MIRA INFORM REPORT
|
Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH
PACKAGING TECHNOLOGY (HANGZHOU) CO., LTD. |
|
|
|
|
Registered Office : |
No. 680, 23# Road, Economic
& Technological Development Zone, Hangzhou City, Zhejiang Province 310018 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.04.2001 |
|
|
|
|
Com. Reg. No.: |
330100400019141 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Subject mainly engaged in manufacturing and selling pharmaceutical and
foodstuff packaging machinery |
|
|
|
|
No. of Employees : |
368 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report number,
name and date.
ECGC Country Risk Classification List – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed,
centrally planned system to a more market-oriented one that plays a major global
role - in 2010 China became the world's largest exporter. Reforms began with
the phasing out of collectivized agriculture, and expanded to include the
gradual liberalization of prices, fiscal decentralization, increased autonomy
for state enterprises, creation of a diversified banking system, development of
stock markets, rapid growth of the private sector, and opening to foreign trade
and investment. China has implemented reforms in a gradualist fashion. In
recent years, China has renewed its support for state-owned enterprises in
sectors it considers important to "economic security," explicitly
looking to foster globally competitive national champions. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China revalued
its currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2012 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's agricultural
and industrial output each exceed those of the US; China is second to the US in
the value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (c) reducing corruption and other economic
crimes; and (d) containing environmental damage and social strife related to
the economy's rapid transformation. Economic development has progressed further
in coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy is that China is now one of the
most rapidly aging countries in the world. Deterioration in the environment -
notably air pollution, soil erosion, and the steady fall of the water table,
especially in the North - is another long-term problem. China continues to lose
arable land because of erosion and economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
Debt overhang from the stimulus program, particularly among local governments,
and a property price bubble challenge policy makers currently. The government's
12th Five-Year Plan, adopted in March 2011, emphasizes continued economic
reforms and the need to increase domestic consumption in order to make the
economy less dependent on exports in the future. However, China has made only
marginal progress toward these rebalancing goals.
|
Source : CIA |
company name & address
BOSCH
PACKAGING TECHNOLOGY (HANGZHOU) CO., LTD.
no. 680,
23# road, economic & technological development zone
hangzhou
city, zhejiang province 310018 PR CHINA
TEL: 86
(0) 571-87265000/87265081
FAX: 86
(0) 571-87265001
EXECUTIVE SUMMARY
Date of Registration : april 3, 2001
REGISTRATION NO. : 330100400019141
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : usd 6,000,000
staff : 368
BUSINESS CATEGORY :
manufacturing & trading
Revenue : CNY 602,520,000 (AS OF
DEC. 31, 2012)
EQUITIES : CNY 110,531,000 (AS OF DEC. 31, 2012)
WEBSITE : www.boschpackaging.com.cn
E-MAIL :
saleschina@boschpackaging.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.13 = USD
1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
Note: The (391 Wen Er Road, Bld 3, Hangzhou
High-Tech Zone, PRC 310012 Hangzhou) was SC’s former one, while SC is operating
in the heading address.
SC was
established as a Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 330100400019141 on April 3,
2001.
SC’s Organization Code Certificate
No.: 72760960-X
%20CO%20,%20LTD%20-%20226838%2028-Jun-2013_files/image016.jpg)
SC’s registered capital: usd 6,000,000
SC’s paid-in capital: usd 6,000,000 (CNY 48,504,999)
SC’s Tax No.: 33016572760960X
SC’s Customs Registration No. 3301340020
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008 |
Registration No. |
100198 |
330100400019141 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Robert Bosch Investment Nederland B.V. |
51 |
|
Bosch (China) Investment Ltd. |
49 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Friedbert
Klefenz |
|
Vice Chairman |
Chen Yudong |
|
Directors |
Wolfgang Szczerba |
|
Jens Mack |
|
|
Supervisor |
Rainer Bischof |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Robert Bosch Investment
Nederland B.V. 51
Bosch (China) Investment Ltd. 49
%20CO%20,%20LTD%20-%20226838%2028-Jun-2013_files/image015.gif){kind=small}
Robert Bosch Investment Nederland B.V.
----------------------------------------------------------
Chamber of Commerce Number: 34166287
Incorporated Date:
Company Type: Private limited liability
company (BV) with ordinary structure
Address: Kruisbroeksestraat, Number 1,
BOXTEL 5281RV
Tel: 0411 651521
Bosch (China) Investment Ltd.
