MIRA
INFORM REPORT
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Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
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Name : |
HYUNDAI CONSTRUCTION EQUIPMENT INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.06.2007 |
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Com. Reg. No.: |
11-130553 |
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Capital
Investment / Paid-up Capital : |
Rs. 1718.478 Millions |
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CIN No.: [Company Identification
No.] |
U45400PN2007FTC130553 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05576E MUMH10638F |
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PAN No.: [Permanent Account No.] |
AABCH8756Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader and Importer of Excavators |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4600000 |
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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 subsidiary of It is an established 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. In view of strong holding company, the subject can be considered
normal for business dealings at usual trade terms and conditions, with slight
caution on account of accumulated losses. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Shoumya |
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Designation : |
Account Head |
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Contact No.: |
91-2135-301700 |
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Date : |
17.11.2011 |
LOCATIONS
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Registered Office / Factory : |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra, India |
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Tel. No.: |
91-2135-301700 |
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Fax No.: |
91-2135-301712 / 301863 |
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E-Mail : |
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Website : |
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Area : |
50 Acre |
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Location : |
Leased |
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Regional Office
: |
Located at:
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DIRECTORS
AS ON 30.09.2011
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Name : |
Ji Pyo Sang |
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Designation : |
Managing Director |
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Address : |
Plot No. A-2, MIDC Chakan, Phase–II, Village Khalumbre, Pune-410501,
Maharashtra, India |
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Date of Birth/Age : |
08.06.1958 |
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Date of Appointment : |
01.01.2010 |
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DIN No.: |
02954171 |
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Name : |
Bosun Choi |
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Designation : |
Director |
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Address : |
1 Gang Seon Maul 1902-705 98, Juyeop-Dong I Sanseo-Gu, Gyeonaggi-Do,
Goyang |
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Date of Birth/Age : |
28.02.1966 |
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Date of Appointment : |
17.06.2011 |
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DIN No.: |
03553597 |
KEY EXECUTIVES
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Name : |
Mr. Shoumya |
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Designation : |
Account Head |
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Name : |
Ms. Asawari Avinash Tilak |
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Designation : |
Secretary |
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Address : |
A-9, Ganga Lahari Society, Ganesh Nagar, Pune-411052, Maharashtra,
India |
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Date of Birth/Age : |
01.03.1985 |
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Date of Appointment : |
01.10.2010 |
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PAN No.: |
AFSPT4547E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
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Hyundai Heavy Industries Company Limited,
Korea |
20762135 |
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Ji Pyo Sang |
1 |
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Total |
20762136 |
AS ON 30.09.2011
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Equity Shares
Break Up |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Importer of Excavators |
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Products : |
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Imports : |
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Products : |
·
Raw Material ·
Finished Goods |
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Countries : |
·
Korea ·
China |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Excavators |
Nos. |
2000 |
487 |
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GENERAL INFORMATION
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Customers : |
Construction Division Industries |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
·
HSBC Bank, Ban garden Road ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
‘ |
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PAN No.: |
AAEFP3641G |
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Holding Company : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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21000000 |
Equity Shares |
Rs.100/- each |
Rs. 2100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
17184776 |
Equity Shares |
Rs.100/-
each |
Rs. 1718.478
Millions |
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Note:
Out of the above shares 17184775 shares of Rs.
100/- each held by Hyundai Heavy Industries Company Limited, Korea, the holding
company.
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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21000000 |
Equity Shares |
Rs.100/- each |
Rs. 2100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20762136 |
Equity Shares |
Rs.100/-
each |
Rs. 2076.214
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1718.478 |
1718.478 |
1256.178 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(559.399) |
(346.470) |
(13.117) |
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NETWORTH |
1159.079 |
1372.008 |
1243.061 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1621.654 |
1354.777 |
0.000 |
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TOTAL BORROWING |
1621.654 |
1354.777 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2780.733 |
2726.785 |
1243.061 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2013.271 |
1931.554 |
145.240 |
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Capital work-in-progress |
9.948 |
75.307 |
653.948 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1299.062
|
757.782 |
0.000 |
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Sundry Debtors |
943.688
|
284.301 |
0.000 |
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Cash & Bank Balances |
86.148
|
174.591 |
399.348 |
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Other Current Assets |
