MIRA
INFORM REPORT
|
Report Date : |
30.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
MERCEDES - BENZ INDIA PRIVATE LIMITED (w.e.f 15.12.2008) |
|
|
|
|
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 : |
|
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|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.11.1994 |
|
|
|
|
Com. Reg. No.: |
11-83160 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102PN1994PTC083160 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03140E/
PNED03142G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM1789L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Motor Vehicles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 31000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an Indo-German
Joint Venture, promoted by strong promoters. Financially company has
performed well in the current year.
Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. 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 – 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 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
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 08.09.2011
|
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 |
|
DIN No.: |
02009911 |
|
|
|
|
Name : |
Mr. Thomas
Alexander Eberhard Hans Schaefer |
|
Designation : |
Alternate
Director |
|
Address : |
Kimbernstrasse
75, Schoenaich, Baden |
|
Date of Birth/Age : |
01.04.1970 |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
00769318 |
|
|
|
|
Name : |
Mr. Peter Theodor Honegg |
|
Designation : |
Managing Director |
|
Address : |
No.3, Jalan Nusa Bukit, Tunku |
|
Date of Birth/Age : |
01.11.1955 |
|
Date of Appointment : |
08.09.2011 |
|
DIN No.: |
03307735 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U34102PN1994PTC083160 |
Mercedes-Benz
India Private Limited |
Managing
director |
8/9/2011 |
1/1/2011 |
- |
Active |
NO |
|
2 |
U73100KA1996PTC021375 |
Mercedes-Benz
Research and Development India Private Limited |
Director |
19/08/2011 |
1/7/2011 |
19/08/2011 |
Active |
NO |
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 |
|
PAN No.: |
ABMPP3616J |
|
|
|
|
Name : |
Mr. Mahesh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Daimler Ag , |
|
599999999 |
|
Peter Theodor Honegg |
|
1 |
|
TOTAL |
|
600000000 |
Equity Share Break up (Percentage of Total Equity)
As on 08.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
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 : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
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 : |
|
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PAN.: |
AAAFB9852F |
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|
|
Holding Company: |
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|
Fellow Subsidiaries: |
Cin No. U73100ka1996ptc021375
Cin
No.: U34200tn2007ptc072876 ·
Evobus Gmbh ·
DaImler Northeast Asia Limited ·
Daimler Automotive Korea Limited ·
Mercedes-AMG GmbH ·
Mercedes-Benz Grand Prix Limited ·
Mercedes-Benz International School |
|
|
|
|
Institutions Controlled: |
|
CAPITAL STRUCTURE
As on 31.03.2011
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 |
Notes:
600000000 (Pervious Year 600000000) equity
shares of Rs. 10 each are held by Daimler AG, the holding company and its
nominees. This Includes 87340162 (Previous Year 87340162) equity shares of Rs.
10 each allotted as fully paid up shares pursuant to a contract for
consideration other than cash.
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 |
6000.000 |
6000.000 |
6000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1742.314 |
184.762 |
186.753 |
|
|
4] (Accumulated Losses) |
0.000 |
(475.913) |
(1339.682) |
|
|
NETWORTH |
7742.314 |
5708.849 |
4847.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
368.759 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
368.759 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7742.314 |
5708.849 |
5215.830 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
833.581 |
904.735 |
997.293 |
|
|
Capital work-in-progress |
1090.711 |
37.273 |
121.099 |
|
|
|
|
|
|
|
|
INVESTMENT |
492.963 |
1047.702 |
430.743 |
|
|
DEFERREX TAX ASSETS |
659.081 |
417.132 |
347.308 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6128.735
|
2602.103
|
3980.043
|
|
|
Sundry Debtors |
1749.559
|
667.215
|
1462.314
|
|
|
Cash & Bank Balances |
537.694
|
389.496
|
496.546
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
6654.917
|
5537.733
|
5699.836
|
|
Total
Current Assets |
15070.905
|
9196.547
|
11638.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3766.229
|
1275.108
|
4527.242 |
|
|
Other Current Liabilities |
1647.345
|
1295.913
|
1158.056
|
|
|
Provisions |
4991.353
|
3323.519
|
2634.054
|
|
Total
Current Liabilities |
10404.927
|
5894.540
|
8319.352 |
|
|
Net Current Assets |
4665.978
|
3302.007
|
3319.387 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7742.314 |
5708.849 |
5215.830 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
22570.000 |
13189.000 |
11575.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
19589.000 |
11868.000 |
11653.000 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2981.000 |
1321.000 |
(78.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
945.000 |
457.000 |
(63.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2036.000 |
864.000 |
(15.000) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.39 |
1.44 |
(0.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.02
|
6.55
|
(0.13) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.74
|
13.08
|
(0.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.23
|
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.03
|
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.56
|
1.40 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
NOTES:
The registered address of the company changed from Sector No 15A,
OPERATIONS:
During the year, total revenue increased
to Rs. 22570.000 millions from Rs. 13189.000 millions registered in the
previous year. The Company has made a Net Profit of Rs.2036.000 million after
tax as against a net loss after tax of Rs. 864.000 millions in the previous
year.
MARKET / BUSINESS
OVERVIEW
The
Company continues to grow, achieving a sales volume of 7123 Vehicles (PV + CV)
in the FY 2010-2011. The total number of Vehicles consists of 6665 units of the
Passenger Cars and 458 units of Commercial Vehicles. (341 Trucks and 117 Bus Chassis)
HUMAN RESOURCES
DEVELOPMENT AND INDUSTRIAL RELATIONS
Industrial
relations continued to be cordial throughout the year at the Company’s Factory
and Head Office at Pune. To ensure smooth flow of work at the factory, focused
training sessions/workshops were conducted for the
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.55.41 |
|
|
1 |
Rs.86.93 |
|
Euro |
1 |
Rs.68.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.