MIRA
INFORM REPORT
|
Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PIAGGIO VEHICLES PRIVATE LIMITED |
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Registered Office : |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.02.1998 |
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Com. Reg. No.: |
11-113606 |
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CIN No.: [Company
Identification No.] |
U34102MH1998PTC113606 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP07482G |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Supplier of Vehicles, Automotive Components, Motor
Vehicles, Cars, Automotive Parts. |
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 |
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Maximum Credit Limit : |
USD 3500000 |
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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 subsidiary of Piaggio, Italy. Trade relations are fair.
General financial position is good. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Kapil |
|
Date : |
07.07.2008 |
LOCATIONS
|
Registered Office : |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, Maharashtra, India |
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Tel. No.: |
91-2112-243770 |
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Fax No.: |
91-2112-243772 |
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E-Mail : |
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Website : |
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Corporate Office : |
102, “PHOENIX” Bund Garden Road, Pune – 411 001, Maharashtra, India |
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Tel. No.: |
91-20-401 3150 |
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Fax No.: |
91-20-401 3157 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Shekhar Datta |
|
Designation : |
Chairman |
|
Address : |
E/8, Sea Face Park, Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
11.11.1937 |
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Date of Appointment : |
01.04.1998 |
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|
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|
Name : |
Mr. Rocco Sabelli |
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Designation : |
Director |
|
Address : |
Viale Rinaldo Piaggio, 25-56025, Pontedera (Pisa), Pisa, Italy |
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Date of Birth/Age : |
12.08.1954 |
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Date of Appointment : |
10.05.2004 |
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|
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|
Name : |
Mr. Gianclaudio Neri |
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Designation : |
Director |
|
Address : |
Viale Rinaldo Piaggio, 25-56025, Pontedera (Pisa), Pisa, Italy |
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Date of Birth/Age : |
17.09.1954 |
|
Date of Appointment : |
10.05.2004 |
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|
|
Name : |
Mr. Tommaso Giacoladelli |
|
Designation : |
Director |
|
Address : |
Viale Rinaldo Piaggio, 25-56025, Pontedera (Pisa), Pisa, Italy |
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Date of Birth/Age : |
26.06.1952 |
|
Date of Appointment : |
30.09.2004 |
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|
Name : |
Mr. Ravi Chopra |
|
Designation : |
Managing Director |
|
Address : |
19.03.1943 |
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Date of Birth/Age : |
Flat No. A-101, Plot No. 46C, Palladium, Mangaldas Road, Pune – 411
001, Maharashtra, India |
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Date of Appointment : |
01.04.1998 |
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|
|
|
Name : |
Mr. Michele Pallottini |
|
Designation : |
Director |
|
Address : |
Vialugi Rizzo 50, Roma – 00136 |
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Date of Birth/Age : |
04.10.1956 |
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Date of Appointment : |
18.09.2007 |
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|
Name : |
Mr. Daniele Bandiera |
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Designation : |
Director |
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Address : |
Corso Kossuth 18, Torino – 10132 |
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Date of Birth/Age : |
02.08.1957 |
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Date of Appointment : |
18.09.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Medankar |
|
Designation : |
Secretary |
|
Address : |
165/10, Mira Society, Salisbery Park, Pune – 411 037, Maharashtra,
India |
|
Date of Birth/Age : |
29.11.1960 |
|
Date of Appointment : |
22.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Piggio and CSPA |
33149999 |
|
Simest SPA |
850000 |
|
Piaggio Vespa BV |
1 |
|
|
|
|
Total |
34000000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Foreign Institutions (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 : |
Supplier of Vehicles, Automotive Components, Motor
Vehicles, Cars, Automotive Parts. |
GENERAL
INFORMATION
|
Bankers : |
·
State Bank of India Corporate Accounts Group Branch, Voltas
House, 23, J. N. Heredia Marg, Mumbai – 400 001, Maharashtra, India ·
Calyon Bank (Formerly Known As : Credit Agricole Indosuez) Ramon House, 169, Backbay Reclamation, Mumbai – 400 020. (Now shifted to Hoechst House, 11th Floor, Nariman Point,
Mumbai – 400 021). |
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|