---------------------------------------------
Date of Registration: January 11, 1999
Registration No.: 100000400008146
Legal Form: Wholly
Foreign-owned Enterprise
Registered Capital: CNY 163,570,000
Address: 12/F, 200 Yincheng Road Central,
Lujiazui, Pudong New Area, Shanghai
Tel: 86 (0) 21-28981111
Fax: 86 (0) 21-68882111
MANAGEMENT
Friedbert Klefenz, Legal Representative and Chairman
-----------------------------------------------------------------------
Ø
Gender: M
Ø
ID# D4095461960
Ø
Nationality: Germany
Ø Working experience
(s):
From 2001 to present, working in SC as legal
representative and chairman
Chen Yudong, Vice Chairman
--------------------------------------
Ø %20CO%20,%20LTD%20-%20226838%2028-Jun-2013_files/image017.jpg)
Gender: M
Ø Nationality: America
Ø Certificate No.:
452019035
Ø Working experience
(s):
At present, working in SC as vice chairman
Wolfgang Szczerba, Director
-------------------------------------
Ø Gender: M
Ø Nationality: Germany
Ø Certificate No.:
619716425
Jens Mack, Director
--------------------------
Ø Gender: M
Ø Nationality: Germany
Ø Certificate No.:
6098125100
Rainer
Bischof, Supervisor
-----------------------------------
Ø Gender: M
Ø Nationality: Germany
Ø Certificate No.:
600657471
BUSINESS OPERATION
SC’s
registered business scope includes developing, designing and manufacturing various
packaging machinery, selling self made products; wholesaling, importing and exporting the same kind of the
above products and supplying related complete services (in
accordance with the related regulations and license).
SC is mainly
engaged in manufacturing and selling pharmaceutical and foodstuff packaging
machinery.
Brand: %20CO%20,%20LTD%20-%20226838%2028-Jun-2013_files/image018.jpg){kind=small}
SC’s
products mainly include: pharmaceutical and foodstuff packaging machinery
%20CO%20,%20LTD%20-%20226838%2028-Jun-2013_files/image019.jpg)
SC sources its materials 85%
from domestic market, and 15% from overseas market. SC sells 83% of its
products in domestic market, and 17% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major Supplier:
============
Siemens
Ltd., China
Staff & Office:
--------------------------
SC is
known to have approx. 368 staff
at present.
SC rents an area
as its operating office & factory of approx. 35,000 sq. meters at the
heading address.
%20CO%20,%20LTD%20-%20226838%2028-Jun-2013_files/image020.jpg)
RELATED COMPANY
u
Robert Bosch Co. Ltd. (Hong Kong)
21/F
Floor, 625 King's Road,
North
Point, Hong Kong
Tel:
(852) 2102 0200
Fax:
(852) 2805 5159
u
Robert Bosch Taiwan Co. Ltd.
Tel:
+886-2-2515-5388
Fax:
+886-2-2515-0693
Web:
www.bosch.com.tw
u
United Automotive Electronic Systems Co. Ltd.
555
Rong Qiao Road,
Perfect
Jinqiao Industrial City
Pudong
New Area
Shanghai
201206,
P.
R. China
Tel:
(86 21) 6168 8888
Fax:
(86 21) 5899 4093
u
Bosch Automotive Diesel Systems Co., Ltd.
17
Xinhua Road, New District,
Wuxi
214028, Jiangsu, P.R. China
Tel:
+86 510 8533-3888
Fax:
+86 510 8533-8000
u
Bosch Automotive Products (Suzhou) Co. Ltd.
126
Su Hong Xi Road, Suzhou, Jiangsu 215021,
P.
R. China
Tel:
(86 512) 6767-6999
Fax:
(86 512) 6256-1818
u
Bosch Automotive Products (Changsha) Co., Ltd (Energy and Body Systems)
Address:
No.26, Lixxiang Road Middle, Xingsha, Changsha Hunan 410100, P.R. China
Tel:
+86 (731) - 82929203
Fax:
+86 (731) - 82929018
u
Bosch Trading (Shanghai) Co. Ltd.
Add:
333 Fuquan Road North,Changning District Shanghai 200335, P.R. China
Postal
code: 200335
Tel:
+86-21-22181111
Fax:
+86-21-22182388
u
Nanjing Huade Spark Plug Co., Ltd. (NHSP)
Add:
Ji Xiang An, Nanjing, China
Zip
code: 210038
Tel:
(86 25) 8539 2603
Fax:
(86 25) 8530 3344
Website:
www.nhsp-ld.com
u
ZF Shanghai Steering Co. Ltd.
