MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEW HOLLAND FIAT (INDIA) PRIVATE LIMITED (w.e.f. 18.12.2008) |
|
|
|
|
Formerly Known
As : |
FIAT INDIA PRIVATE LIMITED IND AUTO LIMITED PAL COOPER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
303, Central Plaza, 166, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
23.11.1992 |
|
|
|
|
Com. Reg. No.: |
11-069675 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.12485.550 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29220MH1992PTC069675 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI3922Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Agricultural and Construction Equipments. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 61680000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Fiat Group Automobiles S.P.A’. It is an established
company having a moderate track record. There appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be 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.
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. Rahul Sanon |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-120-3056455 |
|
Date : |
14.06.2013 |
LOCATIONS
|
Registered Office : |
303, Central Plaza, 166, |
|
Tel. No.: |
91-22-30007701-08 |
|
Fax No.: |
91-22-30007709 |
|
E-Mail : |
|
|
Theybsite : |
|
|
Location : |
Owned |
|
|
|
|
Head Office (Tractor Division) : |
Plot No. 09, Suite No. - 301 and
304, Copia Corporate Suite, Jasola District, Centre, New Delhi – 110 044,
India |
|
Tel No.: |
91-11-46727100/ 49024000 |
|
Fax No.: |
91-11-46727171/ 49024015 |
|
|
|
|
Factory/ Parts and
Services : |
Tractor Division Plot No. 03, Udyog Kendra, Grater Noida – 201306, District
Gautam Budh Nagar, |
|
Tel. No.: |
91-120-3056000 |
|
Fax No.: |
91-120-3056989/ 3056949 |
DIRECTORS
As on: 25.02.2013
|
Name : |
Mr. Rakesh Malhotra |
|
Designation : |
Managing Director |
|
Address : |
228, Bhera Enclave, Delhi - 110087, India |
|
Date of Birth/Age : |
06.04.1958 |
|
Qualification : |
B.com (H), FCA |
|
Pan No.: |
AAIPM7787Q |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
00015911 |
|
|
|
|
Name : |
Mr. Stefano Pampalone |
|
Designation : |
Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
09.11.1967 |
|
Qualification : |
MBA and Mechanical Engineer |
|
Date of Appointment : |
27.11.2012 |
|
DIN No.: |
02784982 |
|
|
|
|
Name : |
Mr. Stefano Reganzani |
|
Designation : |
Director |
|
Address : |
Via G. Chiabrera N 42, Conlugato, Torino, Italy |
|
Date of Birth/Age : |
31.03.1965 |
|
Date of Appointment : |
25.07.2011 |
|
DIN No.: |
02185388 |
|
|
|
|
Name : |
Mr. Roberto Ciceri |
|
Designation : |
Director |
|
Address : |
Via Antonia, Giuseppe, Bertola 49, Tornio 10122, Italy |
|
Date of Birth/Age : |
03.10.1969 |
|
Date of Appointment : |
25.07.2011 |
|
DIN No.: |
03559131 |
|
|
|
|
Name : |
Franco Fusignani |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Corso Torino 43, Novara, 28100, Italy |
|
Date of Birth/Age : |
19.09.1945 |
|
Date of Appointment : |
18.09.2012 |
|
DIN No.: |
01492149 |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Sanon |
|
Designation : |
General Manager Finance |
|
|
|
|
Name : |
Mr. Shubharanshu Shekhar Trivedy |
|
Designation : |
Secretary |
|
Address : |
C-3/211, Sector-31, Noida-201301, |
|
Date of Birth/Age : |
28.08.1973 |
|
Date of Appointment : |
28.05.2010 |
|
PAN No.: |
ACKPT3811A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.02.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Fiat Group Automobiles SPA (Class A), |
|
3799998 |
|
Fiat India Automobiles Private Limited (Class A), |
|
1 |
|
Sibille Alberto (Class A), |
|
1 |
|
CNH Asian Holding Limited NV (Class A), |
|
3645916 |
|
CNH Asian Holding Limited NV (Class B), |
|
116723086 |
|
|
|
|
|
Total |
|
124169002 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Fiat Group Automobiles SPA, |
|
686472 |
|
|
|
|
|
Total |
|
686472 |
Equity Share Break up (Percentage of Total Equity)
As on: 25.02.2013
|
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 : |
Manufacturer and Exporter of Agricultural and Construction Equipments. |
|
|
|
|
Exports : |
|
|
Products : |
·
Agricultural ·
Construction Equipments |
|
Countries : |
·
Europe ·
Middle East ·
USA ·
UK ·
Gulf Country ·
Asian Country ·
South Africa |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Japan ·
Italy ·
US ·
UK ·
Middle East ·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Tractors |
|
(Nos.) |
40,000 |
35,249* |
|
Harvesters |
|
(Nos.) |
550 |
60 |
Notes:
