MIRA
INFORM REPORT
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Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOSCH AUTOMOTIVE
DIESEL SYSTEMS CO., LTD. |
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Registered Office : |
No. 17 Xinhua Road, New District, Wuxi, Jiangsu Province, 214028 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15.02. 1995 |
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Com. Reg. No.: |
008312 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling Diesel Fuel Injection Systems. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 1,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
BOSCH AUTOMOTIVE
DIESEL SYSTEMS CO., LTD.
NO. 17 XINHUA ROAD, NEW DISTRICT, WUXI,
JIANGSU PROVINCE, 214028 PR CHINA
17
TEL: 86 (0) 510-85333888 FAX: 86 (0) 510-85333888
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 15, 1995
REGISTRATION NO. : 008312
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
1,784
REGISTERED CAPITAL : USD 200,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 889,440,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 1,431,720,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 1,500,000 (periodical review)
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : well known
EXCHANGE RATE :
CNY 7.00= 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
SC was registered as a shares limited company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Feb. 15, 1995.
Company Status: Shares limited co. This form of business in PR China
is defined as a legal person. Its registered capital is divided into shares
of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of
the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY 5M.
The total capital of a co. which propose to apply for publicly listed must
be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes development, manufacture,
application, sales and services of diesel fuel injection systems and parts,
other related consultation services.
SC is mainly engaged
in manufacturing and selling diesel fuel injection systems.
Dr. Walz has been
chairman of SC since 2001.
SC is known
to have approx. 1,784 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Wuxi. Our checks reveal
that SC owns the total premise about 300,000 square meters.
http://www.bosch.com.cn
. It is the website of Bosch China. The design is professional and the content
is well organized. At present it is in both Chinese and English versions.
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) |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Bosch (China) Investment Co., Ltd. 10
Bosch Trading (Shanghai) Co., Ltd. 1
Bosch Automotive Systems Corporation (Japan) 15
Robert Bosch Ltd. (Holland)
41
Nanjing Weifu Jinning Co. Ltd. 1.5
Weifu High-Technology Co., Ltd. 30
Weifu Group Co., Ltd. 1.5
Weifu Group Co., Ltd.
As a large modern enterprise, Wuxi Weifu
Group Co., Ltd. principally produces diesel fuel injection system for
automotive and engineering machines. It is also engaged in production of
automotive exhaust catalytic converter, automotive air-conditional systems,
various springs as well as accessories and parts, along with international
import and export business, Wuxi Weifu High-tech Co., Ltd., the core
enterprise, has become an outstanding listed company in Securities Exchange of
A and B shares.
Add: No. 107 West Renmin Road, Wuxi, China
Tel: 86 510-82725665
Fax: 86 510-82712402
E-Mail: aijunxi@weifu.com.cn
Nanjing Weifu Jinning Co. Ltd.
Nanjing Weifu Jinning Co. Ltd., jointly
invested by Wuxi Weifu Hi-Tech Company Limited and Nanjing Machinery &
Power Equipment Industrial (Group) Company, is China’s leading enterprise in
manufacturing and selling the fuel injection equipment for internal combustion
engines. And some parts have been supplied to R/bosch. Its products include
distributor type injection pumps model VE, fuel feed pumps, single cylinder
injection pumps, fuel injectors, and 3-pair precision assemblies including
nozzles, plungers and delivery valves, and they cover over 100 models of
products and are available for all the medium & high speed diesel engines
for vehicles and agricultural diesel engines in 60-100mm cylinder sizes.
Address: No. 302 Zhongyang Road, Nanjing,
P.R.China
Telephone: 025-83583099
Fax: 025-83430600
Bosch (China) Investment Co., Ltd.
At present it has 11 representative offices,
4 trade companies, 7 wholly owned enterprises and 10 joint venture enterprises.
Address; 12/F Zhongyin Hotel No. 200 mid Yincheng
Road, Lujiazui, Pudong Shanghai
Tel:
(86 21) 2898 1111
Fax:
(86 21) 6888 2111
Bosch Trading (Shanghai) Co., Ltd.
Add: 12/F,200 Yincheng Road Central, Pudong,
Shanghai
Telephone +86 (0) 21 2898-1111
Fax +86 (0) 21 6888-0022
E-mail rbct.webmaster@cn.bosch.com
Website www.bosch-trading.com.cn
l
Chairman and General Manager:
Mr. Dr. Walz German, ID: 7038093570, 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 and general manager.
