MIRA INFORM REPORT

 

 

Report Date :

02.05.2014

 

IDENTIFICATION DETAILS

 

Name :

GENERAL MOTORS INDIA PRIVATE LIMITED

 

 

Formerly Known As :

GENERAL MOTORS INDIA LIMITED

 

 

Registered Office :

Chandrapura Industrial Estate, Halol, District Panchmahal-389351, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

15.04.1994

 

 

Com. Reg. No.:

04-021818

 

 

Capital Investment / Paid-up Capital :

Rs. 36177.700 Millions

 

 

CIN No.:

[Company Identification No.]

U34100GJ1994PTC021818

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDG00742A

 

 

PAN No.:

[Permanent Account No.]

AAAC48371P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Sellers of Motor Cars.

 

 

No. of Employees :

Information declined by the management

 

 

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 35090000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a subsidiary of SAIC General Motors Investment Limited, Hong Kong. It is an established company having a satisfactory track record.

 

There seems huge accumulated losses recorded by the company during the financial year 2013.

 

However, the company receives strong business and financial support from its parent.

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of strong holding, the company can be considered normal 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.

 

INDIAN ECONOMIC OVERVIEW

 

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

 

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

 

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

 

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

 

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

 

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

 

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

 

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

 

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

 

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long term loans : BBB

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

December 2012

 

 

Rating Agency Name

ICRA

Rating

Working capital facilities (Non-Fund Based) : A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

December 2012

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION DECLINED

 

Management Non Co-operative (91-124-3080000)

 

LOCATIONS

 

Registered Office/ Factory 1 :

Chandrapura Industrial Estate, Halol, District Panchmahal-389351, Gujarat, India

Tel. No.:

91-2676-221000 (20 Lines) / 220664 / 220677

Fax No.:

91-2676-220666

E-Mail :

customer.connect@gm.com

annu.sarin@gm.com

gmi.cac@gm.com

pramod.gupta@gm.com

Website :

http://www.gm.co.in

http://www.gm.com

Location :

Owned

 

 

Factory 2 :

MIDC, Talegaon Industrial Area, Navlakh, Umbre Village Road, Talegaon, Pune-410507, Maharashtra, India

 

 

Corporate Office 1:

401, Plam Court, 20/4, Sukhrali Chowk, Gurgaon Road, Gurgaon-122001, Haryana, India

Location :

Leased

 

 

Corporate Office 2 / Marketing Office :

6th Floor, Tower A, Global Business Park, Mehrauli – Gurgaon Road, Gurgaon-122002, Haryana, India

Tel. No.:

91-124-2803333

Fax No.:

91-124-2803344

E-mail :

gmi.cac@gm.com

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Lowell Clucas Paddock

Designation :

Managing Director

Address :

Lane 280, No. 25, Wulumuqi Zhong Lu, Shanghai Pin Code 200031

Date of Birth/Age :

28.08.1958

Date of Appointment :

12.12.2011

DIN No.:

05147835

 

 

Name :

Mr. Hong Chen

Designation :

Director

Address :

Room 1001, No. 1676, Huashan Road, Changning, Shanghai-200052

Date of Birth/Age :

08.03.1961

Date of Appointment :

22.09.2010

DIN No.:

03026945

 

 

Name :

Mr. Rakesh Mohan Sabbarwal

Designation :

Director

Address :

Flat No. 1002, Omega Paradise, S No. 174/ 175, Wakad Kalewadi Road, Wakad, Pune-411027, Maharashtra, India

Date of Birth/Age :

01.07.1954

Date of Appointment :

27.09.2012

DIN No.:

06373735

 

 

Name :

Mr. Sourabh Padmanabh Pandey

Designation :

Additional director

Address :

1601 Tower#2, North Close Nirvana Country, Sector 50, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

14.10.1980

Date of Appointment :

05.09.2013

DIN No.:

06694491

 

 

Name :

Russel Stuart Williams

Designation :

Additional director

Address :

18 Cassai Drive, Sunridge Park, Port Elizabeth South Africa

Date of Birth/Age :

18.07.1970

Date of Appointment :

05.09.2013

DIN No.:

06693852

 

 

Name :

Mr. Robert Earl Socia

Designation :

Additional director

Address :

W2506/06, Shanghai Centre, 1376 Nanjing XI Lu Shanghai 200040

Date of Birth/Age :

26.04.1954

Date of Appointment :

