MIRA
INFORM REPORT
|
Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MICHELIN INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
84-E, C-6 Off Central Avenue Sainik Farms, New Delhi – 110 062 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
17.07.1998 |
|
|
|
|
Com. Reg. No.: |
55-95032 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25111dl1998ptc095032 |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business : |
Manufacturer of Tyres. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Comments : |
Subject is a part Michelin, multi – national tyre manufacturers. Presently, subject imports tyres in India. It has plans to set up a
production base. The company has huge accumulated losses but due to the exposure of
parent company, it can be regarded for normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
84-E, C-6 Off Central Avenue Sainik Farms, New Delhi – 110 062,
India |
|
Tel. No.: |
91-11-30835100 |
|
Fax No.: |
91-11-30835104 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Unit 401-404, 4th Floor, Copia Corporate Suites, Jasola
District Centre, New Delhi – 110076 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Herve Richert |
|
Designation : |
Director |
|
Address : |
3 Faber Park, Singapore 129094 |
|
Date of Birth/Age : |
28.10.1964 |
|
Date of Appointment : |
29.01.2002 |
|
Date of Ceasing : |
22.11.2007 |
|
|
|
|
Name : |
Mr. Herve Dub |
|
Designation : |
Director |
|
Address : |
68 Jor Bagh, New Delhi – 110 003, India |
|
Date of Birth/Age : |
13.06.1955 |
|
Date of Appointment : |
20.10.2004 |
|
|
|
|
Name : |
Mr. Jean Paul Charles Fulcran Caylar |
|
Designation : |
Director |
|
Address : |
68 Jor Bagh, New Delhi – 110 003, India |
|
Date of Birth/Age : |
21.10.1951 |
|
Date of Appointment : |
01.07.2007 |
|
|
|
|
Name : |
Mr. Chan Hock Sen |
|
Designation : |
Director |
|
Address : |
62 Merryn Road, Singpaore |
|
Date of Birth/Age : |
12.12.1957 |
|
Date of Appointment : |
20.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Compagnie Financiere Michelin |
|
11655349 |
|
Nitor AG |
|
1 |
(AS ON 30.09.2007):-
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tyres. |
GENERAL
INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Love Locks and Lewes Chartered Accountants |
|
|
|
|
Address 1 : |
P -1, Aditya Vihar, Saidulajab, Opposite D – Block, Saket, Mehrauli
Badarpur – 110 030, New Delhi, India |
|
|
|
|
Address 2 : |
Building - 8, 7th and 8th Floor, Tower – B, DLF
Cyber City, Gurgaon – 122 002, Haryana, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2007:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 140.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11655350 |
Equity Shares |
Rs. 10/- Each |
Rs. 116.554 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 |
116.554 |
116.554 |
116.554 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[106.983] |
[102.001] |
[100.291] |
|
|
NETWORTH |
9.571 |
14.553 |
16.263 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9.571 |
14.553 |
16.263 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.655 |
1.194 |
|
|
Sundry Debtors |
4.842
|
4.102 |
3.407 |
|
|
Cash & Bank Balances |
8.027
|
10.538 |
11.949 |
|
|
Other Current Assets |
0.065
|
0.016 |
0.000 |
|
|
Loans & Advances |
0.779
|
1.070 |
0.910 |
|
Total
Current Assets |
13.713
|
16.381 |
17.460 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1.513
|
1.303 |
1.197 |
|
|
Provisions |
2.629
|
0.525 |
0.000 |
|
Total
Current Liabilities |
4.142
|
1.828 |
1.197 |
|
|
Net Current Assets |
9.571
|
14.553 |
16.263 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9.571 |
14.553 |
16.263 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.13 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.31
|
8.96 |
14.59 |
LOCAL AGENCY
FURTHER INFORMATION
websites DETAILS:-
History
In 1889 two brothers, André and Edouard Michelin, embarked
one of the great human and industrial adventures of our times: one that shaped
and continues to drive progress in modern means of transport through constant
innovation
From the invention of radial tires to that of Pax System, and from the first gastronomic
guide to the steel wheel, subject has played an active role at every stage of
the automotive adventure.
