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MIRA
INFORM REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
bosch packaging technology (hangzhou) co., ltd. |
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Registered Office : |
No. 680, 23rd Road, Xiasha Economy & Technology Development
Zone Hangzhou City, Zhejiang Province 310000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.04. 2001 |
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Com. Reg. No.: |
100198 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Pharmaceutical and Foodstuff Packaging
Machinery |
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 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
bosch packaging technology (hangzhou) co., ltd.
no. 680, 23rd
road, xiasha economy & technology development zone
hangzhou city,
zhejiang province 310000 PR CHINA
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
enterprise
STAFF STRENGTH :
195
REGISTERED CAPITAL : usd 6,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 95,690,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 48,960,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up
to usd 300,000 (periodical review)
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.99 = US$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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Note: SC’s current address should be the above stated one, while the given one 391 Wen Er Road, Bld.3, Hangzhou High-Tech Zone is SC’s former address.
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 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 scopes include developing, designing, manufacturing and selling
various packaging machinery, and providing after services and relevant
services.
SC is mainly
engaged in manufacturing and selling pharmaceutical and foodstuff packaging
machinery.
Mr. friedbert klefenz has been chairman of
SC since 2001.
SC is
known to have approx. 195 employees 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.
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SC is not known to host website of its own at present.
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Until December 31, 2007, SC’s paid-up
capital was CNY 48,500,000.
Changes
of its registration information:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2008 |
Shareholder’s name |
Robert Bosch GmbH |
Robert Bosch Ltd. (Holland) |
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MAIN SHAREHOLDERS:
Name
% of Shareholding
Robert Bosch Ltd. (Holland) 51
Bosch (China) Investment Co., Ltd. (Germany) 49
===========================
Bosch (China) Investment Co., Ltd.
Address:
Room 1218, International Trade Center, No. 1, Jianwai Street, Beijing
北京市建外大街1号国贸中心1218室
Tel: 010-65051540
Fax: 010-65052918
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l
Chairman:
Mr. friedbert klefenz,
German, 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. Helmut Weisser, German, in his 40’s with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
Since 2008
Working in SC as general manager.
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SC is mainly
engaged in manufacturing and selling pharmaceutical and foodstuff packaging
machinery.
SC’s products
mainly include: pharmaceutical and foodstuff packaging machinery.
SC
sources its materials 80% from domestic market, and 20% from overseas market,
mainly Australia; SC sells its products 60% in domestic market, mainly
Guangdong and Zhejiang province, and 40% to overseas market, mainly Germany.
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 30-60 days.
*Major Supplier:
==============
NUPAC INC. AUSTRALIA
*Major Customer:
==============
Shenzhen Taikang Biological Products Co., Ltd.
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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’s
suppliers declined to make any comments.
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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China
Construction Bank Zhejiang Branch
AC#33001611135059000161
Relationship:
Normal.
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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 |
6,610 |
1,750 |
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Inventory |
28,490 |
54,310 |
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Accounts
receivable |
14,040 |
20,130 |
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Other Accounts
receivable |
0 |
6,760 |
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Advances to
suppliers |
310 |
220 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
6,880 |
580 |
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------------------ |
------------------ |
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Current assets |
56,330 |
83,750 |
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Fixed assets net
value |
67,740 |
67,960 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
124,070 |
151,710 |
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============= |
============= |
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Short loans |
30,330 |
65,910 |
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Accounts payable |
21,460 |
12,510 |
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Advances from
clients |
0 |
10,320 |
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Other Accounts
payable |
3,930 |
4,530 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
8,640 |
9,480 |
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------------------ |
------------------ |
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Current
liabilities |
64,360 |
102,750 |
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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 |
64,360 |
102,750 |
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Equities |
59,710 |
48,960 |
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------------------ |
------------------ |
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Total
liabilities & equities |
124,070 |
151,710 |
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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 |
79,430 |
95,690 |
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Cost of goods
sold |
53,800 |
61,780 |
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Sales expense |
9,340 |
22,600 |
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Management expense |
13,750 |
23,050 |
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Finance expense |
960 |
3,120 |
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Profit before
tax |
4,190 |
-10,760 |
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Less: profit tax |
0 |
0 |
|
Profits |
4,190 |
-10,760 |
Important Ratios
=============
|
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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*Current ratio |
0.88 |
0.82 |
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*Quick ratio |
0.43 |
0.29 |
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*Liabilities
to assets |
0.52 |
0.68 |
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*Net profit
margin (%) |
5.28 |
-11.24 |
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*Return on
total assets (%) |
3.38 |
-7.09 |
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*Inventory
/Turnover ×365 |
131days |
207days |
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*Accounts
receivable/Turnover ×365 |
65days |
77days |
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*Turnover/Total
assets |
0.64 |
0.63 |
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* Cost of
goods sold/Turnover |
0.68 |
0.65 |
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PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line in 2006 and
2007.
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SC’s net profit margin is fairly good in 2006 but fair in
2007.
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SC’s return on total assets is fairly good in 2006 but fair
in 2007.
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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 in
2006 and 2007.
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SC’s quick ratio is maintained in a fair level in 2006 and
poor in 2007.
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The inventory of SC is maintained in a fairly large level.
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The accounts receivable of SC is maintained in
an average level.
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The short-term loan of SC appears LARGE in both years.
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SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Fairly Stable.
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SC is
considered medium-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 |
|
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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 |
|
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. |
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%)