MIRA
INFORM REPORT
|
Report No. : |
307578 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIAT INDIA AUTOMOBILES PRIVATE LIMITED (w.e.f. 19.01.2015) |
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|
|
|
Formerly Known
As : |
FIAT INDIA AUTOMOBILES LIMITED (w.e.f. 05.11.2008) FIAT INDIA AUTOMOBILES PRIVATE LIMITED |
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|
Registered
Office : |
Plot No.B-19, M.I.D.C., Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune – 412 210, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.01.1997 |
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Com. Reg. No.: |
11-130940 |
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Capital
Investment / Paid-up Capital : |
Rs.24451.600
Millions |
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|
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|
CIN No.: [Company Identification
No.] |
U28900PN1997PTC130940 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF02175F |
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PAN No.: [Permanent Account No.] |
AAACF1716D |
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|
Legal Form : |
Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of manufacture and sale of motor vehicles, powertrains / engines, spare parts etc. |
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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 |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an equal joint venture between “Fiat Group Automobiles” and
“Tata Motors Limited”. It is an established company having good track record.
Profitability of the company is sound. General financials of the
company appears to be decent. 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 reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. Note : Subject is wholly owned subsidiary of FIAT Chrysler Automobiles, UK. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Ajit |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-2138-672756 |
|
Date : |
11.02.2015 |
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 |
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Fax No.: |
91-2138-232143 |
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E-Mail : |
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Website : |
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Corporate (Mumbai) Office: |
Corporate Park II, 5th Floor, Sion Trombay Road, Chembur, Mumbai –
400071, Maharashtra, India |
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Tel. No.: |
91-22-67293800/ 25226329 |
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Fax No.: |
91-22-25226325/ 25226326 |
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Factory : |
Located at: ·
Ranjangaon (Maharashtra) |
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Warehouse : |
Located at: ·
Chakan |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Alfredo Altavilla |
|
Designation : |
Director |
|
Address : |
Vialle Delle Acacie, 16/5 – 10024, Moncalieri, Torino, Italy |
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Date of Birth/Age : |
02.08.1963 |
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Qualification : |
Degree in Economics |
|
Date of Appointment : |
05.09.2004 |
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DIN No.: |
00366224 |
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|
|
|
Name : |
Mr. Chandrasekaran Ramakrishnan |
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Designation : |
Director |
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Address : |
322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
27.06.1955 |
|
Qualification : |
B.Com., CA, ICWA |
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Date of Appointment : |
28.12.2007 |
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DIN No.: |
00020076 |
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|
|
Name : |
Stefan Ketter |
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Designation : |
Director |
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Address : |
Strada Val Pattonera, N 163, INT 26, Torino Italy |
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Date of Birth/Age : |
31.07.1959 |
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Qualification : |
Degree in
Mechanical Engineering |
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Date of Appointment : |
19.03.2008 |
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DIN No.: |
01937182 |
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|
|
|
Name : |
Mr. Girish Arun Wagh |
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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 |
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Date of Appointment : |
06.07.2010 |
|
DIN No.: |
03119361 |
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|
|
|
Name : |
Silvia Vernetti Blina |
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Designation : |
Alternate director |
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Address : |
Strada Del Bellardo, N 54, CGT Trojan, Torino 10132, Italy |
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Date of Birth/Age : |
06.06.1965 |
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Qualification : |
Degree in ICT
Engineering |
|
Date of Appointment : |
25.05.2011 |
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DIN No.: |
03521955 |
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|
|
|
Name : |
Michael Mark Manley |
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Designation : |
Director |
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Address : |
5543, Possum LN, Orchard Lake, Michigan 48324, Unites States of
America |
|
Date of Birth/Age : |
06.03.1964 |
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Qualification : |
Master in
Business Administration |
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Date of Appointment : |
14.12.2012 |
|
DIN No.: |
05126251 |
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|
|
|
Name : |
John Joseph Kett |
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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 |
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|
|
|
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 : |
14.12.2012 |
|
DIN No.: |
03299159 |
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|
|
|
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 |
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|
|
|
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 |
