1. Summary Information
|
|
|
Country |
|
|
Company Name |
DOOWON AUTOMOTIVE SYSTEMS INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Lee Jae Young |
|
Status |
Moderate |
Principal Name 2 |
Mr. Jong Ho Song |
|
|
|
Registration # |
18-060533 |
|
Street Address |
No.51, |
||
|
Established Date |
13.06.2007 |
SIC Code |
-- |
|
Telephone# |
91-44-28340273 |
Business Style 1 |
Manufacture |
|
Fax # |
91-44-28345223 |
Business Style 2 |
- |
|
Homepage |
- |
Product Name 1 |
Air Conditioning Components for Automobiles. |
|
# of employees |
Not Available |
Product Name 2 |
- |
|
Paid up capital |
Rs.392131200/- |
Product Name 3 |
- |
|
Shareholders |
- |
Banking |
HDFC Bank Limited |
|
Public Limited Corp. |
NO |
Business Period |
4 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B [27] |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
530,451,000 |
Current Liabilities |
746,910,000 |
|
Inventories |
211,666,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
392,007,000 |
Other Liabilities |
16,624,000 |
|
Deferred Assets |
4,956,000 |
Total Liabilities |
763,534,000 |
|
Invest& other Assets |
1,177,000 |
Retained Earnings |
[15,408,000] |
|
|
|
Net Worth |
376,723,000 |
|
Total Assets |
1,140,257,000 |
Total Liab. & Equity |
1,140,257,000 |
|
Total Assets (Previous Year) |
1,263,926,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
2,266,205,000 |
Net Profit |
NA |
|
Sales(Previous yr) |
836,800,000 |
Net Profit(Prev.yr) |
[53,500,000] |
MIRA
INFORM REPORT
|
Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOOWON AUTOMOTIVE SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.51, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
13.07.2006 |
|
|
|
|
Com. Reg. No.: |
18-060533 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.392.131 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299TN2006PTC060533 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHED05749C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and sale of Air Conditioning Components for Automobiles. |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
USD 1500000 |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject 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. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : |
No.51, |
|
Tel. No.: |
91-44-28340273 |
|
Fax No.: |
91-44-28345223 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No. B 19 and 20, Sipcot Industrial Park, Oragadam, Sriperumbudur
Taluk, Kancheepuram District - 602105, India |
|
Tel. No.: |
91-44-37173406 / 3430 |
|
E-Mail : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Lee Jae Young |
|
Designation : |
Managing Director |
|
Address : |
1 Pureun-Maeul 403-803, 74 Sunae Dong, Bundang-Gu, Gyeonggi-Do
Seongnam Si 999999 |
|
Date of Birth/Age : |
20.11.1955 |
|
Date of Appointment : |
06.09.2010 |
|
DIN : |
|
|
|
|
|
Name : |
Mr. Jong Ho Song |
|
Designation : |
Director |
|
Address : |
Building 503-5, Sinha – Dong, Kangnam – GU, |
|
Date of Birth/Age : |
28.02.1955 |
|
Date of Appointment : |
13.06.2007 |
|
DIN : |
02273864 |
|
|
|
|
Name : |
Mr. Sang Kon Lim |
|
Designation : |
Director |
|
Address : |
Building 503-5, Sinha – Dong, Kangnam – GU, |
|
Date of Birth/Age : |
25.02.1972 |
|
Date of Appointment : |
13.06.2007 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of Air Conditioning Components for Automobiles. |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Air Conditioning Systems for Cars |
Nos. |
- |
2400000 |
541376 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg,
Lower Parel W, Mumbai - 400013, |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vijayaraghavan and Associates Chartered Accountants |
|
Address : |
No.51, |
|
Tel. No.: |
91-44-28340273 / 42121335 |
|
Fax No.: |
91-44-28345223 |
|
E-Mail : |
|
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs.10/-each |
Rs.400.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39,213,120 |
Equity Shares |
Rs.10/-each |
Rs.392.131 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
392.131 |
392.131 |
234.897 |
|
|
2] Share Application Money |
0.000
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[15.408] |
[53.540] |
0.000 |
|
|
NETWORTH |
376.723 |
338.591 |
234.897 |
|
|
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 |
9.604 |
9.604 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
386.327 |
348.195 |
234.897 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
392.007 |
459.345 |
215.800 |
|
|
Capital work-in-progress |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.956 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
211.666
|
318.294 |
0.000 |
|
|
Sundry Debtors |
329.208
|
324.916 |
0.000 |
|
|
Cash & Bank Balances |
12.799
|
16.058 |
73.040 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
188.444
|
143.743 |
13.712 |
|
Total
Current Assets |
742.117
|
803.011 |
86.752 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
736.750
|
915.050 |
67.655 |
|
|
Other Current Liabilities |
10.160
|
0.503 |
0.000 |
|
|
Provisions |
7.020
|
0.178 |
0.000 |
|
Total
Current Liabilities |
753.930
|
915.731 |
67.655 |
|
|
Net Current Assets |
[11.813]
|
[112.720] |
19.097 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.177 |
1.570 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
386.327 |
348.195 |
234.897 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
2266.205 |
836.800 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
NA |
[43.400] |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
10.100 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
NA |
[53.500] |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1573.003 |
1034.121 |
- |
|
|
|
Capital Goods |
10.868 |
96.741 |
- |
|
|
TOTAL IMPORTS |
1583.871 |
1130.862 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/Loss
Per Share (Rs.) |
NA |
[1.36] |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
[6.39] |
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
[3.44] |
NA
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
[0.13] |
NA
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.00
|
2.70 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
0.88 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29299TN2006PTC060533 |
|
Name of the
company |
DOOWON AUTOMOTIVE
SYSTEMS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.51, |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg,
Lower Parel W, Mumbai - 400013, |
|
Nature of instrument
creating charge |
Letter of
Hypothecation of Stocks, Book Debts and Machinery dated 12th July, 2010. |
|
Date of
instrument Creating the charge |
12.07.2010 |
|
Amount secured by
the charge |
Rs.250.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Any such rate as may be advised to the Company from time to time in respect
of the credit facilities Terms of Repayment
- Buyers Credit of Rs.250.000 millions (USD 5,000,000) - Repayable on Demand. Margin - As may
be prescribed by the Bank from time to time for the credit facilities. Extent and
Operation of the charge - Hypothecation by way of Exclusive First Charge in
favour of HDFC Bank Limited, on all the Stock-in-trade, Book Debts and
movable Plant and Machinery of the Company both present and future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of Exclusive First Charge in favour of HDFC Bank Limited, on all the
Stock-in-trade, Book Debts and movable Plant and Machinery of the Company
both present and future |
FIXED ASSETS :
§
Land
§
Building
§
Plant and Machinery
§
Furniture and Fixtures
§
Computer and Accessories
§
Office Equipments
§
Jigs
§
Molds
§
Tools
§
Utility
§
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.49.13 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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 |
NO |
|
--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.