MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAEJUNG MOPARTS PRIVATE LIMITED |
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Registered
Office : |
No. 6, Sengundram Industrial Estate, Melrosapuram Post, Maraimalai
Nagar, Chennai – 603 204, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
19.08.2002 |
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Com. Reg. No.: |
049427 |
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Capital
Investment / Paid-up Capital : |
Rs.14.450 millions |
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CIN No.: [Company Identification
No.] |
U25199TN2002PTC049427 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHED04642B |
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PAN No.: [Permanent Account No.] |
AABCD5353P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automotive Parts, Rubber Mat etc. |
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No. of Employees
: |
100 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 190000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financials of the company with the government
departments. However, trade relations are reported as fair. Business is
active. Payment terms are unknown. The company can be considered for business dealings with some caution. |
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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Kim |
|
Designation : |
General Manager |
|
Date : |
04.08.2011 |
LOCATIONS
|
Registered Office/Factory : |
No. 6, Sengundram Industrial Estate, Melrosapuram Post, Maraimalai
Nagar, Chennai – 603 204, Tamil Nadu,
India |
|
Tel. No.: |
91-44-27464836 |
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Mobile No.: |
91-9790976887 (Mr. Kim) |
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Fax No. : |
91-44-27463571 |
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E-Mail : |
DIRECTORS
As on 23.09.2009
|
Name : |
Mr. Park Yong Jae |
|
Designation : |
Director |
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Address : |
1519-6, Chunwang Dong, |
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Date of Appointment : |
26.09.2005 |
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DIN No. : |
01389354 |
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|
Name : |
Mr. Tong Won Chung |
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Designation : |
Additional Director |
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Address : |
No. 18, |
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Date of Appointment : |
05.11.2004 |
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Name : |
Mr. Dong Kyu Son |
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Designation : |
Managing Director |
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Address : |
18, |
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Date of Birth/Age : |
03.04.1963 |
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Date of Ceasing : |
30.11.2009 |
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DIN No. : |
02241814 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Parts, Rubber Mat etc. |
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Exports : |
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Products : |
Automotive Parts, Rubber Mat etc. |
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Countries : |
European Countries |
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Imports : |
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Products : |
Parts |
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Countries : |
·
·
·
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GENERAL INFORMATION
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Customers : |
Industries |
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No. of Employees : |
100 Approximately |
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Bankers : |
·
Indian Overseas Bank Maraimalai Nagar Branch, 34, ·
Punjab National Bank ·
Indian Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sukumar and Associates Chartered Accountant |
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Address : |
Mylopore, Chennai – 600 004, Tamil Nadu, |
CAPITAL STRUCTURE
As on 23.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1445000 |
Equity Shares |
Rs.10/- each |
Rs.14.450
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.450 |
14.450 |
14.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.562 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(15.409) |
(16.101) |
|
|
NETWORTH |
48.012 |
(0.959) |
(1.651) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
95.332 |
126.355 |
178.783 |
|
|
2] Unsecured Loans |
110.699 |
95.357 |
43.375 |
|
|
TOTAL BORROWING |
206.031 |
221.712 |
222.158 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
254.043 |
220.753 |
220.507 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
225.089 |
172.648 |
192.433 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.754 |
2.497 |
1.688 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
57.057
|
53.945 |
37.628 |
|
|
Sundry Debtors |
31.809
|
34.158 |
16.858 |
|
|
Cash & Bank Balances |
0.268
|
2.365 |
0.073 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.188
|
16.158 |
12.815 |
|
Total
Current Assets |
106.322
|
106.626 |
67.374 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
68.837
|
51.963 |
32.214 |
|
|
Other Current Liabilities |
9.285
|
9.055 |
8.774 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
