1. Summary Information
|
|
|
Country |
India |
|
Company Name |
VOLVO
INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Lars Ingvar Thoren |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ingrid Susanne Jannesson |
|
|
|
Registration # |
08-024176 |
|
Street Address |
Yalachahally Village,
Tavarekere Post, Hosakote Taluka, Bangalore – 560122, Karnataka |
||
|
Established Date |
02.08.1996 |
SIC Code |
-- |
|
Telephone# |
91-80-66914000/ 080/ 66912000 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-27965280 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Volvo Construction |
|
|
# of employees |
3,000 [Approximately] |
Product Name 2 |
-- |
|
Paid up capital |
Rs.104,700,000/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings - 100.00% |
Banking |
The Vysya Bank Limited |
|
Public Limited Corp. |
YES |
Business Period |
18 Years |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
Ba
(50) |
|
|
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Ultimate Holding Company |
Sweden |
AB Volvo |
-- |
|
Note |
|
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,953,300,000 |
Current Liabilities |
6,876,300,000 |
|
Inventories |
5,163,600,000 |
Long-term Liabilities |
2,086,400,000 |
|
Fixed Assets |
3,036,600,000 |
Other Liabilities |
322,300,000 |
|
Deferred Assets |
556,800,000 |
Total Liabilities |
9,285,000,000 |
|
Invest& other Assets |
395,000,000 |
Retained Earnings |
8,715,600,000 |
|
|
|
Net Worth |
8,820,300,000 |
|
Total Assets |
18,105,300,000 |
Total Liab. & Equity |
18,105,300,000 |
|
Total Assets (Previous Year) |
17,881,600,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
23,357,700,000 |
Net Profit |
(126,800,000) |
|
Sales(Previous yr) |
22,291,600,000 |
Net Profit(Prev.yr) |
498,700,000 |
|
Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Yalachahally Village, Tavarekere Post, Hoskote Taluk, Bangalore – 560
122, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
02.08.1996 |
|
|
|
|
Com. Reg. No.: |
08-024176 |
|
|
|
|
Capital
Investment/ Paid-up Capital : |
Rs.104.700 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U50101KA1996PTC024176 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV03081B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV6747N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Volvo Construction. |
|
|
|
|
No. of Employees
: |
3,000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 35000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Volvo Group, Sweden. It is a well-established and reputed company having a satisfactory
track record. There appears a huge loss incurred by the management during
2013. However, general financial position of the company appears to be
strong. Liquidity position is good. Performance capacity is high. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitments. In view of strong technical, financial and managerial support from the
parent company, the company can be considered for normal 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million worth
of mobile-phone-based transactions by July 2013 compared to Rs.260 million in
September, 2012, according to Deloitte report. The number of transactions has
shot up from 94000 to 701000.
India aims to earn Rs.400000
million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
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 PARTED BY
|
Name : |
Ms. Shalini |
|
Designation : |
Office Executive |
|
Contact No.: |
91-80-66912000 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Yalachahally Village, Tavarekere Post, Hosakote Taluka, Bangalore –
560122, Karnataka, India |
|
Tel. No.: |
91-80-66914000/ 080/ 66912000 |
|
Fax No.: |
91-80-27965280 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10 acres |
|
Location: |
Owned |
|
|
|
|
Corporate Office : |
201, Embassy Square, 148, Infantry Road, Bangalore –
560001, Karnataka, India |
|
Tel. No.: |
91-80-22266426-28 / 22228446 |
|
Fax No.: |
