MIRA
INFORM REPORT
|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FIAT INDIA AUTOMOBILES LIMITED (w.e.f. 05.11.2008) |
|
|
|
|
Formerly Known
As : |
FIAT INDIA AUTOMOBILES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. B – 19, MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune – 412 210, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
02.01.1997 |
|
|
|
|
Com. Reg. No.: |
11-130940 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 17951.600 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28900PN1997PLC130940 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF02175F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF1716D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Automobiles |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 37170000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a 50-50 Joint venture between Tata Motors, There appear huge accumulated losses recorded by the company due to
continuous loss incurred from its operation. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Long Term Rating |
CRISIL BBB + |
|
Rating Explanation |
Moderate credit risk |
|
Date |
May 14, 2012 |
|
Rating Agency Name |
CRISIL |
|
Short Term Rating |
CRISIL A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
May 14, 2012 |
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 : |
Ms. Rita |
|
Designation : |
Secretary |
|
Contact No.: |
91-2138-672701 |
|
Date : |
19.08.2013 |
LOCATIONS
|
Registered Office : |
Plot No. B – 19, MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune – 412 210, Maharashtra, India |
|
Tel. No.: |
91-2138-672701 |
|
Fax No.: |
91-2138-232143 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate (Mumbai) Office: |
Corporate Park II, 5th Floor, Sion Trombay Road, Chembur, Mumbai-
400071, Maharashtra, India |
|
Tel. No.: |
91-22-67293800 |
DIRECTORS
As on 14.12.2012
|
Name : |
Mr. Alfredo Altavilla |
|
Designation : |
Director |
|
Address : |
Vialle Delle Acacie, 16/5 – 10024, Moncalieri, Torino, Italy |
|
Date of Birth/Age : |
02.08.1963 |
|
Qualification: |
Degree in Economics |
|
Date of Appointment : |
05.09.2004 |
|
DIN No.: |
00366224 |
|
|
|
|
Name : |
Mr. Chandrasekaran Ramakrishnan |
|
Designation : |
Director |
|
Address : |
322, Samudra Mahal, |
|
Date of Birth/Age : |
27.06.1955 |
|
Qualification: |
B. Com CA, ICWA |
|
Date of Appointment : |
28.12.2007 |
|
DIN No.: |
00020076 |
|
|
|
|
Name : |
Mr. Stefan Ketter |
|
Designation : |
Director |
|
Address : |
Strada Val Pattonera, N 163, INT 26, Torino Italy |
|
Date of Birth/Age : |
31.07.1959 |
|
Qualification: |
Degree in Mechanical Engineering |
|
Date of Appointment : |
19.03.2008 |
|
DIN No.: |
01937182 |
|
|
|
|
Name : |
Mr. Girish Arun Wagh |
|
Designation : |
Director |
|
Address : |
Flat No.3, Pradnya Kiran Apartments, Pradnya Park, Mahatma Housing Society,
Kothrud, Pune – 411029, Maharashtra, India |
|
Date of Birth/Age : |
02.12.1970 |
|
Qualification: |
BE (Mechanical) PG Degree in Manufacturing Management |
|
Date of Appointment : |
06.07.2010 |
|
DIN No.: |
03119361 |
|
Voter ID No.: |
UVP1975275 |
|
|
|
|
Name : |
Silvia Vernetti Blina |
|
Designation : |
Alternate director |
|
Address : |
Strada Del Bellardo, N 54, CGT Trojan, Torino 10132, Italy |
|
Date of Birth/Age : |
06.06.1965 |
|
Qualification: |
Degree in ICT Engineering |
|
Date of Appointment : |
25.05.2011 |
|
DIN No.: |
03521955 |
|
|
|
|
Name : |
Mr. Michael Mark Manley |
|
Designation : |
Director |
|
Address : |
5543, Possum LN, Orchard Lake, Michigan 48324, Unites States of
America |
|
Date of Birth/Age : |
06.03.1964 |
|
Qualification: |
Master in Business Administration |
|
Date of Appointment : |
06.12.2011 |
|
DIN No.: |
05126251 |
|
|
|
|
Name : |
Mr. John Joseph Kett |
|
Designation : |
Director |
|
Address : |
Room No. 2406, 506, Shang Cheng Road, Shanghai, Pudong District, China
200120 |
|
Date of Birth/Age : |
07.11.1966 |
|
Qualification: |
Bachelor Business, CPA |
|
Date of Appointment : |
06.12.2011 |
|
DIN No.: |
02237302 |
|
|
|
|
Name : |
Mr. Timothy Andrew Leverton |
|
Designation : |
Director |
|
Address : |
Flat No. 5, Marvel Mystic, 5th and 6th Floor,
Boat Club Road, River Side Estates, Pune – 411 001, Maharashtra, India |
|
Date of Birth/Age : |
07.03.1951 |
|
Date of Appointment : |
06.12.2011 |
|
DIN No.: |
03299159 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Ishwar Joshi |
