|
Report Date : |
12.08.2014 |
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, M.I.D.C., Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune – 412 210, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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
: |
Subject is engaged in the business of manufacture and sale of motor
vehicles, powertrains / engines, spare parts etc. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between “Fiat Group Automobiles S.p.A.” and
“Tata Motors Limited”. It is an established company having satisfactory track
record. The company has incurred continuous accumulated losses over a year. However, the ratings continue to reflect Fiat India’s healthy
financial flexibility, marked by strong financial support from the JV
partners and adequate liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong support from joint venture partners, the company can
be considered for business dealings at usual trade terms and condition. Note: Financials are of 6 months. Company has changed its financial year
from 18 months (1st April 2011 to 30th September 2012)
to 6 months (1st October 2012 to 31st March 2013). |
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
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite worrying.
He is of the view that the Chinese economy could be heading toward trouble on
account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes that many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20%! Equities came in second with annualized
return of 15.5%! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate credit quality and average credit
risk. |
|
Date |
November 21, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
November 21, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
[Contact No.:
91-2138-672700]
LOCATIONS
|
Registered Office : |
Plot No.B-19, M.I.D.C., Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune – 412210, Maharashtra |
|
Tel. No.: |
91-2138-672701/ 672700/ 232144/ 5/ 6/ 7 |
|
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/ 25226329 |
|
Fax No.: |
91-22-25226325/ 25226326 |
|
|
|
|
Factory : |
Located at: ·
Ranjangaon (Maharashtra) |
|
|
|
|
Warehouse : |
Located at: ·
Chakan |
DIRECTORS
AS ON 25.09.2013
|
Name : |
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, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1955 |
|
Qualification : |
B.Com., CA, ICWA |
|
Date of Appointment : |
28.12.2007 |
|
DIN No.: |
00020076 |
|
|
|
|
Name : |
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(Mech.), PG
Diploma in Manufacturing Management |
|
Date of Appointment : |
06.07.2010 |
|
DIN No.: |
03119361 |
|
|
|
|
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 : |
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 : |
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 : |
Timothy Andrew Leverton |
|
Designation : |
Director |
|
Address : |
Flat No. 5, Marvel Mystic, 5th and 6th Floor, Boat
Club Road, River Side Estates, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
07.03.1951 |
|
Qualification : |
B.Sc.(Mechanical
Engineering), MBA, PHD (Engineering) |
|
Date of Appointment : |
06.12.2011 |
|
DIN No.: |
03299159 |
|
|
|
|
Name : |
Mr. Ranjit Singh Yadav |
|
Designation : |
Director |
|
Address : |
Flat # 303, Spring Mills, G.D. Ambedkar Marg, Dadar, Mumbai – 400014,
Maharashtra, India |
|
Date of Birth/Age : |
10.07.1962 |
|
Qualification : |
BA, PG Diploma
in Mgmt (Mgmt) |
|
Date of Appointment : |
25.09.2013 |
|
DIN No.: |
05230923 |
|
|
|
|
Name : |
Andrea Faina |
|
Designation : |
Director |
|
Address : |
Corso Unilone Sovietica 91, Torino 10134 Italy |
|
Date of Birth/Age : |
19.10.1962 |
|
Qualification : |
MBA, Degree in
Economics |
|
Date of Appointment : |
25.09.2013 |
|
DIN No.: |
06517802 |
KEY EXECUTIVES
|
Name : |
Ms. Rita |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Anil Ishwar Joshi |
|
Designation : |
Secretary |
|
Address : |
2/2, Telec, Plot No. 30, Sector 17, Vashi Navi Mumbai – 400703,
Maharashtra, India |
|
Date of Birth/Age : |
21.12.1961 |
|
Qualification : |
M.Com, LLB, ACA, ACS |
|
Date of Appointment : |
01.07.2005 |
|
PAN No.: |
AAFPJ6792D |
|
Voter ID No.: |
MT/10/057/0285281 |
|
|
|
|
Name : |
Mr. Gurpratap Singh Boparai |
