MIRA INFORM REPORT

 

 

Report Date :

22.06.2011

 

IDENTIFICATION DETAILS

 

Name :

VOLKSWAGEN INDIA PRIVATE LIMITED

 

 

Registered Office :

E-1, MIDC Industrial Area Phase III, Village Nigoje Mhalunge, Kharabwadi Chakan, Taluka Khed, Pune-410501, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

06.02.2007

 

 

Com. Reg. No.:

11-133117

 

 

Paid-up Capital :

Rs.14386.815 Millions

 

 

CIN No.:

[Company Identification No.]

U70102PN2007FTC133117

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMV14433G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Four Wheelers.

 

 

No. of Employees :

1500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 38200000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Volkswagen Group. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

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.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Amit Sanklecha

Designation :

Legal Department

Contact No.:

21.06.2011

 

 

LOCATIONS

 

Registered Office / Factory:

E-1, MIDC Industrial Area Phase III, Village Nigoje Mhalunge, Kharabwadi Chakan, Taluka Khed, Pune-410501, Maharashtra, India

Tel. No.:

91-2135-661070 / 661000 / 063 / 661058 / 661060 / 661179

Mobile No.:

91-9823285698 (Mr. Pankaj)

Fax No.:

91-2135-661047 / 661044

E-Mail :

devendra.malegaonkar@volkswagen.co.in

pankaj.gupta@volkswagen.co.in

Website :

http://www.volkswagen.co.in

Area :

700 acers

Location :

Owned

 

 

DIRECTORS

 

AS ON 17.05.2010

 

Name :

Mr. Jorg Johannes Muller

Designation :

Managing Director

Address :

Hinterm Stadttor 10, Wolfsburg NA, Germany

Date of Birth/Age :

13.04.1962

Date of Appointment :

30.06.2008

 

 

Name :

Mr. Krishnaswamy K Swamy

Designation :

Managing Director

Address :

Mathrushree, 723, 8th Main, Sarakki Ext. J P Nagar, 3rd Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

28.05.1955

Date of Appointment :

21.07.2008

 

 

Name :

Mr. Wallapura John Chacko

Designation :

Whole Time Director

Address :

Alte Dorfstrabe 25, Waltingpfunz, 85137, Germany

Date of Birth/Age :

26.03.1952

Date of Appointment :

06.02.2007

 

 

KEY EXECUTIVES

 

Name :

Mr. Suresh Devendra Malegaonkar

Designation :

Secretary

Address :

Flat No. 6, Muktai Housing Society, Suncity Road, Saikwadi, Wadgaonsheri, Pune – 411014, Maharashtra, India 

Date of Birth/Age :

08.02.1980

Date of Appointment :

13.12.2007

 

 

Name :

Mr. Ritesh

Designation :

Account Department

Tel. No.:

91-2135-661000/ 063

Name :

Mr. Pankaj Gupta

Designation :

Finance Manager

 

 

Name :

Mr. Amit Sanklecha

Designation :

Legal Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 17.05.2010

 

Names of Equity Shareholders

 

No. of Shares

Volkswagen International Finance NV

 

129619931

Volkswagen AG

 

1

Volkswagen AG

 

337337000

 

 

 

Total

 

466956932

 

AS ON 17.05.2010

 

Names of Preference Shareholders

 

No. of Shares

Volkswagen AG

 

971724552

Total

 

971724552

 

(AS ON 18.05.2010)

 

Category

 

Percentage

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 Four Wheelers

 

 

Products :

Product Description

ITC Code

Motor Car

87.03

 

 

 

 

PRODUCTION STATUS AS ON 31.03.2009

 

Particulars

Unit

Installed Capacity

Actual Production

Motor Car

Nos.

110000

4113

 

NOTE

 

i) Installed capacity, as certified by the management and accepted by the auditors without verification, being a technical matter

 

ii) All capacities are set up after 25.07.1991 an no licenses are required in terms of notification No.477 (E) under the industries (development and regulation) Act, 1951. A declaration to this effect has been mentioned in the industrial entrepreneur’s memorandum files in this regard.

 

 

GENERAL INFORMATION

 

No. of Employees :

1500 (Approximately)

 

 

Bankers :

·         HSBC Bank, Near Inox Theater Bangarden Road, Pune, Maharashtra, India

·         Deutche Bank, Mumbai, Maharashtra, India

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Price Water House

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India

 

 

Holding Company :

Volkswagen AG, Germany

Porsche Automobile Holding SE (part of the year)

 

 

Fellow Subsidiaries:

·         Skoda Auto India Private Limited

·         Volkswagen Group Sales India Private Limited

·         Volkswsagen of South Africa Private Limited

·         Audi AG

·         Autoeuropa Automoveis Lda

·         Audi Brussels S.A

·         IAV India Private Limited

·         Skoda Auto A.S

·         Volkswagen do Brasil Industria

·         Vokswagen Slovakia a.s

·         Vokswagen Slovakia a.s

·         Volkswgen Coaching

·         Volkswagen Notorsport GmbH

·         Vokswagen Marketing

·         Volkswsgen International Finance N.V

 

