MIRA INFORM REPORT
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Report No. : |
340155 |
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Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI SUNRISE CHEMICAL CO., LTD. |
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Registered Office : |
Room 619 Yongsheng Buidling, No. 2025 West Zhongshan Road Xuhui
District, Shanghai 200030 Pr |
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Country : |
China |
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Date of Incorporation : |
06.02.2012 |
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Com. Reg. No.: |
310104000510259 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Technology development, technology consultation, technology transfer,
and technology service in the fields of chemical industry; selling chemical
materials & products, building materials, metal materials, and
instruments; importing and exporting commodities and technology. |
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No. of Employee : |
10 |
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 : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a comparatively
small defense allocation (1% of GDP) helped Japan develop an advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Scarce in many natural resources,
Japan has long been dependent on imported raw materials. Since the complete
shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster
in 2011, Japan's industrial sector has become even more dependent than it was
previously on imported fossil fuels. A small agricultural sector is highly
subsidized and protected, with crop yields among the highest in the world.
While self-sufficient in rice production, Japan imports about 60% of its food
on a caloric basis. For three decades, overall real economic growth had been
impressive - a 10% average in the 1960s, a 5% average in the 1970s, and a 4%
average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%,
largely because of the aftereffects of inefficient investment and an asset
price bubble in the late 1980s that required a protracted period of time for
firms to reduce excess debt, capital, and labor. Modest economic growth
continued after 2000, but the economy has fallen into recession four times
since 2008. Government stimulus spending helped the economy recover in late
2009 and 2010, but the economy contracted again in 2011 as the massive 9.0
magnitude earthquake and the ensuing tsunami in March of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
company
name and address
SHANGHAI SUNRISE CHEMICAL CO.,
LTD.
ROOM 619 YONGSHENG BUIDLING, NO. 2025 WEST ZHONGSHAN ROAD XUHUI DISTRICT,
SHANGHAI 200030 PR CHINA
TEL: 86 (0) 21-53069810
FAX: 86 (0) 21-53069809
EXECUTIVE
SUMMARY
Date of Registration : FEBRUARY 6, 2012
REGISTRATION NO. : 310104000510259
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
xu honglei (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 3,000,000
staff :
10
BUSINESS CATEGORY : trading
Revenue :
CNY 99,850,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 2,970,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
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
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.: 310104000510259
on February 6, 2012.
SC’s Organization Code Certificate No.:
59038283-7
SC’s Tax No.: 310104590382837
SC’s registered capital: CNY 3,000,000
SC’s paid-in capital: CNY 3,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
cny 1,000,000 |
cny 3,000,000 |
|
|
Registered Capital |
cny 3,000,000 |
cny 5,000,000 |
|
|
Registered Capital |
cny 5,000,000 |
cny 3,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhang Quanyi |
51 |
|
Xu Honglei |
30 |
|
Qu Xiaojiao |
10 |
|
Liu Chunmei |
9 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Xu Honglei |
|
Supervisor |
Zhang Quanyi |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhang Quanyi 51
Xu Honglei 30
Qu Xiaojiao 10
Liu Chunmei 9
MANAGEMENT
Xu Honglei, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as legal representative, chairman and general
manager
Supervisor
--------------
Zhang Quanyi
BUSINESS
OPERATION
SC’s registered business scope includes technology
development, technology consultation, technology transfer, and technology
service in the fields of chemical industry; selling chemical materials &
products, building materials, metal materials, and instruments; importing and
exporting commodities and technology.
SC is mainly engaged in selling chemical products.
SC sources its products 100% from domestic market. SC sells 30% of its
products in domestic market, and 70% to overseas market, mainly Southeast Asia,
etc.
The buying terms of SC include Check, T/T 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*
----------------------
Teva Pharmaceuticals USA Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 10
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED
COMPANY
SC is not known to have any subsidiary at present.
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 local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
6,120 |
|
|
Notes receivable |
0 |
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Accounts receivable |
6,130 |
|
Other receivable |
6,280 |
|
Inventory |
1,300 |
|
Non-current assets within one year |
0 |
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Other current assets |
450 |
|
|
------------------ |
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Current assets |
20,280 |
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Fixed assets |
370 |
|
Long-term investment |
0 |
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Deferred income tax assets |
0 |
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Other non-current assets |
40 |
|
|
------------------ |
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Total assets |
20,690 |
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|
============= |
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Short-term loans |
0 |
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Notes payable |
7,000 |
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Accounts payable |
8,930 |
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Advances from clients |
1,790 |
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Other payable |
0 |
|
Other current liabilities |
0 |
|
|
------------------ |
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Current liabilities |
17,720 |
|
Non-current liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
17,720 |
|
Equities |
2,970 |
|
|
------------------ |
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Total liabilities & equities |
20,690 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
99,850 |
|
Cost of sales |
96,620 |
|
Sales expense |
2,670 |
|
Management expense |
750 |
|
Finance expense |
-160 |
|
Profit before tax |
150 |
|
Less: profit tax |
60 |
|
90 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
1.14 |
|
*Quick ratio |
1.07 |
|
*Liabilities to assets |
0.86 |
|
*Net profit margin (%) |
0.09 |
|
*Return on total assets (%) |
0.43 |
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*Inventory / Revenue ×365 |
5 days |
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*Accounts receivable / Revenue ×365 |
23 days |
|
*Revenue / Total assets |
4.83 |
|
*Cost of sales / Revenue |
0.97 |
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 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 appears average.
The accounts receivable of SC appears average.
SC has no short-term loans.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.29 |
|
|
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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.