)
EQUITIES :
cny 1,110,200,000 (Consolidated, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 8,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.39= USd 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
Note: The given telephone number and fax number belong to
Wuhan Operating Department of SC; the given address 18/F Tower C, Publishing
Plaza, No. 268, Xiongchu Street, Hongshan District, Wuhan was the former address
of Wuhan Operating Department.
SC was registered as a one-person limited liability company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Feb. 2, 2009.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting
SC’s registered business scope includes selling 2 - acrylonitrile, acetone,
toluene, methyl ethyl ketone, sulfuric acid, hydrochloric acid, LPG, poisonous drugs, compressed gases and liquefied gases,
flammable liquids, corrosive materials, oxidizers and organic peroxides,
flammable solids, spontaneous combustion and combustible materials when wet;
selling chemical products and materials; petroleum products; investment
management; warehouse service; import and export of goods and technology;
import and export agent.
SC is mainly
engaged in selling chemical materials and chemical products.
Mr. Li Chengfeng
has been the legal representative, chairman and general manager of SC since
2009.
SC is known
to have approx. 284 employees at present, including the ones in its
branches.
SC
is currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Beijing. SC’s
management declined to release the detailed information of the premise.
SC is not known to host website of its own at present.
Changes
of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
2009 |
Registered capital |
CNY 1,000,000,000 |
CNY 1,101,920,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
China Petroleum & Chemical Corporation 100
China Petroleum & Chemical Corporation
(Sinopec Corp.) is a listed company in Shanghai Stock Exchange Market with the
code of 600028 and international Stock Exchanges with integrated upstream,
midstream and downstream operations, strong oil & petrochemical core
businesses and a complete marketing network. The Company was incorporated on 25th
February, 2000 by China Petrochemical Corporation (Sinopec Group) as the sole
initiator, pursuant to the Company Law of the People's Republic of China.
Sinopec issued 16.78 billion H shares in Hong Kong, New York and London Stock
Exchanges on 18th and 19th October, 2000. The Company
floated 2.8 billion A shares in Shanghai Stock Exchange on 16th
July, 2001.
Legal representative: Fu Chengyu
Registered capital: CNY 86,702,500,000
Website: http://www.sinopec.com/
Tel: 010-59960028
Fax: 010-59960386
Address: No. 22 Chaoyangmen North Street,
Chaoyang District, Beijing
l
Legal representative, Chairman and General manager:
Mr. Li Chengfeng , ID# 330106196312040499, born in 1963, he is currently
responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working
in SC as legal representative, chairman and general manager
Also
working in China Petroleum & Chemical Corporation Chemical Sale Branch as
principal
Supervisor:
Mo Zhenglin ID# 110110196409051534
SC is mainly
engaged in selling chemical materials and chemical products.
SC’s products
mainly include 2 - acrylonitrile, acetone, toluene, methyl ethyl ketone,
sulfuric acid, hydrochloric acid, LPG, poisonous
drugs, compressed gases, etc.
SC sources its
materials 60% from domestic market, and 40% from overseas market. SC sells 30%
of its products in domestic market and 70% to the overseas markets, mainly
America and Europe.
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.
Note:
SC declined to release its major suppliers and clients.
China
Petroleum & Chemical Corporation Chemical Sale Branch
Sinopec
Chemical Sales Co., Ltd. Wuhan Operating Department
Address:
20/F Tower C, Publishing Plaza, No. 268, Xiongchu Street, Hongshan District,
Wuhan
Tel:
86-27-51812989
Fax:
86-27-51812995*806
Sinopec
Chemical Sales Co., Ltd. South Central Branch
=========================================
Address:
Inside Baling Company, Yunxi District, Yueyang, Hu’nan, China
Tel:
86-730-8491785/8495829
Fax:
86-730-8496683
Sinopec
Chemical Sales Co., Ltd. Jiangsu Branch
Sinopec
Chemical Sales Co., Ltd. Nanjing Branch
Sinopec
Chemical Sales Co., Ltd. Yizheng Branch
Sinopec
Chemical Sales Co., Ltd. Jiangsu Suzhou Chemical Branch
Sinopec
Chemical Sales Co., Ltd. Jiangsu Kunshan Chemical Branch
Sinopec
Chemical Sales Co., Ltd. Jiangsu Zhenjiang Chemical Branch
Etc.
Note:
The information on SC’s subsidiaries is unknown.
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 China Beijing Branch
AC#N/A
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
850,830 |
642,340 |
|
Bills receivable |
0 |
569,590 |
|
Inventory |
956,460 |
1,398,590 |
|
Accounts
receivable |
1,760,260 |
2,125,200 |
|
Advances to
suppliers |
137,090 |
118,090 |
|
Other
receivables |
706,720 |
356,840 |
|
Trading financial
assets |
0 |
10,800 |
|
Other current
assets |
0 |
20 |
|
|
------------------ |
------------------ |
|
Current assets |
4,411,360 |
5,221,470 |
|
Fixed assets net
value |
138,810 |
16,480 |
|
Projects under
construction |
730 |
0 |
|
Long term investment |
17,890 |
62,890 |
|
Intangible
assets |
42,230 |
204,710 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
4,611,020 |
5,505,550 |
|
|
============= |
============= |
|
Short loans |
0 |
223,110 |
|
Bills payable |
1,326,590 |
641,040 |
|
Accounts payable |
1,396,940 |
2,984,200 |
|
Other payable |
168,310 |
293,810 |
|
Taxes payable |
-41,700 |
-7,760 |
|
Salaries and
Welfares payable |
7,740 |
/ |
|
Advances from
clients |
550,000 |
260,830 |
|
Other current
liabilities |
0 |
120 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
3,407,880 |
4,395,350 |
|
Long term
liabilities |
40 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
3,407,920 |
4,395,350 |
|
Equities |
1,203,100 |
1,110,200 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
4,611,020 |
5,505,550 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
18,333,100 |
28,354,470 |
|
Cost of goods
sold |
17,959,040 |
27,983,970 |
|
Sales expense |
126,780 |
131,150 |
|
Management expense |
84,570 |
74,540 |
|
Finance expense |
7,540 |
22,370 |
|
Investment
income |
/ |
400 |
|
Profit before
tax |
150,430 |
140,330 |
|
Less: profit tax |
38,630 |
37,020 |
|
Profits |
111,800 |
103,310 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.29 |
1.19 |
|
*Quick ratio |
1.01 |
0.87 |
|
*Liabilities
to assets |
0.74 |
0.80 |
|
*Net profit
margin (%) |
0.61 |
0.36 |
|
*Return on
total assets (%) |
2.42 |
1.88 |
|
*Inventory
/Turnover ×365 |
19 days |
18 days |
|
*Accounts receivable/Turnover
×365 |
35 days |
27 days |
|
*Turnover/Total
assets |
3.98 |
5.15 |
|
* Cost of
goods sold/Turnover |
0.98 |
0.99 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears GOOD in its line and it
increased in 2010.
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 normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average in 2010.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high in 2010.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable
SC is large-sized in its line with favorable background and stable
financial conditions. A credit line up to USD 8,000,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.46 |
|
|
1 |
Rs.74.96 |
|
Euro |
1 |
Rs.65.79 |
RATING EXPLANATIONS
|
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.