MIRA
INFORM REPORT
|
Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
HWASHIN AUTOMOTIVE INDIA PRIVATE LIMITED |
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|
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Registered
Office : |
Plot F-65A, |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
03.01.2002 |
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Com. Reg. No.: |
18-048250 |
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Capital
Investment / Paid-up Capital : |
Rs. 255.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300TN2002PTC048250 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH02288G |
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PAN No.: [Permanent Account No.] |
AAACH9909E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers, Importers and Exporters of Body Parts, Chassis Parts,
Engine Parts, Test Kits, Components and Assemblies of Automobiles. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company is good. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitment. The company can be considered normal for 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
Plot F-65A, |
|
Tel. No.: |
91-44-27156844 |
|
Mobile No.: |
91- |
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Fax No.: |
91-44-27156845 |
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E-Mail : |
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|
|
|
Head Office/ Corporate Office : |
First Floor, Emelen
Complex, 620/51, Mahalingapuram, Chennai 600034, |
|
Tel. No.: |
9841060731 |
|
Fax No.: |
91-4111-2356846 |
DIRECTORS
As on: 28.02.2011
|
Name : |
Mr. Sung Chang Choi |
|
Designation : |
Director |
|
Address : |
Plot No.F65a, Sipcot Industrial Park, Irungattukottai, Kanchipuram
Dist – 602105, Tamil Nadu, India |
|
Date of Birth/Age : |
27.04.1959 |
|
Date of Appointment : |
03.09.2012 |
|
DIN No.: |
06385741 |
|
|
|
|
Name : |
Mr. Lee Young Sub |
|
Designation : |
Managing Director |
|
Address : |
No.10/4 Prakasam Street, Vivekanandha Nagar, Ramapuram, Chennai –
600089, Tamil Nadu, India |
|
Date of Birth/Age : |
18.10.1959 |
|
Date of Appointment : |
20.10.2010 |
|
DIN No.: |
03306965 |
|
|
|
|
Name : |
Mr. Hyoumg Goo Kim |
|
Designation : |
Director |
|
Date of Appointment : |
16.01.2012 |
|
DIN No.: |
05205456 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.02.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hwarhin Company Limited, Korea |
|
25490000 |
|
Hwarhin Company Limited, Korea (J. D. Lim) |
|
5000 |
|
Hwarhin Company Limited, Korea (Mr. Y. H. I. F. E.) |
|
5000 |
|
|
|
|
|
Total |
|
25500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.02.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers and Exporters of Body Parts, Chassis Parts,
Engine Parts, Test Kits, Components and Assemblies of Automobiles |
PRODUCTION STATUS 31.12.2010
|
Particulars |
|
|
Installed
Capacity Nos |
Actual
Production Nos |
|
Pressed parts for various version of motor car (in terms of cars) |
|
|
601000 |
600779 |
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|
|
|
|
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Chottung Bank, No 42, Jolly Maker Chambers II, 225
Nariman Point, Mumbai – 400021, Tamil Nadu, India ·
Indian Overseas Bank. Large Advances Branch,
Irrungattukottai ·
ABN Anro Bank, Haddows Road Branch, Chennai,
Tamil Nadu, India ·
State Bank of India, CAG Branch, Mumbai,
Maharashtra, India ·
Shinhan Bank, Mumbai Branch, Mumbai, Maharashtra,
India ·
Citi Bank, Anna Salai Branch, Chennai, Tamil
Nadu, India ·
Standard Chartered Bank, Rajai Salai Branch,
Chennai, Tamil Nadu, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Vijayaraghavan and Associates Chartered Accountants |
|
Address : |
51, Giri Road, T. Nagar, Chennai – 600017, Tamil Nadu, India |
|
PAN No.: |
AAAFV1842R |
CAPITAL STRUCTURE
After 12.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41000000 |
Equity Shares |
Rs.10/- each |
Rs. 410.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25500000 |
Equity Shares |
Rs.10/- each |
Rs. 255.000 Millions |
|
|
|
|
|
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25500000 |
Equity Shares |
Rs.10/- each |
Rs. 255.000
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
255.000 |
255.000 |
255.000 |
|
|
2] Share Application Money |
153.870 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
745.653 |
471.582 |
311.648 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1154.523 |
726.582 |
566.648 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
377.196 |
0.000 |
317.824 |
|
|
2] Unsecured Loans |
1800.600 |
1325.613 |
1819.662 |
|
|
TOTAL BORROWING |
2177.796 |
1325.613 |
2137.486 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
(34.953) |
47.755 |
|
|
|
|
|
|
|
|
TOTAL |
3332.319 |
2017.242 |
2751.889 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1993.128 |
739.354 |
1096.737 |
|
|
Capital work-in-progress |
267.913 |
101.978 |
299.063 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
47.572 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1397.669
|
813.229 |
1323.995 |
|
|
Sundry Debtors |
2111.569
|
2058.847 |
2698.893 |
|
|
Cash & Bank Balances |
118.669
|
463.224 |
214.436 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1815.657
|
1847.871 |
1500.309 |
|
Total
Current Assets |
5443.564
|
5183.171 |
