MIRA
INFORM REPORT
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Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOBIS INDIA LIMITED |
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Registered Office : |
G-1, Sipcot Industrial Park, Irrungattukottai, Sriperymbudur Taluk, Kanchipuram-602105,
Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Year of Establishment : |
06.06.2005 |
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Com. Reg. No.: |
56533 |
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CIN No.: [Company
Identification No.] |
U50300TN2005PLC056533 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN07993G |
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PAN No.: [Permanent
Account No.] |
AAECM3018M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Hundai Car 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 300000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is part of Hundai Group, Worldwide. Trade relations are fair.
Business is active. Payments are reported as usually correct and as per
commitments. The company has incurred a loss as per its first financials. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Sudha |
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Designation : |
Assistant Finance Manger |
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Date : |
05.06.2008 |
LOCATIONS
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Registered Office : |
G-1, Sipcot Industrial Park, Irrungattukottai, Sriperymbudur Taluk,
Kanchipuram-602105, Tamil Nadu |
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Tel. No.: |
91-44-67101073 |
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Fax No.: |
91-44-67101009 |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. J. O. Lee |
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Designation : |
Director |
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Qualification : |
Graduate |
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Name : |
Mr. C. K. Min |
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Designation : |
Director |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Hundai Car Components. |
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Exports : |
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Products : |
Hundai Car Spare Parts |
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Countries : |
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Imports : |
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Products : |
Machinery and Spare parts |
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Countries : |
Korea and Japan |
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Terms : |
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Selling : |
Against Advance |
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Purchasing : |
DA – 180 Days |
GENERAL
INFORMATION
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Customers : |
Dealers |
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No. of Employees : |
300 |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijayaraghavan and Associates Chartered Accountant |
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Address : |
No. 51, Giri Road, T. Nagar, Chennai- 600017, Tamil Nadu, India |
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Parent Company: |
Hundai Mobis, Korea |
CAPITAL STRUCTURE
As on 05.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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125000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1250 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8689000 |
Equity Shares |
Rs. 10/-
each |
Rs. 86.890
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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86.890 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[26.249] |
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NETWORTH |
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60.641 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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8.000 |
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TOTAL BORROWING |
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8.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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68.641 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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44.249 |
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Capital work-in-progress |
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6.366 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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7.726 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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11.349 |
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Total
Current Assets |
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19.075 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.049 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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1.049 |
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Net Current Assets |
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18.026 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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68.641 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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0.000 |
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Other Income |
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0.000 |
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Total Income |
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0.000 |
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Profit/(Loss) Before Tax |
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[22.864] |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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[22.864] |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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11.475 |
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Payment to Auditors |
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0.050 |
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Insurance Expenses |
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0.080 |
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Power & Fuel |
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0.766 |
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Depreciation & Amortization |
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10.493 |
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Total Expenditure |
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22.864 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[36.10] |
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Return on Investment (ROI) (PBT/Networth) |
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0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.15 |
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Current Ratio (Current Asset/Current Liability) |
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18.18 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Hundai Motor
India Limited
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10070275 |
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Corporate
identity number of the company |
U50300TN2005PLC056533 |
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Name of the
company |
MOBIS INDIA
LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Flat No. 2A, No.
40,Old LNO. 42, Jeyamkondar, Murray Gate Road, Alwarpet, Chennai-600018,
Tamil Nadu, India |
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Type of charge |
Book Debts Movable Property Immovable Property
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Particular of
charge holder |
State Bank of
India, No. 64, Greams Road, Chennai-600006, Tamil Nadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Extension of Mortgage |
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Date of
instrument Creating the charge |
06.12.2007 |
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Amount secured by
the charge |
Rs. 1650.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 6 Months Libor
+175 BP Terms of Repayment 3 Years
Mortorium, 2 Years Quality Installments. Margin 29.41% of
Movable, immovable Assets, Book Debts of Whole Company and Stocks of Genuine
Parts Division. Extent and Operation of the charge First Pari Passu Charge
on all Fixed Assets both Movable and immovable (Present and Future) of the
company and all current assets of genuine spare parts division. |
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Short particulars
of the property charged |
Plot Nos., Area
and Survey Nos Etc; As Mentioned in the Schedule of the Mortgage Recital of
HDFC. |
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Particulars of
the present modification |
The Term Loan of
Rs. 1650.000 Millions of State Bank of India is Additionally Secured by
Mortgage of Immovable property. |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.83.77 |
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Euro |
1 |
Rs.66.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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39 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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