MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
HYUNDAI MOTOR INDIA LIMITED |
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Registered Office : |
Plot No. H-1, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
06.05.1996 |
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Com. Reg. No.: |
18-35377 |
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CIN No.: [Company
Identification No.] |
U29309TN1996PLC035377 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEH02069E |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturing of Motor Cars, Parts and Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 150000000 |
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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 has been a successful car producer in
Its payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office/ Factory : |
Plot No. H-1, |
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Tel. No.: |
91-4111-256111 / 256275 |
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Fax No.: |
91-4111-256280 / 256365 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Corporate Office : |
NP 54, Developed Plots, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032, Tamilnadu |
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Tel. No.: |
91-44-22329560 / 22340174 / 2233471 / 22343763 / 22343765 / 22343856 |
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Fax No.: |
91-44-22334924 |
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Administrative Offices: |
39, |
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Tel. No.: |
91-44-24990013 / 24990531 / 24990678 / 24991938 |
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Fax No.: |
91-44-24994355 / 24997164 |
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Other Contact Details : |
1800-11-4645
(Toll Free - Only from MTNL and BSNL numbers) 098-7356-4645
(For all GSM Connections / Landline other than MTNL and BSNL numbers) |
DIRECTORS
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Name : |
Mr. Avinash Prakash Gandhi |
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Designation : |
Director |
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Name : |
Mr. Byung Ouk Lee |
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Designation : |
Director |
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Name : |
Mr. Jong Hyok Kim |
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Designation : |
Director |
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Name : |
Mr. Jung Dae Lee |
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Designation : |
Director |
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Name : |
Mr. Swan Kwon |
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Designation : |
Director |
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Name : |
Mr. Wan Ki Park |
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Designation : |
Director |
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Name : |
Mr. Yong Whan Ahn |
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Designation : |
Director |
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Name : |
Mr. Heung Soo Lheem |
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Designation : |
Managing Director and Additional Director |
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Address : |
Old No.42, New No.73, |
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Date of Birth/Age : |
12.08.1950 |
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Date of Appointment : |
28.12.2005 |
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Name : |
Mr. Han Woo Park |
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Designation : |
Executive Director (Administrative) |
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Address : |
Old No.42, New No.73, |
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Date of Birth/Age : |
29.01.1958 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mr. Hyun Sup Song |
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Designation : |
Executive Director (Production) |
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Address : |
Old No.42, New No.73, |
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Date of Birth/Age : |
18.01.1952 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Mr. Jong Yeol Lee |
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Designation : |
Director |
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Name : |
Mr. Wang Sik Min |
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Designation : |
Whole Time Director |
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Address : |
H – 6, Maharani Bagh, |
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Date of Birth/Age : |
29.12.1956 |
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Date of Appointment : |
13.08.2007 |
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Name : |
Mr. Tae Hwan Chung |
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Designation : |
Director |
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Address : |
245 – 602, Olympic Apartment 2, Oryun-Dong, Songpa – GU, |
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Date of Birth/Age : |
23.10.1959 |
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Date of Appointment : |
13.08.2007 |
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Name : |
Mr. Ho Li Lee |
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Designation : |
Director |
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Address : |
B – 701, |
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Date of Birth/Age : |
10.10.1961 |
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Date of Appointment : |
13.08.2007 |
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Name : |
Mr. Ashok Kumar Jha |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
18.04.1947 |
