MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	RENAULT TRUCKS SAS
Registered Office :	99 route de Lyon Saint Priest, 69806
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	15.01.1954
Com. Reg. No.:	954506077
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers
No. of Employees :	10,182

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

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^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

FRANCE - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

Company name and address

Top of Form

Renault Trucks SAS

99 route de Lyon
Saint Priest, 69806
France
Tel:	+33 04 78 20 90 64
Fax:	+33 04 78 63 71 60
www.renault-trucks.com

Employees:	10,182
Company Type:	Private Subsidiary
Corporate Family:	374 Companies
Ultimate Parent:	AB Volvo
Incorporation Date:	15-Jan-1954

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	5,999.4
Total Assets:	3,268.8

Business Description

Renault Trucks SAS (Renault) is France based designer, manufacturer and distributor of commercial and heavy duty vehicles. The product portfolio includes light commercial vehicles, heavy load carriers and commercial vehicles, other vehicles. The company also offers a range of tactical and logistic vehicles, wheeled armoured vehicles and high mobility solutions to cater to military needs. Renault offers sales and support services including training, roadside assistance services, warranty services, repair and maintenance, supply of spare parts and other related services. The company maintains four production and assembly sites in France and nine assembly centers in the geographies of Iran, Malaysia, Morocco, Russia, South Africa, Taiwan, Tunisia, Turkey, and Uruguay. Renault is headquartered in Saint-Priest, France. Recently, as a part of the overall reorganization carried out in the AB Volvo Group, the management of the trucks brands of the Volvo Group were divided in three new geographical entities: Americas (North America and Latin America), EMEA (Europe, Middle East, Africa) and APAC (Asia Pacific).

Industry

Industry	Auto and Truck Manufacturers
ANZSIC 2006:	231 - Motor Vehicle and Motor Vehicle Part Manufacturing
NACE 2002:	3420 - Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers
NAICS 2002:	336211 - Motor Vehicle Body Manufacturing
UK SIC 2003:	34201 - Manufacture of bodies (coachwork) for motor vehicles (except caravans)
UK SIC 2007:	29201 - Manufacture of bodies (coachwork) for motor vehicles (except caravans)
US SIC 1987:	3713 - Truck and Bus Bodies

Key Executives

Name	Title
Stefano Chmielewski	CEO
Bernard Modat	Directeur Projet, Interim President
Frederic Martin	Purchase manager
Gerard Amiel	Director Human Resources
Olivier Vidal De La Blache	Vice President Fabrications

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
99 route de Lyon
Saint Priest, 69806
France

Tel:	+33 04 78 20 90 64
Fax:	+33 04 78 63 71 60

www.renault-trucks.com

Sales EUR(mil):	4,314.7
Assets EUR(mil):	2,518.0
Employees:	10,182
Fiscal Year End:	31-Dec-2011

Industry:

Auto and Truck Manufacturers

Incorporation Date:	15-Jan-1954
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(FRA):	954506077

CEO :

Stefano Chmielewski

Industry Codes

ANZSIC 2006 Codes:
231	-	Motor Vehicle and Motor Vehicle Part Manufacturing

NACE 2002 Codes:
3420	-	Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers

NAICS 2002 Codes:
336211	-	Motor Vehicle Body Manufacturing

US SIC 1987:
3713	-	Truck and Bus Bodies

UK SIC 2003:
34201	-	Manufacture of bodies (coachwork) for motor vehicles (except caravans)

UK SIC 2007:
29201	-	Manufacture of bodies (coachwork) for motor vehicles (except caravans)

Business Description

Manufacture and assembly of heavy duty trucks

More Business Descriptions

Truck Mfr

Renault Trucks is primarily engaged in manufacture of passenger cars; manufacture of commercial vehicles (vans, lorries, over-the-road tractors for semi-trailers, dumpers for off road use, etc.); manufacture of buses, trolley-buses and coaches; manufacture of motor vehicle engines; manufacture of chassis fitted with engines; and manufacture of other motor vehicles (snow mobiles, golf carts, amphibious vehicles; fire engines, street sweepers, travelling libraries and banks, etc.). This class also includes: manufacture of motorcycle engines.

Renault Trucks SAS (Renault) is a designer, manufacturer and distributor of commercial and heavy duty vehicles. The company operates as a unit of Volvo Group. Renault, which was a heavy truck business division of Renault S.A., was acquired by Volvo along with Mack Truck division in 2001. Volvo Group maintains presence in the heavy duty vehicle sector through four reference brands: Renault, Volvo, Mack, Eicher Trucks and UD (Nissan Diesel). Renault’s products are sold in more than 100 countries and it maintains more than 1600 sales and services outlets.The company designs, develops, manufactures and supplies range of vehicles and machinery used for on-road and off-road purposes. The product portfolio includes minivans, light commercial vehicles, heavy load carriers, heavy commercial vehicles, and other vehicles. The company offers products for various commercial applications such as deliveries, distribution, long-distance haulage, construction, services, the environment, and retail activities. For delivery range the company offers Renault Trafic, Renault Master, and Renault Maxity. For distribution range the company offers Renault Midlum, Renault Premium Distribution, and Renault Access. For construction range the company offers Renault Premium Lander and Renault Kerax, and for long distance range the company offers Renault Premium Long Distance and Renault Magnum. The company through its subsidiary units RENAULT TRUCKS Defense SAS and Acmat, the company designs, manufactures and sells a range of tactical and logistic vehicles, wheeled armoured vehicles and high mobility solutions to cater to military needs. The product lines offered by the company for military applications includes VAB Mark II 4x4 – 6x6, Sherpa light 4x4, VLRA ALTV, Sherpa Medium 4x4 – 6x6, Kerax 4x4 – 6x6 8x4 – 8x8, and others. Renault also offers various sales and support services including training, roadside assistance services, warranty services, repair and maintenance, supply of spare parts and other related services. The key services offered includes Renault trucks 24/7 assistance, start & drive, Expandys, Renault trucks GO24, maintenance packages, Fast&Pro, Optifuel programme, Clovis Rent, Renault trucks financial services, and mobile solutions. It is also engaged in refurbishment and sale of used equipments and machines of Renault. For defense sector, it undertakes upgrading programs, maintenance in operational conditions and specific adaptation services. The company’s products and services are applicable for diversified sectors including distribution, transportation, construction, heavy haulage, military and other sectors that require on-road and off-road vehicles. It operates four production and assembly sites in France at Blainville, Bourg-en-Bresse, Limoges and Lyon. The company has nine assembly centers across the globe including Iran, Malaisia, Morocco, Russia, South Africa, Taiwan, Tunisia, Turkey, Uruguay. Renault also maintains about 1,600 sales and services outlets in Europe and a distribution network of dealers, subsidiaries and affiliates operating in over 100 countries across the world. The company sold nearly 45,000 vehicles in 2010. The company’s distribution in Europe is managed through 395 approved dealers and 1099 service points through twelve hubs, namely, Adrialps, Benelux, Central Europe, France, Germany, Iberic, Italy, Italy, Poland & Baltics, South-East, South-East and the UK. The company’s worldwide distribution other that Europe is managed through 142 approved dealers and 84 service points, through eight hubs, namely, Ukraine/Caucasus, Algeria/Tunisia, Morocco, South America, Iran, Middle East, Africa/Direct Sales/French overseas, and Russia / Bielorussia / Central Asia. The major subsidiary units of the company include Renault Trucks Defense SAS, Renault Trucks Deutschland GmbH, Renault Trucks Polska SP Z OO, Renault Trucks, Espana, Renault Trucks Italia Spa. Recently, as a part of the overall reorganization carried out in the AB Volvo Group, the management of the trucks brands of the Volvo Group were divided in three new geographical entities: Americas (North America and Latin America), EMEA (Europe, Middle East, Africa) and APAC (Asia Pacific). In addition, production and vehicle assembly for all Volvo Group brands will be regrouped under Group Trucks Operations, to which the Renault Trucks production facilites will be attached.

