MIRA
INFORM REPORT
|
Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
bosch packaging
technology ( |
|
|
|
|
Registered Office : |
No. 680, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
Apr. 3, 2001 |
|
|
|
|
Com. Reg. No.: |
100198 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned |
|
|
|
|
Line of Business : |
Manufacturing
and selling pharmaceutical and foodstuff packaging equipment. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Up To usd 300,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
bosch packaging
technology (
no. 680,
TEL :
86 (0) 571-87265000
FAX :
86 (0) 571-87774536
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 3, 2001
REGISTRATION NO. : 100198
REGISTERED LEGAL FORM : wholly foreign-owned
STAFF STRENGTH :
180
REGISTERED CAPITAL : usd6,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY79,430,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY59,710,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 7.61 = US$1 AS OF 2007-07-02
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY –
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Apr. 3, 2001.
Company Status: Wholly foreign-owned enterprise. This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investors may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered
business scopes include developing, designing, manufacturing, and selling
various of packaging equipment, and providing after service and relevant
services.
SC is mainly engaged
in manufacturing and selling pharmaceutical and foodstuff packaging equipment.
Mr. friedbert klefenz has been chairman of
SC since 2001.
SC owns about 180
staff at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the development zone of Hangzhou. Our checks reveal that
SC rents the total premise about 50,000 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Robert Bosch GmbH
51
Bosch (
===========================
Bosch (
Address:
Room 1218,
Tel: 010-65051540
Fax: 010-65052918
l
Chairman:
Mr. friedbert klefenz, in his
50’s with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman.
l
General Manager:
Mr. Jens Mack, in his 40’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling pharmaceutical and foodstuff packaging
equipment.
SC’s products
mainly include: pharmaceutical and foodstuff packaging equipment, etc.
SC
sources its materials 80% from domestic market, and 20% from overseas market,
mainly
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 15-30 days.
*Major Supplier:
==============
NUPAC INC.
*Major Customer:
==============
Shenzhen Taikang Biological Products Co., Ltd.
SC is
not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
Industrial
and Commercial Bank of
AC#：N/A
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
Cash & bank |
|
6,610 |
|
Inventory |
|
28,490 |
|
Accounts
receivable |
8,427 |
14,040 |
|
Other Accounts
receivable |
|
0 |
|
Accounts payable
in advance |
|
310 |
|
To be
apportioned expense |
|
0 |
|
Other current
assets |
|
6,880 |
|
|
------------------ |
------------------ |
|
Current assets |
46,863 |
56,330 |
|
Fixed assets |
1,663 |
67,740 |
|
Long term
investment |
|
0 |
|
Other assets |
|
0 |
|
|
------------------ |
------------------ |
|
Total assets |
52,149 |
124,070 |
|
|
============= |
============= |
|
Short loans |
|
30,330 |
|
Accounts payable |
|
21,460 |
|
Accounts
receivable in advance |
|
0 |
|
Other Accounts
payable |
|
3,930 |
|
Withdraw the
expenses in advance |
|
0 |
|
Other current
liabilities |
|
8,640 |
|
|
------------------ |
------------------ |
|
Current liabilities |
|
64,360 |
|
Long term
liabilities |
|
0 |
|
Other
liabilities |
|
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
17,175 |
64,360 |
|
Equities |
34,974 |
59,710 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
52,149 |
124,070 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2005 |
As of Dec. 31,
2006 |
|
Turnover |
50,620 |
79,430 |
|
Cost of goods
sold |
33,364 |
53,800 |
|
Sales expense |
6,259 |
9,340 |
|
Management expense |
5,911 |
13,750 |
|
Finance expense |
-1,470 |
960 |
|
Profit before
tax |
8,132 |
4,190 |
|
Less: profit tax |
|
0 |
|
Profits |
|
4,190 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
*Current ratio |
|
0.88 |
|
*Quick ratio |
|
0.43 |
|
*Liabilities
to assets |
0.33 |
0.52 |
|
*Net profit
margin (%) |
|
5.28 |
|
*Return on
total assets (%) |
|
3.38 |
|
*Inventory
/Turnover ×365 |
|
131 days |
|
*Accounts
receivable/Turnover ×365 |
61 days |
65 days |
|
*Turnover/Total
assets |
0.97 |
0.64 |
|
* Cost of
goods sold/Turnover |
0.66 |
0.68 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good
in its line in both years.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory of SC is maintained in a
slightly large level.
l
The accounts receivable of SC is maintained in a normal level.
l
The short-term loan of SC appears LARGE in 2006.
l
SC’s turnover is in a fairly good
level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is
average.
Overall financial condition of SC: Fairly
stable.
SC is
considered small-sized in its line with fairly stable financial conditions. The
large amount of short-term loan could be a threat to SC’s financial condition.
A credit line up to USD 300,000 would appear to be within SC’s capacities upon
a periodical review basis.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)