|
|
|
MIRA INFORM REPORT
|
Report No. : |
493663 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
CHEVROLET SALES INDIA PRIVATE LIMITED (w.e.f.31.03.2009) |
|
|
|
|
Formerly Known
As : |
GENERAL MOTORS (INDIA) MARKETING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Shreenathji Compound, Survey No. 1871, Naz Road, Village - Jetalpur, Taluka – Daskroi, Ahmedabad – 382426, Gujarat |
|
Tel. No.: |
91-2676-221000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
20.06.2008 |
|
|
|
|
Com. Reg. No.: |
04-054265 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 267.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102GJ2008PTC054265 |
|
|
|
|
IEC No.: |
3408002959 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
TIN No.: |
24171101604 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCG2067M |
|
|
|
|
GST No.: |
24AADCG2067M1ZJ |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is engaged into Purchase and Sale of Motor Vehicles and Spare Parts
("Automobiles"). [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
Status : |
Closed Down |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘SAIC General Motors Investment Limited’ (HKJV) and was incorporated on 20th June 2008. The company is engaged in manufacturing and sale of motor vehicles and spare parts. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. For the financial year ended 2016, revenue of the company has declined by 28.94% and has reported low profit margin of 0.06% during the year under review. The company’s sound financial profile is reflected by its above average solvency indicators due to zero debt balance sheet profile along with sound networth base and average liquidity position. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. General Motors recently announced the decision to withdraw Chevrolet from the domestic car market in India at the end of the year 2017. The sale of Chevrolet vehicles has ended on 31 December 2017. However, it will provide maintenance and repair services and it will continue to honour the customer’s original Chevrolet vehicle warranty as well as support the customers through Chevrolet’s Roadside Assistance. The company will continue to provide spare parts for the Chevrolet to support maintenance and repair of its customer’s vehicle. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings on safe and secured trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-124-3080000]
LOCATIONS
|
Registered Office : |
Shreenathji Compound, Survey No. 1871, Naz Road, Village - Jetalpur, Taluka – Daskroi, Ahmedabad – 382426, Gujarat, India |
|
Tel. No.: |
91-2676-221000 |
|
Fax No.: |
91-2676-220666 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Surinder Jakhar Bhavan, IFFCO Complex, Plot No. 3, Tower B, 3rd
Floor, Sector – 32, Gurugram – 122001, Haryana, India |
|
Tel. No.: |
91-124-3080000/ 6771000 |
|
Fax No.: |
91-124-6771077 |
|
E-Mail : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Vinaya Jain |
|
Designation : |
Director |
|
Address : |
K-13 Park Place Towers, DLF Phase 5, Sector 54, Near To Golf
Course Road, Gurugram 122011, Haryana, India |
|
Date of Birth/Age : |
16.02.1972 |
|
Qualification: |
MBA |
|
Date of Appointment : |
30.09.2014 |
|
PAN No.: |
ABXPJ7453L |
|
DIN No.: |
06960284 |
|
|
|
|
Name : |
Markus Sternberg |
|
Designation : |
Additional Director |
|
Address : |
4/22 3rd Floor, Shanti Niketan, Delhi-110021, India |
|
Date of Appointment : |
05.12.2017 |
|
DIN No.: |
08002723 |
KEY EXECUTIVES
|
Name : |
Mr. Neel Kamal Bharadwaj |
|
Designation : |
Company Secretary |
|
Address : |
27/20, Upper Ground Floor, Old Rajendra Nagar, New Delhi – 110060, India |
|
Date of Appointment : |
16.05.2016 |
|
PAN No.: |
APGPB6296Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
SAIC General Motors Investment Limited |
|
26696244 |
|
SAIC Motor HK Investment Limited |
|
1 |
|
General Motors (Hong Kong) Company Limited |
|
1 |
|
|
|
|
|
Total |
|
26696246 |
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged into Purchase and Sale of Motor Vehicles and Spare Parts
("Automobiles"). [Registered Activity] |
||||||
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Products : |
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||||||
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Brand Names : |
Not Divulged |
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||||||
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Agencies Held : |
Not Divulged |
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||||||
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Exports : |
Not Divulged |
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|
|
||||||
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Imports : |
Not Divulged |
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|
||||||
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Terms : |
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||||||
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Selling : |
Not Divulged |
||||||
|
|
|
||||||
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Bankers : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF Phase-II, Gurugram - 122002, Haryana, India |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
SAIC General Motors Investment Limited, Hong Kong |
|
|
|
|
Ultimate Joint
Venturer (Shareholders of HKJV) (with effect from February 1, 2010): |
