|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
02.08.1996 |
|
|
|
|
Com. Reg. No.: |
08-24176 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.104.669 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U50101KA1996PTC024176 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV03081B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Tractors, Tippers, Trailers and Bus Chassis. |
|
|
|
|
No. of Employees
: |
210 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
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 34000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Volvo Group, Sweden. It is well established and
reputed company having good track. The performance capacity of the company appears
to be high. The latest financial is missing from the government department. However, from previous year financial company appears to be strong.
Liquidity position is good. Trade relations are reported to be fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-80-66914000 [080] |
|
Fax No.: |
91-80-27965280 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10 acres |
|
Location: |
Owned |
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-80-22266426-28 / 22228446 |
|
Fax No.: |
91-80-22284448 / 22250721 |
|
Website : |
|
|
Area : |
2000 sq. fts |
|
Location: |
Rented |
|
|
|
|
|
|
|
Factory 1 : |
Yalachahally, Tavarekere P.O., |
|
Tel. No.: |
91-80-27965251/58/59 |
|
Fax No.: |
91-80-27965233 |
|
E-Mail : |
|
|
Area : |
10 acres |
|
Location: |
Owned |
|
|
|
|
Factory 2 : |
7 and 8 Phase I, Peenya Industrial Area, |
|
|
|
|
Regional Sales Offices : |
Located at: ·
· Kolkata ( Eastern Region) ·
·
· Mumbai (Western Region) |
|
|
|
|
Branches : |
Located at: · Udaipur, Rajasthan, India · Hyderabad, Andhra Pradesh, India ·
Ahmedabad, Gujarat, India |
DIRECTORS
THE LATEST DETAILS OF DIRECTORS ARE NOT AVAILABLE FROM ANY SOURCE
As on 28.09.2011
|
Name : |
Mr. Wedekind Eberhard Engelbert |
|
Designation : |
Director |
|
Address : |
6, Ewart Park, Singapore-279738 |
|
Date of Birth/Age : |
01.05.1958 |
|
Date of Appointment : |
27.11.2007 |
|
Date of Cessation : |
05.03.2012 |
|
DIN : |
01996929 |
|
Name : |
Mr. Narsim Shenoy |
|
Designation : |
Director |
|
Address : |
No. 33, Embassy Palace, Cunningham Road, Bangalore-560001, Karnataka, India |
|
Date of Birth/Age : |
26.04.1931 |
|
Date of Appointment : |
09.04.1997 |
|
Date of Cessation : |
02.01.2012 |
|
DIN : |
00021373 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U50101KA1996PTC024176 |
VOLVO
INDIA PRIVATE LIMITED |
Director |
09-04-97 |
09-04-97 |
02-01-12 |
Active |
NO |
|
2 |
U72300KA1997PTC022977 |
SOBIS
TEKSOFT PRIVATE LIMITED |
Director |
04-11-97 |
04-11-97 |
- |
Active |
NO |
|
3 |
U72900KA1997PTC022169 |
SHELK
SOFTWARE PRIVATE LIMITED |
Director |
25-08-01 |
25-08-01 |
- |
Active |
NO |
|
4 |
U41000KA2005PTC036146 |
GEBERIT
PLUMBING TECHNOLOGY INDIA PRIVATE LIMITED |
Director |
25-04-05 |
25-04-05 |
05-04-10 |
Active |
NO |
|
5 |
U72200KA2000PTC027761 |
SOBIS
SOFTWARE (INDIA) PRIVATE LIMITED |
Director |
25-04-05 |
25-04-05 |
- |
Active |
NO |
|
6 |
L74999AP2005PLC059013 |
GVK
POWER AND INFRASTRUCTURE LIMITED |
Director |
14-10-05 |
14-10-05 |
- |
Active |
NO |
|
7 |
L31102MH1964PLC013011 |
EMCO
LIMITED |
Director |
15-09-06 |
20-01-06 |
- |
Active |
NO |
|
8 |
L15421UP1932PLC022174 |
TRIVENI
ENGINEERING AND INDUSTRIES LIMITED |
Director |
24-12-07 |
13-07-06 |
10-05-11 |
Active |
NO |
|
9 |
U72200KA2006PTC040577 |
OPEN
COUNTRY TECHNOLOGIES (INDIA) PRIVATE LIMITED |
Director |
21-09-06 |
21-09-06 |
01-12-10 |
Active |
NO |
|
10 |
L33130GJ1987PLC009305 |
INTEGRA
INDIA GROUP COMPANY LIMITED |
Director |
29-08-08 |
24-08-07 |
- |
Active |
NO |
|
11 |
U74200KA2009PTC051291 |
VOITH
ENGINEERING SERVICES PRIVATE LIMITED |
Director |
26-10-09 |
26-10-09 |
15-09-10 |
Active |
NO |
|
12 |
U40102AP2008PLC058683 |
GVK
ENERGY LIMITED |
Director |
01-08-11 |
30-07-10 |
- |
Active |
NO |
|
13 |
U29110UP1995PLC041834 |
TRIVENI
TURBINE LIMITED |
Director |
06-09-11 |
10-05-11 |
- |
Active |
NO |
|
Name : |
Mr. Bo Lennart Nilson |
|
Designation : |
Director |
|
Address : |
Fjallbruden 136, Angered, Gothenburg-42450, Sweden |
