MIRA INFORM REPORT
|
Report
Date : |
24th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
DAIMLERCHRYSLER INDIA PRIVATE LIMITED |
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Formerly
Name: |
MERCEDES
BENZ INDIA LIMITED |
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Registered
Office : |
Sector
15/A, Chikhali Village, Pimpri, Pune – 411019, Maharashtra, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
22.11.1994 |
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CIN
No.: |
U34102MH1994PTC083160 |
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Com.
Reg. No.: |
11-83160 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
PNED03140E/PNED03142G |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturing
of Parts of Motor Car |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
13500000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is
an Indo-German Joint Venture, promoted by strong promoters. It is
gathered that the company has been facing marketing problems and as gathered,
incurred substantial losses. The
company is expected to face difficulties in marketing their high-priced products
in a current difficult market. Subject
can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office/Factory : |
Sector
15/A, Chikhali Village, Pimpri, Pune – 411019, Maharashtra, India |
|
Tel.
No.: |
91-20-27470810/27505000/27505806/27473719 |
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Fax
No.: |
91-20-27473597/27505953
/ 27477257/27472885 |
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E-Mail
: |
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Website
: |
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Factory
1 : |
Shop No.
4 & 5, Pune Road, Pune |
DIRECTORS
|
Name : |
Mr.
Helmut Walter Petri |
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Designation
: |
Director |
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Address
: |
Grafenau,
Wacholdesweg, 14, Germany |
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Date
of Birth/Age : |
23/07/1940 |
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Date
of Appointment : |
24/06/1999 |
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|
Name : |
Mr. Michael Hans
Huber |
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Designation
: |
Managing
Director |
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Address
: |
Bungalow
No. 45, South Main Road, Koregaon Park, Pune – 411001, Maharashtra |
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Date
of Birth/Age : |
21/40/1959 |
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Date
of Appointment : |
1/04/2002 |
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Name : |
Mr. Rolf
Albert Loffler |
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Designation
: |
Director |
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Address
: |
Bungalow
No. 5, Telco Sr. Officer, Co-operative Housing Society, Pimpri, Pune –
411018, Maharashtra |
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Date
of Birth/Age : |
1/10/1943 |
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Date
of Appointment : |
14/06/2000 |
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|
|
|
Name : |
Mr.
Joachim Gerhard Schmidt |
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Designation
: |
Director |
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Address
: |
Angelstrable
15, 75392, Deckenpfronn, Germany |
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|
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|
Name : |
Mr.
Martin Josef Zimmemann |
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Designation
: |
Director |
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Address
: |
Wiesenweg
10, 73773, Aichhwald, Germany |
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Date
of Birth/Age : |
24/01/1963 |
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Date
of Appointment : |
9/07/2001 |
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Name : |
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Designation
: |
Mr. Olaf
Klaus Koch |
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Address
: |
Director |
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Date
of Birth/Age : |
Jagstatrasse
4, 74379, Ingersheim, Germany |
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Qualification
: |
1/06/1970 |
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Date
of Appointment : |
13/02/2003 |
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|
Name : |
Mr.
Eberhard Gothlob Haller |
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Designation
: |
Director |
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Address
: |
Daimlerchrysler
AG, Producktionsplianng, Mercedes Benz Pkw B 662, 71059, Sindelfingesn, Germany |
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Date
of Birth/Age : |
1/01/1951 |
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Date
of Appointment : |
21/03/2001 |
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|
Name : |
Mr.
Eckart Erwin Mayer |
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Designation
: |
Director |
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Address
: |
Lindpaintnerstr
31, 70195, Stuttgart, Germany |
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Date
of Appointment : |
9/02/2002 |
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|
Name : |
Mr. Till
Werner Conrad |
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Designation
: |
Director |
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Address
: |
Lerchenstrabe
73, 73730, Esslingen, Germany |
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Date
of Birth/Age : |
23/01/1969 |
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Date
of Appointment : |
27/06/2003 |
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|
Name : |
Mr.
Martin Helmut Strassburg |
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Designation
: |
Director |
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Address
: |
Brattacherweg
13, 73730, Esslingen, Germany |
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Date
of Birth/Age : |
27/12/1959 |
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Date
of Appointment : |
27/06/2003 |
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Name : |
Mr. Peter
Otto Wesp |
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Designation
: |
Director |
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Address
: |
Rosensteinstrasse
10, 73547, Lorch, Germany |
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Date
of Birth/Age : |
17/01/1960 |
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Date
of Appointment : |
24/06/1999 |
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Name : |
Mr.