91-80-22284448 / 22250721 |
|
Website : |
|
|
Area : |
2000 sq. fts. |
|
Location: |
Rented |
|
|
|
|
Factory 2 : |
Yalachahally, Tavarekere P.O., Old Madras Road, Hoskote,
Bangalore - 562 122, Karnataka, India |
|
Tel. No.: |
91-80-27965251/58/59 |
|
Fax No.: |
91-80-27965233 |
|
E-Mail : |
|
|
Area : |
10 acres |
|
Location: |
Owned |
|
|
|
|
Factory 3 : |
No. 7 and 8 Phase I, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
|
|
|
Regional Sales Office : |
Located At: ·
· Kolkata ( Eastern Region) ·
·
· Mumbai (Western Region) |
|
|
|
|
Branch Office : |
Located At: · Udaipur, Rajasthan, India · Hyderabad, Andhra Pradesh, India ·
Ahmedabad, Gujarat, India |
DIRECTORS
As on 11.10.2013
|
Name : |
Mr. Lars Ingvar Thoren |
|
Designation : |
Whole-time director |
|
Address : |
Villa 43, Phase 2, Palm Meadows, airport Road, Whitefield,
Ramagondanahall, Bangalore – 560006, Karnataka, India |
|
Date of Birth/Age : |
19.03.1952 |
|
Date of Appointment : |
13.12.2012 |
|
DIN No.: |
06457629 |
|
PAN No.: |
AOCPT8009G |
|
|
|
|
Name : |
Mr. Ingrid Susanne Jannesson |
|
Designation : |
Director |
|
Address : |
Andalen7, Torslanda 42338, Sweden |
|
Date of Birth/Age : |
03.08.1965 |
|
Date of Appointment : |
13.12.2012 |
|
DIN No.: |
06451268 |
|
|
|
|
Name : |
Mr. Kerstin Maria Renard |
|
Designation : |
Director |
|
Address : |
Haga Kyrkogata 28 B LGH 1401 |
|
Date of Birth/Age : |
20.02.1961 |
|
Date of Appointment : |
13.12.2012 |
|
DIN No.: |
06457633 |
|
|
|
|
Name : |
Mr. Fredrik Helge Bengt Ahlberg |
|
Designation : |
Director |
|
Address : |
Silvertarnegangen, 37, Vastra Forlunda |
|
Date of Birth/Age : |
13.03.1965 |
|
Date of Appointment : |
17.06.2013 |
|
DIN No.: |
06603363 |
|
|
|
|
Name : |
Mr. Muralidharan Angadu Mohanakrishnan |
|
Designation : |
Additional Director |
|
Address : |
48-AK Block, 11th Main Road, Annanagar, Chennai – 600040,
Tamilnadu, India |
|
Date of Birth/Age : |
19.05.1960 |
|
Date of Appointment : |
01.10.2010 |
|
DIN No.: |
03279284 |
KEY EXECUTIVES
|
Name : |
Mr. Laxminarayan Hegde |
|
Designation : |
Company Secretary |
|
Address : |
No.15, Srisoudha, Kvs Layout, Kodigehalli, Bangalore – 560097, Karnataka, India |
|
Date of Birth/Age : |
15.04.1964 |
|
Date of Appointment : |
03.08.2005 |
|
Pan No. |
AACPH2986G |
|
|
|
|
Name : |
Ms. Shalini |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.10.2013
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Volvo Truck Corporation, |
|
10466883 |
|
Volvo Holding |
|
1 |
|
|
|
|
|
Total |
|
10466884 |
Equity Share Break up (Percentage of Total Equity)
As on 11.10.2013
|
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 Volvo Construction. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
Sweden |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Spares Parts, Components |
||||||||
|
Countries : |
Sweden |
PRODUCTION STATUS [AS ON 31.03.2011]
Licensed Capacity:
Not
Available
Installed
Capacity:
|
Particulars |
Units |
Installed Capacity (on single shift basis) |
|
|
|
|
|
Tractor/ Bus chassis |
Nos. |
2000 |
|
Road Machines |
Nos. |
1400 |
Actual Production:
|
Particulars |
Units |
Actual Production |
|
Tractor |
Nos. |
1085 |
|
Bus Chassis |
Nos. |
631 |
|
Road Machines |
Nos. |
724 |
GENERAL INFORMATION
|
No. of Employees : |
3,000 [Approximately] |
|
|
|
|
Bankers : |
· The Vysya Bank Limited M.G. Road Branch, M.G. Road, Bangalore – 560 001, Karnataka, India · Standard Chartered Grindlays Bank M. G. Bangalore, Karnataka, India ·
ANZ Grindlays Bank PLC, Bangalore Branch, Raheja Towers, M. G. Road, Bangalore
– 560018, Karnataka, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAHFP0187A |
|
|
|
|
Ultimate Holding
Company: |
·
AB Volvo, Sweden (ABV) |
|
|
|
|
Holding Company: |
·
Truck Corporation, Sweden (VTC) |
|
|
|
|
Fellow Subsidiary company: |
·
Volvo Group Belgium NV, Belgium ·
Volvo Construction Equipment S.A., Belgium ·
Volvo do Brasil Veiculos Ltda, Brazil ·
Volvo China Investment Company Limited, China ·