1. *Excludes 12 Tractors
2. Licensed capacities have not been given as Government of India has delicensed these classes of goods.
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
Citi Bank, Delhi Branch, Delhi, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountant |
|
Address : |
Golf View Corporate Tower B, Sector-42, Gurgaon - 122002, Haryana, India |
|
PAN.: |
AABFS3421N |
|
|
|
|
Holding company : |
· Fiat Group Automobiles S.p.A, Italy |
|
|
|
|
Ultimate Holding Company : |
·
Fiat S.p.A, Italy |
|
Memberships : |
|
|
|
|
|
Others: |
· CNH Asian Holding Limited NV, Belgium · CNH Global NV, Netherland |
|
|
|
|
Associates/Subsidiaries : |
·
Automotive Lighting Polska Sp.z o.o., Poland · Case Corporation Pty Limited, Australia ·
CNH America LLC, United States · CNH Argentina S.A., Argentina ·
CNH Australia PTY Limited, Australia ·
CNH Burridge Operations, United States ·
CNH Commercial S.A de C.V., Mexico · CNH France SA, France · CNH International S.A, Switzerland · CNH Italia S.p.A, Italy ·
CNH Latin America Limited a, Brazil · CNH Services (Thailand) Limited, Thailand ·
CNH Services SRL, Italy ·
CNH U.K Limited, United Kingdom ·
Fiat Group Automobiles, South Africa · Fiat Group Purchasing SRL, Italy ·
Fiat Partecipazioni India Private Limited ·
Fiat Potheyrtrain Technologies S.p.A, Italy ·
Fiat Potheyrtrain Technologis Sanghai R and D Company Limited, China · Fiat Sepin S.c.p.a, Italy · FPT Industrial S.p.A, Italy · Isvor Dealernet SRL, Italy ·
Iveco Latin America Limited a, Brazil ·
Iveco S.p.A, Italy ·
Magneti Marelli Do Brasil Industria e Camercio
SA, Brazil ·
New Holland SA, South Africa ·
New Holland Tractors Limited, NV, Belgium ·
Sevel, Italy ·
Shanghai New Holland Agricultural Machinery
Corporation Limited, China ·
Turk Traktors ve Ziraat, Turkry |
CAPITAL STRUCTURE
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.100/- each |
Rs.15000.000 Millions |
|
50000000 |
Preference Shares |
Rs.100/-
each |
Rs.5000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124169002 |
Equity Shares |
Rs.100/- each |
Rs.12416.900 Millions |
|
686472 |
Preference Shares |
Rs.100/- each |
Rs.68.650 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.12485.550
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
12485.550 |
12485.550 |
|
(b) Reserves & Surplus |
|
2935.830 |
(705.430) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
218.060 |
147.470 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
3499.090 |
3566.330 |
|
(c) Other current
liabilities |
|
3193.050 |
720.810 |
|
(d) Short-term provisions |
|
188.63 |
177.350 |
|
TOTAL |
|
22520.210 |
16392.080 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2993.620 |
2968.980 |
|
(ii) Intangible Assets |
|
233.770 |
773.260 |
|
(iii) Capital
work-in-progress |
|
599.330 |
171.440 |
|
(iv)
Intangible assets under development |
|
464.610 |
82.860 |
|
(b) Non-current Investments |
|
2256.030 |
2256.030 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1794.230 |
568.040 |
|
(e) Other Non-current assets |
|
6.640 |
52.620 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
3923.020 |
3363.730 |
|
(c) Trade receivables |
|
3523.260 |
2726.380 |
|
(d) Cash and cash
equivalents |
|
3532.960 |
2673.100 |
|
(e) Short-term loans
and advances |
|
614.990 |
704.720 |
|
(f) Other current
assets |
|
2577.750 |
50.920 |
|
TOTAL |
|
22520.210 |
16392.080 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
12485.548 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
5831.322 |
|
|
4] (Accumulated Losses) |
|
|
(7293.484) |
|
|
NETWORTH |
|
|
11023.386 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11023.386 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4841.209 |
|
|
Capital work-in-progress |
|
|
488.663 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2641.713
|
|
|
Sundry Debtors |
|
|
2479.138
|
|
|
Cash & Bank Balances |
|
|
3125.042
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1185.418
|
|
Total
Current Assets |
|
|
9431.311
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3007.548
|
|
|
Other Current Liabilities |
|
|
474.666
|
|
|
Provisions |
|
|
255.583
|
|
Total
Current Liabilities |
|
|
3737.797
|
|
|
Net Current Assets |
|
|
5693.514
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11023.386 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
22991.410 |
16729.374 |
|
|
|
Other Income |
|
597.816 |
459.765 |
|
|
|
TOTAL (A) |
28767.060 |
23589.226 |