18.12.2012

DIN No.:

06433290

 

 

KEY EXECUTIVES

 

Name :

Annu Sarin

Designation :

Secretary

Address :

124, DIN Cooperative Housing Society, Plot 7, Sector 4, Dwarka, New Delhi – 110078, India

Date of Birth/Age :

17.07.1972

Date of Appointment :

21.05.2010

PAN No.:

AORPS1096M

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Equity Shareholders

 

No. of Shares

 

SAIC General Motors Investment Limited, Hong Kong

 

3535221783

SAIC General Motors Investment Limited, Hong Kong

 

9364998

General Motors (Hong Kong) Company Limited, Hong Kong

 

1

SAIC Motor HK Investment Limited, Hong Kong

 

1

 

 

 

Total

 

 

3544586783

 

 

Names of Preference Shareholders

 

No. of Shares

 

SAIC General Motors Investment Limited, Hong Kong

 

280000

SAIC General Motors Investment Limited, Hong Kong

 

210000

SAIC General Motors Investment Limited, Hong Kong

 

24185000

 

 

 

Total

 

 

24675000

 

 

AS ON 30.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

100.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Sellers of Motor Cars.

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

87033210

Motor cars and other motor vehicles for transport of persons (excl of 8702) incl rcng cars etc.

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management

 

 

Bankers :

IDBI Bank Limited, 3rd Floor, IRCS Building, 1, Red Cross Road, New Delhi-110001, India

 

 

Facilities :

 

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Rupee term loans from banks*

4523.700

6100.000

Long-term maturities of finance lease obligations#

8.800

34.900

SHORT TERM BORROWINGS

 

 

Working capital loans from banks*

1707.900

612.800

Loans repayable on demand from banks

2400.000

1800.000

 

 

 

Total

 

8640.400

8547.700

 

LONG-TERM BORROWINGS

 

*During the month of July 2010, the Company had entered into a Common term loan agreement with a consortium of banks for a term loan facility of Rs. 8000.000 Millions for the purpose of meeting its capital expenditure requirements for the Powertrain Project at Talegaon, District Pune Maharashtra. The Company is required to meet certain financial and non-financial covenants during the currency of the facility which includes maintaining certain financial ratios, submitting annual audited financial statements and other documents. The obligation is secured by first ranking mortgage and charge on immovable fixed assets and first charge on movable fixed assets. Fixed assets means aggregate of the immovable properties including the structures standing thereon (including fixed machinery and any other such component of the plant), movable properties and includes movable machinery, machinery spares, equipments, tools and accessories including capital work in progress situated in Talegaon,

Maharashtra.

 

As at March 31, 2013, the Company has term loan outstanding Rs. 5725.200 Millions out of the term-loan facility. The Company made drawdowns within 2 years from the effective date and such drawdowns are now payable as per the repayment schedule over a period of 5 years.

 

**During the month of January 2012, the Company entered into an external commercial borrowing (ECB) loan agreement with SAIC General Motors Investment Limited ("HKJV") for an interest-free facility of Rs. 6685.000 Millions restricted for the purpose of meeting its capital expenditure requirements with a maturity date of 15th December, 2020. The facility has an availability period of 2 years from the effective date and such drawdowns are payable in 4 installments on 15 December each year from 2017 through 2020 as per the repayment schedule. As at March 31, 2013, the Company had borrowed Rs. 6684.500 (Previous year 1740.300 Millions) out of the above facility.

 

In addition to the above loan, the Company during the year 2012-13 entered into another ECB loan agreement with HKJV for an interest-free facility of Rs. 2905.000 Millions restricted for the purpose of meeting its capital expenditure requirements with a maturity date of 15th July, 2021.The facility has an availability period of 2 years from the effective date and such drawdowns are repayable in 4 installments on 15 July each year from 2018 through 2021 as per the repayment schedule. As at March 31, 2013, the Company had borrowed Rs. 606.800 Millions out of this facility.

 

# Finance lease obligations are secured against leased assets.

 

SHORT TERM BORROWINGS

 

*The Company has availed of a working capital facility from a consortium of banks for an amount of Rs. 4250.000 Millions. The working capital facility includes sub-facilities for letters of credit, overdraft facility and bank guarantee as agreed with each respective bank. The Company can make drawdowns within one year from the effective date and such drawdowns are repayable as agreed with respective lender during the one year period. The Company is required to meet certain financial and non-financial covenants during the currency of the facility which includes maintaining certain financial ratios, submitting annual audited financial statements and other documents. The working capital loan facility (including cash credit) is secured by first priority charge on the current assets. Current assets includes present and future stocks of raw materials, work-in-progress, finished goods, consumables, trade receivables realizable within one year, book debts etc. relating to the vehicle and powertrain plant at Talegaon, Maharashtra and vehicle plant at Halol, Gujarat.