|
Designation : |
Company Secretary |
|
Address : |
2/2, Telec, Plot No. 30, Sector 17, Vashi Navi Mumbai – 400 703,
Maharashtra, India |
|
Date of Birth/Age : |
21.12.1961 |
|
Qualification : |
M.Com, LLB, ACA, ACS |
|
Experience : |
23 years |
|
Date of Appointment : |
01.07.2005 |
|
PAN No.: |
AAFPJ6792D |
|
Voter ID No.: |
MT/10/057/0285281 |
|
|
|
|
Name : |
Mr. Gurpratap Sidgh Boparai |
|
Designation : |
Manager |
|
Address : |
S 12, Konark Campus. Lohgaon, Viman Nagar, Pune – 411 014,
Maharashtra, India |
|
Date of Birth/Age : |
28.09.1969 |
|
Qualifications: |
B.E. PGDBM (F and M) |
|
Experience: |
21 Years |
|
Date of Appointment : |
01.09.2012 |
|
PAN No.: |
ABEPB8688E |
|
|
|
|
Name : |
Mr. Rajeev Kapoor |
|
Designation : |
Chief Executive Officer & Director (upto 31st August, 2012) |
|
Qualifications: |
B.E (Mechanical) |
|
Experience: |
34 Years |
|
|
|
|
Name : |
Mr. Jayanta K. Deb |
|
Designation : |
Head - Engineering and Design |
|
Qualifications: |
B.E. M. Tech (Mechanical) |
|
Experience: |
34 Years |
|
|
|
|
Name : |
Mr. R. Sivanesan |
|
Designation : |
Head - Quality |
|
Qualifications: |
B. Tech |
|
Experience: |
27 Years |
|
|
|
|
Name : |
Mr. Anil Joshi |
|
Designation : |
Head - Legal and Company Secretary |
|
Qualifications: |
M.Com LLB ACA ACS |
|
Experience: |
24 Years |
|
|
|
|
Name : |
Mr. Sudhakar Panda |
|
Designation : |
Head – Human Resources |
|
Qualifications: |
B.E., M. Tech (Production) |
|
Experience: |
31 Years |
|
|
|
|
Name : |
Mr. Ravi B. Gogia |
|
Designation : |
Head - Car Division |
|
Qualifications: |
B.E. PGDMM |
|
Experience: |
19 Years |
|
|
|
|
Name : |
Mr. Ravi G. Bhatia |
|
Designation : |
Head - Commercial |
|
Qualifications: |
B.Sc. |
|
Experience: |
32 Years |
|
|
|
|
Name : |
Mr. Kalpesh Pathak |
|
Designation : |
Head - Supply Chain |
|
Qualifications: |
B.E. (Mechanical) PGDM (BM) |
|
Experience: |
22 Years |
|
|
|
|
Name : |
Mr. Rakesh Baweja |
|
Designation : |
Head - Plant Services |
|
Qualifications: |
B.E., M. Tech PGDM (Safety) |
|
Experience: |
27 Years |
|
|
|
|
Name : |
Mr. Tarun Khanna |
|
Designation : |
Head - Marketing |
|
Qualifications: |
BA (Geo. Hons) MBA (Marketing) |
|
Experience: |
16 Years |
|
|
|
|
Name : |
Mr. Abhay Bawale |
|
Designation : |
Chief Financial Officer |
|
Qualifications: |
B. Com., ACA |
|
Experience: |
27 Years |
|
|
|
|
Name : |
Mr. Enrico Atanasio |
|
Designation : |
Head - Commercial |
|
Qualifications: |
M. Sc. |
|
Experience: |
15 Years |
|
|
|
|
Name : |
Mr. Luca Spatarao |
|
Designation : |
Head - PWT Product Development |
|
Qualifications: |
M.E. (Mechanical) |
|
Experience: |
14 Years |
|
|
|
|
Name : |
Ms. Rita |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.12.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Fiat Group Automobiles SPA, |
|
89757980 |
|
Alberto Sibille (As a nominee of Fiat Group Automobiles SPA, Italy) |
|
1 |
|
Tata
Motors Limited, India |
|
89757980 |
|
Tata Motors
Limited Jointly with Chandrasekaran Ramakrishnan |
|
1 |
|
Tata
Motors Limited Jointly with Hoshang Sethna |
|
1 |
|
Fiat Group Automobiles SPA Jointly with Stefano Reganzani |
|
1 |
|
Tata
Motors Limited Jointly with Puri A. S. |
|
1 |
|
Fiat Group Automobiles SPA, Italy
Jointly with Andrea Faina |
|
1 |
|
Total |
|
179515966 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automobiles |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Car |
Nos. |
Not Applicable |
200000 |
68952 |
|
Power Train* |
Nos. |
Not Applicable |
350000 |
100952 |
|
|
|
|
|
|
* Includes 59569 nos. (Previous year 41134 nos.) consumed internally
GENERAL INFORMATION
|
Customers: |
End Users |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
1500 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India, Corporate Accounts Group, Voltas House, 23, J.N. Herredia Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679025/ 65679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Joint Venture : |
·
Fiat Group Automobiles S.P.A. ·
Tata Motors Limited, India CIN: L28920MH1945PLC004520 |
|
|
|
CAPITAL STRUCTURE
After 14.12.2012
Authorized Capital: Rs.40000.000 Millions
Issued, Subscribed & Paid-up Capital: Rs.24451.597
Millions
As on 30.09.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs. 100/- each |
Rs. 40000.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
179515966 |
Equity Shares |
Rs. 100/- each |
Rs.
