|
|
|
MIRA INFORM REPORT
|
Report No. : |
494620 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
FCA INDIA AUTOMOBILES PRIVATE LIMITED (w.e.f. 20.03.2015) |
|
|
|
|
Formerly Known
As : |
FIAT GROUP AUTOMOBILES INDIA PRIVATE LIMITED (w.e.f. 26.07.2012) AKAT AUTOMOTIVE DISTRIBUTION COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1601 (III), 16 Floor, B Wing, The Capital, Plot #C-70 G, Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-39462600/27/97/99/34 |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
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|
Date of
Incorporation : |
07.03.2012 |
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|
|
|
Com. Reg. No.: |
11-227795 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 4819.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U50102MH2012PTC227795 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCA3372J |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
(Registered activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a wholly owned subsidiary of “Fiat Chrysler Automobiles
(FCA) Italy S.p.A.” The company was incorporated in the year 2012 and it is
trader, wholesaler, exporter and importer of automobiles spare parts. FCA is the Italian-American multinational automobile manufacturer and
world’s seventh-largest auto maker. With respect to the operations of FCA India Automobiles, the company
has reported huge accumulated losses which have eroded net worth of the
company as on 31st December 2016. However, rating takes into consideration the improving financial
positon of the company due to timely equity infusion by its promoters. However, with respects to the global operations, Fiat has strong
market position in the automobile industry backed by its diversified
portfolio along with global footprints in motor segment and decent brand
recognition. Rating strength is partially by intensely competitive motor sector
which may affect company profitability margins. Payment seems to be slow but correct. In view of strong holding support, the company can be considered good
for 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 01.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE: Tel. No.:91-22-39462600 / 27 /97
LOCATIONS
|
Registered Office : |
1601 (III), 16 Floor, B Wing, The Capital, Plot #C-70 G, Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-39462600/27/97/99/34 |
|
Fax No.: |
91-22-39462609 |
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E-Mail : |
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|
Website : |
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|
Warehouse : |
Located at :
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Cesar Michelutti |
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|
Designation : |
Additional Director |
||||||||||||
|
Date of Birth/Age : |
14.04.1971 |
||||||||||||
|
Address : |
Bianchi Mose N. 11 Milano NA IT |
||||||||||||
|
Date of Appointment : |
24.01.2018 |
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DIN No.: |
07086567 |
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Other Directorship:
|
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|
||||||||||||
|
Name : |
Mr. Kevin John Flynn |
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|
Designation : |
Managing Director |
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Address : |
Flat No. 2501, Raheja Vivarea, Tower B, 25th Floor, Sane Guruji Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
17.05.1959 |
||||||||||||
|
Qualification : |
Qualified Automotive Technician |
||||||||||||
|
Date of Appointment : |
05.02.2015 |
||||||||||||
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DIN No.: |
07087793 |
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Other Directorship:
|
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|
||||||||||||
|
Name : |
Paul Francis Alcala |
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|
Designation : |
Additional Director |
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|
Address : |
742 Charlotte Pl, Westfield In 46074 Us |
||||||||||||
|
Date of Appointment : |
05.04.2017 |
||||||||||||
|
DIN No.: |
07761180 |
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Other Directorship:
|
|||||||||||||
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|
||||||||||||
|
Name : |
Giovanni Bonadonna |
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|
Designation : |
Additional Director |
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|
Address : |
1763, Parent Ave Windsor, On, N8X 4J9 ON N8X4J9 CA |
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|
Date of Appointment : |
21.03.2017 |
||||||||||||
|
DIN No.: |
07585296 |
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KEY EXECUTIVES
|
Name : |
Mr. Ramesh Rao Kruttiuenti |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat 8045, Sector D, Pocket 8, Vasant Kunj, New Delhi-110070, India |
|
Date of Birth/Age : |
02.12.1970 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
30.09.2014 |