17189.139 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
17004.699 |
12825.751 |
|
|
|
Purchases of trading goods |
|
447.157 |
396.243 |
|
|
|
Increase in stock of finished goods and work
in progress |
|
(337.511) |
(546.662) |
|
|
|
Increase in Excise duty on closing stock |
|
14.499 |
13.008 |
|
|
|
Personal Expenses |
|
909.022 |
740.889 |
|
|
|
Operating and other expenses |
|
2147.778 |
1524.971 |
|
|
|
TOTAL (B) |
24217.850 |
20185.644 |
14954.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4549.210 |
3403.582 |
2234.939 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
101.850 |
163.991 |
103.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4447.360 |
3239.591 |
2131.048 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
972.940 |
2252.423 |
2201.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
3474.420 |
987.168 |
(70.456) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
2.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
3474.420 |
987.168 |
(72.487) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6306.310) |
(7293.484) |
(7220.997) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2831.890) |
(6306.316) |
(7293.484) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
9261.060 |
8234.504 |
5546.578 |
|
|
|
Service Rendered |
47.780 |
30.473 |
25.775 |
|
|
|
Reimbursement of Excise Duty demand |
3111.650 |
0.000 |
0.000 |
|
|
|
Reversal of stock option expenses |
34.360 |
0.000 |
0.000 |
|
|
|
Others |
0.130 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
12454.980 |
8264.977 |
5572.353 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1642.940 |
2577.740 |
1990.662 |
|
|
|
Traded Goods |
103.530 |
347.302 |
354.860 |
|
|
|
Capital Goods |
1566.870 |
340.707 |
307.675 |
|
|
|
Others |
0.000 |
0.154 |
8.899 |
|
|
TOTAL IMPORTS |
3313.340 |
3265.903 |
2662.096 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(7.95) |
(0.58) |
|
%20PRIVATE%20LIMITED%20-%20225588%2015-Jun-2013_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20225588%2015-Jun-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
12.08 |
4.18
|
(0.42)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
4.29
|
(0.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.11 |
7.11
|
(0.49)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.08
|
(0.01)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12 |
2.13
|
2.52
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS:
(Rs. In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
Sundry Creditors |
3499.090 |
3566.330 |
3007.548
|
|
|
|
|
|
|
Total |
3499.090 |
3566.330 |
3007.548
|
|
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) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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 |
|
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 |
No |
OPERATIONS AND
PERFORMANCE:
Tractor Business
During the year 2012, Indian Tractor Industry has witnessed negative growth of 2.8% after touching ever highest figure of 6 Lac tractors in the year 2011. Subject in turn, witnessed a marginal drop in volumes by 0.4%. While the Domestic volumes were flat, Exports posted a negative growth of 2.2%.
As a part of business strategy, Dealer Network continued to be the key focus area in 2012 also and the network was further strengthened by the addition of 80 new dealers in unrepresented territories and also by realigning the territories. Substantial numbers of non performing dealers were closed down in 2012.
Year 2012 was challenging for New Holland Fiat India Pvt. Ltd on account of change in the Emission norms in 50 HP Tractors. Substantial efforts were invested in improving and stabilizing the 50 HP products. New products Sky Watch tractor and 4WD Tractors in 50 Hp segment were introduced in the market, first of its kind in India. They are continuously working on extending the product range with introduction of new features to match upcoming implements and applications. This also helps us in maintaining their technological leadership with the competitors. The focus on selling of Application based tractors continued and helped to improve the penetration of the Upgrade Range. The Company has also started sale of 90 HP tractors, major interests from domestic market is being shown by states like Punjab, Maharashtra and Tamilnadu. New variants were launched in the 49.5 HP range to cater the growing demand in the range of 41-50 HP segment.