17951.600 millions |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 (18 months) |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
17951.600 |
18349.280 |
|
(b) Reserves & Surplus |
|
(8657.420) |
(9258.490) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
9294.180 |
9090.790 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
14276.010 |
18653.670 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
679.8400 |
322.030 |
|
(d) long-term provisions |
|
114.320 |
83.430 |
|
Total Non-current Liabilities (3) |
|
15070.170 |
19059.130 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
749.920 |
999.940 |
|
(b) Trade payables |
|
14100.740 |
11042.100 |
|
(c) Other current
liabilities |
|
4974.190 |
5247.250 |
|
(d) Short-term provisions |
|
137.530 |
142.260 |
|
Total Current Liabilities (4) |
|
19962.380 |
17431.550 |
|
|
|
|
|
|
TOTAL |
|
44326.730 |
45581.470 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
27567.610 |
30643.370 |
|
(ii) Intangible Assets |
|
1248.100 |
2315.550 |
|
(iii) Capital
work-in-progress |
|
48.630 |
28.440 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1185.020 |
587.840 |
|
(e) Other Non-current assets |
|
499.000 |
750.080 |
|
Total Non-Current Assets |
|
30548.360 |
34325.280 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2946.590 |
2872.610 |
|
(c) Trade receivables |
|
2930.310 |
886.840 |
|
(d) Cash and cash
equivalents |
|
4257.110 |
4982.410 |
|
(e) Short-term loans and
advances |
|
3431.690 |
2274.110 |
|
(f) Other current assets |
|
212.670 |
240.220 |
|
Total Current Assets |
|
13778.370 |
11256.190 |
|
|
|
|
|
|
TOTAL |
|
44326.730 |
45581.470 |
|
SOURCES OF
FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
14349.280 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2014.260 |
|
|
4] (Accumulated Losses) |
|
|
(9002.280) |
|
|
NETWORTH |
|
|
7361.260 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
19950.570 |
|
|
2] Unsecured Loans |
|
|
7044.900 |
|
|
TOTAL BORROWING |
|
|
26995.470 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
34356.730 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
34636.130 |
|
|
Capital work-in-progress |
|
|
750.650 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4803.370 |
|
|
Sundry Debtors |
|
|
2729.000 |
|
|
Cash & Bank Balances |
|
|
2911.580 |
|
|
Other Current Assets |
|
|
5.350 |
|
|
Loans & Advances |
|
|
5514.660 |
|
Total
Current Assets |
|
|
15963.960 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
16057.250 |
|
|
Other Current Liabilities |
|
|
766.210 |
|
|
Provisions |
|
|
170.550 |
|
Total
Current Liabilities |
|
|
16994.010 |
|
|
Net Current Assets |
|
|
(1030.050) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
34356.730 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 (18 months) |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
49780.350 |
38289.010 |
27666.670 |
|
|
|
Other Income |
2869.830 |
775.650 |
5699.140 |
|
|
|
TOTAL (A) |
52650.180 |
39064.660 |
33365.810 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
35650.600 |
29141.700 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(28.970) |
552.330 |
|
|
|
|
Employee benefit expense |
1642.450 |
989.580 |
|
|
|
|
Other expenses |
6027.090 |
4480.860 |
|
|
|
|
TOTAL (B) |
43291.170 |
35164.470 |
30430.010 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9359.010 |
3900.190 |
2935.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5099.020 |
2961.200 |
3009.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4259.990 |
938.99 |
(73.800) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4906.600 |
3209.460 |
2815.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(646.610) |
(2270.470) |
(2889.690) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(646.610) |
(2270.470) |
(2889.690) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11272.659) |
(9002.280) |
(6112.590) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(11919.269) |
(11272.659) |
(9002.280) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1558.340 |
1053.240 |
2342.830 |
|
|
TOTAL EARNINGS |
1558.340 |
1053.240 |
2342.830 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3622.140 |
2677.750 |
6587.860 |
|
|
|
Stores & spares |
36.810 |
139.150 |
1.300 |
|
|
|
Capital Goods |
71.900 |
78.820 |
770.570 |
|
|
TOTAL IMPORTS |
3730.850 |
2895.720 |
7359.730 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(LOSS) Per Share (Rs.) |
(3.66) |
(15.66) |
(24.42) |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 (18
Months) |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
(1.22)
|
(5.81) |
(8.66)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.29)
|
5.93 |
(10.45)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.46)
|
(4.98) |
(5.71)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
(0.25) |
(0.39)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.62
|
2.16 |
3.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69
|
0.65 |
0.94
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
30.09.2012 (18
Months) |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
3332.550 |
3357.090 |
NA
|
|
|
|
|
|
|
Total |
3332.550 |
3357.090 |
NA
|
|
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
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE
DETAILS
BENCH:
BOMBAY
|
STAMP NO.:
ARPST/12843/2013 FILING DATE:
25.04.2013 PETITIONER: M/s. HAWK EYE
SECURITIES AND FACILITI
RESPONDENT: M/S FIANT INDIA AUTOMOBILE LIMITED PETN.ADV: SANJAY S.