Volvo Parts Shanghai Company Limited, China ·
Shandong Lingong Construction China ·
Dongfeng Nissan Diesel China ·
Volvo Penta Shanghai Trade. Company Limited,
China ·
Volvo Logistics Shanghai Company Limited, China ·
Volvo Construction Equipment, Germany ·
ABG Allgemeine Baumaschinen-Gesells, Germany ·
Volvo Compact Equipment SAS, France ·
Renault Trucks - (RT), France ·
Volvo Buses India Private Limited -(VBIPL), India ·
CIN: U34201KA2006FTC041071 ·
Ve Commercial Vehicles Limited - (VECV), India ·
CIN: U74900DL2008PLC175032 ·
Volvo Logistics Corporation Japan (VLC), Japan ·
UD Trucks Corporation, Japan ·
Volvo Construction Equipment Korea -(VGK), South
Korea ·
Volvo Polska Sp. z o.o.. Poland ·
Volvo Powertrain Corporation, Sweden ·
Volvo Bus Corporation - (VBC), Sweden ·
Volvo Penta Corporation, Sweden ·
Volvo Information Technology AB - (VITS), Sweden ·
Volvo Construction Equipment China, China ·
Volvo Business Services AB - (VBS), Sweden ·
Volvo Logistics Corporation AB, Sweden ·
Volvo Parts AB - (VPC), Sweden ·
Volvo CE AB - Holding Division - (VCE - AB),
Sweden ·
Volvo Merchandise Corporation, Sweden ·
Volvo East Asia Pte Limited, - (VEAS), Singapore ·
Volvo Group Thailand Company Limited, Thailand ·
Thai-Swedish Assembly Company Limited, Thailand ·
TMBP Limited Thailand ·
Volvo Group Otomotiv Tic. Limited, Sti Turkey ·
Volvo IT North America Limited, United States ·
Volvo Penta of the Americas, LLC, United States ·
Volvo CE North America LLC, United States ·
Volvo Construction Equipment North America, LLC,
United States |
|
|
|
|
Entities in which Key Management personnel can influence decisions: |
·
Resource Center for Asphalt and Soil Training
Academy Trust (RASTA) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
15000000 |
Preferences Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10466884 |
Equity Shares |
Rs.10/- each
|
Rs.104.700
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
104.700 |
104.700 |
|
(b) Reserves & Surplus |
|
8715.600 |
8842.400 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
8820.300 |
8947.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
620.100 |
29.800 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
52.700 |
122.000 |
|
(d) long-term provisions |
|
257.500 |
171.000 |
|
Total Non-current Liabilities (3) |
|
930.300 |
322.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1466.300 |
0.200 |
|
(b) Trade payables |
|
5364.300 |
6936.900 |
|
(c) Other current
liabilities |
|
1459.300 |
1513.700 |
|
(d) Short-term provisions |
|
64.800 |
160.900 |
|
Total Current Liabilities (4) |
|
8354.700 |
8611.700 |
|
|
|
|
|
|
TOTAL |
|
18105.300 |
17881.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2797.800 |
2743.600 |
|
(ii) Intangible Assets |
|
238.800 |
339.400 |
|
(iii) Capital work-in-progress |
|
395.000 |
29.800 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
556.800 |
486.000 |
|
(d) Long-term Loan and Advances |
|
2332.200 |
2123.400 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
6320.600 |
5722.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5163.600 |
6353.200 |
|
(c) Trade receivables |
|
5308.200 |
4882.100 |
|
(d) Cash and cash
equivalents |
|
627.100 |
343.100 |
|
(e) Short-term loans and
advances |
|
685.800 |
581.000 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
11784.700 |
12159.400 |
|
|
|
|
|
|
TOTAL |
|
18105.300 |
17881.600 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
104.669 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
8343.746 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8448.415 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
21.998 |
|
|
TOTAL BORROWING |
|
|
21.998 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8470.413 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2193.188 |
|
|
Capital work-in-progress |
|
|
111.224 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
364.384 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
