MIRA
INFORM REPORT
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Report Date : |
01.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SKODA AUTO INDIA PRIVATE LIMITED |
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Registered Office : |
A-1/1, Five Stat Industrial Area, MIDC, Shendra
Aurngabad-431201, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.12.1999 |
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Com. Reg. No.: |
11-123254 |
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CIN No.: [Company
Identification No.] |
U34100MH1999PTC123254 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS27367E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of manufacturing, assembling, servicing,
buying selling, reselling, altering, hiring, importing, exporting or
distributing and dealing in on road automobiles, medium and heavy commercial
vehicles, jeep type vehicles, motorized faro wheelers, packages of component
farts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3850320 |
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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 a part of Volkswagen Group of Companies Which Was earlier owned by Czech government. The company’s products are well received against severe competition. The company is expected to wipe out previous losses at the earliest possible. Trade relations are fair. Payments are correct and as per commitments. The concern can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-1/1, Five Star Industrial Area, MIDC, Shendra
Aurngabad-431201, |
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Tel. No.: |
91-240-5631111/1222/1333/552943/44 |
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Fax No.: |
91-240-5631199 |
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E-Mail : |
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Website : |
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Factory 1 : |
E-76, MIDC Waluj, |
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Tel. No.: |
Tel: 0240-552943 |
DIRECTORS
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Name : |
Mr. Imran N. Hossen (Foreigner) |
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Designation : |
Managing Director |
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Date of Birth/Age : |
27/09/1953 |
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Date of Appointment : |
23/12/1999 |
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Name : |
Mr. Karl Funter Buschiing (Foreigner) |
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Designation : |
Chairman |
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Address : |
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Date of Birth/Age : |
23/10/1941 |
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Date of Appointment : |
23/12/1999 |
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Name : |
Mr. Leissner Helmut Bernd (Foreigner) |
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Designation : |
Director |
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Date of Birth/Age : |
26/09/1941 |
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Date of Appointment : |
23/12/1999 |
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Name : |
Mr. Libor Myska (Foreigner) |
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Address: |
Pod Kacovem – 15129501, Mnichovo, hradiste – 25901, |
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Designation : |
Director |
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Date of Birth/Age : |
13/03/1969 |
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Date of Appointment : |
09/02/1969 |
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Name : |
Mr. Mohan S. Kettar |
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Designation : |
Company secretary |
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Address : |
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Date of Birth/Age : |
17/08/1978 |
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Date of Appointment : |
15/09/2004 |
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Name : |
Mr. Lukas Folc (Foreigner) |
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Designation : |
Director |
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Address : |
Habrova STR – 410, |
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Date of Birth/Age : |
02.06.1976 |
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Date of Appointment : |
20.12.2005 |
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Name : |
Mr. Fred Kappler (Foreigner) |
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Designation : |
Director |
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Address : |
Siebenwende – 5, Meine – 38527, |
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Date of Birth/Age : |
03.05.1956 |
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Date of Appointment : |
10.02.2005 |
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Name : |
Mr. Horst Muehl (Foreigner) |
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Designation : |
Director |
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Address : |
Lilieenweg – 18, DE – 385, Meinersen |
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Date of Appointment : |
10.02.2005 |
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Name : |
Mr. Matthias Klaus Bursig (Foreigner) |
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Designation : |
Director |
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Address : |
Falling Bostelersia, 26 – 30625, |
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Date of Birth/Age : |
12.071960 |
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Date of Appointment : |
15.06.2001 |
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Name : |
Mr. Trivikran Guda |
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Designation : |
Director |
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Address : |
301, E Wing, Kailash, Arcade, |
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Date of Birth/Age : |
18.05.1981 |
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Date of Appointment : |
04.04.2005 |
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Name : |
Mr. Sanjeev Kumar |
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Designation : |
Director |
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Address : |
301, E Wing, Kailash, Arcade, |
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Date of Birth/Age : |
02.10.1970 |
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Date of Appointment : |
