MIRA INFORM REPORT

Report No. :	336435
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	FIAT INDIA AUTOMOBILES PRIVATE LIMITED (w.e.f. 19.01.2015)
Formerly Known As :	FIAT INDIA AUTOMOBILES LIMITED (w.e.f. 05.11.2008) FIAT INDIA AUTOMOBILES PRIVATE LIMITED
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 / 672756
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.01.1997
Com. Reg. No.:	11-130940
Capital Investment / Paid-up Capital :	Rs.24451.600 Million
CIN No.: [Company Identification No.]	U28900PN1997PTC130940
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMF02175F
PAN No.: [Permanent Account No.]	AAACF1716D
Legal Form :	Public Limited Liability Company
Line of Business :	The Company 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 :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 59000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a joint venture between “FLAT GROUP AUTOMOBILES S.P.A.” and “TATA MOTORS LIMITED”. It is a well-established company having fine track record. For the financial year ended 2014, company has reported healthy operational performance and it has achieved profit from its operations which help company to wiping off some of its accumulated losses. Rating also takes into consideration improved financial risk profile along with improvement in capital structure and strong financial and technical support that company receives from its joint venture entities. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong from its joint venture entities, the company can be considered good for normal business dealings at usual 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August , 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	August , 2014

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 31-03-2013.

LOCATIONS

Registered Office :	Plot No.B-19, M.I.D.C., Rajangaon Industrial Area, Ranjangaon, Taluka Shirur, Pune – 412210, Maharashtra, India
Tel. No.:	91-2138-672701/ 672700/ 232144/ 5/ 6/ 7 / 672756
Fax No.:	91-2138-232143
E-Mail :	bhushan.tawate@fiapl.com anil.joshi@fiat.com anil.joshi@fiapl.com
Website :	http://www.fiat-india.com
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 26.09.2014

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

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	27/02/2001	27/02/2001	06/07/2010	Amalgamated	NO
2	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
3	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	08/10/2002	08/10/2002	21/01/2008	Active	NO
4	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
5	U34101JH1993PTC005546	TATA CUMMINS Private Limited	Director	15/06/2006	15/06/2006	-	Active	NO
6	U45200MH1989PLC050444	SHEBA PROPERTIES LIMITED	Director	20/06/2008	18/09/2007	-	Active	NO
7	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	08/11/2007	08/11/2007	20/03/2013	Active	NO
8	U28900PN1997PTC130940	FIAT INDIA AUTOMOBILES Private Limited	Director	28/12/2007	28/12/2007	-	Active	NO
9	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	22/07/2008	23/01/2008	-	Active	NO
10	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	18/06/2008	28/03/2008	27/09/2010	Active	NO
11	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	30/07/2012	11/07/2008	26/02/2013	Active	NO
12	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	09/08/2010	01/07/2010	26/02/2013	Active	NO
13	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	05/08/2011	07/08/2010	26/02/2013	Active	NO
14	U34200MH2012FLC237194	Jaguar Land Rover India Limited	Director	30/07/2013	25/10/2012	20/07/2015	Active	NO
15	U65910MH1992PLC187184	Tata Motors Finance Solutions Limited	Additional director	19/01/2015	19/01/2015	-	Active	NO

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 :

08.04.2015

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 :

23.09.2010

DIN No.:

03119361

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 :

08.04.2015

DIN No.:

05126251

Name :

Timothy Andrew Leverton

Designation :

Director

Address :

Flat No. 5, Marvel Mystic, 5^th and 6^th 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 :

14.12.2012

DIN No.:

03299159

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	25/07/2011	25/10/2010	-	Active	NO
2	U28900PN1997PTC130940	FIAT INDIA AUTOMOBILES Private Limited	Director	14/12/2012	06/12/2011	-	Active	NO