Raghunandan Pendse Balkrishna |
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Designation
: |
Director |
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Address
: |
N-1,
Chaitanya 68613, Bibwewadi, Pune – 411037, Maharashtra |
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Date
of Birth/Age : |
14/12/1956 |
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Date
of Appointment : |
28/06/1996 |
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|
Name : |
Mr. Hans
Heinrich Weigarten |
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Designation
: |
Chairman |
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|
Name : |
Mr.
Wolfgang Pipperger |
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Designation
: |
Alternate
Director of Dr. Joachim Schmidt |
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|
Name : |
Mr. Olaf
Koch |
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Designation
: |
Director |
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|
|
|
Name : |
Dr. Klaus
Peter Arnold |
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Designation
: |
Head
Corporate Planning |
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|
Name : |
Mr.
Piyush Arora |
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Designation
: |
Head
Procurement Logistic |
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|
Name : |
Mr. Ravi
Gogia |
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Designation
: |
Head
Procurement Logistic |
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|
Name : |
Mr. Suhas
Kadlaskar |
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Designation
: |
Head
Corporate Affairs & Finance |
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|
Name : |
Mr.
Augustus Mallier |
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Designation
: |
Head HR
and Admin |
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|
Name : |
Mr.
Sanjiv Sahajwala |
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Designation
: |
Head
Sales & Marketing |
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|
Name : |
Mr. R B
Pendse |
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Designation
: |
Company
Sectary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Daimlerchrysler
AG |
599999999 |
|
Olaf
Klaus Koch |
1 |
|
Total |
600000000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
of Parts of Motor Car |
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|
|
|
Products
: |
Motor Car – 8703 |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Motor
Cars Parts |
Nos. |
|
9000 |
1812 |
GENERAL INFORMATION
|
No. of
Employees : |
332 |
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|
|
|
Bankers
: |
v
ABN
Amro Bank v
Citibank
N. A. v
Deutsche
Bank AG v Standard Chartered Grindlays Banks |
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|
|
Facilities : |
-- |
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Banking Relations : |
Good |
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Auditors
: |
Bharat S.
Raut and Company Chartered
Accountants |
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Address:
|
KPMG
House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra |
|
Tel.
No.: |
91-22-24913030/24913131/24988368 |
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Fax
No.: |
91-22-24913132 |
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Associates/Subsidiaries
: |
v
LMC
Lean Manufacturing Consulting v
Daimler
Chrysler Project Consult, GmbH v
Mercedes-Benz
Accessories GmbH v
Daimlerchrysler
South East Asia Private Limited v
Debis
Assekuranz Makler GmbH v
Daimler
Chrysler Research Centre India Private Limited v
Daimler
Chrysler Services Assekuranz Makler GmbH v
T
Systems ITS GmbH (Formerly known as Debit Systems ITS GmbH) v
T
Systems ITS Singapore Pte Limited (formerly known as Debit ITC Singapore Pte
Limited) v
Daimler
Chrysler Korea Limited v
Mercedes
Amg GmbH v Daimler Chrysler Services AG v Daimler Chrysler Australia/Pacific
Private Limited v Daimler Chrysler Corporation v Daimler Chrysler Malaysia v Egyptian German Automotive Company v Daimler Chrysler South Africa |
|
|
|
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Parent
Company |
Daimler
Chrysler AG, 70546, Stuttgart, Germany |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
600000000 |
Equity
Shares |
Rs.10/- each |
Rs. 6000.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
600000000 |
Equity
Shares |
Rs.10/- each |
Rs. 6000.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
6000.000 |
6000.000 |
6000.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4]
(Accumulated Losses) |
(2608.306) |
(2877.545) |
(3140.752) |
|
NETWORTH
|
3391.694 |
3122.455 |
2859.248 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
