|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA DAEWOO COMMERCIAL VEHICLE CO., LTD. |
|
|
|
|
Formerly Known as: |
Daewoo Commercial
Vehicle Co., Ltd. |
|
|
|
|
Registered Office : |
1589-1, Soryong-dong, Gunsan-si, Jeollabuk-do, Korea, Zip Code 573-715 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.11.2002 |
|
|
|
|
Com. Reg. No.: |
Co., Ltd by shares |
|
|
|
|
Legal Form : |
401-81-22865 |
|
|
|
|
Line of Business : |
Manufacturer of Motor Vehicles for the Transport of Goods and Special
Purpose |
|
|
|
|
No. of Employees : |
867 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Korea - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible
growth and global integration to become a high-tech industrialized economy. In
the 1960s, GDP per capita was comparable with levels in the poorer countries of
Africa and Asia. In 2004, South Korea joined the trillion dollar club of world
economies, and currently is among the world's 20 largest economies. Initially,
a system of close government and business ties, including directed credit and
import restrictions, made this success possible. The government promoted the
import of raw materials and technology at the expense of consumer goods, and
encouraged savings and investment over consumption. The Asian financial crisis
of 1997-98 exposed longstanding weaknesses in South Korea''s development model
including high debt/equity ratios and massive short-term foreign borrowing. GDP
plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous
economic reforms following the crisis, including greater openness to foreign
investment and imports. Growth moderated to about 4% annually between 2003 and
2007. With the global economic downturn in late 2008, South Korean GDP growth
slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to
recover, in large part due to export growth, low interest rates, and an
expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South
Korea Free Trade Agreement was ratified by both governments and is projected to
go into effect in early 2012. The South Korean economy''s long term challenges
include a rapidly aging population, inflexible labor market, and heavy reliance
on exports - which comprise half of GDP.
|
Source : CIA |
|
Company
Name |
TATA DAEWOO COMMERCIAL VEHICLE CO., LTD. (Korean
Company Name : “타타대우상용차”) |
|
Registered Address |
1589-1, Soryong-dong, Gunsan-si, Jeollabuk-do, Korea |
|
Zip Code |
573-715 |
|
Tel |
+82-63-469-3114 |
|
Fax |
+82-63-469-3179 |
|
E-mail |
|
|
Website |
|
|
Trading
Address |
1589-1, Soryong-dong, Gunsan-si, Jeollabuk-do, Korea |
|
Tel |
+82-63-469-3114 |
|
Fax |
+82-63-469-3029 |
|
Type |
Export/Import |
|
Industry |
Manufacture
of Motor Vehicles for the Transport of Goods and Special Purpose |
|
Main Business |
Heavy
Truck, Medium Truck, Truck Parts |
|
Established (mm/dd/yyyy) |
11/01/2002 |
The Subject Company
owns the premises of registered HQ address/Factory(488,713.30㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Dump
trucks(25101601) |
|
Sell |
Cargo
trucks(25101611) |
|
Sell |
Product
and material transport vehicles(25101600) |
|
Sell |
Truck
tractors(25102100) |
|
Name |
Kim Kwan-Kyu |
|
Address |
Suite 20-211, 212, Samseong-ro, Gangnam-gu,
Seoul, Korea |
|
Date of Birth |
10/19/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
15,080,300,000 |
|||||||||
|
Employees |
867 |
|||||||||
|
Formation |
Co., Ltd by shares Foreign
Direct Investment Corporation by India |
|||||||||
|
Bank Details |
Korea Exchange Bank S.C. First Bank of Korea Citi Bank, Korea Kookmin Bank |
|||||||||
|
Corporate Registered No. |
211111-0015819 |
|||||||||
|
Business Registered No. |
401-81-22865 |
|||||||||
|
Permit & Licenses |
10/1996 ISO 9001 10/1997 ISO 14001 Int’l Trade No.: 45056806 |
|||||||||
|
Shareholder Position |
|
|||||||||
|
Company History |
11/01/2002 Incorporated as Daewoo Commercial