5646.027 |
|
|
Sundry Debtors |
|
|
3309.803 |
|
|
Cash & Bank Balances |
|
|
1937.248 |
|
|
Other Current Assets |
|
|
262.969 |
|
|
Loans & Advances |
|
|
1449.996 |
|
Total
Current Assets |
|
|
12606.043 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
4876.391 |
|
|
Sundry Creditors |
|
|
1625.357 |
|
|
Provisions |
|
|
302.678 |
|
Total
Current Liabilities |
|
|
6804.426 |
|
|
Net Current Assets |
|
|
5801.617 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8470.413 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23357.700 |
22291.600 |
21439.000 |
|
|
|
Other Income |
259.900 |
146.400 |
267.000 |
|
|
|
TOTAL (A) |
23617.600 |
22438.000 |
21706.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
8899.300 |
6936.600 |
15500.000 |
|
|
|
Manufacturing and Other Expenses |
-- |
-- |
3695.000 |
|
|
|
Purchases of stock in trade |
6642.200 |
8935.600 |
-- |
|
|
|
Employee benefit expenses |
2995.400 |
2295.500 |
-- |
|
|
|
Other expenses |
4564.200 |
3765.000 |
-- |
|
|
|
Changes in inventories |
350.800 |
(737.500) |
-- |
|
|
|
TOTAL (B) |
23451.900 |
21195.200 |
19195.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
165.700 |
1242.800 |
2511.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
75.200 |
18.200 |
7.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
90.500 |
1224.600 |
2504.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
404.900 |
376.100 |
342.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(314.400) |
848.500 |
2162.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(441.200) |
349.800 |
469.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(126.800) |
498.700 |
1693.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
5686.000 |
4243.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
5686.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
NA |
44.826 |
|
|
|
Software Services |
NA |
NA |
758.698 |
|
|
|
Product Design Services |
NA |
NA |
1218.007 |
|
|
TOTAL EARNINGS |
NA |
NA |
2021.531 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components / Kits |
NA |
NA |
5798.767 |
|
|
|
Capital Goods |
NA |
NA |
77.937 |
|
|
|
Traded Items |
NA |
NA |
4320.313 |
|
|
|
Spare Parts (Traded) |
NA |
NA |
2425.921 |
|
|
TOTAL IMPORTS |
NA |
NA |
12622.938 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(12.11) |
47.63 |
161.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.54)
|
2.22 |
7.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.35)
|
3.81 |
10.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.83)
|
4.87 |
14.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.09 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.41 |
1.85 |
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 |
Yes |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
MARKET AND ECONOMIC SCENARIO
The Company is
affected by the Indian economy slowdown, inflation, currency fluctuation and higher
borrowing cost. The current account deficit has increased and capital inflow
for investments has been falling and investors are cautious which has a
negative impact on many businesses.
The Volvo market
share for truck has decreased for 2013 compared to 2012. That is primarily due
to the weak market for tractors. The market share is expected to improve based
on the order book that VE Commercial Vehicles Limited (A Volvo Group and Eicher
Motors Joint Venture) holds. Volvo Construction Equipment has increased its
market share for excavator and road construction equipment. However,
profitability is a concern due to higher product cost and the depreciation of
the INR. The slowdown in the Indian bus industry is now worse than the
financial downturn of 2008-09. Private market remains depressed and
institutions have delayed purchases awaiting fund support. Customers are facing
high operational costs and declining occupancies.
The Company
continues to develop the service businesses from India as strategic initiatives.
