MIRA
INFORM REPORT
|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
VOLKSWAGEN INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-1, MIDC Industrial Area, Phase III, Village Nigoje Mhalunge,
Kharabwadi Chakan, Taluka Khed, Pune-410501, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.02.2007 |
|
|
|
|
Com. Reg. No.: |
11-133117 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 14386.815 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102PN2007FTC133117 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV14433G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV4229P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Four Wheelers. |
|
|
|
|
No. of Employees
: |
4000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 51850000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of ‘Volkswagen Group India’. It is a
well-established and a reputed company having a fine track record. The company has recorded better sales turnover and profits during
2012. There appear some accumulated losses recorded by the company which
seems to be reducing over years. However, subject receives strong financial and operational support
from its parent company. Trade relations are reported as decent. Business is active. Payment
terms are 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA- (Long term rating) |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
09.05.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short term rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
09.05.2012 |
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
MANAGEMENT NON-COOPERATIVE (Tel. No. : 91-2135-661024 / 661000 / 661070)
LOCATIONS
|
Registered Office / Factory: |
E-1, MIDC Industrial Area, Phase III, Village Nigoje Mhalunge,
Kharabwadi Chakan, Taluka Khed, Pune-410501, |
|
Tel. No.: |
91-2135-661070 / 661000 / 063 / 661058 / 661060 / 661179 / 661024 |
|
Fax No.: |
91-2135-661047 / 661044 |
|
E-Mail : |
|
|
Website : |
http://www.volkswagen.co.in |
|
Area : |
700 acers |
|
Location : |
Owned |
DIRECTORS
As on 16.07.2012
|
Name : |
Mr. Wallapura John Chacko |
|
|
Designation : |
Managing Director |
|
|
Address : |
Alte Dorfstrabe 25, Waltingpfunz, 85173, Germany |
|
|
Date of Birth/Age : |
26.03.1952 |
|
|
Date of Appointment : |
06.02.2007 |
|
|
Passport No.: |
8000785527 |
|
|
DIN No.: |
01251227 |
|
|
|
|
|
|
Name : |
Mr. Piyush Kumar Upadhyay |
|
|
Designation : |
Director |
|
|
Address : |
C 25, Konark Splendour, Vadgaonsheri Kalyani Nagar Extension,
Pune-411014, Maharashtra, India |
|
|
Date of Birth/Age : |
05.01.1973 |
|
|
Date of Appointment : |
04.01.2011 |
|
|
PAN No.: |
AAKPU0674Q |
|
|
DIN No.: |
03486771 |
|
|
|
|
|
|
Name : |
Mr. Holger Nestler |
|
|
Designation : |
Director |
|
|
Address : |
Hotel Oakwood Premier, Pune, 81, Mundhwa Road, Koregaon Park Annex,
Pune-411036, Maharashtra, India |
|
|
Date of Birth/Age : |
06.11.1970 |
|
|
Date of Appointment : |
04.01.2011 |
|
|
PAN No.: |
AHEPN2609M |
|
|
DIN No.: |
03486809 |
|
|
|
|
|
|
Name : |
Mr. Jurgen Klopffer |
|
|
Designation : |
Director |
|
|
Address : |
Bungalow No.545, Sindh Housing Society, Aundh, Pune-411045,
Maharashtra, India |
|
|
Date of Birth/Age : |
05.07.1964 |
|
|
Date of Appointment : |
04.01.2011 |
|
|
DIN No.: |
03486952 |
|
|
|
|
|
|
Name : |
Mr. Mahesh Subramanian Kodumudi |
|
|
Designation : |
Director |
|
|
Address : |
D-801, Waterfront, Kalyani Nagar, Pune-411006, Maharashtra, India |
|
|
Date of Birth/Age : |
28.07.1965 |
|
|
Date of Appointment : |
04.01.2011 |
|
|
PAN No.: |
BBRPK9888H |
|
|
DIN No.: |
03491209 |
|
KEY EXECUTIVES
|
Name : |
Mr. Bhushan Ghanashyam Gokhale |
|
Designation : |
Secretary |
|
Address : |
Sarita Vaibhav, B-7 Building, Flat No. 16, Sinhagad Road, Pune-411030,
Maharashtra, India |
|
Date of Birth/Age : |
03.12.1971 |
|
Date of Appointment : |
04.06.2012 |
|
PAN No.: |
AEYPG9398B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.07.2012
|
Names of Equity Shareholders |
No. of Shares |
|
Volkswagen International |
145887325 |
|
Volkswagen AG, Deutschland |
1 |
|
Volkswagen AG, Deutschland |
501625161 |
|
TOTAL
|
647512487 |
|
Names of Preference Shareholders |
No. of Shares |
|
Volkswagen AG, Deutschland |
971724552 |
|
TOTAL
|
971724552 |
Equity Share Break up (Percentage of Total Equity)
As on 16.07.2012
|
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 Four Wheelers |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Motor Car |
Nos. |
110000 |
648424113 |
Notes:
i) Installed capacity, as certified by the
management and accepted by the auditors without verification, being a technical
matter
ii) All capacities are set up after 25.07.1991
an no licenses are required in terms of notification No.477 (E) under the
industries (development and regulation) Act, 1951. A declaration to this effect
has been mentioned in the industrial entrepreneur’s memorandum files in this
regard.
