BUSINESS
INFORMATION REPORT
1. Summary Information
|
Country |
|
||
|
Company Name |
Doosan Power Systems India Private Limited |
Principal Name 1 |
Mr. Jae Hong Huh |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Chae Su Cheol |
|
Registration # |
55 - 155023 |
||
|
Street Address |
17/53, 201, Arya Complex, Mall Road, Tilak Nagar, New Delhi, Delhi -
110018 |
||
|
Established Date |
30.12.1996 |
SIC Code |
-- |
|
Telephone# |
91-11-41328031 – 3 |
Business Style 1 |
Construction Activities |
|
Fax # |
91-11-41328039 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 11,699,900 |
Product Name 3 |
-- |
|
Shareholders |
Foreign
holdings100% |
Banking |
ICICI Bank ( |
|
Public Limited Corp. |
-- |
Business Period |
15 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
- Holding Company |
Country - |
Company
Name |
Doosan Heavy Industries and Construction Company
Limited |
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,216,325,000 |
Current Liabilities |
1,061,407,000 |
|
Inventories |
0 |
Long-term Liabilities |
0 |
|
Fixed Assets |
18,476,000 |
Other Liabilities |
0 |
|
Deferred Assets |
106,000 |
Total Liabilities |
1,061,407,000 |
|
Invest& other Assets |
3,082,000 |
Retained Earnings |
164,883,000 |
|
|
|
Net Worth |
176,582,000 |
|
Total Assets |
1,237,989,000 |
Total Liab. & Equity |
1,237,989,000 |
|
Total Assets (Previous Year) |
1,101,109,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,650,350,000 |
Net Profit |
103,986,000 |
|
Sales(Previous yr) |
1,314,834,000 |
Net Profit(Prev.yr) |
50,788,000 |
MIRA INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOOSAN POWER SYSTEMS INDIA PRIVATE LIMITED [w.e.f 04.03.2011] |
|
|
|
|
Formerly Known As : |
DOOSAN PROJECT INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
17/53, 201, Arya Complex, Mall Road, Tilak Nagar, New Delhi, Delhi -
110018 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
30.12.1996 |
|
|
|
|
Com. Reg. No.: |
55 - 155023 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74210DL1996PTC155023 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Construction Activities. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 706000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Lee Teri |
|
Designation : |
Senior Manager in Finance |
|
Contact No.: |
91-88-26134888 |
|
Date : |
08.04.2011 |
LOCATIONS
|
Registered Office : |
17/53, 201, Arya Complex, Mall Road, Tilak Nagar, New Delhi, Delhi -
110018, India. |
|
E-Mail : |
|
|
|
|
|
Branch: |
2A, 2nd Floor, |
|
Tel. No.: |
91-11-41328031 – 3 |
|
Fax No.: |
91-11-41328039 |
|
|
|
|
|
|
|
Corporate Office: |
322, 2nd Floor, Building No. 3, Solitaire Corporate Park,
Chakala, Andheri Kurla Road, Andheri (East), Mumbai 400090, Maharashtra,
India |
|
Tel. No.: |
91-22-40970500 / 61770500 |
|
Fax No.: |
91-22-40970599 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Jae Hong Huh |
|
Designation : |
Director |
|
Address : |
E – 2 / 4, FF Vasant Vihar, |
|
Date of Appointment : |
01.09.2004 |
|
Date of Ceasing : |
29.04.2009 |
|
|
|
|
Name : |
Mr. Chae Su Cheol |
|
Designation : |
Diorector |
|
Address : |
301 – 204, Olympic Apartment, 89, Bangyi Dong, Songpa – Ku, Seol –
138160. |
|
Date of Appointment : |
24.08.2007 |
|
|
|
|
Name : |
Mr. Rhu Ha Kee |
|
Designation : |
Director |
|
Address : |
10 – 1002, Mujiage Apartment, 1335 Seocho – Dong, Seocho – Ku, |
|
Date of Appointment : |
05.05.2009 |
|
|
|
|
Name : |
Mr. Ja Yong Ku |
|
Designation : |
Director |
|
Address : |
|
|
Date of Appointment : |
16.10.2007 |
|
|
|
|
Name : |
Mr. Myung Ho Lim |
|
Designation : |
Director |
|
Address : |
Kyungdong Mervill, |
|
Date of Appointment : |
16.06.2008 |
|
|
|
|
Name : |
Mr. Chul Gu Kim |
|
Designation : |
Director |
|
Address : |
Hyundi Apartment, 107 – 201, 3 – 1 (40 / 1), Banr Im – Dong, Changwon
– Si, Gyeonsangnam Do, 137920, |
|
Date of Appointment : |
16.06.2008 |
|
Date of Ceasing : |
29.04.2009 |
|
|
|
|
Name : |
Mr. Kyong Shik Park |
|
Designation : |
Director |
|
Address : |
301, Ananta Apartments, |
|
Date of Appointment : |
05.05.2009 |
|
Date of Ceasing : |
30.09.2009 |
|
|
|
|
Name : |
Mr. Kidae Lee |
|
Designation : |
Director |
|
Address : |
Flat No. 801, 8th Floor, Eban Ezer, 50, |
|
Date of Appointment : |
01.10.2009 |
KEY EXECUTIVES
|
Name : |
Ms. Lee Teri |
|
Designation : |
Senior Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Doosan Heavy Industries and Construction Company Limited, Gyeongnam |
116996 |
|
Jae Hong Huh Nominee of Doosan Heavy Industries and Construction
Company Limited, |
3 |
|
Total |
116999 |
Equity Share Capital Breakup
As on 29.09.2010
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Oversease corporate bodies or Others) |
100% |
|
Total |
100% |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities. |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hinesh R Doshi and Company Chartered Accountants |