Renault Trucks SAS (Renault) is France based designer, manufacturer and distributor of commercial and heavy duty vehicles. The product portfolio includes light commercial vehicles, heavy load carriers and commercial vehicles, other vehicles. The company also offers a range of tactical and logistic vehicles, wheeled armoured vehicles and high mobility solutions to cater to military needs. Renault offers sales and support services including training, roadside assistance services, warranty services, repair and maintenance, supply of spare parts and other related services. The company maintains four production and assembly sites in France and nine assembly centers in the geographies of Iran, Malaysia, Morocco, Russia, South Africa, Taiwan, Tunisia, Turkey, and Uruguay. Renault is headquartered in Saint-Priest, France. Recently, as a part of the overall reorganization carried out in the AB Volvo Group, the management of the trucks brands of the Volvo Group were divided in three new geographical entities: Americas (North America and Latin America), EMEA (Europe, Middle East, Africa) and APAC (Asia Pacific).

Renault Trucks SAS, a French truck manufacturer, is a subsidiary of the Swedish AB Volvo Group and operates one of the 5 brands of vehicles the latter manages on a global scale (Renault, Volvo, Mack, Eicher, UD). The company has a workforce of 13,944 people worldwide, employing 9,860 of them in France. Renault Trucks assembles and distributes an extended range of vehicles (from 2.7 to 120 t) and provides services specifically designed for road hauliers (delivery, distribution, construction, long distance), institutions, local authorities and the Armed Forces. Renault Trucks offers its products and services worldwide under the Renault name via a largely private network of 1,600 sales and service outlets. The company designs and assembles most of its production in France (Caen, Bourg-en-Bresse, Lyon, Limoges). For some destinations abroad, the company works with local partners who assemble vehicles imported as kits of parts (CKD: Completely Knocked Down). Renault Trucks Defense, a subsidiary of Renault Trucks, is a multi-brand holding company with ACMAT Defense and PANHARD Defense. It offers a complete Defense and Homeland defense product range. A major supplier of the French Army, Renault Trucks Defense can claim more than 65 customer countries across the world.

Heavy Duty Truck Manufacturing

Brand/Trade Names
Renault Renault Trucks Truckone Volvo Powertrain	Renault VI Volvo 3P Volvo Bus

Financial Data

Financials in:	EUR(mil)
Revenue:	4,314.7
Assets:	2,518.0
Current Assets:	1,005.2
Total Liabilities:	2,518.0
Issued Capital:	50.0
Net Worth:	807.6
Date of Financial Data:	31-Dec-2011

1 Year Growth

16.6%

NA

Subsidiaries

Company	Percentage Owned	Country
Renault Trucks Polska Sp. z.o.o.		POLAND
Renault Trucks España, S.L.		SPAIN
Mack de Venezuela, C.A.		VENEZUELA
Renault VI België SA/NV	100%	BELGIUM
Renault Trucks (Schweiz) AG	100%	SWITZERLAND
Société Marocaine des Automobiles M Berliet SA	61.51%	MOROCCO
Ateliers de Constructions Mécaniques de l'Atlantique SA	100%	FRANCE
Renault Trucks Commercial France		France
Renault Vi Belgique Renault Vi Belgie Sa		Belgium
Renault Trucks U K Ltd		England
Atelier Construction Mecaniq Atlantiqu		France
Touraine Trucks Ets Dours		France
Renault Trucks Nederland B.V.		Netherlands
Renault Trucks Kamyon Sanayi A S		Turkey
Rt Vostok Ooo		Russian Federation
Renault V I España Sa		Spain
Renault Trucks Argentina S.A.		Argentina
Renault Trucks Norge As		Norway
Renault Trucks Cr, S.R.O.		Czech Republic
Laudate		France
Renault Trucks Hungaria Korlatolt Felelossegu Tarsasag		Hungary
Etampes Trucks		France
Renault Trucks Strasbourg		France
Meritor Axles France Sas		France
Renault Trucks (Schweiz) Ag		Switzerland
Renault Trucks Italia Spa		Italy
Renault Trucks Sanayi A S		Turkey

Key Corporate Relationships

Bank:

