1. Summary Information
|
|
|
Country |
|
|
Company Name |
WOORY AUTOMOTIVES INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Joon Myung Kim |
|
Status |
Moderate |
Principal Name 2 |
Mr. Woo Seung Ryoo |
|
|
|
Registration # |
18-52991 |
|
Street Address |
A1B, MMDA
Industrial Complex, Maraimalai Nagar-603 209, Kancheepuram District , |
||
|
Established Date |
19.04.2004 |
SIC Code |
-- |
|
Telephone# |
91-44-47404455 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-47404454 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Fuel Sender |
|
|
# of employees |
47 |
Product Name 2 |
TB Resister |
|
Paid up capital |
Rs. 42,517,000/- |
Product Name 3 |
Clutch Coil |
|
Shareholders |
Foreign holdings-100% |
Banking |
Indian Overseas Bank |
|
Public Limited Corp. |
NO |
Business Period |
6 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
183,907,000 |
Current Liabilities |
302,607,000 |
|
Inventories |
86,221,000 |
Long-term Liabilities |
80,562,000 |
|
Fixed Assets |
171,771,000 |
Other Liabilities |
4,486,000 |
|
Deferred Assets |
-- |
Total Liabilities |
387,655,000 |
|
Invest& other Assets |
-- |
Retained Earnings |
11,727,000 |
|
|
|
Net Worth |
54,244,000 |
|
Total Assets |
441,899,000 |
Total Liab. & Equity |
441,899,000 |
|
Total Assets (Previous Year) |
429,184,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
549,290,000 |
Net Profit |
13,880,000 |
|
Sales(Previous yr) |
391,934,000 |
Net Profit(Prev.yr) |
14,159,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
WOORY AUTOMOTIVES INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A1B, MMDA Industrial Complex, Maraimalai Nagar-603 209, Kancheepuram District
, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
19.04.2004 |
|
|
|
|
Com. Reg. No.: |
18-52991 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34300TN2004PTC052991 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEW03117C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACW5300Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of all kinds of automobile
components, industrial equipments and electrical components. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 216976 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
has successful in wiping off the accumulated losses of previous year. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
A1B, MMDA Industrial Complex, Maraimalai Nagar-603 209, Kancheepuram
District , |
|
Tel. No.: |
91-44-47404455/47404450 |
|
Fax No.: |
91-44-47404454/47404454 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Overseas Office : |
513, JIGOK-dong, Giheung-gu, Yongin-Si, |
|
Tel. No.: |
82-31-201-6520 |
|
Fax No.: |
82-31204-3199 |
|
Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Joon Myung Kim |
|
Designation : |
Director |
|
Address : |
H Yundai Apartment, A. P. Gujeong Dong, |
|
Date of Birth/Age : |
25.11.1941 |
|
Date of Appointment : |
19.04.2004 |
|
|
|
|
Name : |
Mr. Won Sung Cho |
|
Designation : |
Director |
|
Address : |
A1B, MMDA Industrial Complex, Maraimalai Nagar-603 209, Kancheepuram
District , |
|
Date of Birth/Age : |
26.07.1960 |
|
Date of Appointment : |
22.09.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Woory Industrial Company Limited, |
|
4251600 |
|
Mr. Won Sung Cho |
|
100 |
|
Total |
|
4251700 |
AS ON 30.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of all kinds of automobile
components, industrial equipments and electrical components. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
47 |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Indian Overseas Bank, No |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Victoria Mathews and Santhakumar Chartered Accountants |
|
Address : |
Z-1, Lotus Colony, Nandanam, Chennai – 600035, |
|
Tel No.: |
91-44-24338963 |
|
|
|
|
Holding Company
: |
Woory Automotives |
|
|
|
|
Associates: |
|
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Share |
Rs.10/- Each |
Rs. 45.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4251700 |
Equity Share |
Rs.10/- Each |
Rs. 42.517
Millions |
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 |
42.517 |
42.517 |
42.517 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11.727 |
(2.155) |
(16.313) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
54.244 |
40.362 |
26.204 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
80.562 |
71.410 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
80.562 |
71.410 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
4.486 |
4.196 |
(0.411) |
|
|
|
|
|
|
|
|
TOTAL |
139.292 |
115.968 |
25.793 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
171.771 |
1888.390 |
132.782 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
86.221 |
56.255 |
37.190 |
|
|
Sundry Debtors |
84.978 |