· General Motors Company · SAIC Motor Corporation Limited |
|
|
|
|
Fellow
Subsidiaries/ Associates of General Motors Company and SAIC Motor Corporation
Limited where transactions exists: |
· General Motors India Private Limited, India [CIN NO.: U34100GJ1994PTC021818] · General Motors Powertrain (Thailand) Limited · General Motors Technical Centre India Private Limited [CIN NO.: U74200KA2009PTC049932 · GM Korea Company · Adam Opel AG · General Motors LLC (USA) · GM Thailand Limited · SAIC GM Wuling Automobile Co Limited · General Motors (China) Investment Corporation Limited · Shanghai General Motors Co. Limited · General Motors do Brasil LTDA · GM Holden Limited ( Australia) · PT GM Buana Indonesia · General Motors Colmotores SA · General Motors Overseas Distribution Corporation(USA) · General Motors of Canada Limited · Chevrolet Sales Thailand Limited · General Motor International Operational Pte Limited · General Motors De Mexico S. DE R.L. de C.V. · General Motors Uruguay S.A · General Motors Del Ecuador S.A · General Motors Vietnam Company Ltd · General Motor South Africa Pty Limited · General Motors Company (USA), United States |
CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26696246 |
Equity Shares |
INR 10/- each |
INR 267.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
267.000 |
267.000 |
267.000 |
|
(b) Reserves and Surplus |
609.500 |
595.200 |
2.400 |
|
(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) |
876.500 |
862.200 |
269.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
13.100 |
8.900 |
20.500 |
|
(d) long-term
provisions |
103.100 |
94.700 |
64.500 |
|
Total Non-current
Liabilities (3) |
116.200 |
103.600 |
85.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
5150.000 |
|
(b) Trade
payables |
3608.400 |
4431.100 |
2054.000 |
|
(c) Other
current liabilities |
474.400 |
375.100 |
892.000 |
|
(d) Short-term
provisions |
79.700 |
317.300 |
368.300 |
|
Total Current Liabilities
(4) |
4162.500 |
5123.500 |
8464.300 |
|
|
|
|
|
|
TOTAL |
5155.200 |
6089.300 |
8818.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
22.300 |
18.300 |
5.500 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
3.500 |
0.500 |
2.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
249.300 |
238.500 |
188.700 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
275.100 |
257.300 |
196.800 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1569.100 |
1099.200 |
1252.100 |
|
(c) Trade
receivables |
283.500 |
112.600 |
304.100 |
|
(d) Cash and
bank balances |
290.600 |
202.600 |
779.500 |
|
(e) Short-term
loans and advances |
2735.300 |
4417.300 |
6286.000 |
|
(f) Other
current assets |
1.600 |
0.300 |
0.200 |
|
Total
Current Assets |
4880.100 |
5832.000 |
8621.900 |
|
|
|
|
|
|
TOTAL |
5155.200 |
6089.300 |
8818.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
23283.100 |
32765.700 |
44908.500 |
|
|
Other Income |
207.300 |
374.900 |
469.600 |
|
|
TOTAL |
23490.400 |
33140.600 |
45378.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2572.900 |
2502.900 |
2206.900 |
|
|
Purchases of
Stock-in-Trade |
17511.900 |
25349.700 |
38987.900 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(507.700) |
91.500 |
69.900 |
|
|
Employee benefit expense |
504.500 |
428.800 |
407.000 |
|
|
Other expenses |
3359.500 |
3524.500 |
2793.600 |
|
|
Exceptional items |
0.000 |
0.000 |
426.900 |
|
|
TOTAL |
23441.100 |
31897.400 |
44892.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
49.300 |
1243.200 |
485.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
10.400 |
450.800 |
398.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
38.900 |
792.400 |
87.300 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.000 |
3.600 |
29.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
33.900 |
788.800 |
57.800 |
|
|
|
|
|
|
|
Less |
TAX |
19.600 |
196.000 |
100.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
14.300 |
592.800 |
(42.200) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
8.200 |
41.900 |
4.500 |
|
|
TOTAL EARNINGS |
8.200 |
41.900 |
4.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1408.100 |
1459.800 |
1387.000 |
|
|
TOTAL IMPORTS |
1408.100 |
1459.800 |
1387.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.54 |
22.20 |
(1.58) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
316.200 |
5032.900 |
(1608.600) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
85.300 |
5026.600 |
(1629.500) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
4.44 |
1.25 |
2.47 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
82.13 |
290.99 |
147.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
65.58 |
58.07 |
18.20 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.03 |
1.13 |
0.39 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.91 |
66.13 |
59.99 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.81 |
0.84 |
0.96 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
19.12 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
4.75 |
5.94 |
31.42 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.03 |
0.02 |
0.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.74 |
2.76 |
1.22 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.06 |
1.81 |
(0.09) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.28 |
9.74 |
(0.48) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.63 |
68.75 |