They continued to receive orders from their Institutional customer Segment Airlines, Tea Gardens and State Farm Corporation of India. This helped us to further strengthen their presence in Govt. and Private sectors. New customers have been added in Government sectors and in Cotton Ginning Mills/Construction/ Solid waste management etc. during the year 2012.
The capacity expansion plan of the existing Greater Noida manufacturing facility is in its final stage and will be completed in the year 2013. This will increase their annual production capacity of Tractors to 55000 Units.
To further improve the brand experience as well as to leverage the fact that sales also happens through Referrals, a dedicated customer care centre was established as a single window contact point for their existing as well as potential customers.
To continue the implementation of World Class Manufacturing Program in their plant they have further improved their efforts and scored good marks this year. They have targeted to improve it further to Bronze level in the year 2013. The major focus was on Quality, Safety, cost reduction and to enhance overall efficiency and productivity.
Achievement during the year also includes continuous working of five million hours (i.e 600 days of work over the past two years) without a single lost time incident in the Greater Noida plant, setting a new record in safety excellence as the first plant in CNH Group to reach such a milestone. In recognition of this achievement, a certificate signed by Mr. Richard Tobin, Chief Operating Officer of Fiat Industrial and Mr. Franco Fusignani, Brand Leader of New Holland Agriculture and COO of Asia Pacific region, was presented to the Company.
They continued to witness challenges on account of Raw Material Cost as well as increase in fuel and energy costs.
Sugar Cane Harvester
and Other Agricultural Equipment Business
In Sugarcane farm mechanization, they have made deep inroads and are market leaders today with the 8000 and 4000 series of Harvesters.
Upgrades of the 4000 series were introduced to further enhance the efficiency as well productivity. New dealers dedicated to crop solution were appointed to further enhance the sales of Balers, Rakes and Sugarcane Harvesters.
During the current year, sale volume of Sugar Cane Harvester marginally improved to 122 nos. (last year 114 nos.). Sale volume of Rotavators also improved to 834 nos. in current year (last year 529 nos.)
Field Activities were the key focus areas and over 1200 customers visited their Greater Noida manufacturing plant and over 20,000 customers were reached directly through various customer meets across the country. Demonstrations of Sugarcane Harvesters to new customers along with other crop solutions equipments continued across all key states as well new Sates like Punjab, Bihar and Orissa.
The assembly unit for Sugar cane harvesters at Pune, Maharashtra set up last year was utilized for assembly of Sugarcane Harvesters. Due to delayed and poor monsoon the Sugarcane crop in key states of Maharashtra, Gujarat, Karnataka, Andhra Pradesh and Tamilnadu was severely affected.
To improve the skills of Dealer Salesmen and Technicians, two new regional training schools were opened. To improve the skill building of rural youth, a new initiative by joining hands with Government of Orissa was taken by opening a dedicated Agri Training Centre at Bhubaneswar. With the growing demand of Sugarcane Harvesters a dedicated Cane Mechanization Centre was set up along with Navsari Agricultural University, Navsari, Gujrat. Both these new Training schools will go a long way in improving the availability of skilled, trained manpower for their products in the coming years. In the coming year, they plan to further strengthen this initiative.
Axle Business
During the year 2012, New Holland Fiat India Axle Plant produced a total no. of 16,519 Axles in comparison to 16,416 Axles last year, a marginal growth of 0.62%. During the year 7272 nos. of TLB 4-Wheel Drive and 2-Wheel Drive Axles exported to CNH Plants across the world. A total no. of 4807 TT Axles utilized for their internal consumption by Tractor Plant at Greater Noida. Achievement of Axle plant includes no warranty concern during the year and has been able to sustain the status of working with Zero parts per million (PPM) level. During the year, we were able to meet the customer demand which increased from 70 axles to 80 Axles per shift.
Spare Parts Division
During the year 2012, Spare Parts division achieved a landmark sale of Rs 100.6 crores with an overall growth of 6% over last year. There was a sharp decline in Brazil markets; however the domestic market witnessed a sharp growth of 25% over the last year in a very challenging environment.
