MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
STARION INDIA PRIVATE LIMITED |
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Registered Office : |
S -359 A, First Floor, Panchsheel Park, New Delhi - 110 017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.07.2001 |
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Com. Reg. No.: |
55-111632 |
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CIN No.: [Company
Identification No.] |
U31909DL2001PTC111632 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS15111F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Evaporator Assembly, Heat Exchanger. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. General financial position is good. Business is
active. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
S -359 A, First Floor, Panchsheel Park, New Delhi - 110 017, India |
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Tel. No.: |
91-120-4563982 |
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Fax No.: |
91-120-4563781 |
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E-Mail : |
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Corporate Office : |
E -64, Vasant Marg, Vasant Vihar, New Delhi – 110 014, India |
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E-Mail : |
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Administrative
Office: |
Plot No. A – 6/1, MIDC, Ranjangaon Taluka, Shirur, Pune – 412 220,
Maharashtra, India |
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Tel. No.: |
91-121-38672009 |
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Fax No.: |
91-121-38660785 |
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Factory : |
S -331, Panchsheel Park, New Delhi, India |
DIRECTORS
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Name : |
Mr. Cheong Su Park |
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Designation : |
Director |
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Address : |
S -359, Panchsheel Park, New Delhi – 110 017, India |
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Date of Birth/Age : |
25.10.1964 |
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Date of Appointment : |
11.07.2001 |
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Name : |
Mr. Kim Hui Sung |
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Designation : |
Director |
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Address : |
C -88/2, Second Floor, Defence Colony, New Delhi- 110 024, India |
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Date of Birth/Age : |
17.06.1962 |
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Date of Appointment : |
11.07.2001 |
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Name : |
Mr. Hyun Gyung Choi |
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Designation : |
Director |
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Address : |
Hanhwa Apartments, 106801, 703 Yonei Din Dong, Taeteon, Korea |
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Mobile No.; : |
9818191808 |
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Date of Birth/Age : |
02.12.1957 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Lee Cheol Hee |
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Designation : |
Director |
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Date of Birth/Age : |
16.09.1957 |
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Date of Appointment : |
31.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007):- |
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No. of Shares |
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Sungchull Manufacturing Company Limited |
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17915456 |
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Kiwon Company Limited |
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11715756 |
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Starion Company Limited |
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810200 |
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Mr. Jung Won Jan |
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47500 |
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Total |
30488912 |
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Equity Share Break Up (as on
31.03.2007):- |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
100 % |
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Total |
100
% |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Evaporator Assembly, Heat Exchanger. |
GENERAL
INFORMATION
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Suppliers : |
· Chenfab Pack Private Limited · Goindi Industries Private Limited · J Pan Tublar Components · Parsn Technologies Private Limited · South Asia Electronics Tech · Parksun Enterprises Private Limited · P C Solutions Private Limited · SHV Energy Private Limited · Methodex Systems Limited · Reliance Industries Limited · Thermax Limited · Sperry Plast Limited |
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Customers : |
· Japan Manufacturing Company · L T Electronics India private Limited · Osaka Shojikaisha Limited · Ozla Plastocraft Private limited · Dixon Utilities and Export Private Limited · Amer Enterprises India private Limited · Reynold India Private Limited |
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Bankers : |
· Punjab National Bank · Syndicate Bank · ICICI Bank Limited · Chinatrust Commercial Bank, 21-A, Janpath, New Delhi, India |
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Banking
Relations : |
Satisfactory |
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Financial Institutions: |
LG Electronics India Private Limited Address: Plot No. 51, Udyog Vihar,
Surajpur Kasna Road, Greater Noida, Uttar Pradesh, India |
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Auditors : |
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Name 1 : |
Sahni Associates Chartered Accountants |
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Address : |
C -42, Sector – 2, Noida-201 301, Uttar Pradesh, India |
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Name 2 : |
T R Chadha and Company Chartered Accountants |
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Address : |
B -30, Connaught Place, Kuthiala Building, New Delhi – 110 001, India |
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Holding Company : |
Sunghchull Manufacturing Company Limited, Korea. |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity shares |
Rs. 10/-each |
Rs.350.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30488912 |
Equity shares |
Rs. 10/-
each |
Rs.304.889
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
304.889 |
304.889 |
173.969 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
32.943 |
24.831 |
39.787 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
337.832 |
329.720 |
213.756 |
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LOAN FUNDS |
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1] Secured Loans |
521.300 |
557.930 |
103.437 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
521.300 |
557.930 |
103.437 |