|
PAN No: |
AIDPK0403E |
|
|
|
|
Name : |
Mr. Harsh Kumar Mishra |
|
Designation : |
Company Secretary |
|
Address : |
A-503, Jasper CHS, Hiranandani Estate, Ghodbunder Road, Thane (West), Thane-400607, Maharashtra, India |
|
Date of Birth/Age : |
24.06.1974 |
|
Qualification : |
ACS |
|
Date of Appointment : |
02.09.2013 |
|
PAN No: |
AGAPM0649K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2016
|
Names of Shareholders |
|
No. of Shares |
|
FCA Italy S.p.A., Italy |
|
417989999 |
|
FCA Italy Holdings S.p.A, Italy |
|
1 |
|
Total |
|
417990000 |
Equity Share Break up (Percentage of Total Equity)
As on 21.03.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) |
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Products : |
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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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||||||
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Imports : |
Not Divulged |
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||||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company, LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar
(West), Mumbai – 400028, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACGFS9180N |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding company : |
FCA Italy S.p.A. (Formerly known as Fiat Group Automobiles S.p.A) |
|
|
|
|
Fellow Subsidiary
Company : |
U40300HR2007PTC046166
U32204HR2008PTC046212
U74999MH1997PTC110889
U29253TN2007PTC064974
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
U74900PN2008PTC132425
U51109HR2008PTC066578
U28900PN1997PTC130940
U31500DL2008PTC174123 |
CAPITAL STRUCTURE
After 21.03.2017
Authorised Capital : INR 6000.000 Million
Issued, Subscribed & Paid-up Capital : INR 4819.900 Million
As on 31.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
INR 10/- each |
INR 6000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
417990000 |
Equity Shares |
INR 10/- each |
INR 4179.900 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4179.900 |
2679.900 |
1789.900 |
|
(b) Reserves & Surplus |
(6597.372) |
(6435.690) |
(4035.649) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
900.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(2417.472) |
(3755.790 |
(1345.749) |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
14.524 |
14.276 |
10.931 |
|
Total
Non-current Liabilities (3) |
14.524 |
14.276 |
10.931 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
135.139 |
621.602 |
515.072 |
|
(b) Trade payables |
5364.902 |
5894.732 |
3546.195 |
|
(c) Other current liabilities |
87.903 |
161.631 |
201.718 |
|
(d) Short-term provisions |
527.683 |
341.303 |
457.227 |
|
Total
Current Liabilities (4) |
6115.627 |
7019.268 |
4720.212 |
|
|
|
|
|
|
TOTAL |
3712.679 |
3277.754 |
3385.394 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
40.293 |
37.829 |
39.028 |
|
(ii) Intangible Assets |
0.000 |
14.368 |
71.991 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
36.518 |
40.512 |
39.825 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
76.811 |
92.709 |
150.844 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1328.758 |
1251.090 |
1007.135 |
|
(c) Trade receivables |
188.240 |
349.559 |
482.733 |
|
(d) Cash and cash equivalents |
9.525 |
26.658 |
95.368 |
|
(e) Short-term loans and
advances |
2109.345 |
1557.738 |
1636.596 |
|
(f) Other current assets |
0.000 |
0.000 |
12.718 |
|
Total
Current Assets |
3635.868 |
3185.045 |
3234.550 |
|
|
|
|
|
|
TOTAL |
3712.679 |
3277.754 |
3385.394 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
SALES |
|
|
|
|
|
Income |
5088.712 |
6389.210 |
7255.331 |
|
|
Other Income |
58.049 |
234.523 |
350.087 |
|
|
TOTAL
|
5146.761 |
6623.733 |
7605.418 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of Stock-in-Trade |
8603.945 |
10528.569 |
10452.971 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(77.668) |
(243.955) |
(650.158) |
|
|
Employees benefits expense |
249.300 |
275.697 |
219.927 |
|
|
Other expenses |
2474.401 |
1857.794 |
1992.515 |
|
|
TOTAL |
11249.978 |
12418.105 |
12015.255 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(6103.217) |
(5794.372) |
(4409.837) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
35.881 |
97.727 |
67.340 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(6139.098) |
(5892.099) |
(4477.177) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
22.584 |
67.942 |
68.724 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(6161.682) |
(5960.041) |
(4545.901) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(6161.682) |
(5960.041) |
(4545.901) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17154.890) |
(11194.849) |
(6648.948) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(23316.572) |
(17154.890) |
(11194.849) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
9.593 |
149.289 |
9.695 |
|
|
TOTAL
IMPORTS |
9.593 |
149.289 |
9.695 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Spare
parts |
54.467 |
286.585 |
208.854 |
|
|
Capital Goods |
51.649 |
