|
|
|
MIRA INFORM REPORT
|
Report No. : |
493662 |
|
Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GENERAL MOTORS INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
GENERAL MOTORS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Shreenathji Compound, Survey No. 1871, Naz Road, Village - Jetalpur, Taluka – Daskroi, Ahmedabad – 382426, Gujarat |
|
Tel. No.: |
91-2676-221000 (20 Lines) / 220664 / 220677/ 220666 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
15.04.1994 |
|
|
|
|
Com. Reg. No.: |
04-021818 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 90060.800 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100GJ1994PTC021818 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0894004921 |
|
|
|
|
GSTIN : [Goods & Service Tax
Registration No.] |
24AAACG8371P1Z5 |
|
|
|
|
TIN No: |
24171100467 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8371P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is primarily in the business of manufacture, purchase and sale of motor vehicles, components 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 : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of “General Motors Company, USA” and was incorporated in the year 1994. General Motors Company is an American Multinational Corporation which ranks 8th in the fortune 500 companies list as on 2017, that designs, manufactures, markets and distributes vehicles and vehicle parts and sells financial services and operates under the brand the names Chevrolet, Buick GMC and Cadillac. General Motors India has reported a growth of 41.86% in its revenue but has incurred losses from its operations during FY 2016. The management has registered case (Case No. 13/2015) with Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies Act, 1985 and status for the order of rehabilitation proposal is shown as pending determination of sickness as on 16 November 2016. However, the current update for the same is not available as the BIFR website is unreachable. As per the current press release, General Motors India Private Limited has decided to halt its sales in India after years of non-performance. One of the early entrants into the Indian market, GM will continue production in the country, largely to take advantage of India’s skilled and inexpensive labour force and lower raw material prices to cater to markets in Mexico and Central and South America. It is a part of a larger restructuring plan that will see the American carmaker exit South Africa and concentrate on its operations in Brazil and China. At least 400 direct workers of General Motors India Private Limited and hundreds of employees at GM dealership risk being left in the lurch. In 2016-17, GM sold 25,823 units in India, down 21% year-on-year. At least 400 direct workers of General Motors India Private Limited and hundreds of employees at GM dealership risk being left in the lurch. In 2016-17, GM sold 25,823 units in India, down 21% year-on-year. Payments seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings with caution. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstuction) 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 24.02.2018
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 DENIED BY
|
Name : |
Mr. Karan |
|
Designation : |
Sales Department |
|
Contact No.: |
91-2676–221000 |
|
Date : |
22.02.2018 |
91-124-3080000 (Management non Cooperative)
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 1: |
401, |
|
|
|
|
Corporate Office
2: |
6th Floor, Tower A, Global |
|
Tel. No.: |
91-124-2803333 |
|
Fax No.: |
91-124-2803344 |
|
E-mail : |
|
|
|
|
|
Marketing Office : |
Surinder Jhakhar Bhavan, IFFCO Complex, Plot No. 3, Tower B, 3rd and 4th Floor, Sector – 32, Gurugram – 122001, Haryana, India |
|
Tel. No.: |
91-124-6771000/ 3080000/ 6771000 |
|
Fax No.: |
91-124-6771077 |
|
|
|
|
Factory 1: |
Plot No. A-16, MIDC, Talegaon Industrial Area, Navlakh, Umbre Village Road, Talegaon, Tehsil Maval, Pune-410507, Maharashtra, India |
|
|
|
|
Factory 2: |
Chandrapura Industrial Estate, Halol, District Panchmahal
- 389351, Gujarat, India |
|
|
|
|
Factory 3: |
Plot No:15, Sector-32 Institutional Area, Gurugram – 122001, Haryana, India |
|
Tel. No.: |
91-124-308 0000/421 3333 |
|
Fax No.: |
91-124-421 3334 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sanjiv Gupta |
|
Designation : |
Director |
|
Address : |
418, DLF, Magnolias Golf Course Road, Gurugram- 122002,
Haryana, India |
|
Date of Appointment : |
22.06.2016 |
|
DIN No.: |
07549705 |
|
PAN No.: |
AARPG3961F |
|
|
|
|
Name : |
Mr. Asif I. Khatri |
|
Designation : |
Wholetime Director |
|
Address : |