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DEFERRED TAX LIABILITIES |
0.466 |
0.000 |
0.000 |
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TOTAL |
859.598 |
887.650 |
317.193 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
710.011 |
482.619 |
197.274 |
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Capital work-in-progress |
11.729 |
310.557 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.324 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
150.219
|
142.171 |
67.650 |
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Sundry Debtors |
159.939
|
133.219 |
141.292 |
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Cash & Bank Balances |
58.052
|
41.048 |
0.295 |
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Other Current Assets |
0.000
|
0.000 |
8.747 |
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Loans & Advances |
56.797
|
50.145 |
23.863 |
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Total
Current Assets |
425.007
|
366.583 |
241.847 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
285.236
|
284.003 |
125.457 |
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Provisions |
1.913
|
0.000 |
3.660 |
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Total
Current Liabilities |
287.149
|
284.003 |
129.117 |
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Net Current Assets |
137.858
|
82.580 |
112.730 |
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MISCELLANEOUS EXPENSES |
0.000 |
11.570 |
7.189 |
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TOTAL |
859.598 |
887.650 |
317.193 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
1152.139 |
831.273 |
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Other Income |
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14.517 |
0.644 |
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Total Income |
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1166.656 |
831.917 |
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Profit/(Loss) Before Tax |
|
11.796 |
[13.584] |
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Provision for Taxation |
|
3.685 |
10.342 |
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Profit/(Loss) After Tax |
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8.111 |
[3.242] |
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Export Value |
|
0.805 |
0.699 |
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Import Value |
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134.541 |
NA |
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Expenditures : |
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Financial Charges |
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33.901 |
21.743 |
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Depreciation & Amortization |
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104.398 |
43.243 |
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Other Expenditure |
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1016.561 |
780.515 |
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Total Expenditure |
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1154.860 |
845.501 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.69
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[0.39] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.02
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[1.63] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.03
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[1.17] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
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[0.04] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.39
|
2.55 |
1.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.48
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1.29 |
1.87 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U31909DL2001PTC111632 |
|
Name of the company |
STARION INDIA
PRIVATE LIMITED |
|
Address |
E-64,
Vasant Marg, Vasant Vihar, New Delhi – 110 014, India |
|
This Form is for |
Creation of charge |
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Type of Charges |
· Immovable Property · Book Debts · Movable Property |
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Particular of the charge holder
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CIN : U32107UP1997PTC031138 LG Electronics India Private Limited Address: Plot No. 51, Udyog Vihar, Surajpur Kasna Road, Greater Noida,
Uttar Pradesh, India E-Mail: ppanda@lgindia.com |
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Nature or description of the instrument creating charge |
Hypothecation Deed dated 30.03.2008 |
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Date of the instrument creating charge |
30.03.2008 |
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Amount Secure by the charge |
Rs. 40.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest As per Agreement Terms of repayment: As per Agreement Margin As per Agreement Extent and operation of the
Charge As per Agreement Others As per Agreement |
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Short Particulars of the Property charged (including location of property) |
All plant and machinery at its factory premises, the goods as
described in general terms and other tangible movable property such as
products, stock in trade and goods, finished goods ort raw or in process of
manufactured and all articles manufactured therefrom, including all articles
which are now or hereafter from time to time. Location of Property: Plot No. 11, Udyog Kendra, Greater Noida, Uttar Pradesh, India |
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Name of the
company |
STARION INDIA PRIVATE LIMITED |
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Presented By |
Chinatrust
Commercial Bank , 21-A, Janpath, New Delhi , India |
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1) Date and
description of instrument creating the change |
Deed of
hypothecation of fixed assets dated 09.03.2004, Deed of hypothecation of
current overdraft dated 09.03.2004 and Agreement for overdraft dated
09.03.2004. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 35.000
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Exclusive first
charge on the following: Entire present
and future movable fixed assets of the company. All present and
future current assets of the company. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The above is to secure an overdraft limit of Rs. 35.000 millions
granted to the company. Interest is charge is to be charged @ 11% p.a payable monthly with a penal
Interest of 2 % p.a over and above the Interest rate charged in the account , in case of default. Margin :As may be stipulated by the bank from time to time. Payable on Demand |
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5) Name and
Address and description of the person entitled to the charge. |
China Trust Commercial Bank 21-A, Janpath, New Delhi, India |
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6) Date and brief description of instrument
modifying the charge |
NA |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|