MIRA INFORM REPORT
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Report No. : |
306017 |
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Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GENERAL MOTORS TECHNICAL CENTRE INDIA PRIVATE LIMITED (w.e.f. 15.06.2009) |
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Formerly Known
As : |
BLACK AND BRIDGE ENGINEERING AND DESIGN CENTER PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Creator Building, International Tech Park, Whitefield
Road, Bangalore – 560 066, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.05.2009 |
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Com. Reg. No.: |
08-049932 |
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Capital
Investment / Paid-up Capital : |
Rs.601.967 millions |
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CIN No.: [Company Identification
No.] |
U74200KA2009PTC049932 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB08077G |
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PAN No.: [Permanent Account No.] |
AADCB7663C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in designing, testing,
analytical experimental development research and other work in the field of engineering
and also carries on business of trading in vehicles parts and accessories. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4400600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. As PER financials of year 2013-14 the company has seen slight drop in
its revenue as well as profit. However, trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vedavathy Kabadi |
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Designation : |
Company Secretary |
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Contact No.: |
91-80-40497934 |
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Date : |
03.02.2015 |
LOCATIONS
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Registered Office : |
3rd Floor, Creator Building, International Tech Park, Whitefield
Road, Bangalore – 560 066, Karnataka, India |
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Tel. No.: |
91-80-41184000/ 40497934 |
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Fax No.: |
91-80-41158562/ 64 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Paramupillai Balendran |
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Designation : |
Whole-time Director |
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Address : |
B 2/31, Manu Apartments, Mayur Vihar-1, Delhi – 110 091, India |
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Date of Birth/Age : |
10.10.1952 |
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Date of Appointment : |
26.09.2011 |
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DIN No.: |
00063154 |
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Other Directorship :
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Name : |
Ms. Sudha Sankaran |
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Designation : |
Whole-time Director |
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Address : |
APT #601, Earls Court Block, Brigade Metropolis, Garudacharpalya
Whitefield Road, Bangalore – 560 048, Karnataka, India |
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Date of Birth/Age : |
12.01.1973 |
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Date of Appointment : |
22.09.2014 |
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DIN No.: |
01086489 |
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Other Directorship :
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Name : |
Mr. Edward John Sizen |
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Designation : |
Whole-time Director |
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Address : |
Adarsh Palm Meadows, PH-2, Villa # 309, Whitefield, Ramagondana Halli,
Bangalore – 560 066, Karnataka, India |
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Date of Birth/Age : |
22.01.1967 |
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Date of Appointment : |
22.09.2014 |
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DIN No.: |
06624373 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Vedavathy R. Kabadi |
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Designation : |
Company Secretary |
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Address : |
7/2, 7th Main, 9th Cross Bhuwaneshwari Nagar,
Magadi Road Post, Bangalore – 560 023, Karnataka, India |
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Date of Birth/Age : |
11.11.1984 |
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Date of Appointment : |
31.03.2010 |
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PAN No.: |
AYXPK2791F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
General Motors Asia Inc., USA |
9999 |
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General Motors Overseas Corporation, USA |
60186724 |
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Total |
60196723 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings [(Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others] |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in designing, testing,
analytical experimental development research and other work in the field of engineering
and also carries on business of trading in vehicles parts and accessories. |
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Products/ Services : |
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Brand Names : |
ACDELCO |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
20 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Auditors : |
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Name : |
Deloitte Haskins
and Sells Chartered Accountants |
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Address : |
7th
Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City, Phase II,
Gurgaon – 122 002, Haryana, India |
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PAN
No.: |
AABFD2095B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate
Holding Company: |
General
Motors Company, USA |
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Holding
Company: |
General Motors Overseas Corporation
USA (with effect from November 26, 2009) |
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Subsidiary
of the Ultimate Holding company: |
General
Motors Asia, Inc. |
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Fellow subsidiaries/
associates of General Motors Company, where transactions exist: |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60196723 |
Equity Shares |
Rs.10/- each |
Rs.601.967 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)
Shareholders' Funds |