|
Date of Birth/Age : |
28.06.1955 |
|
Date of Appointment : |
27.11.2007 |
|
Date of Cessation : |
05.03.2012 |
|
DIN : |
02004596 |
|
|
|
|
Name : |
Mr. Giorgio Paris |
|
Designation : |
Director |
|
Address : |
Via Varses 40,21047, Saronna Va, Italy |
|
Date of Birth/Age : |
16.10.1957 |
|
Date of Appointment : |
13.04.2006 |
|
Date of Cessation : |
05.03.2012 |
|
DIN : |
00139205 |
|
|
|
|
Name : |
Mr. Rolf Bertil Agren |
|
Designation : |
Director |
|
Address : |
East Gate International Apartment, 19/39, Dongzohong Street, Bejjing-100027, China |
|
Date of Birth/Age : |
06.05.1950 |
|
Date of Appointment : |
17.07.2009 |
|
Date of Cessation : |
05.03.2012 |
|
DIN : |
02402806 |
|
|
|
|
Name : |
Mr. Harald Jens Wergeland |
|
Designation : |
Director |
|
Address : |
Kullavikas Angsvag 10, Kullavik, Sweden |
|
Date of Birth/Age : |
21.03.1963 |
|
Date of Appointment : |
17.07.2009 |
|
Date of Cessation : |
05.03.2012 |
|
DIN : |
02362224 |
|
|
|
|
Name : |
Mr. Jonas Casper Fogelberg |
|
Designation : |
Director |
|
Address : |
Onsala Pilvag, 5B, Halland, Sweden |
|
Date of Birth/Age : |
02.10.1962 |
|
Date of Appointment : |
17.07.2009 |
|
Date of Cessation : |
05.03.2012 |
|
DIN : |
02469104 |
|
|
|
|
Name : |
Mr. Lars Arne Carlsson Lidman |
|
Designation : |
Director |
|
Address : |
Gibraltargatan 4 5 TR, Gothenburg, Sweden - 41132 |
|
Date of Birth/Age : |
17.09.1954 |
|
Date of Appointment : |
04.08.1998 |
|
Date of Cessation : |
05.03.2012 |
|
DIN : |
01868553 |
|
Name : |
Mr. Muralidharan Angadu Mohanakrishnan |
|
Designation : |
Additional Director |
|
Address : |
48-AK Block, 11th |
|
Date of Birth/Age : |
19.05.1960 |
|
Date of Appointment : |
01.10.2010 |
|
Date of Cessation : |
01.08.2012 |
|
DIN : |
03279284 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U50101KA1996PTC024176 |
VOLVO
INDIA PRIVATE LIMITED |
Managing
director |
28-09-11 |
01-10-10 |
- |
Active |
NO |
|
2 |
U74900DL2008PLC175032 |
VE
COMMERCIAL VEHICLES LIMITED |
Alternate
director |
21-06-11 |
21-06-11 |
27-07-11 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Laxminarayan Hegde |
|
Designation : |
Director |
|
Address : |
NO.15, Srisoudha, Kvs Layout, Kodigehalli, |
|
Date of Birth/Age : |
15.04.1964 |
|
Date of Appointment : |
03.08.2005 |
|
PAN : |
AACPH2986G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Volvo Truck Corporation, |
|
10466883 |
|
Volvo Holding |
|
1 |
|
Total |
|
10466884 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage of Holding |
|
Foreign Holding (Foreign institutional investors Foreign companies(S), foreign financial institution, Non- resident(s) or Overseas corporate bodies |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Tractors, Tippers, Trailers, Bus Chassis. |
||||||||||
|
|
|
||||||||||
|
Products : |
"VOLVO"
|
PRODUCTION STATUS As on 31.03.2011
Licensed Capacity:
Not
Available
Installed
Capacity:
|
Particulars |
Units |
Installed
Capacity (on single shift basis) |
|
|
|
|
|
Tractor/ Bus chassis |
Nos. |
2000 |
|
Road Machines |
Nos. |
1400 |
Actual Production:
|
Particulars |
Units |
Actual
Production |
|
Tractor |
Nos. |
1085 |
|
Bus Chassis |
Nos. |
631 |
|
Road Machines |
Nos. |
724 |
GENERAL INFORMATION
|
No. of Employees : |
210 [Approximately] |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millenia, 1 and 2
Murphy Road, UIsoor, Bangalore-560008, Karnataka, India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Memberships : |
Confederation of Indian Industry |
|
|
|
|
Holding
Company : |
Volvo Truck Corporation, S-40508, |
|
|
|
|
Ultimate
Holding Company |
AB |
|
|
|
|
Fellow Subsidiaries : |
·
Volvo de Brasil,
Brazil VCEB ·
AB Volvo Penta ·
Volvo Constr Equipm
(China) Company
Limited
·
Volvo Information
GB Limited, Great Britain (VITGB) ·
Thai-Swedish
Assembly Company,
Limited ·
Volvo Construction
Equipment, Korea ·
Volvo Trucks North
America Inc., USA ·
Volvo Construction
Equipment, Belgium (VCEB) ·
Volvo East Asia Pte
Limited, Singapore (VEAS) · Volvo Parts Corporation Sweden (VPC)
|
CAPITAL STRUCTURE
After 28.09.2011
Authorised Capital : Rs.1000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.104.669 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- Each |