GENERAL INFORMATION
|
No. of Employees : |
4000 (Approximately) |
|
|
|
|
Bankers : |
·
HSBC Bank, Near ·
Deutsche Bank, Mumbai, |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House Chartered Accountants |
|
Address : |
252, Veer
Sarvarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Ultimate Holding
Company : |
· Porsche Automobil Holding SE · Volkswagen AG, Germany |
|
|
|
|
Holding Company
: |
· Volkswagen International Finance N.V, Netherlands · Porsche Automobil Holding SE |
|
|
|
|
Entities
directly or indirectly controlling the reporting entity : |
Volkswagen AG and Global Automotive C.V. |
|
|
|
|
Fellow
Subsidiary Companies : |
·
Skoda Auto India Private Limited, India CIN No.:
U34100MH1999PTC123254 ·
Volkswagen Group Sales India Private Limited,
India CIN No.:
U50401MH2007FTC168439 ·
Volkswagen of South Africa Pty. Limited, South
Africa ·
Audi AG, Germany ·
Autoeuropa Automoveis Lda, Portugal ·
Skoda Auto a.s., Czech Republic ·
Volkswagen do Brasil Industria de Veiculos
Automotores Ltda, Brazil ·
Volkswagen Slovakia a.s., Slovakia ·
Volkswagen Coaching GmbH, Germany ·
Volkswagen Motorsport GmbH, Germany ·
Volkswagen Logistics GmbH, Germany ·
Volkswagen Bildungsinstitut GmbH, Germany ·
Volkswagen Navarra S. A., Spain ·
Volkswagen Sachsen GmbH, Germany ·
VW GoA Chattanooga Operations, LLC, Germany ·
Shanghai Volkswagen Automotive Company Limited,
China ·
Porsche Consulting GmbH, Germany ·
Volkswagen De Mexico S.A. DE C.V., Mexico ·
Volkswagen Zubehor GmbH, Germany ·
Audi Akadamie GmbH ·
Volkswagen Group Rus ·
Sitech Sitztechnik GmbH ·
Wolfsburg AG |
CAPITAL STRUCTURE
As on 16.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1636956932 |
Equity Shares |
Rs.10/- each |
Rs. 16369.569 Millions |
|
971724552 |
Preference Shares |
Rs.10/- each |
Rs. 9717.246 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 26086.815
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
647512487 |
Equity Shares |
Rs.10/- each |
Rs. 6475.125 Millions |
|
971724552 |
Preference Shares |
Rs.10/- each |
Rs. 9717.245 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 16192.370
Millions |
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14254236932 |
Equity Shares |
Rs.10/- each |
Rs. 142542.369 Millions |
|
971724552 |
Non-Cumulative, Non-Convertible, Redeemable Preference Shares |
Rs.10/- each |
Rs. 9717.246 Millions |
|
|
Total |
|
Rs. 152259.615
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
466956932 |
Equity Shares |
Rs.10/- each |
Rs. 4669.569 Millions |
|
971724552 |
Non-Cumulative, Non-Convertible, Redeemable Preference Shares |
Rs.10/- each |
Rs. 9717.246 Millions |
|
|
Total |
|
Rs. 14386.815
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (12 Months) |
31.03.2011 (15 Months) |
31.12.2009 (12
Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14386.815 |
14386.815 |
14386.815 |
|
|
2] Share Application Money |
5200.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(6622.667) |
(8572.832) |
(155.605) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(4678.973) |
|
|
NETWORTH |
12964.148 |
5813.983 |
9552.237 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
32002.480 |
33003.596 |
17444.266 |
|
|
TOTAL BORROWING |
32002.480 |
33003.596 |
17444.266 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44966.628 |
38817.579 |
26996.503 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
27644.459 |
25551.924 |
14317.555 |
|
|
Capital work-in-progress |
2069.243 |
2133.746 |
11364.533 |
|
|
Intangible assets under development or work-in-progress |
56.083 |
237.942 |
-- |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10870.374
|
6041.994
|
1813.336
|
|
|
Sundry Debtors |
3042.924
|
2938.967
|
812.332
|
|
|
Cash & Bank Balances |
2752.665
|
3738.260
|
2351.267
|
|
|
Other Current Assets |
9939.714
|
5399.376
|
288.765
|
|
|
Loans & Advances |
4108.881
|
7248.341
|
3542.183
|
|
Total
Current Assets |
30714.558
|
25366.938
|
8807.883 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14107.510
|
13232.797
|
6264.552
|
|
|
Other Current Liabilities |
1033.252
|
221.523
|
1212.817
