MIRA INFORM REPORT

 

 

Report No. :

353255

Report Date :

08.12.2015

 

 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

Tel. No.:

91-2676-221000 (20 Lines) / 220664 / 220677/ 220666

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

15.04.1994

 

 

Com. Reg. No.:

04-021818

 

 

Capital Investment / Paid-up Capital :

Rs. 78051.300 Million

 

 

CIN No.:

[Company Identification No.]

U34100GJ1994PTC021818

 

 

IEC No.:

0894004921

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDG00742A

 

 

PAN No.:

[Permanent Account No.]

AAAC48371P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture, purchase and sale of motor vehicles and related services. (Confirmed by management)

 

 

No. of Employees :

Information denied by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

General Motors Company is an American Multinational Corporation Headquartered in Detroit, Michigan, that design, manufactures, markets and distributes vehicles and vehicles parts and sells financial services. The firm operates under the brand the names Chevrolet, Buick GMC and Cadillac.

 

General Motors Company Ranked 21 in the Global 500 companies with brand value of USD 2,277 million along with Enterprises value of USD 37183 Million.

 

With respect to the Indian Operations, General Motors India has reported a dip of 33.21% on revenue of Rs. 22627.900 million as compared to previous revenue of Rs. 33880.000 million.

 

Furthermore, General Motors India decided to cease production at the Company’s manufacturing facility at Halol, Gujarat by June 2016. Its manufacturing unit located at Halol, Gujarat, since its inception has proved to be a severe strain on the Company, resulting in financial losses and contributing to the decline in its business in India. The company has thus decided to consolidate all manufacturing activities into one site, namely its Talegaon plant in Pune. 

 

General Motors Company, USA, the ultimate parent company of General Motors India announced an investment UDS 1 billion (Rs. 64000.000 Million) and launch of 10 new models from the Chevrolet family in the next five years to turnaround its fortune in the country.

 

General Motors India remains focused on establishing a meaningful presence in the Indian passenger vehicles market through portfolio expansion, foray in new segments and localization plans to improve the current profitability indicators.

 

In addition to the access to the strong technological capabilities and global vehicle platforms of its parent entity, the company also benefits from the financial support extended by the parent in the form of equity infusion and interest free unsecured long-tenor loans.

 

Moreover, with respect to the global operations General Motors Company still has some of the most recognizable brands in the auto industry. It is investing in autonomous cars and smart highways, and is working in the all-electric Chevy Bolt, an affordable alternative to Tesla.

 

Rating strength is partially offset by the company’s exposure to intense competition in automotive industry and its limited market share automotive segment in India for long term survival.

 

In view of aforesaid, the company can be considered for medium to long term 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Working Capital Facilities (Fund Based) = BBB (Withdrawn)

Rating Explanation

Have moderate degree of safety and carry moderate credit risk.

Date

November 2014

 

 

Rating Agency Name

ICRA

Rating

Working Capital Facilities (Non-Fund Based) = A2 (Withdrawn)

Rating Explanation

Have strong degree of safety and carry low credit risk.

Date

November 2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION DENIED

 

Management non-co-operative (91-2676-221007/ 221000 / 220664)

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

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

Tel. No.:

91-2676-221000 (20 Lines) / 220664 / 220677/ 220666

Fax No.:

91-2676-220666

E-Mail :

customer.connect@gm.com

annu.sarin@gm.com

gmi.cac@gm.com

pramod.gupta@gm.com

i.brahmabhatt@gm.co.in

Website :

http://www.gm.co.in

http://www.gm.com

 

 

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

 

 

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 30.09.2014

 

Name :

Mr. Arvind Kumar Saxena

Designation :

Managing Director

Address :

1504, Tower-2, The Palms, South City-I, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

28.09.1959

Date of Appointment :

12.03.2014

DIN No.:

02910083

 

 

Name :

Mr. Zuoping Yao

Designation :

Director

Address :

11 Haiguan Road, Chengzhong Region, Liuzhou, Guangxi, 545001, China

Date of Birth/Age :

15.05.1964

Date of Appointment :

05.09.2014

DIN No.:

03027742

 

 

Name :

Russel Stuart Williams

Designation :

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. Ramakrishnan KV

Designation :

Director

Address :

58-D, Pocket-6, Mayur Vihar Phase-III, Delhi, 110096, Delhi, India

Date of Birth/Age :

23.04.1965

Date of Appointment :

30.07.2014

DIN No.:

06931168

 

 

 

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

 

LIST OF ALLOTTEES:

 

As on: 05.11.2015

 

Names of Equity Shareholders (Rs.10/- Each)

 

No. of Shares

SAIC General Motors Investment Limited, Hong Kong

 

425035000

 

 

LIST OF ALLOTTEES:

 

As on: 28.09.2015

 