GAWADE DISTRICT: PUNE BENCH: SINGLE STATUS: PRE-ADMISSION ACT: ARBITRATION AND
CONCILIATION ACT 1996 |
UNSECURED LOAN:
(Rs.
in Millions)
|
Particulars |
As
on 30.09.2012 (18
Months) |
As
on 31.03.2011 |
|
|
|
|
|
Long term
Borrowing |
|
|
|
Loans and Advances from others |
5328.420 |
5134.470 |
|
|
|
|
|
TOTAL |
5328.420 |
5134.470 |
OPERATIONS OVERVIEW:
Compared to the
previous period, car production was lower at 74,436 (for 18 months) / 53,341 (for
12 months) due to lower demand; Engine production was higher at 162,981 (for 18
months) / 95,227 (for 12 months) due to encouraging demand from industry; and
Transmissions Production was lower at 104,731 (for 18 months) / 77,615 (for 12
months) due to lower demand. Your Company successfully launched MY12 Fiat
Grande Punto and Fiat Linea in January 2012 and the MY12 Fiat Punto 90HP Sport
in April, 2012. Your Company also achieved the 200,000th car production mark
(to date) in July, 2012.
During the period
under review, your Company also commenced the manufacture of the Tata Manza LHD
in May, 2011; Tata Manza (Celebration series) in August, 2011 and the Tata
Indica LE in September 2011 followed by the Tata Vista in April 2012 in 2
colours/versions and the Tata Manza (Club class) with dual tone painting in 8
versions in September 2012 and Tata Indica C-Rail in October 2012.
Your Company inked
agreements with Maruti Suzuki India Limited for supply of upto 300,000 engines
over a period of 3 years and Premier Limited for supply of upto 28,000 engines
over 3 years which are likely to yield positive bottom-line growth.
Your Company has
seen an improvement in the working capital management by a reduction in average
inventory of car division by about 28% and powertrain division by about 20%
besides higher turnover ratio by about 23% despite uncertain market conditions
and adverse demand for petrol variants.
FUTURE OUTLOOK:
Your Company
continues its efforts in product quality improvement and safety enhancement
based on market needs and regulatory requirements and remains committed to
meeting them. Your directors are hopeful of achieving better results in the
ensuing financial year due to the various distribution initiatives underway.
There are indications of the possibility of supply of engines/powertrains to
other automobile manufacturers in India and/or abroad.
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
(Rs.
in millions)
|
PARTICULARS |
As on 30.09.2012
(18 Months) |
|
|
|
|
Service tax / Excise duty claims disputed by the Company relating to
issues of inappropriate availment of cenvat credit on invoices of service
provider. |
62.190 |
|
VAT liability disputed by the Company relating to issue of
applicability |
17.770 |
|
Income tax / TDS claims in respect of which the Company is in appeal |
105.210 |
|
Other claims
against the Company not acknowledged as debts (Consumer related and other
matters) |
79.060 |
|
(Future cash
outflows in respect of above matters are determinable only on receipt of
judgments / decisions pending at various forums / authorities.) |
|
FIXED ASSETS:
Tangible assets
·
Land
·
Building
·
Other building
·
Plant and Machinery
·
Furniture and Fitting
·
Office Equipment
·
Vehicles
·
Motor vehicles
·
Computer equipments
·
Other equipments
·
Leasehold improvements
Intangible assets
·
Computer Software
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.64.69 |
|
|
1 |
Rs.100.80 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
34 |
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.