|
Address : |
102, A – wing, Rajgir Court, 6, Kohinoor Hotel, Near Pritam Hotel,
Dadar (East), Mumbai – 400014, Maharashtra, India. |
|
Tel. No.: |
91 – 22 – 24132475 / 24128111 |
|
Fax No.: |
91 – 22 – 24184061 |
|
E-Mail : |
|
|
|
|
|
Holding Company : |
Doosan Heavy Industries and Construction Company Limited |
CAPITAL STRUCTURE
(As
on 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
116999 |
Equity Shares |
Rs. 100/-
each |
Rs. 11.699
Millions |
Note : (All the above shares are held by Doosan Heavy
Industries and Construction Company Limited, formerly known as Korea Heavy and
Construction Company Limited the holding Company and its nominee) {Previous
year 116999 Equity shares of Rs. 100 each fully paid}.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.699 |
11.699 |
11.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
164.883 |
60.896 |
10.107 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
176.582 |
72.595 |
21.807 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
176.582 |
72.595 |
21.807 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.476 |
10.769 |
5.775 |
|
|
Capital work-in-progress |
3.081 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.106 |
0.108 |
0.120 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
334.262
|
389.082
|
17.584 |
|
|
Cash & Bank Balances |
332.631
|
456.030
|
253.742 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
549.432
|
245.119
|
65.430 |
|
Total
Current Assets |
1216.325
|
1090.231
|
336.756 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
878.736
|
937.950
|
285.119 |
|
|
Current Liabilities |
86.319
|
54.830
|
16.609 |
|
|
Provisions |
96.352
|
35.734
|
19.117 |
|
Total
Current Liabilities |
1061.407
|
1028.514
|
320.845 |
|
|
Net Current Assets |
154.918
|
61.717
|
15.911 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
176.582 |
72.595 |
21.807 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Contract Income |
1650.350 |
1314.834 |
195.904 |
|
|
|
Other Income |
30.786 |
14.796 |
12.036 |
|
|
|
TOTAL (A) |
1681.136 |
1329.630 |
207.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Job and Construction Expenses |
|
|
|
|
|
|
Employee Cost |
|
|
|
|
|
|
Administrative expenses |
1514.890 |
1244.178 |
193.444 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (B) |
1514.890 |
1244.178 |
193.444 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
166.246 |
85.452 |
14.496 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
(0.376) |
(4.770) |
(0.625) |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
166.622 |
80.682 |
13.871 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
(2.931) |
(2.222) |
(0.586) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
162.939 |
78.460 |
13.285 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
58.953 |
27.672 |
4.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
103.986 |
50.788 |
8.584 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
60.895 |
10.107 |
1.523 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
167.882 |
60.895 |
10.107 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
889 |
434 |
73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.18 |
3.82 |
4.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.69 |
5.97 |
6.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.39 |
7.13 |
4.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.92 |
1.08 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.01 |
14.17 |
14.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.06 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from, 2A, 2nd
Floor,
REVIEW OF
OPERATIONS:
The year under
review has recorded growth in turnover and improvement in profitability. The
Contract and Other income have touched Rs.1681.100 millions showing an increase
of 26.44 % as compared to the previous year's turnover of Rs.1329.600 millions.
The Expenses has increased by 21.59% from Rs.1251.100 millions to Rs.1521.200
millions.
Profit before tax
has shown growth of 107.67 % from Rs.78.400 millions to Rs.162.900 millions.
Profit after Tax has increased by 104.74% from Rs.50.700 millions in last year
to Rs.103.900 millions in Current year.
During the year
under review, GMR Chhattisgarh Energy Private Limited has awarded contract
worth 50000 millions to us for the establishment of 1370 MW coal based power
plant at Raikheda, Distt- Raipur Chattisgarh.The expected time for completion
of said contract is five years.
FIXED ASSETS:
- Computer
- Office
Equipment
- Furniture and
Fixtures
- Vehicle
- Lease
Improvement
- Structures
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 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. 44.22 |
|
|
1 |
Rs. 71.97 |
|
Euro |
1 |
Rs. 63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.