x
MIRA
INFORM REPORT
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Report Date : |
16.02.2012 |
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Tel. No.: |
86-10-58603939 / 58603691 |
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Fax No.: |
86-10-58603690 |
IDENTIFICATION DETAILS
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Name : |
sunson industry group CO., LTD. |
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Registered Office : |
Suite 628, China Minmetals Building, Block 4, Anhuili, Chaoyang
District, Beijing, 100101 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.04.1996 |
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Com. Reg. No.: |
640000200007475 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling various enzymes |
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No. of Employees : |
110 |
RATING & COMMENTS
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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 |
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Maximum Credit Limit : |
usd 400,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
Company name and address
sunson industry group CO., LTD.
SUITE 628, CHINA
MINMETALS BUILDING, BLOCK 4, ANHUILI,
CHAOYANG DISTRICT,
BEIJING, 100101 PR CHINA
TEL: 86 (0)
10-58603939/58603691 FAX: 86 (0)
10-58603690
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL 8, 1996
REGISTRATION NO. : 640000200007475
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
110
REGISTERED CAPITAL : CNY 31,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 69,640,000 (UNAUDITED, AS OF DEC. 31, 2011)
EQUITIES :
CNY 80,330,000 (UNAUDITED, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 400,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.2972 = 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 Renminbi
SC was registered as a limited liabilities co. at Ningxia Hui Autonomous
Region Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on April 8, 1996.
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 manufacturing & selling Plant fine extracted
complex enzyme, fruit & vegetable juices & wine complex enzyme,
β-glucanase, industrial protease, cellulase, beer complex enzyme,
glucoamylase, phytase, medium temperature α-amylase, thermostable
α-amylase, pectinase, feed-grade enzyme preparations, xylanase, fungal
α-amylase, lipase, glucose oxidase; sales and technology development of
β-amylase; importing auxiliary materials, machinery and equipment, spare
parts and technology which required in the production, excluding the items
prohibited or limited by the country.
SC is mainly
engaged in manufacturing and selling various enzymes.
Mr. Du
Zhongping is legal representative and
chairman of SC at present.
SC is known to
have approx. 110 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. SC’s
employee
refused to release the detailed information of the premise.
Note:
SC also has the other address located in its registered address – No. 349,
Changcheng Middle Road, Jinfeng District, Yinchuan City , and SC’s factory also
located in this address.
Tel:
0951-5046001
http://www.sunsonenzymes.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: office@sunsonenzymes.com
Qualifications:
ISO9001-2000 Quality Management System Certification
State-Level Torch Project of Cellulase Research
State Key Enterprise of China Enzymes Industry
Executive Director of China Fermentation Industry Association
Kosher Certificate
Halal Certificate
No significant changes were found during our checks with the local AIC.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Qian Ailing 2.58
Du Xiaoning 1.29
Du Zhongping 96.13
l
Legal representative and chairman:
Mr. Du Zhongping is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as
legal representative and chairman.
Also working in Cangzhou
Shengyuan Biotechnology Co., Ltd. as legal representative.
SC is mainly
engaged in manufacturing and selling various enzymes.
SC’s products mainly include: Plant fine extracted complex enzyme, fruit
& vegetable juices & wine complex enzyme, β-glucanase, industrial
protease, cellulase, beer complex enzyme, glucoamylase, phytase, medium
temperature α-amylase, thermostable α-amylase, pectinase, feed-grade
enzyme preparations, xylanase, fungal α-amylase, lipase, glucose oxidase.
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 70% of its products in domestic
market, and 30% to 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 Check, T/T, L/C and Credit of 30-60 days.
Note: SC refused
to release its main clients and suppliers.
Partners:
(according to SC’s website)
=============================
Shanghai Xinxia Biotechnology Co., Ltd. (in
Chinese pinyin)
Shanghai Dydi Industry Development Co., Ltd.
(literal translation)
Xi′an Sunson Economic and Trade Co.,
Ltd.
Etc.
Cangzhou
Shengyuan Biotechnology Co., Ltd.
The
information on SC’s subsidiaries is not available 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.
SC declined to
release its banking details.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Cash & bank |
1,130 |
|
Inventory |
6,490 |
|
Bills receivable |
100 |
|
Accounts
receivable |
39,850 |
|
Other Accounts
receivable |
19,950 |
|
Advances to
suppliers |
10,330 |
|
To be
apportioned expense |
10 |
|
Other current
assets |
10 |
|
|
------------------ |
|
Current assets |
77,870 |
|
Fixed assets net
value |
2,840 |
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Long-term
investment |
2,720 |
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Intangible and
other assets |
630 |
|
|
------------------ |
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Total assets |
84,060 |
|
|
============= |
|
Short loans |
5,560 |
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Accounts payable |
-12,340 |
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Advance from
customers |
0 |
|
Welfare payable |
760 |
|
Other Accounts
payable |
8,850 |
|
Taxes payable |
880 |
|
Surcharge
payable |
20 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
3,730 |
|
|
Long term
liabilities |
0 |
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Other
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
3,730 |
|
Equities |
80,330 |
|
|
------------------ |
|
84,060 |
|
|
|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2011 |
|
Turnover |
69,640 |
|
Cost of goods sold |
48,130 |
|
Taxes and additional of main operation |
460 |
|
Sales expense |
6,110 |
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Management expense |
5,320 |
|
Finance expense |
1,100 |
|
Subsidy income |
990 |
|
Non-operating
income |
0 |
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Non-operating expense |
80 |
|
Profit before
tax |
9,440 |
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Less: profit tax |
1,410 |
|
Profits |
8,030 |
Note: The above financial report has not been audited.
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
20.88 |
|
*Quick ratio |
19.14 |
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*Liabilities
to assets |
0.04 |
|
*Net profit
margin (%) |
11.53 |
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*Return on
total assets (%) |
9.55 |
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*Inventory
/Turnover ×365 |
34 days |
|
*Accounts
receivable/Turnover ×365 |
209 days |
|
*Turnover/Total
assets |
0.83 |
|
* Cost of
goods sold/Turnover |
0.69 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is low, 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 is maintained in an average
level.
l
The accounts receivable of SC is fairly large.
l
SC’s short-term loan appears average in 2011.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
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. The large amount of accounts receivable could be a threat to SC’s
financial condition. A credit line up to USD 400,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.