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 :	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
Name :	Mital Ackash
Designation :	CFO
Address :	Ts/1504, Sector – R2, Amanora Park Town Hadapsar, Pune – 411028, Maharashtra, India
Date of Birth/Age :	07.12.1970
Date of Appointment :	19.06.2014
PAN No.:	ADTPM3162H

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares
Fiat Group Automobiles S.p.A., Italy	122257980
Alberto Sibille (As a nominee of Fiat Group Automobiles S.p.A, Italy)	1
Tata Motors Limited, India	122257980
Tata Motors Limited Jointly with Chandrasekaran Ramakrishnan	1
Tata Motors Limited Jointly with Hoshang Sethna	1
Fiat Group Automobiles S.p.A. Jointly with Stefano Reganzani	1
Tata Motors Limited Jointly with A. S. Puri	1
Fiat Group Automobiles S.p.A, Italy Jointly with Andrea Faina	1
Total	244515966

As on 26.09.2014

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 :

The Company is engaged in the business of manufacture and sale of motor vehicles, powertrains / engines, spare parts etc.

Products/ Services :

ITC Code No.	Product Descriptions
87033191	Motor Cars
84082020	Engines and Powertrains
87089900	Spares and other components

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	State Bank of India
Branch Address	Corporate Accounts Group, Voltas House, 23, J.N. Heredia Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other external commercial borrowings	4052.260	5085.450
Rupee term loans from banks (Secured by first charge over all the current assets ranking pari passu with all lenders)	0.000	2223.190
SHORT TERM BORROWINGS
Working capital loans from banks (Secured by first charge over all the current assets ranking pari passu with all lenders.)	3953.940	2160.210
Total	8006.200	9468.850

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
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture :	Fiat Group Automobiles S.P.A Tata Motors Limited [L28920MH1945PLC004520]

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital: Rs.40000.000 Million

Issued, Subscribed & Paid-up Capital: Rs.24451.597 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.100/- each	Rs.40000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
244515966	Equity Shares	Rs.100/- each	Rs.24451.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (12 Months)	31.03.2013 (6 Months)	30.09.2012 (18 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24451.600	17951.600	17951.600
(b) Reserves & Surplus	(3798.300)	(5964.630)	(8657.420)
(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)	20653.300	11986.970	9294.180
(3) Non-Current Liabilities
(a) long-term borrowings	9927.820	12682.310	14276.010
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1197.450	827.590	679.840
(d) long-term provisions	47.000	106.890	114.320
Total Non-current Liabilities (3)	11172.270	13616.790	15070.170
(4) Current Liabilities
(a) Short term borrowings	3953.940	2160.210	749.920
(b) Trade payables	4950.130	12551.470	14100.740
(c) Other current liabilities	4493.110	5263.650	4974.190
(d) Short-term provisions	33.180	68.040	137.530
Total Current Liabilities (4)	13430.360	20043.370	19962.380
TOTAL	45255.930	45647.130	44326.730
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24757.020	26599.350	27567.610
(ii) Intangible Assets	692.500	856.240	1248.100
(iii) Capital work-in-progress	175.090	268.580	48.630
(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	1970.990	1633.380	1185.020
(e) Other Non-current assets	247.920	415.310	499.000
Total Non-Current Assets	27843.520	29772.860	30548.360
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2380.900	2848.700	2946.590
(c) Trade receivables	8703.270	3331.690	2930.310
(d) Cash and cash equivalents	2077.590	3660.140	4257.110
(e) Short-term loans and advances	4029.450	5824.520	3431.690
(f) Other current assets	221.200	209.220	212.670
Total Current Assets	17412.410	15874.270	13778.370
TOTAL	45255.930	45647.130	44326.730

