|
Report Date : |
07.12.2013 |
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) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
01.11.2002 |
|
|
|
|
Com. Reg. No.: |
401-81-22865 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacturer of Motor Vehicles such as Heavy Truck, Medium Truck,
Truck Parts for the Transport of Goods and Special Purpose |
|
|
|
|
No. of Employees : |
1,090 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
TATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Exist |
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 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 is
currently the world's 12th largest economy. 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. Korea''s export focused economy was hit hard by the 2008 global economic
downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in
2010. The US-South Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Throughout 2012 the economy
experienced sluggish growth because of market slowdowns in the United States,
China, and the Eurozone. The incoming administration in 2013, following the
December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. 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(주)”) |
|
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 (New Address System : 172, Dongjangsan-ro, 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 |
1,090 |
|||||||||
|
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 03/30/2004 Decreased capital to 15,080,300,000
from 87,768,665,000 KRW 05/29/2004 Changed company name to the
present name from Daewoo Commercial Vehicle Co., Ltd. 05/06/2004 Completed Corporate Clearing procedure 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 |
|
Chairman |
Mr. |
Chandrasekaran Ramacrishinan |
Male |
India |
07/23/2009 |
|
Director |
Mr. |
Rabintra Pisharodi |
Male |
India |
07/27/2012 |
|
Director |
Mr. |
Satisibal Crishina Borwanka |
Male |
India |
07/27/2012 |
|
Director |
Mr. |
Karl Zonadon Slim |
Male |
UK |
05/15/2013 |
|
Auditor |
Mr. |
Nageshipinge |
Male |
India |
11/12/2009 |
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
03/2013 |
823,915,559,432 |
591,372,133,664 |
-9,205,468,127 |
|
03/2012 |
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 |
|
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
03/31/2013 |
As of
03/31/2012 |
As of
03/31/2011 |
|
Total Assets |
591,372,133,664 |
560,157,443,988 |
532,243,862,909 |
|
Current Assets |
334,565,419,246 |
306,817,745,173 |
254,400,079,995 |
|
-Quick
Assets |
176,017,892,078 |
127,271,628,208 |
104,008,631,357 |
|
-Inventories |
158,547,527,168 |
179,546,116,965 |
150,391,448,638 |
|
Fixed
Assets |
256,806,714,418 |
253,339,698,815 |
277,843,782,914 |
|
-Investment |
3,245,422,756 |
4,199,525,022 |
22,622,178,253 |
|
-Tangibles |
215,072,678,483 |
210,798,276,569 |
212,230,552,872 |
|
-Intangibles |
30,689,155,534 |
30,819,366,073 |
35,290,549,884 |
|
-Others |
7,799,457,645 |
7,522,531,151 |
7,700,501,905 |
|
Total Liabilities |
323,886,630,320 |
283,466,472,517 |
252,329,402,182 |
|
Current Liabilities |
274,273,886,062 |
214,514,718,628 |
173,491,549,325 |
|
Fixed Liabilities |
49,612,744,258 |
68,951,753,889 |
78,837,852,857 |
|
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 |
108,868,194,195 |
118,073,662,322 |
121,321,580,203 |
|
Capital Adjustment |
133,236,948 |
133,236,948 |
108,808,323 |
|
Total Equity |
267,485,503,344 |
276,690,971,471 |
279,914,460,727 |
|
Liab. & Shareholder’s Equity |
591,372,133,664 |
560,157,443,988 |
532,243,862,909 |
|
Current Liabilities |
274,273,886,062 |
214,514,718,628 |
173,491,549,325 |
|
Short-Term
Borrowings |
50,000,000,000 |
60,000,000,000 |
36,000,000,000 |
|
Trade
Payables |
160,467,678,685 |
101,340,318,672 |
106,314,965,722 |
|
Account
Payables |
22,188,610,104 |
21,491,692,029 |
15,534,090,613 |
|
Advance
Receipts |