Bnp Paribas, Societe Generale, Lcl - Le Credit Lyonnais

Corporate Structure News

Renault Trucks SAS
Total Corporate Family Members: 374

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
AB Volvo	Parent	Goteborg	Sweden	Auto and Truck Manufacturers	47,795.2	102,007
Volvo Lastvagnar AB	Subsidiary	Göteborg, Västra Götaland	Sweden	Auto and Truck Manufacturers	8,378.8	5,907
Volvo Peru S.A.	Subsidiary	Lima, Lima	Peru	Auto and Truck Manufacturers		77
Volvo Truck Nederland	Subsidiary	Beesd	Netherlands	Auto and Truck Manufacturers	7.3	75
Volvo Truck Center B.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Retail (Specialty)	71.6	61
Volvo Finland AB	Subsidiary	Vantaa	Finland	Retail (Specialty)	244.8
Volvo Lastvagnar AB	Subsidiary	Göteborg	Sweden	Auto and Truck Manufacturers	5,357.8	5,520
Renault Trucks SAS	Subsidiary	Saint Priest	France	Auto and Truck Manufacturers	5,999.4	10,182
Meritor Axles France Sas	Subsidiary	Chartres	France	Miscellaneous Capital Goods	406.2	575
Rt Vostok Ooo	Subsidiary	Khimki G.	Russian Federation	Auto and Truck Manufacturers	153.1	531
Renault Trucks Deutschland GmbH	Subsidiary	Brühl, Nordrhein-Westfalen	Germany	Auto and Truck Parts	238.8	290
Société Marocaine des Automobiles M Berliet SA	Subsidiary	Casablanca	Morocco	Auto and Truck Manufacturers	47.4	210
Renault Trucks España Sl	Subsidiary	Madrid	Spain	Auto and Truck Manufacturers	218.4	131
Renault Trucks Commercial Portugal SA	Subsidiary	Castanheira do Ribatejo, Lisboa	Portugal	Auto and Truck Manufacturers	68.5	117
Muvisa Murciana De Vehiculos Industriales Sl	Subsidiary	Molina De Segura, Murcia	Spain	Retail (Specialty)	52.7	32
Sevisa Sevillana De Vehiculos Industriales Sa	Subsidiary	Dos Hermanas, Sevilla	Spain	Retail (Specialty)	14.8	29
Ateliers de Constructions Mécaniques de l'Atlantique SA	Subsidiary	Saint Nazaire	France	Auto and Truck Manufacturers	54.1	120
Renault Trucks Argentina S.A.	Subsidiary	Munro, Buenos Aires	Argentina	Auto and Truck Manufacturers	35.2	120
Renault VI België SA/NV	Subsidiary	Brasschaat	Belgium	Auto and Truck Manufacturers	60.7	80
Renault Trucks Strasbourg	Subsidiary	Venissieux	France	Retail (Specialty)	35.1	74
Touraine Trucks Ets Dours	Subsidiary	Chambray Les Tours	France	Retail (Specialty)	21.6	74
Renault Trucks Turkiye Ticaret A S	Subsidiary	Istanbul (Anatolia)	Turkey	Auto and Truck Manufacturers	140.6	50
Renault Trucks Cr, S.R.O.	Subsidiary	Praha 8-Karlin	Czech Republic	Auto and Truck Manufacturers	80.2	50
Renault Trucks Polska Sp. z.o.o.	Subsidiary	Warszawa	Poland	Auto and Truck Manufacturers		40
Renault Trucks (Schweiz) AG	Subsidiary	Dietikon	Switzerland	Retail (Specialty)	85.8	35
Laudate	Subsidiary	Venissieux	France	Rental and Leasing	69.1	34
Renault Trucks Commercial France	Subsidiary	Venissieux	France	Retail (Specialty)	7.1	34
Renault Trucks Marseille	Subsidiary	Venissieux	France	Retail (Specialty)	46.8	149
Renault Trucks Loire Atlantique	Subsidiary	Venissieux	France	Retail (Specialty)	35.0	74
Bernard Trucks Bourgogne SAS	Subsidiary	Saint Marcel	France	Auto and Truck Manufacturers	30.3	74
Garage Sarrazin	Subsidiary	Macon	France	Retail (Specialty)	15.2	34
Ctre Tech Equipement Et Controle	Subsidiary	Champforgeuil	France	Business Services	4.5	14
Renault Trucks Mulhouse	Subsidiary	St Priest	France	Retail (Specialty)	22.2	74
Midi-Pyrenees Vehicules Industriels	Subsidiary	Fenouillet	France	Retail (Specialty)	1.4	74
Renault Trucks Grenoble	Subsidiary	St Priest	France	Retail (Specialty)	28.5
Etampes Trucks	Subsidiary	Corbeil Essonnes	France	Retail (Specialty)	17.8
Mack de Venezuela, C.A.	Subsidiary	Las TejerÃas, Estado Aragua	Venezuela	Auto and Truck Manufacturers
Volvo Group Belgium	Subsidiary	Oostakker	Belgium	Auto and Truck Manufacturers	2,928.2	3,042
Volvo Truck Corporation Powertrain Division Engine	Subsidiary	Skovde	Sweden	Auto and Truck Parts		3,000
Volvo do Brasil VeÃculos Ltda.	Subsidiary	Curitiba, PR	Brazil	Miscellaneous Capital Goods	2,530.9	2,820
Volvo Polska Sp. z.o.o.	Subsidiary	Wroclaw	Poland	Auto and Truck Manufacturers	530.7	2,637
Volvo Trucks North America, Inc.	Subsidiary	Greensboro, NC	United States	Auto and Truck Manufacturers		2,000
Volvo Powertrain North America	Branch	Hagerstown, MD	United States	Auto and Truck Parts	445.0	1,300
Volvo Trucks North America	Branch	Dublin, VA	United States	Auto and Truck Manufacturers	18.4	1,200
Volvo Parts North America	Branch	Joliet, IL	United States	Auto and Truck Parts	43.0	105
Volvo Parts North America	Branch	Memphis, TN	United States	Auto and Truck Parts	16.9	42
Volvo Trucks North America	Branch	Olathe, KS	United States	Retail (Specialty)	16.9	6
Volvo Trucks North America	Branch	Alexandria, VA	United States	Miscellaneous Capital Goods	7.4	4
Mack Trucks, Inc.	Subsidiary	Greensboro, NC	United States	Auto and Truck Manufacturers	46,000.0	800
Mack Leasing System	Subsidiary	Allentown, PA	United States	Rental and Leasing	0.8	1,000
Mack Trucks-Macungie Assembly	Subsidiary	Macungie, PA	United States	Auto and Truck Manufacturers		1,000
Mack Trucks Australia Pty Ltd	Subsidiary	Wacoal, QLD	Australia	Auto and Truck Manufacturers	118.0	570
Mack Remanufacturing Center	Subsidiary	Middletown, PA	United States	Auto and Truck Manufacturers		160
Volvo Parts North America	Branch	Elkridge, MD	United States	Auto and Truck Parts	44.5	130
Mack Trucks Remanufacturing	Subsidiary	Middletown, PA	United States	Auto and Truck Manufacturers	12.2	100
Mack Canada, Inc.	Subsidiary	Mississauga, ON	Canada	Auto and Truck Manufacturers		50
Mack Trucks Inc	Branch	Rochester, MN	United States	Retail (Specialty)	26.0	40
Mack Trucks Inc	Branch	Enid, OK	United States	Retail (Specialty)	22.6	38
Mack Trucks Inc	Branch	Des Moines, WA	United States	Retail (Specialty)	20.6	26
Mack Trucks Inc	Branch	Plainville, CT	United States	Retail (Specialty)	19.4	26
Mack Trucks Inc	Branch	Hagerstown, MD	United States	Retail (Specialty)	18.7	26
Mack Trucks Inc	Branch	Billings, MT	United States	Retail (Specialty)	18.2	26
Mack Trucks Inc	Branch	Emmaus, PA	United States	Retail (Specialty)	18.1	26
Mack Trucks Inc	Branch	Wilmington, NC	United States	Retail (Specialty)	17.9	26
Mack Trucks Inc	Branch	Bossier City, LA	United States	Retail (Specialty)	17.8	26
Mack Trucks Inc	Branch	Memphis, TN	United States	Retail (Specialty)	17.6	26
Vovlo Parts North America	Branch	Reno, NV	United States	Auto and Truck Parts	8.0	25
Mack Trucks Inc	Branch	La Crosse, WI	United States	Retail (Specialty)	10.7	17
Mack Trucks Inc	Branch	Woodridge, IL	United States	Trucking	1.5	8
Mack Trucks Inc	Branch	Westlake, TX	United States	Retail (Specialty)	5.4	7
Volvo Parts North America	Branch	Jacksonville, FL	United States	Auto and Truck Parts	1.9	6
Mack Trucks Inc	Branch	Boise, ID	United States	Retail (Specialty)	18.6	1