Names of Equity Shareholders (Rs.10/- Each)

 

No. of Shares

SAIC General Motors Investment Limited, Hong Kong

 

458727500

 

 

As on 30.09.2014

 

Names of Equity Shareholders (Rs.10/- Each)

 

No. of Shares

SAIC General Motors Investment Limited, Hong Kong

 

5081576857

SAIC General Motors Investment Limited, Hong Kong

 

9364998

General Motors (Hong Kong) Company Limited, Hong Kong

 

1

SAIC Motors HK Investment Limited, Hong Kong

 

1

Total

 

5090941857

 

 

Names of Preference Shareholders (Rs.1000/- Each)

 

No. of Shares

SAIC General Motors Investment Limited, Hong Kong

 

280000

SAIC General Motors Investment Limited, Hong Kong

 

210000

Total

 

490000

 

 

Names of Preference Shareholders (Rs.10/- Each)

 

No. of Shares

SAIC General Motors Investment Limited, Hong Kong

 

24185000

Total

 

24185000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture, purchase and sale of motor vehicles and related services. (Confirmed by management)

 

 

Products :

Product Description

Item Code No. (ITC Code)

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

87033210

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

Customers :

Reference :

Not Divulged 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

No. of Employees :

Information denied by management

 

 

Bankers :
  • IDBI Bank Limited, 3rd Floor, IRCS Building, 1, Red Cross Road, New Delhi - 110001, India
  • Citibank N. A., Sahakar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India 

 

 

Facilities :

SECURED LOANS

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

LONG TERM BORROWINGS

 

 

Long-term maturities of finance lease obligations#

5.600

2.700

SHORT TERM BORROWINGS

 

 

Working capital loans from banks*

0.000

0511.900

Loans repayable on demand from banks

0.000

1000.000

Total

5.600

1514.600

 

Notes:

 

Long Term Borrowing

 

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. 800 million for the purpose of meeting its capital expenditure requirements for the Powertrain Project at Talegaon, District Pune Maharashtra. The Company was required to meet certain financial and non-financial covenants during the currency of the facility which included maintaining certain financial ratios, submitting annual audited financial statements and other documents. The obligation was 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.

 

Interest on term loan was payable monthly with interest rates ranging from 13% to 13.5% (Previous year 12.95% to 13.50%). Interest accrued but not due as on 31st March 2015 is NIL (Previous year Rs. 22.100 million) on such borrowings which is included in other current liabilities (refer note 9). As at March 31, 2015, the Company has term loan outstanding of Rs. NIL (Previous year Rs. 4475.000 million). Due to Non-Compliance of loan covenants in previous year, the Company had in previous year classified the entire amount of Rs. 4475.000 million under the head “Current maturities of long term borrowings". The Company has repaid its entire term loan on 11th September 2014 and has obtained charge release letters from banks.

 

**Notes related to External Commercial Borrowings(ECB)

 

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 million restricted for the purpose of meeting its capital expenditure requirements with a maturity date of December 15, 2020. The facility had an availability period of 2 years from the effective date and such drawdowns are payable in 4 installments on December 15 each year from 2017 through 2020 as per the repayment schedule. As at March 31, 2015, Outstanding Balance is NIL (Previous year Rs. 668.45 million) out of the above facility as Company has converted the entire outstanding amount of ECB into equity in October, 2014. 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 million restricted for the purpose of meeting its capital expenditure requirements with a maturity date of July 15, 2021.The facility had 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, 2015, Outstanding Balance is NIL (Previous year Rs. 2889.500 million) out of this facility as the Company has converted the entire outstanding amount of ECB into equity in October, 2014. 

 

Further, the Company in the month March 2014 entered into another ECB loan agreement with HKJV for an interest-free facility of Rs. 14500.00 million for General Corporate Purposes with a maturity date of Dec 15, 2025. The Company had drawdown of Rs. 14322.400 million during the year 2014-15. The Company had converted Rs.4656.400 million and Rs.7512.000 million of ECB Loan into Equity in October 2014 and March 2015 respectively. As at March 31, 2015, Outstanding Balance is Rs. 2153.900 million (Previous year NIL) out of this facility.

