MIRA
INFORM REPORT
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Report Date : |
12.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI SUNRISE CHEMICAL CO., LTD. |
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Registered Office : |
17# Building,
Xuhui Functional Material Park, No. 237 Xitai Road Shanghai 200231 Pr |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
05.03.1998 |
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Com. Reg. No.: |
310107000207798 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
polymer emulsion and dispersion, water-based
cleaners |
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No. of Employees : |
82 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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China |
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
Shanghai Sunrise Chemical Co., Ltd.
17# building, Xuhui Functional Material Park, No. 237 Xitai Road
shanghai 200231 PR CHINA
TEL: 86 (0) 21-64770899
FAX: 86 (0) 21-64770899
EXECUTIVE
SUMMARY
Date of
Registration : march 5, 1998
REGISTRATION NO. : 310107000207798
LEGAL FORM : Limited liabilities
company
CHIEF
EXECUTIVE : zheng baicun (LEGAL
REPRESENTATIVE)
REGISTERED
CAPITAL : cny 10,000,000
staff : 82
BUSINESS
CATEGORY : manufacturing & trading
REVENUE :
CNY 37,850,000 (JAN. 1 2012 TO AS OF JUN. 30, 2012)
EQUITIES :
CNY 14,720,000 (AS OF JUN. 30, 2012)
WEBSITE : www.sunrisechem.com.cn
E-MAIL : info@sunrisechem.com.cn
PAYMENT
: AVERAGE
MARKET
CONDITION : average
FINANCIAL
CONDITION : stable
OPERATIONAL
TREND : fairly 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
***Note: The provide address (Room 328, Jiangnan
Business Center, nO. 412 Luban Road, Shanghai) was SC’s former one, while SC is
operating in the heading premise.
SC was established as a limited
liabilities company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 310107000207798 on March 5,
1998.
SC’s Organization Code
Certificate No.: 60738579-5
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
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:-
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Name of Shareholder (s) |
% of Shareholding |
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Shen Yanli |
6 |
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Fu Lefeng |
10 |
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Liu Kerong |
4 |
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Wang
Xinping |
10 |
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Zheng
Baicun |
70 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal
Representative, Chairman, and General Manager |
Zheng
Baicun |
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Director |
Fu Lefeng |
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Wang
Xinping |
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Supervisor |
Shen Yanli |
RECENT
DEVELOPMENT
No recent development was found during our
checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Shen Yanli 6
Fu Lefeng 10
Liu Kerong 4
Wang Xinping 10
Zheng Baicun 70
MANAGEMENT
Zheng Baicun, Legal
Representative, Chairman and General Manager
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Gender: M
Qualification: University
Working experience (s):
From 1998 to present, working in SC as legal
representative, chairman and general manager, also working in Shanghai Sunrise
Polymer Materials Co., Ltd., Shanghai Sunrise Flooring Materials Co., Ltd. as
legal representative
Director
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Fu Lefeng
Wang Xinping
Supervisor
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Shen Yanli
BUSINESS
OPERATION
SC’s registered business scope includes
manufacturing and selling polymer emulsion and dispersion, water-based
cleaners, nano-materials and related chemicals.
SC is mainly engaged in
manufacturing and selling polymer emulsion and
dispersion, water-based cleaners.
Brand: sunrise
SC’s
products mainly include: waterborne polymer dispersant molecular design and
synthesis, nanometer materials
SC sources
its materials 100% from domestic market, mainly Shanghai. SC sells 40% of its
products in domestic market, and 60% 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 Customers:
==============
Fomo Products Inc.
Dnp International Co., Ltd.
Staff & Office:
--------------------------
SC is known to
have approx. 82 staff at
present.
SC rents an area as its operating
office and factory, but the detailed information is unknown.
RELATED
COMPANY
·
Shanghai
Sunrise Polymer Materials Co., Ltd.
Shanghai Sunrise Flooring Materials Co., Ltd.
Nanjing Regal Polymer Co. Ltd.
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
The bank information of SC is not filed in
SAIC.
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As of Jun. 30, 2012 |
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Cash |
3,670 |
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Notes receivable |
0 |
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Accounts receivable |
5,640 |
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Advances to suppliers |
4,900 |
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Other receivable |
3,120 |
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Inventory |
2,580 |
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Non-current assets within one year |
0 |
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Other current assets |
1,040 |
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Current assets |
20,950 |
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Fixed assets |
6,170 |
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Long-term prepaid expenses |
0 |
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Deferred income tax assets |
0 |
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Other non-current assets |
70 |
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Total assets |
27,190 |
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Short-term loans |
0 |
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Notes payable |
920 |
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Accounts payable |
4,330 |
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Wages payable |
170 |
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Taxes payable |
40 |
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Advances from clients |
2,840 |
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Other payable |
3,950 |
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Other current liabilities |
220 |
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Current liabilities |
12,470 |
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Non-current liabilities |
0 |
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Total liabilities |
12,470 |
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Equities |
14,720 |
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Total liabilities & equities |
27,190 |
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Income Statement
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Unit: CNY’000 |
Jan. 1 2012 to As of Jun. 30, 2012 |
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Revenue |
37,850 |
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Cost of
sales |
35,570 |
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Sales expense |
1,210 |
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Management expense |
570 |
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Finance expense |
220 |
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Profit before tax |
270 |
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Less: profit tax |
60 |
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Profits |
210 |
Important Ratios
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As of Jun. 30, 2012 |
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*Current ratio |
1.68 |
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*Quick ratio |
1.47 |
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*Liabilities to assets |
0.46 |
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*Net profit margin (%) |
0.55 |
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*Return on total assets (%) |
0.77 |
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*Inventory / Revenue ×365/180 |
13 days |
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*Accounts receivable/ Revenue ×365/180 |
27 days |
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* Revenue/Total assets |
1.39 |
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* Cost of sales / Revenue |
0.94 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
·
The revenue of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s
cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: AVERAGE
·
The
current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fairly good
level.
The inventory of SC is maintained in an average
level.
The accounts receivable of SC is maintained in
an average level.
SC has no short-term loans.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
·
The
debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
CONCLUSIONS
SC is considered small-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.37 |
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UK Pound |
1 |
Rs.85.95 |
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Euro |
1 |
Rs.67.87 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.