MIRA INFORM REPORT
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Report No. : |
302965 |
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Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MERCEDES - BENZ INDIA PRIVATE LIMITED (w.e.f 15.12.2008) |
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Formerly Known
As : |
DAIMLER CHRYSLER
INDIA PRIVATE LIMITED |
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Registered
Office : |
E – 3, MIDC Chakan, Phase III, Chakan Industrial Area, Kuruli and
Nighoje, Taluka Khed, Chakan-410501, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.11.1994 |
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Com. Reg. No.: |
11-083160 |
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Capital
Investment / Paid-up Capital : |
Rs. 6000.0000 Millions |
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CIN No.: [Company Identification
No.] |
U34102PN1994PTC083160 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03140E PNED03142G |
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PAN No.: [Permanent Account No.] |
AABCM1789L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of passenger cars and commercial vehicles. |
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No. of Employees
: |
1000 (Approximately) |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of DAIMLER AG, GERMANY. It is a
well-established company having fine track record. The company has processed decent operational performance which has
resulted into profit achieved from operational activities during 2014. Further rating also takes into consideration company’s established
marked position in premium cars segment supported by decent brand name and
adequate financial base of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good 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.
EXTERNAL AGENCY RATING
Not Available
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ankit Doshi |
|
Designation : |
Chief Manager |
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Contact No.: |
91-2135-673000 |
|
Date : |
13.01.2015 |
LOCATIONS
|
Registered Office / Head Office / Factory : |
E – 3, MIDC Chakan, Phase III, Chakan Industrial Area, Kuruli and
Nighoje, Taluka Khed, Chakan-410501, Maharashtra, India |
|
Tel. No.: |
91-2135-673000/
395000 |
|
Mobile No. : |
Not Available |
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Fax No.: |
91-2135-673953 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 18.08.2014
|
Name : |
Till Henrik Conrad |
|
Designation : |
Director |
|
Address : |
6 Sente Du Mur Du Parc 78170 La Gelle St. Cloudance France Paris 78170 |
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Date of Birth/Age : |
23.01.1969 |
|
Date of Appointment : |
18.08.2014 |
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DIN No. : |
06829050 |
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Name : |
Kern Hermann Eberhard |
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Designation : |
Managing Director |
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Address : |
No. 17, LN 67, Sec. 2, Yangde Blvd, Taipei, Pin Code 111, Shilin |
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Date of Birth/Age : |
16.09.1963 |
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Date of Appointment : |
25.09.2013 |
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DIN No.: |
06432304 |
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Name : |
Rainer Gerhard Ruess |
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Designation : |
Director |
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Address : |
Alte Plochinger Steige 114 Kirchheim Germany 073230 |
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Date of Birth/Age : |
24.07.1963 |
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Date of Appointment : |
18.08.2014 |
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DIN No. : |
06922808 |
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Name : |
Ralf Guenter Mungenast |
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Designation : |
Alternate director |
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Address : |
Zepplinstr, 16, Koengen, Germany – 73257 |
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Date of Birth/Age : |
04.10.1961 |
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Date of Appointment : |
15.07.2014 |
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DIN No.: |
05246111 |
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Name : |
Helmut Rudolf Ruhl |
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Designation : |
Director |
|
Address : |
183B House Riviera Beljing China |
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Date of Birth/Age : |
17.011.1969 |
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Date of Appointment : |
18.08.2014 |
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DIN No. : |
06924702 |
KEY EXECUTIVES
|
Name : |
Mr. Raghunandan Balkrishna Pendse |
|
Designation : |
Secretary |
|
Address : |
A – 703 Rohan Tapovan, Opposite Vikhe Patile School, Gokhale Nagar,
Pune – 411018, Maharashtra, India |
|
Date of Birth/Age : |
14.012.1956 |
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Date of Appointment : |
11.03.1996 |
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PAN No.: |
ABMPP3616J |
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MAJOR SHAREHOLDERS
As on 18.08.2014
|
Names of Shareholders |
No. of Shares |
|
Daimler Ag., Germany |
599999999 |
|
Kern Hermann Eberhard |
1 |
|
Total |
600000000 |
As on 18.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 passenger cars and commercial vehicles. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine, Pune - 411001, Maharashtra, India |
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Tel. No.: |
91-20-30585764/ 30585765 / 30585775 |
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Fax No.: |
91-20-30585775 |
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Website : |
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PAN No: |
AAAFB9852F |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Parties where
control exists: |
Daimler AG (Holding company holds 100% of the equity share capital as at 31 March 2014) |
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Institutions
controlled: |
Mercedes-Benz Education Academy (control over the operating policies) |
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Fellow
subsidiaries: |
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CAPITAL STRUCTURE
As on 18.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs.6000.000 Millions |
|
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs.6000.000 Millions |
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|
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 |
6000.000 |
6000.000 |
6000.000 |
|
(b) Reserves &
Surplus |
3398.765 |
1493.323 |
1623.739 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
9398.765 |
7493.323 |
7623.739 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
6110.802 |
2086.980 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
32.637 |
37.394 |
121.040 |
|
(d) long-term provisions |
6011.921 |
5116.254 |
5149.873 |
|
Total Non-current
Liabilities (3) |
12155.360 |
7240.628 |
5270.913 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
2999.689 |
|
(b) Trade payables |
3592.223 |
1347.209 |
3305.826 |
|
(c) Other current
liabilities |
2495.046 |
1600.752 |
2631.008 |
|
(d) Short-term provisions |
633.142 |
464.100 |
468.084 |
|
Total Current Liabilities
(4) |
6720.411 |
3412.061 |
9404.607 |
|
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|
|
|
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TOTAL |
28274.536 |
18146.012 |
22299.259 |
|
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|
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II.