5737.633 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3465.039
|
3279.672 |
3591.672 |
|
|
Other Current Liabilities |
127.643
|
156.343 |
202.381 |
|
|
Provisions |
827.176
|
571.246 |
407.491 |
|
Total
Current Liabilities |
4419.858
|
4007.261 |
4201.544 |
|
|
Net Current Assets |
1023.706
|
1175.910 |
1356.089 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3332.319 |
2017.242 |
2751.889 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12817.022 |
12225.477 |
11662.035 |
|
|
|
Other Income |
NA |
218.488 |
26.655 |
|
|
|
TOTAL (A) |
NA |
12443.965 |
11688.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
|
10388.931 |
9787.194 |
|
|
|
Production Cost |
|
950.681 |
923.296 |
|
|
|
Administration Cost |
|
291.273 |
185.609 |
|
|
|
Variation in Stock |
|
47.115 |
10.921 |
|
|
|
TOTAL (B) |
NA |
11678.000 |
10907.020 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
765.965 |
781.670 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
59.499 |
120.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(269.347) |
706.466 |
661.431 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
395.566 |
465.342 |
481.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(664.913) |
241.124 |
180.326 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
81.190 |
58.447 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
NA |
159.934 |
121.879 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
311.648 |
189.768 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
471.582 |
311.647 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
183.146 |
88.235 |
|
|
|
Others |
0.000 |
2701.197 |
2289.401 |
|
|
TOTAL IMPORTS |
0.000 |
2884.343 |
2377.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
6.30 |
4.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
NA |
1.28 |
1.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.18) |
1.97 |
1.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.94) |
4.07 |
2.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.57) |
0.33 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.72 |
7.34 |
11.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23 |
1.29 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U34300TN2002PTC048250 |
|
Name of the company |
HWASHIN AUTOMOTIVE INDIA PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot F-65A, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90286904 |
|
Type of charge |
· Immovable property · Book debts · Movable property (not being pledge) · Floating charge |
|
Particular of charge holder |
Indian Overseas Bank Large Advances Branch, Irungattukottai
Kacheepuram - 602105, Tamil Nadu, India |
|
Nature of instrument creating charge |
· Letter of Hypothecation (For Securing Machineries / Vehicles / Goods / Book Debts) · Memorandum of Deposit of Title Deeds dated.15.04.2009 for the Deposit of Title deeds made on 13.04.2009. · Memorandum of Deposit of Title Deeds dated.15.04.2009 for the Deposit of Title deeds made on 13.04.2009. |
|
Date of instrument Creating the charge |
13.04.2009 |
|
Amount secured by the charge |
Rs. 578.700 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of interest As determined by the bank from time to time. Terms of repayment As determined by the bank from time to time. Margin As determined by the bank from time to time Others Facilities Existing Modified (Rupees in Millions) Cash Credit Nil 550.000 LG Nil 3.700 TL 100.000 25.000 TL 189.000 Nil CC 30.000 Nil Total 319.000 578.700 All other terms and conditions as per sanction letter and
instrument executed on 13.04.2009. |
|
Short particulars of the property charged |
· Hypothecation by way of First Charge in favour of the bank on all fixed assets and Block assets of the Company. · Equitable Mortgage over the Immovable properties owned by the company, to secure the credit facilities of Rs.578.700 Millions enjoyed by the company. |
|
Date of Last Modification |
25.05.2005 |
|
Particulars of the present modification |
The secured by this charge has been
modified from Rs. 319.000 Millions to Rs.5787.000 Millions00. All other terms and conditions of original
charge and subsequent modifications shall remain unchanged. |
INTRODUCTION
The Company was incorporated on 03.01.2002, with the object of manufacturing automotive components particularly body, chassis and engine parts. The Company has commenced its commercial production on 01.11.2002 and has started supplying to M/s. Hyundai Motor India Limited, for their various versions of Cars. The Company also started supplying fuel tank to M/s. Ford India Private. Limited. for one of its models. Recently it got orders from others companies and the Company is running with full Capacity.
AWARDS AND
CERTIFICATIONS
As already reported in the last year, the Company has obtained 100 PPM Certificate for outstanding performance from Hyundai Motor India Limited, in October 2004. The Company also obtained the ISO/TS 16949: 2002 Second Edition Certification for excellent Quality System, ISO 14001:2004 Certification for complying with Environmental Management System and OHSAS 18001:1999 Certification for formulating policies for occupational health and safety of the work force from Det Norske Veritas Inc (DNV), Houston, Texas, USA. They are also happy to inform that the company has obtained Q1 Certificate from M/s. Ford India Private Limited for best Quality.