With the growing demand of farm mechanized machines like Sugar Cane Harvester, Baler and Rotavators etc., company opened its third Parts depot in Chennai, and is well aligned to support the spare parts demand from its three strategic parts stocking locations with effective logistics. Keeping in view the high demand of spare parts and increase in Machine Park, company is also increasing its warehouse footprint by adding another area of 3,500 sq meters to its existing depot at Greater Noida plant premises which will ultimately help in increasing process efficiency.
For coming year 2013, Parts business is aligned to new product development needs, and increase in volumes. Focus area in coming years would be to reach every existing and potential customer to attain growth in part sales including lube sales.
Car Business
In the year 2012, production of Palio Model was stopped completely and sale was Nil during the year. This was due to introduction of various new generation models by other manufacturers and Palio Model is not complying with Bharat IV mandatory emission norms.
To support the after sale service, the company continues the business of spare parts and accessories for Palio and other earlier models of Fiat brand cars.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
· Goodwill
· Computer Software
· Know-how
AS PER WEBSITE DETAILS
PRESS RELEASE
NEW HOLLAND PLANS
COTTON PICKER ‘DESIGNED FOR INDIA’
New Delhi, Feb.
20:
After sugarcane harvesters, New Holland Fiat is planning to launch mechanical cotton pickers in India, hoping to cash in on rising costs and scarcity of farm labour in the countryside.
“We are field-testing a prototype specially designed for the Indian market. It should be ready for introduction in 2-3 years’ time,” said Gerald E. Salzman, Senior Director at Case IH, part of the $ 19.4-billion, Illinois-headquartered CNH Global that also owns New Holland.
The proposed cotton picker is “completely different” from the Case IH Module Express machines currently being sold in the US, Australia and Brazil, Salzman told Business Line.
While these are self-propelled with the capacity to harvest the seed-cotton (kapas) from six plant rows at a time and simultaneously compact them as ‘modules’ for delivery to ginners, the picker developed for India is tractor-propelled and tailored specifically for the much smaller farms here.
Designing differently
“India tops the world in cotton acreage and is behind only China in production. But since your fields are small, mechanisation is a challenge, requiring modifications in the electronics and hydraulic systems of the machines,” Salzman noted.
He illustrated the case of sugarcane harvesters, where New Holland started off in India selling its large 353-horsepower Case IH Austoft-7000 series machines to sugar mills.
But subsequently, the company launched a more compact and redesigned 174-horsepower 4000 model, which can move freely in smaller fields and harvest the cane planted in rows with 3.5-4 feet spacing, as against the global norm of five ft and above.
Further, it incorporates a special ‘topper’ capable of recovering the green cane tops that farmers in India – but not abroad – use as fodder for their animals.
All these modifications have helped New Holland sell over 330 machines so far, costing some Rs 13.000 Millions each, inclusive of the complementary infielder tractors and trailers to collect the harvested cane billets.
Localising global knowledge
“With the cotton picker, too, we are basically leveraging our knowledge globally to design a new machine for India, while looking at the past when farms were smaller even in the US,” explained Salzman.
According to him, developing a good picker also requires working closely with seed companies, who can breed varieties/hybrids with the right plant architecture and height, making them amenable for mechanical harvesting.
Growers, too, may have to make some adjustments to their existing agronomic practices. In sugarcane, for example, farmers in India typically maintain just 2-2.5 ft spacing between two plant rows.
To enable mechanical harvesting, they have had to increase this to 4 ft.
Cotton growers currently spend Rs 500-600 as picking cost for every quintal of kapas. At Rs 0.004 Million a quintal and yields of 12-13 quintals, that works out to roughly Rs 0.007 Million on gross revenues of Rs 0.050 Million an acre.
To the extent picking rates have doubled from Rs 250-300 in the last five years, there is certainly a large potential market that the likes of New Holland and John Deere are seeking to exploit.
“Selling harvesting machinery also helps promote our main business of tractors and tillage/planting equipment here, as farmers see the same company doing both,” added Salzman.
Plans raising domestic sourcing of spare parts
New Holland Fiat India’s (NHFI) tractor plant at Greater Noida, Uttar Pradesh makes about 35,000 tractors annually. Out of this, it sells about 28,000 locally (in a domestic market of 5.5 lakh machines) and exports the balance 7,000.