 

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

PAN No.:

AABFD2095B

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

  • SAIC General Motors Investment Limited (HKJV)

 

 

Ultimate Joint Venturer (with effect from February 01, 2010) :

  • General Motors Company
  • SAIC Motor Corporation Limited

 

 

Fellow  subsidiaries / associates of General Motors Company and SAIC Motor Corporation Limited, where transactions exists :

  • Adam Opel AG
  • Chevrolet Europe GmbH
  • Chevrolet Sales (Thailand) Limited
  • Chevrolet Sales India Private Limited
  • General Motors Auto LLC (Russia)
  • General Motors China, Inc.
  • General Motors International Operations Pte Limited
  • General Motors Overseas Distribution LLC, USA
  • General Motors Powertrain (Thailand ) Limited
  • General Motors UK Limited
  • General Motors Uzbekistan Closed Joint Stock Company
  • General Motors Chile Industria Automotriz Limitada
  • General Motors De Mexico S. DE R.L. de C.V.
  • GM Global Technology Operations LLC (USA)
  • GM Global Tooling Co. LLC
  • General Motors (China) Investment Company Limited
  • GM Korea Company
  • General Motors LLC (USA)
  • General Motors South Africa (Pty) Limited
  • Genneral Motors Technical Centre India Pvt. Limited
  • General Motors Overseas Corporation (USA)
  • General Motors Overseas Distribution LLC
  • GM Holden Limited(Australia)
  • PIMS Compnay
  • PT. General Motors Indonesia Manufacturing
  • SAIC GM Wuling Automobile Company Limited
  • Shanghai General Motors Co. Limited
  • SAIC GM SGMW Liuzhou Importation & Exportation Company Limited
  • General Motors do Brasil LTDA
  • Millbrook Proving Ground Limited

 

 

CAPITAL STRUCTURE

 

 

After As on: 25.09.2015

 

Authorised Capital : Rs. 96500.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 90060.803 Million

 

 

As on 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

931,94,88,594

Equity Shares 

Rs.10/- each

Rs.93194.900 Million

9365000

Class "A" Equity Share

Rs. 10/- each

Rs.93.700 Million

3302906

Unclassified Shares

Rs. 10/- each

Rs.33.000 Million

2800000

Redeemable Preference Shares

Rs. 100/- each

Rs.280.000 Million

290000

Series 1 Cumulative Redeemable Preference Shares

Rs.1000/- each

Rs.290.000 Million

210000

Series 2 Cumulative Redeemable Preference Shares

Rs.1000/- each

Rs.210.000 Million

20000000

Redeemable Preference Shares

Rs. 100/- each

Rs. 2000.000 Million

39843500

Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs. 398.400 Million

 

Total

 

Rs.  96500.000 Million

 

Issued,

No. of Shares

Type

Value

Amount

 

 

 

 

774,33,19,357

Equity Shares 

Rs.10/- each

Rs.77433.200 Million

9365000

Class "A" Equity Share

Rs. 10/- each

Rs.93.700 Million

290000

Series 1 Cumulative Redeemable Preference Shares

Rs.1000/- each

Rs.290.000 Million

210000

Series 2 Cumulative Redeemable Preference Shares

Rs.1000/- each

Rs.210.000 Million

24185000

Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs.241.800 Million

 

Total

 

Rs.78268.700 Million

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7722580807

Equity Shares 

Rs.10/- each

Rs.77225.800 Million

9365000

Class "A" Equity Share

Rs. 10/- each

Rs.93.700 Million

280000

Series 1 Cumulative Redeemable Preference Shares

Rs.1000/- each

Rs.280.000 Million

210000

Series 2 Cumulative Redeemable Preference Shares

Rs.1000/- each

Rs.210.000 Million

24185000

Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs.241.800 Million

 

Total

 

Rs.78051.300 Million

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

78051.300

45263.800

36,177.800

(b) Reserves & Surplus

(75563.300)

(65529.400)

(27,404.800)

(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)

2488.000

(20265.600)

8,773.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2159.500

9576.700

11,823.800

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

15.200

6.500

38.200

(d) long-term provisions

828.600

556.500

548.300

Total Non-current Liabilities (3)

3003.300

10139.700

12,410.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

1511.900

4,107.900

(b) Trade payables

10337.200

12915.500

11,964.300

(c) Other current liabilities

1799.900

8236.100

5,396.800

(d) Short-term provisions

2165.100

3165.100

3,548.800

Total Current Liabilities (4)

14302.200

25828.600

25,017.800

 

 

 

 

TOTAL

19793.500

15702.700

46,201.100

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2424.600

2612.800

24,687.500

(ii) Intangible Assets

0.000

0.000

656.300

(iii) Capital work-in-progress

577.000

36.300

2,776.000

(iv) Intangible assets under development

0.000

0.000

378.300

(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

2823.800

2625.500

1,219.000

(e) Other Non-current assets

16.400

57.800

81.900

Total Non-Current Assets

5841.800

5332.400

29,799.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

5728.200

7215.300

8,901.400

(c) Trade receivables

2525.800

0.400

107.500

(d) Cash and cash equivalents

2825.300

503.800

1,401.900

(e) Short-term loans and advances

2866.300

2621.700

5,955.300

(f) Other current assets

6.100

29.100

36.000

Total Current Assets

13951.700

10370.300

16,402.100

 

 

 

 

TOTAL

19793.500

15702.700

46,201.100

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

22627.900

33880.000

36934.600

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(9332.500)

