MIRA INFORM REPORT

Report No. :	345846
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :		FAURECIA AUTOMOTIVE SEATING INDIA PRIVATE LIMITED (w.e.f. 23.08.2000)
Formerly Known As :		SEAT METAL COMPONENTS OF INDIA PRIVATE LIMITED
Registered Office :		Plot T 187, Pimpri Industrial Area, (B G Block), Bhosari, Pune – 411026, Maharashtra
Tel. No.:	91-124-4744219
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		03.11.1995
Com. Reg. No.:		11-152740
Capital Investment / Paid-up Capital :		Rs. 775.364 Million
CIN No.: [Company Identification No.]		U28110PN1995PTC152740
IEC No.:		0796009856
TAN No.: [Tax Deduction & Collection Account No.]		Not Available
PAN No.: [Permanent Account No.]		AADCS8694Q
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturing and Importing of Furniture Automotive Seating and Car Seat Metals.
No. of Employees :		400 (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 2340000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Faurecia Automotive Belgium and it is a manufacturer and importer of Automotive Seating and Car Seating Metals. For the financial year ended 2014, company has reported marginal growth of 2.62% in its revenue profile and It has maintain above average profitability margins at 1.40% during the year under a review. Rating also takes into consideration its sound operating efficiencies supported by its above average financial base along with zero debt balance sheet profile and financial flexibility provided by holding entity. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Chinmay
Designation :	Finance Manager
Contact No.:	91-124-4744205
Date :	16.10.2015

LOCATIONS

Registered Office :	Plot T 187, Pimpri Industrial Area, (B G Block), Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-124-4744205
Mobile No.:	91-9582279069 (Mr. Praveen)
Fax No.:	Not Available
E-Mail :	praveen.rabvya@faurecia.com shailendra.jain@faurecia.com krishan.bhagat@faurecia.com
Website:	http://www.faurecia.com
Corporate Office :	No.19, II Main, II Cross, Kiadb Industrial Area, Attibele, Bangalore – 560010, Karnataka, India
Factory 1 :	Plot No. 30/P/1 and 107/2/P, Village Naranpura, Post Chandrasan, Ahmedabad, Gujarat, India
Factory 2 :	Plot No. 407, Sector-08, IMT Manesar, Gurgaon – 122050, Haryana, India
Factory 3 :	Plot No. 1, S. No. 275/1 and 276/1, Village Maan, Taluka Mulshi, Hinjewadi, Dist. Pune, Maharashtra, India

DIRECTORS

AS ON 31.03.2015

Name :	Matthias Josef Siemer
Designation :	Director
Address :	Appelkamp 8, Cloppenburg, 49661, Germany
Date of Appointment :	30.09.2015
DIN No.:	07239255
Name :	Mahendra Arvind Killedar
Designation :	Director
Address :	205, Kumar Paritosh, Karvenagar, Near Corporation Bank, Pune - 411052, Maharashtra, India
Date of Appointment :	30.09.2014
DIN No.:	03020876
Name :	Adam Michal Michaliszyn
Designation :	Director
Address :	67 - 200 Glogow, Kosmonautow 93 M 11, Polskich, 93m11, , Poland
Date of Appointment :	30.09.2015
DIN No.:	07176138

KEY EXECUTIVES

Name :	Khushboo Jayvadan Suratwala
Designation :	Secretary
Address :	C/O. Manoj Marathe, Plot No. 12, Kohinoor Colony, Sahakar Nagar No.2, Pune, 411009, Maharashtra, India
PAN No.:	BMIPS4801C
Name :	Mr. Chinmay
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Faurecia Automotive Belgium (Formerly known as Society Internationale De Participations, Belgium)	77536429
Faurecia Investments Sas	1
Total	77536430

AS ON 30.09.2014

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Importing of Furniture Automotive Seating and Car Seat Metals.

Products/ Services :

ITC Code No.	Product Descriptions
94012000	Seats of a kind used for motor vehicles components of vehicle seatin

· Automotive Seating

· Interior Systems

· Emissions Control

· Automotive Exteriors

· Interior System, etc.

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

Products :

Raw Materials

Countries :

· China

· Poland

· France

· Europe

· Thailand

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Raymond
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Maruti Suzuki
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

400 (Approximately)

Bankers :

Bank Name:	City Bank
Branch:	Pune Branch, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· IDBI Bank, Pune Branch, Maharashtra, India

· HSBC Bank, M. G. Road, Bangalore, Karnataka, India

· State Bank of India, Electronic City Branch

· Volkswagen India Private Limited, E -1, MIDC Industrial Area Phase Iii, Village Nigoje Mhalunge Kharabwadi Chakan Tal Khed, Pune - 410501, Maharashtra, India

