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Report Date : |
09.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
FAURECIA INTERIOR SYSTEMS INDIA PRIVATE LIMITED (w.e.f. 10.10.2011) |
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Formerly Known
As : |
FAURECIA TECHNOLOGY CENTRE INDIA PRIVATE LIMITED (w.e.f. 19.03.2010) TACO FAURECIA DESIGN CENTRE PRIVATE LIMITED |
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Registered
Office : |
Plot # T-187, Pimpri Industrial Area (B.G. Block), Behind Bhosari
Police Station, Bhosari, Pune – 411 026, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.05.2004 |
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Com. Reg. No.: |
11-019215 |
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Capital
Investment / Paid-up Capital : |
Rs.40.000 Millions |
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CIN No.: [Company Identification
No.] |
U34300PN2004PTC019215 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNET04152B |
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PAN No.: [Permanent Account No.] |
AACCT0275F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is primarily engaged in providing Computer Aided Design (CAD) and
Computer Aided Engineering (CAE) services for interior systems components for
the automotive industry. The Company is also engaged in Product Process
Validation (PPV). |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1572000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company is doing well. General financial position is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Registered Office : |
Plot # T-187, Pimpri Industrial Area (B.G. Block), Behind Bhosari
Police Station, Bhosari, Pune – 411 026, |
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Tel. No.: |
91-20-30549700 |
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Mobile No.: |
91-8605018600 (Mr. Abhijeet Bhimpure, Senior - Purchase Department) |
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Fax No.: |
91-20-30549800 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.D1, CMDA Industrial Estate, Maraimalai Nagar, Chennai – 603
209, |
DIRECTORS
As on 05.08.2011
|
Name : |
Mr. Jean Philippe Charles Andre Gregoire |
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Designation : |
Director |
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Address : |
17 Avenue Du Chateau 92190, Meudon 92190 |
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Date of Birth/Age : |
27.04.1961 |
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Date of Appointment : |
26.07.2010 |
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DIN No.: |
03042209 |
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Other Directorship : |
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Name : |
Mr. Nicolas Pechnyk |
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Designation : |
Director |
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Address : |
480, |
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Date of Birth/Age : |
16.10.1967 |
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Date of Appointment : |
05.05.2004 |
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DIN No.: |
00352204 |
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KEY EXECUTIVES
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Name : |
Mr. Shailendra Jain |
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Designation : |
Secretary |
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Address : |
H-203, Jasminium, |
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Date of Birth/Age : |
26.12.1968 |
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Date of Appointment : |
17.07.2006 |
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PAN No.: |
AAEPJ4310Q |
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Name : |
Franck Euvrard |
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Designation : |
GM-FIS |
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Date of Birth/Age : |
43 Years |
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Qualification : |
Engineering |
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Experience : |
18 Years |
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Date of Appointment : |
01.06.2006 |
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Name : |
Christoph Hesse |
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Designation : |
Director (Engineering) |
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Date of Birth/Age : |
37 Years |
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Qualification : |
Engineering |
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Experience : |
14 Years |
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Date of Appointment : |
01.07.2010 |
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Name : |
Bjorn Bergerus |
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Designation : |
Manager (Knowledge Management) |
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Date of Birth/Age : |
50 Years |
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Qualification : |
Engineering |
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Experience : |
25 Years |
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Date of Appointment : |
01.02.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2011
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Names of Shareholders |
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No. of Shares |
|
Faurecia Automotive Holdings, |
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3999999 |
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Fuarecia Investments SA, France |
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1 |
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Total |
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4000000 |
As on 05.08.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in providing Computer Aided Design (CAD)
and Computer Aided Engineering (CAE) services for interior systems components
for the automotive industry. The Company is also engaged in Product Process
Validation (PPV). |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Door Panel |
Nos. |
Not Applicable |
Not Applicable |
1271 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
The Hongkong and Shanghai Banking Corporation Limited, Amar Avinash Corporate
City, S. No.11, Bund Garden Road, Pune – 411 001, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
C-401, 4th Floor, |
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Tel. No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
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Holding Company : |
v
Faurecia Automotive Holdings (From December 1, 2009)
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Ultimate Holding Company: |
v
Faurecia SA (From December 1, 2009) |
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Co-Venturers in respect of which the reporting enterprise is a joint
venture : |
v
Faurecia Automotive Holdings v
Tata Autocomp Systems Limited (Upto December 1, 2009)
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Fellow Subsidiaries : |
v
Faurecia ( v
Faurecia ( v
Faurecia Abgastechnik GmbH v
Faurecia Automotive do Brasil Ltda v
Faurecia Automotive Exteriors v
Faurecia Automotive Industrie v
Faurecia Automotive Industroes (Mouzon) v
Faurecia Automotive Seating – Fabio v
Faurecia Automotive Seating (BV) v
Faurecia Automotive Seating ( v
Faurecia Automotive Seating India Private Limited v
Faurecia Automotive Seating Inc. v
Faurecia Autositze Gmbh v
Faurecia Banbury v
Faurecia Bloc Avant (Audincourt) v
Faurecia Components Pisek ( v
Faurecia Components Pisek sro v
Faurecia Emissions Control Technologies v
Faurecia Exhaust Systems, Inc v
Faurecia Grojec R&D Centre sp.zo.o v
Faurecia Innenraum Systeme GMBH v
Faurecia Interieur Industrie (Meru) v
Faurecia Interieur Systems ( v
Faurecia Interior Systems, Inc v
Faurecia Interior Systems v
Faurecia Interior Systems v
Faurecia Kunststoffe Automobilesysteme Gmbh v
Faurecia Seating Talmacia v
Faurecia Service Group v
Faurecia Sieges D Automobile SA v
Faurecia Sistemes Automotrics De v
Faurecia v
Faurecia Systems D’echappeinent v
Faurecia Trim Korea Limited v
Faurecia Walbrzych – v
Faurecia Walbrzych sp z.o.o. v
FECT India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
Millions |
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|
|
|
|
Note:
Of the above 3999999 Equity shares are held by
Faurecia Automotive Holdings, the Holdings Company.