ASSETS |
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|
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|
(1) Non-current assets |
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2083.597 |
1834.992 |
813.409 |
|
(ii) Intangible Assets |
59.331 |
41.887 |
30.051 |
|
(iii) Capital
work-in-progress |
2497.602 |
147.640 |
2260.829 |
|
(iv) Intangible assets
under development |
9.671 |
8.061 |
1.061 |
|
(b) Non-current
Investments |
125.530 |
183.670 |
248.210 |
|
(c) Deferred tax assets
(net) |
728.698 |
852.231 |
887.786 |
|
(d) Long-term Loan and Advances |
8167.092 |
7054.216 |
4797.021 |
|
(e) Other Non-current
assets |
65.759 |
12.535 |
18.101 |
|
Total Non-Current Assets |
13737.280 |
10135.232 |
9056.468 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
960.577 |
240.111 |
49.710 |
|
(b) Inventories |
4307.978 |
4061.746 |
8873.814 |
|
(c) Trade receivables |
6557.847 |
1458.015 |
2414.540 |
|
(d) Cash and cash
equivalents |
624.750 |
533.117 |
16.521 |
|
(e) Short-term loans and
advances |
1484.020 |
1694.300 |
1869.183 |
|
(f) Other current assets |
602.084 |
23.491 |
19.023 |
|
Total Current Assets |
14537.256 |
8010.780 |
13242.791 |
|
|
|
|
|
|
TOTAL |
28274.536 |
18146.012 |
22299.259 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2012 |
31.03.2012 |
|
|
SALES |
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Income |
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Other Income |
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TOTAL |
30296.000 |
21780.000 |
23652.000 |
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|
Less |
TOTAL EXPENSES |
27486.000 |
21963.000 |
23781.000 |
|
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Less |
TAX (I) |
903.000 |
(55.000) |
(13.000) |
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2810.000 |
(183.000) |
(129.000) |
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PROFIT/ (LOSS) AFTER TAX
|
1907.000 |
(128.000) |
(116.000) |
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Balance Carried to the
B/S |
1907.000 |
(128.000) |
(116.000) |
|
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|
EARNINGS IN FOREIGN
CURRENCY |
165.000 |
94.000 |
159.000 |
|
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|
Earnings / (Loss) Per
Share (Rs.) |
3.18 |
(0.21) |
(0.19) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
Net Profit Margin (PAT / Sales) |
(%) |
6.29 |
(0.59) |
(0.49) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.28 |
(1.08) |
(0.68) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
(0.02) |
(0.02) |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.65 |
0.28 |
0.39 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.16 |
2.35 |
1.41 |
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 |
6000.000 |
6000.000 |
6000.000 |
|
Reserves & Surplus |
1623.739 |
1493.323 |
3398.765 |
|
Net worth |
7623.739 |
7493.323 |
9398.765 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
2086.980 |
6110.802 |
|
Short term borrowings |
2999.689 |
0.000 |
0.000 |
|
Total borrowings |
2999.689 |
2086.980 |
6110.802 |
|
Debt/Equity ratio |
0.393 |
0.279 |
0.650 |
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) |
|
Total Income |
23652.000 |
21780.000 |
30296.000 |
|
|
|
(7.915) |
39.100 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
23652.000 |
21780.000 |
30296.000 |
|
Profit |
(116.000) |
(128.000) |
1907.000 |
|
|
(0.49%) |
(0.59%) |
6.29% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS IS NOT AVAILABLE
|
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 |
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 |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
----------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
No |
|
LITIGATION DETAILS |
||||
|
Bench:- Bombay |
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|
Lodging No:- |
CEXAL/368/2014 |
Failing Date:- |
10.011.2014 |
|
|
Petitioner:- |
THE COMMISSIONER OF CENTRAL EXCIS |
Respondent:- |
M/S. DAIMLER CHRYSLER INDIA PRIVATE LIMITED |
|
|
Petn.Adv:- |
JITENDRA BRIJBHUSHAN MISHRA (12937) |
Res.Adv:- |
0 (0) |
|
|
District:- |
MUMBAI |
|||
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Bench:- |
DIVISION |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|
|
Status:- |
Pre-Admission |
|||
|
Act :- |
Central Excise and Salt Act |
Under Section :- |
35G |
|
OPERATIONS
During the year, total revenue increased to Rs. 30296.000 million from Rs. 21780.000 million registered in the previous year. The Company has made a net profit after tax of Rs.1907 million as against a net loss after tax of Rs. 128 million in the previous year.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans from Others |
6110.802 |
2086.980 |
|
Total |
6110.802 |
2086.980 |
INDEX OF CHARGES
No Charges Exist for Company
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Income Tax matters |
307.000 |
232.000 |
|
Excise / Sales Tax liabilities |
579.000 |
1071.000 |
|
Claims against the Company not acknowledged as debts |
37.000 |
37.000 |
|
|
923.000 |
1340.000 |
FIXED ASSETS
- Land
- Buildings
- Office building
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Other equipments
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. 62.15 |
|
|
1 |
Rs. 94.24 |
|
Euro |
1 |
Rs. 73.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--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.