 

 

 

 

Banking Relations :

--

 

 

Financial Institution :

IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF Phase-II, Gurgaon - 122002, Haryana, India

Tel. No.:

91-124-6792000

Fax No.:

91-124-6792012

Income-tax PAN of auditor or auditor's firm :

AABFD2095B

 

 

Fellow Subsidiary company :
  • Chevrolet Sales India Private Limited [U34102GJ2008PTC054265]
  • SAIC GM Wuling Automobile Limited
  • Shanghai General Motors Company Limited
  • General Motors Overseas Corporation
  • General Motors Technical Centre India Private Limited [U74200KA2009PTC049932]
  • GM Global Technology Operations Inc
  • GM Korea Company
  • Liuzhou Wuling Imp. and Exp. Company Limited
  • SAIC GM Wuling Automobile Company Limited
  • Adam Opel GMBH
  • Chevrolet Sales (Thailand) Limited
  • General Motors (China) Investment Company Limited
  • General Motors do Brasil Ltda.
  • General Motors Egypt S.A.E.
  • General Motors Japan Limited
  • General Motors Korea, Inc.
  • General Motors Thailand Limited
  • GM Holden Limited ( Australia)
  • General Motors South Africa
  • Chevrolet Europe GMBH
  • General Motors Global Service Operations
  • GM Global Tooling Company (USA)
  • General Motors Powertrain (Thailand) Limited
  • General Motors Powertrain- Europe S.R.L.
  • GM Powertrain Europe GmbH
  • General Motors Poland Spolka, zo.o.
  • Shanghai GM Dongyue Motors Company Limited
  • Millbrook Proving Ground Limited
  • General Motors Uzbekistan
  • Hicom- Chevrolet Sdn Bhd
  • SAIC GM Wuling Liuzhou Import and Export Company

 

 

Ultimate Joint Venturer :

·         SAIC Motor Corporation Limited

·         General Motors Company

 

 

Holding company :

SAIC General Motor Investment Limited

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2013

 

Authorised Capital : Rs. 66500.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 36177.718 Millions

 

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3919488594

Equity Shares 

Rs. 10/- each

Rs. 39194.900 Millions

9365000

Class "A" Equity Share

Rs. 10/- each

Rs. 93.700 Millions

3302906

Unclassified Shares

Rs. 10/- each

Rs. 33.000 Millions

2800000

Redeemable Preference Shares

Rs. 100/- each

Rs. 280.000 Millions

500000

Cumulative Redeemable Preference Shares

- Series 1 : 290,000 Cumulative Redeemable Preference Shares

- Series 2 : 210,000 Cumulative Redeemable Preference Shares

Rs. 1000/- each

Rs. 500.000 Millions

20000000

Redeemable Preference Shares

Rs. 100/- each

Rs. 2000.000 Millions

39843500

Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs. 398.400 Millions

 

Total

 

Rs. 42500.000 Millions

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3535221783

Equity Shares

Rs. 10/- each

Rs. 35352.200 Millions

9365000

Class "A" Equity Share

Rs. 10/- each

Rs. 93.700 Millions

500000

Cumulative Redeemable Preference Shares

- Series 1 : 290,000 Cumulative Redeemable Preference Shares

- Series 2 : 210,000 Cumulative Redeemable Preference Shares

Rs. 1000/- each

Rs. 500.000 Millions

24185000

Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs. 241.800 Millions

 

Total

 

Rs. 36187.700 Millions

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3535221783

Equity Shares

Rs. 10/- each

Rs. 35352.200 Millions

9365000

Class "A" Equity Share

Rs. 10/- each

Rs. 93.700 Millions

490000

Cumulative Redeemable Preference Shares

- Series 1 : 280,000 Cumulative Redeemable Preference Shares

- Series 2 : 210,000 Cumulative Redeemable Preference Shares

Rs. 1000/- each

Rs. 490.000 Millions

24185000

Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs. 241.800 Millions

 

Total

 