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(a) Share Capital |
602.000 |
602.000 |
602.000 |
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(b) Reserves & Surplus |
938.200 |
704.700 |
399.400 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1540.200 |
1306.700 |
1001.400 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
52.200 |
88.500 |
139.500 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
17.800 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) Long-term provisions |
137.900 |
135.900 |
112.500 |
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Total
Non-current Liabilities (3) |
190.100 |
224.400 |
269.800 |
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(4)
Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
1295.200 |
1243.000 |
2029.600 |
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(c) Other current liabilities |
281.300 |
280.500 |
298.100 |
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(d) Short-term provisions |
43.700 |
78.700 |
141.600 |
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Total
Current Liabilities (4) |
1620.200 |
1602.200 |
2469.300 |
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TOTAL |
3350.500 |
3133.300 |
3740.500 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
1077.100 |
1093.300 |
1416.800 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
26.400 |
34.600 |
9.400 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
96.900 |
86.700 |
0.000 |
|
(d) Long-term Loan
and Advances |
769.500 |
670.700 |
500.100 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.100 |
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Total
Non-Current Assets |
1969.900 |
1885.300 |
1926.400 |
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(2)
Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
85.700 |
131.700 |
134.900 |
|
(c) Trade receivables |
297.800 |
169.800 |
451.500 |
|
(d) Cash and cash equivalents |
611.100 |
683.200 |
1020.000 |
|
(e) Short-term loans and advances |
384.800 |
261.400 |
205.300 |
|
(f) Other current assets |
1.200 |
1.900 |
2.400 |
|
Total
Current Assets |
1380.600 |
1248.000 |
1814.100 |
|
|
|
|
|
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TOTAL |
3350.500 |
3133.300 |
3740.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
|
5934.000 |
5772.200 |
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Other Income |
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TOTAL |
5781.800 |
5934.000 |
5772.200 |
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Less |
EXPENSES |
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TOTAL |
5430.700 |
5555.900 |
5339.400 |
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PROFIT/
(LOSS) BEFORE TAX |
351.100 |
378.100 |
432.800 |
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Less |
TAX |
117.600 |
72.800 |
183.100 |
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PROFIT/
(LOSS) AFTER TAX |
233.500 |
305.300 |
249.700 |
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|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
704.700 |
399.400 |
149.700 |
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BALANCE CARRIED
TO THE B/S |
938.200 |
704.700 |
399.400 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Earnings from sales and services |
4977.700 |
|
4781.900 |
|
|
|
Reimbursement of expenses |
27.600 |
38.900 |
|
|
|
TOTAL EARNINGS |
5005.300 |
5151.300 |
4781.900 |
|
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|
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|
|
Earnings /
(Loss) Per Share (Rs.) |
3.88 |
5.07 |
4.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.88 |
12.55 |
11.60 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.29 |
0.43 |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.03 |
0.07 |
0.14 |
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.78 |
0.73 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
602.000 |
602.000 |
602.000 |
|
Reserves & Surplus |
399.400 |
704.700 |
938.200 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1001.400 |
1306.700 |
1540.200 |
|
|
|
|
|
|
Long Term borrowings |
139.500 |
88.500 |
52.200 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
139.500 |
88.500 |
52.200 |
|
Debt/Equity ratio |
0.139 |
0.068 |
0.034 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
5,772.200 |
5,934.000 |
5,781.800 |
|
|
|
2.803 |
-2.565 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
5,772.200 |
5,934.000 |
5,781.800 |
|
Profit |
249.700 |
305.300 |
233.500 |
|
|
4.33% |
5.14% |
4.04% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE
The registered office of the company has been
shifted from 2nd Floor, Embassy Icon Annexe, 2/1, Infantry Road,
Bangalore – 560 001, Karnataka to the present address w.e.f. 15.06.2009.
CORPORATE
INFORMATION
General Motors Technical Centre India Private Limited (GMTCI) was
incorporated on 25th May 2009 in the name of ‘Black and Bridge
Engineering and Design Centre India Private Limited’ and subsequently changed
its name to General Motors Technical Centre India Private Limited. The main
objective of establishing this Company is to carry on the designing, testing,
analytical experimental development research and other work in the field of
engineering.
GMTCI also carries on business of trading in vehicles parts and
accessories under the brand of ACDelco, which was the brand owned by General
Motors India Private Limited and acquired by GMTCI.
OVERVIEW ON
OPERATIONAL PERFORMANCE AND BUSINESS STRATEGIES
The Financial year 2013-14 has resulted in an encouraging growth to
General Motors Technical Centre and they are persistently operational towards
the substantial advancement of the Company to accomplish the objective of being
one of the crucial players in the market. These developments are mainly due to
the unceasing sophistication in the usage of technology in rendering
engineering and various other technical requirements for the manufacture of GM
products for Indian market and also for the Global necessities.
Besides the Technical Centre operations, your Company is also
successfully running the business of AcDelco dealerships and has recorded the
total revenue of Rs.759.600 millions during the financial year ended 31 March
2014.
Rebilling of the expenses charged to various GM allied units globally is
the revenue generating source of the Company based on the Service Agreements
mainly focusing on providing services in the core line of engineering
operations.
INDEX OF CHARGES
No Charges Exist for Company
FIXED ASSETS
·
Computer Lease
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvement
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.68 |
|
|
1 |
Rs.93.53 |
|
Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.