MIRA
INFORM REPORT
|
Report Date : |
14.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MERCEDES - BENZ INDIA PRIVATE LIMITED (w.e.f 15.12.2008) |
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|
Formerly Known
As : |
DAIMLER CHRYSLER INDIA
PRIVATE LIMITED |
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Registered
Office : |
E – 3, MIDC Chakan, Phase III, Chakan Industrial Area, Kuruli and
Nighoje, Taluka Khed, Chakan-410501, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.11.1994 |
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Com. Reg. No.: |
11-083160 |
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Capital
Investment / Paid-up Capital : |
Rs.6000.000 Millions |
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CIN No.: [Company Identification
No.] |
U34102PN1994PTC083160 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNED03140E PNED03142G |
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PAN No.: [Permanent Account No.] |
AABCM1789L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
manufacturer and trading of passenger cars and commercial vehicles |
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No. of Employees
: |
Information declined by the management |
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 |
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Maximum Credit Limit : |
USD 30000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Daimler AG’. It is a well-established and
a reputed company having a fine track record. The company has incurred loss from its operations during 2012. However, financial position of the company appears to be good.
Directors are well-experienced and knowledgeable businessmen. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported as regular and as per commitment. The company can be considered good 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.
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.
INFORMATION DECLINED
|
Name : |
Mr. Raghunandan Pendse |
|
Designation : |
Legal Advisor |
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Contact No.: |
91-2135-35673000 |
|
Date : |
14.01.2013 |
LOCATIONS
|
Registered Office / Head Office / Factory : |
E – 3, MIDC Chakan, Phase III, Chakan Industrial Area, Kuruli and Nighoje,
Taluka : Khed, Chakan-410501, |
|
Tel. No.: |
91-2135-673000/
395000 |
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Fax No.: |
91-2135-673953 |
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E-Mail : |
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Website : |
DIRECTORS
As on 24.09.2012
|
Name : |
Mr. Matthias Luehrs |
|
Designation : |
Director |
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Address : |
Trieffelweg, 10, Stuttgart, Germany – 70599 |
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Date of Birth/Age : |
07.06.1962 |
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Date of Appointment : |
05.04.2012 |
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DIN No.: |
00762920 |
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Name : |
Mr. Hermann
Diedrich Bruhn |
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Designation : |
Director |
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Address : |
Weiler Schafhoh
18, D 73230, |
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Date of Birth/Age : |
14.10.1955 |
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Date of Appointment : |
22.09.2008 |
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DIN No.: |
02009911 |
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Name : |
Mr. Peter Theodor Honegg |
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Designation : |
Managing Director |
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Address : |
No.3, Jalan Nusa Bukit, Tunku |
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Date of Birth/Age : |
01.11.1955 |
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Date of Appointment : |
01.01.2011 |
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DIN No.: |
03307735 |
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Name : |
Mr. Rainer Genes |
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Designation : |
Director |
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Address : |
Stadtbezirk Sud, Stafflenbergstr, Stuttgart, Germany |
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Date of Birth/Age : |
24.08.1961 |
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Date of Appointment : |
07.12.2011 |
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DIN No.: |
05140288 |
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Name : |
Mr. Ralf Guenter Mungenast |
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Designation : |
Alternate director |
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Address : |
Zepplinstr, 16, Koengen, Germany – 73257 |
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Date of Birth/Age : |
04.10.1961 |
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Date of Appointment : |
05.04.2012 |
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DIN No.: |
05246111 |
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Name : |
Mr. Josef Georg Roehrle |
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Designation : |
Alternate director |
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Address : |
IM Dorfweinberg, 15, D70734, Fellbach, Germany – 70734 |
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Date of Birth/Age : |
01.02.1953 |
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Date of Appointment : |
05.04.2012 |
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DIN No.: |
05246121 |
KEY EXECUTIVES
|
Name : |
Mr. Raghunandan
Balkrishna Pendse |
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Designation : |
Head Legal
Affairs, Company Secretary and Local Compliance Manager |
|
Address : |
A 703, Rohan
Tapovan, Gokhale Nagar, Pune – 411016, Maharashtra, India |
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Date of Birth/Age : |
14.12.1956 |
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Date of Appointment : |
11.03.1996 |
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PAN No.: |
ABMPP3616J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Daimler Ag , |
|
599999999 |
|
Peter Theodor Honegg |
|
1 |
|
TOTAL |
|
600000000 |
As on 24.09.2012
Equity Share Break up (Percentage of Total Equity)
|
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 and trading of passenger cars and commercial
vehicles |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine,
Pune-411001, |
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Tel. No.: |
91-20-30585764/ 30585765 / 30585775 |
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Fax No.: |
91-20-30585775 |
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Website : |
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PAN.: |
AAAFB9852F |
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Holding company : |
Daimler A G |
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Fellow Subsidiary
company : |
· Da imler Automotive Korea Limited · Daimler Financial Services A G · Daimler India Commercial Vehicles Private Limited · Da imler International Assignment Services · Daimler Northeast Asia Limited · Daimler Real Estate GmbH · Daimler South East Asia Pte. Limited · EVOBUS GmbH · Mercedes-AMG GmbH · Mercedes-Benz Accessories GmbH · Mercedes-Benz Grand Prix Limited · Mercedes-Benz Malaysia Sdn Bhd · Mercedes-Benz Project Consult GmbH · Mercedes-Benz Research and Development India Private Limited ·
Mercedes-Benz do Brasil Ltda. |
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Others : |
Mercedes-Benz International School |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs.6000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
600000000 |
Equity Shares |
Rs.10/- each |
Rs.6000.000 Millions |
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600,000,000 (previous year: 600,000,000) equity shares of Re.10 each are held by Daimler AG, the holding company and its nominees. This includes 87,340,162 (previous year 87,340,162) equity shares of Rs.10 each allotted as fully paid-up shares pursuant to a contract for consideration other than cash.