63.891 |
29.484 |
|
|
Cash & Bank Balances |
52.726 |
36.350 |
64.525 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
46.203 |
84.298 |
21.240 |
|
Total
Current Assets |
270.128 |
240.794 |
152.439 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
288.999 |
263.613 |
235.604 |
|
|
Other Current Liabilities |
10.508 |
48.246 |
23.296 |
|
|
Provisions |
3.100 |
1.357 |
0.528 |
|
Total
Current Liabilities |
302.607 |
313.216 |
259.428 |
|
|
Net Current Assets |
(32.479) |
(72.422) |
(106.989) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
139.292 |
115.968 |
25.793 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Sales |
549.290 |
391.934 |
222.941 |
|
|
|
TOTAL (A) |
549.290 |
391.934 |
222.941 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Direct Expenses |
399.456 |
307.545 |
184.685 |
|
|
|
Value Addition Cost |
100.688 |
45.715 |
29.386 |
|
|
|
TOTAL (B) |
500.144 |
353.260 |
214.071 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.146 |
38.674 |
8.870 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.381 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.765 |
38.674 |
8.870 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.858 |
23.348 |
11.288 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.907 |
15.326 |
(2.418) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.027 |
1.167 |
(0.681) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
13.880 |
14.159 |
(3.099) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
26.852 |
15.124 |
NA |
|
|
TOTAL EARNINGS |
26.852 |
15.124 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
244.725 |
239.470 |
NA |
|
|
|
Capital Goods |
3.870 |
74.376 |
NA |
|
|
TOTAL IMPORTS |
248.595 |
313.846 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
3.26 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.53 |
3.61 |
(1.39) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.15 |
0.72 |
(0.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.38 |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.06 |
9.52 |
9.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
0.78 |
0.59 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U34300TN2004PTC052991 |
|
Name of the
company |
WOORY AUTOMOTIVES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A1B. MMDA Industrial Complex, Maraimalai Nagar, Kancheepuram Chennai –
603209, |
|
Type of charge |
Movable Property Immovable
Property |
|
Particular of
charge holder |
Indian Overseas
Bank, Email ID: roplan@chenrco1.iob.net.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Confirmation of Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
25.01.2007 |
|
Amount secured by
the charge |
Rs. 29.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 0.75% Terms of
Repayment Term Loan
Repayable In Sixty Months Margin 36.32% Extent and
Operation of the charge Factory, Land and
Building, Plant and Machineries There On At A1 B, MMDA Industrial Complex,
Maraimalai Nagar-603209, Kancheepuram Land At Moppedu,
Thiruvalloor Taluk. Construction of
Factory Building There on And Purchase of Plant And Machinery. |
|
Short particulars
of the property charged |
Factory, Land and
Building, Plant and Machineries There On At A1 B, MMDA Industrial Complex,
Maraimalai Nagar-603209, Kancheepuram |
|
Corporate identity
number of the company |
U34300TN2004PTC052991 |
|
Name of the
company |
WOORY AUTOMOTIVES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A1B. MMDA Industrial Complex, Maraimalai Nagar, Kancheepuram Chennai –
603209, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
INDIAN OVERSEAS
BANK |
|
Nature of instrument
creating charge |
Hypothecation
Letter dated 25th March 2010 for Rs.58.870 Millions |
|
Date of
instrument Creating the charge |
25/03/2010 |
|
Amount secured by
the charge |
Rs.58.870
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per the Terms
and Condition of the Agreement Terms of
Repayment Term Loan is
Repayable in 36 Monthly Installments of Rs.0.833 Million OCC - As per the
terms and Condition of the arrangement Margin OCC - 25% Fully
Paid Stocks and 40% Debtors upto 90 days Term Loan - 25% Letter of
Guarantee - 50% Extent and
Operation of the charge OCC - First
Charge on entire current assets existing and future (Hypothecation of Stock
and Debtors) Term Loan - First Charge on entire Fixed Assets
existing and future (Hypothecation of Machinery) Others |
|
Short particulars
of the property charged |
Hypothecation of Stocks
- Raw Materials,Work - in-Process,Finished Goods,Book Debts both present and
Future, Machineries Situated at A1 B,
Mmda, Industrial Complex, Maraimalainagar, Kancheepuram Dist 603209 |
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.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.