MIRA
INFORM REPORT
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Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU SUNSHINE CHEMICALS CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.05.1993 |
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Com. Reg. No.: |
330100400016326 |
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Legal Form : |
Sino-Foreign Joint Venture |
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Line of Business : |
Manufacture And Sales Of Dying
Materials |
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No. of Employees : |
200 |
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 and address
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Hangzhou Sunshine Chemicals Co Ltd |
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Penggong Village, Pingyao Town,
Yuhang Dist, Hangzhou City, Zhejiang Provice |
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311115 |
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Tel : |
86 571 88524388/88523388 |
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Fax: |
86 571 88524618 |
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E-mail: |
Lvgy@Aciddyes.Com |
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Website: |
http://www.aciddyes.com/ |
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GTM Reference No. |
G120521101 |
Currency in this report is
Chinese Yuan unless otherwise stated.
Exchange Rate: 1 USD=6.32
Chinese Yuan
"--"in this report
indicates "unavailable" due to insufficient information or "no
comments"
EXECUTIVE
SUMMARY
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DATE OF establishment |
May 13th,
1993 |
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Aic Registration No. |
330100400016326 |
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REGISTERED LEGAL FORM |
Sino-foreign joint venture |
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REGISTERED CAPITAL |
USD 800,000.00 |
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main BUSINESS |
Manufacture and sales of dying materials |
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SIC Code (China) |
2644
manufacture of dying materials |
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employees |
200 |
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import and export permits |
yes |
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business scale |
Large |
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operation trend |
Average |
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TURNOVER |
162,000,000.00 (As
of Dec.31st, 2010) |
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net profit |
10,620,000.00 (As
of Dec.31st, 2010) |
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total assets |
68,000,000.00
(As of Dec.31st, 2010) |
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net worth |
39,000,000.00
(As of Dec.31st, 2010) |
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EXCHANGE RATE |
1 Usd=6.32CNY (MAY 23rd, 2012) |
REGISTRATION
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Name |
Hangzhou Sunshine Chemicals Co Ltd |
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AIC Registration Number |
330100400016326 |
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VAT NO |
33012560912453X |
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Registered address |
Penggong Village, Pingyao Town,
Yuhang Dist, Hangzhou City, Zhejiang Provice |
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Operation address |
Penggong Village, Pingyao Town,
Yuhang Dist, Hangzhou City, Zhejiang Provice |
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Date of Establishment |
May 13th,
1993 |
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Registry |
Administration Bureau for Industry and Commerce - Hangzhou City |
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Legal Representative |
Xu Xiaohong |
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Registered Legal Form |
Sino-foreign joint venture |
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Registered Capital |
USD 800,000.00 |
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Operating Duration |
May 13th,
1993 to May 12th, 2023 |
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Business Scope |
Manufacture
of dying materials; sales of self-produced products |
Sino-foreign joint venture
This
form of business in PR China is defined as a legal person. It is a limited co.
jointly invested by one or more foreign companies and one or more PR China
controlled companies within the territories of PR China according to a certain
proportion of capital investment. The investing parties exercise business
management, share profits and bear all risks and liabilities of the co.
together. The equity joint venture law requires that foreign party contribute
not less than 25% of the registered capital, with no maximum. The joint venture
usually has a limited duration of 10 to 50 years. Enterprise with large
investment, long construction periods, low investment returns, introducing of
advanced technology & advanced technology products which have good
competition position in international market may extend beyond the 50 years
limit.
REGISTRATION INFO: AVAILABLE
FINANCIAL REPORTS: AVAILABLE
SHAREHOLDERS AND SHARES
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Name |
Invested amount |
Percentage |
|
Xu Xiaohong; Xu Zhikang and Ji
Ping (3 individual persons) |
USD 320,000 |
40% |
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DONG CHUANG XIN
CHEMICALS COMPANY, LIMITED |
USD 480,000 |
60% |
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Total |
USD 800,000 |
100% |
Background of major shareholder
|
Name |
DONG CHUANG XIN CHEMICALS
COMPANY, LIMITED |
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Country |
Hong Kong |
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File No. |
0800461 |
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File date |
Jun.3rd,
2002 |
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Legal form |
Private
company |
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Current
status |
Active |
AFFILIATE(S)
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Related company Name |
DEER CHEMICALS CO., LTD |
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Registration address |
Agricultural development zone, Haining, Jiaxing
City, Zhejiang Province |
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Registration No. |
3304812001948 |
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Main business |
Manufacture and sales of acid dyes and dying
intermediates |
MANAGEMENT
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Name |
Xu Xiaohong |
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Gender |
Male |
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Title |
Chairman;
general manager |
BANKERS INFORMATION
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Bank name |
Bank of
China - Pingyao Sub-branch, Yuhang, Hangzhou |
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Account No. (CNY) |
-- |
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Tel. |
86 571 88548178 |
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Source of information |
The bank staff
confirmed subject holds an account in the above bank, but refused to disclose
its account information. |
OFFICE FACILITIES
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Geographic Location |
Penggong Village, Pingyao Town,
Yuhang Dist, Hangzhou City, Zhejiang Provice |
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Area |
50,000square meters |
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Environment and traffic |
Acceptable |
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Property Ownership |
Self-owned |
TRADEMARKS
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Total trademarks |
7 (only the latest 3 are listed) |
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Registration No. |
1901758 |
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Registration date |
Jun.4th, 2001 |
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Image |
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Registration No. |
4699142 |
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Registration date |
Jun.6th, 2005 |
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Image |
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Registration No. |
4699143 |
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Registration date |
Jun.6th, 2005 |
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Image |
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PATENTS
After checking with
the State Intellectual Office, no patents of SC were found.
