MIRA
INFORM REPORT
|
Report Date : |
13.11.2014 |
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 |
|
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|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
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|
|
Date of Incorporation : |
03.04.2001 |
|
|
|
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Com. Reg. No.: |
330100400019141 |
|
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|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
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). |
|
|
|
|
No. of Employees : |
368 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources.
|
Source : CIA |
Company name and 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) 571-87265081/87265000
FAX: 86 (0) 571-87265001
***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.
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 610,840,000 (AS OF
DEC. 31, 2013)
EQUITIES : CNY 140,820,000 (AS OF DEC. 31, 2013)
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 6.11 = USD
1
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
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%20-%20293484%2013-Nov-2014_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
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: USD 163,573,722
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%20-%20293484%2013-Nov-2014_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%20-%20293484%2013-Nov-2014_files/image018.jpg){kind=small}
SC’s
products mainly include: pharmaceutical and foodstuff packaging machinery
%20CO%20,%20LTD%20%20-%20293484%2013-Nov-2014_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%20-%20293484%2013-Nov-2014_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
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 |
As of Dec. 31, 2013 |
|
20,867 |
31,514 |
15,491 |
50,190 |
|
|
Short-term investments |
55,875 |
0 |
50,138 |
53,220 |
|
Notes receivable |
551 |
500 |
20,245 |
5,920 |
|
Accounts
receivable |
36,587 |
63,441 |
51,708 |
85,830 |
|
Advances
to suppliers |
248 |
4,573 |
14,851 |
10,230 |
|
Other
receivable |
15,249 |
18,939 |
24,318 |
10,700 |
|
Inventory |
104,346 |
167,381 |
193,628 |
98,720 |
|
Prepaid
expenses |
733 |
740 |
527 |
610 |
|
Other
current assets |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current
assets |
234,456 |
287,088 |
370,906 |
315,420 |
|
Fixed
assets |
69,237 |
81,094 |
72,740 |
124,170 |
|
Construction
in progress |
169 |
478 |
39,817 |
15,800 |
|
Intangible
assets |
888 |
846 |
764 |
0 |
|
Long-term
investments |
0 |
0 |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
assets |
304,750 |
369,506 |
484,227 |
455,390 |
|
|
============= |
============= |
============= |
============= |
|
Short-term
loans |
49,316 |
5,287 |
0 |
0 |
|
Notes
payable |
0 |
0 |
0 |
0 |
|
Accounts
payable |
59,227 |
99,779 |
95,125 |
90,900 |
|
Wages
payable |
1,184 |
492 |
2,786 |
1,580 |
|
Taxes
payable |
8,689 |
15,504 |
32,988 |
31,110 |
|
Advances
from clients |
120,302 |
147,170 |
161,419 |
98,580 |
|
Other
payable |
12,034 |
28,045 |
37,483 |
50,260 |
|
Accrued
expense |
23,016 |
20,842 |
43,895 |
42,140 |
|
Other
current liabilities |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
273,768 |
317,119 |
373,696 |
314,570 |
|
Non-current
liabilities |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
273,768 |
317,119 |
373,696 |
314,570 |
|
Equities |
30,982 |
52,387 |
110,531 |
140,820 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
304,750 |
369,506 |
484,227 |
455,390 |
|
|
============= |
============= |
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2010 |
As of
Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Revenue |
319,904 |
440,814 |
602,520 |
610,840 |
|
Cost of sales |
237,036 |
324,920 |
424,906 |
439,800 |
|
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 |
58,140 |
|
Less:
profit tax |
10,068 |
9,233 |
30,706 |
27,860 |
|
23,066 |
21,405 |
58,143 |
30,280 |
Important
Ratios
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
*Current
ratio |
0.86 |
0.91 |
0.99 |
1.00 |
|
*Quick
ratio |
0.48 |
0.38 |
0.47 |
0.69 |
|
*Liabilities
to assets |
0.90 |
0.86 |
0.77 |
0.69 |
|
*Net
profit margin (%) |
7.21 |
4.86 |
9.65 |
4.96 |
|
*Return
on total assets (%) |
7.57 |
5.79 |
12.01 |
14.05 |
|
*Inventory
/ Revenue ×365 |
120
days |
139
days |
118
days |
59
days |
|
*Accounts
receivable / Revenue ×365 |
42
days |
53
days |
32
days |
52
days |
|
*Revenue
/ Total assets |
1.05 |
1.19 |
1.24 |
1.34 |
|
*Cost
of sales / Revenue |
0.74 |
0.74 |
0.71 |
0.72 |
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.
l SC’s
return on total assets is fairly good.
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.
l
SC’s quick ratio is maintained in a
fair level.
l
The inventory of SC appears average in
2013.
l
The accounts receivable of SC is
maintained in an average level.
l
SC has no short-term loans in 2012 and
2013.
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
and 2013.
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. Taking into consideration of SC’s good background.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.97.92 |
|
Euro |
1 |
Rs.76.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
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.