The company has only one class of shares referred to as equity shares having a par value of Rs. 10. Each holder of equity shares is entitled to one vote per share.
On winding up of the Company, the holders of the equity
shares will be entitled to receive the residual assets of the company,
remaining after distribution of all preferential amounts in proportion to the
number of equity shares held.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6000.000 |
6000.000 |
6000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1623.739 |
1741.780 |
184.762 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(475.913) |
|
|
NETWORTH |
7623.739 |
7741.780 |
5708.849 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2999.689 |
23.195 |
0.000 |
|
|
TOTAL BORROWING |
2999.689 |
23.195 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
10623.428 |
7764.975 |
5708.849 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
843.459 |
833.581 |
904.735 |
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Capital work-in-progress |
2261.890 |
219.596 |
37.273 |
|
|
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|
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INVESTMENT |
297.920 |
492.963 |
1047.702 |
|
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DEFERREX TAX ASSETS |
887.786 |
659.182 |
417.132 |
|
|
|
18.101 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8873.814
|
6128.721 |
2602.103
|
|
|
Sundry Debtors |
2414.540
|
1749.559 |
667.215
|
|
|
Cash & Bank Balances |
16.521
|
537.694 |
389.496
|
|
|
Other Current Assets |
19.023
|
7.980 |
0.000
|
|
|
Loans & Advances |
6666.204
|
7583.285 |
5537.733
|
|
Total
Current Assets |
17990.102
|
16007.239 |
9196.547 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3305.826
|
3877.573 |
1275.108
|
|
|
Other Current Liabilities |
2752.047
|
1578.660 |
1295.913
|
|
|
Provisions |
5617.957
|
4991.353 |
3323.519
|
|
Total
Current Liabilities |
11675.830
|
10447.586 |
5894.540 |
|
|
Net Current Assets |
6314.272
|
5559.653 |
3302.007
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10623.428 |
7764.975 |
5708.849 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
|
Income |
23652.000 |
22477.000 |
13189.000 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
23652.000 |
22477.000 |
13189.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
23781.000 |
19496.000 |
11868.000 |
|
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Advertising Expenses |
|
|
|
|
|
|
TOTAL |
23781.000 |
19496.000 |
11868.000 |
|
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|
PROFIT / (LOSS)
BEFORE TAX |
(129.000) |
2981.000 |
1321.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(13.000) |
945.000 |
457.000 |
|
|
|
|
|
|
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|
|
|
PROFIT / \(LOSS)
AFTER TAX |
(116.000) |
2036.000 |
864.000 |
|
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|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
159.000 |
236.230 |
154.490 |
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.19) |
3.39 |
1.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.49)
|
9.06 |
6.55
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.68)
|
17.70 |
13.08
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.39 |
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
1.35 |
1.03
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
7.28 |
1.56
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Creditors due others |
3305.826
|
3877.573 |
1275.108
|
|
Total |
3305.826
|
3877.573 |
1275.108
|
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
No |
BACKGROUND
Subject is a 100% subsidiary of Daimler AG (DAG). The Company has its production facilities at MIDC Chakan, Phase - III, Pune for manufacture and trading of passenger cars and commercial vehicles.
OPERATIONS
During the year, total revenue increased to Rs. 23652.000 millions from Rs. 22477.000 millions registered in the previous year. The Company has made a Loss of Rs.116.000 millions after tax as against a net profit after tax of Rs. 2036.000 millions in the previous year.
MARKET / BUSINESS
OVERVIEW
The Company continues to grow, achieving a sales volume of 7,690 Vehicles (PV + CV) in the FY 2011-2012. The total number of Vehicles consists of 7,412 units of the Passenger Cars and 278 units of Commercial Vehicles (141 Trucks and 127 Bus Chassis and 10 units of Complete Bus).
DISCLOSURE OF
CONTINGENT LIABILITIES
Rs. Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Income Tax Matters |
178.916388 |
412.92381 |
|
Excise / Sales Tax Liabilities |
577.647278 |
639.24573 |
|
Claims against the Company not acknowledged as Debts |
28.100 |
32.000 |
Fixed Assets:
· Leasehold Land
· Plant and Machinery
· Leased Cars
· Vehicles
· Furniture and Fixture
· Office Equipments
· 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 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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
NO |
|
--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.