|
Designation : |
Manager |
|
Address : |
S 12, Konark Campus, Lohgaon, Viman Nagar, Pune – 411014, Maharashtra,
India |
|
Date of Birth/Age : |
28.09.1969 |
|
Qualification : |
B.E. PGDBM (F and M) |
|
Date of Appointment : |
01.09.2012 |
|
PAN No.: |
ABEPB8688E |
|
|
|
|
Name : |
Mr. Jayanta K. Deb |
|
Designation : |
Head - Engineering & Design |
|
|
|
|
Name : |
Mr. Sudhakar Panda |
|
Designation : |
Head – Human Resources |
|
|
|
|
Name : |
Mr. Ravi B. Gogia |
|
Designation : |
Head – Car Division |
|
|
|
|
Name : |
Mr. Kalpesh Pathak |
|
Designation : |
Head – Supply Chain |
|
|
|
|
Name : |
Mr. Rakesh Baweja |
|
Designation : |
Head – Plant Services |
|
|
|
|
Name : |
Mr. Abhay Bawale |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ackash Mital |
|
Designation : |
Corporate Controller |
|
|
|
|
Name : |
Mr. Sudhir S. Chikle |
|
Designation : |
Head - Purchasing |
|
|
|
|
Name : |
Mr. Hradyesh K. Dwivedi |
|
Designation : |
Head – Quality |
|
|
|
|
Name : |
Mr. Pramod J. Khot |
|
Designation : |
Head - Powertrain Plant |
|
|
|
|
Name : |
Mr. Ravi G. Bhatia |
|
Designation : |
Head - Commercial |
|
|
|
|
Name : |
Mr. Tarun Khanna |
|
Designation : |
Head - Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2013
|
Names of Shareholders |
No. of Shares |
% of Shares Held |
|
Fiat Group Automobiles S.p.A., Italy |
122257980 |
50.00 |
|
Alberto Sibille (As a nominee of Fiat Group Automobiles S.p.A, Italy) |
1 |
0.00 |
|
Tata
Motors Limited, India |
122257980 |
50.00 |
|
Tata Motors
Limited Jointly with Chandrasekaran Ramakrishnan |
1 |
0.00 |
|
Tata
Motors Limited Jointly with Hoshang Sethna |
1 |
0.00 |
|
Fiat Group Automobiles S.p.A. Jointly with Stefano Reganzani |
1 |
0.00 |
|
Tata
Motors Limited Jointly with A. S. Puri |
1 |
0.00 |
|
Fiat Group Automobiles S.p.A, Italy
Jointly with Andrea Faina |
1 |
0.00 |
|
Total |
244515966 |
100.00 |
AS ON 25.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
50.00 |
|
Bodies
corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale of motor
vehicles, powertrains / engines, spare parts etc. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cars |
Nos. |
Not Applicable |
200000 |
68952 |
|
Power Trains* |
Nos. |
Not Applicable |
350000 |
100952 |
* Includes 59569 Nos. consumed internally
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
State Bank of India, Corporate Accounts Group, Voltas House, 23, J.N. Heredia Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 32nd Floor, S.B Marg,
Elphinstone (West), Mumbai – 400 013, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Joint Venture : |
·
Fiat Group Automobiles S.p.A., Italy ·
Tata Motors Limited, India (CIN No.:
L28920MH1945PLC004520) |
CAPITAL STRUCTURE
AS ON 25.09.2013
Authorised 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 |
|
244515966 |
Equity Shares |
Rs.100/- each |
Rs.24451.597
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised 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 |
31.03.2013 (6 Months) |
30.09.2012 (18 Months) |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
17951.600 |
17951.600 |
18349.280 |
|
(b) Reserves & Surplus |
(5964.630) |
(8657.420) |
(9258.490) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11986.970 |
9294.180 |
9090.790 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12682.310 |
14276.010 |
18653.670 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
827.590 |
679.840 |
322.030 |
|
(d) long-term
provisions |
106.890 |
114.320 |
83.430 |
|
Total Non-current
Liabilities (3) |
13616.790 |
15070.170 |
19059.130 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2160.210 |
749.920 |
999.940 |
|
(b)
Trade payables |
12551.470 |
14100.740 |
11042.100 |
|
(c)
Other current liabilities |
5263.650 |
4974.190 |
5247.250 |
|
(d) Short-term
provisions |
68.040 |
137.530 |
142.260 |
|
Total Current
Liabilities (4) |
20043.370 |
19962.380 |
17431.550 |
|
|
|
|
|
|
TOTAL |
45647.130 |
44326.730 |
45581.470 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
26599.350 |
27567.610 |
30643.370 |
|
(ii)
Intangible Assets |
856.240 |
1248.100 |
2315.550 |
|
(iii)
Capital work-in-progress |
268.580 |
48.630 |
28.440 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1633.240 |
1185.020 |
