MIRA
INFORM REPORT
|
Report Date : |
28.03.2011 |
Note :- The correct name of the company is “BMW INDIA
FINANCIAL SERVICES PRIVATE LIMITED”
IDENTIFICATION DETAILS
|
Name : |
BMW |
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Registered
Office : |
Tower C, 14th Floor, Building No. 10, DLF Cyber City, Phase
– 2, Gurgaon – 122002, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.11.2009 |
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Com. Reg. No.: |
05-39654 |
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CIN No.: [Company Identification
No.] |
U65921HR2009FTC039654 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKB04170F |
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PAN No.: [Permanent Account No.] |
AADCB8986G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provides
Retail Finance, Commercial Finance and Insurance Solutions Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1419000 |
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Status : |
New company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of BMW Group, Worldwide. It is a relatively new
company and yet to establish itself gradually. Business is active. Payments
are reported to be slow but correct. Initially, the company can be considered for business dealings with
some caution. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Tower C, 14th Floor, Building No. 10, DLF Cyber City, Phase
– 2, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-4958600 |
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Fax No.: |
91-124-4958601 |
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E-Mail : |
DIRECTORS
As on 05.10.2010
|
Name : |
Mr. Alan James Crookes |
|
Designation : |
Director |
|
Address : |
5, The Old Ford, Werribee – VIC3030, |
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Date of Birth/Age : |
30.07.1958 |
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Date of Appointment : |
03.11.2009 |
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Name : |
Mr. Sanjeevkumar Chandrakantbhai Shah |
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Designation : |
Director |
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Address : |
34, National Media Center, 1st Floor, Near Shankar Chowk,
Opposite Hotel Trident, NH – 8, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
27.01.1962 |
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Date of Appointment : |
03.11.2009 |
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|
Name : |
Mr. Wilfried Lux |
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Designation : |
Director |
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Address : |
Farm House No. 3, Khasra No. 1562 and 1563, Chattarpur, |
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Date of Birth/Age : |
22.07.1969 |
|
Date of Appointment : |
19.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.10.2010
|
Names of Shareholders |
|
No. of Shares |
|
BMW International Investment B.V. ( |
|
91962680 |
|
BMW Holding B.V. ( |
|
1 |
|
Total |
|
91962681 |
As on 05.10.2010
|
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 : |
Provides
Retail Finance, Commercial Finance and Insurance Solutions Services. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.S.R. and Associates Chartered Accountant |
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Address : |
48, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Holding Company : |
BMW International Investment B.V. |
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Ultimate Holding Company : |
BMW AG, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 05.10.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230000000 |
Equity Shares |
Rs.10/- each |
Rs.2300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91962681 |
Equity Shares |
Rs.10/- each |
Rs.919.627
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36233750 |
Equity Shares |
Rs.10/- each |
Rs.362.338
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
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362.338 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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(7.544) |
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NETWORTH |
|
|
354.794 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
|
0.000 |
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2] Unsecured Loans |
|
|
0.000 |
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TOTAL BORROWING |
|
|
0.000 |
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DEFERRED TAX LIABILITIES |
|
|
0.000 |
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TOTAL |
|
|
354.794 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.246 |
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Capital work-in-progress |
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|
17.763 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.834 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
|
|
314.531 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
|
|
34.825 |
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Total
Current Assets |
|
|
349.356 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
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12.631 |
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Provisions |
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|
0.774 |
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Total
Current Liabilities |
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13.405 |
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Net Current Assets |
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335.951 |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
|
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354.794 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
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2.463 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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10.047 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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(7.584) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
|
|
0.020 |
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PROFIT BEFORE
TAX (C-D) (E) |
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(7.604) |
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Less |
TAX (F) |
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(0.059) |
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PROFIT AFTER TAX
(E-F) (G) |
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(7.545) |
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Earnings Per
Share (Rs.) |
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(0.40) |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
|
PAT / Total Income |
(%) |
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(306.33) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(2.17) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.04 |
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Current Ratio (Current Asset/Current Liability) |
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|
26.06 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from
BUSINESS OVERVIEW
:
The Company was incorporated on 3rd November, 2009 and got the Certificate of
Registration as Non Banking Financial Company (NBFC) on 16th June,
2010 from Department of Non-Banking Supervision, Reserve Bank of lndia (DNBS,
RBI). The Company has stated its operations as an NBFC effective 2nd August, 2010.
BACKGROUND :
BMW India Financial Services Private Limited (hereinafter
referred as "the Company") was incorporated on 3 November 2009 as a
private limited Company. The Company is a subsidiary of BMW International
Investment B.V. Netherlands and the ultimate holding Company is BMW AG
The Company had applied to Reserve Bank of
FIXED ASSETS :
- Office Equipments
- Computers
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 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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.