MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
29.06.1994 |
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Com. Reg. No.: |
320400400001971 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
manufacturing and selling electrical
products and electronic components |
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 800,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Company
name & address
NO.
TEL: 86 (0) 519-85120606 FAX: 86 (0) 519-85121000
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUNe 29, 1994
REGISTRATION NO. : 320400400001971
REGISTERED
LEGAL FORM : wholly foreign-owned
STAFF
STRENGTH : 400
REGISTERED
CAPITAL : USD 11,263,000
BUSINESS
LINE :
MANUFACTURING
TURNOVER : CNY 446,779,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 111,637,000
(AS OF DEC. 31, 2009)
PAYMENT
: AVERAGE
RECOMM.
MARKET
CONDITION : competitive
Adopted
abbreviations
ANS - amount not
stated
NS - not stated
SC - subject company
(the company inquired by you)
NA - not available
CNY -
Note: the given
telephone number “86-519
SC is also known as Galaxy Semiconductor (
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 June 29, 1994.
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 scope includes certified business item: nothing; common operational
projects: electrical products and
electronic components, gas meter reading system manufacturing and installation
services; and selling the products.
SC is mainly engaged in manufacturing and
selling electrical products and
electronic components.
Mr. Xu Xiaoping is the
legal representative, chairman and general manager of SC at present.
SC is
known to have approx. 400 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 Changzhou. Our checks reveal that SC covers
an area of 130,000 square meters.
http://www.galaxycn.com The
design is professional and the content is well organized. At present it is in Chinese and English versions.
Email: info@galaxycn.com
SC has obtained
ISO9001, TS16949, ISO14001 certificates, etc.
No significant
changes were found during our checks with the local Administration for Industry
and Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
(B.V.I.) Gold and Goal Co.,
Ltd.
100
l
Legal
representative,
chairman and general manager:
Mr. Xu Xiaoping,
ID#: 320402196704130054, born in 1967, he is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager
Directors:
………...
Guan Xufeng
ID#: 320404195711180445
Zhu Weiying
ID#: 32010619670422122X
Supervisor:
………….
Shi Xiaoming
ID#: 320404196203170413
SC is mainly engaged in manufacturing and
selling electrical products and electronic
components.
SC’s products mainly
include Solar Schottky,
MBS/M bridge rectifier, TBS super thin bridge rectifier, SMAFL, TO
SC sources its materials 80% from domestic market and 20% from overseas
market. SC sells 70% of its products in domestic market and 30% to overseas
market, mainly
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.
Note: SC’s management declined to
release its major clients and suppliers.
According
to the above website:
Shenzhen Office
Add: Room 2908,
Tel: 0755-83267666
Fax: 0755-83355349
Dongguan Office
Add: Room A2104,
Tel: 0769-22020199
Fax: 0769-22020114
Add: No.1, Floor 1,
Building 6,
Tel: 028-65968808*6
Fax: 028-65968806
Add: Room 701, Unit 3,
Building 5,
Tel: 0571-88911925
Fax: 0571-88854979
Add: Room 707, NO.21
Rong’an Jiajing,
Tel: 0574-87111960
Fax: 0574-87111969
Add: Room 516, Floor 5,
Tel: 010-51099198
Fax: 010-51099068
Add: Floor 11/16, Building
A,
Tel: 00852-26986080
Fax: 00852-26973943
Etc.
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 refused to release any information of its suppliers and the trade
reference was not available.
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’s management declined to release its bank details.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2009 |
as of Dec. 31, 2008 |
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Cash & bank |
47,748 |
32,301 |
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Inventory |
52,046 |
98,409 |
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Accounts receivable |
125,370 |
109,804 |
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Advances to suppliers |
3,988 |
3,566 |
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Notes receivable |
49,565 |
17,212 |
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Other receivables |
2,411 |
11,288 |
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Other current assets |
0 |
83 |
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------------------ |
------------------ |
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Current assets |
281,128 |
272,663 |
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Fixed assets |
44,873 |
48,750 |
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Projects under construction |
0 |
1,245 |
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Long term investment |
0 |
0 |
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Intangible assets |
2,185 |
2,238 |
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Long-term deferred expenses |
421 |
392 |
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------------------ |
------------------ |
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Total assets |
328,607 |
325,288 |
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============= |
============= |
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Short loans |
92,500 |
108,233 |
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Accounts payable |
78,969 |
59,686 |
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Advances from clients |
2,532 |
5,468 |
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Notes payable |
34,783 |
8,000 |
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Other payable |
5,564 |
31,552 |
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Salaries and welfare payable |
0 |
92 |
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Taxes payable |
2,486 |
2,184 |
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Other current liabilities |
136 |
0 |
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------------------ |
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Current liabilities |
216,970 |
215,215 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
216,970 |
215,215 |
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Equities |
111,637 |
110,073 |
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----------------- |
----------------- |
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Total liabilities & equities |
328,607 |
325,288 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2009 |
as
of Dec. 31, 2008 |
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Turnover |
446,779 |
396,697 |
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Cost of goods sold |
377,260 |
348,359 |
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Taxes and additional of main operation |
194 |
130 |
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Sales expense |
11,860 |
9,708 |
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Management
expense |
38,532 |
29,406 |
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Finance expense |
6,638 |
7,466 |
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Investment income |
171 |
0 |
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Non-operating income |
1,831 |
492 |
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Non-operating expense |
176 |
671 |
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Profit before tax |
14,121 |
1,449 |
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Less: profit tax |
1,403 |
286 |
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Profits |
12,718 |
1,163 |
Important Ratios
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as of Dec. 31, 2009 |
as of Dec. 31, 2008 |
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*Current ratio |
1.30 |
1.27 |
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*Quick ratio |
1.06 |
0.81 |
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*Liabilities to assets |
0.66 |
0.66 |
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*Net profit margin (%) |
2.85 |
0.29 |
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*Return on total assets (%) |
3.87 |
0.36 |
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*Inventory /Turnover ×365 |
43 days |
91 days |
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*Accounts receivable/Turnover ×365 |
102 days |
101 days |
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*Turnover/Total assets |
1.36 |
1.22 |
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* Cost of goods sold/Turnover |
0.84 |
0.88 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears fairly good in its line, and it increased in 2009.
l
SC’s net
profit margin is average in both 2 years.
l
SC’s return
on total assets is average in both 2 years.
l
SC’s
cost of goods sold is average in both 2 years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level in both 2 years.
l
SC’s
quick ratio is maintained in a normal level in both 2 years.
l
The
inventory of SC appears fairly large in 2008 and average in 2009.
l
The
accounts receivable of SC appears large in both 2 years.
l
The
short-term loan of SC appears fairly large in both 2 years.
l
SC’s
turnover is in an average level in both 2 years, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is average.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly
Stable
SC is considered
medium-sized in its line with fairly stable financial conditions. The large
amount of accounts receivable could be a threat to SC’s financial condition. A
credit line up to USD 800,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.48 |
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|
1 |
Rs.72.37 |
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Euro |
1 |
Rs.64.42 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
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.