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Date of Appointment : |
09.08.2007 |
KEY EXECUTIVES
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Name : |
Mr. B. V. R. Subbu |
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Designation : |
President |
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Name : |
Mr. M. P. Suresh Kumar |
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Designation : |
Company Secretary |
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Name : |
Mr. G. Arunmozhi |
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Designation : |
Company Secretary |
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Name : |
Mrs. J Lakshmi |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
04.12.1981 |
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Date of Appointment : |
12.07.2007 |
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Date of Ceasing : |
04.04.2008 |
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Name : |
Ms. Archana Jalla |
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Designation : |
Company Secretary |
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Address : |
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Date of Birth/Age : |
25.08.1976 |
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Date of Appointment : |
21.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.08.2008
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Names of Shareholders |
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No. of Shares |
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Hyundai Motor Company |
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8125405 |
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Mong Koo Chung |
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1 |
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Heung Soo Lheem |
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1 |
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Dong Jin Kim |
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1 |
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Wang Sik Min |
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1 |
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Hyun Sup Song |
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1 |
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Hyun Jong Shin |
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1 |
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Total |
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8125411 |
As on 04.08.2008
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Motor Cars, Parts and Accessories. |
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Products : |
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Brand Names : |
‘SANTRO’ |
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Export to: |
Europe (United Kingdom, Malta, Serbia and Montenegro), Africa and Middle Ease (Turkey, South Cyprus, Afganisthan, Qatar, Lebanon and Ceuta) and in Latin America (Panama, Bermuda) |
PRODUCTION STATUS
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Particulars |
|
Unit |
Installed
Capacity |
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Motor Car |
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Vehicles |
124800 |
GENERAL INFORMATION
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No. of Employees : |
3600 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants Address: |
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Address : |
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Parent Company : |
Hyundai Motor Company 140-2, Key Dong, Chongro-Ku, |
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Subsidiaries : |
Hyundai Motor India Engineering Private Limited CIN No.: U50103TN2006PTC061464 Authorized Capital: Rs.900.000 Millions Paid Up Capital: Rs.631.610 Millions |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs. 1000/- each |
Rs. 14000.000 millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
8125411 |
Equity Shares |
Rs. 1000/- each |
Rs. 8125.411 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8125.411 |
8125.411 |
8125.411 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22198.463 |
17092.219 |
12424.769 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30323.874 |
25217.630 |
20550.180 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
31047.189 |
18896.679 |
5219.529 |
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TOTAL BORROWING |
31047.189 |
18896.679 |
5219.529 |
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DEFERRED TAX LIABILITIES |
2435.101 |
1576.821 |
1866.347 |
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TOTAL |
63806.164 |
45691.130 |
27636.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34404.957 |
17486.294 |
17361.519 |
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Capital work-in-progress |
12411.704 |
18094.052 |
1672.080 |
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INVESTMENT |
631.610 |
195.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15322.397
|
12805.884
|
7415.434
|
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Sundry Debtors |
8459.090
|
4310.614
|
2248.748
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Cash & Bank Balances |
6615.965
|
2402.870
|
5350.971
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
8597.543
|
5484.786
|
4808.447
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Total
Current Assets |
38994.995
|
25004.154
|
19823.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
20906.776
|
13651.328
|
9596.160
|
|
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Provisions |
1730.326
|
1437.042
|
1624.983
|
|
Total
Current Liabilities |
22637.102
|
15088.370
|
11221.143 |
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Net Current Assets |
16357.893
|
9915.784
|
8602.457
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
