MIRA
INFORM REPORT
|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SINOLIGHT CHEMICALS COMPANY LTD. |
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Registered Office : |
No. 60 Jianshe Yilu, Xiashan Economic Development Zone, Hangzhou, Zhejiang
Province 315324 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.03.1995 |
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Com. Reg. No.: |
330181000039558 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling surfactants |
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No. of Employees : |
119 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Sinolight Chemicals
Company Ltd.
no. 60 jianshe yilu, xiashan economic development zone
hangzhou, ZHEJIANG PROVINCE 315324 PR CHINA
TEL: 86 (0) 571-82833187/82831805/82831570
FAX: 86 (0) 571-82831382
EXECUTIVE SUMMARY
Date of Registration : march 8, 1995
REGISTRATION NO. : 330181000039558
LEGAL FORM : Shares limited company
REGISTERED CAPITAL :
cny 60,000,000
staff : 119
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 378,812,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 93,031,000 (AS OF DEC. 31, 2011)
WEBSITE : www.sinolight-chem.com
E-MAIL :
slzc@sinolight-chem.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
LEGAL STATUS & HISTORY
SC was
established as a shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330181000039558.
SC’s Organization Code Certificate
No.: 60930298-1
SC’s Tax No.: 330181609302981
SC’s registered capital: cny 60,000,000
SC’s paid-in capital: cny 60,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Sinolight
Materials Corporation |
51 |
|
China Research Institute of
Daily Chemical Industry |
4 |
|
Shanghai Lonsen
Union Investment Co., Ltd. |
25 |
|
Other 13 individuals |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Tu Guoping |
|
General Manager |
Yang
Xinchang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Sinolight
Materials Corporation 51
China Research Institute of Daily
Chemical Industry 4
Shanghai Lonsen
Union Investment Co., Ltd. 25
Other 13 individuals 20
n
Sinolight
Materials Corporation
--------------------------------------------
Sinolight
Materials Corporation is one of the subsidiaries of China National Light
Industry Group. The corporation was created with investment from the
State-owned Assets Supervision and Administration Commission of the State
Council (SASAC). In August 2007 to
establish a unified trade platform, the Group integrated the subsidiary bodies
of the major trading business into one, named Sinolight
Materials Corporation, which would operate together with Sinolight Materials Co Ltd.
Registration No.:
110101007053559
Legal Form: State-owned Enterprise
Registered Capital: CNY
400,000,000
Legal Representative: Qian Xiaolin
Address: Sinolight
Plaza, Qiyang Road, Wangjing,
Chaoyang District, Beijing
Post Code: 100102
Tel: 86 (0) 10-64778666
Fax: 86 (0) 10-64778688
E-mail: office@sinolight.cn
n
China
Research Institute of Daily Chemical Industry
---------------------------------------------------------------------
China Institute of Daily Chemical Industry(RIDCI) is the earliest professional research institute for r&d of surfactant and detergents in China. RIDCI includes five departments:National Engineering Research Center for Surfactants,the National Center of Quality Supervision and Testing for Detergents,China Standardization Center for Surfactant/Detergent,China Information Center of Daily Chemical Industry,Shanxi Key Laboratory of Surfactants.Equipped with many advanced equipments and module pilot plants,RIDCI has an outstanding scientific research capacity, and also is authorized to consult and design engineering projects and to design pressure vessels of class Ⅰand classⅡ.
Address: 34 Wenyuan
Street,Taiyuan, Shanxi
Tel: 86 (0) 351-4044836
Fax: 86 (0) 351-4040802
E-mail: ridci@ridci.cn
Code: 030001
Web: www.ridci.cn
n
Shanghai
Lonsen Union Investment Co., Ltd.
-----------------------------------------------------------
Registration No.: 310112000423625
Legal Form: One-person limited
Liabilities Company
Registered Capital: CNY
150,000,000
Legal Representative: Ruan Weixiang
MANAGEMENT
Tu Guoping , Legal Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman, also working in Sinolight Materials Corporation as deputy general manager
Yang Xinchang, General Manager
--------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing surfactants
and related derivatives; selling its owned products, chemical products;
importing and exporting its owned products.
SC is
mainly engaged in manufacturing and selling surfactants.
SC’s products mainly include:
·
Sodium Lauryl
Ether Sulfate (SLES)
Ammonium
Lauryl Ether Sulfate (ALES)
Sodium
Lauryl Sulfate (SLS)
Ammonium
Lauryl Sulfate (ALS)
Sodium
Alpha-Olefin Sulfonate (AOS)
Dodecyl sulfuric triethanolmine
(K12-T/40)
Linear
alkyl benzene sulfonic acid (LAS)
SC sources its materials 100% from domestic market, mainly Zhejiang. SC sells 60% of its products in domestic market, and 40% to overseas market, mainly USA, Europe, Mid East, Southeast Asia, etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Soltex Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 119
staff at present.
SC rents an area
as its operating office & factory of approx. 30,000 sq. meters at the
heading address.
RELATED COMPANY
SC is known to have a
subsidiary and a branch at present:
· Sinolight Chemicals Shaoxing Co., Ltd.
Sinolight Chemicals Company Ltd. Jiangmen Branch
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank
of China Zhejiang Branch
AC#:
374058326698
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
29,197 |
28,541 |
|
|
Notes receivable |
400 |
4,022 |
|
Accounts
receivable |
15,286 |
9,860 |
|
Advances to
suppliers |
24,209 |
6,119 |
|
Other receivable |
58,333 |
71,125 |
|
Inventory |
40,270 |
44,620 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
167,695 |
164,287 |
|
Fixed assets |
27,334 |
22,119 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
6,837 |
9,521 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
1,797 |
2,132 |
|
Other
non-current assets |
36,065 |
37,329 |
|
|
------------------ |
------------------ |
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Total assets |
239,728 |
235,388 |
|
|
============= |
============= |
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Short-term loans |
73,000 |
56,500 |
|
Notes payable |
14,000 |
10,000 |
|
Accounts payable |
29,594 |
16,187 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
1,557 |
-3,082 |
|
Advances from clients |
1,652 |
16,115 |
|
Other payable |
30,119 |
46,637 |
|
Other current
liabilities |
181 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
150,103 |
142,357 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
150,103 |
142,357 |
|
Equities |
89,625 |
93,031 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
239,728 |
235,388 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
465,839 |
378,812 |
|
Cost of sales |
221,050 |
226,293 |
|
Taxes and surcharges |
1,156 |
1,249 |
|
Sales expense |
8,501 |
9,164 |
|
Management expense |
23,351 |
17,615 |
|
Finance expense |
1,793 |
3,709 |
|
Investment
income |
0 |
5,287 |
|
Non-business
income |
994 |
603 |
|
Non-business expenditure |
73 |
28 |
|
Profit before
tax |
6,046 |
10,757 |
|
Less: profit tax |
-203 |
-473 |
|
6,249 |
11,230 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.12 |
1.15 |
|
*Quick ratio |
0.85 |
0.84 |
|
*Liabilities
to assets |
0.63 |
0.60 |
|
*Net profit
margin (%) |
1.34 |
2.96 |
|
*Return on
total assets (%) |
2.61 |
4.77 |
|
*Inventory /
Revenue ×365 |
32 days |
43 days |
|
*Accounts
receivable/ Revenue ×365 |
12 days |
10 days |
|
*
Revenue/Total assets |
1.94 |
1.61 |
|
* Cost of
sales / Revenue |
0.47 |
0.60 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly 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 sales is average, comparing with its revenue.
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 is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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.