78.122
|
61.018 |
40.988 |
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Net Current Assets |
28.200
|
45.608 |
26.386 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
254.043 |
220.753 |
220.507 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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|
|
|
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Sales |
206.707 |
213.459 |
165.148 |
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|
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Other Income |
1.040 |
0.829 |
1.662 |
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TOTAL (A) |
207.747 |
214.288 |
166.810 |
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
89.463 |
112.291 |
88.852 |
|
|
|
Manufacturing Expenses |
33.332 |
30.065 |
18.386 |
|
|
|
Payments and Benefits for Employees
|
22.347 |
21.234 |
17.911 |
|
|
|
Administrative Expenses |
24.725 |
13.566 |
12.459 |
|
|
|
Increase/(Decrease) in Stock |
(3.894) |
0.241 |
(14.503) |
|
|
|
Preliminary Expense Written off |
0.000 |
0.000 |
0.051 |
|
|
|
Loss on |
0.000 |
0.000 |
0.188 |
|
|
|
TOTAL (B) |
165.973 |
177.397 |
123.344 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
41.774 |
36.891 |
43.466 |
|
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|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES (D) |
15.505 |
18.090 |
14.744 |
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.269 |
18.801 |
28.722 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.417 |
25.770 |
21.683 |
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|
|
|
|
|
|
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|
SUB TOTAL (E-F) |
13.852 |
(6.969) |
7.039 |
|
|
|
|
|
|
|
|
|
Less |
Extraordinary
Items – Exchange Fluctuation |
8.871 |
(7.238) |
0.000 |
|
|
|
|
|
|
|
|
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|
PROFIT/LOSS
BEFORE TAX |
4.981 |
0.269 |
7.039 |
|
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|
|
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|
|
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|
Less |
TAX |
2.734 |
(0.423) |
1.540 |
|
|
|
|
|
|
|
|
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|
PROFIT/LOSS
AFTER TAX |
2.247 |
0.692 |
5.499 |
|
|
|
|
|
|
|
|
|
Add |
Depreciation
Written Back |
46.821 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Fringe Benefit
Tax FY 05-06 |
0.098 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(15.409) |
(16.101) |
(21.600) |
|
|
|
|
|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
33.561 |
(15.409) |
(16.101) |
|
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|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
34.841 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.56 |
-- |
-- |
|
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
250.000 |
170.000 |
The above information has been parted by Mr. Kim
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.08
|
0.32 |
3.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.41
|
0.13 |
4.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.50
|
0.10 |
2.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
(0.28) |
(4.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.92
|
(294.82) |
(159.39) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.75 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate identity number of the company |
U25199TN2002PTC049427 |
|
Name of the company |
DAEJUNG MOPARTS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
No. 6, Sengundram Industrial Estate, Melrosapuram Post, Maraimalai
Nagar, Chennai – 603 204, Tamil Nadu,
India |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90290315 |
|
Type of charge |
·
Immovable property ·
Any interest in immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of charge holder |
Indian Overseas Bank Maraimalai Nagar Branch, 34, |
|
Nature of instrument creating charge |
Letter of Hypothecation |
|
Date of instrument Creating the charge |
06.09.2010 |
|
Amount secured by the charge |
Rs.188.968 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Floating Rate as applicable from time to time Terms of Repayment Repayable as respective loan agreement Margin Respective Agreement Extent and Operation of the charge The borrower shall not , during the continuance of this agreement of
Hypothecation or otherwise, charge or encumber any of the assets for the time
being the subject or indented to be the subject of the security nor do
or permit any act whereby the security herein before expressed to be
given to the bank shall be any way prejudicially affected. Others The company has availed the modified Credit limit |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First charge on all assets (both current assets and fixed assets) of
the company of present and future Plot No 6 Senkundram Industrial Estate, Melrosapuram, Senkundram,
Kancheepuram |
|
Particulars of the present modification |
The company has availed the
enhanced Cash Credit limit of Rs.50.000 millions , PC/FDDBP/FDUBP Rs.17.000
millions, and Letter of Credit
Rs.20.000 millions. Term Loan has been reduced to Rs.80.640 millions and
Letter of Guarantee has been reduced to Rs.21.328 millions. Total charge has
been reduced to Rs.188.968 millions. |
FIXED ASSETS
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Computer
·
Electrical Fittings
·
Vehicles
·
Land
·
Building
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.44.80 |
|
|
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.