Octeva, B-1701, One North, Hadapsar, Pune-411028, Maharashtra, India |
|
Date of Appointment : |
28.07.2017 |
|
DIN No.: |
07891943 |
|
|
|
|
Name : |
Mr. Vinay Madhav Pradhan |
|
Designation : |
Wholetime Director |
|
Address : |
Flat - 403, B-Wing, Amalfi, Raheja Garden, Near Teen Hath Naka, Thane -400604, Maharashtra, India |
|
Date of Appointment : |
01.09.2017 |
|
DIN No.: |
07917439 |
|
|
|
|
Name : |
Mr. Pritpal Singh Kular |
|
Designation : |
Director |
|
Address : |
702, Tower 6, Vipul Belmonte, Gurugram-122011, Haryana, India |
|
Date of Appointment : |
30.11.2017 |
|
DIN No.: |
07994868 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjiv Gupta |
|
Designation : |
Chief Financial Officer |
|
Address : |
418, DLF, Magnolias Golf Course Road, Gurugram- 122002,
Haryana, India |
|
Date of Appointment : |
01.05.2016 |
|
PAN No.: |
AARPG3961F |
|
|
|
|
Name : |
Mr. Ghazali Shadab |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 407, F. I. Dingra Apartments, Guru Govind Singh Marg, Lucknow-226001, Uttar Pradesh, India |
|
Date of Appointment : |
02.05.2017 |
|
PAN No.: |
BSLPS9813D |
|
|
|
|
Name : |
Chandrasekaran Associate |
|
Designation : |
Company Secretary |
|
Address : |
11-F, Pocket – IV, Mayur Vihar Phase – I, Delhi – 110091, India |
|
Tel. o: |
91-11-22710514/ 22713708 |
|
Email: |
|
|
|
|
|
Name : |
Mr. Karan |
|
Designation : |
Sales Department |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
General Motors (Hong Kong) Company Limited, Hong Kong |
|
1 |
|
SAIC Motor HK Investment Limited, Hong Kong |
|
1 |
|
SAIC General Motors Investment Limited, Shanghai |
|
9707405805 |
|
Total |
|
9707405807 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
SAIC General Motors Investment Limited, Shanghai |
|
24675000 |
|
Total |
|
24675000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2017
|
Category |
Percentage |
|
Promoters - Body corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily in the business of manufacture,
purchase and sale of motor vehicles, components and spare parts
(“automobiles”). (Registered Activity) |
||||
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Products/ Services : |
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||||
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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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Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
|
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No. of Employees : |
Not Divulged |
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||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Facilities : |
|
|
Financial Institutions: |
|
|
|
|
|
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 |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFD2095B |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
SAIC General Motors Investment Limited (HKJV) |
|
|
|
|
Ultimate Joint
Venturer (with effect from February 01, 2010) : |
|
|
|
|
|
Fellow
subsidiaries/ associates of General Motors Company and SAIC Motor Corporation
Limited, where transactions exists : |
|
CAPITAL STRUCTURE
As on 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11419488594 |
Equity Shares |
INR 10/- each |
INR 114194.886 Million |
|
9365000 |
Class "A" Equity Share |
INR 10/- each |
INR 93.700 Million |
|
3302906 |
Unclassified shares |
INR 10/- each |
INR 33.000 Million |
|
2800000 |
Redeemable preference shares |
INR 100/- each |
INR 280.000 Million |
|
500000 |
Cumulative redeemable preference shares |
INR 1000/- each |
INR 500.000 Million |
|
20000000 |
Redeemable Preference Shares |
INR 100/- each |
INR 2000.000 Million |
|
39843500 |
Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 398.400 Million |
|
|
Total |
|
INR
117500.000 Million |
Issued Capital,
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9705780807 |
Equity Shares |
INR 10/- each |
INR 97057.808 Million |
|
9365000 |
Class "A" Equity Share |
INR 10/- each |
INR 93.700 Million |
|
500000 |
Cumulative Redeemable Preference Shares |
INR 1000/- each |
INR 500.000 Million |
|
24185000 |
Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 241.800 Million |
|
|
Total |
|
INR 97893.310
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9698040807 |
Equity Shares |
INR 10/- each |
INR 96980.408 Million |
|
9365000 |
Class "A" Equity Share |
INR 10/- each |
INR 93.700 Million |
|
490000 |
Cumulative Redeemable Preference Shares |
INR 1000/- each |
INR 490.000 Million |
|
24185000 |
Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 241.800 Million |
|
|
Total |
|
INR 97805.908
