MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
VOLKSWAGEN INDIA PRIVATE LIMITED |
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Registered Office : |
Vaklis House, 18, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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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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Maximum Credit Limit : |
USD 53000000 |
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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 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 Department |
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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 : |
Vaklis House, 18, |
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Tel No.: |
91-21-35661058 |
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Corporate Office |
110-111/10, |
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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, |
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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. Jorg Johannes Muller |
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Designation : |
Managing Director |
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Address : |
Hinterm Stadttor 10, |
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Date of Birth/Age : |
13.04.1962 |
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Date of Appointment : |
30.06.2008 |
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Name : |
Mr. Krishnaswamy K |
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Designation : |
Managing Director |
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Address : |
Mathrushree, 723, 8th Main, Sarakki Ext. J P Nagar, 3rd
Phase, |
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Date of Birth/Age : |
28.05.1955 |
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Date of Appointment : |
21.07.2008 |
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Name : |
Mr. Wallapura John Chacko |
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Designation : |
Director |
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Address : |
Alte Dorfstrabe 25, Waltingpfunz – 85137, NA |
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Date of Birth/Age : |
26.03.1962 |
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Date of Appointment : |
06.02.2007 |
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Name : |
Mr. Tobias Ernst Wolfgang Busch |
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Designation : |
Director |
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Address : |
AM PLAN 2A, Konigsuter –
38154, NA 54 |
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Date of Birth/Age : |
06.03.1958 |
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Date of Appointment : |
06.02.2007 |
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Date of Ceasing : |
03.05.2007 |
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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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Date of Appointment : |
18.07.2007 |
KEY EXECUTIVES
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Name : |
Mr. Suresh Devendra Malegaonkar |
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Designation : |
Secretary |
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Address : |
Flat No. 6, Muktai Housing Society, Suncity Road, Saikwadi,
Wadgaonsheri, Pune – 411014, Maharashtra, India |
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Date of Birth/Age : |
08.02.1980 |
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Date of Appointment : |
13.12.2007 |
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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
|
Names of Shareholders |
No. of Equity
Shares |
No. of Preference Shares |
|
Volkswagen International Finance N.V. |
96,256,931 |
-- |
|
Volkswagen AG |
1 |
971,724,552 |
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Total |
96,256,932 |
971,724,552 |
AS ON
02.08.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Water House Chartered Accountants |
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Address : |
Sacheta Bhawan, Gate No. 2, 1st Floor, 11-A, Vishnu
Digambar Marg, New Delhi – 110002, India |
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Volkswagen International Finance N.V. Registered Office : Herengracht 495, 1017 BT |
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Ultimate Holding Company : |
Volkswagen AG Registered Office : 38436, |
CAPITAL STRUCTURE
AS ON
02.08.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
96256932 |
Equity Shares |
Rs. 10/- each |
Rs. 962.569 Millions |
|
971724552 |
Preference Shares |
Rs. 10/- each |
Rs. 9717.246 Millions |
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Total |
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Rs. 10679.815
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
96256932 |
Equity Shares |
Rs. 10/-
each |
Rs. 962.569
Millions |
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|
971724552 |
Preference Shares |
Rs. 10/-
each |
Rs. 9717.246
Millions |
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Total |
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Rs. 10679.815 Millions |
Preference Shares are held by Volkswagen AG,
the ultimate holding company. These shares carry a preferential right to fixed
rate of dividend which shall be determined mutually by the company and the
preference shareholders in accordance with the Articles of Association and will
be redeemed at par at any time before the expiry of twenty years form the date
of allotment.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10679.815 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[7.610] |
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NETWORTH |
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10672.205 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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10672.205 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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824.375 |
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Capital work-in-progress |
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2009.324 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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9.464 |
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Cash & Bank Balances |
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8707.144 |
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Other Current Assets |
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95.728 |
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Loans & Advances |
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117.954 |
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Total
Current Assets |
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8930.290 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1086.438 |
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Provisions |
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5.346 |
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Total
Current Liabilities |
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1091.784 |
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Net Current Assets |
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7838.506 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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10672.205 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Technical
Service Income |
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26.009 |
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Profit/(Loss) Before Tax |
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(7.240) |
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Provision for Taxation |
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0.370 |
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Profit/(Loss) After Tax |
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(7.610) |
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Expenditures : |
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Employees Costs |
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12.830 |
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Administrative and Other Expenses |
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20.130 |
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Depreciation & Amortization |
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0.289 |
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Total Expenditure |
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33.249 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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(29.26) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(27.84) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.07) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.00) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.10 |
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Current Ratio (Current Asset/Current Liability) |
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8.18 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
During the year, the only revenue was from Interest on fixed deposits and
Income from services rendered which was Rs. 470.190 Millions and Rs. 26.010
Millions. The company has transferred interest income [net of taxes] of Rs.