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TOTAL |
63806.164 |
45691.130 |
27636.056 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
101188.647 |
87624.909 |
73391.428 |
|
|
Other Income |
3949.164 |
3568.612 |
4204.862 |
|
|
Total Income |
105137.811 |
91193.521 |
78096.290 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3410.145 |
7148.554 |
8048.767 |
|
|
Provision for Taxation |
2052.343 |
2481.104 |
2797.767 |
|
|
Profit/(Loss) After Tax |
1357.802 |
4667.450 |
5251.000 |
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|
|
|
|
|
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Export Value |
NA |
NA |
26755.89 |
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|
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Expenditures : |
|
|
|
|
|
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Raw Material Consumed |
81335.681 |
65225.465 |
53113.034 |
|
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Purchases made for re-sale |
964.630 |
4191.175 |
3670.122 |
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Consumption of stores and spares parts |
1544.191 |
1510.440 |
1380.077 |
|
|
Increase/(Decrease) in Finished Goods |
(674.883) |
(2522.189) |
(629.936) |
|
|
Salaries, Wages, Bonus, etc. |
2450.463 |
1886.448 |
1613.579 |
|
|
Managerial Remuneration |
44.326 |
16.396 |
23.523 |
|
|
Payment to Auditors |
7.288 |
4.713 |
4.933 |
|
|
Interest |
737.788 |
128.122 |
21.731 |
|
|
Insurance Expenses |
14.402 |
22.556 |
37.729 |
|
|
Power & Fuel |
878.898 |
686.786 |
638.567 |
|
|
Depreciation & Amortization |
4611.023 |
3589.532 |
2950.110 |
|
|
Other Expenditure |
9813.859 |
9305.523 |
7224.054 |
|
Total Expenditure |
101727.666 |
84044.967 |
70047.523 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.29
|
5.12 |
6.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.37
|
8.16 |
10.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.94
|
11.76 |
20.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.28 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77
|
1.35 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.66 |
1.77 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Profile
Subject is a wholly owned subsidiary of Hyundai Motor Company,
Hyundai Motor India, continuing its tradition of being the fastest growing
passenger car manufacturer, registering total sales of 327,160 vehicles in the
calendar year (CY) 2007, an increase of 9.2 percent over CY 2006. In the
domestic market it clocked a growth of 7.6 percent as compared to 2006 with
200,412 units, while overseas sales grew by 11.8 percent, with exports of
126,748 units.
Subject’s fully integrated state-of-the-art manufacturing plant near Chennai
boasts of the most advanced production, quality and testing capabilities in the
country. In continuation of its commitment to provide the Indian customer with
global technology, Subject has set up its second plant, which produces an
additional 300,000 units per annum, raising subject’s total production capacity
to 600,000 units per annum.
Subject’s fully integrated state-of-the-art manufacturing plant near Chennai
boasts of the most advanced production, quality and testing capabilities in the
country. In continuation of its commitment to provide the Indian customer with
global technology, Subject has set up its second plant, which produces an additional
300,000 units per annum, raising subject’s total production capacity to 600,000
units per annum.
Subject is investing to expand capacity in line with its positioning as HMC’s
global export hub for compact cars. Apart from expansion of production
capacity, Subject plans to expand its dealer network, which will be increased
from 232 to 260 this year.
The year 2007 has been a significant year for Hyundai Motor India. It achieved
a significant milestone by rolling out the fastest 400,000th export car.
Hyundai exports to over 90 countries globally; even as it plans to continue its
thrust in existing export markets, it is gearing up to step up its foray into
new markets. The year just ended also saw Hyundai Motor India attaining other
milestones with the launch of the i10 and yet another path-breaking record in
its young journey by rolling out the fastest 1,500,000th car.
Hyundai’s new model i10 which made its global debut here in India in October,
2007 made a clean sweep of all the ‘Car of the Year 2008’ awards from the
leading automotive magazines and TV channels like BS Motoring, CNBC-TV18
AutoCar, NDTV Profit Car and Bike India and Overdrive magazine. The i10
is also the choice of the discerning automotive media of the country as they
conferred the prestigious ‘Indian Car of the Year’ (ICOTY) award to the i10 as
well. The i10 bagged these awards on the basis of excellence in build quality,
handling, driver comfort, safety and ride quality.
The Santro and the Accent also received the ‘TNS Voice of the Customer - 2008’
award for the Premium Compact Car (Santro) and the Entry Mid size Car (Accent).
In March 2008 it achieved yet another milestone by rolling out the fastest
500,000th export car.
Last year, the Hyundai Verna bagged some of the most prestigious awards
starting with the title of "Car of the Year 2007" by India`s leading
automotive publication – Overdrive, the “Best Mid-size Car of the Year” award
by the NDTV Profit Car and Bike India Awards 2007, the “Best Value for Money Car”
by the CNBC Autocar Auto awards and ‘Performance Car of the Year 2007’ from
Business Standard Motoring.
Hyundai cars have been a favorite at all awards ceremonies and have always been
winning awards. The models like Sonata Embera won the ‘Executive Car of The
Year 2006’ award from Business Standard Motoring Magazine and NDTV Profit Car
and Bike India declared the Tucson as the ‘SUV of The Year 2006’. Not only
this, subject has also been awarded the benchmark ISO 14001 certification for
its sustainable environment management practices.