|
|
|
Provisions |
376.953
|
1018.651
|
16.099
|
|
Total
Current Liabilities |
15517.715
|
14472.971
|
7493.468 |
|
|
Net Current Assets |
15196.843
|
10893.967
|
1314.415
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44966.628 |
38817.579 |
26996.503 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 (12 Months) |
31.03.2011 (15 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
53756.030 |
NA |
|
|
|
Other Income |
|
5921.630 |
NA |
|
|
|
TOTAL (A) |
|
59677.660 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
59677.660 |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
59677.660 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
|
2608.440 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
(Including
Interest, |
NA |
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
|
NA |
||
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
||
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F)
(G) |
|
3322.700 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
|
3322.700 |
(5754.160) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(10433.140) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(6622.670) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
7.12 |
(12.32) |
|
|
|
PARTICULARS |
|
|
31.12.2009 (12th
Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2443.110 |
|
|
|
Other Income |
|
|
1218.490 |
|
|
|
TOTAL |
|
|
3661.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
5370.110 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(1708.510) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
1941.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
|
(3649.530) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
8.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
|
|
(3658.030) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
(1020.940) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(4678.970) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export |
|
|
271.269 |
|
|
|
Technical Service Income |
|
|
254.021 |
|
|
TOTAL EARNINGS |
|
|
525.290 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
|
|
2638.370 |
|
|
|
Capital Goods |
|
|
7691.512 |
|
|
TOTAL IMPORTS |
|
|
10329.882 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
(7.83) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (12 Months) |
31.03.2011 (15 Months) |
31.12.2009 (12
Months) |
|
PAT / Total Income |
(%) |
5.57
|
NA |
(99.90) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.18
|
NA |
(149.38) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.69
|
NA |
(15.78) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
NA |
(0.38) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.67
|
8.17 |
2.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.75 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 (12 Months) |
31.03.2011 (15 Months) |
31.12.2009 (12
Months) |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
14107.510
|
13232.797
|
6264.552
|
|
|
|
|
|
|
Total |
14107.510
|
13232.797
|
6264.552
|
|
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
three years |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE
Registered Office
of the company has been shifted from 110-111/10,
MARKET / BUSINESS
OVERVIEW AND OUTLOOK
Subject is
producing at the Chakan Plant, the Volkswagen Polo, the Volkswagen Vento, the
ŠKODA Fabia and the SKODA Rapid. The production started in March 2009 with the
SKODA Fabia, followed by the Volkswagen Polo. The Volkswagen Vento, an Indian
car designed and built for Indian customers was rolled out in August 2010.
November 2011 was the start of production of the SKODA Rapid.
Volkswagen started
export of cars by selling the Vento to South Africa in 2011. On July 08, 2011,
Volkswagen India celebrated the roll-out of the 100,000th car out of the Chakan
plant which was the Volkswagen Vento.
The production
volume at the Chakan plant increased by 180% to 105,535 cars in 2011 compared
to 2010. In July 2012, Volkswagen India rolled-out the 200,000 th car, the
first Left Hand Drive Vento to be exported to the Middle East and African
countries.
