MIRA
INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
YOUNG BUHMWOO INDIA COMPANY PRIVATE LIMITED (w.e.f. 15.12.2010) |
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Formerly Known
as : |
YUSHIRO BUHMWOO (INDIA) COMPANY PRIVATE LIMITED |
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Registered
Office : |
K-5, Phase II, Sipcot Industrial Park, Membakkam Village,
Sriperambudur, Chennai – 602106, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.11.2005 |
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Com. Reg. No.: |
18-057941 |
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Capital
Investment / Paid-up Capital : |
Rs. 222.368 Millions |
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CIN No.: [Company Identification
No.] |
U23209TN2005PTC057941 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in production of Lubricant Oil for Automobile
Industries. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 860000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. There
appears some accumulated losses being recorded by the company. 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
K-5, Phase II, Sipcot Industrial Park, Membakkam Village,
Sriperambudur, Chennai – 602106, Tamilnadu, India |
|
Tel. No.: |
91-44-27168041 / 43 |
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Fax No.: |
91-44-27168042 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Sung Wook Hwang |
|
Designation : |
Director |
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Date of Appointment : |
03.11.2005 |
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Name : |
Mr. Myung Won Kim |
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Designation : |
Director |
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Date of Appointment : |
03.11.2005 |
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|
Name : |
Mr. Satoru Yamamoto |
|
Designation : |
Director |
|
Date of Appointment : |
03.11.2005 |
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|
Name : |
Mr. Takuya Ishikawa |
|
Designation : |
Director |
|
Date of Appointment : |
23.01.2009 |
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|
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|
Name : |
Mr. Kim Swn Dong |
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Designation : |
Director |
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Date of Appointment : |
29.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Buhmwoo Chemical Industrial Company Limited |
|
5280000 |
|
Yushiro Chemical Industrial Company Limited |
|
3520000 |
|
Buhmwoo Company Limited |
|
13436855 |
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|
|
|
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Total |
|
22236855 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in production of Lubricant Oil for Automobile
Industries. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
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Technical Data |
In Ltrs. |
8400000 |
8700000 |
2810262.00 |
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GENERAL INFORMATION
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Bankers : |
·
CITI Bank ·
HDFC Bank ·
Indian Overseas Bank ·
The Bank of Tokyo-Mitsubishi UFJ Limited ·
Indian Overseas Bank, Delhi |
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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 |
|
Address : |
No.29, Devadi Street, Malapore, Chennai – 600004, Tamilnadu, India |
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Tel. No.: |
91-44-24642340 / 24610939 |
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Fax No.: |
91-44-24641199 |
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E-Mail : |
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Holding Company : |
Buhmwoo Chemical Industrial Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22250000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22236855 |
Equity Shares |
Rs.10/- each |
Rs.222.368 Millions |
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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 |
222.368 |
222.368 |
149.920 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(7.728) |
(41.829) |
(19.183) |
|
|
NETWORTH |
214.640 |
180.539 |
130.737 |
|
|
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 |
1.337 |
1.073 |
0.710 |
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|
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|
|
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TOTAL |
215.977 |
181.612 |
131.447 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.846 |
91.132 |
88.017 |
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Capital work-in-progress |
14.624 |
1.192 |
0.000 |
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.928 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
104.803
|
75.060 |
46.221 |
|
|
Sundry Debtors |
72.815
|
50.912 |
47.225 |
|
|
Cash & Bank Balances |
17.958
|
51.909 |
11.136 |
|
|
Other Current Assets |
0.419
|
0.459 |
0.000 |
|
|
Loans & Advances |
32.670
|
26.655 |
21.530 |
|
Total
Current Assets |
228.665
|
204.995 |
126.112 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
119.715
|
115.040 |
82.082 |
|
|
Provisions |
0.371
|
0.667 |
0.600 |
|
Total
Current Liabilities |
120.086
|
115.707 |
82.682 |
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|
Net Current Assets |
108.579
|
89.288 |
43.430 |
|
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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 |
215.977 |
181.612 |
131.447 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
|
|
|
|
|
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Income |
319.872 |
258.819 |
96.083 |
|
|
|
Service Income |
21.102 |
17.255 |
11.212 |
|
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Other Income |
NA |
(27.044) |
2.170 |
|
|
|
TOTAL |
NA
|
249.030 |
109.465 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
199.165 |
103.981 |
|
|
|
Other Direct Cost |
|
20.798 |
16.209 |
|
|
|
Administrative Expenses |
NA |
37.214 |
24.041 |
|
|
|
Preliminary Expenses W/Off |
|
0.000 |
0.035 |
|
|
|
Increase / Decrease in Finished Goods |
|
4.657 |
(34.964) |
|
|
|
TOTAL |
NA |
261.834 |
109.302 |
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
(12.804) |
0.163 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
8.920 |
4.089 |
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PROFIT BEFORE
TAX |
NA |
(21.724) |
(3.926) |
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Less |
TAX |
NA |
0.922 |
1.186 |
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PROFIT AFTER TAX
|
NA |
(22.645) |
(5.112) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(41.829) |
(19.183) |
(14.071) |
|
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|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
NA |
(41.829) |
(19.183) |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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Export Earnings |
195.029 |
72.448 |
Nil |
|
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TOTAL EARNINGS |
195.029 |
72.448 |
Nil
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
(9.09) |
(4.66) |
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
(8.39) |
(4.08) |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
(7.33) |
(1.83) |
|
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Return on Investment (ROI) (PBT/Networth) |
|
--
|
(0.10) |
(0.03) |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.64 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.77 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND :
Subject was incorporated on 3rd November 2005. The company
commenced its commercial production on May 2007 at its manufacturing facility
situated at K-5, Phase II SIPCDOT Industrial Park, Mambakkam Village,
Sriperumbudur, Kancheepuram – 602105. The company is engaged in production of Lubricant
Oil for Automobile Industries.
NOTE :
The registered office address of the company has been shifted from
No.29, Devadi Street, Mylapore, Chennai – 600004, Tamilnadu, India to present
address w.e.f. 03.03.2007
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Vehicles
·
Computer
·
Furniture and Fittings
·
Office Equipments
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] 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. 44.68 |
|
|
1 |
Rs. 70.87 |
|
Euro |
1 |
Rs. 62.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--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.