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DIN No.: |
06517802 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit |
|
Designation : |
Finance Manager |
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|
|
|
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 |
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PAN No.: |
AAFPJ6792D |
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Voter ID No.: |
MT/10/057/0285281 |
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|
|
|
Name : |
Mr. Gurpratap Singh Boparai |
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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) |
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Date of Appointment : |
01.09.2012 |
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PAN No.: |
ABEPB8688E |
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|
Name : |
Mr. Jayanta K. Deb |
|
Designation : |
Head - Engineering & Design |
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|
Name : |
Mr. Sudhakar Panda |
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Designation : |
Head – Human Resources |
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|
Name : |
Mr. Ravi B. Gogia |
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Designation : |
Head – Car Division |
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Name : |
Mr. Kalpesh Pathak |
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Designation : |
Head – Supply Chain |
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|
Name : |
Mr. Rakesh Baweja |
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Designation : |
Head – Plant Services |
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|
Name : |
Mr. Abhay Bawale |
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Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Ackash Mital |
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Designation : |
Corporate Controller |
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|
Name : |
Mr. Sudhir S. Chikle |
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Designation : |
Head - Purchasing |
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|
Name : |
Mr. Hradyesh K. Dwivedi |
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Designation : |
Head – Quality |
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Name : |
Mr. Pramod J. Khot |
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Designation : |
Head - Powertrain Plant |
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|
Name : |
Mr. Ravi G. Bhatia |
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Designation : |
Head - Commercial |
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|
Name : |
Mr. Tarun Khanna |
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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 / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
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 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. |
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Products/ Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
State Bank of India, Corporate Accounts Group, Voltas House, 23, J.N. Heredia Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
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 |
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Joint Venture : |
· Fiat Group Automobiles S.p.A · Tata Motors Limited [L28920MH1945PLC004520] |
CAPITAL STRUCTURE
AS ON 26.09.2014
Authorised Capital :
Rs.40000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.24451.597 Millions
AS ON 31.03.2014
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.24451.600
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 (A) |
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 (B) |
30601.400 |
14049.290 |
43291.170 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7047.140 |
6085.790 |
9359.010 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2023.670 |
1769.110 |
5099.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5023.470 |
4316.680 |
4259.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2646.640 |
1631.730 |
4906.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
2376.830 |
2684.950 |
(646.610) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
210.500 |
(7.840) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
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) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (12 Months) |
31.03.2013 (6 Months) |
30.09.2012 (18 Months) |
|
Net Profit Margin |
(%) |
5.84 |
14.01 |
(1.30) |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
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) |
|
0.67 |
1.24 |
1.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
0.79 |
0.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
17951.600 |
17951.600 |
24451.600 |
|
Reserves & Surplus |
(8657.420) |
(5964.630) |
(3798.300) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
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 |
|
Total borrowings |
15025.930 |
14842.520 |
13881.760 |
|
Debt/Equity ratio |
1.617 |
1.238 |
0.672 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
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 Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
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
CURRENT MATURITIES OF
LONG-TERM DEBT
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
30.09.2012 (Rs.
In Millions) |
|
Current maturities of long-term debt |
3563.090 |
3338.640 |
3332.550 |
|
|
|
|
|
|
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 |
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 |
-- |
|
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 |
10523444 |
26/09/2014 |
1,750,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS
GROUP (CAG) - MUMBAI, 3RD FLOOR |
C25064957 |
|
2 |
10169905 |
31/07/2014 * |
8,819,200,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS
GROUP - MUMBAI, NEVILLE HOUSE,, |
C16748170 |
|
3 |
10169906 |
29/07/2009 |
6,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS
GROUP, VOLTAS HOUSE,, 23, J. N |
A67099259 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
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 Millions) |
31.03.2013 (Rs.
In Millions) |
|
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,
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.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PAT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.