Mack Trucks Inc	Branch	Columbia, SC	United States	Auto and Truck Parts	2.2	1
Volvo Trucks France SAS	Subsidiary	Roissy CDG	France	Auto and Truck Manufacturers	290.2	749
Volvo Truck Australia Pty Ltd	Subsidiary	Wacol, QLD	Australia	Auto and Truck Manufacturers		700
Volvo India Private Ltd.	Subsidiary	Bengaluru	India	Auto and Truck Manufacturers		600
Volvo India Ltd - Volvo Financial Services India Division	Division	Bengaluru, Karnataka	India	Investment Services
Volvo Parts Corporation	Subsidiary	Gothenburg	Sweden	Auto and Truck Parts		350
Volvo Truck & Bus (Thailand) Co. Ltd.	Subsidiary	Samut Prakan	Thailand	Aerospace and Defense		225
Volvo Norge A/S	Subsidiary	Oslo	Norway	Aerospace and Defense	136.9	150
Volvo Kuorma-ja Linja-autot Oy AB	Subsidiary	Vantaa	Finland	Aerospace and Defense		150
Volvo Trucks (Schweiz) AG	Subsidiary	Dällikon	Switzerland	Auto and Truck Manufacturers	153.3	140
Volvo Truck Czech s.r.o.	Subsidiary	Prague	Czech Republic	Aerospace and Defense		100
Volvo Truck Latvia Sia	Subsidiary	Riga	Latvia	Aerospace and Defense		100
Volvo Trucks (Deutschland) GmbH	Subsidiary	Ismaning	Germany	Auto and Truck Manufacturers		100
Volvo Lastvogne Danmark A/S	Subsidiary	Tastrup	Denmark	Aerospace and Defense		100
Volvo Trucks de Mexico S.A. de C.V.	Subsidiary	Mexico, DF	Mexico	Aerospace and Defense		70
Volvo Truck en Bus Nederland B.V.	Subsidiary	Beesd	Netherlands	Aerospace and Defense		70
Volvo Trucks Belgium N.V.	Subsidiary	Brussels	Belgium	Aerospace and Defense		60
Volvo Truck Slovak, s.r.o.	Subsidiary	Senec	Slovakia	Auto and Truck Parts
VPL Limited	Subsidiary	Lahore	Pakistan	Auto and Truck Manufacturers
Volvo Trucks Canada	Subsidiary	Mississauga, ON	Canada	Retail (Specialty)
Volvo Lastvagnar Sverige AB	Subsidiary	Gothenburg	Sweden	Business Services
Volvo Truck Center Sweden AB	Subsidiary	Sollentuna, Stockholm	Sweden	Auto and Truck Manufacturers	304.3	560
Volvo Group UK Ltd - Volvo Penta UK Division	Division	Watford	United Kingdom	Miscellaneous Capital Goods
Volvo Information Technology AB	Subsidiary	Göteborg	Sweden	Software and Programming	1,355.2	5,500
Volvo Powertrain AB	Subsidiary	Göteborg, Västra Götaland	Sweden	Aerospace and Defense	2,671.8	4,362
Volvo Construction Equipment AB	Subsidiary	Eskilstuna	Sweden	Construction and Agriculture Machinery	2,460.3	3,817
Volvo Compact Equipment SAS	Subsidiary	Belley	France	Construction and Agriculture Machinery	109.6	467
Volvo Construction Equipment Oy	Subsidiary	Vantaa	Finland	Construction and Agriculture Machinery	133.2	111
UD Trucks Corporation	Subsidiary	Saitama, Saitama Pref	Japan	Miscellaneous Capital Goods		3,377
Nissan Diesel (Thailand) Co., Ltd.	Subsidiary	Pathumthani	Thailand	Miscellaneous Capital Goods		150
UD Trucks North America, Inc.	Subsidiary	Irving, TX	United States	Auto and Truck Manufacturers		52
Nissan Diesel Of America Inc	Branch	Lexington, KY	United States	Retail (Specialty)	31.5	48
UD Trucks North America Inc	Branch	Irving, TX	United States	Advertising	2.4	9
Nissan Diesel Of America Inc	Branch	Swedesboro, NJ	United States	Auto and Truck Manufacturers	9.0	2
Volvo Aero Corporation Engineering and Technology	Subsidiary	Malmö, Skåne	Sweden		792.6	2,187
Volvo Technology Transfer AB	Subsidiary	Gothenburg	Sweden	Auto and Truck Manufacturers	0.1	2,000
Volvo Technology AB	Subsidiary	Göteborg, Västra Götaland	Sweden	Biotechnology and Drugs	85.5	435
Volvo Group Finance Sweden	Subsidiary	Gothenburg	Sweden	Aerospace and Defense		2,000
Volvo Group UK Ltd.	Subsidiary	Warwick	United Kingdom	Retail (Specialty)	2,358.2	1,809
Volvo Coach Sales (Loughborough) Ltd.	Subsidiary	Glasgow	United Kingdom	Retail (Specialty)
AB Volvo Penta	Subsidiary	Göteborg	Sweden	Miscellaneous Capital Goods	1,364.2	1,338
Volvo Penta Norden AB	Subsidiary	Gothenburg	Sweden	Business Services		3,000
Volvo Penta of the Americas, Inc.	Subsidiary	Chesapeake, VA	United States	Aerospace and Defense	275.0	200
Volvo Penta Of The Americas	Branch	Lexington, TN	United States	Miscellaneous Capital Goods	63.7	150
Volvo Penta Of The Americas	Branch	Alapaha, GA	United States	Miscellaneous Capital Goods	2.0	5
Volvo Penta France S.A.	Subsidiary	Nanterre, Cedex	France	Auto and Truck Manufacturers		150
Volvo Peru S.A.	Subsidiary	Lima, Ate Vitarte	Peru	Auto and Truck Manufacturers		150
CPAC Systems AB	Subsidiary	Göteborg, Västra Götaland	Sweden		47.2	72
Volvo Cars S.L	Subsidiary	Madrid	Spain	Aerospace and Defense		70
Volvo Penta UK Limited	Subsidiary	Watford	United Kingdom	Water Transportation		35
Volvo Penta Central Europe GmbH	Subsidiary	Kiel, Schleswig-Holstein	Germany	Aerospace and Defense		25
AB Volvo Penta Italia S.p.A.	Subsidiary	Milan, Buccinasco	Italy	Aerospace and Defense		25
Volvo Penta Benelux B.V.	Subsidiary	Beesd	Netherlands	Auto and Truck Manufacturers		25
Volvo Penta Canada Ltd.	Subsidiary	Burnaby, BC	Canada	Aerospace and Defense	14.3	20
Volvo Penta do Brasil Ltda.	Subsidiary	Rio de Janeiro, RJ	Brazil	Aerospace and Defense
Volvo Financial Services AB	Subsidiary	Gothenburg	Sweden	Investment Services	33.1	1,000
VFS Deutschland GmbH	Subsidiary	Neu-Isenburg, Hessen	Germany	Investment Services		70
VFS Financial Services BV	Subsidiary	Beesd	Netherlands	Investment Services	29.4	36
VFS Canada Inc	Subsidiary	Aurora, ON	Canada	Investment Services	5.0	24
VFS Nordic AB	Subsidiary	Gothenburg	Sweden	Investment Services	60.2	22
VFS International AB	Subsidiary	Gothenburg	Sweden	Investment Services	28.4	19
VFS Financial Services Belgium NV	Subsidiary	Brussels	Belgium	Investment Services		18
Volvo Finance (Suisse) SA Vaud	Subsidiary	Nyon	Switzerland	Investment Services		16
Volvo Truck Finance Holding B.V.	Subsidiary	Beesd, Gelderland	Netherlands	Miscellaneous Financial Services
Vfs Financial Services Ltd.	Subsidiary	Glasgow	United Kingdom	Consumer Financial Services	246.1	76
Volvo Financial Services GmbH	Subsidiary	Neu-Isenburg, Hessen	Germany	Investment Services	67.0	50
Volvo Truck Finance Belgium - Vfs Financial Services Belgium	Subsidiary	Bruxelles	Belgium	Personal Services	25.7	19
Volvo Industrial de México, S.A. de C.V.	Subsidiary	Tultitlán, Estado de México	Mexico	Auto and Truck Manufacturers		1,000
Volvo do Brasil Veiculos Ltda.	Subsidiary	Curitiba, PR	Brazil	Auto and Truck Manufacturers		1,000
Volvo Parts AB	Subsidiary	Göteborg, Västra Götaland	Sweden	Business Services	1,421.1	931
Volvo Bussar AB	Subsidiary	Göteborg	Sweden	Auto and Truck Manufacturers	1,205.4	767
Volvo Finance Holding Deutschland GmbH	Subsidiary	Ismaning, Bayern	Germany	Commercial Banks		220
Volvo Bussar Uddevalla AB	Subsidiary	Uddevalla, Västra Götaland	Sweden	Miscellaneous Capital Goods	37.7	114
Volvo Busse Deutschland GmbH	Subsidiary	Ismaning, Bayern	Germany	Retail (Specialty)	9.5	30