Million |
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9319488594 |
Equity Shares |
INR 10/- each |
INR 93194.900 Million |
|
9365000 |
Class "A" Equity Share |
INR 10/- each |
INR 93.700 Million |
|
3302906 |
Unclassified shares |
INR 10/- each |
INR 33.000 Million |
|
2800000 |
redeemable preference shares |
INR 100/- each |
INR 280.000 Million |
|
500000 |
Cumulative redeemable preference shares |
INR 1000/- each |
INR 500.000 Million |
|
20000000 |
Redeemable Preference Shares |
INR 100/- each |
INR 2000.000 Million |
|
39843500 |
Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 398.400 Million |
|
|
Total |
|
INR
117500.000 Million |
Issued Capital,
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8928633307 |
Equity Shares |
INR 10/- each |
INR 89286.333 Million |
|
9365000 |
Class "A" Equity Share |
INR 10/- each |
INR 93.700 Million |
|
500000 |
Cumulative Redeemable Preference Shares |
INR 1000/- each |
INR 500.000 Million |
|
24185000 |
Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 241.800 Million |
|
|
Total |
|
INR 97893.310
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8923530807 |
Equity Shares |
INR 10/- each |
INR 89235.300 Million |
|
9365000 |
Class "A" Equity Share |
INR 10/- each |
INR 93.700 Million |
|
490000 |
Cumulative Redeemable Preference Shares |
INR 1000/- each |
INR 490.000 Million |
|
24185000 |
Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 241.800 Million |
|
|
Total |
|
INR 90060.800
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 |
90060.800 |
78051.300 |
45263.800 |
|
(b) Reserves and Surplus |
(82190.200) |
(75563.300) |
(65529.400) |
|
(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) |
7870.600 |
2488.000 |
(20265.600) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2157.400 |
2159.500 |
9576.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
15.200 |
6.500 |
|
(d) long-term
provisions |
426.400 |
828.600 |
556.500 |
|
Total Non-current
Liabilities (3) |
2583.800 |
3003.300 |
10139.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
0.000 |
0.000 |
1511.900 |
|
(b) Trade
payables |
17811.400 |
10337.200 |
12915.500 |
|
(c) Other
current liabilities |
2530.400 |
1799.900 |
8236.100 |
|
(d) Short-term
provisions |
2014.000 |
2165.100 |
3165.100 |
|
Total Current
Liabilities (4) |
22355.800 |
14302.200 |
25828.600 |
|
|
|
|
|
|
TOTAL |
32810.200 |
19793.500 |
15702.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2505.700 |
2424.600 |
2612.800 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
3881.100 |
577.000 |
36.300 |
|
(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 |
3429.200 |
2823.800 |
2625.500 |
|
(e) Other
Non-current assets |
6.300 |
16.400 |
57.800 |
|
Total Non-Current
Assets |
9822.300 |
5841.800 |
5332.400 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9888.400 |
5728.200 |
7215.300 |
|
(c) Trade
receivables |
4586.600 |
2525.800 |
0.400 |
|
(d) Cash and
bank balances |
1073.000 |
2825.300 |
503.800 |
|
(e)
Short-term loans and advances |
7436.700 |
2866.300 |
2621.700 |
|
(f) Other
current assets |
3.200 |
6.100 |
29.100 |
|
Total
Current Assets |
22987.900 |
13951.700 |
10370.300 |
|
|
|
|
|
|
TOTAL |
32810.200 |
19793.500 |
15702.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
31418.200 |
22146.400 |
33246.300 |
|
|
Other Income |
409.800 |
481.500 |
633.700 |
|
|
TOTAL |
31828.000 |
22627.900 |
33880.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
29621.200 |
22452.400 |
30744.000 |
|
|
Purchases of
Stock-in-Trade |
154.200 |
502.200 |
629.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1755.100) |
(465.600) |
1110.500 |
|
|
Employee benefit expense |
2532.300 |
2521.200 |
2280.700 |
|
|
Other expenses |
7077.900 |
7360.700 |
8750.700 |
|
|
Exceptional items before tax |
171.800 |
(499.700) |
25013.200 |
|
|
TOTAL |
37802.300 |
31871.200 |
68528.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(5974.300) |
(9243.300) |
(34648.300) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
39.900 |
459.600 |
1202.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(6014.200) |
(9702.900) |
(35851.000) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
612.700 |
331.000 |
2273.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(6626.900) |
(10033.900) |
(38124.600) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(6626.900) |
(10033.900) |
(38124.600) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
16043.200 |
503.300 |
4.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
18236.800 |
5998.500 |
12205.900 |
|
|
Capital Goods |
1608.500 |
527.000 |
112.000 |
|
|
TOTAL IMPORTS |
19845.300 |