About HMC
Established in 1967, Hyundai Motor Co. has grown into the Hyundai-Kia Automotive Group which was ranked as the world’s fifth-largest automaker in 2007 and includes over two dozen auto-related subsidiaries and affiliates. Employing over 75,000 people worldwide, Hyundai Motor posted sales of US$74.9 billion in 2007 on a consolidated-basis and US$32.8 billion on a non-consolidated basis (using the average currency exchange of 929 won per US dollar). Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com.
Hyundai Motor India has been awarded the benchmark ISO 14001
certification for its sustainable environment management practices. Living up
to its commitment of providing global standards of qualityand process
management in
HMI is also working on a backward integration strategy that will support
vendors of the company in implementing
Hyundai Motor Company, S.Korea, the parent of HMI, has been doing considerable
work on sustainable Environment Management. The company has a well defined
framework in place for developing products that reduce pollutant emissions and
processes for preservation of natural resources and energy along all the stages
of the product lifecycle from production, sales, use to disposal. The company
has also been in the forefront of development of environment friendly
technologies like Hybrid Electric Vehicles (HEVs), and Fuel Cell Electric
Vehicles (FCEVs) and has been awarded the ISO 14001 certification for all its
three major plants in
Hyundai and Kia together have R&D centres in the
The Hyundai Motor Group has recently dedicated an annual R&D spend of close
to US$ 2 Billion, up from US$ 1.2 Billion to enhance its thrust on new product
development and achieve global quality benchmarks by year 2005. This includes
the $30 Mn Hyundai-Kia Design and
Focus
The R&D team focuses on the development of new products and
technologies that include interior and exterior design changes, development of
new generation engines and alternate fuel systems, concept vehicles and
advanced passenger safety and comfort systems, in line with evolving customer
preferences across the globe. Recent successes of the team include the
development of the Hyundai patented Common Rail Direct Injection (CRDi) engine
in association with Detroit Diesel and the award winning Fuel Cell Santa FE.
Efforts
Some of the ongoing projects that the
Hyundai R&D team is involved in include the development of the 'World Engine'
in association with Daimler Chrysler and Mitsubishi and the development of
Automotive Telematics in association with IBM.
That the efforts of the Hyundai R&D team
has paid great dividends to the company is evident from the fact that the
company's newly engineered products like the Santa Fe and the Getz have made
waves in the global automotive markets and the 'US Consumer Reports' magazine
has ranked Hyundai cars in level with that of Honda in its recent quality
rankings
FIXED ASSETS:
- Land
- Computer Equipments
- Office Equipments
- Furniture and Fixtures
- Vehicles
Press Releases:
10th October, 2008
Hyundai announces Special Scheme for Govt. Employees
New Delhi, October 10, 2008: Hyundai Motor
India Limited,
In view of the fact that government
employees are due to receive the arrears of their salaries after revision in
the Sixth Pay Commission, the arrears can be utilised as the down payment for
purchase of the car and the revised salary increment will help them to
accommodate their monthly EMI’s. The scheme will be run through October and
November, 2008.
Hyundai has tied up with State Bank of
India, Axis Bank and HDFC Bank to provide with attractive finance schemes for
the government employees for their vehicle purchase.
Announcing the scheme, Arvind Saxena, Sr.
Vice-President for Marketing and Sales, HMIL, said: "We are to offer this
special scheme to all the government employees’ who will soon be enjoying the
benefits of their Sixth Pay Commission arrears. It is an attractive scheme and
this will be an added incentive for them to purchase a Hyundai car in this
festive season."
