MIRA
INFORM REPORT
|
Report Date : |
31.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FIAT GROUP AUTOMOBILES INDIA PRIVATE LIMITED (w.e.f. 26.07.2012) |
|
|
|
|
Formerly Known
As : |
AKAT AUTOMOTIVE DISTRIBUTION COMPANY PRIVATE LIMITED |
|
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.03.2012 |
|
|
|
|
Com. Reg. No.: |
11-227795 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.112.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U50102MH2012PTC227795 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
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|
|
Line of Business
: |
The Company is engaged in the business of distribution of FIAT and Chrysler branded motor vehicles, spare parts and conducting and carrying out Engineering and Procurement activity for FIAT, Chrysler branded motor vehicles and parts. |
|
|
|
|
No. of Employees
: |
75 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Fiat Group Automobiles S.P.A., Italy”. It is a relatively new company having moderate track record. There
appears huge accumulated loss recorded by the company during 2013. However,
business is active. Payment terms are slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that accounts
for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is
the main reason for this overall IT cut. A Reserve Bank of India committee has
recommended setting up a special category of lenders who would cater to small
businesses and households, to expand the number of customers with access to
banking services. These banks would focus onproviding payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account
in mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
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 DECLINED
Management non-cooperative [91-22-39462600]
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-39462600 |
|
Fax No.: |
91-22-39462609 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 05.09.2013
|
Name : |
Mr. Nagesh Basavanhalli |
|
Designation : |
Managing Director |
|
Address : |
21, Thirurallurar Nagar, Seaward Drive, Chennai-600041, Tamilnadu,
India |
|
Date of Birth/Age : |
23.02.1966 |
|
Date of Appointment : |
09.10.2012 |
|
Din No.: |
01886313 |
|
|
|
|
Name : |
Mr. Enrico Atanasio |
|
Designation : |
Director |
|
Address : |
4th Floor, Solitaire, 34, Pali Hills, Bandra (West),
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
09.02.1958 |
|
Date of Appointment : |
04.05.2012 |
|
Din No.: |
05270519 |
|
|
|
|
Name : |
Mr. Roberto Ciceri |
|
Designation : |
Director |
|
Address : |
VIA Antonio Giuseppe Bertola 49, Torino – 10122 |
|
Date of Birth/Age : |
03.10.1969 |
|
Date of Appointment : |
04.05.2012 |
|
Din No.: |
03559131 |
KEY EXECUTIVES
|
Name : |
Mr. Harsh Kumar Mishra |
|
Designation : |
Company Secretary |
|
Address : |
A-503, Jasper CHS, Hiranandani Estate, Thane-400607 (West),
Maharashtra, India |
|
Date of Birth/Age : |
24.06.1974 |
|
Date of Appointment : |
02.09.2013 |
|
Pan No.: |
AGAPM0649K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.11.2013
|
Names of Allottees |
|
No. of Shares |
|
Fiat Group Automobiles S.P.A., Italy |
|
5780000 |
|
|
|
|
|
TOTAL
|
|
5780000 |
AS ON 17.09.2013
|
Names of Allottees |
|
No. of Shares |
|
Fiat Group Automobiles S.P.A., Italy |
|
76800000 |
|
|
|
|
|
TOTAL
|
|
76800000 |
AS ON 05.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Fiat Group Automobiles S.P.A., Italy |
|
11209999 |
|
FGA Investmenti S.P.A., Italy |
|
1 |
|
|
|
|
|
TOTAL
|
|
11210000 |
AS ON 05.09.2013
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of distribution of FIAT and Chrysler branded motor vehicles, spare parts and conducting and carrying out Engineering and Procurement activity for FIAT, Chrysler branded motor vehicles and parts. |
GENERAL INFORMATION
|
No. of Employees : |
75 [Approximately] |
|
|
|
|
Bankers : |
Not Available |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and
Company LLP Chartered
Accountants |
|
Address : |
14th Floor, The
Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra,
India |
|
PAN No: |
ACGFS9180N |
|
|
|
|
Holding Company : |
Fiat Group
Automobiles, S.P.A., Italy |
|
|
|
|
Fellow Subsidiaries : |
FGA Investmenti
S.P.A., Italy |
CAPITAL STRUCTURE
AS ON 05.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs.1400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
93790000 |
Equity Shares |
Rs.10/- each
|
Rs.937.900
Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs.1400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11210000 |
Equity Shares |
Rs.10/- each
|
Rs.112.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
112.100 |
|
(b) Reserves & Surplus |
|
|
(2185.850) |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
750.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
(1323.750) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long
term liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
5.834 |
|
Total Non-current
Liabilities (3) |
|
|
5.834 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
2216.023 |
|
(c)
Other current liabilities |
|
|
81.743 |
|
(d) Short-term
provisions |
|
|
317.640 |
|
Total Current
Liabilities (4) |
|
|
2615.406 |
|
|
|
|
|
|
TOTAL |
|
|
1297.490 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
7.368 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
61.966 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax
assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
108.965 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
178.299 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
410.378 |
|
(c)
Trade receivables |
|
|
20.747 |
|
(d) Cash
and cash equivalents |
|
|
672.373 |
|
(e)
Short-term loans and advances |
|
|
15.186 |
|
(f)
Other current assets |
|
|
0.507 |
|
Total
Current Assets |
|
|
1119.191 |
|
|
|
|
|
|
TOTAL |
|
|
1297.491 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
388.430 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
3022.280 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(2633.850) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(2633.850) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(234.95) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
PAT / Total Income |
(%) |
|
|
(678.07) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(213.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
1.99 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.43 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for one year |
Yes |
|
12] |
Profitability for one year |
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CORPORATE INFORMATION:
Subject is a
Private Limited Company domiciled in India and incorporated on March 7, 2012
under the name 'AKAT Automotive Distribution Company Private Limited' under the
provisions of the Companies Act, 1956. On July 26, 2012, the Company changed
the name to 'Fiat Group Automobiles India Private Limited'. The Company is
engaged in the business of distribution of FIAT and Chrysler branded motor
vehicles, spare parts and conducting and carrying out Engineering and
Procurement activity for FIAT, Chrysler branded motor vehicles and parts.
NEWS:
FIAT LAUNCHES 'ABSOLUTE' EDITION FOR PUNTO AND
LINEA
NOVEMBER 27, 2013
Fiat Group
Automobiles India on Tuesday launched its limited 'Absolute' edition for Punto
and Linea in the Kerala market.
The 'Absolute' edition cars come with a customized accessory pack which offers
additional value to customers during the festival season at no extra cost,
Nagesh Basavanhalli, President and Managing Director, FIAT Chrysler India
Operations, said.
India is an
important market for the company, he said, adding the Absoltue edition of Linea
and Punto will support additional features which will distinguish them from the
regular existing versions.
The Absoltue
edition pack includes features like touch screen, GPS navigator with 3G tablet
and smartphone functionality. A festive accessory pack worth Rs 0.025 Million
will be offered free on every car. Customers can avail maximum benefits of up
to Rs.0.070 Million on the Linea and Rs.0.060 Million on the Punto, he said
adding existing customers can also avail this offer by just paying Rs.0.025 Million.
The company has
presently 90 dealerships across the country selling exclusively Fiat cars.
Another 18 dealerships will be set up to take the total dealerships to over 100
by this year end.
The company presently has seven sales centers in Kerala and three more would be
set up soon, he said.
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.62.73 |
|
|
1 |
Rs.103.87 |
|
Euro |
1 |
Rs.85.61 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
1 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.