The Volkswagen has
increased the local content of the models produced at the Chakan plant to 75%.
Major components for this increased localization are safety related chassis
parts such as brakes, sub frame, front and rear axle and suspension systems, to
name a few.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (12 Months) (Rs.
in Millions) |
31.03.2011 (15 Months) (Rs.
in Millions) |
|
Long-term Borrowing |
|
|
|
Rupee term loans from banks |
5550.000 |
5550.000 |
|
Foreign currency term loans from banks |
15278.251 |
14319.020 |
|
Term loans from others |
4422.730 |
4137.933 |
|
|
|
|
|
Short-term Borrowing |
|
|
|
Rupee term loans from banks |
4550.000 |
5050.000 |
|
Working capital loans from banks |
789.433 |
1668.888 |
|
Loans repayable on demand from banks |
1412.066 |
2277.755 |
|
Total |
32002.480 |
33003.596 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Claims against the Company not acknowledged as debts |
|
|
- Custom Duty Matters |
590.740 |
|
- Excise and Service Tax Matters |
203.660 |
|
Total |
794.400 |
|
Guarantees |
|
|
Guarantees given by banks on behalf of the Company to: |
|
|
(a) Joint Commissioner of sales tax |
-- |
|
(b) Deputy Commissioner of Customs |
142.250 |
|
Total |
142.250 |
Note:
It is not practicable for the Company to estimate the timings of cash outflows,
if any, in respect of the above pending resolution of the respective
proceedings.
PRESS RELEASE
Volkswagen to
invest Rs 7000.000 millions in India
Auto companies
show bullish sentiments at annual meet despite dim sales forecast
September 07, 2012
German car maker Volkswagen AG’s Rs
7000.000 millions investment and a new small SUV from Mahindra and Mahindra on
Indian roads in a fortnight were part of plans revealed by car companies at an
annual meeting of their industry body, SIAM, here on Thursday.
John Chacko, group
representative, Volkswagen India, said, “We need investments for improving our
facilities and making minor changes on products for exports. We are investing
euro 100 million across our group companies over the next two years for the
same.” The company exports mid-size sedan, Vento, to West Asia, South Africa
and Malaysia.
The
investments would be made in its group companies Volkswagen India Private
Limited, Skoda India Private Limited and Audi India. “Because of various
efficiency measures, production levels will go up by 10-15 per cent”, added
Chacko.
The company,
however, said it would hold on to investments of Rs 20000.000 millions it had
planned earlier due to uncertain policy environment in Maharashtra.
“Policy decisions have
not been favourable. We are continuing to put investment in the state on hold
in order to build pressure on the Maharashtra
government,” Chacko said.
The Maharashtra
government earlier used to refund value-added tax (VAT) on all vehicles sold by companies having
manufacturing facilities in the state. The policy was modified last year with
the state government announcing it would only provide refund of VAT on vehicles
sold within Maharashtra.
Maruti’s desire
Maruti
Suzuki India Limited (MSIL) said it had started making the
newly launched compact sedan, Swift DZire, at its Gurgaon facility to hasten
deliveries of the vehicle which has over 65,000 bookings.
The DZire sub-4
metre, launched in February this year, is manufactured at the MSIL’s troubled
Manesar unit.
With production work
at the facility severely disrupted by labour unrest for over a month, the
company has now tweaked production processes to produce the DZire at Gurgaon
additionally.
S Maitra, chief
operating officer (COO, supply chain), MSIL, said, “We have started producing
the new DZire at Gurgaon after the lock-out was lifted at the Manesar unit last
month. The increased production will help us clear pending orders and reduce
the waiting period for the car.” The DZire currently has a waiting period of
four to five months.
Additionally, the
company is also working on increasing production at its Gurgaon unit to recover
the production loss it had incurred due to the arson and damage at its Manesar
facility. “We are adjusting production at Gurgaon. We will increase production
by 10 per cent to 1.15 million units in this financial year”, said M M Singh,
COO (production), MSIL.
It
is estimated that the company lost 36,000 units in production and Rs 1,400
crore in revenues due to the lock-out at Manesar. The company has commenced
fresh recruitments and the process of screening and regularising 1,869 contract
workers. MSIL expects to have full workforce of 3,300 workers by October, and
start full daily production of 1,500-1,700 vehicles at the unit.
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.54.64 |
|
|
1 |
Rs.87.46 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
55 |
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.