MIRA
INFORM REPORT
|
Report Date : |
25.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
WOORY AUTOMOTIVES INDIA PRIVATE LIMITED |
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Registered Office : |
A1B, MMDA Industrial Complex, Maraimalai Nagar-603 209, Kancheepuram District
, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.04.2004 |
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Com. Reg. No.: |
18 - 52991 |
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CIN No.: [Company
Identification No.] |
U34300TN2004PTC052991 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEW03117C |
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PAN No.: [Permanent
Account No.] |
AAACW5300Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of all kinds of automobile
components, industrial equipments and electrical components. |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 170072 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 100% subsidiary of Woory Industrial Company Limited,
Korea. The Indian operations have incurred some initial losses. Trade relations
are fair. Payments are reported as slow but correct. The company can be considered normal for small to mediocre business
dealings at usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
A1B. MMDA Industrial Complex, Maraimalai Nagar, Kancheepuram Chennai –
603209, Tamilnadu, India |
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Tel. No.: |
91-44-47404455 |
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Mobile No.: |
91-44-47404454 |
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Email: |
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Website : |
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Overseas Office : |
Mail Number 446, 908, 516-1, Yeong Deok, Giheung-gu, Yongin-Si,
Gyeonggi-do, South Korea |
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Tel. No.: |
91-82-312043193 |
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Fax No.: |
91-82-312043199 |
DIRECTORS
|
Name : |
Mr. Kim Myung Joow |
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Designation : |
Director |
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Address : |
111-3, Sinduri Epjan Myung Chonan – 51, South Korea |
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Date of Appointment : |
19.04.2004 |
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Name : |
Mr. Ryoo Seung Woo |
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Designation : |
Director |
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Address : |
34/35, Vantagesuriise, Postal Road, Beseant Nagar, Chennai – 600090,
Tamilnadu |
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Date of Appointment : |
19.04.2004 |
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Name : |
Mr. Won Uk Hur |
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Designation : |
Alternate Director |
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Address : |
M-301, Atrium Apartments 22 Kalakshetra Road, Tiruvanmpur, Chennai –
600041, Tamilnadu |
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Date of Appointment : |
30.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Woory Industril Company Limited |
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3454132 |
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Ryoo Seung Woo |
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100 |
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Total |
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3454232 |
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Category |
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Percentage |
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Foreign Holdings FIIs, FCs, FFIs, NRIs, or OCB or others |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of all kinds of automobile
components, industrial equipments and electrical components. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
47 |
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Bankers : |
L.B.Road, Chennai – 600004,
Tamilnadu, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sukumar and Uma Chartered Accountants |
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Address : |
No.29, Devadi Street, Mylapore, Chennai – 600004, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity shares |
Rs.10/- each |
Rs.45.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4251700 |
Equity shares |
Rs.10/- each |
Rs.42.517
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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42.517 |
27.969 |
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2] Share Application Money |
|
0.001 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(2.281) |
0.000 |
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NETWORTH |
|
40.237 |
27.969 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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40.237 |
27.969 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.948 |
21.293 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
1.028 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.689 |
6.986 |
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Sundry Debtors |
|
7.989 |
0.000 |
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Cash & Bank Balances |
|
12.920 |
4.832 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
4.496 |
2.532 |
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Total
Current Assets |
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39.094 |
14.350 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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35.666 |
13.420 |
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Provisions |
|
0.216 |
0.000 |
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Total
Current Liabilities |
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35.882 |
13.420 |
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Net Current Assets |
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3.212 |
0.930 |
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MISCELLANEOUS EXPENSES |
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0.049 |
5.746 |
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TOTAL |