Body Parts Nordic AB	Subsidiary	Katrineholm, Södermanland	Sweden	Aerospace and Defense	3.2	8
Volvo Bus Finland Oy	Subsidiary	Vantaa	Finland	Auto and Truck Manufacturers
Volvo Trucks India Pvt Ltd	Subsidiary	Bengaluru	India	Auto and Truck Manufacturers		600
Volvo Logistics AB	Subsidiary	Göteborg	Sweden	Miscellaneous Transportation	904.9	581
DRD Co., Ltd	Subsidiary	Ageo, Saitama	Japan	Auto and Truck Manufacturers		570
Volvo Business Services AB	Subsidiary	Gothenburg	Sweden	Investment Services	125.5	411
Volvo Financial Services	Subsidiary	Greensboro, NC	United States	Consumer Financial Services	111.5	350
Volvo Danmark A/S	Subsidiary	Taastrup	Denmark	Rental and Leasing	104.2	329
Volvo IT Thailand	Subsidiary	Samut Prakan	Thailand	Computer Networks		300
UD Trucks Southern Africa (Pty) Ltd	Subsidiary	Rosslyn	South Africa	Auto and Truck Manufacturers		256
Volvo Austria GmbH	Subsidiary	Tribuswinkel	Austria	Auto and Truck Manufacturers	60.1	243
Volvo Logistics Corporation	Subsidiary	Gent	Belgium	Business Services		200
EBP AB	Subsidiary	Olofstrom	Sweden	Aerospace and Defense	31.0	190
Volvo Maskin AS	Subsidiary	Kolbotn	Norway	Construction and Agriculture Machinery	233.3	168
Volvo Italia SpA	Subsidiary	Boltiere, BG	Italy	Auto and Truck Manufacturers	96.8	163
Volvo Construction Equipment Italia SpA	Subsidiary	Milano, Milano	Italy	Business Services	113.4	93
Vfs Servizi Finanziari SpA	Subsidiary	Boltiere, Bergamo	Italy	Rental and Leasing		40
Volvo Construction Equipment Europe SAS	Subsidiary	Trappes	France	Construction and Agriculture Machinery	327.0	149
Renault Trucks Grand Lyon	Subsidiary	Venissieux	France	Retail (Specialty)	92.8	149
Volvo Trucks Austria GmbH	Subsidiary	Tribuswinkel	Austria	Auto and Truck Manufacturers		130
Renault Trucks UK Ltd	Subsidiary	Dunstable	United Kingdom	Retail (Specialty)	292.7	105
Renault Truck Commercials Ltd.	Subsidiary	Bristol	United Kingdom	Retail (Specialty)	143.6	219
Volvo Maroc SA	Subsidiary	Casablanca	Morocco	Auto and Truck Manufacturers		100
Volvo International Holding BV	Subsidiary	Beesd	Netherlands	Aerospace and Defense		100
Volvo Construction Equipment Corporation	Subsidiary	Cambridge	United Kingdom	Construction and Agriculture Machinery		95
Volvo Construction Equipment Customer Support AB	Subsidiary	Eskilstuna	Sweden	Aerospace and Defense		2,000
Volvo Equipamentos de Construcao Ltda.	Subsidiary	Curitiba, PR	Brazil	Aerospace and Defense		1,600
Volvo Construction Equipment Components AB	Subsidiary	Eskilstuna	Sweden	Aerospace and Defense		1,000
Volvo Articulated Haulers AB	Subsidiary	Braas	Sweden	Aerospace and Defense		871
Volvo Construction Equipment Cabs AB	Subsidiary	Hallsberg	Sweden	Aerospace and Defense		800
Volvo Construction Equipment Europe Holding GmbH	Subsidiary	Konz	Germany	Aerospace and Defense		500
ABG Allgemeine Baumaschinen Gesellschaft mbH	Subsidiary	Hameln, Niedersachsen	Germany	Construction and Agriculture Machinery	191.8	430
Volvo Wheel Loaders AB	Subsidiary	Hallsberg	Sweden	Aerospace and Defense		300
Volvo Construction Equipment North America, Inc.	Subsidiary	Asheville, NC	United States	Aerospace and Defense	5.9	250
Volvo Road Machinery	Unit	Shippensburg, PA	United States	Construction and Agriculture Machinery	2,327.6	800
ASC Construction Equipment USA, Inc.	Subsidiary	Charlotte, NC	United States	Retail (Specialty)	15.8	250
Midwest Aerials & Equipment	Subsidiary	St Louis, MO	United States	Rental and Leasing	10.0	50
Volvo Rents	Branch	West Monroe, LA	United States	Rental and Leasing	1.3	45
Volvo Rents	Branch	Hattiesburg, MS	United States	Rental and Leasing	7.2	35
Volvo Construction Equipment Services	Branch	Corona, CA	United States	Construction and Agriculture Machinery	83.4	32
Volvo Construction Equipment Services	Branch	Houston, TX	United States	Construction and Agriculture Machinery	100.6	30
Volvo Rents	Branch	Rochester, NY	United States	Rental and Leasing	10.9	30
Volvo Rents	Branch	Bossier City, LA	United States	Rental and Leasing	7.7	30
Volvo Rents	Branch	Mabelvale, AR	United States	Rental and Leasing	3.2	24
Volvo Construction Equipment Services	Branch	Milwaukee, WI	United States	Construction and Agriculture Machinery	40.0	20
Volvo Construction Equipment Services	Branch	Lakeside, CA	United States	Construction and Agriculture Machinery	31.3	20
Volvo Rents	Branch	Merced, CA	United States	Rental and Leasing	5.7	20
Volvo Rents	Branch	Burgettstown, PA	United States	Rental and Leasing	5.5	20
Volvo Rents	Branch	York, PA	United States	Rental and Leasing	5.5	20
Volvo Rents	Branch	Springfield, MO	United States	Rental and Leasing	4.6	20
Volvo Rents	Branch	Spanish Fort, AL	United States	Rental and Leasing	3.7	20
Volvo Rents	Branch	Branson, MO	United States	Rental and Leasing	3.4	20
Volvo Rents	Branch	Riverside, CA	United States	Rental and Leasing	5.4	19
Volvo Rents	Branch	Charlotte, NC	United States	Rental and Leasing	4.0	17
Volvo Construction Equipment Services	Branch	Sacramento, CA	United States	Construction and Agriculture Machinery	39.1	15
Capitol City Equipment Rentals Inc	Subsidiary	Sacramento, CA	United States	Construction and Agriculture Machinery	39.1	15
Volvo Rents	Branch	Haverhill, MA	United States	Rental and Leasing	5.0	15
Max Equipment Rental	Branch	Perris, CA	United States	Rental and Leasing	4.3	15
Volvo Rents	Branch	Alexandria, LA	United States	Rental and Leasing	3.9	15
Volvo Rents	Branch	Houston, TX	United States	Rental and Leasing	3.0	15
Volvo Rents	Branch	Kapolei, HI	United States	Rental and Leasing	1.4	15
Volvo Rents	Branch	Branchburg, NJ	United States	Rental and Leasing	4.1	14
Volvo Rents	Branch	Thatcher, AZ	United States	Rental and Leasing	2.5	14
Volvo Rents	Branch	Gulfport, MS	United States	Rental and Leasing	2.7	13
Volvo Construction Equipment Services	Branch	Arlington, TX	United States	Construction and Agriculture Machinery	40.2	12
Volvo Construction Equipment Services	Branch	New Braunfels, TX	United States	Construction and Agriculture Machinery	40.2	12
Volvo Construction Equipment Services	Branch	Clinton, NJ	United States	Construction and Agriculture Machinery	38.8	12
Volvo Rents	Branch	Oklahoma City, OK	United States	Construction and Agriculture Machinery	32.6	12
Volvo Rents	Subsidiary	West Chester, OH	United States	Construction and Agriculture Machinery	29.7	12
Volvo Construction Equipment Services	Branch	Chambersburg, PA	United States	Construction and Agriculture Machinery	27.9	12
Volvo Construction Equipment Services	Branch	Shippensburg, PA	United States	Construction and Agriculture Machinery	27.9	12
Volvo Construction Equipment Services	Branch	Phoenix, AZ	United States	Construction and Agriculture Machinery	25.1	12
Volvo Rents	Branch	Fallston, MD	United States	Rental and Leasing	3.7	12
