|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA DAEWOO COMMERCIAL VEHICLE CO., LTD. |
|
|
|
|
Registered Office : |
172, Dongjangsan-ro, Gunsan-si, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
01.11.2002 |
|
|
|
|
Com. Reg. No.: |
401-81-22865 |
|
|
|
|
Legal Form : |
Co., Ltd by shares |
|
|
|
|
Line of Business : |
Manufacture of Motor Vehicles for the Transport of Goods and Special
Purpose |
|
|
|
|
No. of Employees : |
1,135 |
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 : |
No complaints |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Korea (South) |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KOREA (SOUTH) - 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. South 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. South 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-Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 and
2013 the economy experienced sluggish growth because of market slowdowns in the
United States, China, and the Eurozone. The administration in 2014 is likely to
face the challenge 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,
dominance of large conglomerates (chaebols), and heavy reliance on exports,
which comprise about half of GDP
|
Source
: CIA |
|
Company Name |
TATA DAEWOO COMMERCIAL VEHICLE CO., LTD. (Korean Company Name : “타타대우상용차(주)”) |
|
Registered Address |
172, Dongjangsan-ro, Gunsan-si,
Jeollabuk-do, Korea |
|
Zip Code |
573-715 |
|
Tel |
+82-63-469-3114 |
|
Fax |
+82-63-469-3179 |
|
E-mail |
cjkwak@tata-daewoo.com;
hkhim3@tata-daewoo.com |
|
Website |
www.tata-daewoo.com |
|
Trading Address |
172, Dongjangsan-ro, Gunsan-si,
Jeollabuk-do, Korea (Old Address System : 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㎡).
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Dump trucks(25101601) |
|
Sell |
Cargo trucks(25101611) |
|
Sell |
Product and material transport vehicles(25101600) |
|
Sell |
Truck tractors(25102100) |
CEO’s
|
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 |
Profiles
|
Capital (KRW) |
15,080,300,000 |
|||||||||
|
Employees |
1,135 |
|||||||||
|
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. |
|||||||||
|
|
|
Management
|
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 |
|
Auditor |
Mr. |
Nageshipinge |
Male |
India |
11/12/2009 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
03/2014 |
884,079,249,405 |
564,070,026,941 |
23,502,901,759 |
|
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 |
Financial
Description
|
Authorized Capital(KRW) |
350,000,000,000 |
|
Paid-Up Capital(KRW) |
15,080,300,000 |
|
Total Issued Shares |
3,016,060 |
|
Unit : Korean Won |
As of 03/31/2014 |
As of 03/31/2013 |
As of 03/31/2012 |
|
Total Assets |
564,070,026,941 |
591,372,133,664 |
560,157,443,988 |
|
Current Assets |
321,048,739,620 |
334,565,419,246 |
306,817,745,173 |
|
-Quick Assets |
171,296,789,142 |
176,017,892,078 |
127,271,628,208 |
|
-Inventories |
149,751,950,478 |
158,547,527,168 |
179,546,116,965 |
|
Fixed Assets |
243,021,287,321 |
256,806,714,418 |
253,339,698,815 |
|
-Investment |
3,780,625,055 |
3,245,422,756 |
4,199,525,022 |
|
-Tangibles |
205,783,023,738 |
215,072,678,483 |
210,798,276,569 |
|
-Intangibles |
27,925,350,558 |
30,689,155,534 |
30,819,366,073 |
|
-Others |
5,532,287,970 |
7,799,457,645 |
7,522,531,151 |
|
Total Liabilities |
273,056,838,586 |
323,886,630,320 |
283,466,472,517 |
|
Current Liabilities |
246,387,135,784 |
274,273,886,062 |
214,514,718,628 |
|
Fixed Liabilities |
26,669,702,802 |
49,612,744,258 |
68,951,753,889 |
|
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 |
132,371,095,954 |
108,868,194,195 |
118,073,662,322 |
|
Capital Adjustment |
158,020,200 |
133,236,948 |
133,236,948 |
|
Total Equity |
291,013,188,355 |
267,485,503,344 |
276,690,971,471 |
|
Liab. & Shareholder’s Equity |
564,070,026,941 |
591,372,133,664 |
560,157,443,988 |
|
Current Liabilities |
246,387,135,784 |
274,273,886,062 |
214,514,718,628 |
|
Short-Term Borrowings |
30,000,000,000 |
50,000,000,000 |
60,000,000,000 |
|
Trade Payables |
144,261,799,582 |
160,467,678,685 |
101,340,318,672 |
|
Account Payables |
18,325,306,568 |
22,188,610,104 |
21,491,692,029 |
|
Advance Receipts |
2,781,189,380 |
6,387,493,369 |
5,735,447,494 |
|
Withholdings |
1,421,151,197 |
1,140,084,551 |
1,797,300,001 |
|
Accrued Expenses |
34,372,690,955 |
27,780,623,094 |
10,449,964,298 |
|
