MIRA
INFORM REPORT
|
Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DAIMLERCHRYSLER
INDIA PRIVATE LIMITED |
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Formerly Known As : |
MERCEDES BENZ
INDIA LIMITED |
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Registered
Office : |
Sector 15/A,
Chikhali Village, Pimpri, Pune – 411 018, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
22.11.1994 |
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Com. Reg. No.: |
11-83160 |
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CIN No.: [Company
Identification No.] |
U34102PN1994PTC083160 |
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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 : |
Manufacturer of
Motor Vehicles |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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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 |
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Maximum Credit Limit : |
USD 22000000 |
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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, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Hans Heinrich
Weingarten |
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Designation : |
Chairman |
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Address : |
Strenberway 8,
Stuttgart - 71059 Germany |
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Date of
Birth/Age : |
16.05.1946 |
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Date of
Appointment : |
18.11.2004 |
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Name : |
Mr. Hans Michael 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 : |
21.10.1959 |
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Date of
Appointment : |
01.04.2002 |
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Date of
Ceasing : |
31.12.2005 |
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Name : |
Mr. Joachim
Gerhard Schmidt |
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Designation : |
Chairman |
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Address : |
Angelstrable 15,
75392, Deckenpfronn, Germany |
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Date of
Birth/Age : |
07.09.1948 |
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Date of
Appointment : |
24.06.1999 |
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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 : |
09.07.2001 |
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Name : |
Mr. Olaf Gunter
Koch |
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Designation : |
Director |
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Address : |
Jagstatrasse 4,
74379, Ingersheim, Germany |
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Date of
Birth/Age : |
01.06.1970 |
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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 : |
01.10.1951 |
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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 : |
09.02.2002 |
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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. Raghunandan
Balkrishna Pendse |
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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. Wolfgang
Pipperger |
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Designation : |
Alternate
Director of Dr. Joachim Schmidt |
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Address : |
Wingerstras Se
73728 Essun 7 Germany |
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Date of
Birth/Age : |
20.03.1972 |
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Date of
Appointment : |
12.04.2005 |
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|
Name : |
Mr. Wilfried
Gerhard Aulbur |
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Designation : |
Managing Director |
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Address : |
Bunglow No. 45,
South Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India |
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Date of
Birth/Age : |
26.08.1965 |
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Date of
Appointment : |
14.11.2005 |
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|
Name : |
Mr. Kai Oliver
Rauch |
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Designation : |
Alternate
Director |
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Address : |
IM Buchwald 86,
70186, Stuttgart 70186 |
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Date of
Birth/Age : |
14.01.1971 |
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Date of
Appointment : |
17.03.2006 |
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|
Name : |
Mr. Thomas
Alexander Schaefer |
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Designation : |
Alternate
Director |
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Address : |
Kimbernstrasse
75, Schoenaich, Baden Wurttemberg 71101 |
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Date of
Birth/Age : |
01.04.1970 |
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Date of
Appointment : |
01.06.2006 |
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|
Name : |
Mr. Bharat
Balasubramanian |
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Designation : |
Director |
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Address : |
Bangalore – 560
008, Karnataka, India |
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Date of
Birth/Age : |
14.09.1951 |
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Date of
Appointment : |
01.06.2006 |
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|
Name : |
Mr. Rudolf Walter
Thom |
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Designation : |
Alternate
Director |
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Address : |
Bilihildstr,
Stuttgart 70437, Germany |
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Date of
Birth/Age : |
28.10.1947 |
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Date of
Appointment : |
01.06.2006 |
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|
Name : |
Mr. Matthias
Luehrs |
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Designation : |
Alternate
Director |
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Address : |
Trueffelweg 10,
Stuttgart 70599, Germany |
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Date of
Birth/Age : |
07.06.1962 |
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Date of Appointment
: |
01.02.2007 |
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|
Name : |
Mr. Harald
Rudolph |
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Designation : |
Alternate
Director |
|
Address : |
Stuttgart,
Stuttgart 70546, Germany |
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Date of
Birth/Age : |
23.03.1963 |
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Date of
Appointment : |
21.09.2006 |
KEY EXECUTIVES
|
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
/ SHAREHOLDING PATTERN
(As on 26.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Daimlerchrysler
AG |
|
599999999 |
|
Koch Kl Aus Olaf
Klaus |
|
1 |
|
Total |
|
600000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
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 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Motor Vehicles |
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|
Products : |
Motor Car – 8703 |
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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|
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Banking
Relations : |
Good |
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|
Auditors : |
|
|
Name : |
Bharat S. Raut
and Company Chartered
Accountants |
|
Address : |
KPMG House,
Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra |
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Tel. No.: |
91-22-24913030/24913131/24988368 |
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Fax No.: |
91-22-24913132 |
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Parent Company
: |
Daimler Chrysler
AG, 70546, Stuttgart, Germany |
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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 Sdn. Bhd v