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 |
40.000 |
40.000 |
40.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
353.061 |
238.413 |
176.301 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
393.061 |
278.413 |
216.301 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
393.061 |
278.413 |
216.301 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
54.395 |
26.382 |
46.022 |
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Capital work-in-progress including capital advances |
5.737 |
0.000 |
0.000 |
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INVESTMENT |
63.061 |
78.837 |
55.134 |
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DEFERRED TAX ASSETS |
7.247 |
0.343 |
0.853 |
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.201
|
0.178 |
0.000 |
|
|
Sundry Debtors |
175.185
|
78.889 |
67.671 |
|
|
Cash & Bank Balances |
53.525
|
36.515 |
11.218 |
|
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Other Current Assets |
21.468
|
20.576 |
12.743 |
|
|
Loans & Advances |
153.953
|
86.601 |
79.478 |
|
Total
Current Assets |
407.332
|
222.759 |
171.110 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
96.237
|
35.019 |
43.847 |
|
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Other Current Liabilities |
21.500
|
2.488 |
4.351 |
|
|
Provisions |
26.974
|
12.401 |
8.620 |
|
Total
Current Liabilities |
144.711
|
49.908 |
56.818 |
|
|
Net Current Assets |
262.621
|
172.851 |
114.292 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
393.061 |
278.413 |
216.301 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Software Design and Development Services |
609.412 |
387.116 |
493.245 |
|
|
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Other Income |
23.768 |
5.406 |
2.126 |
|
|
|
TOTAL |
633.180 |
392.522 |
495.371 |
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
501.355 |
306.157 |
357.908 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
131.825 |
86.365 |
137.463 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.342 |
0.364 |
1.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION |
131.483 |
86.001 |
135.836 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
22.426 |
23.272 |
24.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
109.057 |
62.729 |
110.955 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(7.349) |
0.617 |
5.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
116.406 |
62.112 |
105.740 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
1.758 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
224.553 |
162.441 |
56.701 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
339.201 |
224.553 |
162.441 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from Software Design and Development |
587.432 |
373.237 |
473.720 |
|
|
|
Revenue from PPV activity |
16.638 |
5.744 |
18.914 |
|
|
TOTAL EARNINGS |
604.070 |
378.981 |
492.634 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
12.545 |
0.000 |
2.453 |
|
|
|
Raw Materials |
0.000 |
0.943 |
0.113 |
|
|
TOTAL IMPORTS |
12.545 |
0.943 |
2.566 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.10 |
15.53 |
26.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
18.38
|
15.82 |
21.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.90
|
16.20 |
22.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
67.43
|
25.18 |
51.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.22 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.18 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
4.46 |
3.01 |
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. Constitution 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 |
No |
|
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 Sai Radhe
Building, 3rd Floor, Plot No.100 and 101, R.B.M. Road, Behind Hotel
Le Meridien, Sangamwadi, Pune – 411 001, Maharashtra to the present
address.
NATURE OF
OPERATIONS:
The Company was
incorporated on May 5, 2004 and is primarily engaged in providing Computer
Aided Design (CAD) and Computer Aided Engineering (CAE) services for interior
systems components for the automotive industry. The Company is also engaged in
Product Process Validation (PPV).
RESULTS OF OPERATIONS:
The year was a year of recovery, improved
performance in terms of efficiency, and new explorations for us. The global
economic climate posed several challenges, but we made the best use of our
resources and abilities for growth. The total numbers of Hours done during the
year were higher by 67% as compared to previous year.
The company registered a total income of INR
633.000 Millions (Previous Year INR 393.000 Millions), and Net Profit of INR
110.000 Millions (Previous Year INR 62.000 Millions).
OUTLOOK:
With the growth in Automotive Industry, the
Company foresees huge potential in the business activities in the coming
months.
The company took all necessary precautions to
control and cut costs, wherever possible to deal with growing volumes of
business.
In additions to higher volumes of Engineering,
the company strengthens its activities in the form of full Program Development
including Program Management and setting-up of manufacturing plant.
In view of global competitive, the company
sees huge potentials to enter into
The company look forward towards another
tremendous and challenging year.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in
Millions) |
31.03.2010 (Rs. in
Millions) |
|
Income Tax in respect of Assessment Year
2005-2006 u/s 156 in respect of which the Company has filed an appeal. |
0.248 |
0.248 |
|
Penalty order u/s 271(I)(b) of Income Tax
Act for the Assessment Year 2005-2006 |
0.010 |
0.010 |
|
Total |
0.258 |
0.258 |
FIXED ASSETS:
v Electrical Installations
v Lease Improvements
v Computer Software
v Computer Hardware
v Office Equipments
v Furniture and Fixtures
v Vehicles
v Plant and Machinery
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 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.55.42 |
|
|
1 |
Rs.86.04 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.