MIRA
INFORM REPORT
|
Report Date : |
06.12.2014 |
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 : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.02.2007 |
|
|
|
|
Com. Reg. No.: |
133117 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 16192.370 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102PN2007FTC133117 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV4229P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Passenger Automotive Cars. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 52670000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of “Volkswagen Group India”. It is a well-established and reputed company having a fine track
record. Reserves of the company seem to be low during 2014. However, subject received strong financial and operational support
from its parent company. Trade relations are fair. 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
November 14, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
November 14, 2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-2135-661070/ 661000/ 661024]
LOCATIONS
|
Registered Office/ Factory : |
E-1, MIDC Industrial Area, Phase III, Village Nigoje Mhalunge, Kharabwadi
Chakan, Taluka Khed, Pune - 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-661070/ 661000/ 063/ 661058/ 661060/ 661179/ 661024/ 661776 |
|
Fax No.: |
91-2135-661047/ 661044/ 661776 |
|
E-Mail : |
devendra.malegaonkar@volkswagen.co.in
bhushan.gokhale@volkswagen.co.in
|
|
Website : |
DIRECTORS
AS ON 30.06.2014
|
Name : |
Mr. Mahesh Subramanian Kodumudi |
||||||||||||||||
|
Designation : |
Managing director |
||||||||||||||||
|
Address : |
D-801, Waterfront, Kalyani Nagar, Pune – 411006, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
28.07.1965 |
||||||||||||||||
|
Date of Appointment : |
15.03.2013 |
||||||||||||||||
|
Passport No.: |
029222153 (Issued by Govt. of USA) |
||||||||||||||||
|
DIN No.: |
03491209 |
||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||
|
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|
||||||||||||||||
|
Name : |
Andreas Lauenroth |
||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||
|
Address : |
Buchenweg 41, Isenbuttel, 38550, Germany |
||||||||||||||||
|
Date of Birth/Age : |
05.12.1963 |
||||||||||||||||
|
Date of Appointment : |
17.05.2013 |
||||||||||||||||
|
Passport No.: |
139614170 (Issued by Govt. of Germany) |
||||||||||||||||
|
DIN No.: |
06379344 |
||||||||||||||||
|
Other Directorship :
|
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|
||||||||||||||||
|
Name : |
Burkhard Klaus Gross |
||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||
|
Address : |
Oakwood Premier, 81, Mundhwa Road, Koregaon Park, Annex, Pune –
411036, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
22.02.1959 |
||||||||||||||||
|
Date of Appointment : |
30.06.2014 |
||||||||||||||||
|
Passport No.: |
C207KMLHH (Issued by Govt. of Germany) |
||||||||||||||||
|
DIN No.: |
06662253 |
||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Hans Georg Festing |
||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||
|
Address : |
Hytt Regency Pune Wiekfield IT Park, Pune Nagar Road, Pune – 410501,
Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
20.09.1960 |
||||||||||||||||
|
Date of Appointment : |
30.06.2014 |
||||||||||||||||
|
PAN No.: |
ACBPF9209P |
||||||||||||||||
|
Passport No.: |
C1XLCN1L3 (Issued by Govt. of Germany) |
||||||||||||||||
|
DIN No.: |
06708664 |
||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Peter Hermann Ernst Raussendorf |
||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||
|
Address : |
A- 9, Marvel Imperial, Narangi Baug Road, Off Boat Club Road, Pune –
411001, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
05.01.1959 |
||||||||||||||||
|
Date of Appointment : |
30.06.2014 |
||||||||||||||||
|
PAN No.: |
BRXPR6551F |
||||||||||||||||
|
Passport No.: |
C2080WH7P (Issued by Govt. of Germany) |
||||||||||||||||
|
DIN No.: |
06736499 |
||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Anoopkumar V. Pillai |
|
Designation : |
Secretary |
|
Address : |
A -501, Om Elegance No.3, Off Chincholi Bunder, Road, Malad (West), Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
30.11.1963 |
|
Date of Appointment : |
21.11.2013 |
|
PAN No.: |
ADCPP7239F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Names of Shareholders [A Class Equity Shares with voting rights] |
|
No. of Shares |
|
Volkswagen International Finance NV, Netherlands |
|
145887325 |
|
Volkswagen AG, Deutschland |
|
1 |
|
|
|
|
|
Total |
|
145887326 |
|
Names of Shareholders [B Class Equity Shares without voting rights] |
|
No. of Shares |
|
Volkswagen AG, Deutschland |
|
501625161 |
|
|
|
|
|
Total |
|
501625161 |
|
Names of Shareholders [Preference Shares] |
|
No. of Shares |
|
Volkswagen AG, Deutschland |
|
971724552 |
|
|
|
|
|
Total |
|
971724552 |
