MIRA INFORM REPORT

 

 

Report Date :

28.06.2012

 

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) :

31.03.2011

 

 

Date of Incorporation :

26.08.1997

 

 

Com. Reg. No.:

55-037496

 

 

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.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

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

 

Maximum Credit Limit :

USD 16000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an reputed company having good track record. Financial performance of the company appears to be good. Fundamentally company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments.

 

 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 – September 30, 2011

 

Country Name

Previous Rating

(30.09.2011)

Current Rating

(31.12.2011)

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 – 122002, 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

 

 

DIRECTORS

 

AS ON 26.09.2011

 

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 :

06.05.2010

DIN No.:

03065005

Other Directorship:

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U35991HR1997PTC037496

BMW INDIA PRIVATE LIMITED

Managing director

13-09-10

06-05-10

Active

NO

 

 

Name :

Mr. Rodney Alan Woods

Designation :

Whole-time director

Address :

Farm House No. 3A, Mulberry Drive, Khasra No.1556 and 1561, Chattarpur, New Delhi – 110030, India

Date of Birth/Age :

21.03.1960

Date of Appointment :

05.08.2011

DIN No.:

02755735

Other Directorship:

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U35991HR1997PTC037496

BMW INDIA PRIVATE LIMITED

Whole-time director

05-08-11

18-08-09

Active

NO

 

 

Name :

Mr. Jurgen Eder

Designation :

Whole-time director

Address :

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

Date of Birth/Age :

20.09.1971

Date of Appointment :

05.08.2011

DIN No.:

02839428

Other Directorship:

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U35991HR1997PTC037496

BMW INDIA PRIVATE LIMITED

Whole-time director

05-08-11

06-11-09

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Ms. Priyanka Tyagi

Designation :

Secretary

Address :

Flat No. G 2, Plot No. 182, Sector - 6, Vaishali, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

30.06.1981

Date of Appointment :

01.05.2011

PAN No.:

AHLPT8056B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 26.09.2011

 

Names of Shareholders

 

No. of Shares

BMW AG, Germany

 

3000

BMW Holding BV, The Netherlands

 

155726000

Total

 

155729000

 

 

AS ON 26.09.2011

 

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

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

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

 

 

PRODUCTION STATUS AS ON (31.03.2011)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Motor vehicles

Nos.

**

10,100

5,754#

 

*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 30 cars ( [previous year 25 car) produced and capitalised for own use.

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Not Available

 

 

Facilities :

Unsecured Loan

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Other external commercial borrowings unsecured

(A)507.040

(B)642.360

Working capital loans banks unsecured

0.000

(C)400.000

Total

507.040

1042.360

Note:

 

(A) External Commercial Borrowings from BMW Holdings B.V Netherlands, the holding company.

(B) External Commercial Borrowings from BMW Holdings B.V Netherlands, the holding company.

(C) Short term working capital loan

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B S R and Associates

Chartered Accountants

Address :

Building No. 10, 8th Floor, Tower - B, DLF Cyber City, Phase - II, Gurgaon -122002, Haryana, India

Tel. No.:

91-124-2549191

Fax No.:

91-124-2549101

Income-tax PAN of auditor or auditor's firm :

AADFB6889R

 

 

Holding Company :

BMW Holdings B.V, Netherlands

 

 

Ultimate Holding Company:

BMW AG, Germany

 

 

Fellow Subsidiaries:

·            BMW Asia Technology Centre, Malaysia

·            BMW Malaysia SdnBhd, Malaysia

·            PT BMW Indonesia

·            BMW Manufacturing (TH.) Company Limited, Thailand

·            BMW ( South Africa) Pty Limited, South Africa

·            BMW M GMBH Munich

·            BMW Holding BV Netherlands

·            BMW Asia Pte Limited Singapore

·            BMW India Financials Services Private Limited, India

·            BMW AG Niederlassung, Munich

·            BMW ( UK ) Limited, England

·            BMW Group, Russia

·            BMW Korea Company Limited, Korea

·            BMW Foundation, Germany

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

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

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1557.290

1557.290

1557.290

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2689.536

1034.345

925.150

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4246.826

2591.635

2482.440

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

507.040

1042.360

1966.474

TOTAL BORROWING

507.040

1042.360

1966.474

DEFERRED TAX LIABILITIES

0.000

0.000

51.592

 

 

 

 

TOTAL

4753.866

3633.995

4500.506

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1033.273

949.343

1077.200

Capital work-in-progress

51.283

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

62.293

17.154

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3865.856

2297.977

3195.125

 

Sundry Debtors
4014.219

1853.726

2123.633

 

Cash & Bank Balances
672.072

185.774

346.057

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
5980.465

3153.915

4569.466

Total Current Assets
14532.612

7491.392

10234.281

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
5424.128

1744.148

2464.085

 

Other Current Liabilities
3583.668

2159.840

3684.143

 

Provisions
1917.799

919.906

662.747

Total Current Liabilities
10925.595

4823.894

6810.975

Net Current Assets
3607.017

2667.498

3423.306

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

4753.866

3633.995

4500.506

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

12701.238

9640.670

 

 

Other Income

 

 

 

 

 

TOTAL                                    

19672.581

12701.238

9640.670

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

12509.635

8976.119

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

Financial Expenses

 

 

 

 

 

TOTAL                                    

16972.946

12509.635

8976.119

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                              

2699.635

(Including Depreciation)

(Including Depreciation)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

152.533

 

 

 

 

 

 

 

 

PROFIT BEFORE TAX              

2547.102

191.603

664.551

 

 

 

 

 

Less

TAX                                                                 

891.911

82.408

283.856

 

 

 

 

 

 

PROFIT AFTER TAX                            

1655.191

109.195

380.695

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Reimbursement of expenses

10.617

5.958

 

 

Commission

 

9.415

3.299

 

TOTAL EARNINGS

N.A.

20.032

9.257

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials and Consumables

8449.314

3562.908

4199.175

 

 

Traded Vehicle

2625.741

2688.999

1608.305

 

 

Capital Goods

63.799

0.926

15.152

 

 

Stores & Spares

671.974

359.206

270.019

 

TOTAL IMPORTS

11810.828

6612.039

6092.651

 

 

 

 

 

 

Earnings Per Share (Rs.)

10.63

0.70

2.44

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

8.41
0.86

3.95

 

 

 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)

16.36
2.27

5.88

 

 

 
 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.60
0.07

0.27

 

 

 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.69
2.26

3.54

 

 

 
 

 

Current Ratio

(Current Asset/Current Liability)

 

1.33
1.55

1.50

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report (Yes / No)

1.       Year of Establishment

Yes

2.       Locality of the firm

Yes

3.       Constructions 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

No

9.       Name of person contacted

No

10.   Designation of contact person

No

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

No

21.   Market information

--

22.   Litigations that the firm / promoter involved

--

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

 

 

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

 

 

BACKGROUND:

 

BMW India Private Limited( hereinafter referred as “ the Company”) was incorporated on 26 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 and marketing of motor vehicles and related spare parts and accessories.

 

 

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars

31 March 2011

31 March 2010

Claims/ demands against the Company not acknowledged As debts for:

 

 

Customs Duty

0.092

0.001

Service tax

0.052

0.000

Total

0.144

0.001

 

 

 

 

 

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. 57.22

UK Pound

1

Rs. 89.42

Euro

1

Rs. 71.46

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

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

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

 

63

 

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

 

 

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.