Rs. 36177.700 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

36177.700

28809.200

28809.200

(b) Reserves & Surplus

(27404.800)

(15984.800)

(8526.700)

(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)

8772.900

12824.400

20282.500

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

11823.800

7875.200

4279.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

38.200

157.900

166.700

(d) long-term provisions

548.300

448.600

374.200

Total Non-current Liabilities (3)

12410.300

8481.700

4819.900

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4107.900

2412.800

1984.300

(b) Trade payables

11964.400

11525.100

10835.100

(c) Other current liabilities

5396.800

6391.300

2833.200

(d) Short-term provisions

3548.800

1315.800

1052.700

Total Current Liabilities (4)

25017.900

21645.000

16705.300

 

 

 

 

TOTAL

46201.100

42951.100

41807.700

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

24687.500

20274.300

20011.600

(ii) Intangible Assets

656.300

0.000

10.300

(iii) Capital work-in-progress

2776.000

6065.500

3015.100

(iv) Intangible assets under development

378.300

781.700

543.000

(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

1219.000

1046.300

781.300

(e) Other Non-current assets

81.900

107.700

122.600

Total Non-Current Assets

29799.000

28275.500

24483.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

8901.400

5849.400

6071.600

(c) Trade receivables

107.500

112.200

1761.300

(d) Cash and cash equivalents

1401.900

2258.600

1536.800

(e) Short-term loans and advances

5955.300

6431.800

7928.100

(f) Other current assets

36.000

23.600

26.000

Total Current Assets

16402.100

14675.600

17323.800

 

 

 

 

TOTAL

46201.100

42951.100

41807.700

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

36934.600

43759.500

39721.400

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

(11420.000)

(7458.100)

NA

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(3.20)

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

 

 
 
 
 

Debt Equity Ratio

(Total Debt/Networth)

 
1.82
0.80
0.31

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
0.66
0.68
1.04

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

28809.200

28809.200

36177.700

Reserves & Surplus

(8526.700)

(15984.800)

(27404.800)

Net worth

20282.500

12824.400

8772.900

 

 

 

 

long-term borrowings

4279.000

7875.200

11823.800

Short term borrowings

10835.100

11525.100

11964.400

Total borrowings

15114.100

19400.300

23788.200

Debt/Equity ratio

0.745

1.513

2.712

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

39721.400

43759.500

36934.600

 

 

10.166

(15.596)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

39721.400

43759.500

36934.600

Profit

(1840.600)

(7458.100)

(11420.000)

 

(4.63%)

(17.04%)

(30.92%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

Current maturities of long-term debt

1201.500

1732.500

167.50

 

 

 

 

 

 

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

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last two years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

LETTERS PATENT APPEAL No. 395 of 2011

In SPECIAL CIVIL APPLICATION / 7647 / 2006 ( DISPOSED ) On : 12/04/2010

 

Status : PENDING

( Converted from : LPAST/2665/2010 )

CCIN No : 001014201100395

Next Listing Date:

14/03/2014

 

Coram

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE K.J.THAKER

Not Before :

HONOURABLE MR.JUSTICE K.A.PUJ

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1
2
3

STATE OF GUJARAT

COLLECTOR OF STAMPS

DEPUTY COLLECTOR

GOVERNMENT PLEADER for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 – 3

 

 

S.NO.

Name of the Respondant

Advocate On Record

1

GENERAL MOTORS INDIA PRIVATE LIMITED

RULE NOT RECD BACK for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

RULE SERVED for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

SINGHI and CO for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 15/12/2010

Registered On

: 15/12/2010

Bench Category

: DIVISION BENCH

District

: PANCHMAHALS

Case Originated From

: THROUGH ADVOCATE

Listed

: 45 times

StageName

: FOR FINAL HEARING

Classification

LPA - NON-SERVICE - BOMBAY STAMP ACT, 1958 - REGISTRATION OF DOCUMENT

Act

LETTERS PATENT, 1865

 

LOWER COURT DETAILS

 

S.No.

