MIRA INFORM REPORT

 

 

Report Date :

03.09.2011

 

IDENTIFICATION DETAILS

 

Name :

BMW INDIA PRIVATE LIMITED

 

 

Registered Office :

Tower B, 7th Floor, Building No. 8, DLF Cyber City, Phase II, Gurgaon – 122 002, Haryana

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

26.08.1997

 

 

Com. Reg. No.:

55-37496

 

 

Capital Investment / Paid-up Capital :

Rs.1557.290 Millions

 

 

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 :

Manufacturing, Trading, Marketing and Distribution of motor vehicles and related spare parts and accessories.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 10367000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of BMW Group. It is an established reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company has a strong capital base and having strong promoter the company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

Tower B, 7th Floor, Building No. 8, DLF Cyber City, Phase II, Gurgaon – 122 002, Haryana, India 

Tel. No.:

91-124-4566600

Fax No.:

91-124-4566601

E-Mail :

payal.tuli@bmw.in

nitish.ralan@bmw.in

Website :

http://www.bmw.in

 

 

Corporate Office :

No. 36, 1st Main Road, Off 2nd Avenue, Mahindra World City, NA-603002, Chengalpet, India

 

 

DIRECTORS

 

As on 13.09.2010

 

Name :

Mr. Andreas Thomas Schaaf

Designation :

Managing Director

Address :

A-28, 3rd Floor, West End Colony, New Delhi – 110 021, India

Date of Birth/Age :

08.09.1970

Date of Appointment :

13.09.2010

 

 

Name :

Mr. Jurgen Eder

Designation :

Director

Address :

5/ 119B, Dr. Seshadri Avenue, Injambekkam ECR, Chennai – 600 041, Tamilnadu, India

Date of Birth/Age :

20.09.1971

Date of Appointment :

13.09.2010

 

 

Name :

Mr. Radney Alan Woods

Designation :

Director

Address :

102, South West Villa, Road No.3, Ghitorni, New Delhi – 110 030, India

Date of Birth/Age :

21.03.1960

Date of Appointment :

18.08.2009

 

 

Name :

Mr. Gunther Erich Seemann

Designation :

Director

Address :

Waldstrasse, 26A, Baldham, Germany 85598

Date of Birth/Age :

11.10.1958

Date of Appointment :

01.02.2009

 

 

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

Date of Ceasing :

24.05.2010

 

 

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 :

30.06.2006

Date of Ceasing :

15.11.2009

 

 

KEY EXECUTIVES

 

Name :

Ms. Nancy Agarwal

Designation :

Secretary

Address :

D-179, Pundrik Vihar, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

16.08.1985

Date of Appointment :

01.06.2010

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 13.09.2010

 

Names of Shareholders

 

 

No. of Shares

BMW AG, Germany

 

3000

BMW Holding BV, The Netherlands

 

155726000

 

 

 

Total

 

155729000

 

As on 13.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Trading, Marketing and Distribution of motor vehicles and related spare parts and accessories.

 

 

Products :

Product Description

ITC Code

 

Cars Various Spare Parts

8703

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity *

Actual Production

Motor Vehicles

Nos.

**

3000

2691 #

 

 

 

 

 

 

* As certified by the management and relied upon by the auditors, being a technical matter.

** The company’s products are exempt from licensing requirements under the New Industrial Policy.

# Including 25 cars produced and capitalized fro own use. 

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

Facilities :

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

From Banks

 

 

- Short Term Working Capital Loan

400.000

1252.465

Other Loan

 

 

- External commercial borrowings from BMW Holdings B.V., Netherlands, the holding company. *

642.360

714.009

Total

1042.360

1966.474

 

* Repayable within one year Rs.642.360 millions.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Associates

Chartered Accountant

Address :

48, DLF Corporate Park, DLF City Phase – III, Gurgaon-122 002, Haryana, India

Tel. No.:

91-124-2549191

Fax No.:

91-124-2549101

 

 

Holding Company :

BMW Holding BV, The Netherlands

 

 

Ultimate Holding Company:

BMW AG, Germany

 

 

Fellow Subsidiaries :
  • BMW Asia Technology Centre, Malaysia
  • BMW Malaysia Sdn Bhd, Malaysia
  • PT BMW Indonesia, Jakarta
  • BMW Manufacturing (TH.) Company Limited, Rayong
  • BMW (South Africa) Pty. Limited, Pretoria
  • BMW M GMBH Munich
  • BMW Asia Pte. Limited, Singapore
  • BMW Financial Services Private Limited, India
  • BMW AG Niederlassung Muenche, Munich
  • BMW (UK) Limited, England

 

 

CAPITAL STRUCTURE

 

As on 13.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

160000000

Equity Shares

Rs.10/- each

Rs.1600.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

155729000

Equity Shares

Rs.10/- each

Rs.1557.290 Millions

 

 

 

 

 

Note:

 