312.83 Millions, to Incidental expenditure pending capitalization / Allocation
account.
MARKET / BUSINESS
OVERVIEW
Volkswagen become 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
Volkswagen paved the way for sustainable market activities in
Volkswagen
FIXED ASSETS
- Computers
- Office
Equipments
- Electrical
Fittings
- Furniture and
Fixtures
- Vehicles
AS PER WEBSITE
History
When in 1937 the company known as "Gesellschaft zur Vorbereitung des Deutschen Volkswagens mbH"
was founded, no one could have guessed that it would
one day be
1937-1945
On May 28th, 1937
the "Gesellschaft zur Vorbereitung
des Deutschen Volkswagens mbH" company is founded,
and on September 16th, 1938 it is renamed "Volkswagenwerk GmbH". In
early 1938, in what is today
During the Second World War Volkswagenwerk's production is switched to
armaments. Some 20,000 forced labourers, prisoners of war, and later also
concentration camp prisoners, work at the plant.
In September 1998, in recognition of the events of that time, VOLKSWAGEN AG
established a humanitarian fund on behalf of the forced labourers compelled to
work at Volkswagen during the Second World War. By the end of 2001 more than
2,050 people in 26 countries had received humanitarian aid from the fund.
Furthermore, a Memorial in remembrance of the forced labour employed at the
Volkswagenwerk plant is currently being established at
1945-1949
After the end of the Second World War, in mid June 1945,
responsibility for Volkswagenwerk is placed in the hands of the British
Military Government. Under the management of Major Ivan Hirst, mass production
of the Volkswagen Beetle is started.
1949-1960
On March 8th, 1950 the Type 2 goes into production,
expanding the company's product range. The Volkswagen Bus, still today known to many as the "VW
Bully", soon creates rising demand thanks to its multifunctional capabilities. In 1956 a separate manufacturing
base for the Transporter is established in
In 1955 employees and dealers from
1960-1980
On February 17th, 1972 Volkswagen breaks the world car
production record: with 15,007,034 units assembled, the Beetle surpasses the
legendary mark achieved by the Ford Motor Company's Model T, popularly known as the "Tin Lizzy",
between 1908 and 1927.
In 1973 the Passat is the first
model of the new generation of Volkswagen vehicles to go into production - with
front-wheel drive, a water-cooled four-cylinder engine and a range of engines
up to 110 bhp. The Passat is built in line with the modular strategy, by which
standardised components usable in a range of different models provide
significant rationalisation.
In January 1974 the first
Golf is built at the
In 1976 the first Golf GTI rolls
off the production line. The car, with its110 bhp engine, creates a real furore
on the roads - and lays the foundations for the birth of a legend.
1980-1990
In June 1983 production of the second-generation Golf
begins. The car is designed for a largely automated assembly process, and in
the specially erected final assembly hall, designated Hall 54, robots are
deployed for the first time in
vehicle manufacture.
1990-2000
With the production launch of the Lupo 3L TDI, the first production car to offer fuel consumption
of just three litres per 100 kilometres, in July 1999, Volkswagen once again
makes automotive history.
2000-2003
In August 2002, at Volkswagen
In December 2002 the "Auto 5000 GmbH" company, operating a plant at the
Group's site in
In 2003 production of the fifth-generation Golf is started,
embodying a new dynamism in its
design and engineering.
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
Recently Volkswagen paved the way for sustainable market activities in
Volkswagen AG is to build a new production plant in Pune in the Indian
state of
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
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
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,
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 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.43.13 |
|
|
1 |
Rs.85.02 |
|
Euro |
1 |
Rs.67.77 |
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 |
|