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
|
|
Name : |
Hemant M Joshi Chartered Accountants |
|
Address : |
706, B wing, 7th Floor, ICC Trade Tower, Senapati Bapat
Road, Pune – 411 016, Maharashtra, India |
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|
|
|
Parent Company : |
Piaggio Italy |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36000000 |
Equity Shares |
Rs.10/- each |
Rs.360.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs.340.000
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 |
340.000 |
340.000 |
340.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
354.630 |
335.680 |
228.360 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
694.630 |
675.680 |
568.360 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.020 |
91.970 |
58.490 |
|
|
2] Unsecured Loans |
0.000 |
51.110 |
0.000 |
|
|
TOTAL BORROWING |
1.020 |
143.080 |
58.490 |
|
|
DEFERRED TAX LIABILITIES |
137.260 |
120.320 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
832.910 |
939.080 |
626.850 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1501.990 |
1515.080 |
1331.660 |
|
|
Capital work-in-progress |
400.900 |
330.630 |
179.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
180.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
284.510
|
226.790 |
210.020 |
|
|
Sundry Debtors |
385.040
|
198.420 |
238.750 |
|
|
Cash & Bank Balances |
187.290
|
941.470 |
129.180 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
333.890
|
211.250 |
139.970 |
|
Total
Current Assets |
1190.730
|
1577.930 |
717.920 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2124.720
|
1654.280 |
1410.350 |
|
|
Provisions |
472.500
|
909.450 |
191.380 |
|
Total
Current Liabilities |
2597.220
|
2563.730 |
1601.730 |
|
|
Net Current Assets |
(1406.490)
|
(985.800) |
(883.810) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
156.510 |
79.170 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
832.910 |
939.080 |
626.850 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
14679.270 |
10991.030 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
14679.270 |
10991.030 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1961.690 |
1458.720 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
1961.690 |
1458.720 |
|
|
|
|
|
|
|
|
Export Turnover |
|
149.370 |
273.800 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Other Expenditure |
|
12717.580 |
9532.310 |
|
Total Expenditure |
|
12717.580 |
9532.310 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.4
|
13.3 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.4
|
13.3 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.73
|
0.47 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.82
|
2.16 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.74
|
4.01 |
2.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46
|
0.62 |
0.45 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
PIAGGIO VEHICLES PRIVATE LIMITED |
|
Presented By |
Calyon Bank (formerly
: Credit Agricole Indosuez) and Piaggio Vehicles
Private Limited |
|
1) Date and description of instrument creating the change |
Dated : 7th
October, 1998 Agreement of
Hypothecation of Plant and Machinery / Goods / Book Debts. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.52.500
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
·
All the
Borrower’s present and future book debts, outstanding, money receivable,
claims, bills, contracts, securities, investments, rights and assets (except
property effectively otherwise hypothecated or charged to the Bank) by way of
a first pari passu charge; and ·
All the goods
and all other movable property such as products, stock in trade and goods,
whether finished or raw or in the process of manufacture, and all articles
manufactured therefrom belonging to the Borrowers which now are or hereafter
from time to time during this security shall be brought in, stored or be, in
or about the premises warehouse or godowns of the said Borrower/s at Baramati
or anywhere else, including any such goods in course of transit or delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
Compound
interest @ PLT + Tax or at such other rate as may from time to time be fixed
by the Bank: ·
Margin : 20% ·
This
agreement and the security herein referred to shall operate as a continuing
security for all moneys, Indebtedness and liabilities aforesaid
notwithstanding the existence of a credit balance on the said Facility
account or any other account at any time or any other partial payment or
fluctuations of accounts. |
|
5) Name and Address and description of the person entitled to the charge. |
Calyon Bank (Formerly Known
As : Credit Agricole Indosuez) Ramon House, 169,
Backbay Reclamation, Mumbai – 400 020. (Now shifted to
Hoechst House, 11th Floor, Nariman Point, Mumbai – 400 021). |
|
6) Date and brief description of instrument modifying the charge |
Dated : 1st
July, 2004. Letter dated
01.07.2004 from Calyon Bank. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
·
Past Modification : The original charge created on 07.10.1998 for Rs.52.500 millions
modified and increased to Rs.70.000 millions on 25.11.2002. (Last modification registered on 10.01.2003 under Doc. No. 73). ·
Present Modification : In terms of RBI’s notification dated 30.04.2004, Credit Agricole
Indosuez (CAI) has changed its name to Calyon Bank effective from 1st
May, 2004 and this new name is used in India only. This is a change of name only and will have no effect on any existing
contracts or agreements between the Bank and/or the rights and liabilities of