42.820 |
63.523 |
0.000 |
|
TOTAL
BORROWING
|
42.820 |
63.523 |
0.000 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
28.566 |
53.475 |
|
|
|
|
|
|
|
TOTAL
|
3434.514 |
3214.544 |
2912.723 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
404.491 |
442.429 |
532.164 |
|
Capital work-in-progress
|
28.092 |
13.551 |
57.828 |
|
|
|
|
|
|
|
INVESTMENT
|
1921.100 |
1602.561 |
1416.777 |
|
DEFERREX TAX ASSETS
|
8.123 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
808.755
|
741.964 |
535.498 |
|
|
Sundry Debtors
|
951.233
|
707.361 |
582.149 |
|
|
Cash & Bank Balances
|
246.313
|
187.290 |
132.604 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
754.457
|
573.087 |
411.230 |
Total Current Assets
|
2760.758
|
2209.702 |
1661.481 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
826.487
|
533.803 |
439.129 |
|
|
Provisions
|
861.563
|
519.896 |
316.398 |
Total Current Liabilities
|
1688.050
|
1053.699 |
755.527 |
|
Net
Current Assets
|
1072.708
|
1156.003 |
905.954 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
3434.514 |
3214.544 |
2912.723 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
4791.289 |
4228.199 |
2888.174 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
534.549 |
383.298 |
126.920 |
Provision for Taxation
|
265.310 |
120.091 |
80.648 |
Profit/(Loss) After Tax
|
269.239 |
263.207 |
46.272 |
|
|
|
|
|
Export Value
|
34.011 |
24.714 |
80.153 |
|
|
|
|
|
Import Value
|
1715.269 |
1470.886 |
961.772 |
|
|
|
|
|
Total Expenditure
|
4256.740 |
3844.901 |
2761.254 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
5.61
|
6.22 |
1.60 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
11.15
|
9.06 |
4.39 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
16.88
|
14.45 |
5.78 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.15
|
0.12 |
0.04 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.51
|
0.12 |
0.04 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.63
|
2.09 |
2.19 |
LOCAL AGENCY FURTHER INFORMATION
History:
Daimler
Chrysler India Private Limited (formerly known as Mercedes Benz India Limited)
was incorporated on 22nd November, 1994 a private limited company
and became a deemed public limited company on 27th November, 1995
upon allotment of shares to Tata Engineering Limited (TELCO). Subsequently,
Daimler Chrysler AG acquired stake held by TELCO in the company and the company
became 100% subsidiary of Daimler Chrysler AG. Subsequent to change in status
to a private limited company the company was renamed as Daimler Chrysler India
Private Limited. The company has its production facilities in Pune for
manufacturing motor vehicles.
In response
to merger of Daimler Benz AG and Chrysler Corporation, USA w. e. f. 21st December, 1998,
Government of India, Ministry of Industry, New Delhi has approved change of
name from Daimler Benz AG to Daimler Chrysler AG.
Subject was
set up as a joint venture between DaimlerChrysler (DCAG) and Tata Engineering
for producing and selling Mercedes-Benz passenger cars for the Indian market.
The company
is a 100% subsidiary of Daimler Chrysler in India, has been lately renamed as
DaimlerChrysler India Private Limited.
It is one
of the first auto joint ventures set up in India and has a long-term commitment
to the Indian market.
The
passenger cars manufactured in its factory under the technical and
organisational standards are the same as those prevailing in all
DaimlerChrysler plants in Germany.
Subject
began operations in the country as Mercedez-Benz India Limited in 1994 in a
joint venture with the Tata Group company Telco. It broke off with Telco in November 2001 and changed its name to
Daimlerchrylser India Private Limited to align itself with DaimlerChrysler’s
worldwide corporate philosophy.
Operation:
During the year under review, total revenue increased to Rs.
4791.000 Millions from Rs. 4228.000 registered in the previous year. The
company had made a net profit of Rs. 269.000 Millions after tax as against a
net profit of Rs. 263.000 Millions in the previous year.
The company capital expenditure was Rs. 113.000 Millions as
against Rs. 122.000 Millions in the previous year.
Divided
The Company had made a profit of Rs. 269.000 Millions after
tax. However owing to the accumulated losses, the company is not in a position
to declare any dividend to its shareholder.
Business Overview
The company continued its growth achieving a sales volume of
1872 cars a growth of 8% in the current year as against 1737 cars in previous
year.
After the successful launch E 270 CDI in May 2004 replacing
E 220 CDI the E – Class continued to receive a positive responses from the
market. At the same time the acceptance of E 240 & E 200K continued as
expected. The S 350L also continued its well acceptance in the market.