LowerCourt CaseDetail

LowerCourtName

JudgeName

Judgmentdate

1

SPECIAL CIVIL APPLICATION/7647/2006

GUJARAT HIGH COURT, AHMEDABAD

HONOURABLE MR.JUSTICE K.A.PUJ--

12/04/2010

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/12/2010

CERTIFIED COPY

GOVERNMENT PLEADER 
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

GOVERNMENT PLEADER:1-3

2

15/12/2010

MEMO OF APPEAL/PETITION/SUIT

GOVERNMENT PLEADER 
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

150

GOVERNMENT PLEADER:1-3

3

18/03/2011

AFFIDAVIT OF DS

GOVERNMENT PLEADER 
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

GOVERNMENT PLEADER:1-3

4

28/03/2011

VAKALATNAMA

SINGHI and CO ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

SINGHI and CO:1

5

15/08/2011

APPEARANCE NOTE

GOVERNMENT PLEADER 
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

GOVERNMENT PLEADER:1-3

6

15/08/2011

DOCUMENT

RULE NOT RECD BACK 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

RULE NOT RECD BACK:1

7

15/08/2011

DOCUMENT

RULE SERVED 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

RULE SERVED:1

8

15/08/2011

VAKALATNAMA

SINGHI and CO ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

SINGHI and CO:1

 

COURT PROCEEDINGS

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

30/11/2012

2

55

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

HONOURABLE MR.JUSTICE J.B.PARDIWALA

2

07/12/2012

2

63

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

HONOURABLE MR.JUSTICE J.B.PARDIWALA

3

26/12/2012

2

77

FOR FINAL HEARING

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

HONOURABLE MR.JUSTICE J.B.PARDIWALA

4

16/01/2013

2

66

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE S.G.SHAH

5

12/03/2013

2

64

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE S.G.SHAH

6

18/04/2013

2

63

OFFICE OBJECTION REMOVED

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE S.G.SHAH

7

27/06/2013

3

75

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE RAVI R.TRIPATHI 

HONOURABLE MR.JUSTICE MOHINDER PAL

8

02/08/2013

3

25

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE RAVI R.TRIPATHI 

HONOURABLE MR.JUSTICE MOHINDER PAL

9

06/09/2013

3

33

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE RAVI R.TRIPATHI 

HONOURABLE MR.JUSTICE MOHINDER PAL

10

04/10/2013

51

51

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE RAVI R.TRIPATHI 

HONOURABLE MR.JUSTICE MOHINDER PAL and HONOURABLE MR.JUSTICE R.D.KOTHARI

11

12/11/2013

2

46

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE RAVI R.TRIPATHI and HONOURABLE MR.JUSTICE R.D.KOTHARI and HONOURABLE MR.JUSTICE A.G.URAIZEE

12

22/11/2013

2

32

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE A.G.URAIZEE

13

09/12/2013

2

40

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE A.G.URAIZEE

14

26/12/2013

2

54

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE A.G.URAIZEE

15

28/01/2014

2

37

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE A.G.URAIZEE and HONOURABLE MR.JUSTICE K.J.THAKER

16

12/02/2014

2

69

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE K.J.THAKER

17

14/03/2014

2

69

FOR FINAL HEARING

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE K.J.THAKER

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

LETTERS PATENT APPEAL/395/2011

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE A.J.DESAI

30/01/2012

N

ORDER

-

Y

Download

2

LETTERS PATENT APPEAL/395/2011

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE A.J.DESAI

21/02/2012

N

ORDER

-

Y

Download

3

LETTERS PATENT APPEAL/395/2011

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI 

HONOURABLE MR.JUSTICE S.G.SHAH

16/01/2013

N

ORDER

-

Y

Download

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10234415

06/02/2012 *

4,250,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

B33163171

2

10234414

16/09/2010 *

8,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

A95221248

 

* Date of charge modification

 

 

UNSECURED LOANS

 

UNSECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

External Commercial Borrowings from the holding company**

7291.300

1740.300

 

 

 

Total

 

7291.300

1740.300

 

 

REVIEW OF OPERATIONS

 

During financial year 2012-2013 General Motors India has endeavored to emerge as one of serious player in the market. This would not have been possible without full involvement of their people in their business operations and their active support.

 

In India during the year, the passenger car market sales, recorded the sharpest drop in the last 12 years, and stood at 6.69%. Sales of the Company in the same period declined by 19.5%, partially driven by the unavailability of Tavera during the first quarter of financial 2012-2013 and phasing out of aging UVA and Aveo brands from the growing Mini B2 and Small markets, respectively. Despite the economic situation and above factors, steep hike in interest rates, manifold increases in raw material input cost, rising fuel prices, negative exchange rate, GM India sold 88,150 vehicles during the financial year 2012-2013.

