China Sunsine Chemicals Holdings

[portuser]

Sunsine’s borrowings have been matched by cash and near-cash:

……………………………………………………….RMB m
………………………..31 Dec 2012……….31 Dec 2013………31 Mar 2014
Borrowings……………….200…………………..230…………………..260
Cash………………………….105…………………..108…………………..147
Near cash……………….…149…'……………...158.…….…….……..123
Cash + Near-cash.…..254……………………266……………………270

(Near cash consists of bank-issued notes from customers. The notes can be presented to the issuing banks for cash or used to pay bills.)

Staying liquid has enabled the company to pay its bills promptly to enjoy better payment terms -- its trade payables turnover in 2013 was as low as 14 days, and below 20 days in the previous four years.