The market introduction of the E 280 CDI and the E 280 had
been planed around January 2006 as a part of strategy of enrichment of product
offering
In the C - Class the face lift models were launched in the
month pf July 2004. The response of the face – lift models had been
encouraging
Fixed Assets:
v Technical Know – how
v Plant & Machinery
v Leased Cars
v Vehicles
v Furniture & Fixture
v Office Appliances
v Building Sheds
As per website Details:
About Us:
With the aim to serve their
customers in India with the latest products and technological excellence from
the Mercedes-Benz stable, DaimlerChrysler entered the Indian market and set up
Mercedes-Benz India Ltd. way back in 1994. In line with DaimlerChrysler's
worldwide corporate philosophy, Mercedes-Benz India Limited was been
rechristened DaimlerChrysler India Private Ltd.
DaimlerChrysler India is a
100% subsidiary of DaimlerChrysler group and one of the first auto joint
ventures set up in India. It has a long-term commitment to the Indian market
and has full support of its parent company for its future plans in India.
DaimlerChrysler is aware of
the future potential of the Indian automobile market and the tremendous
economic power this country can generate. The company is targeting 25% of the
total turnover from Asia and thus DaimlerChrysler India intends to play a
definite role in the strategic forays in this part of the globe.
Wide choice of
Mercedes-Benz products
In the last few years,
DaimlerChrysler India has extended the product range to the maximum possible
offering their exclusive customers a variety of Mercedes-Benz products. And the
company has been a main contributor to the expansion of the luxury vehicle
segment in the Indian market. In January 2000, the company introduced
Mercedes-Benz E-Class(W 210) 'Top of the line' E 240 Petrol and E 220 CDI
Diesel versions with a number of unique additional features.
The company expanded the
product range in September 2000 with the Mercedes-Benz S-Class, the S-320 L
Petrol Automatic, which is the 'Mercedes-Benz among the Mercedes-Benzes'. The
product offensive continued with the launch of the Mercedes-Benz C-Class in
April 2001, which is a 'Technological Trailblazer' in its market segment, with
both C-180 Petrol and C-200 CDI Diesel versions. DaimlerChrysler India launched
the Mercedes E-Class(W211) E-240 Petrol version which 'points the way to the
automotive future' in October 2002. In March 2003 the company introduced both
the Mercedes-Benz S-Class S-350 L and the new Mercedes E-Class(W211) in India,
successfully.
In addition to the
company's own manufactured product range the Mercedes-Benz S-Class, E-Class and
C-Class, DaimlerChrysler India has further expanded the product range to make
variety of imported vehicles like Mercedes-Benz SL-Class, M-Class, SLK, etc.
available to discerning Mercedes customers, thus living up to the expectations
of their exclusive customers. 'Wherever there is an inclination to own a
Mercedes vehicle, DaimlerChrysler India will provide a way!
The market trend in India
in the last couple of years reflects a clear shift in customer preference
towards the latest technology, safety, comfort and environmental compatibility.
Keeping this in mind, DaimlerChrysler India has been following the product
extension strategy with total commitment and offering the latest and most
sophisticated technology.
Mercedes-Benz Pre
Owned Vehicle
Promotion of Pre Owned
vehicles as an entry level option for first-time buyers of a Mercedes-Benz
provides a win-win situation for their valuable customers, who get a luxury
vehicle at an affordable price, for their dealers, by generating more business,
and for the company, by adding more volume to sales. This prevents their
vehicles from entering the grey second-hand market, where there would be no
checks on the condition of the vehicle, before it is sold. DaimlerChrysler
India has extended substantial support to its dealer network by providing
business guidelines as well as training in fair financial evaluation and
technical reconditioning of the vehicles offered for trade-in.
Mercedes-Benz Pre Owned
vehicles not only undergo a stringent technical check-up, but also a thorough,
standardised reconditioning procedure which ensures that their customers get
high-quality vehicles in top condition. To make the customer's buying decision
even more worry-free, all Pre Owned vehicles come with a six-month, unlimited
mileage warranty.
Mercedes-Benz
Collection
The identification of
Mercedes-Benz lifestyle does not stop with the vehicle and this is reflected in
the immense variety of exciting Mercedes-Benz accessories that is now available
at their exclusive Mercedes-Benz showrooms. From an attractive keychain to a
perfectly crafted vintage vehicle model, from an exquisitely designed silk
scarf to a genuine leather wallet - these accessories immensely appeal to their
Mercedes customers'. Their customers can view their interesting Mercedes-Benz
Collection on their website, select any item they desire and send their request
online to the preferred Mercedes-Benz dealer.
