MIRA
INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BMW INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Tower B, 7th Floor, Building No. 8, DLF Cyber City, Phase II,
Gurgaon-122002, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
26.08.1997 |
|
|
|
|
Com. Reg. No.: |
05-37496 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U35991HR1997PTC037496 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELB10161E/ RTKB03796C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCB7140C/ AABCB7140C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Distributor of Automotive Components |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of BMW Group, Worldwide. Trade relations are fair. The
company has a strong capital base. Business is active. No complaints have
been heard. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
Tower B, 7th Floor, Building No. 8, DLF Cyber City, Phase
II, Gurgaon-122002, Haryana, India |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
No. 36, 1st Main Road, Off 2nd Avenue, Mahindra
World City, NA-603002, Chengalpet, India |
DIRECTORS
|
Name : |
Mr. Ravinder Nath |
|
Designation : |
Director |
|
Address : |
A-21, Neeti Bagh, New Delhi-110049, India |
|
Date of Birth/Age : |
16.12.1944 |
|
Date of Appointment : |
26.08.1997 |
|
|
|
|
Name : |
Mr. Peter Kronschnabl |
|
Designation : |
Managing Director |
|
Address : |
E-12/1, 1st Floor, Vasant Vihar, New Delhi-110057, India |
|
Date of Birth/Age : |
12.06.1966 |
|
Date of Appointment : |
22.02.2006 |
|
|
|
|
Name : |
Mr. Stefan Jens Hulsenberg |
|
Designation : |
Director |
|
Address : |
Sunrise Avenue, 3rd Cross, Street No. 2/505, West side,
Neelangara Chennai-600041, Tamilnadu, India |
|
Date of Birth/Age : |
08.03.1964 |
|
Date of Appointment : |
30.06.2005 |
|
|
|
|
Name : |
Mr. Martin Linder |
|
Designation : |
Director |
|
Address : |
3, Kapashera Estate, New Delhi-110037, India |
|
Date of Birth/Age : |
26.01.1967 |
|
Date of Appointment : |
30.06.2006 |
|
|
|
|
Name : |
Mr. David Barry Panton |
|
Designation : |
Director |
|
Address : |
Enzianweg 49, D-82336, Birmingham, Great Britain-82335 |
|
Date of Birth/Age : |
14.05.1953 |
|
Date of Appointment : |
01.01.2007 |
KEY EXECUTIVES
|
Name : |
Mrs. Rashmi Agarwal |
|
Designation : |
Secretary |
|
Address : |
B-1/42, Janakpuri, New Delhi-110058, India |
|
Date of Birth/Age : |
13.08.1977 |
|
Date of Appointment : |
20.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
BMW AG |
|
3000 |
|
BMW Holding BV |
|
138704000 |
|
Total |
|
138707000 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Automotive Components |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Motor Vehicles |
Nos. |
|
1700 |
117 |
GENERAL
INFORMATION
|
Bankers : |
Not Available |
||||||
|
|
|
||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountant |
|
Address : |
48, DLF Corporate Park, DLF City Phase – III, Gurgaon-122002, Haryana,
India |
|
Tel. No.: |
91-124-2549191 |
|
Mobile No.: |
91-124-2549101 |
|
|
|
|
Holding Company: |
BMW Holding BV |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
138707000 |
Equity Shares |
Rs. 10/- each |
Rs. 1387.070 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
138707000 |
Equity Shares |
Rs. 10/- each |
Rs. 1387.070 Millions |
||
Note:
Of the above 138704000 Equity Shares (Previous
year 21525000 Equity Shares) are held by BMW Holding B.V Netherlands, the holding
company and 3000 Equity Shares (Previous Year 3000 Equity Shares) are held by
BMW AG, Germany, BMW AG is the ultimate holding company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1387.070 |
215.280 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[173.972] |
[0.139] |
[0.139] |
|
|
NETWORTH |
1213.098 |
215.141 |
[0.039] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
614.057 |
0.000 |
0.112 |
|
|
TOTAL BORROWING |
614.057 |
0.000 |
0.112 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1827.155 |
215.141 |
0.073 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1002.759 |
61.568 |
0.000 |
|
|
Capital work-in-progress |
12.728 |
33.914 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
514.606
|
0.000 |
0.000 |
|
|
Sundry Debtors |
425.575
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
389.335
|
145.359 |
0.093 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
255.063
|
3.348 |
0.000 |
|
Total
Current Assets |
1584.579
|
148.707 |
0.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
763.480
|
36.121 |
0.042 |
|
|
Provisions |
9.431
|
0.522 |
0.000 |
|
Total
Current Liabilities |
772.911
|
36.643 |
0.042 |
|
|
Net Current Assets |
811.668
|
112.064 |
0.051 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
7.595 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
1827.155 |
215.141 |
0.073 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Profit/(Loss) Before Tax |
|
|
[173.833] |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
[173.833] |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Import Value |
|
|
429.101 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Training |
|
|
1.801 |
|
|
Reimbusement of Personnel Costs |
|
|
10.718 |
|
|
Interest on commercial borrowings |
|
|
3.043 |
|
|
Marketing Expenses |
|
|
14.634 |
|
|
IT Support Services |
|
|
1.609 |
|
|
|
|
|
142.028 |
|
Total Expenditure |
|
|
173.833 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[6.72] |
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.14]
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
0.17 |
3.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
4.06 |
2.21 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Leasehold Improvements
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Motor Vehicles
·
Software
AS PER WEBSITE
PROFILE:
As the leading brand worldwide in the premium car segment,
BMW is proud to announce its business operations in India. Committing to a
strong, long-term partnership, BMW looks forward to setting another milestone
in the automotive history. The dynamic BMW range offers discerning drivers a
world of unrivalled innovations, premium quality and sheer driving pleasure.
News:
BMW India
Corporate Communications
BMW established in 2006 a sales subsidiary in Gurgaon (National
Capital Region) and a state-of-the-art assembly plant for BMW 3 and 5 Series
started operation in early 2007 in Chennai.
Advancing its international market strategy, the BMW Group
made in 2006 a formal entry into India with the establishment of a wholly-owned
sales subsidiary, BMW India Private Limited, in Gurgaon (National Capital
Region). As the first Country Head and President of the subsidiary Mr. Peter
Kronschnabl has been appointed and the sales subsidiary started formally its
operation in January 2007. With this addition the number of international sales
subsidiaries of BMW Group will increase to 35 entities.
One of the key activities of the sales subsidiary is the
development of an extensive dealership organisation. The first phase of the
dealership network expansion plan includes 12 dealers covering all metropolitan
centers of the country by the end of 2009. At same time BMW India is launching
new products in the market, which will eventually include all models of the BMW
brand.
The construction of a state-of-the-art assembly-plant
started in January 2006 with an initial investment of more than one billion
Indian Rupees. The plant located in Chennai started fullfledged operation in
the first quarter of 2007 and produces the different variants of BMW 3 Series
and BMW 5 Series. The BMW Plant India is a member of the global production
network consisting of 23 locations in 13 countries and complies with all the
international quality standards and processes of BMW Group. Mr. Stefan
Huelsenberg has been appointed as Managing Director of the plant in Chennai.
In medium term, BMW will employ around 200 people in India
and up to 600 additional jobs will be created in the dealer and service
network.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 records 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.47.94 |
|
UK Pound |
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|