6525.500 |
12317.900 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.79) |
(1.82) |
(10.31) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
4475.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(9658.900) |
(15083.700) |
(4853.300) |
|
Net cash flows from (used in) operating activities |
(9667.000) |
(15147.300) |
(4902.900) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
53.28 |
41.63 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
6.85 |
8.77 |
83115.75 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
218.34 |
164.37 |
150.26 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.60) |
(1.61) |
(4.80) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.94) |
(3.08) |
(13.08) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.75 |
0.83 |
2.54 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.27 |
0.87 |
(0.77) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.84 |
5.75 |
(1.27) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.81 |
1.21 |
(0.13) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(149.73) |
(20.11) |
(28.81) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT/Sales) * 100) |
% |
(21.09) |
(45.31) |
(114.67) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets) * 100] |
% |
(20.20) |
(50.69) |
(242.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth) * 100] |
% |
(84.20) |
(403.29) |
188.12 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.03 |
0.98 |
0.40 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.59 |
0.57 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.24 |
0.13 |
(1.29) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.02 |
0.03 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.03 |
0.98 |
0.40 |
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
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
45263.800 |
78051.300 |
90060.800 |
|
Reserves & Surplus |
(65529.400) |
(75563.300) |
(82190.200) |
|
Net
worth |
(20265.600) |
2488.000 |
7870.600 |
|
|
|
|
|
|
Long-term borrowings |
9576.700 |
2159.500 |
2157.400 |
|
Short term borrowings |
1511.900 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
4475.000 |
0.000 |
0.000 |
|
Total
borrowings |
15563.600 |
2159.500 |
2157.400 |
|
Debt/Equity
ratio |
(0.768) |
0.868 |
0.274 |
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 |
33246.300 |
22146.400 |
31418.200 |
|
|
|
(33.387) |
41.866 |
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 |
33246.300 |
22146.400 |
31418.200 |
|
Profit/ (Loss) |
(38124.600) |
(10033.900) |
(6626.900) |
|
|
(114.67
%) |
(45.31
%) |
(21.09
%) |
LEGALS
FILE
|
Company status |
||||
|
Case No: |
Company Name |
Address |
Status |
Date of last order |
|
13/2015 |
GENERAL MOTORS INDIA PRIVATE LIMITED |
Plot No.15, Second Floor, Sector – 32, Institutional Area, Gurugram-122001, Haryana, India |
Pending Determination of Stickness |
16/09/2015 |
HIGH COURT
|
PANCHMAHALS GUJARAT KAMDAR MANDAL VS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Guj |
|
Case no: 68. SCA/3421/2015 |
|
Case status: Pending |
|
Judge: HON'BLE MR.JUSTICE M.R. SHAHHON'BLE MR.JUSTICE A.G.URAIZEE |
|
Date:2015-06-16T00:00:00Z |
|
PANCHMAHAL PANCHMAHAL GUJARAT KAMDAR MANDAL VS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Guj |
|
Case no: 100. SCA/3421/2015 |
|
Case status: Pending |
|
Judge: HON'BLE MR.JUSTICE - 1 |
|
Date:2015-09-22T00:00:00Z |
|
PANCHMAHALS COMMISSIONER CENTRAL EXCISE & C USTOMS VS MS. GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Guj |
|
Case no: 59. TAXAP/158/2007 |
|
Case status: Pending |
|
Judge: HON'BLE MS.JUSTICE HARSHA DEVANI |
|
Date:2015-12-01T00:00:00Z |
|
PANCHMAHAL PANCHMAHAL GUJARAT KAMDAR MANDAL VS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Guj |
|
Case no: 133 SCA/3421/2015 |
|
Case status: Pending |
|
Judge: HON'BLE MR.JUSTICE A.J.DESAI |
|
Date:2015-07-30T00:00:00Z |
|
PANCHMAHAL PANCHMAHAL GUJARAT KAMDAR MANDAL VS GENERAL MOTORS INDIA PRIVATE LIMITED Page 151 of HCN Created On Fri Aug 14 |
|
high court-Guj |
|
Case no: 41. SCA/3421/2015 |
|
Case status: Pending |
|
Judge: HON'BLE MR.JUSTICE VIPUL M. PANCHOLI |
|
Date:2015-08-14T00:00:00Z |
|
GPR POWER SOLUTION PRIVATE LIMITED Vs. GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Delhi |
|
Case no: ARB.P. 601/2016 |
|
Case status: Pending |
|
Judge: HON BLE MR. JUSTICE VIBHU BAKHRU |
|
Date:2016-12-07 |
|
ANAND BOOKS INTERNATIONAL PRIVATE LIMITED & ANR Vs. GENERAL MOTORS INDIA PRIVATE LIMITED & ORS |
|
high court-Delhi |
|
Case no: CS(OS) 1403/2013 |
|
Case status: Pending |
|
Judge: HON BLE MR. JUSTICE VIBHU BAKHRU |
|
Date:2016-09-19 |
|
