MIRA
INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
JEONGIN ENTERPRISES PRIVATE LIMITED |
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Registered
Office : |
Old No.112, New No.46, Killoy Village, Sriperumbudur – 602105,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.02.2008 |
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Com. Reg. No.: |
18-066460 |
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Capital
Investment / Paid-up Capital : |
Rs.21.310
Millions |
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CIN No.: [Company Identification
No.] |
U31900TN2008PTC066460 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEJ04652E |
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PAN No.: [Permanent Account No.] |
AABCJ9434F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trading, Buying, Selling and Manufacturing of Thinsulate, Gum Tape,
Back Light Unit Sheet for LCD, Tread Lock Coating Used in Automobiles and
Mobile Phone and Other electronic Accessories. |
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|
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No. of Employees
: |
Not Available |
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 70000 |
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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 a company having moderate track. There appears some accumulated
losses recorded by the company. However, 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.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
LOCATIONS
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Registered Office : |
Old No.112, New No.46, Killoy Village, Sriperumbudur – 602105,
Tamilnadu, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
(AS ON 28.09.2010)
|
Name : |
Mr. Dong Geun Jeon |
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Designation : |
Director |
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Address : |
202-401, Hyundai Home Town Sweet Apartment, Dal – Dong, Nam-GU,
Ulsanmetro Politan 680805 |
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Date of Birth/Age : |
17.10.1963 |
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Date of Appointment : |
10.01.2009 |
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DIN No.: |
01765087 |
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Other Directorship : |
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Name : |
Mr. Jung Sung Woo |
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Designation : |
Director |
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Address : |
Hyundai Benecity Apartment 1432 U – Donghaeundaegu Busan Metro Politan
City 103803 |
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Date of Birth/Age : |
03.06.1961 |
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Date of Appointment : |
14.02.2008 |
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Email : |
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DIN No.: |
01995983 |
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Name : |
Mr. Lee Chul Min |
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Designation : |
Director |
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Address : |
121-29 (12/5) Gamjeon – Dong Sasang – GU, Busan Metro Politan 600520 |
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Date of Birth/Age : |
30.07.1981 |
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Date of Appointment : |
09.08.2010 |
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DIN No.: |
03170400 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2010)
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Names of Shareholders |
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No. of Shares |
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Jung Sung Woo |
|
9999 |
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Kil Sung Kun |
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1 |
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G-Max Company Limited, Korea |
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2120975 |
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Total |
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2130975 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading, Buying, Selling and Manufacturing of Thinsulate, Gum Tape,
Back Light Unit Sheet for LCD, Tread Lock Coating Used in Automobiles and
Mobile Phone and Other electronic Accessories. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
KGS and Associates Chartered Accountant |
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Address : |
No.45/19, LUZ Church Road, Mylapore, Chennai – 600004, Tamilnadu,
India |
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PAN No.: |
AAHFK1004F |
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Holding Company : |
G-Max Company Limited, Korea |
CAPITAL STRUCTURE
(AS ON 28.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2500000 |
Equity Share |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
2130975 |
Equity Share |
Rs.10/- each |
Rs.21.310
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
21.310 |
21.310 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(2.720) |
(5.311) |
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NETWORTH |
|
18.590 |
15.999 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.388 |
0.045 |
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TOTAL |
|
18.978 |
16.044 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
69.046 |
16.318 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
34.499 |
28.080 |
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Sundry Debtors |
|
33.459 |
23.041 |
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Cash & Bank Balances |
|
27.845 |
3.347 |
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Other Current Assets |
|
9.105 |
4.307 |
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Loans & Advances |
|
5.696 |
0.105 |
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Total
Current Assets |
|
110.604 |
58.880 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditor |
|
157.489 |
57.857 |
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Other Current Liabilities |
|
0.000 |
0.000 |
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Provisions |
|
3.327 |
1.489 |
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Total
Current Liabilities |
|
160.816 |
59.346 |
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Net Current Assets |
|
(50.212) |
(0.466) |
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MISCELLANEOUS EXPENSES |
|
0.144 |
0.192 |
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TOTAL |
|
18.978 |
16.044 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
|
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Income |
|
208.789 |
42.169 |
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Other Income |
|
7.791 |
0.000 |
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TOTAL |
|
216.580 |
42.169 |
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Less |
EXPENSES |
|
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Material and Manufacturing Expenses |
|
193.463 |
41.524 |
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Value Addition Cost |
|
17.981 |
5.511 |
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TOTAL |
|
211.444 |
47.035 |
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PROFIT(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
5.136 |
(4.866) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.686 |
0.284 |
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PROFIT/ (LOSS)
BEFORE TAX |
|
3.450 |
(5.150) |
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Less |
TAX |
|
0.859 |
0.161 |
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PROFIT/ (LOSS)
AFTER TAX |
|
2.591 |
(5.311) |
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IMPORTS |
|
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Raw Materials |
|
61.135 |
168.961 |
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Capital Goods |
|
0.000 |
24.945 |
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Consumable |
|
0.000 |
0.001 |
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TOTAL IMPORTS |
|
61.135 |
193.907 |
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Earnings Per
Share (Rs.) |
|
1.22 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.20 |
(12.59) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.65 |
(12.21) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.92 |
(6.85) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
(0.32) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
8.65 |
3.71 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.69 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from, Plot No.48,
Block II, Swathi Thejas Apartment Padmini Garden No.39/8, Ponnamallee Main
Road, Nandhambakkam, Tamilnadu, India, to the present address w.e.f.
09.03.2009.
FIXED ASSETS:
· Land
· Building
· Furniture and Fixture
· Office Equipment
· Motor Car
· Computer and Software
· Plant and Machinery
WEBSITE DETAILS:
COMPANY
Since it's establishment in 2008, Subject has been dedicated
to manufacturing adhesives for a automobile industry.
The constant research and development has resulted in the automobile
manufacturers such as Hyundai delivering the high quality Sealant.
In order to become a major company of technology in sealant the subject will try
to providing the highest quality requirements, individual demand and
satisfaction of their customers around world.
COMPANY
HISTORY:
January 2004: Foundation of G-MAX Company
Limited
Jane 2005: Foundation of G-MAX LCD Department.
March 2005: LCD BLU SHEET First Forwarding.
June 2005: ISO 9001 Certification.
March 2005: LCD BLU SHEET Over 3 Million.
July 2005: ISO 14001 Certification-SGS.
October 2005: 3M Excellent Enterprises.
March 2006: Automotive Market Converting Line
Begin.
August 2006: America Local Subsidiary-HSS.
December 2007: China Local Subsidiary -
Woo-Sung Electrical.
December 2008: India Local Subsidiary -
Jeong-In Enterprise Private Limited
April
2009: Slovakia Local Subsidiary.
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.49.38 |
|
|
1 |
Rs.79.20 |
|
Euro |
1 |
Rs.67.84 |
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 |
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 |
YES |
|
--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.