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Daewoo Motors India Limited
Sector:Automobiles Automobiles - Passenger Cars, Utility Vehicles
BSE:100NSE:DCMDAEWOOBloomberg:DMCT@INReuters:DAEW.BO
Market Lot: 1Face Value: 10ISIN Demat: INE497A01010
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28-Sep-2007
Business Profile
Daewoo Motors India was set up to manufacture light commercial vehicles (LCVs). The company was incorporated in 1983 as DCM Toyota. In Financial Year 1995, Korea`s Daewoo Corporation bought over DCM Toyota`s equity and increased its holdings to over 90 % by financial year 1997.

The company set up its manufacturing facility in Surajpur, Uttar Pradesh. The first car to be launched from this plant was the 1500cc Cielo in July 1995. The company launched the Matiz in the small car segment, the Cielo Executive and the Nexia in the mid-size car segment and the Royale and Caravan buses in the light commercial vehicle segment.

The company has been ailing for a long time now after the Korean parent faced financial trouble. The shortage of fresh equity infusion from Korea forced the company to convert receivables and dues that were to be paid to overseas vendors into equity. The company owes India financial institutions (FIs) over Rs 9,700 million and have been engaged in legal battles over management rights and loan recovery. In March 2003, a court receiver seized the assets of the company after shutting down the plant.

Revival plans for the plant hit a roadblock in 2007. The Debt Recovery Tribunal (DRT) had declared the combine of Crosslinks Finlease as successful bidders in the auction for Daewoo`s assets in February. But RSC Corporate Services has now been admitted by the Debt Recovery Appellate Tribunal on a conditional offer to pay Rs 9,000 million for the assets. The winning bid of Crosslinks Finlease and Ajay Singh was worth Rs 7,650 million.

The registered office of the company is at 22, Siri Fort Road, New Delhi Delhi-110049.


Financials
Daewoo Motors India registered a loss of Rs 557.6 million for the quarter ended December 2002.
Net sales declined 87.32% to Rs 47.6 million for the quarter ended December 2002 from Rs 375.4 million for the quarter ended December 2001.
Total income dipped 87.48% to Rs 48.2 million from Rs 385.1 million for the quarter ended December 2001.
The company posted a loss per share of Rs 4.36 for the quarter ended December 2002.

In Brief

 
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