OPERATIONS
The Company had
completed its sixteenth year of operations. The revenue has been increased by
only 6.4% compared to previous year. The other income of the Company has
increased by 77.53 % compared to previous year. However, the operations have
resulted in a loss before tax of Rs. 172.400 Millions for the year as against a
profit before tax of Rs. 848.500 Millions during the previous year. Decreased
operating result is due to mainly increase in purchase cost, employee benefit
and other expenses.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from banks |
38.200 |
29.800 |
|
Term loans from others |
581.900 |
0.000 |
|
Short-term
borrowings |
|
|
|
Term loans from banks |
1466.300 |
0.200 |
|
|
|
|
|
Total |
2086.400 |
30.000 |
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90197586 |
23/08/1999 |
75,000,000.00 |
ANZ GRINDLAYS BANK PLC |
BANGALORE
BRANCH, RAHEJA TOWERS M G ROAD, BANGAL ORE, KARNATAKA - 560001, INDIA |
- |
|
2 |
90197556 |
07/06/1999 |
250,000,000.00 |
ICICI BANKING CORPORATION |
RAHEJA TOWERS 3
FLOOR, M G ROAD, BANGALORE, KARNATAKA, INDIA |
- |
|
3 |
90197472 |
08/05/1999 * |
20,000,000.00 |
BANQUE NATIONALE DE PARIS |
BANGALORE
BRANCH, M. G. ROAD, BANGALORE, KARNATA KA - 560001, INDIA |
- |
|
4 |
90196344 |
08/05/1999 * |
200,000,000.00 |
BANQUE NATIONALE DE PARIS |
BANGALORE
BRANCH, M G ROAD, BANGALORE, KARNATAKA |
- |
|
5 |
90199177 |
18/12/1998 |
200,000,000.00 |
BANQUE NATIONALE DE PARIS |
THIRD FLOOR; LANDMARK
BUILDING, 21/15; M.G. ROAD, |
- |
|
6 |
90197439 |
30/10/1998 |
200,000,000.00 |
THE VYSYA BANK LIMITED |
OVERSEAS BRANCH,
M.G. ROAD, BANGALORE, KARNATAKA, |
- |
|
7 |
90200312 |
30/10/1998 |
200,000,000.00 |
THE VYSYA BANK LIMITED |
OVERSEAS BRANCH,
M G ROAD, BANGALORE, KARNATAKA, |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Leasehold improvements
Intangible assets
·
Goodwill
·
Know-how
PRESS RELEASES
VOLVO TEAM TO ADDRESS FEARS AFTER RECENT ACCIDENTS
16, NOVEMBER 2013
‘A fuel tank in a bus or in a commercial vehicle does not explode’
Global automobile major Volvo Bus Corporation has flown in a team of international safety experts to address public anxiety following two recent accidents involving its luxury buses, which burst into flames near Mahabubnagar in Andhra Pradesh and near Haveri in Karnataka.
Akash Passey, senior vice-president and a member of the multinational’s executive management team, told The Hindu that Volvo was the first to introduce the bus chassis concept 12 years ago, at a time when bus bodies in the country were built on chasses meant for trucks.
Issues over exits in bus
He admitted that the recent accidents had raised “issues about exits” in the Volvo buses. “We have four emergency exits, instead of two prescribed by the law in India.” He claimed that 10 of the 12 windows in a multi-axle Volvo bus were “breakable either with a hammer or a solid object with reasonable force.”
Referring to the speculation that the fire in the accidents could have been caused by the nature and structure of the fuel tank, Mr. Passey said, “A fuel tank in a bus or in a commercial vehicle does not explode.”
Could the doors of the buses have jammed after the accident, making it difficult for passengers to exit? “If the electrical system is still functioning,” Mr. Passey said, “the doors would be operable, and if there is no electricity the pneumatic mechanism turns free, which enables the doors to be pushed open. There is no such thing as a central locking system in these buses.”
“But if there is a high-impact accident, the doors can get deformed, which can cause them to get jammed.”
Mr. Passey admitted that the recent “high-impact accidents” had caused people “to lose a little bit of the trust” they had for the company. He attributed the erosion of trust to “circumstances” beyond the control of the company. “This is why we are also eagerly waiting for the comprehensive investigation into the accidents,” he said.
VOLVO INDIA TO SPEED UP DELIVERIES
NOVEMBER 15, 2013
Eyes 15% market share by 2020
Luxury carmaker Volvo Auto India on Friday began deliveries of the next generation S60 sedan and XC60 sports utility vehicle in Hyderabad.
