MIRA
INFORM REPORT
|
Report Date : |
07.01.2011 |
Note: The
registered office of the company has been shifted from Sector 15-A,
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Formerly Known As : |
DAIMLER CHRYSLER
INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E – 3, MIDC Chakan, Phase III, Chakan Industrial Area, Kuruli and Nighoje,
Taluka Khed, Chakan-410501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.11.1994 |
|
|
|
|
Com. Reg. No.: |
11-83160 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34102PN1994PTC083160 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNED03140E/PNED03142G |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of
Business : |
Manufacturer of
Motor Vehicles. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Maximum Credit Limit : |
USD 22000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an
Indo-German Joint Venture, promoted by strong promoters. There appears to be
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be regular. In view of strong
promoters the company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Department |
|
Date : |
03.01.2011 |
LOCATIONS
|
Registered
Office/ Factory : |
E – 3, MIDC Chakan, Phase III, Chakan Industrial Area, Kuruli and
Nighoje, Taluka : Khed, Chakan-410501, |
|
Tel. No.: |
91-2135-673000/
395000 |
|
Fax No.: |
91-2135-673953 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 16.09.2010
|
Name : |
Mr. Joachim
Warner Schmidt |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
Angelstrable 15,
75392, |
|
Date of
Birth/Age : |
07.09.1948 |
|
Date of
Appointment : |
24.06.1999 |
|
|
|
|
Name : |
Mr. Peter
Alexander Trettin |
|
Designation : |
Director |
|
Address : |
Ortmannsheide
310, Krefeld-47804 |
|
Date of
Birth/Age : |
30.11.1958 |
|
Date of
Appointment : |
01.12.2009 |
|
|
|
|
Name : |
Mr. Martin Josef Zimmemann |
|
Designation : |
Director |
|
Address : |
Wiesenweg 10,
73773, |
|
Date of
Birth/Age : |
24.01.1963 |
|
Date of
Appointment : |
09.07.2001 |
|
|
|
|
Name : |
Mr. Eberhard
Gothlob Haller |
|
Designation : |
Director |
|
Address : |
Leinackerstrabe,
69, |
|
Date of
Birth/Age : |
01.10.1951 |
|
Date of
Appointment : |
01.06.2006 |
|
|
|
|
Name : |
Mr. Bharat
Natesan Balasubramanian |
|
Designation : |
Director |
|
Address : |
|
|
Date of
Birth/Age : |
14.09.1951 |
|
Date of
Appointment : |
01.06.2006 |
|
|
|
|
Name : |
Mr. Matthias
Helmut Luehrs |
|
Designation : |
Director |
|
Address : |
Bilihildstr, |
|
Date of
Birth/Age : |
07.06.1962 |
|
Date of
Appointment : |
26.02.2009 |
|
Date of
Ceasing : |
01.04.2009 |
|
|
|
|
Name : |
Mr. Hermann
Diedrich Bruhn |
|
Designation : |
Director |
|
Address : |
Weiler Schafhoh
18, D 73230, |
|
Date of Birth/Age
: |
14.10.1955 |
|
Date of
Appointment : |
22.09.2008 |
|
|
|
|
Name : |
Mr. Erich Harald
Dietmar Rudolf |
|
Designation : |
Director |
|
Address : |
|
|
Date of
Birth/Age : |
23.03.1963 |
|
Date of
Appointment : |
12.01.2008 |
|
|
|
|
Name : |
Mr. Thomas
Alexander Eberhard Hans Schaefer |
|
Designation : |
Director |
|
Address : |
Kimbernstrasse
75, Schoenaich, Baden |
|
Date of
Birth/Age : |
01.04.1970 |
|
Date of
Appointment : |
26.02.2009 |
|
Date of
Ceasing: |
25.03.2010 |
|
|
|
|
Name : |
Mr. Rudolf Walter
Thom |
|
Designation : |
Alternate
Director |
|
Address : |
Bilihildstr, |
|
Date of
Birth/Age : |
28.10.1947 |
|
Date of
Appointment : |
01.06.2006 |
|
Date of Ceasing
: |
31.03.2008 |
|
|
|
|
Name : |
Mr. Johannes
Herbert Fritz |
|
Designation : |
Director |
|
Address : |
Rosa-Bauer-Strabe
14, Ravensburg - 88212, |
|
Date of
Birth/Age : |
18.05.1965 |
|
Date of
Appointment : |
08.07.2009 |
|
Date of Ceasing:
|
30.11.2009 |
|
|
|
|
Name : |
Mr. Johannes
Herbert Fritz |
|
Designation : |
Director |
|
Address : |
Rosa-Bauer-Strabe
14, Ravensburg - 88212, |
|
Date of
Birth/Age : |
18.05.1965 |
|
Date of
Appointment : |
01.12.2009 |
|
Date of Ceasing:
|
25.03.2010 |
|
|
|
|
Name : |
Mr. Walter Josef
Puetz |
|
Designation : |
Director |
|
Address : |
Murrstrasse 13,
Burgstetten – 71576, |
|
Date of
Birth/Age : |
21.02.1953 |
|
Date of
Appointment : |
02.06.2009 |
|
Date of
Ceasing: |
25.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Raghunandan
Balkrishna Pendse |
|
Designation : |
Head Legal
Affairs, Company Secretary and Local Compliance Manager |
|
Address : |
A 703, Rohan
Tapovan, Gokhale Nagar, Pune – 411016, |
|
Date of Birth/Age : |
14.12.1956 |
|
Date of Appointment : |
11.03.1996 |
|
|
|
|
Name : |
Mr. Suresh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Daimler Ag , |
|
599999999 |
|
Alubur Johannes Wilfried |
|
1 |
|
|
|
|
|
Total |
|
600000000 |
As on 16.09.2010
|