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (12 Months)	31.03.2013 (6 Months)	30.09.2012 (18 Months)
	SALES
	Revenue from operations	37069.940	19221.020	49780.350
	Other Income	578.600	914.060	2869.830
	TOTAL	37648.540	20135.080	52650.180
Less	EXPENSES
	Cost of materials consumed	25590.620	13229.340	35650.600
	Changes in inventories of finished goods, work-in-progress and stock-in-trade	393.150	(48.180)	(28.970)
	Employee benefit expense	1270.280	488.910	1642.450
	Other expenses	3347.350	1239.590	6027.090
	Exceptional Items	0.000	(860.370)	0.000
	TOTAL	30601.400	14049.290	43291.170
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7047.140	6085.790	9359.010
Less	FINANCIAL EXPENSES	2023.670	1769.110	5099.020
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5023.470	4316.680	4259.990
Less/ Add	DEPRECIATION/ AMORTISATION	2646.640	1631.730	4906.600
	PROFIT/ (LOSS) BEFORE TAX	2376.830	2684.950	(646.610)
Less	TAX	210.500	(7.840)	0.000
	PROFIT/ (LOSS) AFTER TAX	2166.330	2692.790	(646.610)
	EARNINGS IN FOREIGN CURRENCY
	FOB value of exports	1139.770	952.930	1558.340
	TOTAL EARNINGS	1139.770	952.930	1558.340
	IMPORTS
	Raw Materials	2524.620	1053.250	3622.140
	Capital Goods	119.290	51.160	36.810
	Stores & spares	42.830	26.910	71.900
	TOTAL IMPORTS	2686.740	1131.320	3730.850
	Earnings/ (Loss) Per Share (Rs.)
	- Basic	9.46	15.00	(3.66)
	- Diluted	9.46	12.49	(3.66)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	30.09.2012
Current Maturities of Long term debt	3563.090	3338.640	3332.550
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(6411.820)	(263.130)	2735.640

KEY RATIOS

PARTICULARS		31.03.2014 (12 Months)	31.03.2013 (6 Months)	30.09.2012 (18 Months)
Net Profit Margin (PAT / Sales)	(%)	5.84	14.01	(1.30)
Operating Profit Margin (PBIDT/Sales)	(%)	19.01	31.66	18.80
Return on Total Assets (PBT/Total Assets}	(%)	5.27	5.92	(1.46)
Return on Investment (ROI) (PBT/Networth)		0.12	0.22	(0.07)
Debt Equity Ratio (Total Debt/Networth)		0.84	1.52	1.98
Current Ratio (Current Asset/Current Liability)		1.30	0.79	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	17951.600	17951.600	24451.600
Reserves & Surplus	(8657.420)	(5964.630)	(3798.300)
Net worth	9294.180	11986.970	20653.300
long-term borrowings	14276.010	12682.310	9927.820
Short term borrowings	749.920	2160.210	3953.940
Current Maturities of Long Term Debt	3332.550	3338.640	3563.090
Total borrowings	18358.480	18181.160	17444.850
Debt/Equity ratio	1.975	1.517	0.845

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	49780.350	19221.020	37069.940
		-61.388	92.861