6,387,493,369 |
5,735,447,494 |
4,351,163,156 |
|
Withholdings |
1,140,084,551 |
1,797,300,001 |
2,995,656,949 |
|
Accrued
Expenses |
27,780,623,094 |
10,449,964,298 |
7,671,475,067 |
|
Accrued
Income Tax |
657,358,883 |
3,585,051,744 |
624,197,818 |
|
Current
Portion of Long-Term Debts |
5,000,000,000 |
10,000,000,000 |
- |
|
Derivatives |
652,037,376 |
114,944,390 |
- |
|
Fixed Liabilities |
49,612,744,258 |
68,951,753,889 |
78,837,852,857 |
|
Long-Term
Borrowings |
10,000,000,000 |
20,000,000,000 |
28,000,000,000 |
|
Long-Term
Withholdings |
36,000,000 |
36,000,000 |
36,000,000 |
|
Long-Term
Account Payables |
87,530,000 |
45,760,000 |
24,220,000 |
|
Provision
for Severance & Retirement |
26,532,756,150 |
36,564,646,990 |
32,616,156,410 |
|
Provision
for Sales Guarantee |
13,192,339,808 |
12,652,055,899 |
18,547,744,847 |
Income
Statement
|
|||
|
Unit : Korean Won |
As of
03/31/2013 |
As of
03/31/2012 |
As of
03/31/2011 |
|
Sales |
823,915,559,432 |
763,468,338,475 |
726,665,517,881 |
|
Cost of Sold Goods |
730,677,864,315 |
670,803,077,426 |
626,522,279,090 |
|
Gross Profit |
93,237,695,117 |
92,665,261,049 |
100,143,238,791 |
|
Selling & Admin. Expenses |
97,002,532,444 |
87,615,314,521 |
82,038,957,448 |
|
Operating Income |
-3,764,837,327 |
5,049,946,528 |
18,104,281,343 |
|
Non-Operating Income |
6,842,575,469 |
9,911,082,985 |
12,938,986,229 |
|
Non-Operating Expenses |
13,519,896,637 |
8,535,721,405 |
12,254,084,322 |
|
Income Before Taxes |
-10,442,158,495 |
6,425,308,108 |
18,789,183,250 |
|
Income Taxes Expenses |
-1,236,690,368 |
4,395,120,989 |
2,723,091,875 |
|
Net Income |
-9,205,468,127 |
2,030,187,119 |
16,066,091,375 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of
03/31/2013 |
As of
03/31/2012 |
As of
03/31/2011 |
|
Cash Flows from Operating |
104,186,390,234 |
164,006,730 |
18,929,398,401 |
|
-Net Income |
-9,205,468,127 |
2,030,187,119 |
16,066,091,375 |
|
-Exp. without Cash Outflow |
51,464,518,720 |
42,976,718,784 |
44,006,796,426 |
|
-Sale without Cash Inflows |
-1,787,957,028 |
-1,037,077,908 |
-3,971,894,762 |
|
-Changes in Asset/ & Liability |
63,715,296,669 |
-43,805,821,265 |
-37,171,594,638 |
|
Cash Flows from Investing |
-34,108,998,735 |
-1,496,630,458 |
-21,880,875,510 |
|
-Cash Inflow from Investing |
4,033,900,909 |
19,302,519,728 |
1,883,905,934 |
|
-Cash Outflows for Investing |
-38,142,899,644 |
-20,799,150,186 |
-23,764,781,444 |
|
Cash Flows from Financing |
-25,000,000,000 |
20,721,895,000 |
-34,016,060,000 |
|
-Cash Inflows from Financing |
67,000,000,000 |
70,000,000,000 |
35,000,000,000 |
|
-Cash Outflows from Financing |
-92,000,000,000 |
-49,278,105,000 |
-69,016,060,000 |
|
Increase/Decrease in Cash |
45,077,391,499 |
19,389,271,272 |
-36,967,537,109 |
|
Cash at the Beginning of Year |
55,541,292,565 |
36,152,021,293 |
73,119,558,402 |
|
Cash at the End of Year |
100,618,684,064 |
55,541,292,565 |
36,152,021,293 |
|
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 |
|
Cooperative Enterprise |
- Domestic Sales Agent DAEWOO MOTOR SALES CORPORATION(120111-0005414) -Insured Company LIG INSURANCE CO., LTD.(110111-0017859) KOREA
LIFE INSURANCE CO., LTD.(110111-0003204) |
(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 |
|
|
Supreme Court of Korea |
Kwon Joon-Hee |
The Subject Company |
Claim for Compensation from Damages |
10,000,000 |
3rd round is proceeding |
|
|
Supreme Court of Korea |
Hyosung Capital Co., Ltd.(Korea) |
The Subject Company |
Refund of Loan |
63,810,000 |
3rd round is proceeding |
|
|
Chungju District Court, korea |
Choi Sung-Soo |
The Subject Company |
Claim for Compensation from Damages |
10,454,290 |
1st round is proceeding |
|
|
Seoul High Court, Korea |
Employee |
The Subject Company |
Salaries |
17,243,044,051 |
2nd round is proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
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.