|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
23.09.2010 |
|
|
|
|
Com. Reg. No.: |
11-208099 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2233.275 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH2010FTC208099 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Asset Management Company (NBFC - Non Banking Finance Company) |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Siemens Aktien Gesellschaft, Germany’. It
is well-established company having a fine track record. The networth of the company appears to be good. However, there appear
some accumulated losses recorded by the company. The company has achieved
better growth in its total income during 2012. It receives better support from its group. Trade relations are decent.
Business is active. Payment terms are regular and as per commitment. The company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Corporate Credit Rating) |
|
Rating Explanation |
High degree of safety and lowest credit
risk. |
|
Date |
March 20, 2013 |
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
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Nilesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-33622671 |
|
Date : |
24.05.2013 |
LOCATIONS
|
Registered Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, Maharashtra,
India |
|
Tel. No.: |
91-22-39677000/ 33622671 |
|
Fax No.: |
91-22-39677500/ 33622585 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on: 15.02.2013
|
Name : |
Mr. Jonathan Andrew |
|
Designation : |
Director |
|
Address : |
4 Home, Farm, Cherington, Shipston-On-Stour, Warwickshire CV 365HS,
Warwickshire, United Kingdom |
|
Date of Birth/Age : |
23.10.1964 |
|
Date of Appointment : |
18.10.2010 |
|
DIN No.: |
03288171 |
|
|
|
|
Name : |
Mr. Axel Scholz |
|
Designation : |
Director |
|
Address : |
2/F Balock, G7, 8 Houson, Hill Road, Baconsfield Court, Deep Water
Bay, Nong Kong |
|
Date of Birth/Age : |
06.11.1966 |
|
Date of Appointment : |
18.10.2010 |
|
DIN No.: |
03271496 |
|
|
|
|
Name : |
Mr. Sunil Kapoor |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 211, 21st Floor, Malabar Co-Operative Housing,
Urvashi Apartments, Nepean Sea Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
16.02.1970 |
|
Date of Appointment : |
01.01.2011 |
|
DIN No.: |
03040020 |
|
|
|
|
Name : |
Mr. Vijay Kumar Hariharan |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 603, Suchitra Co-Operative Housing Society, Tejpal Scheme,
Road No. 5, Vile Parle (East), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1963 |
|
Date of Appointment : |
01.01.2011 |
|
DIN No.: |
01061057 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Ms. Shilpi Saxena |
|
Designation : |
Secretary |
|
Address : |
604/B28, New Harsh Accord Co-Operative Housing Society, Shanti Park, Mira
Road (East), Thane – 401107, Maharashtra, India |
|
Date of Birth/Age : |
17.01.1980 |
|
Date of Appointment : |
11.05.2012 |
|
PAN No.: |
BLEPS3335N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 15.02.2013
|
Names of Shareholders |
|
No. of Shares |
|
Siemens Aktiengesellschaft, Germany |
|
223327499 |
|
Siemens Financial Services GMBH, Germany |
|
1 |
|
|
|
|
|
Total |
|
223327500 |
As on: 04.02.2013
|
Names of Allottee |
|
No. of Shares |
|
Siemens Aktiengesellschaft, Germany |
|
3525637 |
|
|
|
|
|
Total |
|
3525637 |
Equity Share Break up (Percentage of Total Equity)
As on: 15.02.2013
|
Category |
|
Percentage |
|
|
|
|
|
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 : |
Asset Management Company (NBFC - Non Banking Finance Company) |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
60 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
5th Floor, Block B2, Nirlon Knowledge Park, Off Western Express Highway,
Goregaon East, Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Holding Company : |
Siemens Aktien Gesellschaft, Germany |
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on: 30.09.2012
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 |
|
|
|
|
|
|
223327500 |
Equity Shares |
Rs.10/- each |
Rs.2233.275 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2233.275 |
2233.275 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(329.865) |
(208.517) |
|
|
NETWORTH |
|
1903.410 |
2024.758 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
2391.458 |
0.000 |
|
|
TOTAL BORROWING |
|
2391.458 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
4294.868 |
2024.758 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.223 |
1.601 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
82.176
|
1552.386 |
|
|
Other Current Assets |
|
0.028
|
7.745 |
|
|
Loans & Advances |
|
5501.840
|
594.388 |
|
Total
Current Assets |
|
5584.044
|
2154.519 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
94.335
|
120.559 |
|
|
Other Current Liabilities |
|
1142.899
|
7.037 |
|
|
Provisions |
|
54.165
|
3.766 |
|
Total
Current Liabilities |
|
1291.399
|
131.362 |
|
|
Net Current Assets |
|
4292.645
|
2023.157 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
4294.868 |
2024.758 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
377.246 |
37.540 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL (A) |
|
377.246 |
37.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
|
182.603 |
78.165 |
|
|
|
Other Expenses |
|
163.540 |
165.489 |
|
|
|
Provision for standard and non performing assets |
|
45.860 |
1.874 |
|
|
|
TOTAL (B) |
|
392.003 |
245.528 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(14.757) |
(207.988) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
105.341 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(120.098) |
(207.988) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.250 |
0.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
(121.348) |
(208.516) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
(121.348) |
(208.516) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(208.520) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(329.890) |
(208.520) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(0.54) |
(4.56) |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.09.2012 |
30.09.2011 |
|
PAT / Total Income |
(%) |
|
(32.17) |
(555.45) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(32.17) |
(555.45) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.17) |
(9.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.06) |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
1.23 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.32 |
16.40 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
|
30.09.2012 |
30.09.2011 |
|
Sundry Creditors |
|
94.335
|
120.559 |
|
|
|
|
|
|
Total |
|
94.335
|
120.559 |
|
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 two years |
Yes |
|
12] |
Profitability for last two 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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
|
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 |
Yes |
NATURE OF OPERATION
Siemens Financial Services Private Limited ('SFSPL' or 'the Company') is a subsidiary of Siemens Aktien Gesellschaft (SAG).
The Company was incorporated under the Companies Act, 1956, on 23 September, 2010. The Company is registered with the Reserve Bank of India (RBI) as a non deposit taking, Non Banking Financial Company (NBFC), vide certificate no N-13.01990 dated May 23 2011. The company is engaged in the asset finance business.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 30.09.2012 |
As on 30.09.2011 |
|
Term loan |
|
|
|
Loan from Bank |
1826.458 |
0.000 |
|
Loans and advances |
500.000 |
0.000 |
|
From Banks |
65.000 |
0.000 |
|
|
|
|
|
Total |
2391.458 |
0.000 |
Notes:
Term loan from Bank
Terms of repayment
(Rs.
In Millions)
|
Tenor |
Rate of Interest |
Repayment Details |
Non-Current Portion |
Current Maturities |
|
36-48 Months |
10.75% to 11% |
11 to 16 installment of Quarterly frequency |
1826.458 |
788.333 |
Terms of repayment
(Rs.
In Millions)
|
Particular |
Repayment Details |
Non-Current Portion |
Current Maturities |
|
Loans and Advances from related parties |
9% |
Within 2 Months |
500.000 |
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.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.