MIRA
INFORM REPORT
|
Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAIMLER INDIA COMMERICAL VEHICLES PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
DAIMLER HERO COMMERCIAL VEHICLES LIMITED |
|
|
|
|
Registered
Office : |
Unit 301 and 302, 3rd Floor, Campus 3B, RMZ Millennia,
Business Park, No.143, Dr. MGR Road, Perungudi, Chennai-600096, Tamilnadu. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.12.2007 |
|
|
|
|
Com. Reg. No.: |
18-072876 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5921.309
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34200TN2007PTC072876 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHED07527C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF1590N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Motor Vehicles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 21000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Daimler Ag, The company can be considered for business dealings with some
cautions. |
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 |
LOCATIONS
|
Registered Office/ Factory : |
Unit 301 and 302, 3rd Floor, Campus 3B, RMZ Millennia,
Business Park, No.143, Dr. MGR Road, Perungudi, Chennai-600096, Tamilnadu,
India. |
|
Tel. No.: |
91-44-42946300 |
|
Fax No.: |
91-44-42853620 |
|
E-Mail : |
DIRECTORS
As on 13.09.2010
|
Name : |
Mr. Andreas Hermann Renschler |
|
Designation : |
Director |
|
Address : |
Lenbachstrasse 31, Stuttgart-70192, |
|
Date of Birth/Age : |
29.03.1958 |
|
Date of Appointment : |
21.04.2008 |
|
|
|
|
Name : |
Mr. Albert Xaver Kirchmann |
|
Designation : |
Director |
|
Address : |
Rosenstrasse 10, Ostfildern-73760, |
|
Date of Birth/Age : |
16.12.1956 |
|
Date of Appointment : |
21.04.2008 |
|
|
|
|
Name : |
Mr. Stefan Erwin Buchner |
|
Designation : |
Director |
|
Address : |
Eichenweg 9, Tamm-71732, |
|
Date of Birth/Age : |
18.01.1960 |
|
Date of Appointment : |
21.04.2008 |
|
|
|
|
Name : |
Mr. Georg Weiberg |
|
Designation : |
Director |
|
Address : |
Hecknrosenweg 8, Stuttgart-70619, |
|
Date of Birth/Age : |
01.08.1947 |
|
Date of Appointment : |
21.04.2008 |
|
|
|
|
Name : |
Mr. Harld Friedrich Hermann Landmann |
|
Designation : |
Director |
|
Address : |
Josef Hollerbach, STR 19, Gaggenau-76571, |
|
Date of Birth/Age : |
21.11.1944 |
|
Date of Appointment : |
21.04.2008 |
|
|
|
|
Name : |
Mr. Marc Llistosella Y Bischoff |
|
Designation : |
Managing Director |
|
Address : |
No. 5, |
|
Date of Birth/Age : |
12.03.1967 |
|
Date of Appointment : |
19.06.2009 |
|
|
|
|
Name : |
Mr. Rainer Bechmann |
|
Designation : |
Alternate Director |
|
Address : |
Hintere Schafstrasse 8, Stuttgart-70599, |
|
Date of Birth/Age : |
07.06.1962 |
|
Date of Appointment : |
10.11.2008 |
|
|
|
|
Name : |
Mr. Frank Lindenberg |
|
Designation : |
Director |
|
Address : |
IM, Fritzler 1, Stadtteil
Reudern, Nurtingen-72622, |
|
Date of Birth/Age : |
08.07.1963 |
|
Date of Appointment : |
13.08.2009 |
|
|
|
|
Name : |
Mr. Werner Thurner |
|
Designation : |
Director |
|
Address : |
Odenwaldstrabe 4B, Orsteil Leutershausen, Hirschberg Ad, |
|
Date of Birth/Age : |
18.04.1957 |
|
Date of Appointment : |
13.08.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Dinakara Babu Paruchuri |
|
Designation : |
Secretary |
|
Address : |
153/ 461, ADJ TO UCO Bank, Velachrryroad East Tambaram,
Chennai-600059, |
|
Date of Birth/Age : |
01.06.1974 |
|
Date of Appointment : |
27.03.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Daimler AG, |
|
798553079 |
|
Saniv Khurana |
|
5 |
|
Thirumalai Narayanan |
|
5 |
|
Andreas Renschler |
|
10 |
|
Stefan Buchner |
|
10 |
|
Gerrit Marx |
|
10 |
|
Marc Llistosella Y Bischoff |
|
5 |
|
Dinakara Babu Paruchuri |
|
5 |
|
|
|
|
|
Total |
|
798553129 |
As on 13.09.2010
|
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] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Motor Vehicles. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
State Bank of |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
KPMG House, Kamala Mills Compound, 448 Senapati Bapat Marg, Lower
Parel, Mumbai-400013, |
|
|
|
|
Holding Company: |
Daimler AG, |
|
|
|
|
Fellow Subsidiaries: |
|
CAPITAL STRUCTURE
As on 13.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
798553129 |
Equity Shares |
Rs.10/- each |
Rs.7985.531 Millions
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs.7500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
592130929 |
Equity Shares |
Rs.10/- each |
Rs.5921.309
Millions |
Note:
Out of above 592130929 equity shares previous
year 127100000 equity shares are held by Daimler AG,
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 |
5921.309 |
1271.000 |
0.500 |
|