Millennium
Motors Pvt. Ltd
Safire Park
Galleria,
4, Pune - Mumbai Road,Wakdewadi,
Pune -
411005
Phone:
020-56085750
Fax:
020-56014008
Email: m3bsr@ddmmpl.com
Timings:
10.00 A.M - 7.00 P.M
Sr. NO.
93,Gems Compound,
Off Pune - Mumbai Road, Dapodi,
Pune -
411012
Phone:
020-56152050-61
Fax:
020-27148250
24 Hr.
Service: (0) 9823198008
Email: m3bws@ddmmpl.com
Timings:
10.00 A.M - 7.00 P.M
Press Releases
DaimlerChrysler announces
traffic-safety program for school children.
Approx. 1000 children across 3 schools completed
Mercedes-Benz Mobile Kids program in Pune.
October 7 2005. Pune: It was an
event unlike most other corporate occasions. A sunny morning, excited chatter
of almost 100 children, cool breeze blowing amongst the greenery at
Chittaranjan Vatika (Traffic Park at Model Colony, Pune) and a gathering of
prominent industry representatives, educationists and the media. The occasion:
culmination of first phase of an innovative traffic-safety program
“Mercedes-Benz Mobile Kids” by DaimlerChrysler India.
On stage was the CEO and Managing Director of
DaimlerChrysler India Mr. Hans-Michael Huber & Mr. Suhas Kadlaskar Director
of Corporate Affairs, accompanied by partner school representatives Mr. Suryakanth
Pathak Chairman of Deccan Education Society, and Dr. Vidya Yeravdekar Joint
Director of Symbiosis Society. The theme and the occasion clearly reflected the
corporate-social partnerships that DaimlerChrysler focuses upon.
The “Mercedes-Benz Mobile Kids” is a road-safety
program that teaches children the basics of Road safety in a fun and
entertaining manner. This has been a much-acclaimed program and a runaway
success across Europe and Asia. The highlight of the Mercedes-Benz Mobile Kids
program for India is a special picture-book “Smarty’s World” created for
classroom training. School-children have further demonstrated their vision
about road safety through Paintings, Skits, Plays and Quiz competitions.
The first phase of this program culminated today at
the traffic Park through an inter-school event wherein school students exchange
ideas and inputs. There was also a special inter-school contest wherein the
winner was awarded “A Mercedes-Benz experience” for a day- complete with a
visit (along with parents) to the DaimlerChrysler plant in Pune in a
chauffer-driven Mercedes-Benz.
As pilot phase, DaimlerChrysler India executed this
program over the last two months across three schools in Pune (approx 1000
children): Navin Marathi Shala, Deccan Education Society (Tilak Rd) &
Symbiosis School. The company plans to include other schools during phase-II of
this implementation and has plans to also extend this program across other
cities in India.
Mr. Hans-Michael Huber commented “The Vision of
Accident-Free Driving has been an area of great emphasis for us-globally and
locally. Mercedes-Benz Mobile Kids program is an important step in that
direction and they can empower the present & future road-users by such
initiatives.”
“They targeted std-IV children for start of the
program especially because children at this age-group (9-10 years) begin their
independent interactions with road and traffic: bringing bicycles to school,
going unattended to playgrounds, etc. and are in need for road-safety
awareness.” added Mr. Suhas Kadlaskar, Director: Corporate Affairs for
DaimlerChrysler India.
Press clipping
DaimlerChrysler India's focus to
remain on luxury car segment
DAIMLERCHRYSLER India, the Indian subsidiary of the
German luxury carmaker, does not have any immediate plans to launch new models
from the Chrysler stable. DaimlerChrysler is also said to have stalled the
development of the China Concept Vehicle, a passenger car that was earlier on
the drawing board and was being considered for a possible launch in emerging
car markets like China and India.
Speaking to Business Line at the 7th Auto Expo, Mr
Helmut Petri, Executive Vice-President, Mercedes Car Group, DaimlerChrysler AG,
said that the Indian subsidiary is expected to continue to be a niche player in
the domestic passenger car industry and that it will retain its focus on
high-end luxury vehicles. The German company is unlikely to continue developing
the China Concept Vehicle, since the market conditions in countries like India
and China have changed with local manufacturers entering the market, he said.