Accrued Income Tax |
5,221,680,090 |
657,358,883 |
3,585,051,744 |
|
Current Portion of Long-Term Debts |
10,000,000,000 |
5,000,000,000 |
10,000,000,000 |
|
Derivatives |
3,318,012 |
652,037,376 |
114,944,390 |
|
Fixed Liabilities |
26,669,702,802 |
49,612,744,258 |
68,951,753,889 |
|
Long-Term Borrowings |
- |
10,000,000,000 |
20,000,000,000 |
|
Long-Term Withholdings |
36,000,000 |
36,000,000 |
36,000,000 |
|
Long-Term Account Payables |
1,437,530,000 |
87,530,000 |
45,760,000 |
|
Provision for Severance & Retirement |
32,561,986,880 |
26,532,756,150 |
36,564,646,990 |
|
Provision for Sales Guarantee |
15,963,626,494 |
13,192,339,808 |
12,652,055,899 |
|
Unit : Korean Won |
As of 03/31/2014 |
As of 03/31/2013 |
As of 03/31/2012 |
|
Sales |
884,079,249,405 |
823,915,559,432 |
763,468,338,475 |
|
Cost of Sold Goods |
748,534,046,795 |
730,677,864,315 |
670,803,077,426 |
|
Gross Profit |
135,545,202,610 |
93,237,695,117 |
92,665,261,049 |
|
Selling & Admin. Expenses |
103,581,863,016 |
97,002,532,444 |
87,615,314,521 |
|
Operating Income |
31,963,339,594 |
-3,764,837,327 |
5,049,946,528 |
|
Non-Operating Income |
8,414,433,665 |
6,842,575,469 |
9,911,082,985 |
|
Non-Operating Expenses |
9,856,166,670 |
13,519,896,637 |
8,535,721,405 |
|
Income Before Taxes |
30,521,606,589 |
-10,442,158,495 |
6,425,308,108 |
|
Income Taxes Expenses |
7,018,704,830 |
-1,236,690,368 |
4,395,120,989 |
|
Net Income |
23,502,901,759 |
-9,205,468,127 |
2,030,187,119 |
|
Unit : Korean Won |
As of 03/31/2014 |
As of 03/31/2013 |
As of 03/31/2012 |
|
Cash Flows from Operating |
7,256,817,437 |
104,186,390,234 |
164,006,730 |
|
-Net Income |
23,502,901,759 |
-9,205,468,127 |
2,030,187,119 |
|
-Exp. without Cash Outflow |
53,299,516,280 |
51,464,518,720 |
42,976,718,784 |
|
-Revenue without Cash Inflows |
-3,639,090,412 |
-1,787,957,028 |
-1,037,077,908 |
|
-Changes in Asset/ & Liability |
-65,906,510,190 |
63,715,296,669 |
-43,805,821,265 |
|
Cash Flows from Investing |
-16,917,358,162 |
-34,108,998,735 |
-1,496,630,458 |
|
-Cash Inflow from Investing |
4,634,918,631 |
4,033,900,909 |
19,302,519,728 |
|
-Cash Outflows for Investing |
-21,552,276,793 |
-38,142,899,644 |
-20,799,150,186 |
|
Cash Flows from Financing |
-25,000,000,000 |
-25,000,000,000 |
20,721,895,000 |
|
-Cash Inflows from Financing |
- |
67,000,000,000 |
70,000,000,000 |
|
-Cash Outflows from Financing |
-25,000,000,000 |
-92,000,000,000 |
-49,278,105,000 |
|
Increase/Decrease in Cash |
-34,660,540,725 |
45,077,391,499 |
19,389,271,272 |
|
Cash at the Beginning of Year |
100,618,684,064 |
55,541,292,565 |
36,152,021,293 |
|
Cash at the End of Year |
65,958,143,339 |
100,618,684,064 |
55,541,292,565 |
Products,
Technologies, Services Description
|
Main Products & Services |
Medium Sized Truck Cargo Truck Tractor Truck Dump & Mixer Truck CNG Refuse Truck Special Purpose Truck |
Trade Partners
& Competitors
|
Customers |
TATA MOTORS LIMITED HV AXLES LIMITED TATA CUMMINS 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 |
Related Parties
(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 (SA)(PTY) LTD. |
|
Subsidiary |
DAEWOO MOTOR SALES
CORPORATION(120111-0005414) (100.0% held by the subject company) |
|
Corporate Ownership |
TATA MOTORS LIMITED TML HOLDINGS PTE LIMITED |
|
Major Shareholders |
TML HOLDINGS PTE LIMITED |
|
Cooperative Enterprise |
- Domestic Sales Agent DAEWOO MOTOR SALES
CORPORATION(120111-0005414) -Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
Sales by Region (Activity & Markets)
The subject exports to South Africa, and Middle East and India.
Court Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Supreme Court of Korea |
Kwon Joong-Hee |
The Subject Company |
Claim for Compensation from Damages |
10,000,000 |
3rd round is proceeding |
|
|
Seoul High Court, Korea |
Employee |
The Subject Company |
Salaries |
17,243,044,051 |
2nd round is proceeding |
|
|
Seoul District Court, Korea |
Tae Won-Sung & Others(1435) |
The Subject Company |
Claim for Compensation from Damages |
1,435,000,000 |
1st round is proceeding |
|
|
Seoul District Court, Korea |
Gimpo Construction Heavy Equipment & Others(30) |
The Subject Company |
Claim for Compensation from Damages |
147,000,000 |
1st round is proceeding |
|
|
Jeonju District Court, Korea |
Jung Chang-Kyun |
The Subject Company |
Receivables |
20,000,100 |
1st round is proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.