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] |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Motor Vehicles. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Passenger Cars |
NOS |
12000 |
4367 |
|
Commercial Vehicles |
NOS |
2000 |
209 |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied |
|
|
|
|
Bankers : |
v ABN Amro Bank,
Pune, v Citibank N. A.,
Mumbai, v Deutsche Bank
AG, Mumbai, v Standard
Chartered Grindlays Banks, Mumbai, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemaine,
Pune-411001, |
|
Tel. No.: |
91-20-30585764/ 30585765 / 30585775 |
|
Fax No.: |
91-20-30585775 |
|
Website : |
|
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow Subsidiaries: |
|
|
|
|
|
Institutions Controlled: |
|
CAPITAL STRUCTURE
As on 16.09.2010
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 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6000.000 |
6000.000 |
6000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
184.762 |
186.753 |
0.000 |
|
|
4] (Accumulated Losses) |
(475.913) |
(1339.682) |
(1324.525) |
|
|
NETWORTH |
5708.849 |
4847.071 |
4675.475 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
368.759 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
368.759 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5708.849 |
5215.830 |
4675.475 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
904.735 |
997.293 |
785.005 |
|
|
Capital work-in-progress |
37.273 |
121.099 |
650.754 |
|
|
|
|
|
|
|
|
INVESTMENT |
1047.702 |
430.743 |
2626.671 |
|
|
DEFERREX TAX ASSETS |
417.132 |
347.308 |
204.174 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2602.103
|
3980.043
|
2217.545
|
|
|
Sundry Debtors |
667.215
|
1462.314
|
87.752
|
|
|
Cash & Bank Balances |
389.496
|
496.546
|
543.861
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
5537.733
|
5648.633
|
2882.091
|
|
Total
Current Assets |
9196.547
|
11587.536 |
5731.249 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1275.108
|
4555.266 |
0.000 |
|
|
Other Current Liabilities |
1295.913
|
1078.829
|
2172.798
|
|
|
Provisions |
3323.519
|
2634.054
|
3149.580
|
|
Total
Current Liabilities |
5894.540
|
8268.149 |
5322.378 |
|
|
Net Current Assets |
3302.007
|
3319.387 |
408.871 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5708.849 |
5215.830 |
4675.475 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15352.542 |
13439.055 |
11509.084 |
|
|
|
Interest Income |
60.327 |
148.163 |
190.864 |
|
|
|
Other Income |
62.446 |
88.216 |
138.153 |
|
|
|
TOTAL |
15475.315 |
13675.434 |
11838.101 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
11135.642 |
10982.875 |
7671.179 |
|
|
|
Personnel Expenses |
408.253 |
393.494 |
349.035 |
|
|
|
Managerial Remunerations |
6.190 |
4.724 |
3.980 |
|
|
|
Other Expenses |
2393.914 |
2245.393 |
1849.907 |
|
|
|
TOTAL |
13943.999 |
13626.486 |
9874.101 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST AND TAX |
1531.316 |
48.948 |
1964.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
210.316 |
126.948 |
220.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1321.000 |
(78.000) |
1744.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
457.000 |
(63.000) |
681.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
864.000 |
(15.000) |
1063.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Expenses |
2.296 |
0.000 |
0.000 |
|
|
|
Commission |
4.439 |
7.121 |
18.474 |
|
|
|
Other Income and Received |
147.758 |
147.434 |
162.542 |
|
|
TOTAL EARNINGS |
154.493 |
154.555 |
181.016 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4526.917 |
5517.484 |
2387.215 |
|
|
|
Stores & Spares |
209.437 |
453.311 |
313.973 |
|
|
|
Capital Goods |
718.315 |
113.652 |
99.704 |
|
|
|
CBU Cars / Trucks / Bus chassis and parts |
354.592 |
840.825 |
407.400 |
|
|
TOTAL IMPORTS |
5809.261 |
6925.272 |
3208.292 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.44 |
(0.03) |
1.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.58
|
(0.11) |
8.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.60
|
(0.58) |
15.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.08
|
(0.62) |
26.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
(0.02) |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.78 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.40 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
1275.108
|
4555.266 |
NA |
Fixed Assets:
v
v Plant and Machinery
v Leased Cars
v Vehicles
v Furniture and Fixture
v Office Equipments
v Building Sheds
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 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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.