MIRA
INFORM REPORT
|
Report Date : |
18.02.2014 |
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 – 412210, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
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
: |
Manufacturing and Selling of Motor Vehicles, Powertrains /
Engines, Spare Parts etc. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 47900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a 50-50 Joint Venture between Tata Motors Limited, India
and Fiat Group Automobiles, Italy. It is an established company having satisfactory track record. There is an accumulated losses recorded by the company. However,
company has recorded profit from its operation. Capital base of the company
appears to be strong. Rating also reflects strong financial and operational
support from its Joint Venture Partners. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade
terms and conditions. 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a one-fourth
share in total jobs created, according to a study by industry lobby group
Assochem, Banks, real estate, automobile and telecommunications sectors are
showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Rita |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-2138-672700 |
|
Date : |
17.02.2014 |
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 : |
Manufacturing and Selling 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 : |
1500 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Corporate Accounts Group, Voltas House, 23, J. N. Heredia
Marg, Ballard Estate, Mumbai - 400001, 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 – 400013, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Joint venture : |
· Fiat Group Automobiles S.p.A Tata Motors Limited [L28920MH1945PLC004520] |
CAPITAL STRUCTURE
AS ON 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 40000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
244,515,966 |
Equity Shares |
Rs. 100/- each |
Rs.
24451.597 Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 40000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
179,515,966 |
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 |
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 |
|
|
|
TOTAL |
14909.660 |
43291.170 |
35164.470 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5225.420 |
9359.010 |
3900.190 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1769.110 |
5099.020 |
2961.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3456.310 |
4259.990 |
938.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1631.730 |
4906.600 |
3209.460 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
860.370 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2684.950 |
(646.610) |
(2270.470) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(7.840) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2692.790 |
(646.610) |
(2270.470) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
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 |
9,090.790 |
9,294.180 |
11,986.970 |
|
|
|
|
|
|
long-term borrowings |
18653.670 |
14276.010 |
12682.310 |
|
Short term borrowings |
999.940 |
749.920 |
2160.210 |
|
Total
borrowings |
19,653.610 |
15,025.930 |
14,842.520 |
|
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) |
|
SALES |
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) |
|
Sales |
38289.010 |
49780.350 |
19221.020 |
|
Profit |
(2270.470) |
(646.610) |
2692.790 |
|
|
(5.93%) |
(1.30%) |
14.01% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
30.09.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
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 |
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 24.04.2013 |
|
Stamp No: ARPST/12843/2013 Filing
Date: 25.04.2013 Reg. No.:
ARP/1/2014 Reg. Date:
17.01.2014 |
|
Petitioner: M/S. HAWK EYE SECURITIES AND FACILITIES Respondent: FIAT INDIA
AUTOMOBILES LIMITED Petn.Adv: SANJAY S. GAWADE ()
Res.Adv.: VERUS (VP FOR RESP.) District: PUNE |
|
Bench: SINGLE Status: Pre-Admission Next Date: 26.02.2014 Stage: ARBAP FOR
HEARING AND FINAL DISPOSAL U/S 11 OF ARB. ACT Coram: HON’BLE SHRI JUSTICE N.M. JAMDAR Last Date: 06.02.2014
Stage: ARBAP FOR HEARING AND FINAL DISPOSAL U/S 11 OF ARB. ACT Last Coram: HON’BLE SHRI JUSTICE N.M. JAMDAR |
|
Act: Arbitration And Conciliation Act 1996 |
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 - 400001, MAHARASHTRA, 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 - 400001, MAHARASHTRA, INDIA |
A67098335 |
|
3 |
10169903 |
29/07/2009 |
10,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, VOLTAS HOUSE, 23, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
A67097311 |
UNSECURED LOANS
|
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:
· Land
Buildings
Other
building
Plant
and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Leasehold
improvements
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. 61.95 |
|
|
1 |
Rs. 104.02 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
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 |
|
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.