Also working in Diesel Systems. Bosch Germany as vice president.
l
Vice General Manager:
Mr. Wang Weiliang , ID: 320203650709001, in his 40’s with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2005 to present
Working in SC as vice general manager.
Also working in Weifu Group Co., Ltd., as director and vice
general manager and Wuxi Weifu Automotive Diesel System Co., Ltd., as general
manager.
SC is mainly engaged
in manufacturing and selling diesel fuel injection systems.
SC’s products
mainly include: diesel fuel injection systems.
SC sources its
materials 60% from domestic market, and 40% from the overseas market, mainly
European countries. SC sells 40% of its products in domestic market, and 60% to
the overseas market, mainly American and European countries.
The buying terms of SC include Check, 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 Clients:
==========
Bosch Automotive Parts (Suzhou) Co., Ltd.
Weichai Power Co., Ltd.
Bosch Automotive Systems Corporation (Japan)
*Major Suppliers:
==============
Bosch Automotive Systems Corporation (Japan)
Weifu High-Technology 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’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.
SC refused to
release it bank information.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
Cash & bank |
161,530 |
78,770 |
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Short term
investment |
80,000 |
0 |
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Inventory |
176,530 |
232,240 |
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Bills receivable
|
99,190 |
74,340 |
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Accounts
receivable |
139,670 |
428,820 |
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Advances to
suppliers |
19,680 |
16,250 |
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Other
receivables |
22,290 |
13,860 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
698,890 |
844,280 |
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Fixed assets net
value |
1,258,610 |
1,382,240 |
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Projects under
construction |
171,990 |
118,660 |
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Long term
investment |
0 |
0 |
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Other assets |
138,840 |
164,710 |
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------------------ |
------------------- |
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Total assets |
2268330 |
2,509,890 |
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============= |
============ |
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Short loans |
0 |
522,790 |
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Accounts payable |
473,050 |
482,560 |
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Advances from
clients |
0 |
640 |
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Taxes payable |
8,230 |
-5,370 |
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Salaries payable |
0 |
5,440 |
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Other payable |
57,850 |
16,720 |
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Other current
liabilities |
57,150 |
55,390 |
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------------------ |
------------------ |
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Current
liabilities |
596,280 |
1,078,170 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------- |
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Total
liabilities |
596,280 |
1,078,170 |
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Equities |
1,672,050 |
1,431,720 |
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|
------------------ |
-------------------- |
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Total
liabilities & equities |
2,268,330 |
2,509,890 |
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============= |
============= |
Income Statement
Unit: CNY’000
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|
As of Dec. 31, 2005 |
As of Dec. 31, 2006 |
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Turnover |
589,110 |
889,440 |
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Cost of goods
sold |
400,340 |
728,050 |
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Sales expense |
38,860 |
76,020 |
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Management expense |
249,140 |
342,630 |
|
Finance expense |
-21,090 |
41,980 |
|
Profit before
tax |
-98,460 |
-234,360 |
|
Less: profit tax |
12,080 |
5,970 |
|
Profits |
-110,540 |
-240,330 |
Important Ratios
=============
|
|
2005 |
2006 |
|
*Current ratio |
1.17 |
0.78 |
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*Quick ratio |
0.88 |
0.57 |
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*Liabilities
to assets |
0.26 |
0.43 |
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*Net profit
margin (%) |
-18.68 |
-26.99 |
|
*Return on
total assets (%) |
-4.85 |
-9.57 |
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*Inventory
/Turnover ×365 |
109days |
95days |
|
*Accounts
receivable/Turnover ×365 |
86days |
176days |
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*Turnover/Total
assets |
0.26 |
0.35 |
|
* Cost of
goods sold/Turnover |
0.68 |
0.82 |
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good, and it was rising in 2006.
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SC’s net profit margin is fair, and it was declining in 2006.
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SC’s return on total assets is fair, and it was declining in 2006.
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SC’s cost of goods sold is average in 2005 and 2006, comparing with its
turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal level in 2005 but in a
fair level in 2006.
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SC’s quick ratio is maintained a normal level in 2005 but in a fair
level in 2006.
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The accounts receivable of SC is average in 2005 but fairly large in
2006.
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The inventory of SC is fairly large in 2005 and 2006.
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The short loans are large in 2006.
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SC’s turnover is in a fair level in 2005 and 2006, 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 low.
Overall financial
condition of the SC: Fair.
SC is well-known in its industry with favorable background but fair
financial conditions. A credit line up to USD 1,500,000 would appear to be within
SC’s capacities upon a periodical review basis.
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 |
|
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 |
|
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 |
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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%)