BUSINESS
Auto Industry
Performance of major Auto companies during the Financial Year 2011-12
Automotive Industry, globally, as well in India, is one of the key sectors of the economy. Due to its deep forward and backward linkages with several key segments of the economy, automotive industry has a strong multiplier effect and acts as one of the drivers of economic growth. The well-developed Indian automotive industry produces a wide variety of vehicles: passenger cars, light, medium and heavy commercial vehicles, multi-utility vehicles such as jeeps, scooters, motor-cycles, mopeds, three wheelers, tractors and other agricultural equipments etc. The sector has tremendous potential of providing employment which will increase the present figure of employment in manufacturing sector which is quite low at 12% as compared to the countries like Malaysia (50%); Korea (62%) and China (31%).
Indian auto component industry is quite comprehensive with around 500 firms in the organized sector producing practically all parts and more than 10,000 firms in small unorganized sector, intierized format. The auto component sector has been one of the fastest growing segments of auto industry, growing by over 28%, in nominal terms between 1995-98. The Industry also sustained a high growth rate and could achieve growth of
24% in 2003, 16% in 2004-05 and 15% in 2005-06 (estimated). The industry, over the years, developed the capability of manufacturing all components required to manufacture vehicles, which is evident from the high levels of indigenization achieved in the vehicle industry as well as the components developed for the completely Indian made vehicles like the Tata Indica, Tata Indigo, Mahindra Scorpio, Bajaj Pulsar and TVS Centra. The component industry has now holistic capability to manufacture the entire range of auto-components e.g. Engine parts, Drive, Transmission Parts, Suspension & Braking Parts, Electricals, Body and Chassis Parts, Equipment etc. The component-wise share of production, as indicated by the ACMA, is Engine parts-31%, Drive and Transmission Parts-19%, Suspension & Braking Parts-12%, Electricals-9%, Body and Chassis Parts-12%, Equipment-10%.
Over the last few years the Indian Auto Component Industry has created a robust capacity base and world’s all major manufacturers have set up their manufacturing unit in the country. The quality of the components produced by the component industry in the country is certified by the fact, that out of the 498 ACMA members, 9 are Deming Prize winners, 4 are JIPM award winners and 1 is Japan Quality Medal winner.
Hyundai India
The company is looking at 9 to 10 percent sales growth in
this period. The company had sold about 0.603 Millions cars last fiscal
(including exports). It exports cars, manufactured at the two plants located at
Sriperumbudur in Tamil Nadu, to over 115 countries.
Currently, the company's market share is 18.3 percent in the country. They expect that the market share will be about 20 percent at the end of this fiscal.
He informed that after the launch of the new car Oct 13, the company was getting good bookings. "In the last four days we have crossed over 5,000 new car bookings. When the cars will be on road, the bookings will improve further."
It (Eon) is a unique car in the unique segment...it is the high end of the lower segment
The official informed that the company had invested close to Rs.9000.000 Millions on developing the small new car, including design and marketing.
The company is looking at selling 0.140 Million units to 0.150 Million units of Eon annually and will export the car, mostly to South America and South Africa from next year.
On expansion of its manufacturing plants in Tamil Nadu, the company has planned to increase the capacity from 0.630 Million units to 0.670 Million units per annum by a "minimum" investment.
The company will launch 10 new cars in the country by 2015,
he added.
EXPORTS
Hyundai Motor India Ltd is the country’s largest passenger car exporter. With the recent shipment of 1.000 Million cars, Hyundai is the first automobile company in India to achieve this feat in a record time of just over a decade.
HMIL began exporting cars in 1999 when it shipped a batch of 20 Santro’s to Nepal and it reached the first milestone of exporting 100,000 cars in four years and ten months in October, 2004. In October, 2005 it exported its 200,000th cat followed by its 300,000th car and 400,000th car in October, 2006 and August 2007 respectively. By exporting the 500,000th car March, 2008, HMIL had become the ‘fastest’ Indian passenger car manufacturer to achieve this stupendous milestone in record time.
In a little over a decade since Hyundai has been present in India, it has become the leading exporter of passenger cars with a market share of 66% of the total exports of passenger cars from India, making it a significant contributor to the Indian automobile industry.
Currently, Hyundai Motor India is exporting four of its popular models namely - Santro, i10, i20 and Accent to 110 countries. In 2009, in spite of a global slowdown, Hyundai Motor India’s exports grew by 10.7%. In 2010 Hyundai plans to add 10 new markets with Australia being the latest entrant to the list. The first shipment to Australia is of 500 units of the i20 and the total i20 exports to Australia are expected to be in the region of 15,000 per annum.\
OUTLOOK FOR 2012
GROWTH ASSUMPTIONS
"Hyundai has submitted a proposal to invest Rs 15000.000 Millions for setting up plants to make diesel engines and auto components. We are looking into it and soon an MoU to this effect will be signed by the government with Hyundai,"
The Korean group's car maker Hyundai Motor India has two car plants at Irrungattukottai near here with a total annual capacity of 600,000 units.
