MIRA
INFORM REPORT
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Report No. : |
347268 |
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Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH PACKAGING TECHNOLOGY (HANGZHOU) CO., LTD. |
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Registered Office : |
No. 680, 23# Road, Economic & Technological Development Zone Hangzhou City, Zhejiang Province 310018 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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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 |
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Line of Business : |
Subject engaged in manufacturing and selling
pharmaceutical and foodstuff packaging machinery |
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No. of Employees : |
400 |
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 : |
Good |
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|
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Payment Behaviour : |
Regular |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
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) 571-87265081/87265994/87265000
FAX: 86 (0) 571-87265001
***Note: The given address
(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
CHIEF EXECUTIVE :
Friedbert Klefenz (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : usd 6,000,000
staff :
400
BUSINESS CATEGORY : manufacturing & trading
Revenue :
CNY 516,743,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 179,698,000 (AS OF DEC. 31, 2014)
WEBSITE : www.boschpackaging.com.cn
E-MAIL :
saleschina@boschpackaging.com
PAYMENT :
REGULAR
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION :
fairly good
EXCHANGE RATE :
CNY 6.36 = 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
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.,%20LTD.%20-%20347268%2029-Oct-2015_files/image015.jpg)
SC’s Tax No.: 33016572760960X
SC’s Customs Registration No. 3301340020
SC’s registered capital: usd
6,000,000
SC’s paid-in capital: usd 6,000,000 (CNY
48,504,999)
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2003-11-19 |
Legal Representative |
Bueschelberg |
Friedbert Klefenz |
|
2008-4-15 |
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 |
|
General Manager |
Helmut Weisser |
|
Vice Chairman |
Chen Yudong |
|
Directors |
Mathias Otto Hartmann |
|
Walter Josef Haecki |
|
|
Supervisor |
Du Geli |
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
Chief
Executive: Yudong Chen (Legal Representative)
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
-----------------------------------------------------------------------
Gender:
M
ID#
D4095461960
Nationality:
Germany
Working
experience (s):
From
2001 to present, working in SC as legal representative and chairman
Helmut Weisser, General
Manager
---------------------------------------------
Gender:
M
Working
experience (s):
At
present, working in SC as general manager
Chen Yudong, Vice Chairman
--------------------------------------
%20CO.,%20LTD.%20-%20347268%2029-Oct-2015_files/image016.jpg)
Gender: M
Nationality:
America
Certificate
No.: 452019035
Working
experience (s):
At
present, working in SC as vice chairman
Director
-----------
Mathias
Otto Hartmann
Walter
Josef Haecki
Supervisor
--------------
Du Geli
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.,%20LTD.%20-%20347268%2029-Oct-2015_files/image017.jpg){kind=small}
SC’s
products mainly include: pharmaceutical and foodstuff packaging machinery
%20CO.,%20LTD.%20-%20347268%2029-Oct-2015_files/image018.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
*Major
Customers:
==============
Bosch
Packaging Technology Inc.
Investigacion
Farmaceutica S.A. De
Staff & Office:
--------------------------
SC is
known to have approx. 400
staff at present.
SC
rents an area as its operating office & factory of approx. 35,000 sq. meters
at the heading address.
%20CO.,%20LTD.%20-%20347268%2029-Oct-2015_files/image019.jpg)
RELATED COMPANY
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
Robert
Bosch Taiwan Co. Ltd.
Tel:
+886-2-2515-5388
Fax:
+886-2-2515-0693
Web:
www.bosch.com.tw
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
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
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
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
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
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
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
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
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
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, 2012 |
As of Dec. 31, 2013 |
|
15,491 |
50,190 |
|
|
Short-term investments |
50,138 |
53,220 |
|
Notes receivable |
20,245 |
5,920 |
|
Accounts receivable |
51,708 |
85,830 |
|
Advances to suppliers |
14,851 |
10,230 |
|
Other receivable |
24,318 |
10,700 |
|
Inventory |
193,628 |
98,720 |
|
Prepaid expenses |
527 |
610 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
370,906 |
315,420 |
|
Fixed assets |
72,740 |
124,170 |
|
Construction in progress |
39,817 |
15,800 |
|
Intangible assets |
764 |
0 |
|
Long-term investments |
0 |
0 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
484,227 |
455,390 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
95,125 |
90,900 |
|
Wages payable |
2,786 |
1,580 |
|
Taxes payable |
32,988 |
31,110 |
|
Advances from clients |
161,419 |
98,580 |
|
Other payable |
37,483 |
50,260 |
|
Accrued expense |
43,895 |
42,140 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
373,696 |
314,570 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
373,696 |
314,570 |
|
Equities |
110,531 |
140,820 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
484,227 |
455,390 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
Revenue |
602,520 |
610,840 |
|
Cost of sales |
424,906 |
439,800 |
|
Sales expense |
71,846 |
-- |
|
Management expense |
54,341 |
-- |
|
Finance expense |
2,431 |
-- |
|
Income from investments |
0 |
-- |
|
Non-business income |
20,391 |
-- |
|
Non-business expense |
282 |
-- |
|
Profit before tax |
88,849 |
58,140 |
|
Less: profit tax |
30,706 |
27,860 |
|
58,143 |
30,280 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Total assets |
492,079 |
|
|
------------- |
|
Total liabilities |
312,381 |
|
Equities |
179,698 |
|
|
------------- |
|
Revenue |
516,743 |
|
Profit before tax |
50,194 |
|
Less: profit tax |
11,314 |
|
Profits |
38,880 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
0.99 |
1.00 |
-- |
|
*Quick ratio |
0.47 |
0.69 |
-- |
|
*Liabilities to assets |
0.77 |
0.69 |
0.63 |
|
*Net profit margin (%) |
9.65 |
4.96 |
7.52 |
|
*Return on total assets (%) |
12.01 |
14.05 |
7.90 |
|
*Inventory / Revenue ×365 |
118 days |
59 days |
-- |
|
*Accounts receivable / Revenue ×365 |
32 days |
52 days |
-- |
|
*Revenue / Total assets |
1.24 |
1.34 |
1.05 |
|
*Cost of sales / Revenue |
0.71 |
0.72 |
-- |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY GOOD
The
revenue of SC appears fairly good, and it was rising significantly year by
year.
SC’s
net profit margin is fairly good.
SC’s
return on total assets is fairly good.
SC’s
cost of goods sold is average, comparing with its revenue.
LIQUIDITY: FAIR
The
current ratio of SC is maintained in a fair level.
SC’s
quick ratio is maintained in a fair level.
The
inventory of SC appears average.
The
accounts receivable of SC is maintained in an average level.
SC
has no short-term loans in 2012 and 2013.
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is average.
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.65.04 |
|
UK Pound |
1 |
Rs.99.58 |
|
Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.