Press releases:-
Michelin Keen to Enter the Oem Space
in India
CHENNAI: Global tyre maker Michelin is keen to enter the OEM (original equipment manufacturer) space of the Indian passenger car and truck markets.
Indicating this in an interaction with The Hindu here on Sunday, Herve Dub, Chief Executive Officer, Michelin India Tyres Private Ltd. said, "we are in discussions with some OEMs.''. "There will be some good news on this front in 12 months,'' he added.
Michelin had strong links with OEMs globally. This would help it to forge relationships in the Indian OEM space, he said. There was room for more players though the competition in the Indian tyre industry was tough. In the bus segment, Michelin is the OEM supplier to Volvo's Mark II vehicles. The company, he said, had initiated discussions with some truck manufacturers to become their OEM supplier. Currently, Michelin was importing tyres from its Chinese plant to service the truck and bus markets in India. For the replacement tyre market for cars, the tyres were sourced from its facilities in Thailand, he added.
Mr. Dub was here to inaugurate Michelin's first Priority Partner Outlet (Lal Enterprises). Mumbai, Pune, Kochi and Coimbatore, too, have Michelin Priority Partner Outlets (MPP). "These (MPP outlets) are the first shop of the kind in India,'' he said. They offered a new shopping experience, where the environment would be clean and professionals would be providing right advice and guidance. These outlets would promote Michelin's `boutique' products, he added.
The Indian tyre field was dominated by the `bias' (nylon cross-ply) market, comprising close to 99 per cent o the tyre industry. Michelin, on the other hand, was a dominant player in the radial segment, he said. "He cited the road conditions, overloading of trucks, poor upkeep of trucks and the structure of truck ownership among the reasons for the dominance of the Indian market by bias tyres.
Mr. Dub said that Michelin's decision on a production base in India would also have to take into account the pace of `radialisation' of the tyre industry. "We need a critical volume,'' he said, pointing to Michelin's aggressive promotion of radial tyres in India.
In this context, he said Michelin had only postponed and not cancelled its plan for setting up a production unit in India. Nothing had changed drastically since Michelin had made an announcement some time ago on the subject after buying out Apollo Tyres in the joint venture, he pointed out.
Following the buy-out of Apollo Tyres, Michelin India Tyres Private Ltd. has become a fully owned outfit of the Michelin Group.
Michelin chief expects big paybacks from India
BS Corporate Bureau in New Delhi | November
18, 2003 08:39 IST
The head of the Michelin group Edouard Michelin said on Monday that he expected big paybacks from India as the newly announced partnership with Apollo Tyres was fully operational in four years.
"Our tyres sell at a premium -- in the range of $200-250 a unit. If we sell one million tyres in India as envisaged, our revenues per annum would touch $200-250 million as and when we start selling as many tyres. We are expecting the radial tyre market to grow exponentially in the next few years and we are confident of achieving this," he explained.
"However, it is not just the payout which sets our pace. We also want to be the leading player in the field and contribute to the growth of the radial tyre or high-performance tyre market in the country," he said.
Michelin has made big investments in China and is amazed by the rapid radialisation in the country. "It was amazing. In ten years, radial tyre sales to the total tyre sales in China has risen from zero to 20 per cent. The same pace may or may not happen in India. Of course, because India is a democratic country and decisions take some time to come through," he said, clarifying that he was most comfortable investing in India, despite the infrastructural bottlenecks which needed to be cleared faster.
On being asked whether Michelin's investment in Apollo will have any bearing on the Indian companies' expansion plans, he said, "I think the core of the partnership is to speed up together the availability of high performance products for the Indian market, especially truck tyres in which Michelin has an expertise."