03.06.2005 |
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Name : |
Mr. Nasir Hassen |
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Designation : |
Director |
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Address : |
Lomnicka 560, prabha 9, Jahodnice – 38527, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Skoda Auto A. S. |
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66637165 |
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(Czech Rep) |
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Skoda Immo SRO |
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1 |
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(Czech Rep) |
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Category |
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Percentage of
Holding |
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Foreign holding (Foreign institutional investor(s), Foreign companies(s),
Foreign financial institution(s), Non-resident Indian(s)or overseas Corporate
bodies or other |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of manufacturing, assembling, servicing,
buying selling, reselling, altering, hiring, importing, exporting or
distributing and dealing in on road automobiles, medium and heavy commercial
vehicles, jeep type vehicles, motorized faro wheelers, packages of component
farts |
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Products : |
Motor Car |
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PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Motor Car |
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Nos. |
15000 |
5539 |
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GENERAL INFORMATION
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No. of Employees : |
2500 |
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Bankers : |
NA |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Holding Company : |
Skoda Auto A. S. Czech Rep. |
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Ultimate Holding Company: |
Volkswagen A. G. |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
66637166 |
Equity Shares |
Rs.10/- each |
Rs.666.371 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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666.372 |
666.372 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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302.148 |
134.203 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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968.520 |
800.575 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1757.689 |
1132.562 |
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TOTAL BORROWING |
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1757.689 |
1132.562 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2726.209 |
1933.137 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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776.528 |
762.463 |
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Capital work-in-progress |
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638.555 |
661.160 |
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INVESTMENT |
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0.005 |
0.005 |
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DEFERREX TAX ASSETS |
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250.390 |
275.970 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2153.291 |
1786.495 |
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Sundry Debtors |
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185.721 |
164.147 |
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Cash & Bank Balances |
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795.714 |
247.227 |
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Other Current Assets |
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0.363 |
0.000 |
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Loans & Advances |
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632.941 |
231.071 |
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Total
Current Assets |
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3768.030 |
2428.940 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1907.676 |
2000.020 |
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Provisions |
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799.623 |
195.376 |
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Total
Current Liabilities |
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2707.299 |
2195.396 |
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Net Current Assets |
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1060.731 |
233.539 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2726.209 |
1933.137 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.79 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
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1.39 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
The Company has begin its Operation in the year 2001 with the
introduction of Skoda octavia Moder Available both in Petrol and Diesel
Version. The car has done very well in its segment because of its value for
money and quality standards your company has stick to the company recently
launched its new model Skoda superb Skoda L and K, Skoda Rider and Skoda R.S
and it has received an encouraging response. The company has been able to have
a network of 36 dealers and in the times to come the thrust of business would
be to enhance the dealer net worth and bring new product to the customers.
AS PER WEBSITE
Skoda to launch Octavia Combi next month
Our Bureau
Chennai , Aug. 11
Subject plans to launch the
Octavia Combi, the station wagon model of the Octavia sedan, next month. This
will be followed by the diesel version of the Superb, a luxury car.
Mr Imran Hassen, Managing
Director, Subject, told a press conference here today that the company seeks to
launch the Fabia in 2006.
He did not provide details
of the Octavia Combi.
According to information
available on the Internet and on Skoda's global Web site, the Octavia Combi
comes with both petrol and diesel engine options. The Combi has a boot capacity
of 580 litres, against 560 litres of the Octavia sedan. The Combi's boot
capacity will go up to 1,620 litres once the rear seats are folded.
It is learnt that the Combi
is likely to be priced in the Rs 13-16 lakh bracket.
Mr Hassen said that the
company would double its capacity to 30,000 units by November 2005. In 2005,
the company hoped to sell about 13,000 cars against the 7,200 it sold last
year.