MAIN
PRODUCTS & SERVICES
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Main business |
Manufacture and sales of dying materials |
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Products and services |
Subject
mainly manufactures acid dye stuffs, intermediates and organic dye stuffs
etc. The products are used in textile (nylon, cashmere, silk etc.) printing
and dying and leather dying. |
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Annual production capacity |
Acid
dye stuffs: 3,000 tons |
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Certificates |
API Certification; ISO9001:2000 Quality System
Certification. |
SALES
INFORMATION
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Local sales |
70% |
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Regions |
All over China |
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Major
domestic clients |
QINGDAO TRUE-COLOUR CHEMICALS CO. LTD |
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Payment terms |
Prompt
payment; on credit |
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Export |
30% |
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Regions |
South Korea, Italy, Switzerland,
Taiwan, Europe, America etc. |
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Major
overseas clients |
International traders |
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Payment terms |
L/C, T/T |
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Subejct's products are mainly sold to the domestic distributors, fabric
dying factories and paper making factories etc. With long history, it has
established offices in many cities in and out of China. The sales network is
good. |
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The above
information was confirmed by SC’s employee on MAY.23rd, 2012. |
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PURCHASE
INFORMATION
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Main Commodities Purchased |
Chemical
raw materials, production equipments, office facilities |
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Region |
Local: 90% Import: 10% |
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Number of Major Suppliers |
More than 5 |
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Major suppliers |
DEER
CHEMICALS CO., LTD |
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Main Terms of Payment |
Local: Prompt
payment; on credit Import: L/C, T/T |
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Subject's
raw materials and equipments are mainly purchased domestically. With long
history, it has fixed suppliers. |
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The above information was confirmed
by SC’s employee on MAY.23rd, 2012. |
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CREDIT
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Name of supplier |
DEER CHEMICALS CO., LTD |
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Main commodities and service
supplied |
Acid dye stuffs |
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Title of interviewee |
Sales staff |
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Telephone of Interviewee |
86-573-87963658 |
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Cooperation |
Confirmed |
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Payment comment |
Prompt |
LITIGATION RECORDS
After checking with China Court
organization, the local court website and other major searching websites, no litigation
record related to subject company in the latest three years is found.
FINANCE
Balance Sheet (Unit: 1,000
Chinese Yuan):
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Dec. 31st, 2010 |
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Total assets |
68,000 |
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Total current liabilities |
28,850 |
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Total L/T liabilities |
150 |
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Total liabilities |
29,000 |
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Total owner’s interest |
39,000 |
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Liabilities and owner’s interest |
68,000 |
Income
Statement (Unit: 1,000 Chinese Yuan):
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Dec. 31st, 2010 |
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Main business income |
162,000 |
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Total profit |
14,000 |
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- income tax |
3,380 |
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Net profit |
10,620 |
Important
Ratios:
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2010 |
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Return on net assets (%)
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27.23
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Return on total assets (%) |
15.62
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Net profit margin (%) |
6.56
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Turnover of total assets |
2.38
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Turnover of current assets |
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Turnover of account receivable |
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Inventory turnover |
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Asset liability ratio (%) |
42.65 |
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Current ratio |
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Quick ratio |
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Analysis of financial indicator
Long-term solvency:
good
Short-term solvency:
N/A
Asset security: good
Inventory status: N/A
Capital turnover: poor
Debt recovery status: N/A
Profitability: good
Return on assets (ROA):
good
Enterprise background: good
Payment records: good
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.93 |
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1 |
Rs.88.14 |
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Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
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Report Prepared by
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PDT |
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.