MIRA
INFORM REPORT
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Report Date : |
16.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SYMRISE SHANGHAI LTD. |
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Registered Office : |
No. 30-38, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.08.1982 |
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Com. Reg. No.: |
310115400000020 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing natural and synthetic perfume & spice,
and food additives used for foodstuff and daily chemical products; selling
its products; commission agency, wholesaling, importing & exporting
business; and providing relevant services. |
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No. of Employees |
274 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
CHINA ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation and expanded the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2013 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources
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Source
: CIA |
Company name and address
SYMRISE SHANGHAI LTD.
NO. 30-38, LONGQIAO ROAD, JINQIAO EXPORT PROCESSING ZONE
PUDONG NEW ZONE, SHANGHAI 201206 PR CHINA
TEL: 86 (0) 21-58996218
FAX: 86 (0) 21-58997578
EXECUTIVE SUMMARY
DATE OF REGISTRATION : AUGUST 2, 1982
REGISTRATION NO. : 310115400000020
LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE : MARKUS SATTLER (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 145,970,584
staff : 274
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : CNY 959,809,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 607,483,000 (AS OF DEC. 31, 2013)
WEBSITE : www.symrise.com
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a wholly foreign-owned enterprise of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 310115400000020 on August 2, 1982.
SC’s Organization Code Certificate No.: 60720277-6
SC’s registered capital: CNY 145,970,584
SC’s paid-in capital: CNY 145,970,584
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Legal representative |
Bernhard Heinrich Kirchhoff |
Emiel J. L. Dons |
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Legal representative |
Emiel J. L. Dons |
Markus Sattler |
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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Symrise AG (Germany) |
20.91 |
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Symrise Holding, Inc. (U.S.A.) |
39.38 |
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Symrise Holding Pte. Limited (Singapore) |
39.71 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Markus Sattler |
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Director |
Declan Pearse Macfadden |
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Markus Alec Steger |
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Supervisor |
Jan Manz |
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Reinhard Josef Boettcher |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Symrise AG (Germany) 20.91
Symrise Holding, Inc. (U.S.A.) 39.38
Symrise Holding Pte. Limited (Singapore) 39.71
MANAGEMENT
Markus Sattler, Legal Representative, Chairman and General Manager
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general manager
Director
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Declan Pearse Macfadden
Markus Alec Steger
Supervisor
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Jan Manz
Reinhard Josef Boettcher
BUSINESS OPERATION
SC’s registered business scope includes manufacturing natural and synthetic perfume & spice, and food additives used for foodstuff and daily chemical products; selling its products; commission agency, wholesaling, importing & exporting business; and providing relevant services.
SC is mainly engaged in manufacturing and selling natural and synthetic perfume & spice.
SC’s products mainly include: natural and synthetic perfume & spice.
SC sources its materials 30% from domestic market, and 70% from overseas market, mainly Southeast Asian countries and U.S.A. SC sells its products 10% to overseas market, mainly Southeast Asian countries and U.S.A., and 90% in domestic market, mainly Shanghai.
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.
*Major Customer:
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Symrise Ltda
Staff & Office:
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SC is known to have approx. 274 staff at present.
SC owns an area as its operating office & factory of approx. 45,000 sq. meters at the heading address.
RELATED COMPANY
SC is known to have 3 branches at present,
Symrise Shanghai Ltd. Changning Branch
Symrise Shanghai Ltd. Beijing Branch
Symrise Shanghai Ltd. Guangzhou 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:
Deutsche Bank (China) Co., Ltd. Shanghai Branch
AC#: 3513199015
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
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Current assets |
516,240 |
586,396 |
628,692 |
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Long term investment |
0 |
0 |
0 |
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Fixed assets |
125,885 |
95,478 |
111,648 |
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Intangible assets |
13,878 |
33,814 |
31,069 |
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Other assets |
65,000 |
4,955 |
8,436 |
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Total assets |
721,003 |
720,643 |
779,845 |
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Current liabilities |
131,537 |
236,811 |
172,362 |
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Long term liabilities |
0 |
0 |
0 |
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Total liabilities |
131,537 |
236,811 |
172,362 |
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Equities |
589,466 |
483,832 |
607,483 |
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Revenue |
811,497 |
858,323 |
959,809 |
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Cost of sales |
523,443 |
564,008 |
578,453 |
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Profit before tax |
118,626 |
120,931 |
182,479 |
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Less: profit tax |
17,650 |
30,107 |
49,064 |
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Profits |
100,976 |
90,824 |
133,415 |
Important Ratios
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
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*Current ratio |
3.92 |
2.48 |
3.65 |
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*Liabilities to assets |
0.18 |
0.33 |
0.22 |
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*Net profit margin (%) |
12.44 |
10.58 |
13.90 |
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*Return on total assets (%) |
14.00 |
12.60 |
17.11 |
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* Revenue/Total assets |
1.13 |
1.19 |
1.23 |
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* Cost of sales / Revenue |
0.65 |
0.66 |
0.60 |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good
SC’s cost of sales is low, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good 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.60.22 |
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1 |
Rs.102.79 |
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Euro |
1 |
Rs.81.95 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.