 

CAPITAL STRUCTURE

 

AS ON 18.05.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

466956932

Equity Share

Rs.10/- Each

Rs.4669.569 Millions

971724552

Preference Shares

Rs.10/- each

Rs.9717.246 Millions

 

Total

 

Rs.14386.815 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

466956932

Equity Share

Rs.10/- Each

Rs.4669.569 millions

971724552

Preference Shares

Rs.10/- Each

Rs.9717.246 Millions

 

Total

 

Rs.14386.815 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2009 (12th Months)

31.12.2008 (9th  Months)

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

14386.815

14386.815

10679.815

2] Share Application Money

0.000

0.000 

0.000

3] Reserves & Surplus

(155.605)

0.000 

0.000

4] (Accumulated Losses)

(4678.973)

(1020.944)

(7.610)

NETWORTH

9552.237

13365.871

10672.205

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000 

0.000

2] Unsecured Loans

17444.266

0.000 

0.000

TOTAL BORROWING

17444.266

0.000 

0.000

DEFERRED TAX LIABILITIES

0.000

0.000 

0.000

 

 

 

 

TOTAL

26996.503

13365.871 

10672.205

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

14317.555

1001.804 

824.375

Capital work-in-progress

11364.533

11285.647 

2009.324

 

 

 

 

INVESTMENT

0.000

0.000 

0.000

DEFERREX TAX ASSETS

0.000

0.000 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1813.336

63.547 

0.000

 

Sundry Debtors
812.332

0.000 

9.464

 

Cash & Bank Balances
2351.267

1409.529 

8707.144

 

Other Current Assets
288.765

31.029 

95.728

 

Loans & Advances
3542.183

 2102.280

117.954

Total Current Assets
8807.883

 3606.385

8930.290

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

 

Other Current Liabilities
7477.369

2201.840

1086.438

 

Provisions
16.099

326.125 

5.346

Total Current Liabilities
7493.468

2527.965

1091.784

Net Current Assets
1314.415

1078.420 

7838.506

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000 

0.000

 

 

 

 

TOTAL

26996.503

13365.871 

10672.205

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2009 (12th Months)

31.12.2008 (9th  Months)

31.03.2008

 

SALES

 

 

 

 

 

Income

2443.110

0.000

0.000

 

 

Other Income

1218.490

957.710

26.009

 

 

TOTAL                                    

3661.600

957.710

26.009

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Employee Cost

5370.110

1610.890

12.830

 

 

Administrative and Other Expenses

 

 

20.130

 

 

TOTAL                                    

5370.110

1610.890

32.960

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                      

(1708.510)

(653.180)

(6.951)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1941.020

41.970

0.289

 

 

 

 

 

 

PROFIT BEFORE TAX  

(3649.530)

(695.150)

(7.240)

 

 

 

 

 

Less

TAX                                                                 

8.500

318.180

0.370

 

 

 

 

 

 

PROFIT AFTER TAX                            

(3658.030)

(1013.330)

(7.610)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(1020.940)

NA

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(4678.970)

NA

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Sale of Motor Cars

271.269

0.000

NA

 

 

Technical Service Income

254.021

47.843

NA

 

TOTAL EARNINGS

525.290

47.843

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials and Components

2638.370

98.422

NA

 

 

Capital Goods

7691.512

5302.291

NA

 

TOTAL IMPORTS

10329.882

5400.713

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.83

4.31

0.12

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2009 (12th Months)

31.12.2008 (9th  Months)

31.03.2008

PAT / Total Income

(%)

(99.90)

(105.81)

(29.26)

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

(149.38)

(0.00)

(0.00)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(15.78)

(15.09)

(0.07)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.38)

(0.05)

(0.00)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.61

0.19

0.10

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.18

1.43

8.18

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of Sundry Creditors is not available

 

NOTE

 

Registered Office of the company has been shifted from 110-111/10, Baner Road, Off NH-4, Near Sadanand Resorts, Pune-411045, Maharashtra, India to the present address w.e.f. 11.12.2008

 

Market/Business Overview:

The German brand and Europe’s largest automotive manufacturer entered the Indian market to meet the rapidly growing demand for mobility. Volkswagen India has developed a vehicle specifically tailored to the needs of the Indian market offering all the features of a genuine Volkswagen.

 

Volkswagen India formed to build a new production plant in Pune in the Indian state of Maharashtra. A full production plant with a press shop, body shop, pain shop and assembly lines is completed in short time on the 230 hectare site in the chakan industrial area near pune.

 

Inauguration of the Volkswagen Plant was on 31.03.2009 and the first Polo rollout was on 05.12.2009.

 

 

FIXED ASSETS

 

  • Leasehold Land
  • Factory Building
  • Computers
  • Office Equipments
  • Electrical Fittings
  • Furniture and Fixtures
  • Vehicles
  • Plant  and machinery 

 

 

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.44.91

UK Pound

1

Rs.72.89

Euro

1

Rs.64.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

45

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.