MIRA INFORM REPORT

 

 

Report Date :           

05.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MEGA GEM WIRING SYSTEMS, INC.

 

 

Registered Office :

Lot 11, Block 4, Phase II, Cavite Export Processing Zone, Rosario 4106, Cavite

 

 

Country :

Philippines

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.09.1998

 

 

Com. Reg. No.:

A199814532

 

 

Legal Form :

Corporation

 

 

Line of Business :

Manufacturer and distributor of wiring harness used in uninterrupted power supply units

 

 

No. of Employees :

60

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Philippines

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company Details

 

Company Name:

MEGA GEM WIRING SYSTEMS, INC.

Supplied Name:

Mega Gem Wiring Systems Inc

Trading Address:

Lot 11, Block 4, Phase II, Cavite Export Processing Zone, Rosario 4106, Cavite, Philippines

Supplied Address:

Lot 11 Block 4, Phase II, Cavite Export Processing Zone, Rosario Cavite 4106 Philippines

Telephone Number:

+63 46 437-2443 TO 44

Fax Number:

+63 46 437-2445

 

Company Identification Details

 

Registered Number:

A199814532

Legal Form:

Corporation

Date Incorporated:

1998-9-23

Authorized Capital Stock:

PHP 50,000,000.00 (USD 1,162,000)

(As of 2012.4, 1 PHP = 0.02324 USD)

Subscribed Capital Stock:

PHP 12,500,000.00 (USD 290,500)

Paid-up Capital:

PHP 12,500,000.00 (USD 290,500)

Par Value Per Share:

PHP 100.00

Listed at Stock Exchange:

No

Staff:

60 Employees

 

Note:

Amounts in Philippine Peso unless otherwise specified.

 

 

History

 

Company Background

 

Corporation

 

Verification with the local registry revealed the following correct registration details as of (April 3, 2012).

 

Regulatory Agency

Date Registered

Registration No.

Term

Securities and Exchange Commission

09/23/1998

A199814532

50 years

 

 

As of 2011.3.30

Common

Authorized Capital

50,000,000.00

Paid Up Capital

12,500,000.00

Subscribed Capital

12,500,000.00

Par Value

100.00

 

 

Corporate Structure

 

Affiliates:

- Mega Appliance Corp.

- First Gem Philippines Electric Corp.

- Gemphil Technologies, Inc.

- Fujisun Philippines Industries, Inc.

- Gemphil Trade International, Inc.

- Gemphilviet Manufacturing

- Industrial Corporation.

 

 

Shareholders

 

Stockholders:

Name:

Amount Subscribed:

Amount Paid-up:

Nationality:

GAW, MACARIO L. JR.

5,343,750.00

5,343,750.00

Filipino

CRUZ, ROMEO V.

4,452,500.00

4,452,500.00

Filipino

SALVADOR, CATHERINE GAW

891,250.00

891,250.00

Filipino

SIA, ANTONIO

593,750.00

593,750.00

Filipino

LANDRITO, DANILO P.

1,218,750.00

1,218,750.00

Filipino

 

Management Information

 

Management:

Name:

Position:

GAW, MACARIO L. JR.

Chairman / President

LANDRITO, DANILO P.

Vice President / Director

CRUZ, ROMEO V.

Treasurer / Director

SALVADOR, CATHERINE GAW

Corporate Secretary / Director

SIA, ANTONIO

Director

 

 

Operation

 

Activities

Manufacturer and distributor of wiring harness used in uninterrupted power supply units.

 

 

Balance Sheet

 

Unit: PHP

Balance Sheet

2010.12.31

2009.12.31

TotalCurrentAssets

206,109,078.00

156,528,849.00

Cash

63,267,910.00

68,909,283.00

ShortInvest

0

0

Receivable

53,708,169.00

73,482,506.00

Inventory

88,765,289.00

13,769,351.00

OtherCurrentAssets

367,710.00

367,709.00

LongInvestTotal

0

0

LongInvestSecurity

0

0

LongInvestEquity

0

0

LongInvestOther

0

0

FixedAssetsTotal

3,161,926.00

4,546,178.00

FixedAssets

3,161,926.00

4,546,178.00

DepreciationTotal

0

0

IntangibleAssets

0

0

OtherAssets

317,897.00

52,456,103.00

TotalAssets

209,588,901.00

213,531,130.00

TotalCurrentDebt

43,766,651.00

30,527,882.00

ShortLoan

0

0

AccountsPayable

43,766,651.00

30,527,882.00

OtherCurrentLiability

0

0

LongLiabilityTotal

0

0

LongLeases

0

0

LongLoan

0

0

LongLoanOther

0

0

TotalLiability

43,766,651.00

30,527,882.00

TotalEquity

165,822,250.00

183,003,248.00

TotalEquity (USD)

3,853,709.09

4,252,995.48

ShareCapital

12,500,000.00

12,500,000.00

CapitalPaid

0

0

LegalReserve

0

0

SurplusReserve

0

0

UndistributedProfit

0

0

RetainedEarning

153,322,250.00

170,503,248.00

OtherEquity

0

0

TotalLiabilityAndEquity

209,588,901.00

213,531,130.00

TotalLiabilityAndEquity (USD)

4,870,846.06

4,962,463.46

 

 

Profit/ Loss Accounts

 

Unit: PHP

 

2010

2009

OperatingRevenue

0

0

SalesRevenue

151,989,022.00

151,149,218.00

SalesRevenue (USD)

3,532,224.87

3,512,707.83

InterestRevenue

0

0

OtherRevenue

0

0

TotalRevenue

151,989,022.00

151,149,218.00

SalesCost

152,083,213.00

218,849,824.00

GrossProfit

-94,191.00

-67,700,606.00

SalesExpenses

0

0

ManagementExpenses

6,613,295.00

6,150,249.00

FinancialExpenses

302,357.00

200,339.00

TotalExpenses

158,998,865.00

225,200,412.00

OperatingProfit

-7,009,843.00

-74,051,194.00

NonOperatingProfit

0

0

ProfitBeforeTax

-7,009,843.00

-74,051,194.00

Tax

171,154.00

211,511.00

NetProfit

-7,180,997.00

-74,262,705.00

NetProfit (USD)

-166,886.37

-1,725,865.26

 

 

Financial Flow

 

Unit: PHP

 

2010

2009

Operating NetCash

-57,777,185.00

-36,170,592.00

Investment NetCash

52,135,812.00

30,150,891.00

Finance NetCash

0

0

 

 

Bankers

 

No dealings based on credit exposure report with one million and above dealings under the name “MEGA GEM WIRING SYSTEMS, INC.” as of September 30, 2011.

 

 

Public

 

No negative records (court cases, credit cards cancelled and delinquent accounts) found under the name “MEGA GEM WIRING SYSTEMS, INC.” in our available database as of April 3, 2012.

 

 

Special Note

 

Above information were based on the subject’s 2011 General Information Sheet, the latest available at the Securities and Exchange Commission and our available databases.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.05

UK Pound

1

Rs.81.09

Euro

1

Rs.67.39

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.