AS ON 30.06.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Passenger Automotive Cars. |
||||
|
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|
||||
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Products/ Services : |
|
||||
|
|
|
||||
|
Brand Names : |
·
Volkswagen
Passenger Cars Audi Bentley Bugatti Lamborghini Porsche Scania Seat Skoda Volkswagen Commercial Vehicles
(Volkswagen Nutzfahrzeuge) MAN 1 motorcycle brand: Ducati |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
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|
||||
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Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
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No. of Employees : |
Not Divulged |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Facilities : |
-- |
||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400028,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Ultimate Holding
company : |
Porsche Automobile Holding SE |
|
|
|
|
Holding company : |
Volkswagen International Finance NV |
|
|
|
|
Fellow Subsidiary
company : |
· Volkswagen AG Skoda Auto India Private Limited [U34100MH1999PTC123254] Volkswagen Group Sales India Private Limited
[U50401MH2007FTC168439] Volkswagen of South Africa Audi AG Skoda AS Volkswagen Coaching GMBH IAV India Private Limited [U72200PN2007FTC130137] Volkswagen navarra SA volkswagen Group of america Inc Volkswagen Procurement GmbH Volkswagen De Mexico S.A. De C.V. Volkswagen Motorsport GmbH Volkswagen Logistic GmbH |
|
|
|
|
Other Related Party
: |
Global Automotive CV |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,636,956,932 |
Equity Shares |
Rs. 10/- each |
Rs. 16369.569 Millions |
|
971,724,552 |
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 |
|
|
|
|
|
|
647,512,487 |
Equity Shares |
Rs. 10/- each |
Rs. 6475.124 Millions |
|
971,724,552 |
Preference Shares |
Rs. 10/- each |
Rs. 9717.246 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 16192.370
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
16192.370 |
16192.370 |
14386.820 |
|
(b) Reserves & Surplus |
2243.830 |
(2082.140) |
(6622.670) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
5200.000 |
|
Total
Shareholders’ Funds (1) + (2) |
18436.200 |
14110.230 |
12964.150 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
18761.200 |
23957.400 |
25250.980 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
68.370 |
154.050 |
337.510 |
|
Total Non-current
Liabilities (3) |
18829.570 |
24111.450 |
25588.490 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6810.670 |
6102.490 |
6751.500 |
|
(b)
Trade payables |
12663.030 |
10560.600 |
11901.580 |
|
(c)
Other current liabilities |
10214.420 |
4309.220 |
3239.190 |
|
(d) Short-term
provisions |
62.960 |
13.410 |
39.450 |
|
Total Current
Liabilities (4) |
29751.080 |
20985.720 |
21931.720 |
|
|
|
|
|
|
TOTAL |
67016.850 |
59207.400 |
60484.360 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
22519.850 |
24834.570 |
27132.840 |
|
(ii)
Intangible Assets |
660.060 |
617.100 |
511.620 |
|
(iii)
Capital work-in-progress |
1318.450 |
1911.520 |
2069.230 |
|
(iv)
Intangible assets under development |
0.000 |
121.280 |
56.120 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
958.070 |
1532.820 |
1952.010 |
|
(e) Other
Non-current assets |
12412.620 |
7480.030 |
4121.690 |
|
Total Non-Current
Assets |
37869.050 |
36497.320 |
35843.510 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9359.790 |
9570.210 |
10870.380 |
|
(c)
Trade receivables |
5327.970 |
4215.080 |
3042.920 |
|
(d) Cash
and cash equivalents |
3081.050 |
4246.520 |
2752.670 |
|
(e)
Short-term loans and advances |
8426.950 |
2721.950 |
2148.880 |
|
(f)
Other current assets |
2952.040 |
1956.320 |
5826.000 |
|
Total
Current Assets |
29147.800 |
22710.080 |
24640.850 |
|
|
|
|
|
|
TOTAL |
67016.850 |
59207.400 |
60484.360 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
67596.100 |
49164.970 |
53756.030 |
|
|
|
Other Income |
5391.620 |
5153.470 |
5921.630 |
|
|
|
TOTAL |
72987.720 |
54318.440 |
59677.660 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
60121.850 |
52742.030 |
57069.220 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
12865.870 |
1576.410 |
2608.440 |
|
|
|
|
|
|
|
|
|
Less/ Add |
INTEREST AND
DEPRECIATION |
8658.320 |
7409.100 |
7532.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE EXCEPTIONAL ITEM |
4207.550 |
(5832.690) |
(4923.700) |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEM |
0.000 |
(6600.000) |
(8246.400) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
4207.550 |
767.310 |
3322.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
4207.550 |
767.310 |
3322.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(6343.130) |
(7110.440) |
(10433.140) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2135.580) |
(6343.130) |
(7110.440) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