Volvo Rents	Branch	Salida, CA	United States	Rental and Leasing	3.4	12
Volvo Rents	Branch	Port St Lucie, FL	United States	Rental and Leasing	2.3	11
Volvo Rents	Branch	Kingston, NY	United States	Rental and Leasing	3.6	10
Volvo Rents	Branch	Greensboro, NC	United States	Rental and Leasing	2.3	10
Volvo Rents	Branch	Columbus, OH	United States	Rental and Leasing	2.3	10
Volvo Rents	Branch	Tampa, FL	United States	Rental and Leasing	2.1	10
Volvo Rents	Branch	Virginia Beach, VA	United States	Rental and Leasing	1.9	10
Volvo Rents	Branch	Pompano Beach, FL	United States	Rental and Leasing	1.8	10
Volvo Rents	Branch	Mckinney, TX	United States	Rental and Leasing	2.2	9
Volvo Rents	Subsidiary	Garden City, KS	United States	Rental and Leasing	2.1	9
Volvo Rents	Branch	Ferndale, WA	United States	Rental and Leasing	2.3	8
Volvo Rents	Branch	Bakersfield, CA	United States	Rental and Leasing	2.3	8
Volvo Rents	Branch	Eloy, AZ	United States	Rental and Leasing	2.1	8
Volvo Rents	Branch	Bryan, TX	United States	Rental and Leasing	1.6	8
Volvo Rents	Branch	Longmont, CO	United States	Rental and Leasing	2.1	7
Volvo Rents	Branch	Southborough, MA	United States	Rental and Leasing	1.9	7
Volvo Rents	Branch	Colorado Springs, CO	United States	Rental and Leasing	1.2	7
Volvo Rents	Branch	Post Falls, ID	United States	Rental and Leasing	1.0	7
Volvo Rents	Branch	New Windsor, NY	United States	Rental and Leasing	2.2	6
Volvo Rents	Branch	Bristol, PA	United States	Rental and Leasing	1.6	6
Volvo Rents	Branch	Buda, TX	United States	Rental and Leasing	1.5	6
Volvo Rents	Branch	Raleigh, NC	United States	Rental and Leasing	1.4	6
Volvo Rents	Branch	Pharr, TX	United States	Rental and Leasing	1.2	5
Volvo Rents	Branch	Acworth, GA	United States	Rental and Leasing	1.2	5
Max Equipment Rental	Branch	Oceanside, CA	United States	Rental and Leasing	1.4	4
Volvo Rents	Branch	Seabrook, TX	United States	Rental and Leasing	1.0	4
Volvo Truck Corp	Branch	Radford, VA	United States	Rental and Leasing	0.8	4
Volvo Rents	Branch	Shreveport, LA	United States	Rental and Leasing	0.7	4
Volvo Rents	Branch	Williamsburg, VA	United States	Rental and Leasing	0.9	3
Volvo Rents	Branch	Kahului, HI	United States	Rental and Leasing	0.7	3
Volvo Rents	Branch	Fletcher, NC	United States	Rental and Leasing	0.6	3
Volvo Rents	Branch	Miami, AZ	United States	Rental and Leasing	0.5	3
Volvo Rents	Branch	Springdale, AR	United States	Rental and Leasing	0.4	3
Volvo Commercial Finance	Branch	Thornton, CO	United States	Consumer Financial Services		3
Volvo Construction Equipment Services	Branch	Springfield, IL	United States	Construction and Agriculture Machinery	6.3	2
Volvo Construction Equipment Services	Branch	Weaverville, NC	United States	Construction and Agriculture Machinery	4.1	2
Volvo Construction Equipment Rents	Subsidiary	Mills River, NC	United States	Construction and Agriculture Machinery	4.1	2
Volvo Rents	Branch	Lihue, HI	United States	Rental and Leasing	0.5	2
Volvo Construction Equipment Ltd.	Subsidiary	Cambridge	United Kingdom	Miscellaneous Capital Goods		150
Volvo Construction Ltd.	UK Branch/Trading address	Stirling	United Kingdom	Miscellaneous Capital Goods		36
Volvo Construction Ltd	UK Branch/Trading address	Stirling	United Kingdom	Miscellaneous Capital Goods		27
Volvo Construction Equipment Ltd.	UK Branch/Trading address	Warrington	United Kingdom	Miscellaneous Capital Goods		20
Volvo Construction Equipment Ltd.	UK Branch/Trading address	Chester Le Street	United Kingdom	Miscellaneous Capital Goods		20
Volvo Construction Equipment Ltd	UK Branch/Trading address	Sutton Coldfield	United Kingdom	Miscellaneous Capital Goods		15
Volvo Construction Equipment Ltd.	UK Branch/Trading address	Sutton Coldfield	United Kingdom	Construction and Agriculture Machinery		15
Volmaquinaria De Construccion España Sa	Subsidiary	San Fernando De Henares, Madrid	Spain	Construction and Agriculture Machinery	59.7	149
Volvo Construction Equipment East Asia (Pte.) Ltd.	Subsidiary	Singapore	Singapore	Aerospace and Defense		120
Volvo Construction Equipment Europe SAS	Subsidiary	Trappes	France	Aerospace and Defense		100
Volvo Construction Equipment Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Aerospace and Defense		80
Volvo Construction Equipment International AB	Subsidiary	Eskilstuna	Sweden	Auto and Truck Manufacturers		70
Volvo Construction Equipment Germany GmbH	Subsidiary	Konz	Germany	Construction and Agriculture Machinery		30
Volvo Construction Equipment Europe AB	Subsidiary	Eslov	Sweden	Construction and Agriculture Machinery		30
Volvo Construction Equipment Australia Pty. Ltd.	Subsidiary	Chatswood , NSW	Australia	Aerospace and Defense
Vcm Belgium	Subsidiary	Vilvoorde	Belgium	Construction and Agriculture Machinery	84.1	93
Renault Trucks Italia Spa	Subsidiary	Milan	Italy	Auto and Truck Manufacturers	278.8	92
Volvo Trucks Region Central Europe GmbH	Subsidiary	Ismaning, Bayern	Germany	Auto and Truck Manufacturers	10.6	90
Volvo Truck Center Nord-West GmbH	Subsidiary	Köln, Nordrhein-Westfalen	Germany	Retail (Specialty)	121.0	230
Volvo Truck Center Süd GmbH	Subsidiary	Ismaning, Bayern	Germany	Retail (Specialty)	101.6	140
Volvo Group Real Estate Germany GmbH	Subsidiary	Ismaning, Bayern	Germany	Real Estate Operations		2
Volvo Bulgaria Ltd.	Subsidiary	Sofia	Bulgaria	Auto and Truck Manufacturers	9.7	87
Volvo Holding Danmark A/S	Subsidiary	Herlev	Denmark	Aerospace and Defense		80
Volvo Group Real Estate AB	Subsidiary	Gothenburg	Sweden	Real Estate Operations	1.1	78
Renault Trucks Aquitaine	Subsidiary	Venissieux	France	Retail (Specialty)	51.5	74
VFS Finance France SAS	Subsidiary	La Défense	France	Consumer Financial Services	131.4	70
Volvo Treasury AB	Subsidiary	Göteborg	Sweden	Consumer Financial Services		53
First Rent A Car AB	Subsidiary	Stockholm	Sweden	Aerospace and Defense	70.4	50
Volvo Group Australia Pty Ltd	Subsidiary	Wacol, QLD	Australia	Auto and Truck Manufacturers	6.7	50
VFS Uslugi Finansowe Polska Sp. z o.o.	Subsidiary	Mlochow	Poland	Investment Services	0.0	50
Volvo Trucks (Suisse) SA	Subsidiary	Dallikon	Switzerland	Auto and Truck Manufacturers		50
Volvo Treasury AB	Subsidiary	Gothenburg	Sweden	Investment Services		45
Volvo Group Mexico	Subsidiary	Mexico, DF	Mexico	Aerospace and Defense		37
Transport Financial Services	Affiliates	Waterloo, ON	Canada	Business Services	16.1	34
Renault Trucks Hungaria Korlatolt Felelossegu Tarsasag	Subsidiary	Torokbalint	Hungary	Retail (Specialty)	51.4	30
Volvo Hrvatska d.o.o.	Subsidiary	Zagreb	Croatia	Miscellaneous Capital Goods	20.2	30
Renault Trucks Danmark A/S	Subsidiary	Vallensbæk Strand	Denmark	Retail (Specialty)	21.0	15
Volvo Automotive Finance (China) Ltd	Subsidiary	Beijing	China	Investment Services		15