(34676.800)

 

 

 

 

 

 

 

FINANCIAL EXPENSES                       

370.400

1174.200

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX, DEPRECIATION AND AMORTISATION

(9702.900)

(35851.000)

 

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION        

331.000

2273.600

 

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(10033.900)

(38124.600)

 

 

 

 

 

 

 

TAX                                                     

0.000

0.000

 

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(10033.900)

(38124.600)

(11,420.000)

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(65529.400)

(27,404.800)

(15,984.800)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(75563.300)

(65529.400)

(27,404.800)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

503.300

4.600

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

(1.29)

(8.51)

(3.20)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

0.000

4475.000

1201.500

Cash (used)/generated from operations

(6192.200)

(5550.100)

(5956.300)

Net cash used in operating activities

(15147.300)

(4902.900)

(6081.200)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

(44.34)

(112.53)

(30.92)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

(41.24)

(102.35)

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(52.22)

(243.35)

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(4.03)

1.88

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.87

(0.77)

1.95

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.98

0.40

0.66

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

36177.800

45263.800

78051.300

Reserves & Surplus

(27404.800)

(65529.400)

(75563.300)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

8773.000

(20265.600)

2488.000

 

 

 

 

long-term borrowings

11823.800

9576.700

2159.500

Short term borrowings

4107.900

1511.900

0.000

Current maturities of long-term debts

1201.500

4475.000

0.000

Total borrowings

17133.200

15563.600

2159.500

Debt/Equity ratio

1.953

-0.768

0.868

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

36934.600

33880.000

22627.900

 

 

(8.270)

(33.212)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

36934.600

33880.000

22627.900

Profit (Loss)

(11420.000)

(38124.600)

(10033.900)

 

(30.92%)

(112.53%)

(44.34%)

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

---

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 495 of 2014

 

Status : PENDING

( Converted from : O/ST/880/2014 )

CCIN No : 001092201400495

 

Last Listing Date:

16/09/2014

 

Coram

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MS JUSTICE SONIA GOKANI

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX-III

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

S.NO.

Name of the Respondant

Advocate On Record

1

GENERAL MOTORS INDIA PVT LTD

RULE SERVED for :Opponent(s) MR B S SOPARKAR for :Opponent(s)  1

 

 

Presented On

: 02/04/2014

Registered On

: 11/06/2014

Bench Category

: -

District

: VADODARA

Case Originated From

:THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 6 times

Stage Name

: ADJOURNED MATTERS

 

 

Office Objection

Process Stage
Process Stage
Process Stage

·         16. WHETHER PAGING IS DONE?

·         19. WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED?

·         20. WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE?

 

 

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

INCOME-TAX ACT, 1961

Other Forums

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA/3308/AHD/2011

INCOME TAX APELLATE TRIBUNAL AHMEDABAD BENCH "D", AHMEDABAD

-

02/08/2013

VADODARA

 

 

 

REVIEW OF OPERATIONS

 

GM India sold 52,945 vehicles during the financial year 2014-2015. GM India announced commencement of exports from its Talegaon facility during September 2014 after presence in India for 19 years. The first shipment of Chevrolet Beat headed to Chile and more markets like Mexico have been added now. The company plans to make India an export hub for global markets. The company export 84 units in 2014 to Chile and is targeting exports of 19,000 units this year.

 

GM India decided to cease production at the Company’s manufacturing facility at Halol, Gujarat (Halol unit) by June 2016 and to close down the Halol unit. Its manufacturing unit located at Halol, Gujarat, since its inception has proved to be a severe strain on the Company, resulting in financial losses and contributing to the decline in its business in India. The Company has thus decided to consolidate all manufacturing activities into one site, namely its Talegaon plant in Pune.

 

General Motors Company, USA, the ultimate parent company of GM India announced an investment USD 1 billion (Rs 64000.000 million) and launch of 10 new models from the Chevrolet family in the next five years to turnaround its fortune in the Country.

 

This year too as in the past, GM India continued to expand its product range, with the launch of the facelift versions of Chevrolet SAIL Hatchback and Sedan with All-New Premium Interiors in September 2014. The new launches reinforce the company’s commitment to provide high value-for-money offerings for Indian consumers.

 

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 public sector banks for financing of the vehicles to increase its rural penetration.

 

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.

 

 

 

UNSECURED LOANS:

 

Particulars

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

LONG TERM BORROWINGS

 

 

External Commercial Borrowings from the holding company**

2153.900

9574.000

Total

2153.900

9574.000

 

 

NO CHARGES EXIST FOR COMPANY

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

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.66.63

UK Pound

1

Rs.100.65

Euro

1

Rs.72.40

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

KRN

 

 

Report Prepared by :

MTN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

-

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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.