587.840 |
|
(e) Other
Non-current assets |
415.310 |
499.000 |
750.080 |
|
Total Non-Current
Assets |
29772.720 |
30548.360 |
34325.280 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2848.700 |
2946.590 |
2872.610 |
|
(c)
Trade receivables |
3331.690 |
2930.310 |
886.840 |
|
(d) Cash
and cash equivalents |
3660.140 |
4257.110 |
4982.410 |
|
(e)
Short-term loans and advances |
5824.660 |
3431.690 |
2274.110 |
|
(f)
Other current assets |
209.220 |
212.670 |
240.220 |
|
Total
Current Assets |
15874.410 |
13778.370 |
11256.190 |
|
|
|
|
|
|
TOTAL |
45647.130 |
44326.730 |
45581.470 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (6 Months) |
30.09.2012 (18 Months) |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
19221.020 |
49780.350 |
38289.010 |
|
|
|
Other Income |
914.060 |
2869.830 |
775.650 |
|
|
|
TOTAL (A) |
20135.080 |
52650.180 |
39064.660 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
13229.340 |
35650.600 |
29141.700 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(48.180) |
(28.970) |
552.330 |
|
|
|
Employee benefit expense |
488.910 |
1642.450 |
989.580 |
|
|
|
Other expenses |
1239.590 |
6027.090 |
4480.860 |
|
|
|
Exceptional Items |
(860.370) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
14049.290 |
43291.170 |
35164.470 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6085.790 |
9359.010 |
3900.190 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1769.110 |
5099.020 |
2961.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4316.680 |
4259.990 |
938.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1631.730 |
4906.600 |
3209.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
2684.950 |
(646.610) |
(2270.470) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(7.840) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
2692.790 |
(646.610) |
(2270.470) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
952.930 |
1558.340 |
1053.240 |
|
|
TOTAL EARNINGS |
952.930 |
1558.340 |
1053.240 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1053.250 |
3622.140 |
2677.750 |
|
|
|
Capital Goods |
51.160 |
36.810 |
139.150 |
|
|
|
Stores & spares |
26.910 |
71.900 |
78.820 |
|
|
TOTAL IMPORTS |
1131.320 |
3730.850 |
2895.720 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
15.00 |
(3.66) |
(15.66) |
|
|
|
- Diluted |
12.49 |
(3.66) |
(15.66) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (6 Months) |
30.09.2012 (18 Months) |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.37
|
(1.23)
|
(5.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.97
|
(1.30)
|
5.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.92
|
(1.46)
|
(4.98) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
(0.07)
|
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.24
|
1.62
|
2.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
0.69
|
0.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
30.09.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
18349.280 |
17951.600 |
17951.600 |
|
Reserves & Surplus |
(9258.490) |
(8657.420) |
(5964.630) |
|
Net
worth |
9090.790 |
9294.180 |
11986.970 |
|
|
|
|
|
|
Long-term borrowings |
18653.670 |
14276.010 |
12682.310 |
|
Short term borrowings |
999.940 |
749.920 |
2160.210 |
|
Total
borrowings |
19653.610 |
15025.930 |
14842.520 |
|
Debt/Equity
ratio |
2.162 |
1.617 |
1.238 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
30.09.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Revenue from Operations |
38289.010 |
49780.350 |
19221.020 |
|
|
|
30.012 |
(61.388) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
30.09.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Revenue from Operations |
38289.010 |
49780.350 |
19221.020 |
|
Profit |
(2270.470) |
(646.610) |
2692.790 |
|
|
(5.93%) |
(1.30%) |
14.01% |
LOCAL AGENCY FURTHER INFORMATION
Details of current
maturities of long-term debts:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
30.09.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities of long-term debts |
3338.640 |
3332.550 |
3357.090 |
|
|
|
|
|
|
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 |
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
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10169906 |
29/07/2009 |