Vehicle Co., Ltd., after spin-off from Daewoo Motor Company 03/29/2004 Acquired by Tata Motors
Limited-India 05/29/2004 Changed company name to the
present name from Daewoo Commercial Vehicle Co., Ltd. 05/29/2004 Changed financial closing date
from 12/31 to 03/31. |
|||||||||
|
|
|
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Kim Kwan-Kyu |
Male |
Korean |
10/22/2012 |
|
Director |
Mr. |
Chandrasekaran Lamakrishinan |
Male |
Indian |
07/23/2009 |
|
Director |
Mr. |
Rabindra Pisharodi |
Male |
Indian |
07/27/2012 |
|
Director |
Mr. |
Satishibalkrishina Borwanka |
Male |
Indian |
07/27/2012 |
|
Auditor |
Mr. |
Nakeshipinge |
Male |
Indian |
11/12/2009 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
763,468,338,475 |
560,157,443,988 |
2,030,187,119 |
|
|
03/2011 |
726,665,517,881 |
532,243,862,909 |
16,066,091,375 |
|
03/2010 |
683,815,944,248 |
613,283,420,167 |
25,433,230,385 |
|
03/2009 |
673,073,057,784 |
459,896,454,686 |
34,221,314,904 |
|
03/2008 |
713,864,881,876 |
420,586,204,718 |
38,150,468,506 |
|
03/2007 |
493,658,369,272 |
347,115,823,967 |
21,394,016,626 |
|
03/2006 |
364,939,932,630 |
283,454,903,112 |
13,463,142,600 |
|
Authorized Capital(KRW) |
350,000,000,000 |
|
Paid-Up Capital(KRW) |
15,080,300,000 |
|
Total Issued Shares |
3,016,060 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
03/31/2012 |
As of
03/31/2012 |
As of
03/31/2012 |
|
Total Assets |
560,157,443,988 |
532,243,862,909 |
613,283,420,167 |
|
Current Assets |
306,817,745,173 |
254,400,079,995 |
348,237,852,654 |
|
-Quick
Assets |
127,271,628,208 |
104,008,631,357 |
183,297,595,375 |
|
-Inventories |
179,546,116,965 |
150,391,448,638 |
164,940,257,279 |
|
Fixed
Assets |
253,339,698,815 |
277,843,782,914 |
265,045,567,513 |
|
-Investment |
4,199,525,022 |
22,622,178,253 |
1,984,316,400 |
|
-Tangibles |
210,798,276,569 |
212,230,552,872 |
216,094,407,799 |
|
-Intangibles |
30,819,366,073 |
35,290,549,884 |
39,783,450,314 |
|
-Others |
7,522,531,151 |
7,700,501,905 |
7,183,393,000 |
|
Total Liabilities |
283,466,472,517 |
252,329,402,182 |
346,446,347,187 |
|
Current Liabilities |
214,514,718,628 |
173,491,549,325 |
298,380,289,998 |
|
Fixed Liabilities |
68,951,753,889 |
78,837,852,857 |
48,066,057,189 |
|
Capital Stock |
15,080,300,000 |
15,080,300,000 |
15,080,300,000 |
|
Capital Surplus |
143,403,772,201 |
143,403,772,201 |
143,403,772,201 |
|
Profit Surplus |
118,073,662,322 |
121,321,580,203 |
108,271,548,828 |
|
Capital Adjustment |
133,236,948 |
108,808,323 |
81,451,951 |
|
Total Equity |
276,690,971,471 |
279,914,460,727 |
266,837,072,980 |
|
Liab. & Shareholder’s Equity |
560,157,443,988 |
532,243,862,909 |
613,283,420,167 |
|
Current Liabilities |
214,514,718,628 |
173,491,549,325 |
298,380,289,998 |
|
Short-Term
Borrowings |
60,000,000,000 |
36,000,000,000 |
80,000,000,000 |
|
Trade
Payables |
101,340,318,672 |
106,314,965,722 |
150,740,616,639 |
|
Account
Payables |
21,491,692,029 |
15,534,090,613 |
21,727,067,247 |
|
Advance
Receipts |
5,735,447,494 |
4,351,163,156 |
19,658,906,839 |
|
Withholdings |
1,797,300,001 |
2,995,656,949 |
831,019,899 |
|
Accrued
Expenses |
10,449,964,298 |
7,671,475,067 |
9,516,332,397 |
|
Accrued
Income Tax |
3,585,051,744 |
624,197,818 |
906,346,977 |
|
Current
Portion of Long-Term Debts |
10,000,000,000 |
- |
15,000,000,000 |
|
Derivatives |
114,944,390 |
- |
- |
|
Fixed Liabilities |
68,951,753,889 |
78,837,852,857 |
48,066,057,189 |
|
Long-Term
Borrowings |
20,000,000,000 |
28,000,000,000 |
- |
|
Guarantee
Deposit Withhold |
36,000,000 |
36,000,000 |
10,000,000 |
|
Long-Term
Account Payables |
45,760,000 |
24,220,000 |
412,000,000 |
|
Provision
for Severance & Retirement |
36,564,646,990 |
32,616,156,410 |
29,531,965,040 |
|
Provision
for Sales Guarantee |
12,652,055,899 |
18,547,744,847 |
18,545,103,049 |
Income
Statement
|
|||
|
Unit : Million Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Sales |
763,468,338,475 |
726,665,517,881 |