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Pune, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP5579P
Fellow Subsidiary Company :	· Faurecia (Wuxi) Seating Components Company Limited (China) · Faurecia (Shanghai) Management Company Limited (China) · Faurecia (China) Holding Company Limited · Faurecia Emission Control Techologies Technical Center India Private Limited · Faurecia Components Pisek S.R.O. PISEK · Faurecia (Yancheng) Automotive Systems Company Limited · Faurecia Automotive Seating, LLC (United States) · Faurecia Japan K K · Faurecia Walbrzych S.A. (Poland) · Faurecia Assentos De Automovel SAO-JOAO-DA Maderia · Faurecia Automotive Automotive Polska S.A, (Poland) (previously Faurecia · Fotele Samochodowe Spzoo) · Faurecia Automotive Seating UK Limited (Great Britain) · Faurecia Interiors Systems India Private Limited, India (previously Faurecia Technology Center India Private Limited) · Faurecia Services Groupe, (France) · Faurecia Sieges D'Automobile, (France) · Faurecia Autositze GmbH, (Germany)
Holding company :	Faurecia Automotive Belgium (Previously known as Society International de Participations, Belgium)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
120,000,000	Equity Shares	Rs. 10/- each	Rs. 1200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77,536,430	Equity Shares	Rs. 10/- each	Rs. 775.364 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	775.364	775.364	775.364
(b) Reserves & Surplus	44.248	19.525	(49.884)
(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)	819.612	794.889	725.480
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.425	3.837	3.148
(d) long-term provisions	2.129	4.290	2.354
Total Non-current Liabilities (3)	5.554	8.127	5.502
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	304.951	270.879	306.411
(c) Other current liabilities	26.611	24.272	80.334
(d) Short-term provisions	3.672	1.217	1.051
Total Current Liabilities (4)	335.234	296.368	387.796
TOTAL	1160.400	1099.384	1118.778
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.957	97.896	116.030
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.080	4.457	16.000
(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)	28.248	22.756	11.863
(d) Long-term Loan and Advances	24.511	22.375	12.781
(e) Other Non-current assets	0.000	0.128	0.128
Total Non-Current Assets	112.796	147.612	156.802
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	176.110	153.272	205.421
(c) Trade receivables	284.791	278.232	212.316
(d) Cash and cash equivalents	293.810	380.851	407.426
(e) Short-term loans and advances	266.103	135.427	134.619
(f) Other current assets	26.790	3.990	2.194
Total Current Assets	1047.604	951.772	961.976
TOTAL	1160.400	1099.384	1118.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1762.738	1733.553	1778.991
		Other Income	38.350	21.816	17.289
		TOTAL (A)	1801.088	1755.369	1796.280
Less	EXPENSES (B)		1713.316	1609.837	1680.215
	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.772	145.532	116.065
Less	FINANCIAL EXPENSES (D)		4.036	0.000	0.845
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		83.736	145.532	115.220
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.039	46.441	51.034
	PROFIT/LOSS BEFORE TAX (E-F) (G)		39.697	99.091	64.186
Less	TAX (H)		14.975	29.683	27.646
	PROFIT/LOSS AFTER TAX (G-H) (I)		24.722	69.408	36.540
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.524	(49.883)	(86.423)
	BALANCE CARRIED TO THE B/S		44.246	19.525	(49.883)
	IMPORTS
		Capital Goods	15.010	0.000	0.000
	Earnings Per Share (Rs.)		0.32	0.90	0.47

Expected Sales (2014-2015): Rs.1500.000 Million

The above information has been parted by Mr. Praveen (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.40	4.00	2.05
Operating Profit Margin (PBDIT/Sales)	(%)	4.98	8.40	6.52
Return on Total Assets (PBT/Total Assets}	(%)	3.51	9.24	5.88
Return on Investment (ROI) (PBT/Networth)		0.05	0.12	0.09
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.12	3.21	2.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	775.364	775.364	775.364
Reserves & Surplus	(49.884)	19.525	44.248
Net worth	725.480	794.889	819.612
long-term Borrowings	0.000	0.000	0.000
Short-term Borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1778.991	1733.553	1762.738
		(2.554)	1.684

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1778.991	1733.553	1762.738
Profit	36.540	69.408	24.722
	2.05%	4.00%	1.40%

LOCAL AGENCY FURTHER INFORMATION

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10217424	15/04/2010	86,100,000.00	VOLKSWAGEN INDIA PRIVATE LIMITED	E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIG  OJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE- 410501, MAHARASHTRA, INDIA	A84619691

RESULTS OF OPERATIONS:

Managing challenges and emerging as a great institution requires strong decision making capabilities. The Company continued to do well in this regard taking decisions focused on long-term profitable growth, while balancing short term deliverables, based on strong customer relationships, technology leadership, service support. It is with pride that they report the performance of the company for a year that has had opportunities and challenges.

In 2013-14, net sales were reported amounting to INR 1762.738 Million contributing from the main business activity, as compared to previous year INR 1733.553 Million .Considering the increase in the sales volume as compared to previous year there is an increase in the net profit as well Net profit after tax was reported amounting to INR. 24.722 Million (previous year INR. 69.408 Million)

OUTLOOK:

With the positive trends started showing in the global economy and especially with the management’s objective to transfer more and more activities in growing economies like India, the Company foresees huge potential in the business activities in the coming future. The Company took all necessary precautions to control and cut costs, wherever possible to deal with growing volumes of business.

Also they informed about the launching of new manufacturing plant in Sanand in the state of Gujarat wherein it will mainly focus on manufacturing and assembly of seating frames for delivery of the manufactured products to their specific clients which will commence its operations in the upcoming year i.e. 2015.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Computer Equipment’s

· Other Equipment’s

· Office Equipment

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. 64.89
UK Pound	1	Rs. 100.39
Euro	1	Rs. 73.52

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KRN
Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	6
--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
DEFAULTER
--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	--

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.