Model wise discount on ex-showroom price:
|
Santro Non AC |
Rs.0.017 Million |
|
Santro GL/GLS |
Rs.0.020 Million |
|
i10 |
Rs.0.010 Million |
|
Getz 1.1 |
Rs.0.022 Million |
|
Getz 1.3 |
Rs.0.027 Million |
|
Accent Executive |
Rs.0.012 Million |
|
Verna |
Rs.0.031 Million |
About HMIL
Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai
Motor Company,
Hyundai Motor India, continuing its tradition of being the fastest growing
passenger car manufacturer, registering total sales of 327,160 vehicles in the
calendar year (CY) 2007, an increase of 9.2 percent over CY 2006. In the
domestic market it clocked a growth of 7.6 percent as compared to 2006 with
200,412 units, while overseas sales grew by 11.8 percent, with exports of
126,748 units.
HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai
boasts of the most advanced production, quality and testing capabilities in the
country. In continuation of its commitment to provide the Indian customer with
global technology, HMIL has set up its second plant, which produces an
additional 300,000 units per annum, raising HMIL’s total production capacity to
600,000 units per annum.
HMIL is investing to expand capacity in line with its positioning as HMC’s
global export hub for compact cars. Apart from expansion of production
capacity, HMIL plans to expand its dealer network, which will be increased from
232 to 260 this year.
The year 2007 has been a significant year for Hyundai Motor India. It achieved
a significant milestone by rolling out the fastest 400,000th export car.
Hyundai exports to over 90 countries globally; even as it plans to continue its
thrust in existing export markets, it is gearing up to step up its foray into
new markets. The year just ended also saw Hyundai Motor India attaining other
milestones with the launch of the i10 and yet another path-breaking record in
its young journey by rolling out the fastest 1,500,000th car.
Hyundai’s new model i10 which made its global debut here in India in October,
2007 made a clean sweep of all the ‘Car of the Year 2008’ awards from the
leading automotive magazines and TV channels like BS Motoring, CNBC-TV18
AutoCar, NDTV Profit Car and Bike India and Overdrive magazine. The i10 is also
the choice of the discerning automotive media of the country as they conferred
the prestigious ‘Indian Car of the Year’ (ICOTY) award to the i10 as well. The
i10 bagged these awards on the basis of excellence in build quality, handling,
driver comfort, safety and ride quality.
The Santro and the Accent also received the ‘TNS Voice of the Customer - 2008’
award for the Premium Compact Car (Santro) and the Entry Mid size Car (Accent).
In March 2008 it achieved yet another milestone by rolling out the fastest
500,000th export car.
Last year, the Hyundai Verna bagged some of the most prestigious awards
starting with the title of "Car of the Year 2007" by India`s leading
automotive publication – Overdrive, the “Best Mid-size Car of the Year” award
by the NDTV Profit Car and Bike India Awards 2007, the “Best Value for Money
Car” by the CNBC Autocar Auto awards and ‘Performance Car of the Year 2007’
from Business Standard Motoring.
Hyundai cars have been a favorite at all awards ceremonies and have always been
winning awards. Our models like Sonata Embera won the ‘Executive Car of The
Year 2006’ award from Business Standard Motoring Magazine and NDTV Profit Car
and Bike India declared the Tucson as the ‘SUV of The Year 2006’. Not only
this, HMIL has also been awarded the benchmark ISO 14001 certification for its
sustainable environment management practices.
7th October , 2008
Hyundai creates
history – i10 Delhi to Paris drive successfully culminates in Paris
--10 countries, 10,000 kilometres, 17 gruelling days—
New Delhi, October 7, 2008: Hyundai Motor
India Limited, the second largest passenger car manufacturer and the largest
passenger car exporter in the country, successfully culminated its i10
The cars were received amidst much fanfare
and cheer in
Commenting on the successful completion of the Delhi – Paris drive, H S Lheem,
MD, HMIL, said, “Completing the Indian and European leg of the Delhi to Paris
drive was the most historic and amazing thing in the Indian automotive
industry. It impressively showed the potential and truly rendered the qualities
of our high-tech Kappa engine more tangible. The culmination is the celebration
of a lot of hard work from the entire Hyundai team across different regions. We
are delighted at the success of the drive and are happy that months of
meticulous planning has finally paid off.”