|
2] Share Application Money |
0.000 |
1307.999 |
27.500 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(513.763) |
(353.667) |
(15.499) |
|
|
NETWORTH |
5407.546 |
2225.332 |
12.501 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1408.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1408.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6815.546 |
2225.332 |
12.501 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1543.852 |
87.119 |
0.579 |
|
|
Capital work-in-progress |
5592.105 |
3082.445 |
13.659 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
299.462 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
738.131
|
164.526
|
3.254 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
629.204
|
451.311
|
3.179 |
|
Total
Current Assets |
1367.335
|
615.837
|
6.433 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1599.421
|
1603.758
|
7.278 |
|
|
Other Current Liabilities |
78.498
|
248.724
|
0.887 |
|
|
Provisions |
9.827
|
7.049
|
0.005 |
|
Total
Current Liabilities |
1687.746
|
1859.531
|
8.170 |
|
|
Net Current Assets |
(320.411)
|
(1243.694)
|
(1.737) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6815.546 |
2225.332 |
12.502 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(155.410) |
(327.140) |
(15.470) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.610 |
5.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(160.020) |
(332.440) |
(15.470) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
5.720 |
0.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(160.020) |
(338.160) |
(15.500) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(513.690) |
(353.670) |
(15.500) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Prototype and Testing Components |
63.023 |
0.000 |
NA |
|
|
|
Capital Equipments |
25.402 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
88.425 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.49) |
(2.79) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.50)
|
(47.29) |
(220.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
(0.15) |
(1.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.84 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81
|
0.33 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
The Company was incorporated on 10 December 2007 in the name of Fortius
Motor Limited. The Company was set up as a joint venture between Daimler, AG,
Germany (“Daimler”), Hero Corporate Services Limited and Flourishing
Manufacturing & Automotive Limited (together referred to as “Hero”) with
the share holding pattern between Daimler and Hero in the ratio of 60:40. The
name of the Company was subsequently changed to Daimler Hero Commercial
Vehicles Limited on 5 June 2008. After the exit of one of the joint venture
partner viz., Hero, the name of the Company was changed to Daimler India
Commercial Vehicles Limited on 27 May 2009. The Company was converted into
private limited company on 17 June 2009. Daimler AG has acquired the shares
from Hero investee at par during April 2009. Following this, Daimler India
Commercial Vehicles Private Limited has become 100% subsidiary of Daimler AG.
During the previous year, the Company has refunded the share application
money to Hero, one of its erstwhile shareholders aggregating to Rs. 523.200
million. The Company has allotted shares for the balance amount to Daimler AG,
The registered office of the Company has been changed from
The Company is set up for designing, manufacturing, distributing,
selling, sourcing, after sales, engineering services and research and
development of commercial vehicles and related products and components for
domestic Indian markets and overseas.
Note: The
registered office of the company has been shifted from E-1, Qutab Hotel
Complex, Shaheed Jeet Singh Marg, New Delhi-110016,
FINANCIAL RESULTS:
Since, the Company is yet to start commercial production and no revenue
was generated, the Company has reported a loss of Rs 160.020 Million after tax.
During the year the Company succeeded in implanting its first footprint
on Indian Customers by selling imported ROSA Bus manufactured by
The parent Company (‘Daimler AG’) had consolidated their truck business
for
With focus on the entire Indian truck market, the Company consolidates
the Daimler truck business in
SHARE CAPITAL:
During the year, the Company became wholly
owned subsidiary of Daimler AG,
FIXED ASSETS
- Building
- Plant and Machinery
- Computers
- Vehicles
- Office Equipments
- Furniture and Fixture
- Computer Software
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 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.44.93 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.