 

This year too as in the past, GM India continued to expand its product range, with the launch of Chevrolet Sail and upgraded variant of Chevrolet Cruze and Chevrolet Spark. GM India has also won several important industry awards which have reflected its efforts to maintain Chevrolet’s title as the fastest growing auto brand in India. Some of the milestones/awards achieved/received by GM India and its products include:

 

·         SAIL U-VA wins ET Zigwheels ‘Premium Hatchback of the Year’

·         SAIL U-VA wins Autocar India’s ‘Compact Car of the Year’

·         SAIL U-VA wins Car India and Bike India’s ‘Hatchback of the Year’

·         Sail U-VA wins Vicky.in’s ‘Compact Car of the Year’ people’s choice award.

·         Updated Cruze won the ‘Variant of the Year’ by Autocar India

·         Upgraded Cruze won people’s choice ‘Performance Car of the Year’ by Vicky.in

·         Chevrolet Cruze had also won the 2012 J D Power Initial Quality Survey (IQS) for the Indian market with 66 problems per hundred vehicles in the Premium Mid-size category

 

To meet rising demand for their products, they continued to expand their dealership network this year as well covering more locations across the country. The company has also entered into financing arrangements with a number of public sector banks for financing of the vehicles to increase its rural penetration.

 

The company in technical collaboration with Shanghai General Motors Corporation Limited and SAIC GM Wuling Automobile Company Limited have started manufacturing and selling Chevrolet Sail Sedan and Hatchback. By combining the outstanding resources of GM in India and those of their partners in China, Korea and the Globe, they can respond faster to the evolving domestic market than ever before with this tie up. These relationships are helping us to utilize and expand their manufacturing capacities. It will also throw opportunities to negotiate competitive supplier contract because of larger volumes, dealer viability, financial options and employment opportunities at their ends. The Company has planned to bring out lot of value additions and competitive options to customers.

 

The Company has kept continued focus on efficiencies and structural cost reduction to offset economics given the high inflation environment as well as taken localization initiatives.

 

The net sales revenue (Vehicles and Parts and Accessories) for the Financial Year was Rs.36934.600 Millions against Rs. 43759.500 Millions for the previous year. The sales revenues resulted in Net loss after exceptional item of Rs. 11420.000 Millions.

 

In view of the accumulated losses of the past, the Directors express their inability to declare any Dividend for the year. No amount was available for transfer to General Reserve.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

(a) Bank guarantees

51.600

130.800

(b) Claims against the Company not acknowledged as debts*

 

 

Claims against the Company not acknowledged as debts-Excise and service tax matters

4594.100

2718.600

Claims against the Company not acknowledged as debts-Sales tax matters

105.300

0.000

Claims against the Company not acknowledged as debts-Income-tax matters

2778.400

805.300

Claims against the Company not acknowledged as debts-Others

128.400

89.700

 

* The above matters including income tax matters are subject to legal proceedings in the ordinary course of business. The legal proceedings when ultimately concluded will not, in the opinion of management, have a material effect on the results of operations or the financial position of the Company.

 

(c). The Company had received the Prestigious Unit status from the State Government of Gujarat for its plant located in Halol in connection with the investments made by the Company in that facility. The total amount of incentives could not exceed the eligible investments, being the capital expenditure of Rs. 6852.000 Millions, made by the Company up to June 30, 2006. Under the scheme, the Company was exempt from depositing any output tax on sales from its Halol facility. The said incentives were fully utilized in the years 1996 through 2009 (month ending November 30, 2009). As a requirement for the above incentive at Halol, the Company is required to invest 50% of the total incentives availed under the scheme, which amounts to Rs. 3426.000 Millions. Under the terms of the scheme, the said reinvestment is required to be made over the 5 year period from November 15, 2009 to November 30, 2014. Upto March 31, 2013, Company has reinvested Rs 5837.100 Millions (upto March 31, 2012 Rs 5519.900 Millions). As such, the reinvestment obligation has been complied with by the Company.

 

(d). Arrears of fixed cumulative dividends on preference shares as at 31 March, 2013 Rs. 0.100 Million (As at 31 March, 2012, Rs. 0.100 Million).

 


FIXED ASSETS:

 

·         Land

·         Buildings

·         Factory building

·         Other building

·         Plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Office equipment

·         Computer equipments

·         Other equipments

 

 

AS PER WEBSITE

 

PRESS RELEASE

 

IS ARVIND SAXENA THE MAN TO TURN GENERAL MOTORS AROUND? 