Volvo Finance Australia Pty Ltd	Subsidiary	Brisbane, QLD	Australia	Consumer Financial Services		15
Volvo Bus Hong Kong Limited	Subsidiary	North Point	Hong Kong	Auto and Truck Manufacturers		13
VOLVO TRUCKS MACEDONIA	Subsidiary	Skopje	Macedonia	Auto and Truck Manufacturers		13
Volvo Finans Norge AS	Subsidiary	Oslo	Norway	Investment Services	7.7	11
VFS Financial Services Slovakia, s.r.o.	Subsidiary	Senec	Slovakia	Investment Services		10
VOLVO PENTA TURKEY	Subsidiary	Istanbul	Turkey	Miscellaneous Capital Goods		10
VFS Financial Services Czech Republic, s.r.o.	Subsidiary	Ricany	Czech Republic	Investment Services		10
Volvo Bus Nederland	Subsidiary	Beesd	Netherlands	Auto and Truck Manufacturers		10
Volvo Car Ireland Limited	Subsidiary	Dublin	Ireland	Auto and Truck Manufacturers	30.1	9
Volvo Treasury Asia Ltd.	Subsidiary	Singapore	Singapore	Business Services		9
Volvo Information Technology North America Inc.	Subsidiary	Greensboro, NC	United States	Computer Networks	1.1	8
VFS Penzugyi Szolgaltato Kft.	Subsidiary	Budapest	Hungary	Investment Services		8
Volvalb Sh.p.k	Subsidiary	Durres	Albania	Auto and Truck Manufacturers		7
Renault Trucks Sanayi A S	Subsidiary	Istanbul (Anatolia)	Turkey	Auto and Truck Parts		6
VFS Finland AB	Subsidiary	Vantaa	Finland	Investment Services	30.3	5
Volvo Group Representation	Subsidiary	Brussels	Belgium	Aerospace and Defense		5
Volvo Group North America Inc.	Subsidiary	New York, NY	United States	Business Services		4
Volvo Financial Services	Subsidiary	Greensboro, NC	United States	Investment Services		320
Volvo Group North America	Branch	Washington, DC	United States	Business Services	6.6	3
Volvo Holding Mexico, S.A. De C.V.	Subsidiary	Naucalpan	Mexico	Investment Services		4
Volvo De México, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Retail (Specialty)
Volvo East Asia Pte Ltd	Subsidiary	Singapore	Singapore	Auto and Truck Manufacturers	1,038.1	3
VGFS Financial Services Estonia OU	Subsidiary	Peetri, Harjumaa	Estonia	Investment Services		2
Alviva Ab	Subsidiary	Göteborg, Västra Götaland	Sweden	Healthcare Facilities	17.2	1
Volvo-Continental	Subsidiary	Oostakker	Belgium	Business Services	0.7	1
Volvo Vostok Zao	Subsidiary	Kaluga G.	Russian Federation	Auto and Truck Manufacturers	1,239.3
Volvo Komponenty Ooo	Subsidiary	Khimki G.	Russian Federation	Miscellaneous Capital Goods	40.3	26
Volvo Bus Australia	Subsidiary	Chullora, NSW	Australia	Auto and Truck Manufacturers	516.8
Volvo Vostok	Subsidiary	Khimki	Russian Federation	Auto and Truck Manufacturers	327.3
VFS Japan Co., Ltd.	Subsidiary	Tokyo	Japan	Investment Services	140.9
VFS Location France s.a.s.	Subsidiary	Puteaux	France	Rental and Leasing	109.8
Renault Trucks Nederland B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Retail (Specialty)	64.1
Renault Trucks Commercial Nederland B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Retail (Specialty)	41.1	15
Volvo Group Japan Corporation	Subsidiary	Ageo, Saitama	Japan	Miscellaneous Financial Services	52.3
Ud Trucks Corporation	Subsidiary	Ageo, Saitama	Japan	Auto and Truck Manufacturers	2,512.4
Ud Trucks Japan Corporation	Subsidiary	Koto-Ku, Tokyo	Japan	Retail (Specialty)	2,134.1
Volvo Logistics Corporation Japan	Subsidiary	Ageo, Saitama	Japan	Auto and Truck Manufacturers	108.8
Volvo Construction Equipment N.V.	Subsidiary	Beesd, Gelderland	Netherlands	Miscellaneous Financial Services
Al-Futtaim Auto & Machinery Company LLC	Subsidiary	Dubai	United Arab Emirates	Auto and Truck Manufacturers
Kfab International B.V.	Subsidiary	Beesd, Gelderland	Netherlands	Miscellaneous Financial Services
Volvo Trucks Holding Germany GmbH	Subsidiary	Ismaning, Bayern	Germany	Retail (Specialty)		1
Volvo Construction Equipment Germany GmbH	Subsidiary	Konz, Rheinland-Pfalz	Germany	Commercial Banks		1
Renault Trucks Commercial Bulgaria Eood	Subsidiary	Sofia	Bulgaria	Auto and Truck Manufacturers
Volvo Makedonija Ltd.	Subsidiary	Skopje	Macedonia	Business Services
Volvo Trucks South Africa	Subsidiary	East Rand	South Africa	Auto and Truck Manufacturers
Xi'an Silver Bus Co.	Affiliates	Xi'an, Shaanxi	China	Aerospace and Defense
Volvo Finance Peru S.A.	Subsidiary	Lima	Peru	Consumer Financial Services
Volvo Holding France SA	Subsidiary	Trappes	France	Investment Services
Renault Trucks Grand Paris	Subsidiary	Venissieux	France	Retail (Specialty)	141.5	374
Volvo Information Technology France	Subsidiary	Venissieux	France	Computer Networks
VFS Finansal Kiralama A.S.	Subsidiary	Istanbul	Turkey	Investment Services
Volvo Bus Corporation	Subsidiary	Gothenburg	Sweden	Construction - Supplies and Fixtures
Volvo Bus Poland Co.	Subsidiary	Wroclaw	Poland	Aerospace and Defense		2,500
Nova Bus Corporation	Subsidiary	Saint-Eustache, QC	Canada	Aerospace and Defense		500
Nova Bus	Branch	Saint-Francois-Du-Lac, QC	Canada	Auto and Truck Parts	73.4	125
Volvo-Saffle AB	Subsidiary	Saffle	Sweden	Aerospace and Defense	86.5	350
Volvo East Asia (Pte) Ltd	Subsidiary	Singapore	Singapore	Auto and Truck Manufacturers	1,032.4	175
Volvo Car Austria GmbH	Subsidiary	Schwechat	Austria	Auto and Truck Manufacturers	198.7	51
Volvo Busse Deutschland GmbH	Subsidiary	Heilbronn	Germany	Aerospace and Defense	40.0	40
VFS LT, UAB	Subsidiary	Vilnius	Lithuania	Auto and Truck Manufacturers
VOLVO TRUCKS SYRIA	Subsidiary	Damascus	Syria	Auto and Truck Manufacturers
VOLVO TRUCKS FINLAND	Subsidiary	Vantaa	Finland	Auto and Truck Manufacturers
Volvo Group Automotive Ticaret, Ltd	Subsidiary	Istanbul	Turkey	Auto and Truck Manufacturers
Volvo Parts Gent NV	Subsidiary	Gent	Belgium	Auto and Truck Parts
Volvo (China) Investment Co. Ltd	Subsidiary	Beijing	China	Auto and Truck Manufacturers
Shandong Lingong Construction Machinery	Subsidiary	Jinan	China	Construction and Agriculture Machinery
VOLVO TRUCKS SAUDI ARABIA	Subsidiary	Jeddah	Saudi Arabia	Auto and Truck Manufacturers
Volvo IT Belgium	Subsidiary	Gent	Belgium	Computer Networks
Volvo Powertrain AB	Subsidiary	Gothenburg, Vaestra Goetaland	Sweden	Miscellaneous Capital Goods
Volvo Trucks Philippines	Subsidiary	Quezon City	Philippines	Auto and Truck Manufacturers
VOLVO TRUCKS IRAN	Subsidiary	Tehran	Iran	Auto and Truck Manufacturers
Volvo Information Technology Malaysia	Subsidiary	Shah Alam	Malaysia	Computer Networks
Volvo Information Technology Mexico	Subsidiary	Tultitlan	Mexico	Computer Networks
UD Trucks Japan Co	Subsidiary	Saitama	Japan	Auto and Truck Manufacturers
VFS US LLC	Subsidiary	Greensboro, NC	United States	Investment Services
Volvo Trucks Indonesia	Subsidiary	Jakarta	Indonesia	Auto and Truck Manufacturers
VFS France	Subsidiary	Paris	France	Investment Services
Volvo IT South Africa	Subsidiary	Gauteng	South Africa	Computer Networks
VOLVO TRUCKS SWEDEN	Subsidiary	Gothenburg	Sweden	Auto and Truck Manufacturers

