MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
VOLKSWAGEN INDIA PRIVATE LIMITED |
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Registered Office : |
Vaklis House, 18, Sprott Road, Ballard Estate, Mumabi-400001, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
11-167607 |
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CIN No.: [Company
Identification No.] |
U70102MH2007FTC167607 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV14433G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Four Wheelers |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company is implementing car project in India in technical and
financial collaboration with Volkswagen AG Germany. Available information indicates high financial responsibility due to
the support of Volkswagen. Trade relations are fair. Payments are correct as per commitments. The company can be considered as a promising business partner in a
medium to long run. |
INFORMATION PARTED
BY
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Name : |
Mr. Ritesh |
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Designation : |
Account Depatment |
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Contact No.: |
91-2135-661000/ 063 |
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Date : |
02.07.2008 |
LOCATIONS
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Registered Office : |
110-111/10, Baner Road, Off National Highway 4, Pune-411045,
Maharashtra, India |
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Tel No.: |
91-20-30614400 |
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E-Mail : |
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Website : |
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Factory : |
E-1, MIDC Industrial Area, Phase III, Village Nigoje, Mahalulnge Kharabwadi,
Taluka Khed, Chakan, Pune-415001, Maharashtra, India |
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Tel. No.: |
91-2135-661070 |
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Fax No.: |
91-2135-661047 |
DIRECTORS
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Name : |
Mr. Rainer Gehrke |
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Designation : |
Alternate Director |
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Address : |
Maronenweg 7, 38518, Gifriorn |
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Date of Birth/Age : |
03.02.1949 |
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Name : |
Mr. Jorg Johannes Muller |
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Designation : |
Director |
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Address : |
Hinterm Stadttor 10, Wolfsburg NA, Germany |
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Date of Birth/Age : |
13.04.1962 |
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Date of Appointment : |
03.05.2007 |
KEY EXECUTIVES
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Name : |
Mr. Ritesh |
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Designation : |
Account Depatment |
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Tel. No.: |
91-2135-661000/ 063 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.07.2007
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Names of Shareholders |
No. of Equity
Shares |
No. of Preference Shares |
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Volkswagen International Finance N.V |
70612557 |
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Volkswagen AG |
-- |
712431427 |
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Total |
710612557 |
712431427 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Four Wheelers |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Bankers : |
HSBC Bank, Near Inox Theater Bangarden Road, Pune, Maharashtra, India |
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Banking
Relations : |
-- |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1067981484 |
Equity Shares |
Rs. 10/- each |
Rs. 10679.814 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are yet available.
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
PRESS RELEASE
Volkswagen became number one in the European car market decades ago and continues
to do so through exceptional value for money and premium products, which are
reliable and of high quality. Volkswagen is known in Europe for its
extraordinary services and high customer satisfaction.
Recently Volkswagen paved the way for sustainable market activities in India.
With the investment agreement signed at the end of 2006 the brand sets a new
course that unites two success stories – Volkswagen and India – in a common
future.
Volkswagen AG is to build a new production plant in Pune in the Indian
state of Maharashtra. With investment totalling some 410 million euros, a full
production plant with a press shop, body shop, paint shop and assembly lines is
to be built on the 230 hectare site in the Chakan industrial park near Pune.
The German brand and Europe’s largest automotive manufacturer will be entering
the Indian market to meet the rapidly growing demand for mobility. Volkswagen
will be developing a vehicle in the foreseeable future specifically tailored to
the needs of the Indian market offering all the features of a genuine
Volkswagen. It is essential to ensure “Volkswagen quality built in India” as a
genuine unique selling proposition and a symbol of quality.
For the first step the Volkswagen brand will bring locally produced vehicles to the
Indian market up from the third
quarter of 2007. To accompany the growing supply of Volkswagen Passenger Cars, the Group has established a separate
Indian sales company in 2007, initially for Volkswagen as well as for Audi. “Volkswagen Group Sales India Private Limited” registered in Mumbai
will distribute locally manufactured and imported vehicles in India.
Thus, Volkswagen can bring one of it's upper-premium sedan as the
first locally produced vehicle to the Indian market. In April 2006, Volkswagen
produced the 14 millionth of its bestseller. The Passat has become the very
image of automotive progress, representing what “Made in Germany” means. This
long-term success is confirmed by numerous accolades from experts, journalists
and customers who have put the car
through its paces in recent months. This image is characterized by vehicle
size, drive technologies, safety features such as airbags, ABS and ESP in
addition to quality details including galvanized bodies. Imported vehicles such
as the premium Sports Utility Vehicle Touareg will complement the range.
In addition to the model and production plans, an exclusive dealer network will
be set up in the country's main areas of demand. With an attractive model range
available, Volkswagen is not only
laying the foundation for a substantial increase in sales but also doing the
groundwork for offering a first-class all-round service, taking customer
satisfaction to the highest level.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.02 |
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Euro |
1 |
Rs.67.77 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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