484.514 |
2.141 |
|
|
TOTAL IMPORTS |
106.116 |
771.099 |
210.995 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(17.89) |
(28.99) |
(33.50) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
(6957.215) |
(3620.079) |
(5651.880) |
|
Net cash flows from (used in) operating activities |
(6960.645) |
(3614.838) |
(5653.116) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
13.50 |
19.97 |
24.29 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
27.03 |
18.28 |
15.03 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
227.59 |
204.36 |
123.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(4.59) |
(4.63) |
(4.38) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(151.47) |
(111.01) |
(39.72) |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.65 |
2.14 |
1.39 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(0.06) |
(0.17) |
(0.38) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(2.53) |
(1.87) |
(3.51) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(0.02) |
(0.01) |
(0.08) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(170.10) |
(59.29) |
(65.49) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(121.09) |
(93.28) |
(62.66) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(165.96) |
(181.83) |
(134.28) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
254.88 |
158.69 |
337.80 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.59 |
0.45 |
0.69 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.38 |
0.28 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.65) |
(1.15) |
(0.40) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.03 |
0.23 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.59 |
0.45 |
0.69 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1789.900 |
2679.900 |
4179.900 |
|
Reserves & Surplus |
(4035.649) |
(6435.690) |
(6597.372) |
|
Share Application money pending allotment |
900.000 |
0.000 |
0.000 |
|
Net
worth |
(1345.749) |
(3755.790) |
(2417.472) |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
515.072 |
621.602 |
135.139 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
515.072 |
621.602 |
135.139 |
|
Debt/Equity
ratio |
(0.383) |
(0.166) |
(0.056) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
7255.331 |
6389.210 |
5088.712 |
|
|
|
(11.938) |
(20.355) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
7255.331 |
6389.210 |
5088.712 |
|
Profit
/ (Loss) |
(4545.901) |
(5960.041) |
(6161.682) |
|
|
(62.66%) |
(93.28%) |
(121.09%) |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from Benefice Building, Mathuradas Mill Compound, 2nd Floor, Opposite Kamala Mills Compound, Lower Parel (West), Mumbai- 400013, Maharashtra, India to the present address.
CORPORATE
INFORMATION:
FCA India Automobiles Private Limited (formerly known as FIAT Group Automobiles India Private Limited) (the Company) is a private limited company incorporated in India on March 07, 2012 and is a wholly owned subsidiary of FCA Italy S.p.A. (formerly known as Fiat Group Automobiles S.p.A., Italy).The Company is licensed by its holding company under a Vehicle Product License Agreement to manufacture, by itself or through other manufacturers, and distribute, the Fiat branded vehicles and spare parts. The Company has an arrangement to get the Fiat Branded vehicles manufactured in India through Fiat India Automobiles Private Limited ((formerly known as FIAT India Automobiles Limited.) (a 50:50 Joint venture between Tata Motors Limited and FCA Italy S.p.A.). The Company also carries out engineering, procurement, import and distribution activities of vehicles and spare parts of other brands owned by FCA group.
FINANCIAL PERFORMANCE
/ STATE OF COMPANY’S AFFAIRS
The performance of the Company was satisfactory during the year.
The Company has incurred a loss of INR 6161.600 Million for the year ended 31st December, 2016 as compared to loss of INR 5960.000 Million for the previous year.
The Company is taking effective steps to improve the performance by introducing the new models of cars and the Directors are hopeful of better performance and results in coming years.
SCOPE OF OPERATIONS
The main activity of the Company during the year was inter alia manufacture, distribution and service of Fiat and FCA branded cars.
UNSECURED LOAN
|
Unsecured Loan |
31.12.2016 (INR
in Million) |
31.12.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Other loans and advances |
135.139 |
621.602 |
|
(Cash credit facilities are repayable on demand. Interest rate on these are in range of 8.95% to 10.45% per annum. These facilities are backed by letter of comfort given by parent company.) |
|
|
|
Total |
135.139 |
621.602 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
|
Bank Guarantee (Bank Guarantee of 10,000,000 was given to Future
Generali Insurance Company as security against issue of insurance policies.) |
10.000 |
44.674 |
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Computer equipments
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.85 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.