Mercedes-Benz
Turk A.S. v
Egyptian
German Automotive Company v
Daimler
Chrysler South Africa v
Mercedes-Benz
China Limited v
Mercedes-Benz
Vietnam Limited v
Daimler
Chrysler Thailand Limited v
Daimler
Chrysler do Brasil Limited v
Mercedes-Benz
U. S. International Inc. v
DEBEOS
Daimler Chrysler Objektmanagement und services v
P. T.
Daimler Chrysler Distribution Indonesia v
Daimler
Chrysler Japan Company Limited v
Daimler
Chrysler China Limited |
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 |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
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) |
(1685.748) |
(2217.652) |
(2608.306) |
|
NETWORTH
|
4314.252 |
3782.348 |
3391.694 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured
Loans |
0.000 |
0.00 |
42.820 |
|
TOTAL BORROWING
|
0.000 |
0.000 |
42.820 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
4314.252 |
3782.348 |
3434.514 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
359.002 |
377.612 |
404.491 |
|
Capital work-in-progress
|
256.131 |
37.703 |
28.092 |
|
|
|
|
|
|
|
INVESTMENT
|
2235.818 |
2068.147 |
1921.100 |
|
DEFERREX TAX ASSETS
|
170.169 |
85.030 |
8.123 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
1075.055
|
928.502
|
741.964 |
|
|
Sundry Debtors
|
835.434
|
1171.770
|
707.361 |
|
|
Cash & Bank Balances
|
333.820
|
254.917
|
187.290 |
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
1722.430
|
1185.247
|
573.087 |
Total Current Assets
|
3966.739 |
3540.436
|
2760.758
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
986.788
|
1123.487
|
533.803 |
|
|
Provisions
|
1686.819
|
1203.093
|
519.896 |
Total Current Liabilities
|
2673.607 |
2326.580
|
1688.050
|
|
Net Current Assets
|
1293.132 |
1213.856
|
1072.708
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
4314.252 |
3782.348 |
3434.514 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5318.000 |
4677.000 |
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
596.000 |
535.000 |
|
|
Provision for Taxation |
205.000 |
266.000 |
|
|
Profit/(Loss) After Tax |
391.000 |
269.000 |
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
Total Earnings |
-- |
-- |
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Raw Materials |
1311.638 |
1403.184 |
|
|
Stores & Spares |
285.132 |
182.607 |
|
|
Capital Goods |
23.134 |
21.864 |
|
|
Others |
265.568 |
107.614 |
|
Total Imports |
1885.472 |
1715.269 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
Depreciation & Amortization |
98.000 |
108.000 |
|
|
Other Expenditure |
4795.000 |
4166.000 |
|
Total Expenditure |
4893.000 |
4274.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA |
7.35
|
5.75
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
11.21
|
11.44
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
15.21
|
16.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.16
|
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.62 |
0.62
|
0.51
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.52
|
1.63
|
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject (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 Motors 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.
The subject is
engaged in the business of manufacturers of Motor Vehicles, the subject is have
its production at Sector 15A, Chikhali, Pune.
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.
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:
Profile
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 Limited way back in 1994. In line with
DaimlerChrysler's worldwide corporate philosophy, Mercedes-Benz India Limited
was been rechristened DaimlerChrysler India Private Limited
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 Private Limited
Safire Park Galleria, 4, Pune - Mumbai Road, Wakdewadi, Pune - 411005
Phone: 91-20-56085750
Fax: 91-20-56014008
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: 91-20-56152050-61
Fax: 91-20-27148250
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.
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 Limited 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] 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.43.21 |
|
UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
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
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 |
|