The Fabia is likely to be
launched by 2006 end. Though Skoda globally has the Fabia in three versions —
hatchback, sedan and combi — it is the sedan that is expected to be launched in
He said that the company
would bring in a new product on a new platform with improved technology next
year. Automobile industry sources said that this could be the new Octavia that
had been launched in
The capacity expansion at
Subject’s
Subject I now sells about
70 cars a month in Chennai, according to Mr Hassen, and with the appointment of
a second dealer, the company expects sales to pick up.
According to industry
sources, Skoda follows the policy adopted by its parent Volkswagen in deciding
the number of dealers in a city. Volkswagen, according to them, appoints
another dealer when its sales in a particular market reach 8 per cent of the
total sales.
Subject Model:
Skoda Octavia
Company profile:
In the winter of 1895 two gentlemen, Laurin, a car mechanic, and Klement, a
bookseller, began to manufacture bicycles, which they named Slavia. By 1899,
Laurin and Klement Company’s fame began to spread as they manufactured
motorcycles, which brought numerous successes in international contests.
Today, this company is
known as Subject and is renowned for its well-engineered cars. In 1989
in the new free market environment, Skoda Auto, which till then had been
a Czech government-owned company, started looking for a strong foreign partner
in order to survive in the extremely competitive global market.
In December 1990, the
German Volkswagen group decided to take over Skoda Auto. On 16 April
1991, the Skoda
Volkswagen’s Czech subsidiary,
Skoda Auto, entered the Indian automobile market in November 2001
by launching the Octavia, a mid-size car priced at Rs 10.6 lakh, (ex-showroom
Delhi) available in both diesel and petrol versions with an import content of
100 per cent.
The Octavia is being
imported to
The company plans to start
the next upgraded assembly line for assembling engines, gearboxes and axles for
the Octavia in
In spite of being somewhat
highly priced, the Skoda has received a tremendous response in the Indian
market. Hence Subjecthas plans to launch its three luxury cars Elegance,
Laurin and Klement, and Superb in
Most likely the one to hit
the market next will be the Elegance, a premium version of the Octavia, priced
at Rs 12.5 lakh (ex-showroom
The Laurin and Klement
Luxury Sedan will be launched after the Elegance and would be priced at Rs 14.5
to 15 lakh, while the third model, the Superb, to be introduced by 2002-end,
would be the top-of-the line model priced at Rs 20-24 lakh. The Laurin and
Klement will be positioned against existing cars like the Honda Accord and the
Ford Mondeo, while the Superb will take on the Mercedes E class model.
Skoda is targeting a 17-18-per cent share
of the combined C- and D-segment volume in
Skoda, which made an initial investment
of $15 million in the
Profile:
In the Christmas week of
1895 two gentlemen, Vaclav Laurin a Mechanic and Vaclav Klement a bookseller,
began to manufacture Slavia bicycles. Within a few years, in 1899, the Laurin
& Klement company started to produce motorcycles which brought numerous
successes in the International contests. Today this company enjoys world-wide
renown under the brand, Skoda Auto.
In 1989 in the new free
market environment, Skoda which till now had been a Czech Government owned
company started to look for a strong foreign partner and as a result, in
December 1990 the Czech Government chose the German Volkswagen group. On April
16, 1991, The Skoda automobilova a.s., started its activity as the fourth
branch of the VW group, together with VW, Audi and SEAT.
The New look Skoda Octavia launched simultaneously in both Petrol &
Diesel versions in
SKODA AUTO INDIA P. LIMITED Models
Ø Model : L and K 1.9 Tdi
Ø Model : Octavia - Elegance
1.9 Tdi AT
Ø Model : Octavia 1.9 TDi -
Ambient
Ø Model : Octavia 1.9 TDi -
Elegance
Ø Model : Octavia 2.0 -
Ambient
Ø Model : Octavia 2.0 -
Elegance
Ø Model : Rider 1.8 Turbo
Ø Model : Rider 1.9 Tdi
Ø Model : Rider 1.9 Tdi AT
Ø Model : Rider 2.0 Mpi
Ø Model : RS 1.8 Tpi
Ø Model : Superb
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 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.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
47 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|