MIRA
INFORM REPORT
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Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIAT INDIA AUTOMOBILES PRIVATE LIMITED |
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Registered Office : |
Plot No. B – 19, MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka Shirur,
Pune 412210, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.01.1997 |
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Com. Reg. No.: |
130940 |
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CIN No.: [Company
Identification No.] |
U28900PN1997PTC130940 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF02175F |
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PAN No.: [Permanent
Account No.] |
AAACF1716D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Automobiles |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 13250000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 50-50 Joint Venture between Tata Motors, India and Fiat
Automobiles, Italy. Indian operations are passing through difficult times as
it faces fierce competition from fellow players such as Maruti, Honda,
Hyundai, etc. Company’s profitability is under severe pressure. It has huge accumulated losses. Payments are however reported as slow but
correct. In view of strong promoters, the company can be considered normal for
small to mediocre business dealings at usual trader terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. B – 19, MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune 412210, Maharashtra, India |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Giovanni De Filippis |
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Designation : |
Director |
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Address : |
Lal Bahadur Shastri Marg, Kurla [West], Mumbai 400070, Maharashtra,
India |
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Date of Birth/Age : |
25.07.1966 |
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Date of Appointment : |
13.12.2007 |
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Name : |
Mr. Maurizio Paolo Binachi |
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Designation : |
Director |
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Name : |
Mr. Enrico Ferrero |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Break-up |
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Percentage of
Holding |
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobiles |
GENERAL
INFORMATION
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No. of Employees : |
600 |
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Bankers : |
Not Available |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai 400018,
Maharashtra, India |
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Associates/Subsidiaries : |
Fiat India Private Limited CIN No. : U29220MH1992PTC069675 |
CAPITAL STRUCTURE
As on 31.12.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000000 |
Equity Shares |
Rs. 100/- each |
Rs. 40000.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26694592 |
Equity Shares |
Rs. 100/-
each |
Rs. 2669.459
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19620.127 |
19424.162 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[16305.479] |
[16449.770] |
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NETWORTH |
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3314.648 |
2974.392 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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808.000 |
0.000 |
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TOTAL BORROWING |
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808.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4122.648 |
2974.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1948.781 |
205.588 |
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Capital work-in-progress |
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1039.160 |
1336.482 |
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INVESTMENT |
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1163.908 |
993.908 |
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DEFERREX TAX ASSETS |
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8.135 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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381.935 |
0.000 |
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Sundry Debtors |
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92.556 |
0.000 |
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Cash & Bank Balances |
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5.960 |
1.900 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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259.741 |
644.231 |
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Total
Current Assets |
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740.192 |
646.131 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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755.198 |
187.322 |
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Provisions |
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22.330 |
20.395 |
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Total
Current Liabilities |
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777.528 |
207.717 |
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Net Current Assets |
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[37.336] |
438.414 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4122.648 |
2974.392 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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60.412 |
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Total Income |
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60.412 |
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Profit/(Loss) Before Tax |
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[137.091] |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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[137.091] |
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Total Expenditure |
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197.503 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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226.93 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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226.93 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.10
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.47 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
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0.95 |
3.11 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from Lalbahadur
Shastri Marg, Kurla [West], Mumbai 400070, Maharashtra, India to Plot No. B – 19,
MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka Shirur, Pune 412210,
Maharashtra w. e. f. 07.12.2006.
AS PER WEBSITE
DETAILS:
Subject is a 50-50
Industrial Joint Venture between Fiat Group Automobiles S. p. A., (Fiat) and
Tata Motors Limited (Tata) originally incorporated on January 02, 1997. The
company presently employs about 600 employees and is located at Ranjangaon in
the Pune District of Maharashtra. The definitive agreement of the Joint Venture
was signed on October 19th 2007. The board of directors for this company
comprises of five nominees each from Fiat and Tata.
The state-of -the-art
facility at Ranjangaon, will have an installed capacity to produce 100,000 cars
and 200,000 engines, besides aggregates and components. The company plans to
double the production capacity for both car units and engines in the next few
years. Currently manufacturing the Palio Stile 1.1 and 1.6 models, premium Fiat
cars such as the Grande Punto and Linea are expected to roll out soon in the B
and C segment from the facility within 2008. The facility will also manufacture
Fiat’s successful 1.3 litre Multijet diesel engines and 1.2 & 1.4 litre
Fire gasoline engine. Apart from Fiat cars, the facility will also produce Tata
passenger and next generation cars with investment exceeding € 650 Million. The
plant is expected to provide direct and indirect employment to more than 4,000
people.
Fiat, which holds a 50%
stake in the Company, also owns and controls five internationally renowned
brands:- Fiat Automobiles, Alfa Romeo Automobiles, Lancia Automobiles, Abarth
and Fiat Light Commercial Vehicles, the makers of renowned cars such as the
Ferrari, Maserati, Alfa Romeo and Lancia besides the Fiat branded cars.
Tata Motors Limited, the
other partner to the Joint Venture, is the largest automobile company in India,
with revenues of Rs. 32,426 crores (USD 7.2 billion) in 2006-07. It is the
leader in commercial vehicles in every segment and the second largest in the
passenger vehicles market with winning products in the compact, mid-size car
and utility vehicle segments. The company is the world’s fifth largest medium
and heavy commercial vehicle manufacturer and the world’s second largest medium
and heavy bus manufacturer.
News
The Fiat 500 rides the Berlin U-Bahn
14-Jan-2008
Source : Fiat Group Automobiles Press
The prestigious “Car of the Year 2008” prize
won by the Fiat 500 will be handed over at a ceremony in Berlin on 28 January.
To mark the occasion a ground-breaking initiative has been organised in the German
capital, which is allowing a car manufacturer to use part of its underground
rail network for the very first time.
10-Dec-2007
Fiat Linea wins the "AUTOBEST 2008" prize
Source : Fiat Group Automobiles Press
After winning “Car of The Year 2008” with the Fiat 500, “Carro do Ano
2008” with the Fiat Grande Punto and other prestigious international awards,
the Fiat brand has now brought home the coveted "AUTOBEST 2008" prize
with the Fiat Linea. The electors were an international jury of 15 specialist journalists
representing 15 European countries containing a total of about 300 million
inhabitants: Bulgaria, Cyprus, Croatia, Greece, Macedonia, Poland, Czech
Republic, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine and
Hungary.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 39.95 |
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UK Pound |
1 |
Rs. 78.91 |
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Euro |
1 |
Rs. 63.24 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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28 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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