"We see India emerging as a strategic market for
DaimlerChrysler's luxury car sales during the next 10 to 15 years. Currently,
China is the most important market in the Asia Pacific region. But, the growth
in China may not be stable over the next few years. Though India is small in
terms of size, the market here is expected to be more stable," Mr Petri
said. He added that the company had made very optimistic sales projections when
it first entered the Indian market. But the company's sales targets and
expectations from the Indian market are more realistic now.
Speaking about the effect of the rising euro on the
company's costs and performance, Mr Suhas Kadlaskar, Director (Finance),
DaimlerChrysler India, said that the company was hit by a near 35 per cent
increase in input costs due to the rising euro, but the recent cut in customs
duties should help offset a part of the cost increase.
The new parts hub and centre in Singapore, set up
recently, which supplies components for the company's operations in Asia,
enables the Indian subsidiary to get its requirements of parts within 10 days
of ordering. This reduces the time lag and the shipping costs for receiving the
components at the company's plant near Pune.
Sales up
by 31%
DaimlerChrysler today said its sales in India rose by
31 per cent in 2003, powered by a surge in volumes of its `E' class model.
The company sold 1,581 vehicles in 2003, compared
with 1,208 cars it sold in 2002. "All our models recorded a growth in
2003," said Mr Hans-Michael Huber, Managing Director and CEO of
DaimlerChrysler India Private Limited.
The `S' Class saloon sold 84 units, up from 72 in
2002, while sales of the `E' Class stood at 667 units over 392 in the previous
year. `C' Class sold 746 units from 620 units a year ago. Sales of imported
completely built units, however, dropped to 84 units from 124 units.
"We had not expected this kind of a growth for
the year," Mr Huber said here at a press conference. However, he said that
the company expects a growth of only 10-12 per cent in the current calendar
year.
Mr. Huber said the appreciation of euro against the
rupee has hit the profitability of DaimlerChrysler India. The company made a
profit of Rs 340 millions in 2003, down from Rs. 380 millions a year ago.
|
Year |
Milestone |
|
November
1994 |
Mercedes-Benz India is set up as
a joint venture between Daimler-Benz and Telco for production and sales of
Mercedes-Benz passenger vehicles. |
|
March
1995 |
Mercedes-Benz E -Class (W 124)
launched in India being one of the most successful models worldwide. |
|
September
1996 |
Mercedes-Benz India commences
setting up its dealer network in India. |
|
March
1997 |
First Mercedes-Benz Authorised
Dealership is inaugurated. |
|
August
1997 |
First Mercedes-Benz Authorised
Service Station is inaugurated. |
|
January
1998 |
Mercedes-Benz E -Class (W 210)
with twin eyes launched with E 200 and E 230 Petrol versions and E 250 Diesel
version. |
|
June 1999 |
Mercedes-Benz India Ltd. is
awarded Top Exporter Award from Pune by Joint Director of Foreign Trade, Pune
and the Maharashtra Chamber of Commerce and Industry for the year 1997-98. |
|
July 1999 |
Mercedes-Benz India is awarded
Regional Highest Exporters' Trophy in Motor Vehicle Category by Engineering
Export Promotion Council for the year 1997-98. |
|
January
2000 |
Mercedes-Benz E -Class (W 210)
Top-of–the–line E 240 Petrol version and the new E 220 CDI Diesel version
launched in India. |
|
May 2000 |
Mercedes-Benz India bags the
Quality Award for the Year 1999 for 'Best Mercedes-Benz Production Plant'
outside Germany for the 2nd consecutive year. |
|
September
2000 |
Mercedes-Benz S -Class - S320 L
automatic, the 'Mercedes-Benz among the Mercedes-Benzes' launched. |
|
December
2000 |
For the calendar year 2000, the
company makes a turnaround with net profit of Rs. 20 crores. |
|
February
2001 |
Mercedes-Benz India successfully
implements the 'Mercedes-Benz Production System'. |
|
April
2001 |
Mercedes-Benz C -Class – C 180
Petrol version and C 200 CDI Diesel version, 'Technological trailblazers' in
its segment launched in India. |
|
June 2001 |
Mercedes-Benz India bags the
Quality Award for 'Best Mercedes-Benz Production Plant' Outside Germany for
the 3rd consecutive year. |
|
August