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40.237 |
27.969 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover(Including other
Income) |
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31.124 |
NA |
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Profit/(Loss) Before Tax |
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(3.092) |
NA |
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Provision for Taxation |
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(0.811) |
NA |
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Profit/(Loss) After Tax |
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(2.281) |
NA |
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Earnings in Foreign Currency : |
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Total Earnings |
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14.548 |
NA |
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Expenditures : |
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Other Expenditure |
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34.216 |
NA |
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Total Expenditure |
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34.216 |
NA |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(7.32) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.00) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(7.90) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.07) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.89 |
0.47 |
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Current Ratio (Current Asset/Current Liability) |
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0.09 |
0.06 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate identity
number (CIN) Foreign company registration number |
U34300TN2004PTC052991 |
|
Name of the
Company |
WOORY AUTOMOTIVES INDIA PRIVATE LIMITED |
|
Address |
A1B. MMDA Industrial Complex, Maraimalai Nagar, Kancheepuram Chennai –
603209, Tamilnadu, India |
|
This form is for |
Creation of
Charge |
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Type of Charge |
Immovable Property Movable Property (not being pledge) |
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Particulars of
the charge holder |
Indian Overseas
Bank L.B.Road, Chennai
– 600004, Tamilnadu, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Letter of
Confirmation of Deposit of title deeds |
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Date of the instrument
creating or modifying the charge |
25.01.2007 |
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Amount secured by
the charge |
Rs.29.600
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Land at Moppedu, thiruvalloor Taluk Constuction of factory building there on and purchases of plant and
machinery. |
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Short particulars
of the property charged (including location of the property) |
Factory Land and Building Plant and
Machineries There on At MMDA Industrial
Complex, Maraimalai Nagar, Kancheepuram Chennai – 603209 |
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Particular of the
present modification |
N.A. |
As per web details:
Subject, established in 1989, have successfully launched our business into the North American Market through dynamic marketing strategy; making a firm establishment in domestic as well as in the overseas market. We are striving to establish global leadership in the field of automotive supply by expanding our horizon from Asia, Europe, and through out the world.
Vision of subject in the 21st century is to
become “World-class automotive supplier
of the highest quality goods and of the highest innovation that puts customer's
needs at its utmost priority."
With our motto of "customer centered management”, "establishing fair values" and "respect of mankind".
We are commited to customer's satisfaction through our continuous innovation in
the development and manufacture of automotive supply for global automotive
industry.
History
- Feb 27 Established Woory IND,LTD
- Apr 4 produced fuel sender
- May 2 registered trade businesses
- June 10 Found affiliate research facility
- Feb 3 Formed technical alliance with MSM in Germany (solenoid valve)
- Dec 1 Certification of ISO 9002(Korea Standard Organization)
- Jan 3 Certification of 100PPM(Small Business Bureau)
- Apr 28 Completed and operated its second plant in Chunan
- Sep 1 Formed technical alliance with John Mcgorigan in UK
- Dec 25 Established Yu-Il electronic communication co.,ltd
- Aug 25 Achieved certification of QS 9000
- Dec 20 Achieved IMS(Information Management System) cerification
- Feb 28 Registered venture enterprise of new technology firm
- Apr 1 contracted export with Delphai in USA
- Nov 14 Awarded prime minister prize (gold prize) for management innovation prize
- Nov 29 Awarded day of trade in 39th (five million US dollar export tower)
- Nov 29 Awarded day of trade in 39th (silver tower prize)
- Jan 21 Achieved ISO 14001(Environment Management System) certification
- Jan 24 Achieved SQ Mark (Hyundai motors , Kia motors)
- Feb 7 Registered Venture Enterprise (New Technology Enterprise)
- July 23 List on the KOSDAQ
- Dec 30 Achieved ISO/TS 16949:2002 cerification
- Nov 25 Awarded President prize (big prize) for corporation innovation prize
- Nov 30 Awarded day of trade in 41th (ten million US dollar export tower)
- Nov 30 Awarded day of trade in 42th (thirty million US dollar export tower)
- May 12 Completed and operated its third plant in Pyungtaek
- Sep 25 Awarded DaimlerChrysler NEA Supplier Quality Award
- March 15 Achieved technical innovation small and medium enterprise(INNO-BIZ) certification
Quality Activity
- The first Quality Secure
- QI (Quality Innovation)
- Six Sigma
- SQSC (Supplier Quality Score Card)
- Concurrent Engineering
- Establishment of Quality Assurance System
- Achieved Certificate
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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%)
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 |
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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 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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