Hyundai has been mulling a diesel engine plant in India with locally-sourced components to give customers a wider choice and consolidate its position in the domestic as well as overseas market.
Company officials had earlier told IANS on the condition of anonymity that a diesel engine plant will be viable with an annual capacity of 300,000 units.
The momentum towards a diesel engine plant in India is increasing now as companies are now launching diesel variants
Currently the diesel engines for Hyundai's small cars are imported.
On the components side, it is reported that Hyundai Wia, part of the group, will be setting up a plant to make constant velocity joints and manual transmission parts in Tamil Nadu at an outlay of $5 million.
The investment proposal has come at a time when the Tamil Nadu government is planning to announce a new policy governing the auto sector - vehicle and component manufacturers.
The Korean automotive group is developing a small car for the mass market which would be launched soon.
There have also been reports of Hyundai Motor looking outside Tamil Nadu for expansion as it may not find sufficient space at its current location.
A step higher than the i20, the i30 hatchback is bigger and better. The i30 currently has both petrol and diesel engines and India will likely receive both of them
Hyundai is planning on brining in their much celebrated sedan, the Elantra, into the Indian market. The Elantra is a compact sedan that looks great with its fluidic design. The Elantra will most probably be priced very competitively, somewhere between the Rs 8-12 lakh range. It also comes with state of the art safety features such as Electronic Brake Force Distribution System (EBD), Passenger Presence Detector, Traction Control System, ABS, Brake Assistance System and Energy Absorbing Collapsible Steering Column
SECTOR OUTLOOK
India’s automobile sector is the tenth largest in the world with an annual car production of approximately 2 million of the world’s 73 million. India is the largest motorcycle manufacturer and the fifth largest commercial vehicle manufacturer, Industry experts only expect these statistics to increase. A report by the Asia Economic Institute expects India’s automobile sector to become one of the global leaders by 2012.
Currently, India dedicates 75 percent of its automobile industry to small cars, more than any other country in the world. India is expected to witness more than a dozen new compact car models in the auto market in the next few years, the report continues.
All-time highs in fuel prices and inflation have not dulled demand for automobiles. The last quarter has seen a substantial growth in sales of passenger cars and commercial vehicles on a year-on-year basis. Over the past year, the automobile industry has achieved a turnover of $34 billion, and the auto component industry has reached a turnover of $10 billion. In addition, India’s tire industry has registered a turnover of almost $3 billion. The contribution of the automotive industry to GDP rose from 2.77 percent in 1992-1993 to 5 percent in 2006- 2007. Both passenger car and commercial vehicle sales are up. India’s automobile sales are expected to grow at a CAGR of 9.5 percent up to 2010.
India’s automobile and global automotive giants, including General Motors (GM), Volkswagen, Honda, and Hyundai, have announced huge expansion plans. Because of its large market, low base of car ownership (25 per 1,000 people), and surging economy, India is well on its way to becoming an outsourcing country for global auto companies. The list of upcoming cars in India include the Maruti A-Star (Suzuki), Maruti Splash (Suzuki), VW Up and VW Polo (Volkswagen), Bajaj small car (Bajai Auto), Jazz (Honda), Cobalt, Aveo (GM), and more.
FINANCIAL RESULTS
The turnover of the company for the year of operations was Rs.128,17.022 Millions (previous year Rs.122,25.477) which showed a growth rate of about 4.62% The high growth is due to Hyundai introduced the new model I10 & I20 car. They are inform that the company has made a loss of Rs.6,64.913 Millions (previous year Rs. 2,41.124 Millions) which is at 5.19% on sales for the tenth year ended 31st December, 2011 after providing for depreciation of Rs.3,95.566 Millions (previous year Rs. 4,65.342 Millions). The reduction in the profit is due to the increase in input costs and expansion of manufacturing facilities. The reserves of the company amounting to Rs. 2
74.071 Millions is utilized.
CONTINGENT LIABILITY NOT PROVIDED FOR IN THE BOOKS TOWARDS TAX DUES:
(Rs in Millions)
|
Particular |
As on 31.12.2011 |
|
Income Tax |
29.952 |
|
Service Tax |
1.646 |
|
Total |
31.598 |
FIXED ASSETS
· Land
· Building
· Factory
· Lease hold land
· Plant and Machinery
· Furniture and Fixture
· Equipments
· Vehicles
· Computer
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. 54.25 |
|
|
1 |
Rs. 87.00 |
|
Euro |
1 |
Rs. 69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.