(15.66) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.17 |
1.14 |
1.02 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.80 |
0.92 |
0.87 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.17 |
0.14 |
0.03 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
19.29 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.17 |
1.14 |
1.02 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
267.000 |
267.000 |
267.000 |
|
Reserves & Surplus |
2.400 |
595.200 |
609.500 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
269.400 |
862.200 |
876.500 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
5150.000 |
0.000 |
0.000 |
|
Total
borrowings |
5150.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
19.117 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
44908.500 |
32765.700 |
23283.100 |
|
|
|
(27.039) |
(28.941) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
44908.500 |
32765.700 |
23283.100 |
|
Profit/ (Loss) |
(42.200) |
592.800 |
14.300 |
|
|
(0.09
%) |
1.81
% |
0.06
% |
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 |
Yes |
|
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 |
No |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Bank guarantees |
0.200 |
0.200 |
|
Claims against the
Company not acknowledged as debts* |
|
|
|
-Excise and service tax matters |
422.700 |
221.600 |
|
-Sales tax matters |
28.800 |
27.400 |
|
-Others |
111.100 |
96.000 |
|
* The above 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. |
||
REVIEW OF
OPERATIONS
The Indian automobile industry recorded a growth of 8 percent during FY 2015-16. With the global slump in demand for oil and its impact across the correlated industries, this is one the best growth recorded by any market globally.
With
many stringent regulations and specific fuel engines ban coming into effect,
especially focusing on the pollution control measures, the entire industry saw
a slump in sale of diesel vehicles. This also impacted the sale of some of
their best-selling models and thereby, affected the sales for the FY 2015-16.
The Company is already working on the technology in its engines to meet the
current regulatory norms. Further, the industry is witnessing a surging growth
in taxi and car-rental services and their Company has made in-roads in this
segment and is poised to capture the momentum.
FIXED ASSETS:
Tangible Assets
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer Equipments
- Leasehold improvements
PRESS RELEASE:
CHEVROLET EXITS INDIA:
WHAT HAPPENS IF YOUR ARE A CHEVROLET OWNER?
20.12.2017
General Motors has
decided to wind up operations of its Chevrolet brand in India. From January
2018, the American company will stop selling cars in India
The company's Talegaon plant will continue to manufacture cars though
only for global markets and not for India. Their Indian website is not
operational anymore, and you can only see the official announcement along with
a host of frequently asked questions answered. What happens to all the current
Chevrolet car owners in India? And what happens to after sales service? We try
and answer your anxieties.
CUSTOMERS
The biggest concern is what will happen to the car that
customer has already bought. Currently, the company sells seven Chevrolet models:
Spark, Beat, Sail hatchback and sedan, Cruze, Enjoy and Tavera MPV, and the
Trailblazer SUV.
So if you are an owner of one of the above models, your warranties will be honoured. The company has said that it is committed to maintaining a service network across important locations with trained staff to take care of all the needs of your Chevrolet car be it for repair or maintenance.
Even though cars sales will cease from January 2018, GM says
its service centres will continue to be active.
AFTER
SALES SPARE PARTS
GM India has confirmed that it will be manufacturing components and will be available even after the dealer network is shutdown. The Talegaon facility continues to be operational for export markets and will be producing most of the spares as required.
Most importantly, the government has mandated all auto manufacturers make spares available of a vehicle for at least ten years after the model is discontinued. Having said that, with a modest 150 dealerships across India, spares for the car could be delayed and might be a task in itself.
DEALERSHIPS
Reports suggest that GM India is discussing the transition process and they will continue to help in providing after sales service to customers. GM said that they would provide all support to its dealerships. However, there is no official confirmation on the course of action.
RESALE VALUE
With the spares for the Chevrolet cars still being manufactured, buying a Chevrolet car would not be much of an issue. But the fact that the resale value of the car will indeed take a hit.
Given that Chevrolet cars in India did not fetch good resale value, the discontinuation of the cars will certainly take a hit. If you are looking to buy a used Chevrolet car, then this could be an opportunity to buy a lower valued car.
GM has not been top of the game in India and has suffered
losses in operation in the country. GM continues to evolve itself with new
technology, design and development. We will have to wait and watch if the
company will set its foot again in India.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.05 |
|
UK Pound |
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.