The unique transcontinental drive was flagged off from the national capital on
10th September, 2008 by Olympic Gold Medallist Abhinav Bindra. After traversing
10,000 km through 10 countries spanning across 17 gruelling days, the two
Hyundai i10s achieved what seemed like an impossible feat for any car in its
segment, reaching
The drive, fondly called ‘i Drive to
The drive took more than a fortnight to be completed and traversed the
international borders of 10 countries including
1st October , 2008
Hyundai registers a strong 68% growth in
September, 2008
- Exports reach an all time high of 23,911 units
- Domestic sales up by 23.9%
New Delhi, October 1, 2008: Hyundai Motor India Limited (HMIL), the
country’s second largest car manufacturer and the largest passenger car
exporter, today announced a cumulative sales growth of 68% for the month of
September, 2008.
HMIL’s total sales for the month of September ‘08 stood at 46,222 units. While
the domestic market accounted for 22,311 units, exports totaled 23,911 units in
September, 2008. The cumulative sales for September, 2007 had been 27,517 units
with the domestic sales at 18,009 units and exports 9,508 units. As compared to
September, 2007 the domestic sales grew by 23.9% in September 2008, while as
exports grew 151.5 % and the cumulative growth is 68%.
Commenting on the sales, Arvind Saxena, Sr. VP, Marketing and Sales, HMIL said,
“The upward trend of the sales figure shows that we have received a phenomenal
response from the customers on the 10th Anniversary celebration. With the onset
of the festive season, we are optimistic that we will be able to keep the
momentum going in the coming months.”
“To meet the soaring demand of i10 in domestic and overseas market, we have
started the third shift operations in our second plant in mid September this
year which was scheduled for early October 2008.”
“The export for the month is the highest ever sales and is mainly due to the
strong sales of i10. This is a clear indicator of the quality of our products
and the trust that Hyundai brands enjoy not only in the Indian market but also
in the overseas market,” he further added.
The segment-wise cumulative sales in the month of September, 2008 are as
follows: A2 Segment (Santro, i10, Getz Prime) 39,899 units; A3 Segment (Accent,
Verna) 6,305units; A5 Segment (Sonata Embera) 14 units; and SUV Segment (
23rd September , 2008
Hyundai Motor
--Starts third shift operations to meet
soaring demand for i10--
- i10
popularity reaches iconic proportions, over 172,000 units of i10 models
sold since launch in Oct ‘07
- Daily
production increases from 800 to 1130 units
- 820 new jobs
created
- Hyundai
strengthens
Since its launch in October 2007, sales of this popular compact car have
reached 172,000 units in less than one year of its launch and, with the third
shift in operation, the daily unit production has gone up from 800 to 1130, a
40% jump, to help meet demand.
Announcing this, Hyundai Motor India Limited, Managing Director, Mr. H S Lheem,
said, "The i10 has been breaking all grounds in terms of demand, within
the country as well as in the export market. The introduction of the new shift
will make us meet those demands and help us capture a bigger share of the
market. This is a tremendously positive move and represents a great vote of
confidence in the success of i10.”
With the introduction of the third shift, the work system will now follow an 8
hour shift followed by another 8 hour shift and then a 7 hour shift (8+8+7)
pattern, instead of an 8+8 pattern that was previously being followed. Apart
from meeting the exceptional demand for the i10, the introduction of the
additional shift will create new jobs for 820 people.
“Today, this level of recruitment in the car manufacturing sector reflects the
ongoing commitment Hyundai has in its
Hyundai had commissioned the 535-acre plant at Sriperumbudur to aid its journey
towards becoming a sector leader in the next ten years, as well as to establish
The export destinations for Hyundai Motor India Limited are slated to rise to
around 95 countries by the end of 2008, and the introduction of the third shift
will, no doubt, bring the company closer to its target of manufacturing 5.3
lakh units by the end of 2008.
To meet the exponential demand for the i10, the company has also strengthened
its dealer network and its service and support mechanisms. By the end of 2008,
the company will have a 280-strong dealer network and 560 authorized service
workshops.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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/normal. |
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 |
|