MIRA INFORM REPORT
|
Report No. : |
340735 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
HANIL AUTOMOTIVE INDIA PRIVATE LIMITED [w.e.f.04.04.2007] |
|
|
|
|
Formerly Known
As : |
SHINHAN PLASTO INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-8, Sipcot Industrial Park, Irrrungattkukottai,
Sriperumbudur, Kanchipuram – 602105, Tamilnadu |
|
Tel. No.: |
91-22-67172406 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.07.2002 |
|
|
|
|
Com. Reg. No.: |
18-049333 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.327.944 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35999TN2002PTC049333 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES15793B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCS4350J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive and Industrial Plastic Products, Components
and Automotive Moulds. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is subsidiary of “HANIL E HWA CO LTD KOREA”, Republic of
Korea, it is established company having a satisfactory track record. The rating on Hanil Automotive India Private Limited reflect strong
financial risk profile reflects from its debt free balance sheet status and
robust liquidity position. Rating also take note on company healthy
operational base marked by its modest profitability margins. The rating continue to gain strength from the strong financial and
managerial supports the company receive from its holding company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for normal business dealings with 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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
31-03-2015.
INFORMATION DENIED
Management Non-Cooperative (91-22-67172406)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. A-8, Sipcot Industrial Park, Irrrungattkukottai,
Sriperumbudur, Kanchipuram – 602105, Tamilnadu, India |
|
Tel. No.: |
91-44-37172406/ 37172412 |
|
Fax No.: |
91-44-37172420 |
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E-Mail : |
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|
Website : |
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|
|
|
|
Factory 2 : |
A-5, SIPCOT, Mathur Village, Oragadam, Tamilnadu, India |
|
Tel. No.: |
91-44-37172719 |
|
|
|
|
Factory 3 : |
136, Arakonam Road, Thodukadu Village, Thiruvallur, Tamilnadu, India |
|
Tel. No.: |
91-44-37176860 |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Bogug Kim |
|
Designation : |
Managing Director |
|
Address : |
Chaitanya Nityasree Apartment, 2nd Floor, Old No 51 New No 97, Chamiers Road, Ra Puram, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
15.10.1959 |
|
Date of Appointment : |
06.01.2014 |
|
DIN No.: |
06792201 |
|
|
|
|
Name : |
Yoon Yeojin |
|
Designation : |
Director |
|
Address : |
No.202 Trafalgar No.124, 126 Lattice Bridge Road, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India |
|
Date of Birth/Age : |
02.03.1970 |
|
Date of Appointment : |
28.02.2011 |
|
DIN No.: |
03454457 |
|
|
|
|
Name : |
Jonghun Park |
|
Designation : |
Director |
|
Address : |
No.1B Newry Sreesha 1st Floor, Indira Nagar, Adyar, Chennai - 600020, Tamilnadu, India |
|
Date of Birth/Age : |
14.12.1964 |
|
Date of Appointment : |
06.01.2014 |
|
DIN No.: |
06792207 |
MAJOR SHAREHOLDERS
AS ON 26.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Hanil E HWA Co. Limited |
|
32794411 |
|
|
|
|
|
Total |
|
32794411 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2014
|
Category |
Percentage |
|
Foreign holdings [Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others] |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive and Industrial Plastic Products, Components
and Automotive Moulds. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Vijayaraghavan and Associates Chartered Accountants |
|
Address : |
No.51, Giri Road, T Nagar Chennai – 600017, Tamilnadu,
India |
|
PAN No.: |
AAAFV1842R |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
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Collaborators : |
Not Divulged |
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|
|
|
Holding company : |
Hanil E HWA Co. Limited, Republic of Korea |
CAPITAL STRUCTURE
AS ON 26.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32794412 |
Equity Shares |
Rs.10/- each |
Rs.327.944 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
327.944 |
327.944 |
327.944 |
|
(b) Reserves & Surplus |
1268.734 |
1241.694 |
1534.653 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1596.678 |
1569.638 |
1862.597 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
291.854 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
291.854 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
430.863 |
55.200 |
|
(b) Trade
payables |
1732.489 |
1634.918 |
886.014 |
|
(c) Other current
liabilities |
569.383 |
516.891 |
449.044 |
|
(d) Short-term
provisions |
857.212 |
771.532 |
597.152 |
|
Total Current
Liabilities (4) |
3159.084 |
3354.204 |
1987.410 |
|
|
|
|
|
|
TOTAL |
4755.762 |
4923.842 |
4141.861 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1209.909 |
1124.599 |
1210.048 |
|
(ii)
Intangible Assets |
64.581 |
54.207 |
54.844 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
12.996 |
21.579 |
32.961 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1287.486 |
1200.385 |
1297.853 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
341.364 |
297.926 |
341.618 |
|
(c) Trade
receivables |
1464.246 |
1093.104 |
894.588 |
|
(d) Cash
and cash equivalents |
607.771 |
1231.966 |
1020.149 |
|
(e)
Short-term loans and advances |
1054.895 |
1100.461 |
587.653 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
3468.276 |
3723.457 |
2844.008 |
|
|
|
|
|
|
TOTAL |
4755.762 |
4923.842 |
4141.861 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
TURNOVER EXCLUDING
TAXES & DUTIES |
8796.901 |
8645.053 |
7845.053 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
207.475 |
707.537 |
500.876 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
103.700 |
267.214 |
(162.337) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
103.775 |
440.323 |
663.213 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2.400 |
0.090 |
2.600 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.16 |
13.43 |
20.22 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activities |
(98.778) |
0.000 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
4.37 |
14.43 |
12.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.45 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.27 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.11 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
327.944 |
327.944 |
327.944 |
|
Reserves & Surplus |
1534.653 |
1241.694 |
1268.734 |
|
Net
worth |
1862.597 |
1569.638 |
1596.678 |
|
|
|
|
|
|
long-term borrowings |
291.854 |
0.000 |
0.000 |
|
Short term borrowings |
55.200 |
430.863 |
0.000 |
|
Total
borrowings |
347.054 |
430.863 |
0.000 |
|
Debt/Equity
ratio |
0.186 |
0.274 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Turnover Excluding
Taxes & Duties |
7845.053 |
8645.053 |
8796.901 |
|
|
|
10.198 |
1.756 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Turnover Excluding
Taxes & Duties |
7845.053 |
8645.053 |
8796.901 |
|
Profit |
663.213 |
440.323 |
103.775 |
|
|
8.45% |
5.09% |
1.18% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL PERFORMANCE OF THE COMPANY
During the year 2013-14, the overall performance of the company was good and the same is expected to continue during the coming years. The net sales has increased by about 1.76%.
The company has constructed a new store house for raw materials storage at their own land purchased last year at Pennalur, Sriperumbudur tk.
FINANCIAL RESULTS
The Directors are pleased to report that the Gross Turnover of the Company for the Twelveth year of the operations was Rs.10489.000 million (previous year Rs.10326.700 million) which showed a small growth of about 1.57 %. We are happy to inform that the company has made a profit before tax at Rs.103.700 million (previous year Rs.707.500 million).
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Rupee term loans
from banks |
0.000 |
430.863 |
|
|
|
|
|
Total |
0.000 |
430.863 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80023498 |
09/02/2007 * |
180,000,000.00 |
Shinhan Bank |
42, Jolly Maker Chambers Ii,, Nariman Point,, Mumbai, Maharashtra - 400021, India |
- |
*Date of modification Charges
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Factory equipments
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Computer software
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 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 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.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
49 |
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.