"A partnership between two competitors requires important chemistry of vision and of mind... We felt that beyond the operational partnership of the joint venture, it was meaningful for both Apollo and for us to build a commonality of interest at the shareholders' level. Michelin becoming a significant shareholder in Apollo will mean it has the same interest as Apollo's top management," he responded when asked why the company also picked up a 14.9 per cent stake in Apollo apart from setting up the 51:49 manufacturing joint venture with the same company.
"You can also ask why Michelin does not go alone. In fact, we took 40-50 years to firm up our plans for India. Through our venture with Apollo, we have recognised the inherent strength, which will be a strong asset for speeding up of the radial tyre market. Beyond the short-term financial reasoning, one should look at the pay back we are going to in the long run," he said.
Michelin launches new
range of tyres
New Delhi, May
3
Tyre manufacturer Michelin on Wednesday launched its new range of tyres — Energy XM 1 — in the country for the mid-size car segment.
The tyres last longer and offer better fuel economy, according to the company.
"The Energy XM1 range of tyres has been developed using the Green "X" silica-based compound, which not only reduces the rolling resistance, resulting in lower fuel consumption, but also helps in replacing carbon black, which is a fossil fuel derivative," said Mr Herve Dub, Chief Executive Officer, Michelin India.
The tyres also offer improved wet grip and dry handling capabilities, according to the company.
Chinese import
The tyres will be imported from China. The company plans to set up its manufacturing facility in India but no time-frame has been set for this. The investment for the facility will be market driven, said Mr Dub.
Michelin project not cancelled, ‘only postponed’
Chennai, July 17
Global tyre maker Michelin has only postponed and not cancelled its plan for setting up a production unit in India.
Asserting this in an
interaction with this correspondent here on Sunday, Mr Herve Dub, Chief
Executive Officer (CEO), Michelin
India Tyres Private Ltd, said nothing on the ground had changed since it had
made an announcement nine months ago on the issue after buying out Apollo Tyres
in the joint venture.
"There is no precise plan at the moment," Mr Dub said.
He was unwilling to hazard any guess on when Michelin production base would come into being in India.
Following the buy-out of Apollo Tyres, Michelin India Tyres Private Ltd has become a fully owned outfit of Michelin Group.
Mr Dub was here to inaugurate Michelin's first Priority Partner Outlet (Lal Enterprises). Michelin has similar Priority Partner Outlets in Mumbai, Pune, Kochi and Coimbatore.
The Indian tyre field was dominated by bias market, comprising close to 99 per cent the tyre industry.
Michelin, on the other hand, is a dominant player in the radial segment.
Mr Dub felt that Michelin's decision on production base would also have to take into account the pace of `radialisation' of the Indian tyre industry.
Bias tyres
"We need a critical volume," he said, pointing to Michelin's aggressive promotion of radial tyres in India. "India is one of the kinds to have 99 per cent bias market," he said. He cited the road conditions, overloading of trucks, poor upkeep of trucks and the structure of truck ownership among the reasons for the dominance of Indian market by bias tyres.
Fielding a range of questions, Mr Dub said: "India is an important market." Michelin wished to grow steadily in India. Though the French major was present only in the replacement space of the passenger car market, it was keen to enter the OEM (original equipment manufacturer) segment. "We are in discussions with some OEMs," he said. "There will be some good news on this front in 12 months," he added.
The CEO said Michelin had strong links with OEMs globally. He expected this to come in handy for it to break into the Indian OEM space. To a question, he said there was room for more players though the competition in Indian tyre industry had turned tough.
In the bus segment, Michelin is the OEM supplier to Volvo's Mark II vehicles. The company, he said, had opened up parleys with some truck makers to become OEM supplier.
Currently, Michelin was importing tyres from its Chinese plant to service the truck and bus markets in India. For passenger cars, the tyres were sourced from its facilities in Thailand, he added.
Related Stories:
`Exit from Michelin joint venture not a setback for Apollo Tyres'
Michelin launches new range of tyres
Michelin's `radial' plans hinge on demand
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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
---- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
---- |
|
--PROFITABILIRY |
1~10 |
---- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
---- |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|