Competitors Report

CompanyName	Location	Employees	Ownership
Daimler AG	Stuttgart, Germany	275,451	Public
General Motors Company	Detroit, Michigan, United States	213,000	Public
Navistar International Corp	Lisle, Illinois, United States	16,900	Public

Executives Report

Executives

Name	Title	Function
Stefano Chmielewski	CEO	Chief Executive Officer
Philippe Gorjux	Chief Executive Officer Renault Trucks Poland	Chief Executive Officer
Bernard Modat	Directeur Projet, Interim President	President
Dominique Pollien	Managing Director	Managing Director
Age: 53
Gerard Amiel	Director Human Resources	Human Resources Executive
Frederic Mouret	Director Renault Trucks International	International Executive
Frederic Martin	Purchase manager	Purchasing Executive
Olivier Vidal De La Blache	Vice President Fabrications	Other

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	6,329.5	5,206.2	4,126.5
Net sales	5,999.4	4,899.7	3,911.1
Change in stock	35.9	-8.8	43.7
Unfinished work in progress	-47.0	6.0	-96.6
Own work capitalised	19.2	20.4	26.7
Subsidies for operating costs	7.4	6.0	5.0
Supplementary operating income	332.7	264.2	275.1
Other operating income	17.8	9.9	5.1
Other external charges	1,504.8	1,223.4	1,207.1
Cost of goods sold	3,532.6	2,784.5	2,081.5
Taxes and social security costs	92.0	74.2	64.0
Social charges	253.9	224.3	215.8
Total payroll costs	574.9	522.9	518.7
Cost of stock depreciation and amortisation	241.4	217.8	248.0
Fixed asset depreciation and amortisation	115.9	104.6	107.2
Other operating costs	4.0	3.1	6.9
Total operating costs	6,355.3	5,146.0	4,492.8
Net operating income	-25.8	60.2	-366.3
Total financial income	89.1	120.6	114.5
Interest payable on loans	6.5	42.2	28.7
Other expenses	52.3	45.6	94.3
Total expenses	58.8	87.8	123.0
Profit before tax	4.5	93.0	-374.9
Extraordinary income	97.9	71.9	77.2
Extraordinary expenses	84.9	93.4	143.7
Extraordinary result	13.0	-21.5	-66.5
Total taxation	-37.5	-28.7	-28.2
Profit distributed to employees	-	-	0.0
Net profit	55.0	100.2	-
Net loss	-	-	413.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Issued capital	64.9	67.1	71.7
Share premium account	159.4	164.7	176.2
Surplus of revaluation	213.8	220.9	236.3
Legal reserves	182.5	212.5	234.1
Total reserves	369.2	280.0	725.7
Profits for the year	51.3	101.5	-426.2
Capital subsidies and grants	7.2	8.5	10.6
Total stockholders equity	1,048.3	1,055.2	1,028.4
Provisions and allowances	437.2	450.1	539.9
Trade creditors	1,303.2	1,158.8	974.2
Advances received	12.4	106.7	91.8
Bank loans and overdrafts	16.0	32.1	2.3
Current bank debts	15.9	31.8	1.7
Other loans	10.9	16.6	386.5
Other liabilities	124.3	151.0	181.9
Debts on fixed assets	48.5	50.2	43.2
Income stated in advance	88.2	72.5	85.1
Taxation and social security	172.7	198.5	198.3
Total current liabilities	1,719.8	1,636.9	1,477.7
Total debts	1,776.0	1,786.4	1,963.2
Regularisation account	7.2	6.1	4.4
Total liabilities (including net worth)	3,268.8	3,297.8	3,535.9
Patents	29.4	35.3	5.1
Goodwill	-	0.3	0.3
Other intangibles	68.1	60.7	83.6
Land	58.9	63.6	68.3
Buildings	184.8	206.7	231.8
Other fixed assets	485.4	464.3	437.7
Long-term investments	1,083.2	1,066.6	1,116.4
Other financial assets	48.0	61.1	79.5
Total non-current assets	1,957.7	1,958.6	2,022.8
Prepayments	24.4	6.9	9.8
Net stocks and work in progress	351.5	432.1	453.7
Trade debtors	505.7	521.0	431.2
Other receivables	144.8	122.1	158.6
Prepaid expenses	1.0	1.9	6.0
Cash and liquid assets	277.5	249.3	447.8
Total current assets	1,304.9	1,333.3	1,507.0
Prepaid expenses and deferred costs	6.2	5.9	6.0
Total assets	3,268.8	3,297.8	3,535.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	0.80	0.80	1.00
Quick ratio	0.60	0.60	0.70
Total liabilities to net worth	1.88%	1.87%	2.10%
Net worth to total assets	0.29%	0.29%	0.26%
Collection period	27.40	31.90	32.40
Stock turnover rate	15.90	11.50	8.90
Asset turnover	1.71%	1.51%	1.14%
Profit margin	0.00%	0.02%	-0.10%
Return on assets	0.00%	0.03%	-0.11%
Shareholders' return	0.00%	0.10%	-0.41%
Sales per employee	2.78	2.34	1.76
Profit per employee	0.00	0.04	-0.17
Average wage per employee	0.27	0.25	0.23
Net worth	1,048.3	1,055.2	1,028.4
Number of employees	10,182	10,355	10,474

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.83
UK Pound	1	Rs.81.24
Euro	1	Rs.70.38

INFORMATION DETAILS

Report Prepared by :

PRL

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 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%)

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.