Rs. 150.000
Millions |
|
35000000 |
Redeemable
Preference Shares (Note) |
Rs.10/- each |
Rs. 350.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Note: At the option of
the allotted, the preference shares are converted into equity shares at par or
redeemable at par after 5 year but within 20 years form the dated of issue.
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10466884 |
Equity Shares |
Rs.10/-each |
Rs. 104.669
Millions |
|
|
|
|
|
Note:
Of the above equity shares 10466883 (2008: 10466883)
shares are held by Volvo Truck Corporation,
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
104.669 |
104.669 |
104.669 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8343.746 |
6650.619 |
5464.150 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8448.415 |
6755.288 |
5568.819 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.106 |
|
|
2] Unsecured Loans |
21.998 |
10.060 |
489.053 |
|
|
TOTAL BORROWING |
21.998 |
10.060 |
489.159 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8470.413 |
6765.348 |
6057.978 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2193.188 |
2397.698 |
2519.272 |
|
|
Capital work-in-progress |
111.224 |
30.165 |
126.674 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
364.384 |
114.247 |
259.492 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5646.027 |
3796.963 |
3764.626 |
|
|
Sundry Debtors |
3309.803 |
2458.980 |
1986.668 |
|
|
Cash & Bank Balances |
1937.248 |
1091.868 |
133.614 |
|
|
Other Current Assets |
262.969 |
176.080 |
162.080 |
|
|
Loans & Advances |
1449.996 |
2332.451 |
841.376 |
|
Total
Current Assets |
12606.043 |
9856.342 |
6888.364 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4876.391 |
2251.662 |
1114.935 |
|
|
Sundry Creditors |
1625.357 |
3113.252 |
1735.594 |
|
|
Provisions |
302.678 |
268.190 |
885.295 |
|
Total
Current Liabilities |
6804.426 |
5633.104 |
3735.824 |
|
|
Net Current Assets |
5801.617 |
4223.238 |
3152.540 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8407.413 |
6765.348 |
6057.978 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
21439.000 |
18354.000 |
18384.000 |
|
|
|
Other Income |
267.000 |
360.000 |
216.000 |
|
|
|
TOTAL (A) |
21706.000 |
18714.000 |
18600.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
15500.000 |
13746.000 |
13613.000 |
|
|
|
Manufacturing and Other Expenses |
3695.000 |
2557.000 |
2706.000 |
|
|
|
TOTAL (B) |
19195.000 |
16303.000 |
16319.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2511.000 |
2411.000 |
2281.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.00 |
4.000 |
16.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2504.000 |
2407.000 |
2265.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
342.000 |
346.000 |
317.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2162.000 |
2061.000 |
1948.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
469.000 |
874.000 |
650.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1693.000 |
1187.000 |
1298.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4243.000 |
3256.000 |
2700.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
250.000 |
200.000 |
130.000 |
|
|
|
Proposed Dividend including tax |
0.000 |
0.000 |
612.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5686.000 |
4243.000 |
3256.000 |
|
|
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
|
FOB Value of Exports |
44.826 |
58.670 |
2513.925 |
|
|
|
Software Services |
758.698 |
307.880 |
196.370 |
|
|
|
Product Design Services |
1218.007 |
625.413 |
571.923 |
|
|
Total Earnings |
2021.531 |
991.963 |
3282.218 |
|
|
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
|
Components / Kits |
5798.767 |
5219.559 |
5723.166 |
|
|
|
Capital Goods |
77.937 |
47.287 |
50.818 |
|
|
|
Traded Items |
4320.313 |
3547.769 |
3364.353 |
|
|
|
Spare Parts (Traded) |
2425.921 |
1307.486 |
1367.403 |
|
|
Total Imports |
12622.938 |
10122.101 |
10505.74 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
161.75 |
113.36 |
123.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.80 |
6.47 |
6.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.08 |