NET PROFIT MARGIN

Net Profit Margin	30.09.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	49780.350	19221.020	37069.940
Profit/Loss	(646.610)	2692.790	2166.330
	(1.30%)	14.01%	5.84%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Case Details
Case Type	Sum Case
Filing No.	1801045/2014 Filing Date :05.11.2014
Registration No.	1800395/2014 Registration Date :05.11.2014
Case Code	203418010452014
Case Status
First Hearing Date	05.11.2014
Next Hearing Date	03.07.2015
Purpose of Hearing	Awaiting Summons
Court No and Judge	1 – C.J.J.D. and J.M.F.C. GHODNADI
Petitioner(s) and Advocate(s)
Petitioner – Inspector under the Maharashtra Private Security Guards Act 1981 Address – Inspector under the Maharashtra Private Security Guards Regulation of Employment and Welfare Act 1981, 29/2 Shantikunj, 2^nd floor, Somwar Peth, Pune – 411011, Maharashtra, India Advocate – A.P.P.
Respondent(s) and Advocate(s)
Respondent – Fiat India Automobiles Limited etc 3 Address – Plot No B 19, Ranjangaon Industrial Area, MIDC Ranjangaon, Taluka Shirur, District Pune, Maharashtra, India Advocate – Extra parties Respondent – Guruprasad Boparay Address – CEO M/s Fiat India Automobiles Limited, Plot No. B 19, Ranjangaon Industrial Area, MIDC Ranjangaon, Taluka Shirur, District Pune, Maharashtra, India Advocate – Repondent – Girish Wagh Address – M/s Fiat India Automobiles Limited, Plot No. B 19, Ranjangaon Industrial Area, MIDC Ranjangaon, Taluka Shirur, District Pune, Maharashtra, India Advocate – Respondent – Milind Dinkar Kale Address – DGM H.R. M/s Fiat India Automobiles Limited, Plot No. B 19, Ranjangaon Industrial Area, MIDC Ranjangaon, Taluka Shirur, District Pune, Maharashtra, India Advocate –
ACTS
Under Act(s)	Maharashtra Industrial Development Act
Under Section(s)	27
Subject
LOWER COURT INFORMATION
Court No and Name	---
Court No and Year	---
Case Decision Date	---
FIR DETAILS
Police Station	---
FIR No.	0
Year	0

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523444	26/09/2014	1,750,000,000.00	State Bank of India	CORPORATE ACCOUNTS GROUP (CAG) - MUMBAI, 3RD FLOOR, NEVILLE HOUSE, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, Maharashtra, INDIA	C25064957
2	10169905	31/07/2014 *	8,819,200,000.00	State Bank of India	CORPORATE ACCOUNTS GROUP - MUMBAI, NEVILLE HOUSE,  3RD FLOOR, 23, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, Maharashtra, INDIA	C16748170
3	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

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
External commercial borrowings from	3225.560	2723.670
Loans and advances from related parties	0.000	0.000
Loans and advances from shareholders	2650.000	2650.000
Total	5875.560	5373.670

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 2012-13 of the Company was for a period of 6 (six) months and therefore the results reflected above are strictly not comparable since the current year’s figures are for a period of 12 (twelve) months.

OPERATIONS OVERVIEW

Car production during the financial year recorded an increase of about 28% at 61,403 units (12 months? Figures) against 47,936 units during the previous financial year (12 months? figures). The Company successfully introduced newer variants of both Tata and Fiat brand of vehicles. Engines / Powertrains production was lower by about 36% at 123,268 units (including Transmissions production of 24,914 units) during the financial year (12 months? figures) against 192,441 units (including Transmissions production of 44,311 units) in the previous financial year (12 months? figures). On the customer satisfaction front however, the Company continued to receive 100% rating from Maruti Suzuki Limited since the commencement of engine supplies in January 2012. Despite the prevailing uncertain market, judicious plant utilization based on working days / shift timings rationalization could yield production cost efficiencies.

During the year, the Company successfully rolled out FL model of the Fiat Linea and Punto Evo besides Tata Zest. Current activities include preparations for Fiat Punto Avventura.

EXPORTS

There has also been a decline in the Company’s export sales to GAC Fiat, China? about 15.82% in Cylinder Block, about 11.87% in Lower Cylinder Head and about 16.32% in Upper Cylinder Head due to lower off-take. The Company supplies 100% of GAC Fiat China’s primary engine components and continues to explore viable export opportunities in all conceivable markets. The details relating to exports during the financial year under consideration are given in the annexure to this Report.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Service tax claim disputed by the Company relating to issues of inappropriate availment of cenvat credit on invoices of service provider.	5.470	5.470
Customs duty - penalty matter referred to settlement commission	19.970	0.000
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	2.910	108.130
Other claims against the Company not acknowledged as debts (Consumer related matters)	101.140	77.830
Total	147.260	209.200

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, India Prisons Service, Interpol, etc.

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.63.75
UK Pound	1	Rs.98.75
Euro	1	Rs.69.87

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	4
--CREDIT LINES	1~10	7
--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		60

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.