2001 |
Mercedes-Benz India announces its
CBU Programme to serve discerning customers in niche segment. |
|
September
2001 |
Mercedes-Benz India becomes a100%
subsidiary of DaimlerChrysler . |
|
November
2001 |
The name of the company is
rechristened DaimlerChrysler India Private Limited. |
|
December
2001 |
For the calendar year 2001, the
company posts net profit of Rs. 40 crores. |
|
January
2002 |
DaimlerChrysler India strengthens
and expands its dealer network of 14 exclusive Mercedes-Benz Showrooms and 17
Mercedes-Benz Service Workshops across India. |
|
March
2002 |
DaimlerChrysler launches various
imported Mercedes cars e.g. M-Class, CLK, SLK, C-Class Sports Coupe to serve
discerning customers in niche segment. |
|
April
2002 |
DaimlerChrysler India introduces
1-year unique comprehensive "Automotive Mechatronics Programme"
aimed at developing specific automotive diagnostic skills for dealer
personnel in India. |
|
May 2002 |
DaimlerChrysler India celebrates
the successful 1st anniversary of the Mercedes Benz C-Class in India with
over 1000 proud owners of the Mercedes C-Class. |
|
September
2002 |
DaimlerChrysler India factory is
awarded top 5-stars rating for Safety, Health and Environment. |
|
October
2002 |
The New Mercedes-Benz E-Class - E
240 Petrol version which points the way to the automotive future launched in
India. |
|
December
2002 |
For the calendar year 2002, the
company posts net profit of Rs. 39 crores. |
|
March
2003 |
The new E-Class - E 220 CDI
Diesel version launched in India. |
|
March
2003 |
The new S-Class - S 350 L Petrol
version launched in India. |
|
April
2003 |
The 10000th Mercedes-Benz car
rolls off the DaimlerChrylser production plant in India. |
|
June 2003 |
DaimlerChrysler India strengthens
and expands its dealer network of 15 Showrooms; 18 Service Workshops and 5
additional Service Centres across India. |
|
July 2003 |
The new C-Class Kompressor with
the new four cylinder super-charged petrol engine for superb performance
introduced in India. |
|
August
2003 |
DaimlerChrysler launches
Bio-diesel project in India in collaboration with Council for Scientific and
Industrial Research (CSIR), India and Hohenheim University, Germany. |
|
December
2003 |
For the calendar year 2003, the
company posts net profit of Rs. 34 crores. |
|
January
2004 |
The company showcases its
‘Technological and Innovational Leadership Worldwide’ at the 7th Auto Expo,
New Delhi. |
|
DaimlerChrysler launches the new
“Maybach”-‘A New Standard in the High-end Luxury Class’ at the 7th Auto Expo,
New Delhi. |
|
|
The new Mercedes-Benz C-220 CDI
–“Technological Trailblazer in its market segment” launched at the 7th Auto
Expo, New Delhi. |
|
|
The new Mercedes SL-Class wins
the coveted ‘Most Technologically Advanced Car of the Year’ award and the
‘Best Designed Car of the Year’ awards from AutoCar Magazine and CNBC TV. |
|
|
February
2004 |
The new Mercedes E-Class, E-200
Kompressor that ‘Points the way to the Automotive Future’ introduced in
India. |
|
March
2004 |
Mercedes-Benz India bags the
Quality Award for the fourth time for 'Best Mercedes-Benz Production Plant'
outside Germany and within the Group. |
|
May 2004 |
Mercedes-Benz C-Class is
successfully tested with bio-diesel fuel across India as part of the project
with CSIR and Hohenheim University. |
|
The new Mercedes-Benz E-Class, E
270 CDI diesel variant launched in India. |
|
|
July 2004 |
The new-look Mercedes-Benz
C-Class, ‘Technological Trailblazer in its segment’ introduced in India. |
|
August
2004 |
DaimlerChrysler India strengthens
and expands its dealer network of 15 Mercedes-Benz Showrooms; 18
Mercedes-Benz Service Workshops and 10 additional Mercedes-Benz Service
Centres. |
|
October
2004 |
DaimlerChrysler India receives
the prestigious award for outstanding contribution towards the promotion of
Indo-German Economic Relations from the Indo-German Chamber of Commerce. |
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
records 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 records 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
records 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.46.36 |
|
UK Pound |
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.58.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |