1. Summary Information
|
|
|
Country |
|
|
|
Company Name |
HYUNDAI
MOTOR INDIA LIMITED |
Principal Name 1 |
Mr. Young Sook Roh |
|
|
Status |
Good |
Principal Name 2 |
Mr. Arvind Kumar Saxena |
|
|
|
|
Registration # |
18-35377 |
|
|
Street Address |
Plot
No. H-1, Sipcot Industrial Park, Irrungattukottai, Sriperumpudur Taluk,
Kanchipuram District – 602105, Tamilnadu, India |
|||
|
Established Date |
06.05.1996 |
SIC Code |
-- |
|
|
Telephone# |
91-4111-256111/ 256275 |
Business Style 1 |
Manufacturer |
|
|
Fax # |
91-4111-256280/ 256365 |
Business Style 2 |
-- |
|
|
Homepage |
Product Name 1 |
Motor Cars |
||
|
# of employees |
3600 |
Product Name 2 |
Parts |
|
|
Paid up capital |
Rs. 8125411000 /- |
Product Name 3 |
Accessories |
|
|
Shareholders |
Foreign holdings100% |
Banking |
ABN Amro Bank N V |
|
|
Public Limited Corp. |
No |
Business Period |
14 Years |
|
|
IPO |
No |
International Ins. |
- |
|
|
Public |
No |
Rating |
A
(65) |
|
|
Related
Company |
||||
|
Relation
|
Country
|
Company
Name |
CEO |
|
|
Subsidiary
Company |
|
Hyundai Motor India Engineering Private Limited |
-- |
|
|
Note |
- |
|||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
36,926,275,000 |
Current Liabilities |
35,128,092,000 |
|
Inventories |
12,646,556,000 |
Long-term Liabilities |
22,201,736,000
|
|
Fixed Assets |
40,632,365,000 |
Other Liabilities |
2,188,782,000 |
|
Deferred Assets |
-- |
Total Liabilities |
59,518,610,000 |
|
Invest& other Assets |
2,164,235,000 |
Retained Earnings |
24,725,410,000 |
|
|
|
Net Worth |
32,850,821,000 |
|
Total Assets |
92,369,431,000 |
Total Liab. & Equity |
92,369,431,000 |
|
Total Assets (Previous Year) |
107,681,855,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
196,225,440,000 |
Net Profit |
3,755,290,000 |
|
Sales(Previous yr) |
155,225,420,000 |
Net Profit(Prev.yr) |
1,956,350,000 |
MIRA INFORM
REPORT
|
Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI MOTOR INDIA LIMITED |
|
|
|
|
Registered Office : |
Plot No. H-1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
06.05.1996 |
|
|
|
|
Com. Reg. No.: |
18-35377 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29309TN1996PLC035377 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEH02069E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturing of Motor Cars, Parts and Accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 130000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company in the automobile
field in Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered good for normal 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 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. H-1, SIPCOT Industrial Park, Irrungattukottai, Sriperumpudur Taluk, Kanchipuram District – 602105, Tamilnadu, India |
|
Tel. No.: |
91-4111-256111/ 256275 91-44-47100000 |
|
Fax No.: |
91-4111-256280/ 256365 91-44-47100100 / 47105135 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
NP 54, Developed Plots, Thiru Vi Ka Industrial Estate,
Guindy, Chennai – 600 032, |
|
Tel. No.: |
91-44-22329560 / 22340174/ 2233471/ 22343763/ 22343765 / 22343856 |
|
Fax No.: |
91-44-22334924 |
|
|
|
|
Administrative Offices: |
39, |
|
Tel. No.: |
91-44-24990013/ 24990531/ 24990678/ 24991938 |
|
Fax No.: |
91-44-24994355/ 24997164 |
|
|
|
|
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
As on 26.07.2010
|
Name : |
Mr. Han Woo Park |
|
Designation : |
Managing Director |
|
Address : |
Old No.42, New No.73, |
|
Date of Birth/Age : |
29.01.1958 |
|
Date of Appointment : |
05.11.2009 |
|
|
|
|
Name : |
Mr. Bo Shin Seo |
|
Designation : |
Whole Time Director |
|
Address : |
New No. 73, Old No. 42, |
|
Date of Birth/Age : |
10.01.1957 |
|
Date of Appointment : |
26.07.2010 |
|
|
|
|
Name : |
Mr. Young Key Koo |
|
Designation : |
Whole Time Director |
|
Address : |
65, Anand Lok, Second Floor, |
|
Date of Birth/Age : |
25.06.1957 |
|
Date of Appointment : |
01.04.2009 |
|
|
|
|
Name : |
Mr. Young Sook Roh |
|
Designation : |
Director |
|
Address : |
Plot No. 48, Jayabheri, Meadows, Gopanna Village, Serilingam, Pally,
Gachi, Bowli, Hyderabad-500019, Andhra Pradesh, India |
|
Date of Birth/Age : |
23.04.1955 |
|
Date of Appointment : |
06.10.2009 |
|
|
|
|
Name : |
Mr. Arvind Kumar Saxena |
|
Designation : |
Whole Time Director |
|
Address : |
1504, Tower 2, Thepalms South City-1, Gurgaon-122001, |
|
Date of Birth/Age : |
28.09.1959 |
|
Date of Appointment : |
26.07.2010 |
|
|
|
|
Name : |
Mr. Won Hee Lee |
|
Designation : |
Director |
|
Address : |
101-807, Dawonkantabila Apartments, 2/5, 659, Sinsadong Gangnam- Ku, |
|
Date of Birth/Age : |
05.02.1960 |
|
Date of Appointment : |
26.07.2010 |
|
|
|
|
Name : |
Mr. Unsu Kim |
|
Designation : |
Whole Time Director |
|
Address : |
Old No. 42, New No. 73, Chamiers, Chennai-600018, |
|
Date of Birth/Age : |
15.08.1963 |
|
Date of Appointment : |
04.01.2010 |
|
|
|
|
Name : |
Mr. Avinash Prakash Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Byung Ouk Lee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jong Hyok Kim |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jung Dae Lee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Swan Kwon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Wan Ki Park |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yong Whan Ahn |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Heung Soo Lheem |
|
Designation : |
Managing Director and Additional Director |
|
Address : |
Old No.42, New No.73, |
|
Date of Birth/Age : |
12.08.1950 |
|
Date of Appointment : |
28.12.2005 |
|
|
|
|
Name : |
Mr. Jong Yeol Lee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Wang Sik Min |
|
Designation : |
Whole Time Director |
|
Address : |
H – 6, Maharani Bagh, |
|
Date of Birth/Age : |
29.12.1956 |
|
Date of Appointment : |
17.05.2007 |
|
Date of Ceasing : |
13.12.2008 |
|
|
|
|
Name : |
Mr. Ho Li Lee |
|
Designation : |
Director |
|
Address : |
B – 701, |
|
Date of Birth/Age : |
10.10.1961 |
|
Date of Appointment : |
17.05.2007 |
|
Date of Ceasing : |
31.03.2009 |
|
|
|
|
Name : |
Mr. Ashok Kumar Jha |
|
Designation : |
Whole Time Director |
|
Address : |
Door No. E1/20, Ground Floor, Vasant Vihar, |
|
Date of Birth/Age : |
18.04.1947 |
|
Date of Appointment : |
09.08.2007 |
|
Date of Ceasing : |
31.07.2009 |
|
|
|
|
Name : |
Mr. Hyun Sup Song |
|
Designation : |
Whole Time Director |
|
Address : |
Old No.42, New No.73, |
|
Date of Birth/Age : |
18.01.1952 |
|
Date of Appointment : |
01.11.2003 |
|
Date of Ceasing: |
24.11.2009 |
|
|
|
|
Name : |
Mr. Min Tak Choi |
|
Designation : |
Director |
|
Address : |
Hyundai Apartment, 904/2101, Gwangjang, Gwangjin GU, |
|
Date of Birth/Age : |
09.11.1962 |
|
Date of Appointment : |
01.04.2009 |
|
Date of Ceasing: |
05.10.2009 |
|
|
|
|
Name : |
Mr. Tae Hwan Chung |
|
Designation : |
Director |
|
Address : |
245 – 602, Olympic Apartment 2, Oryun-Dong, Songpa – GU, |
|
Date of Birth/Age : |
23.10.1959 |
|
Date of Appointment : |
13.08.2007 |
|
Date of Ceasing: |
31.03.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Jayashree S Iyer |
|
Designation : |
Secretary |
|
Address : |
19-A, |
|
Date of Birth/Age : |
25.05.1965 |
|
Date of Appointment : |
05.04.2010 |
|
|
|
|
Name : |
Mr. B. V. R. Subbu |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. M. P. Suresh Kumar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. G. Arunmozhi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mrs. J Lakshmi |
|
Designation : |
Company Secretary |
|
Date of Birth/Age : |
04.12.1981 |
|
Date of Appointment : |
12.07.2007 |
|
Date of Ceasing : |
04.04.2008 |
|
|
|
|
Name : |
Ms. Archana Jalla |
|
Designation : |
Company Secretary |
|
Address : |
New No. 5, Flat No. G-1, K N Venkatesh Flats, |
|
Date of Birth/Age : |
25.08.1976 |
|
Date of Appointment : |
21.04.2008 |
|
Date of Ceasing : |
19.12.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hyundai Motor Company, |
|
8125405 |
|
Mong Koo Chung |
|
1 |
|
Han Woo Park |
|
1 |
|
Dong Jin Kim |
|
1 |
|
Young Key Koo |
|
1 |
|
Bo Shin Seo |
|
1 |
|
Hyun Jong Shin |
|
1 |
|
|
|
|
|
Total |
|
8125411 |
Equity share break – up 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 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Motor Cars, Parts and Accessories. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
‘SANTRO’ |
||||||||
|
|
|
||||||||
|
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
As on 31.03.2010
|
Particulars |
Unit |
Installed Capacity* |
Actual
Production |
|
|
|
|
|
|
Motor Vehicles |
Nos. |
630000 |
589536 |
|
|
|
|
|
* As certified by the Management and relied upon
by the Auditors. The installed capacity is subject to product mix, utilization
of plant and machinery, which is common for different models, and availing of
sub-contracting facilities.
GENERAL INFORMATION
|
No. of Employees : |
3600 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
v ABN Amro Bank N V Chennai – 600034 v American Express Bank Limited Mount Road, Chennai-600002, v Citi Bank Mount Road, Chennai - 600002, v ICICI Bank Chennai - 600018, v IndusInd Bank Limited Chennai - 600018, v
Bank of Chennai - 600018, v HDFC Bank Limited Chennai - 600018, v
State Bank of Chennai - 600018, v Punjab National Bank Chennai - 600018, v Cho Hung Bank v The Sumitomo Bank Limited Chennai, v Standard Chartered Bank 6-3-1090, |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Financial
Institute: |
State Industries Promotion Corporation of Tamilnadu Limited, 19-A, Marshalls Road, Egmore-600008, Tamilnadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV N Ramana Tower 52, |
|
Tel No.: |
91-44-66885000/ 42131124-28 |
|
Fax No.: |
91-44-66885050/ 42131129 |
|
|
|
|
Group Companies: |
|
|
|
|
|
Parent Company : |
v
Hyundai Motor Company. 140-2, Key Dong, Chongro-Ku, |
|
|
|
|
Subsidiaries : |
v Hyundai Motor India Engineering Private Limited CIN No.: U50103TN2006PTC061464 Authorized Capital: Rs. 900.000 Millions Paid Up Capital: Rs. 631.610 Millions |
CAPITAL STRUCTURE
As on 31.03.2010
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 |
|
|
|
|
|
NOTE:
The entire paid-up share capital of the company
is held by Hyundai Motor Company South Korea (HMC) the Company holding Company
and Its Nominees.
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 |
8125.411 |
8125.411 |
8125.411 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24725.410 |
22391.361 |
22198.463 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
32850.821 |
30516.772 |
30323.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
22201.736 |
42229.209 |
31047.189 |
|
|
TOTAL BORROWING |
22201.736 |
42229.209 |
31047.189 |
|
|
DEFERRED TAX LIABILITIES |
2188.782 |
2850.348 |
2435.101 |
|
|
|
|
|
|
|
|
TOTAL |
57241.339 |
75596.329 |
63806.164 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
40632.365 |
47163.568 |
34404.957 |
|
|
Capital work-in-progress |
794.235 |
1721.060 |
12411.704 |
|
|
|
|
|
|
|
|
INVESTMENT |
1370.000 |
1349.596 |
631.610 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12646.556
|
21264.675
|
15322.397
|
|
|
Sundry Debtors |
20618.115
|
19150.406
|
8459.090
|
|
|
Cash & Bank Balances |
4514.237
|
5619.412
|
6615.965
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
11793.923
|
11413.138
|
8597.543
|
|
Total
Current Assets |
49572.831
|
57447.631
|
38994.995
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28360.310
|
|
20906.776
|
|
|
Other Current Liabilities |
2312.305
|
1660.871
|
|
|
|
Provisions |
4455.477
|
3871.205
|
1730.326
|
|
Total
Current Liabilities |
35128.092
|
32085.526
|
22637.102
|
|
|
Net Current Assets |
14444.739
|
25362.105
|
16357.893
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
57241.339 |
75596.329 |
63806.164 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
196225.440 |
155225.420 |
101188.647 |
|
|
|
Other Income |
6468.230 |
5735.110 |
3973.820 |
|
|
|
TOTAL (A) |
202693.670 |
160960.530 |
105162.467 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
188566.050 |
148893.340 |
96402.450 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
[3803.353] |
|
|
|
TOTAL (B) |
188566.050 |
148893.340 |
92599.097 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14127.620 |
12067.190 |
12563.370 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
967.870 |
2265.080 |
758.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13159.750 |
9802.110 |
11804.510 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7529.020 |
6745.350 |
4611.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5630.730 |
3056.760 |
7193.490 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1875.440 |
1100.410 |
2052.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3755.290 |
1956.350 |
5141.150 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22007.040 |
21574.460 |
16468.220 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment on account of application of Accounting Standard 15
(Reviewed) |
0.000 |
0.000 |
[34.910] |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
187.760 |
97.820 |
-- |
|
|
|
Proposed Dividend |
1218.810 |
1218.810 |
-- |
|
|
|
Tax on Proposed Dividend |
202.430 |
207.140 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
24153.330 |
22007.040 |
21574.460 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
95042.120 |
88591.260 |
39586.970 |
|
|
TOTAL EARNINGS |
95042.120 |
88591.260 |
39586.970 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Import Value |
NA |
36640.680 |
33398.510 |
|
|
TOTAL IMPORTS |
NA |
36640.680 |
33398.510 |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
462.17 |
240.77 |
271 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.85
|
1.22
|
4.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.87
|
1.97
|
7.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.24
|
2.92
|
9.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.10
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
2.44
|
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.79
|
1.72 |
LOCAL AGENCY FURTHER INFORMATION
CONTINGENT
LIABILITIES
a.
Bills drawn on Customers and discounted with Banks
as at 31st March 2010- Rs. 363.960 Millions (As at 31st
March 2009- Nil)
b.
Claims against the company Not Acknowledged as
debts
|
Particulars |
31.03.2010 |
|
i) Claims duty (Paid Rs. 12.990 Millions
under protest) |
12.990 |
|
ii) Excise Duty and Service Tax |
98.880 |
|
iii) Entry Tax (Paid Rs. 0.400 Millions
under protest) |
65.660 |
|
iv) Income Tax (Paid Rs.34.030 Millions
under protest) |
89.420 |
|
v) Others |
123.460 |
|
vi)Decided in favour of the company
against which department has gone on appeal |
|
|
- Customs |
29.330 |
|
- Income Tax |
32.770 |
c. During the year ended 31 March 2010, the
Company has received from the Income Tax Authorities a Draft Assessment Order
for the Assessment Year 2006-07 under Section 144C of the Income Tax Act, 1961.
The Company has filed a Statement of Objections with the Dispute Resolution
Panel (DRP). The differential tax claim of Rs. 366.58 Millions (tax payable
amount of Rs. 3,549.31 Millions less provision already created of Rs. 3,182.73
Millions) and interest of Rs. 193.53 Millions as per the Draft Assessment Order
are disclosed as Contingent Liabilities, pending disposal of the same by the
DRP.
d. The assessments under the Central Excise
Act, 1944 have been completed on a provisional basis in respect of certain
years for some transactions. The differential liability, if any, arising on
account of the final assessments is not ascertainable and the same viil be
dealt with appropriately as and when determined.
e. The Company had received a letter from
the Regional Office (Tamil Nadu), Employees State Insurance (ESI) Corporation,
Chennai dated 23 June 2006 stating that the provisions of the ESI Act, 1948
will be applicable to the Company with effect from 1 September 2005 vide
Notification No. S-38013/48/2005 SSI dated 17 August 2005 issued by the Central
Government. The Company received a notice from the Regional Office (Tamil
Nadu), Employees State Insurance (ESI) Corporation, Chennai dated 25 January
2008 as per which the Company was provisionally asked to pay Rs. 7.13 Millions
towards ESI Contribution for the period September 2005 to November 2007, which
was remitted by the Company on 22 February 2008. Final remittance will be made
as and when it is determined I demanded by the ESI Corporation.
i. The amounts shown above represent the
best possible estimates arrived at on the basis of the available information.
The uncertainties and possible reimbursement are dependent on the outcome of
the various legal proceedings which have been initiated by the Company or the
Claimants, as the case may be and, therefore, cannot be predicted accurately.
ii. According to the Company, Show Cause
Notices received from various Government Agencies pending formal demand notices
are not considered as Contingent Liabilities.
iii. The Company expects a favourable
decision with respect to all the above disputed demands / claims based on
professional advice and, hence, no specific provision for the same has been
made.
FIXED ASSETS:
v
v Building
v Plant
and Machinery
v Furniture
and Fittings
v Computer Equipments
v Office Equipments
v Furniture and Fixtures
v Data
Processing Equipment
v Vehicles
AS PER WEBSITE
DETAILS
PROFILE
Subject is a
wholly owned subsidiary of Hyundai Motor Company,
Subject continuing its tradition of being the fastest growing passenger car
manufacturer, registered total sales of 559,880 vehicles in the calendar year
(CY) 2009, an increase of 14.4 percent over CY 2008. In the domestic market it
clocked a growth of 18.1 percent as compared to 2008 with 289,863 units, while
overseas sales grew by 10.7 percent, with export of 270,017 units. HMIL
currently exports cars to more than 110 countries across EU, Africa, Middle
East, Latin America and
Subject is 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 commissioned its second plant in February 2008 which
produces an additional 300,000 units per annum, raising subject total
production capacity to 600,000 units per annum.
Subject has invested to expand capacity in line with its positioning as HMC's
global export hub for compact cars. Apart from the expansion of production
capacity, subject currently has 286 strong dealer network and 540 strong
service points across
In December 2008, HMIL launched the much awaited premium compact the i20 after
it had a global preview at the Paris Motor Show in October, 2008. In 2009, subject
also launched the new facelift Sonata Transform and the new Verna which are
vastly improved models compared to the outgoing models. In March, 2009 Hyundai
i10 clocked the fastest 3 lakh sales since its launch in October, 2007. HMIL
also became the only car manufacturer to introduce Automatic transmission
across segments with the launch of the i20 1.4 Litre Petrol Automatic. The i20
also simultaneously got a powerful 1.4 Litre CRDi engine in July 2009. The i20
achieved the highest safety rating by the European NCAP. In September 2009,
HMIL introduced the new refurbished Santro with luxurious interiors and
improved exterior features. The Santro has been the highest selling model for
Hyundai with more than 15 Lakhs units sold since its launch in
Subject remains one of the fastest growing car manufacturers in the
country. The company’s overall performance in the automobile sector was
recognized by the media as it was awarded with the prestigious ‘Manufacturer of
the Year’ award by both UTVi Autocar Car and NDTV Profit-Car and Bike in 2009
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.
PRESS RELEASES:
Hyundai’s flagship model Santro touches
0.500 MILLIONS Exports Milestone
Highly popular Santro has been exported to more than 80 Countries-
New Delhi, February
15, 2011: Hyundai Motor India Ltd, the country’s largest exporter and
second largest car manufacturer announced today that its most popular car, the Hyundai
Santro has registered exports of more than 5 lakh units from the country.
The Santro with its ‘Tall Boy’ design re-defined the concept
of driving at the time of its launch and since then, it has created a mark for
itself with lakhs of customers with its styling, safety and comfort. The
popular ‘Made in
On the occasion, H W Park, MD & CEO, HMIL, said, “I am
extremely delighted to announce that the export of the Santro has reached 5
lakh units. Right from the time of its launch, this popular car has been widely
appreciated for its design, technology and safety. With this we gear up for
next phase of growth and remain committed in bringing world class products and
service to our customers.”
HMIL began exporting cars in 1999 when it shipped a batch of
20 Santros to
As Hyundai Motor Company’s global export hub for compact
cars, HMIL is the first automotive company in
HMIL accounts 40% of its total production to exports from
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 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. 45.12 |
|
|
1 |
Rs. 73.43 |
|
Euro |
1 |
Rs. 62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.