 

4 Mar, 2014, 04.00AM IST 

 

In Arvind Saxena's 31-year career in the Indian auto industry, longevity is not a strong suit. He's in his eighth job, in his seventh company, of which, he has put in considerable time in only two. His last stint, as the managing director of Volkswagen passenger cars, lasted about 15 months. For the task that lies ahead of Saxena, as the new president and managing director of General Motors from March 1, that kind of transient impact may not suffice. 

 

Marketing Man

The Indian subsidiary of General Motors India is a long-term project. In its life of 19 years, the company has dug itself into a bit of a hole, one that became more considerable in the year gone by: to its accumulated losses of Rs 2,740 crore and a minuscule 2% market share came a reputational taint for falsifying emission data 

 

Retooling this auto operation, rebuilding its balance sheet and repairing trust in the consumer's mind will take time. "There is a need to re-establish the brand with customers. Don't expect a miracle as the company needs to be rebuilt brick by brick," says VG Ramakrishnan, managing director of Frost and Sullivan, a consultancy. "A local face, with an understanding of the local market and the changing product line, is important." 

 

In one sense, Saxena only has time for a burst that he has averaged in his career. He is 57 years and GM's retirement age is 60 years. Yet, he will have to approach his mandate in a way that his moves and his legacy outlive him at the company. "We needed a person with a sales and marketing background at GM," says a company official privy to Saxena's appointment. 

 

Saxena, who was going through his orientation at the company in Gurgaon yesterday, meeting various department heads, declined to comment on his priorities or the challenges at the Indian subsidiary. An engineer and an MBA, Saxena's longest—and successful—assignments have been in sales and marketing. At Maruti SuzukiBSE 1.51 %, he put in two stints, first as head of sales and promotion, and then managing distribution. "As head of sales, he did good work, putting an efficient sales team in place.

 

All Around Mess

While Saxena has delivered in marketing and sales functions, he has never handled engineering, manufacturing or sourcing, which he will have to now. "It's easier to continue the momentum, which is not the case for GM," says a former senior company official, not wanting to be named. GM's numbers are bruising. In 2012-13, its losses increased to Rs 1,142 crore, from Rs 746 crore in 2011-12. The ongoing year could be worse. In an auto market that has hit the skids, the company's sales for the first.


To a detailed questionnaire on the losses, Lowell Paddock, the MD before Saxena who is reportedly moving to GM Singapore, replied: "We are not a listed company. So, we don't comment on financials. 



 

GENERAL MOTORS SET TO MOVE OUT INDIA HEAD

 

Feb 27, 2014, 06.19AM IST

 

NEW DELHI: Months after being accused of "corporate fraud" by a government-appointed committee, General Motors India has decided to move out its India MD Lowell Paddock midway through his term. He is expected to be replaced by Arvind Saxena, current MD of Volkswagen India and a Hyundai veteran.

 

Highly placed sources told TOI that Paddock is headed for GM's International Office at Singapore. When contacted, a company spokesperson declined to comment on the matter.

 

Paddock had joined GM India about two years ago and was one of the MDs under whom the company had landed in controversy over emission levels from the Tavera model. The issue had seen the government order an inquiry into the matter, which had finally accused GM and its top management of engaging in corporate fraud between 2005 and 2011-12. Paddock was one of the MDs during whose tenure the issue was flagged off by the government committee.

 

 

GENERAL MOTORS TO EXPORT CARS FROM INDIA

Feb 15, 2014

 

KOLKATA: General Motors India Limited is keen to tap the export market to utilize idle capacity at its Talegaon plant in Maharashtra. Till now, the company has been primarily exporting auto components with only a few cars being shipped to neighbouring markets of Nepal, Bangladesh and Sri Lanka. 

 

The 1,60,000 units per annum capacity plant that manufactures hatchbacks Beat and Sail U-VA as well as Sail sedan currently has under 40% utilization at present. While Sail U-VA and Sail sedan were introduced only last year, sales of Beat that had peaked at 50,628 units in 2012 crashed to 39,041 units last year following depressed sales in the industry. The 1,10,000 units per annum Halol plant churns out Tavera, Enjoy and Spark. 

 

Launching the refreshed Beat, by far the largest selling vehicle in GMI portfolio, company vice-president P Balendran said a board decision had been adopted to export cars but details were yet to be worked out. 

