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MIRA INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
BSH ELECTRICAL APPLIANCES (JIANGSU) CO., LTD. |
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Registered Office : |
No. 1 Ximenzi Road,
Economic & Technical Development Zone,
Nanjing City, Jiangsu Province 210046 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
28.10.2004 |
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Com. Reg. No.: |
320000400000358 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Electric
Appliances. |
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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Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
BSH ELECTRICAL APPLIANCES (JIANGSU) CO., LTD.
No.
1 ximenzi road, economic & technical development zone
nanjing
city, jiangsu province 210046 PR CHINA
1
TEL:
86 (0) 25-85439988/84701918 FAX: 86
(0) 25-85439988
EXECUTIVE SUMMARY
INCORPORATION
DATE : oct. 28, 2004
REGISTRATION
NO. : 320000400000358
REGISTERED
LEGAL FORM : wholly foreign-owned enterprise
STAFF
STRENGTH : 1,200
REGISTERED
CAPITAL : usd 33,000,000
BUSINESS
LINE : MANUFACTURING
TURNOVER : CNY 972,787,000
(AS OF DEC. 31, 2007)
EQUITIES : CNY
311,810,000 (AS OF DEC. 31, 2007)
PAYMENT
: AVERAGE
RECOMM.
CREDIT RANGE : UP TO USD 1,000,000 (PERIODICAL REVIEW)
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : fairly stable
OPERATIONAL
TREND : steady
GENERAL
REPUTATION : average
EXCHANGE
RATE : CNY 6.88 = USD
1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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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 Oct. 28, 2004.
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 investor 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 scope includes
developing, manufacturing, and selling electrical household appliances,
including kitchen wares, cabinet ovens, microwave ovens, steam ovens, cookware,
heater elements, disinfecting cabinets, ventilators, cleaners, electric irons,
electric kettles, bread bakers, coffee pots, blenders, food processing
machines, water heaters, washing-machines, and dryers; developing,
manufacturing, and selling motors used
for household electric appliances, components & spare parts of the above
products; providing after services; researching and developing household
electrical appliances, and providing relevant technical consultation &
transfer; international trade.
SC is mainly engaged in manufacturing and
selling household appliances.
Mr. WERNER VOGT has
been chairman of SC since 2004.
SC is known to
have approx. 1,200 employees at present.
SC is currently operating at
the above stated address, and this address houses its operating office and
factory in the economic & technical development zone of Nanjing. Our checks
reveal that SC owns the total premise about 200,000 square meters.
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SC is not known to host
web site of its own at present.
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SC’s aggregate
investment is USD 99,000,000.
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MAIN
SHAREHOLDERS:
Name % of Shareholding
BSH BOSCH UND SIEMENS HAUSGERATE GMBH 100
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l
Chairman:
Mr. Werner Vogt,
German, with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman.
l
Vice-Chairman:
Mr. Gerke Roland,
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2004 to present Working in SC as vice-chairman.
l
General
Manager:
Mr. Acis Demandt,
with university education. He is currently responsible for the daily management
of SC.
Working Experience(s):
From 2004 to present Working in SC as general manager.
l
Board
Members:
Acis Demandt
Juergen Griebsch
Michael Neumann
Gerd Strobel
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SC is mainly engaged in manufacturing and
selling electric appliances.
SC’s products mainly include: kitchen ware, cabinet ovens, microwave ovens,
steam ovens, cookware, heater elements, disinfecting cabinets, ventilators,
cleaners, etc.
SC sources its materials 70% from domestic market, mainly Jiangsu
province, and 30% from overseas market mainly Germany; SC sells its products
50% to overseas market, mainly European and American countries, and 50% in
domestic market, mainly Guangdong province and Shanghai.
The buying terms of SC include T/T, L/C,
Check and Credit of 30-60 days. The payment terms of SC include T/T, L/C, Check
and Credit of 30-60 days.
*Major Customer:
==============
BSH BOSCH UND SIEMENS HAUSGERATE GMBH
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SC is not known
to have any subsidiary at present.
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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.
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SC’s management declined to release its bank information.
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Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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Cash & bank |
4,370 |
247,060 |
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Inventory |
84,510 |
83,590 |
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Accounts receivable |
131,740 |
165,030 |
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Other Accounts receivable |
4,080 |
1,560 |
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Advances to suppliers |
0 |
0 |
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To be apportioned expense |
0 |
0 |
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Other current assets |
51,550 |
8,950 |
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------------------ |
------------------ |
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Current assets |
276,250 |
506,190 |
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Fixed assets net value |
457,250 |
478,780 |
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Projects under construction |
6,100 |
204,860 |
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Long term investment |
0 |
0 |
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Other assets |
30,250 |
29,320 |
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------------------ |
------------------ |
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Total assets |
769,850 |
1,219,150 |
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=========== |
=========== |
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Short loans |
150,000 |
679,340 |
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Accounts payable |
127,070 |
208,240 |
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Other current liabilities |
210,100 |
19,760 |
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Current liabilities |
487,170 |
907,340 |
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Long term liabilities |
0 |
0 |
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Other liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
487,170 |
907,340 |
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Equities |
282,680 |
311,810 |
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------------------ |
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Total liabilities & equities |
769,850 |
1,219,150 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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Turnover |
632,710 |
972,787 |
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Cost of goods sold |
/ |
/ |
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Sales expense |
/ |
/ |
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Management expense |
/ |
/ |
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Finance expense |
/ |
/ |
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Profit before tax |
/ |
/ |
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Less: profit tax |
/ |
/ |
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Profits |
/ |
/ |
Important Ratios
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As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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*Current ratio |
0.57 |
0.56 |
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*Quick ratio |
0.39 |
0.47 |
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*Liabilities to assets |
0.63 |
0.74 |
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*Inventory /Turnover ×365 |
49days |
31days |
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*Accounts receivable/Turnover ×365 |
76days |
62days |
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*Turnover/Total assets |
0.82 |
0.80 |
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PROFITABILITY: FAIRLY GOOD
l
The turnover of
SC appears fairly good in its line, and it was rising in 2007.
LIQUIDITY: FAIR
l
The current
ratio of SC is maintained in a poor level in 2006 and 2007.
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SC’s quick
ratio is maintained in a fair level in 2006 and 2007.
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The inventory
of SC appears average in both 2 years.
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The accounts
receivable of SC appears fairly large.
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The short-term
loan of SC appears LARGE in both 2 years.
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SC’s turnover
is in an average level in both 2 years, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
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The debt ratio of
SC is average in both 2 years.
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The risk for SC
to go bankrupt is low.
Overall financial condition of the SC: Fairly
Stable.
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SC is considered
large-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. We
consider a credit line at the above amount appears to be within sc’s
capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)