Besides, the company has a unit at Chakan near Pune, that assembles its cane harvesters imported in semi-knocked down form. Right now, the import content is about 95 per cent, with only the diesel engine being sourced locally from Cummins, apart from the electronics.
“We want to progressively raise the domestic content, starting with spare parts such as the base-cutter blades and oil filters that are now being imported from Brazil. This will make it more attractive for custom hiring, as the entrepreneurs owning the harvesters will see their maintenance costs reduce with increased local availability of spares,” said Gaurav Sood, Head (Crop Solutions) at NHFI.
The Chakan plant will ultimately also manufacture the cotton pickers that the company plans to launch by 2015.
New Holland Tractors Announces Aggressive Market Expansion Plans
Launches 32 hp New Holland 3032, 51 HP New Holland 3600-2 and 65 Hp New Holland
6500
New Holland Fiat India, part of New Holland
Agriculture, one of the World's leading manufacturer in tractors and farm
machinery, today announced its aggressive market expansion plans with the
launch of 32hp new Holland 3032, 51 HP New Holland 3600-2 All Rounder, and the
65 HP New Holland 6500.
The new 3032 comes with never before features
like oil immersed disc brakes, lift-o-matic and AFD side shift gear, which
makes this tractor best in its class. The new 3600-2, a 51 HP tractor promises
to offer the farmers, a blend of latest technology with values in terms of
power, ruggedness, reliability and excellent fuel efficiency. The new 6500, a
65 HP tractor turbo charged engine in 2 and 4 wheel drive option offers the
farmers the desired power for heavy duty applications, a rugged look and
providing farmers with unmatched productivity.
These tractors come loaded with exciting
features like powerful and fuel efficient engine, Oil immersed brakes, 11 inch
Cerametallic clutch for greater durability, heavy duty synchromesh gear box for
easy handling in tough soil conditions and an optional feature of 12+3 speed
gear box, which makes this tractor ideal for all applications.
In a meeting with the Press, Mr. Amitabh
Bansal, Director – Sales and Marketing, New Holland Fiat India, said, "New
Holland Tractors have been at the forefront of recognizing needs of the Indian
farmers and launching technologically superior and relevant products that meet
specific needs of the farmers across the country to help them improve their
productivity and thus prosper. Our products especially, New Holland 3630TX plus
and New Holland 5500-4 Wheel drive, are already the preferred choice of the
farmers of State. This is well reflected by phenomenal growth of New Holland in
the region. With the launch of these new products we will strengthen our
presence further in these markets."
Mr. Bansal further added, "We are
committed to contribute substantially to agricultural mechanization in India
through our innovative products. In addition to tractors, the company is also
promoting other Agricultural products like - Balers, Mowers and Choppers and
Sugar cane harvesters in the Indian market.
The new Holland technologically superior range
of 32 - 75 HP, is packed with several unique features like powerful engine,
superior Hydraulics that works efficiently in any kind of soil, Diaphragm
clutch and AFD (Side Shift) gear shifter for the comfort of operator, Oil
immersed brakes and Lift-o-matic, that cater to the diverse needs of the Indian
farmer.
Today, New Holland India also exports tractors
to over 50 countries in Asia, Middle East, Africa, Australia, Unites States and
Latin America.
New Holland India also facilitates easy and
convenient buying of its products by the farmers through attractive finance
schemes from its retail financing tie-ups with all leading nationalized and
private banks across the country.
About New Holland Tractors India
New Holland India today offers an extensive
range of products spanning 32-75 HP segments. Apart from the "EFT
Series" tractors and recently launched 3032(32hp), 3600-2 (51 HP) and New
Holland 6500 (65 HP), New Holland range includes - New Holland 3032 (32 HP),
New Holland 3030 NX (35 HP), New Holland 3037 (37 HP), New Holland 3130 NX (40
HP category), New Holland 3230 NX (45 HP category), New Holland 3600 (47 HP),
New Holland 3630 TX+ (55 HP) and New Holland 5500 (55 HP) and 7500 (75 HP) both
in 2- wheel and 4-wheel-drive version.
The New Holland plant at Greater Noida is the
latest amongst the several New Holland manufacturing sites built around the
world and is ISO 9001:2000 and ISO 14001 quality certified. Today, New Holland
India has a strong network of more than 400 dealers spread across the country.
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.