The Indian unit of the Sweden-based automobile giant hopes to bring down the waiting period for the V40 Cross Country car launched earlier this year.
Tomas Ernberg, Managing Director, said: “Volvo is working on bringing down the delivery period for the V40 Cross Country, which has been a hit across the globe and in India since its launch. This new offering has become a segment leader in several markets and we hope it will be able to do so in India.”
He opened a new Volvo Retail Experience concept store in India.
Volvo India expressed it would be able to increase its market share in India. “We expect to touch a sales volume of about 20,000 cars by 2020 garnering a market share of about 15 per cent. We expect to cross the 1,000-car mark this year,” he said.
He said S60 and XC60 are the best-selling models in India.
The new generation cars, priced at Rs 3.100 Millions and Rs 4.2500 Millions, respectively, ex-showroom, are being offered with modern diesel engines.
The dealership of Talwar Cars is in the process of opening up another showroom in Visakhapatnam shortly and a new service centre.
Close to about 25-30 per cent of the Volvo cars sold in India are from Andhra Pradesh, said Saket Talwar of Talwar Cars.
VOLVO LAUNCHES NEW S60, XC60 VERSIONS PRICED UP TO RS. 4.655 MILLIONS
23 OCTOBER 2013
NEW DELHI: Luxury carmaker Volvo Auto India is aiming for 20-fold increase in its sales in India at 20,000 units per annum by 2020, for which it will drive in new models and enhance its service network.
The company, which today launched upgraded versions of its two top selling models in India --S60 and XC60 -- priced between Rs 2.990 Millions and Rs 4.655 Millions (ex-showroom Delhi), is targeting to sell 1,000 units in 2013.
"We are aiming to sell 20,000 units per annum in India by 2020. We plan to enhance our product portfolio as well as service network to achieve the desired results," Volvo Auto India Managing Director Tomas Ernberg told PTI.
Last year, the company had sold 811 units in the country. So far, it has sold a cumulative of 2,500 cars since it began selling cars in the country in 2007.
On expansion of service network, Ernberg said: "We are planning to have around 40 dealerships by 2020. By the end of this calender year, we will have 15 dealerships in India."
When asked if the company would introduce new models to achieve the sales target, Ernberg said: "We plan to have more models by then. We are investigating as which models would fit in the India market".
The company currently sells five models in the country, including the S60 and XC60.
Commenting on the sales projections for the current year, Ernberg said the company is looking to sell around 1,000 units in the calender year.
"S60 and XC60 models would represent roughly 75-80 per cent of the sales. We are also looking to sell around 150-160 units of compact crossover vehicle V40 'Cross Country' during the year," he added.
The company has already sold around 650 units in the current year, Ernberg said.
When asked about the slowdown in the Indian car industry, Ernberg said: "It has been difficult in the past few months. Negative sentiment is there. But we believe it is a short term phenomenon. In the long term, India presents a fabulous opportunity".
The new generation of S60 sedan would be retailed between Rs 2.990 Millions and Rs 3.550 Millions, the crossover SUV, XC60 has been priced between Rs 4.050 Millions and Rs 4.655 Millions (ex-showroom Delhi).
"We have focused on quality and attention to details in order to give these models a major boost and sharpen their competitiveness," Ernberg said.
He added that the company has been "listening very carefully to its customers" to make improvements and ensure that these cars are even more attractive.
VOLVO PLANS TO SELL EICHER TRUCKS IN SE ASIA, AFRICA
3, DECEMBER 2013
INDORE: Swedish commercial vehicle giant Volvo plans to sell
Eicher-branded trucks across various markets in south-east Asia and Africa
using its sales network and has made India a global hub for sourcing
medium-duty engines for trucks and buses.
The company has a 50:50 JV with Eicher's Lal family, Volvo Eicher Commercial Vehicles
(VECV), and plans to build up on this further, making products and engines not
for only for India but also for its requirements in other countries.
VECV will be the driving force for the push in India and the company has seen
investments of Rs 18000.000 Millions over the last few years for expansion and
modernization of products as well as for setting up of capacity for engines
meant for Volvo.