683,815,944,248 |
|
Cost of Sold Goods |
670,803,077,426 |
626,522,279,090 |
590,059,810,772 |
|
Gross Profit |
92,665,261,049 |
100,143,238,791 |
93,756,133,476 |
|
Selling & Admin. Expenses |
87,615,314,521 |
82,038,957,448 |
70,263,901,787 |
|
Operating Income |
5,049,946,528 |
18,104,281,343 |
23,492,231,689 |
|
Non-Operating Income |
9,911,082,985 |
12,938,986,229 |
18,763,943,644 |
|
Non-Operating Expenses |
8,535,721,405 |
12,254,084,322 |
10,857,426,304 |
|
Income Before Taxes |
6,425,308,108 |
18,789,183,250 |
31,398,749,029 |
|
Income Taxes Expenses |
4,395,120,989 |
2,723,091,875 |
5,965,518,644 |
|
Net Income |
2,030,187,119 |
16,066,091,375 |
25,433,230,385 |
Cash
Flows
|
|||
|
Unit : Million Korean Won |
As of
12/31/2012 |
As of
12/31/2011 |
As of
12/31/2010 |
|
Cash Flows from Operating |
164,006,730 |
18,929,398,401 |
51,712,661,092 |
|
-Net Income |
2,030,187,119 |
16,066,091,375 |
25,433,230,385 |
|
-Exp. without Cash Outflow |
42,976,718,784 |
44,006,796,426 |
38,592,068,663 |
|
-Revenue without Cash Inflows |
-1,037,077,908 |
-3,971,894,762 |
-10,562,575,037 |
|
-Changes in Asset/ & Liability |
-43,805,821,265 |
-37,171,594,638 |
-1,750,062,919 |
|
Cash Flows from Investing |
-1,496,630,458 |
-21,880,875,510 |
-32,666,048,323 |
|
-Cash Inflow from Investing |
22,546,777,728 |
1,883,905,934 |
9,453,197,999 |
|
-Cash Outflows for Investing |
-24,043,408,186 |
-23,764,781,444 |
-42,119,246,322 |
|
Cash Flows from Financing |
20,721,895,000 |
-34,016,060,000 |
28,158,152,821 |
|
-Cash Inflows from Financing |
70,000,000,000 |
35,000,000,000 |
83,560,000,000 |
|
-Cash Outflows from Financing |
-49,278,105,000 |
-69,016,060,000 |
-55,401,847,179 |
|
Increase/Decrease in Cash |
19,389,271,272 |
-36,967,537,109 |
47,204,765,590 |
|
Cash at the Beginning of Year |
36,152,021,293 |
73,119,558,402 |
25,914,792,812 |
|
Cash at the End of Year |
55,541,292,565 |
36,152,021,293 |
73,119,558,402 |
|
Main Products & Services |
Medium Sized Truck Cargo Truck Tractor Truck Dump & Mixer Truck CNG Refuse Truck Special Purpose Truck |
|
Customers |
TATA MOTORS LIMITED HV AXLES LIMITED |
|
Competitors |
HYUNDAI MOTOR COMPANY(110111-0085450) 231, YANGJAE 2-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-3464-1114 FAX:+82-2-3464-3469 KIA MOTORS CORPORATION(110111-0037998) 231, YANGJAE 2-DONG, SEOCHO-GU, SEOUL,
KOREA TEL:+82-2-3464-1114 FAX:+82-2-3464-6800 RETECH CO., LTD. I-2-1-1B, DAEDEOK TECHNO VALLEY, 699,
TAMNIP-DONG, YUSEONG-GU, DAEJEON, KOREA TEL:+82-42-933-9101 FAX:+82-42-933-9105 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
TATA MOTORS LIMITED TATA TECHNOLOGY LIMITED HV AXLES LIMITED TATA TECHNOLOGIES LTD.-THAILAND TATA SONS LIMITED TML DRIVELINES LTD. TATA
MOTORS THAILAND LTD. |
|
Subsidiary |
DAEWOO MOTOR SALES
CORPORATION(120111-0005414) (100.0% held by the subject company) |
|
Cooperative Enterprise |
- Domestic Sales Agent DAEWOO MOTOR SALES
CORPORATION(120111-0005414) -Insured Company DONGBU
INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
The subject exports to South Africa, and Middle East and India.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Incheon
District court |
Taeyoung
Logistics Co., Ltd.(Korea) |
The Subject Company and DAEWOO MOTOR SALES
CORPORATION(120111-0005414) |
Claim
for Compensation from Damages |
46,400,000 |
Proceeding |
|
|
Incheon
District court |
Choi
Kyung-Sun |
The
Subject Company |
Claim
for Compensation from Damages |
119,500,000 |
Proceeding |
|
|
Seoul
Central District Court |
Kwon
Joong-Hee |
The
Subject Company |
Claim
for Compensation from Damages |
10,000,000 |
Proceeding |
|
|
Seoul
Central District Court |
Kang
Young-Cheol & Others(860) |
The
Subject Company |
Salary |
142,250,000 |
Proceeding |
|
|
Seoul
Central District Court |
Hyosung
capital Co., Ltd.(Korea) |
The
Subject Company |
Refund |
63,810,000 |
Proceeding |
----
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.