2.326
|
2.924 |
4.328 |
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Loans & Advances |
252.777
|
186.984 |
54.746 |
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Total
Current Assets |
2584.001
|
1406.582 |
458.422 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1730.021 |
652.528 |
5.309 |
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Other Current Liabilities |
67.404
|
23.237 |
8.822 |
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Provisions |
29.062
|
10.893 |
0.418 |
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Total
Current Liabilities |
1826.487
|
686.658 |
14.549 |
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Net Current Assets |
757.514
|
719.924 |
443.873 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2780.733 |
2726.785 |
1243.061 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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|
0.000 |
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Other Income |
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|
41.062 |
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TOTAL (A) |
2766.739 |
617.210 |
41.062 |
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Employee Cost |
2794.187 |
827.370 |
11.458 |
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Other Expenses |
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|
26.681 |
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TOTAL (B) |
2794.187 |
827.370 |
38.139 |
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PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(27.448) |
(210.160) |
2.923 |
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FINANCIAL
EXPENSES (D) |
149.666 |
76.003 |
0.000 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(177.114) |
(331.479) |
2.923 |
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DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
1.839 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(212.929) |
(331.479) |
1.084 |
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TAX (H) |
0.000 |
1.874 |
14.201 |
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PROFIT / (LOSS)
AFTER TAX (G-I) (I) |
(212.929) |
(333.353) |
(13.117) |
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IMPORTS |
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Raw Materials |
1110.045 |
487.014 |
0.000 |
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Prototype Material |
3.581 |
4.334 |
4.619 |
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Capital Goods |
40.598 |
597.741 |
67.785 |
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Consumables |
3.313 |
0.000 |
0.000 |
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Trade Goods |
915.901 |
495.141 |
0.000 |
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TOTAL IMPORTS |
2073.438 |
1584.230 |
72.404 |
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Earnings /
(Loss) Per Share (Rs.) |
(12.39) |
(22.29) |
-- |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
5500.000 |
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The above information has been parted by Mr. Shoumya.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(7.69)
|
(54.00) |
(31.94) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.63)
|
(9.93) |
0.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.18)
|
(0.24) |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.97
|
1.49 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.41
|
2.05 |
31.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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Total outstanding dues to creditors other than Micro and Small
Enterprises |
1730.021 |
652.528 |
5.309 |
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Check List by Info Agents |
Available in Report (Yes / No) |
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1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
------ |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
No |
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13. Reasons for variation <> 20% |
Yes |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
Yes |
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20. Export / Import details |
Yes |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
Note:
Registered office of the company has been shifted from
Office No. 303, 3rd Floor, Siddhivinayak Aurum Survey No. 33/1/1/2
Vadgaon Sheri, Viman Nagar, Pune,
OPERATIONS:
Subject is
destined to revolutionize the Construction Equipment business in India with its
cutting edge technology in Excavator market and aims to be the market leader in
terms of customer delight and market share.
Present in India with
it’s, wide range of Crawler, Wheeled excavator in 8 tonne to 80 tonne and Wheel
Loader HL760 and HL770, Hyundai as products that suit every requirement and
application be it irrigation, road construction, mining or any other
infrastructure development activities. Hyundai make excavators can be equipped
with various attachments like bucket, rock breaker, etc. to cater to the need
of various segments.
Subject is
headquartered in Pune and has four Regional Offices at Delhi, Calcutta,
Hyderabad and Mumbai overlooking sales through its strong 22 dealerships
covering every state in India. The dealerships are aptly supported by Sales and
Service centers ensuring customer centric service and maximum uptime to
customers. Each region has a Warehouse for it’s immediate requirements whereas
the mother warehouse in Pune constantly supports regions with necessary parts.
November 2009: Lead Sponsors in EXCON' 2009
Subject
participated EXCON 2009, an exhibition organized. a t Bangalore. Considered to
be one of the biggest exhibition in excavator industry in India. Subject was
the lead sponsor and they lunched R8OOLC-7A indigenized excavator.
January 2010 Launched Indigenous R110-7
The indigenized
version of 11 tonne excavator was launched to match the Indian conditions. The
machine was indigenously developed to compete the toughest Indian applications.
January 2010: Sold first R800LC-7
The first 80 tonne
machine was sold at Gujarat. The machine with its excellence in mining
outsmarted competition.
February 2010: Sale of 104 machines in a month
Hyundai first time
achieved the century mark in a single month by selling 104 units of excavators
during the month of February.
March 2010: 500th machine roll out from
Pune plant
During the month of
March we rolled out 500th machine from Pune plant. The golden key was given to
the owner at the hands of honorable MD, Sang Pyo Ji.
April 2010: Launched R215LC-7
Hyundai launched
new 20 ton machine, R215LC-7 to make a strong presence in the 20 tonne market
April 2010: Gained 14.1% Market share with 3rd position in Market
The new financial
year started with elation as they grabbed the No.3 position in CE industry with
a market share of 14%.
August 2010: 1000th machine rollout from
Pune plant
Subject
manufactured and sold its 1000th machine in the month of August. Hyundai raced
to -1000th machine in less than six months since manufacturing and
selling it’s 500th machine in March 2010
FIXED ASSETS
- Plant and
Machinery
- Office Equipment
- Computer
- Furniture and
Fixtures
- Vehicles
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. 50.72 |
|
|
1 |
Rs. 79.87 |
|
Euro |
1 |
Rs. 68.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.