MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HUMAX ELECTRONICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B/D-2, Budh Vihar, Mathura Road, Badarpur, New Delhi – 110 044, Delhi |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
28.05.2003 |
|
|
|
|
Com. Reg. No.: |
55-120587 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U32109DL2003PTC120587 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading in Set Top Boxes |
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 |
|
Maximum Credit Limit : |
USD 230000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Humax, a multi-national group, originated from
Korea. The company appears to have huge potential in view of each television
in India may require one unit of set top box. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B/D-2, Budh Vihar, Mathura Road, Badarpur, New Delhi – 110 044, Delhi,
India |
|
Tel. No.: |
91-11-23234552 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Office No. 1521, 15th Floor, Ansal Tower, Nehru Place, New
Delhi, India |
|
Mobile No.: |
91-9920029785 |
|
Fax No.: |
91-22-25706372 |
|
|
|
|
Sales Office : |
Unit No. 701, 7th Floor, Gateway Plaza, Hiranandani Powai,
Mumbai – 400 076, Maharashtra, India |
|
Tel. No.: |
91-22-25700360 |
|
Fax No.: |
91-22-25706372 |
DIRECTORS
|
Name : |
Mr. Jong Gan Park |
|
Designation : |
Director |
|
Address : |
A-176, Sector – 40, Noida, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.01.1963 |
|
Date of Appointment : |
26.08.2003 |
|
|
|
|
Name : |
Mr. Jong Ho Park |
|
Designation : |
Director |
|
Address : |
A-176, Sector – 40, Noida, Uttar Pradesh, India |
|
Date of Birth/Age : |
08.12.1966 |
|
Date of Appointment : |
26.08.2003 |
|
|
|
|
Name : |
Mr. Yong Min Son |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
08.10.1970 |
|
Date of Appointment : |
15.05.2006 |
KEY EXECUTIVES
|
Name : |
M/s P S Soni and Company |
|
Designation : |
Company Secretary |
|
Address : |
B-10, Ansal Utility Commercial Center, Opp. Jwala Heri Market, Paschim
Vihar, New Delhi – 110 063, India |
|
Mobile No.: |
91-9810262298 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
M/s Humax Company Limited |
1781279 |
|
Jong Gan Park |
1 |
|
|
|
|
Total |
1781280 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Set Top Boxes |
GENERAL
INFORMATION
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
V K Mehta and Company Chartered Accountants |
|
Address : |
1/24, Asaf Ali Road, New Delhi – 110 002, India |
|
|
|
|
Holding/Parent Companies : |
Humax Company Limited |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2400000 |
Equity Shares |
Rs.10/- each |
Rs.24.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1781280 |
Equity Shares |
Rs.10/- each |
Rs.17.813
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.813 |
17.813 |
17.813 |
|
|
2] Share Application Money |
2.300 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.744 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
46.857 |
17.813 |
17.813 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.112 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
46.969 |
17.813 |
17.813 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.820 |
2.839 |
2.841 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
720.801
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
58.179
|
0.246 |
0.649 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.836
|
13.508 |
13.508 |
|
Total
Current Assets |
779.816
|
13.754 |
14.157 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
718.158
|
0.508 |
0.479 |
|
|
Provisions |
17.527
|
0.000 |
0.000 |
|
Total
Current Liabilities |
735.685
|
0.508 |
0.479 |
|
|
Net Current Assets |
44.131
|
13.246 |
13.678 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.018 |
0.023 |
0.023 |
|
|
Pre Operative Expenses |
0.000 |
1.705 |
1.271 |
|
|
|
|
|
|
|
|
TOTAL |
46.969 |
17.813 |
17.813 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
992.441 |
|
Other Income |
|
|
0.000 |
|
Total Income |
|
|
992.441 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.044 |
|
Provision for Taxation |
|
|
0.017 |
|
Profit/(Loss) After Tax |
|
|
0.027 |
|
|
|
|
|
|
Total Expenditure |
|
|
992.397 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.01
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
15.70
|
0.03 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
27.07 |
29.56 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Address of the company has been shifted from E-49, Firozshah
Kotla, New Delhi – 110 002, India to the present address with effect from
01.09.2007.
Milestones
·
May 2007 -
Establishes subsidiary in Thailand
·
May 2006 -
Establishes subsidiary in Poland
·
December 2005 -
Establishes subsidiary in Hong Kong
·
September 2004
- Opens office in Shenzhen, China
·
July 2004 -
Establishes subsidiary in Sydney, Australia
·
March 2004 -
Ships digital TVs
·
December 2003 -
Opens office in Millano, Italy
·
August 2003 -
Establishes subsidiary in New Delhi, India
·
February 2002 -
Opens sales office in London, England.
·
November 2001 -
$200 million in exports.
Develops and ships set-top boxes for digital TV service. Establishes a
subsidiary in Tokyo, Japan.
·
May 2001 - New
company, ID Digital, started.
·
November 2000 -
Records $100 million in exports.
·
June 2000 -
Establishes a joint venture firm, CrossDigital, in Irvine, California, USA in
cooperation with Samsung Electronics.
·
February 2000 -
Decides to make headquarters in Yongin, a production base. Establishes new
R&D center in HUMAX venture tower in Bundang, Gyeonggi-do.
·
January 2000 -
Establishes a subsidiary in Frankfurt, Germany.
·
December 1999 -
Establishes a subsidiary in Dubai, UAE. Develops and ships set-top boxes for
digital cable TV service. Receives the presidential Award for contrubution to
Koran exports.
·
October 1999 -
Awarded decoration for excellent performance at the 3rd Annul Venture Business
Fair.
·
January 1998 -
changes corporate name to HUMAX Company Limited and moves headquarters and
plant to to Yongin, Gyeonggi-do.
·
May 1997 -
Establishes a subsidiary in Northern Ireland, the UK.
·
April 1997 -
Listed on the KOSDAQ.
·
September 1996
- Attains the KT (Excellence in Korean Technology) mark from the Korea
Industrial Technology Association.
·
September 1996
- Develops and ships set-top boxes for digital satellite broadcasting.
·
June 1995 -
Ships video CD karaoke machines.
·
March 1995 -
Exports video CD players to China.
·
May 1994 -
Introduces world's first CD-karaoke machine, applying its CD-Rom technology.
·
1994 - Focuses
business activities on digital home appliances.
·
1993 - Develops
CV1010, graphic processing semiconductor Changes corporate name to Conin
Company Limited and establishes new building in Garak-dong and new plant in
Suwon.
·
May 1992 -
Ships home karaoke machines.
·
1991 - Ships
video mixing board for editing subtitles.
·
October 1990 -
Its industrial vision system CVS-256 is awarded a prize as a model product in
the sector of industrial electronics products at the Korea Electronics Products
Contest.
·
May 1990 -
Establishes Research and Development Center Selected as a distinguished
technological company.
·
February 1989 -
Conin System Company Limited founded by 7 graduates (all holding master's
degrees or Ph.Ds.) from Seoul National University, Dep't of Control and
Instrumentation.
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.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|
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 |
|