1
Yong Sheng Road,
Jiading
Shanghai 201821,
P.
R. China
Tel:
(86 21) 5916 3888
Fax:
(86 21) 5916 3518
u
Bosch Power Tools (China) Co., Ltd.
567
Bin Kang Road,
Bin
Jiang District
Hangzhou,
Zhejiang 310052,
P.
R. China
Tel:
(86 571) 8777 4321
Fax:
(86 571) 8777 4291
u
BSH Household Appliances Co., Ltd.
Add:
21/F, CN International Building, 129 Zhongshan Road, Nanjing, Jiangsu 210005,
P.R. China
Tel:
+86 (25) 8470 1918
Fax:
+ 86 (25) 8470 9468
u
Bosch Thermotechnology (Beijing) Co., Ltd.
Add:
3/F, 6 South Yongchang Road, Beijing Economic Technological Development Area
(BDA), Beijing
Postal
code: 100176
Tel:
400 820 6017
Fax:
(86 10) 6782 7616
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
China
Construction Bank Zhejiang Branch
AC#: 33001611135059000161
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
20,867 |
31,514 |
15,491 |
|
|
Short-term investments |
55,875 |
0 |
50,138 |
|
Notes receivable |
551 |
500 |
20,245 |
|
Accounts
receivable |
36,587 |
63,441 |
51,708 |
|
Advances to
suppliers |
248 |
4,573 |
14,851 |
|
Other receivable |
15,249 |
18,939 |
24,318 |
|
Inventory |
104,346 |
167,381 |
193,628 |
|
Prepaid
expenses |
733 |
740 |
527 |
|
Other current
assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
234,456 |
287,088 |
370,906 |
|
Fixed assets |
69,237 |
81,094 |
72,740 |
|
Construction in
progress |
169 |
478 |
39,817 |
|
Intangible
assets |
888 |
846 |
764 |
|
Long-term investments |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
304,750 |
369,506 |
484,227 |
|
|
============= |
============= |
============= |
|
Short-term loans |
49,316 |
5,287 |
0 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
59,227 |
99,779 |
95,125 |
|
Wages payable |
1,184 |
492 |
2,786 |
|
Taxes payable |
8,689 |
15,504 |
32,988 |
|
Advances from
clients |
120,302 |
147,170 |
161,419 |
|
Other payable |
12,034 |
28,045 |
37,483 |
|
Accrued expense |
23,016 |
20,842 |
43,895 |
|
Other current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
273,768 |
317,119 |
373,696 |
|
Non-current
liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
273,768 |
317,119 |
373,696 |
|
Equities |
30,982 |
52,387 |
110,531 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
304,750 |
369,506 |
484,227 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
319,904 |
440,814 |
602,520 |
|
Cost of sales |
237,036 |
324,920 |
424,906 |
|
Sales expense |
49,193 |
60,939 |
71,846 |
|
Management expense |
20,131 |
33,231 |
54,341 |
|
Finance expense |
9,468 |
8,951 |
2,431 |
|
Income from investments |
0 |
0 |
0 |
|
Non-business
income |
40 |
495 |
20,391 |
|
Non-business expense |
135 |
217 |
282 |
|
Profit before
tax |
33,134 |
30,638 |
88,849 |
|
Less: profit tax |
10,068 |
9,233 |
30,706 |
|
23,066 |
21,405 |
58,143 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
0.86 |
0.91 |
0.99 |
|
*Quick ratio |
0.48 |
0.38 |
0.47 |
|
*Liabilities
to assets |
0.90 |
0.86 |
0.77 |
|
*Net profit
margin (%) |
7.21 |
4.86 |
9.65 |
|
*Return on
total assets (%) |
7.57 |
5.79 |
12.01 |
|
*Inventory /
Revenue ×365 |
120 days |
139 days |
118 days |
|
*Accounts
receivable / Revenue ×365 |
42 days |
53 days |
32 days |
|
*Revenue /
Total assets |
1.05 |
1.19 |
1.24 |
|
*Cost of sales
/ Revenue |
0.74 |
0.74 |
0.71 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good, and it was rising significantly year by year.
l SC’s net profit
margin is fairly good in three years.
l SC’s return on
total assets is fairly good in three years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level in three years.
l
SC’s quick ratio is maintained in a fair level in
three years.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in 2012.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in 2012.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The large amount of inventory may be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.60.58 |
|
UK Pound |
1 |
Rs.92.91 |
|
Euro |
1 |
Rs.78.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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 |
|
-- |
NB |
New
Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.