31363.610 |
4847.770 |
NA |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
2.60 |
0.47 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.22 |
1.56 |
6.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
19.03 |
3.21 |
4.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.40 |
1.34 |
5.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.05 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.39 |
2.13 |
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.08 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
14386.820 |
16192.370 |
16192.370 |
|
Reserves & Surplus |
(6622.670) |
(2082.140) |
2243.830 |
|
Share Application money pending allotment |
5200.000 |
0.000 |
0.000 |
|
Net
worth |
12964.150 |
14110.230 |
18436.200 |
|
|
|
|
|
|
Long-term borrowings |
25250.980 |
23957.400 |
18761.200 |
|
Short term borrowings |
6751.500 |
6102.490 |
6810.670 |
|
Total
borrowings |
32002.480 |
30059.890 |
25571.870 |
|
Debt/Equity ratio |
2.469 |
2.130 |
1.387 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
53756.030 |
49164.970 |
67596.100 |
|
|
|
(8.541) |
37.488 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
53756.030 |
49164.970 |
67596.100 |
|
Profit |
3322.700 |
767.310 |
4207.550 |
|
|
6.18% |
1.56% |
6.22% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
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 |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 16/04/2014 |
|
Lodging No: CEXAL/125/2014 Filing Date: 16/04/2014 |
|
Petitioner: THE
COMMISIONER OF CENTRAL EXCISE
Respondent: VOLKSWAGEN INDIA
PRIVATE LIMITED Petn. Adv : JITENDRA
BRIJBHUSHAN MISHRA (I2937) District: PUNE |
|
Bench: SINGLE Status: Pre-Admission
Category: CENTRAL EXCISE APPEAL (CEXA) Last Date: 18.09.2014 Stage: FOR REJECTION [ORIGINAL SIDE MATTERS Last Coram: REGISTRAR(OS)/PROTHONOTARY
& SR. MASTER |
|
Act: Central
Excise & Salt Act UNDER SECTION: 35G |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
5550.000 |
5550.000 |
|
Foreign currency term loans from banks |
7844.150 |
18407.400 |
|
Term loans from others |
5367.050 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
5400.000 |
400.000 |
|
Working capital loans from banks |
1222.520 |
3198.340 |
|
Intercorporate deposits |
188.150 |
55.500 |
|
Other Loans and advances |
0.000 |
2448.650 |
|
|
|
|
|
Total |
25571.870 |
30059.890 |
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from 110-111/10,
Baner Road, Off NH-4, Near Sadanand Resorts, Pune - 411045, Maharashtra, India
to the present address w.e.f.11.12.2008.
GENERAL
INFORMATION
The Company is in the business of manufacturing passenger
automotive cars. The Company has only one plant located in the State of
Maharashtra.
MARKET / BUSINESS
OVERVIEW AND OUTLOOK
The year continued to be quite challenging for the automobile industry since the economy in India stagnated significantly affecting the buying capacity of consumers. Despite the same the company was able to hold steady market share in the segments where they operate which reflects the underlying power of their products. Infact they focused more on exports and achieved great success. The turnover of the company increased from Rs. 49165.000 Millions to Rs.67596.000 Millions, registering an increase of about 37% over the previous year. The profit for the financial year ended 31st March 2014, stood at Rs. 4207.000 Millions registering a significant increase over the previous financial year. The Board is confident of improving the performance further in the coming year.
The Vento model made a successful entry into the Mexican market and has received excellent reviews across the media in Mexico. The design, engineering, equipment and the quality of manufacturing at their Pune plant has made Vento a much desired product for the Mexican consumer. The Vento has moved into the top ten models of Mexican market. With entry into the Mexican market their export activities stretched to three continents and 32 countries. In the J.D. Power Asia Pacific survey the Vento took the top spot in the midsize car segment for Automotive Performance, Execution and Layout [APEAL]. The Volkswagen Polo was ranked second in premium compact car segment.
Even in the Initial Quality Study 2013, conducted by J.D. Power the Volkswagen Polo maintained 2nd ranking in the premium compact car segment and the Vento improved its ranking from the 6th place in 2012 to the 2nd place in 2013.
Looking into the future, success for Volkswagen India lies
in expanding exports, finding new products for India, working on cost
optimization and further localization like with the engine factory at their
plant.
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Plant
and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
Know-how
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. 61.85 |
|
|
1 |
Rs. 96.73 |
|
Euro |
1 |
Rs. 76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.