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MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
GALA PRECISION
COMPONENTS ( |
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Registered Office : |
1/F No. 1 Workshop, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.04.2006 |
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Com. Reg. No.: |
310000400463946 |
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Legal Form : |
Wholly Foreign Owned |
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Line of Business : |
Manufacturing and selling disc spring |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company / Moderate |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Name and address
GALA PRECISION
COMPONENTS (
1/F NO. 1 WORKSHOP, NO.
TEL: 86 (0) 21-67107985 FAX: 86 (0) 21-67107984
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 24, 2006
REGISTRATION NO. : 310000400463946
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
STAFF STRENGTH :
11
REGISTERED CAPITAL : USD 675,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 8,180,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY -6,190,000 (AS OF DEC. 31, 2009)
PAYMENT :
average
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : poor
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.60= USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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Note: instead of the given name “Gala Precision And
Components Shanghai Ltd.”, SC’s English name should be the above stated one.
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 Apr. 24, 2006.
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 designing, manufacturing and
processing compressor valve block, valve plate and valve parts, disc spring,
large size; selling its products and providing the related service; wholesaling,
importing and exporting the above stated products.
SC is mainly
engaged in manufacturing and selling disc spring.
Mr. Vishanji
H.Gala has been chairman of SC since 2006.
SC is known
to have approx. 11 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 Shanghai. Our checks
reveal that SC rents the total premise about 400 square meters.
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SC is not known to host website of its own at present.
E-Mail: china@galagroup.com
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*To what extent is
your company affected by the current Credit Crisis?
SC’s management declined to make any comments.
Note: by the end of 2009, SC’s paid-up capital reached USD 453,963; and
it was fully paid-up in Dec. of 2010.
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MAIN SHAREHOLDERS:
Name %
of Shareholding
Gala Precision Engineering Private Limited (
Add: A-59, Road No. 10, Wagle Industrial
Estate, Thane - 400 604,
Phone: + 91-22-4141-0404/ 2582-1232 /
2582-0252
Fax: + 91-22-2582-0771
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l
Chairman:
Mr. Vishanji H. Gala, Indian, in his
Working Experience(s):
From 2006 to present Working
in SC as chairman.
l
General Manager:
Mr. Santosh Sonawane, Indian, in his
Working Experience(s):
Now Working
in SC as general manager.
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SC is mainly
engaged in manufacturing and selling disc spring.
SC’s products
mainly include: disc spring.
SC sources its
materials 50% from domestic market, and 50% from the overseas market, mainly European
countries. SC sells 90% of its products in domestic market, and 10% to the
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 T/T, L/C and Credit of 30-60 days.
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Add: 1st
Floor, Lyoner Strasse 14, 60528
Email: ashish.thosar@galagroup.com
Contact
Person: Ashish Thosar
Phone:
+49 69 66 55 41 58
Fax: +49
69 66 55 41 59
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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 did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
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.
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Bank of
AC#
049468898014951208091001
Relationship:
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Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Cash & bank |
1,070 |
1,140 |
|
Inventory |
2,940 |
1,810 |
|
Accounts
receivable |
1,150 |
1,340 |
|
Advances to
suppliers |
160 |
30 |
|
Other
receivables |
180 |
100 |
|
Other current
assets |
0 |
0 |
|
|
--------------- |
---------------- |
|
Current assets |
5,500 |
4,420 |
|
Fixed assets net
value |
980 |
160 |
|
Projects under
construction |
0 |
50 |
|
Long term
investment |
0 |
0 |
|
Other assets |
0 |
0 |
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|
--------------- |
----------------- |
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Total assets |
6,480 |
4,630 |
|
|
============ |
============ |
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Short loans |
320 |
0 |
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Accounts payable |
9,460 |
8,770 |
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Advances from
clients |
0 |
0 |
|
Taxes payable |
-130 |
50 |
|
Salaries payable |
110 |
60 |
|
Other payable |
1,350 |
1,940 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------- |
----------------- |
|
Current
liabilities |
11,110 |
10,820 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------- |
----------------- |
|
Total
liabilities |
11,110 |
10,820 |
|
Equities |
-4,630 |
-6,190 |
|
|
------------------- |
------------------ |
|
Total
liabilities & equities |
6,480 |
4,630 |
|
|
=========== |
============ |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
|
Turnover |
8,180 |
|
Cost of goods
sold |
6,880 |
|
Sales expense |
1,120 |
|
Management expense |
1,700 |
|
Finance expense |
40 |
|
Profit before
tax |
-1,570 |
|
Less: profit tax |
0 |
|
Profits |
-1,570 |
Important Ratios
=============
|
|
2008 |
2009 |
|
*Current ratio |
0.50 |
0.41 |
|
*Quick ratio |
0.23 |
0.24 |
|
*Liabilities
to assets |
1.71 |
2.34 |
|
*Net profit
margin (%) |
/ |
-19.19 |
|
*Return on
total assets (%) |
/ |
-33.91 |
|
*Inventory
/Turnover ×365 |
/ |
81days |
|
*Accounts receivable/Turnover
×365 |
/ |
60days |
|
*Turnover/Total
assets |
/ |
1.77 |
|
* Cost of
goods sold/Turnover |
/ |
0.84 |
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PROFIT
l
The turnover of SC appears average in 2009.
l
SC’s net profit margin is poor in 2009.
l
SC’s return on total assets is poor in 2009.
l
SC’s cost of goods sold is average in 2009,
comparing with its turnover.
LIQUIDITY: POOR
l
The current ratio of SC is maintained in a poor
level in both years.
l
SC’s quick ratio is maintained in a poor level in
both years.
l
The inventory of SC is large in both years.
l
The accounts receivable of SC is average in both
years.
l
The short loans of SC are average in 2008, and it
has no short loans in 2009.
l
SC’s turnover is in an average level in 2009,
comparing with the size of its total assets.
LEVERAGE: POOR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt exists.
Overall financial
condition of the SC: POOR.
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SC is considered small-sized in its line with poor financial conditions.
Credit should be extended under guarantee, and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
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.