6,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP,
VOLTAS HOUSE, 23, J.N. HEREDIA MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA -
400001, INDIA |
A67099259 |
|
2 |
10169905 |
29/07/2009 |
8,819,200,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP,
VOLTAS HOUSE, 23, J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA -
400001, INDIA |
A67098335 |
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
30.09.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other external commercial borrowings |
2723.670 |
2678.420 |
|
Loans and advances from related parties |
0.000 |
2650.000 |
|
Other Loans and advances |
2650.000 |
0.000 |
|
Total
|
5373.670 |
5328.420 |
CORPORATE INFORMATION
Fiat India Automobiles Limited was incorporated on the 2nd day of January, 1997, as a Private Limited company under the name 'Fiat India Automobiles Private Limited'. On 14th July 1998, the Company became a deemed public company and a fresh certificate of incorporation consequent to its change of status as a deemed public company was issued on 14th July, 1998. On 8th August, 2001, the Company was converted into a private company and the certificate of incorporation was amended accordingly. Again on 5th November, 2008, the Company was converted into a public company and certificate of incorporation was amended accordingly. The Company is engaged in the business of manufacture and sale of motor vehicles, powertrains / engines, spare parts etc. The manufacturing facility of the Company is located at Ranjangaon, Maharashtra.
FINANCIAL YEAR
The previous financial year 2011-12 of the Company was extended last year with the consent of the Registrar of Companies, Pune by a period of 6 (six) months to September 30, 2012. The Directors have decided to close the subsequent financial year 2012-13 on March 31, 2013 to align it with the Indian financial year. The results reflected above are thus for a period of 6 months vis-a-vis the earlier period of 18 months and are thus not strictly comparable.
OPERATIONS OVERVIEW
Compared to the previous period, car production was 26,835 units (for 6 months) as compared to 74,442 (for 18 months) with the introduction of newer variants (including left-hand drive export versions and dual shade painted versions of some models). Engine production (with trimming) was 80,376 units (for 6 months) as compared to 162,671 (for 18 months) achieving in the process the 100,000 number mark of engine supply to Maruti Suzuki India Limited. The Company has been consistently receiving over 95% customer satisfaction rating from Maruti Suzuki Limited since the commencement of engine supplies in January 2012 and 100% for the past two months. Transmissions Production was 17,194 units (for 6 months) as compared to 104,731 (for 18 months) due to poor demand. Judicious plant utilization with rationalization of working days and shift timings are expected to yield upto 30% production efficiency and some savings in costs and improvement in working capital management despite uncertain market conditions.
EXPORTS
The Company’s exports increased 3 folds in the second half
of 2012-13 compared to second half of 2011-12 due to exports to GAC-Fiat’s China
plant for 100% of its primary engine components like Cylinder Block, Lower
Cylinder Head and Upper Cylinder Head. The Company will continue to explore
viable export opportunities in all conceivable markets with the encouraging
results of exports to China.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
30.09.2012 (Rs.
In Millions) |
|
Contingent liability |
5.470 |
62.190 |
|
VAT liability disputed by the Company relating to issue of applicability |
17.770 |
17.770 |
|
Income tax / TDS claims in respect of which the Company is in appeal |
108.130 |
105.210 |
|
Other claims against the Company not acknowledged as debts (Consumer related matters) |
77.830 |
79.060 |
|
Total
|
209.200 |
264.230 |
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Leasehold improvements
·
Buildings
·
Plant and Machinery
·
Computer Equipment
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
Intangible Assets
·
Product Engineering Technology
·
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.61.12 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.