MIRA
INFORM REPORT
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Report No. : |
329582 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SUNRISE GROUP CORPORATION |
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Registered Office : |
42th Tower A, Trade Centre Of |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.12.2000 |
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Com. Reg. No.: |
330206000010201 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in wholesaling acrylonitrile, toluene diisocyanate
(TDI), and propargyl alcohol; wholesaling compressed gas & liquefied gas,
flammable liquid, combustible solid, spontaneous combustion, wet inflammable
goods, oxide & organic peroxide, toxic & infectious substances, and
corrosion products; selling Nong Fu (disinfectant); wholesaling and retailing
chemical raw materials and products, pharmaceutical intermediates, amino acid
compound, rubber plastic products, building materials, metallic materials,
electromechanical materials, hardware to pay electricity, daily general
merchandise, auto parts, food additives, and change of asphalt; enterprise
management consulting; investment consulting; economic information
consulting; importing and exporting commodities and technology |
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No. of Employee : |
100 |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company name and address
SUNRISE GROUP
CORPORATION
42TH TOWER A, TRADE CENTRE OF NINGBO, NO. 588 TIANTONG SOUTH ROAD
YINZHOU DISTRICT, NINGBO, ZHEJIANG PROVINCE 315040 PR CHINA
TEL: 86 (0) 574-87979999
FAX: 86 (0) 574-87701738
EXECUTIVE SUMMARY
Date of Registration : december 6, 2000
REGISTRATION NO. : 330206000010201
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 55,563,000
staff :
100
BUSINESS CATEGORY : TRADING
Revenue :
CNY 5,497,930,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 133,080,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = USD
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330206000010201
on December 6, 2000.
SC’s Organization Code Certificate No.:
72515912-3
SC’s registered capital: CNY 55,563,000
SC’s paid-in capital: CNY 55,563,000
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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Sun Yang |
22.62 |
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Chen Feng |
8.46 |
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Ding Dafa |
7.92 |
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Qiu Jin |
7.74 |
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Zhou Chunfei |
5.94 |
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Zhang Xiaohua |
5.40 |
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Zhang Weili |
4.50 |
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Zhang Weiwen |
3.60 |
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Yu Xiaoou |
3.53 |
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Guan Fuliang |
3.21 |
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Other individuals |
27.08 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General
Manager |
Sun Yang |
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Director |
Ding Dafa |
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Zhou Chunfei |
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Qiu Jin |
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Zhang Weili |
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Chen Feng |
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Yu Xiaoou |
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Ke Hengshan |
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Supervisor |
Zhang Weiwen |
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Xi Hongwen |
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Liu Bin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Sun Yang 22.62
Chen Feng 8.46
Ding Dafa 7.92
Qiu Jin 7.74
Zhou Chunfei 5.94
Zhang Xiaohua 5.40
Zhang Weili 4.50
Zhang Weiwen 3.60
Yu Xiaoou 3.53
Guan Fuliang 3.21
Other individuals 27.08
MANAGEMENT
Sun Yang , Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative,
chairman and general manager
Director
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Ding Dafa
Zhou Chunfei
Qiu Jin
Zhang Weili
Chen Feng
Yu Xiaoou
Ke Hengshan
Supervisor
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Zhang Weiwen
Xi Hongwen
Liu Bin
BUSINESS OPERATION
SC’s registered business scope includes wholesaling acrylonitrile,
toluene diisocyanate (TDI), and propargyl alcohol; wholesaling compressed gas
& liquefied gas, flammable liquid, combustible solid, spontaneous
combustion, wet inflammable goods, oxide & organic peroxide, toxic &
infectious substances, and corrosion products; selling Nong Fu (disinfectant);
wholesaling and retailing chemical raw materials and products, pharmaceutical
intermediates, amino acid compound, rubber plastic products, building
materials, metallic materials, electromechanical materials, hardware to pay
electricity, daily general merchandise, auto parts, food additives, and change
of asphalt; enterprise management consulting; investment consulting; economic
information consulting; importing and exporting commodities and technology.
SC is mainly
engaged in selling chemicals.
SC’s products
mainly include: chemicals, etc
SC sources the products 100% from domestic market. SC sells 30% of its products in domestic market, and 70% to overseas market.
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 Client*
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Sacos Duran Reysac
Saecuador
Staff & Office:
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SC is known
to have approx. 100 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries at present,
Ningbo
Zhenhai Jiacheng Chemical Co., Ltd.
Ningbo
Free Trade Zone Beidou Chemical Co., Ltd.
Linhai
Jianxin Chemical Co., Ltd.
Ningbo
Yuan’ou Fine Chemical Co., Ltd.
Zhejiang
Sunrise Nano New Material Co., Ltd.
Taizhou
Great Land Fine Chemicals Co., Ltd.
Ningbo
Sunrise Petrochemical Co., Ltd.
Guangzhou
Yizhi Chemical 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
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2014 |
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Total assets |
1,245,960 |
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Total
liabilities |
1,112,880 |
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Equities |
133,080 |
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Revenue |
5,497,930 |
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Profits |
16,000 |
Important Ratios
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As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.89 |
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*Net profit
margin (%) |
0.29 |
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*Return on
total assets (%) |
1.28 |
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*Revenue /
Total assets |
4.41 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
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.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly 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.63.62 |
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1 |
Rs.99.89 |
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Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.