11.23 |
10.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.61 |
16.82 |
20.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.31 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80 |
0.84 |
0.76 |
|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
1.75 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Market and Economic scenario
The Company is affected
by the ongoing global recession, inflation, currency fluctuation and higher
borrowing cost. Global recession has also impacted the export market for
commercial vehicles. However, the performance is good on account of various
measures taken by the Company.
The increase in
market demand is visible throughout Asia, however, the western countries and
middle-east, continue to be in difficult situation. This places a big
responsibility on countries in Asia like China and India to deliver best
results. The Company continues to develop the service business from India as
strategic initiatives.
The demand for the
truck has come down due to environmental restrictions in the mining segment.
Bus division is having healthy order book under various program initiated by
the State and the Central Government.
Operations
The Company had
successfully completed its fourteenth year of operations. The sales have
increased by 17.43% compared to previous year. However other income of the
Company has decreased by 25.72% compared to previous year. The operations have
resulted in a profit before tax of Rs. 2162.000 million for the year as against
a profit before tax of Rs. 2061.000 million during the previous year. Improved
operating result is due to mainly increase in sales and services and continued
focus on profitability improvement.
Contingent
Liabilities:
|
Particulars |
31.03.2011 Rs.
In Millions |
31.03.2010 Rs.
In Millions |
|
Bank Guarantee |
0.000 |
68.062 |
|
Excise Duty matters disputed by the Company |
48.920 |
6.859 |
|
Service Tax Matters disputed by the Company |
19.245 |
16.073 |
|
Transfer Pricing matters disputed by the company |
471.615 |
294.772 |
|
Central Sales Tax and VAT matters disputed by the company |
119.343 |
208.613 |
|
Bonds issued by the company in favour of customs authorities, pending
assessment |
835.144 |
978..400 |
Fixed Assets:
AS PER WEBSITE DETAILS
Press Release
VOLVO DRAWS UP
Rs.20000.000 MILLIONS INVESTMENT ROADMAP IN INDIA
Friday, November 16,
2012, 00:22
Bangalore: Volvo Group plans to invest Rs.20000.000 Millions in India to expand its truck, bus and construction equipment business, its President and Chief Executive Officer Olof Persson said Thursday.
"....We are talking about 20 billion (rupees) going forward in the next
coming years," he told a press conference here, adding the proposed
investment would be in manufacturing, research and development and facilities.
"We are committed to India going forward in terms of investment,"
Persson said.
Separately, he added that VE Commercial Vehicles Limited (VECV), a 50:50 joint
venture between the Volvo Group and Eicher Motors Limited (EML), would make an
investment of Rs.18000.000 Millions in the next couple of years.
This investment would be towards massive modernisation of Eicher product range,
exporting the products and setting up of new engine and busbody plants,
paintshop and new test facility, Persson said.
The joint venture is setting up a plant at Pithampur in Madhya Pradesh, which
would have full capacity to produce 100,000 engines by 2016. The Volvo Group,
the world's second biggest truck company, aims to source 30 percent of these
engines for its European operations, he said.
The Volvo Group is looking to expand the size and responsibility of India hub,
he said, adding, the swedish truckmaker expects the Indian market to grow
faster than other regions, given the proposed investment and potential in this
country.
Officials added that the Volvo Group in India constitutes three legal entities
-- Volvo India Private Limited (VIPL) and Volvo Buses India (VBI) and
VECV.
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.54.27 |
|
|
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
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.