Siddhartha Lal, MD and CEO of Eicher Motors, said the new product line-up of VECV — called the Pro Series — will help the company gain market share, while eating into the customers of top makers Tata Motors and Ashok Leyland. "There has so far been a duopoly in the commercial vehicle space. This duopoly takes customers for granted and does not treat them well," he said, in an apparent reference to Tata Motors and Ashok Leyland, which account for the majority of sales in the heavy vehicles space.
The new products have been developed using Volvo's technology and processes,
while Eicher chips in with its sales and distribution network as well as its
strength in frugal engineering. On the engine side, VECV is the sole supplier
for Volvo group's medium duty engines (5-litre and 8-litre) having an output
between 180hp and 280hp. These engines are used across Volvo's truck brands in
various continents, except for the US.
Vinod Aggarwal, CEO of VECV, said the commercial vehicle market in India
continues to remain sluggish. Commercial vehicles volumes have fallen by 16% in
the April-October 2013 period as the economic slowdown and ban on mining
activities in various regions saw buyers pulling out.
VE COMMERCIAL, EICHER-VOLVO’S INDIAN JV EYES DOUBLING MARKET SHARE IN
THREE YEARS IN THE TRUCK SEGMENT
2, DECEMBER 2013
MUMBAI: Unveiling its new range of Eicher 'Pro Series' trucks and buses, India's third largest commercial vehicle maker - VE Commercial Vehicle, a joint venture between Eicher Limited and Swedish truck maker Volvo Group has set its sight to more than double its market share in three years, in the heavy duty truck segment.
With the new 'Pro' range of trucks VE Commercial aims to take on the top two players Tata Motors and Ashok Leyland in the Indian market and carve out a market share of 10-15%. The Eicher branded trucks will become the 5th major brand for the Volvo Group and a key engine for the Group's emerging market and will cater to the markets of South East Asia, Middle East and Africa.
The company showcased 11 different trucks and buses ranging from 5 tonne to 49 tonne, which was developed with an investment of Rs 18000.000 Millions over the last five years including the expense incurred in setting up the manufacturing facilities.
These new trucks and buses company claims to offer 5-10% better fuel efficiency, higher payload and a faster turn around time for the fleet operator, thereby boosting his profits. These products will be launched starting February of 2014 and it will be rolled out across the country in the 18 months time.
The company claims, they have spent 3 million man hours of engineering work, 7.7 million kilometres of testing, 50,000 hour of engine development with over Rs 10000.000 Millions of investment and 4,000 components developed from the scratch.
Ol of Persson, president and CEO, Volvo Group said "The trucks launched today are the embodiment of our joint efforts over the last five years. The vital combination of the Volvo Group's world class technology and the frugal cost expertise and management of Eicher has created a range that will set new standards amongst customers with high demands on profitability, flexibility and driver effectiveness."
In order to bring these new range of trucks in the market, VE Commercial Vehicle brought in the head of quality of 'UD Trucks' (another brand of Volvo Group) to oversee the development, the company revamped and modernised its the entire manufacturing systems, process and product development to bring in relevant features for the Indian and emerging markets.
The new heavy duty range of trucks which will take on Tata Motors Prima range and Ashok Leyland's New Gen truck range is powered by new generation engines adapted from Volvo Group technology with power capacity of 180-280 hp with high fuel efficiency, reliability and long life.
Siddhartha Lal, MD and CEO, Eicher Motors Limited. said The Volvo Group and Eicher Motors came together five years ago with a vision to modernize the Indian commercial vehicle industry and the Pro Range of trucks is the proof point.
"We are here today to present the most professional, holistic and progressive approach to Indian trucking.Our philosophy of "Go Pro" implies that our customers can truly work with and rely on a professional partner. Eicher's products, service and attitude are truly professional, and this enables our customers to become more productive, profitable and prosperous in their work and life," added Lal.
Joachim Rosenberg, executive VP, Volvo Group Trucks said, "today, Eicher is considered as the 5th brand in the competitive portfolio of Volvo Group brands. It is an integral part of the Volvo Group's strategy to expand in Asia and other growth markets. With the launch of the Pro series of trucks by Eicher, our strategy in Asia gets further strengthened."
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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.