 

"We haven't yet decided on the models, number of cars or the markets to which they will be exported. These will be firmed up by the end of this fiscal to facilitate exports next fiscal," the official said. 

 

The compact Beat is likely to be the vehicle of choice for the export market. GMI was considering exports of the car in 2012 but the initiative was shelved as the domestic industry was then experiencing a phenomenal growth. Sources said the Beat would find takers in South-East Asia, Gulf, South Africa and Europe. Sail U-VA is the next best bet for export. 

 

There has also been a huge churn in the diesel-petrol sales mix following the narrowing of price difference between the two fuels. While the diesel variant of Beat commanded 85% sales in 2012, it has now reduced to 55%. 

 

Exports apart, GMI is targeting a 6-10% sales growth in 2014, in line with the industry projection of 6% rise in sales after a dip in 2013. GMI's sales dropped from 1,11,510 in 2011 to 92,435 in 2012 to 86,829 in 2013. This year, the carmaker has projected sales in excess of 94,000 units in 2014. 

 

"The bulk of the increased sales will come from Tavera that is back in business after a setback that had followed the recall last year. Sales are gradually picking up. We are confident the multi-utility vehicle will be back to regular numbers soon," Balendran said. Last year, GMI recalled 1.14 lakh units of Tavera that saw its sales slide from 20,669 units in 2012 to 12,077 in 2013. 

 

The absence of a compact SUV in its portfolio has stymied the growth in these adverse times, the official conceded. "Renault Duster, Ford EcoSport and Nissan Terrano have been grossing good numbers. We have only just showcased the concept at the Delhi auto expo. There's still some time to go before the production version is ready," he said. 

 

TAVERA FIASCO: GM BLAMES LACK OF SUFFICIENT PROCESSES

 

February 6, 2014

 

NEW DELHI: General Motors on Wednesday blamed lack of sufficient processes within the company for the Tavera recall issue in India that was later found by a government-appointed panel as a "corporate fraud".

 

"There had been a lack of sufficient processes. These processes are now fixed and this will not happen again," Stefan Jacoby, president of GM International Operations, told TOI here. "It's much, much more under control now... much more integrated into global processes and the emission applications are controlled and cleared by global engineering resources in Detroit."

 

A government-appointed panel to investigate General Motors India's recall of over 1.26 lakh Chevrolet Tavera vehicles had held the company responsible for committing "corporate fraud" and said its top management - including CEOs and MDs - from 2005 to 2011-12 were involved in it. In its report submitted to the road transport and heavy industry ministries last year, the three-member panel recommended imposition of penalty, apart from a systemic clean-up to avoid recurrence of similar incidents in future.

 

Jacoby said the company was cooperating with the government on the matter. Also, he claimed that GM had informed the authorities of the problems with the Tavera emissions after finding it out internally.

 

The government committee was set up to probe if the auto major had a role in violating the engine testing norms after it issued what was then the largest ever recall for flouting the compliance of production (CoP) norms. Under CoP, companies have to produce vehicles and components that exactly match with the specification, performance and marking requirements approved by the testing agencies.

 

 

GENERAL MOTORS TO HIKE VEHICLE PRICES BY UP TO RS 10,000 FROM JANUARY

 

December 20, 2013

 

NEW DELHI: General Motors India on Friday said it will hike prices of its entire range of vehicles by up to Rs. 0.010 Million from next month in order to partially offset impact of rising input costs. 

 

"We plan to hike prices across our entire product portfolio by up to 0.010 Million from January. This is due to cost pressure," General Motors India vice-president P Balendran told PTI. 

 

The company currently sells various vehicle brands in the country ranging from hatchback Spark to sports utility vehicle Captiva, priced between Rs 0.333 Million and Rs 2.571 Million, respectively, (ex-showroom Delhi). 

 

GENERAL MOTORS INDIA SALES DOWN 10.73% IN JULY

 

August 1, 2013, 

 

NEW DELHI: General Motors India today reported 10.73 per cent decline in sales at 6,503 units in July 2013.

 

The company had sold 7,285 units in the same month of 2012, GM India said in a statement.

 

Last month's sales include 2,479 units of Beat, 1,242 units of Sail, 2,235 units of Enjoy, it added.

 

 



 

 

 

 

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.60.34

UK Pound

1

Rs.101.45

Euro

1

Rs.83.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

3

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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

 

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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.