Of the above 155726000 Equity Shares are held by BMW Holding B.V. Netherlands, the holding company and 3000 Equity Shares are held by BMW AG, Germany, the ultimate holding company.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1557.290

1557.290

1557.290

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1034.345

925.150

544.456

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2591.635

2482.440

2101.746

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

1042.360

1966.474

822.437

TOTAL BORROWING

1042.360

1966.474

822.437

DEFERRED TAX LIABILITIES

0.000

51.592

48.647

 

 

 

 

TOTAL

3633.995

4500.506

2972.830

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

949.343

1077.200

1019.292

Capital work-in-progress

0.000

0.000

19.949

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

17.155

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2297.977

3195.125

1810.162

 

Sundry Debtors
1898.617

2123.633

1483.894

 

Cash & Bank Balances
185.774

346.057

532.652

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3109.023

4569.466

666.427

Total Current Assets
7491.391

10234.281

4493.135

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1744.148

2464.085

2092.112

 

Other Current Liabilities
2159.840

3684.143

114.030

 

Provisions
919.906

662.747

353.404

Total Current Liabilities
4823.894

6810.975

2559.546

Net Current Assets
2667.497

3423.306

1933.589

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3633.995

4500.506

2972.830

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

12701.238

9640.670

NA

 

 

Other Income

 

 

 

 

 

TOTAL                                    

12701.238

9640.670

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

12509.635

8976.119

NA

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

12509.635

8976.119

NA

 

 

 

 

 

 

PROFIT BEFORE TAX

191.603

664.551

NA

 

 

 

 

 

Less

TAX                                                     

82.408

283.856

NA

 

 

 

 

 

 

PROFIT AFTER TAX

109.195

380.695

718.428

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Reimbursement of expenses

10.617

5.958

0.000

 

 

Commission

9.415

3.299

2.845

 

TOTAL EARNINGS

20.032

9.257

2.845

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials and consumables

3562.909

4199.175

2661.397

 

 

Traded Vehicles

2688.999

1608.305

1652.477

 

 

Spare Parts

359.206

270.019

133.735

 

 

Capital Goods

0.926

15.152

16.169

 

TOTAL IMPORTS

6612.040

6092.651

4463.778

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.70

2.44

5.12

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.86

3.95

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.27

5.88

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.07

0.27

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.26

3.54

1.61

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.55

1.50

1.76

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note:

 

The registered office of the company has been shifted from Shivam House, 14 F, Connaught Place, New Delhi – 110 001 to the present address w.e.f. 14.04.2007.

 

BACKGROUND:

 

The Company was incorporated on 26th August, 1997 as a private limited company. The company is a subsidiary of BMW Holdings B.V. Netherlands. The ultimate holding company is BMW AG, Germany. The company is engaged in the manufacturing, trading, marketing and distribution of motor vehicles and related spare parts and accessories.

 

FINANCIAL DATA:

 

The Company has earned a net profit of INR 109.195 millions for the period beginning from 1st April 2009 and ending on 31st March 2010 (Previous Year there was a net profit of INR 380.695 millions).

 

REVIEW OF THE BUSINESS OF THE COMPANY:

 

The Company had a good business year and has achieved leadership position as on December 31, 2009 in the market share of the luxury car segment. The Company has sold 3,822 passenger cars against 2,945 passenger cars in the previous year.

 

DIRECTORS:

 

During the year, Mr. Stefan Jens Hulsenberg and Mr. Peter Friedrich Kronschnabl resigned from the directorship of the Company with effect from 15th November 2009 and 24th May 2010, respectively. The Directors place on record the appreciation of the Board for the support and co-operation extended by Mr. Stefan Jens Hulsenberg and Mr. Peter Kronschnabl during their tenure as Directors of the Company.

 

Mr. Jurgen Eder was co-opted as Additional Director at the meeting of the Board of Directors held on 6th November 2009 to hold office up to the date of the ensuing Annual General Meeting in terms of the provisions of Section 260 of the Companies Act, 1956. Further, Dr. Andreas Schaaf was was co-opted as Additional Director at the meeting of the Board of Directors held on 6th May 2010 to hold office up to the date of the ensuing Annual General Meeting in terms of the provisions of Section 260 of the Companies Act, 1956. Dr. Schaaf was also appointed as the Managing Director of the Company by the Board of Directors with effect from 6th May, 2010.

 

Approval of members is being sought at the forthcoming AGM for the confirmation of Dr. Andreas Schaaf as Managing Director and Mr. Jurgen Eder as Director of the Company.

 

FIXED ASSETS:

 

·         Leasehold Land

·         Building

·         Plant and Machinery

·         Leasehold Improvements

·         Furniture and Fixtures

·         Office Equipments

·         Computers

·         Motor Vehicles

·         Software

 

 

 

 

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 records 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. 46.01

UK Pound

1

Rs. 75.42

Euro

1

Rs. 66.69

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.