parties therto and/or the securities created thereunder, which continue to be
in full force and effect. All existing documentation executed by Company, including
intimation of authorized signatories, will continue to be valid. Save and expect the above, there is, therefore, no change in the
amount of charge. |
|
Corporate
identity number of the company |
U34102MH1998PTC113606 |
|
Name of the company
|
PIAGGIO VEHICLES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
E-2, MIDC Industrial Area, Baramati, Pune – 413 133, Maharashtra,
India |
|
This form is for |
Modification of charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others |
|
Particular of
charge holder |
State Bank of India Corporate Accounts Group Branch, Voltas House, 23, J. N. Heredia Marg,
Mumbai – 400 001, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and Assets dated 30.11.2006 executed between Piaggio
vehicles Private Limited and State Bank of India for extending the Hypothecation
charge on the Current Assets of the Company for Rs.560.000 millions in favour
of State Bank of India (Form C-2) Agreement of Loan
for overall limit |
|
Date of
instrument Creating the charge |
30.11.2006 |
|
Amount secured by
the charge |
Rs.560.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit and WCDL : SBAR EPC/EBN/EBD as mandated by RBI/Bank ·
Terms of
repayment On demand but subject to periodical review at the Bank’s discretion. ·
Margin Cash Credit / WCDL : RM/SIP/FG/Stores and Spares } 35% Book Debts (Upto 90 days } LC, BG : Nil ·
Extent and
Operation of the charge Pari Passu charge with other participating Bank (s) providing working
capital facilities to the company. |
|
Particulars of
the property charged |
First pari passu
charge on all present and future goods, book debts and all other movable assets
of the company including documents of title to the goods, outstanding monies,
receivables, claims, bills, invoices documents, contracts, insurance
policies, guarantees, engagements, securities, investments and rights pari
passu first charge on all the movable and immovable and present and future
machinery at the Baramati plant wherever lying. (including all such goods and
movable assets in transit or delivery). |
|
Particulars of
the present modification |
By this
modification, the hypothecation charge on the current assets of the Company
in favour of SBI stands increased from Rs.432.500 millions to Rs.560.000
millions. |
News :
Piaggio Vehicles to launch `quadri-cycle' next year
PIAGGIO
Vehicles Private Limited plans to launch its "quadri-cycle" for the
cargo market in the second half of 2005. Currently, extensive tests of the
vehicle are underway.
It
has got the design for the quadri-cycle - a four-wheeler goods and passenger
carrier - from its Italian parent and has got ready a prototype that has been
modified for Indian conditions, according to Mr Ravi Chopra, Managing Director,
Piaggio Vehicles Private Ltd. In an informal chat with Business Line here
on Monday , Mr Chopra hoped that issues over classifying a quadri-cycle would
get sorted out soon.
The
automobile industry in the country is divided on the safety norms that will
have to be incorporated, in case the quadri-cycle is used for moving people.
Some in the industry want the gross vehicle weight to be higher than 600 kg, while
some others feel that 600 kg - the internationally followed limit - is
adequate.
Mr
Chopra was confident that these and other issues that are being currently
debated by the industry would be sorted out shortly. Piaggio would launch the
cargo carrier quadri-cycle next year, once the tests are completed.
This
1.5-tonne vehicle with a payload of 800 kg to one tonne, would be manufactured
at Piaggio Vehicles' plant in Baramati, Maharashtra.
Mr
Chopra was here to launch the 1.3-tonne three-wheeler cargo carrier from
Piaggio. The company has a one-tonne three-wheeler in the market and the
1.3-tonne vehicle will help it offer a wider choice to customers in what Mr
Chopra believes is a growing market. All the company's three-wheeler carriers
are sold under `Ape' brand name.
In
his reasoning, for every multi-axle vehicle that is sold for inter-city cargo
movement, at least eight to 10 smaller cargo carriers of the capacity that
Piaggio produces would be required, he told a press conference to launch the
1.3-tonne cargo carrier.
He
said that Piaggio would have a capacity of one lakh units in place before the
end of 2004 and 1.36 lakh units before the end of next year.
From
a "few thousand vehicles" exported last year, Piaggio Vehicles hopes
to increase exports to 20 per cent of total sales in the next couple of years.
Its turnover is expected to grow from Rs 450 crore in 2003 to Rs 600 crore this
year and the target is to increase it to Rs 1,000 crore by the end of 2005. Its
profit before tax was "12 per cent to 13 per cent."
Mr
Chopra said the Italian parent is also keen to make its Indian subsidiary a
worldwide manufacturing hub for three-wheeler products. Piaggio Vehicles had
seeded the market in 18 countries and hoped to begin exports to these countries
shortly.
The
markets include Africa, Latin America, South East Asia and South Asia.
The
Italian company will also source components like plastic parts and sheet metal
components for its global products.
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.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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. |
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 |
|