PR. COMMISSIONER OF INC MR KM PARIKH 1 OME TAX VADODARA4 VS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Gujarat |
|
Case no: ST/220/2017 |
|
Case status: Pending |
|
Judge: HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA |
|
Date:2017-03-08 |
|
PR. COMMISSIONER OF INC MR KM PARIKH 1 OME TAX VADODARA 4 VS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Gujarat |
|
Case no: TAXAP/164/2017 |
|
Case status: Pending |
|
Judge: HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA |
|
Date:2017-04-04 |
|
PR. COMMISSIONER OF INC MR KM PARIKH 1 OME TAX VADODARA4 VS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Gujarat |
|
Case no: TAXAP/168/2017 |
|
Case status: Pending |
|
Judge: HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA |
|
Date:2017-04-04 |
|
PR. COMMISSIONER OF INC MR KM PARIKH 1 OME TAX VADODARA4 VS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Gujarat |
|
Case no: TAXAP/222/2017 |
|
Case status: Pending |
|
Judge: HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA |
|
Date:2017-04-10 |
|
PR. COMMISSIONER OF INC MR KM PARIKH 1 OME TAX VADODARA 4 VS GENERAL MOTORS INDIA PRIVATE LIMITED 160 FOR FINAL HEARING |
|
high court-Gujarat |
|
Case no: ST/225/2017 |
|
Case status: Pending |
|
Judge: HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA |
|
Date:2017-03-08 |
|
MS STAR POWER CENTRE MS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Punjab |
|
Case no: CM -12226-CII-2016 |
|
Case status: Pending |
|
Judge: HON'BLE THE CHIEF JUSTICE |
|
Date:2016-09-23 |
|
MS STAR POWER CENTRE MS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Punjab |
|
Case no: CM-12226-CII-2016 |
|
Case status: Pending |
|
Judge: HON'BLE THE CHIEF JUSTICE |
|
Date:2016-09-09 |
|
MS STAR POWER CENTRE MS GENERAL MOTORS INDIA PRIVATE LIMITED |
|
high court-Punjab |
|
Case no: CM-19966-CII-2016 |
|
Case status: Pending |
|
Judge: HON'BLE THE CHIEF JUSTICE |
|
Date:2016-09-30 |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from to “Chandrapura Industrial Estate, Halol, Panch Mahal – 389351, Gujarat, India” the present address.
REVIEW OF OPERATIONS
GM India sold 69319 vehicles during the financial year 2015-2016. GM India launched Trailblazer in October 2015 and New Cruze, Refreshed Chevrolet Beat in 2016. Riding on its powerful road presence coupled with first-in-class features, the Chevrolet TrailBlazer bagged award for ‘SUV of the year’ for 2015 from Car India and similar awards from Evo India Magazine and Fly-Wheel.com. It is to be noted that the Trailblazer won the awards despite stiff competition from rivals in the Indian SUV space.
GM India rolled out the first vehicle meant for shipment to Argentina on 9thMay 2016. Argentina will be the sixth major export market for the company. GM India already exports the left hand drive Beat to countries including Mexico, Chile, Peru, Central American and Caribbean Countries (CAC), Uruguay and now Argentina. The Chevrolet Beat recorded the highest growth for any passenger vehicle exported from India and became the sixth most exported passenger vehicle out of India during financial year 2015-16, with a total of 37,082 units.
In 2016, GM India plan to export over 50,000 vehicles, compared with 21,000 vehicles in 2015.
GM India product line over the next 24 months will include the New Trailblazer, Beat, Essentia, Beat Active, and new Cruze for domestic market.
GM India have also announced to extend production at Halol Plant until March 2017 and will manufacture upgraded Tavera there. This will provide more time to ensure an orderly transition for employees, suppliers and other stakeholders as we continue to work through options for the facility.
As the market will continue to be competitive, and challenging, GM India will stay focused on our customers, our products, and continue to put the “customer at the center of everything we do” and delivering the world class vehicles and experiences to our customers.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Loans and advances from related parties |
2153.900 |
2153.900 |
|
|
|
|
|
Total |
2153.900 |
2153.900 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C29862521 |
10234414 |
IDBI TRUSTEESHIP SERVICES LIMITED |
28/07/2010 |
16/09/2010 |
20/10/2014 |
8000000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
2 |
C29863750 |
10234415 |
IDBI TRUSTEESHIP SERVICES LIMITED |
28/07/2010 |
06/02/2012 |
20/10/2014 |
4250000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
3 |
B38951299 |
10304985 |
IDBI Bank Limited |
06/09/2011 |
- |
17/04/2012 |
2000000000.0 |
3rd Floor, IRCS Building, 1, Red Cross Road, New Delhi-110001, India |
|
4 |
A73774309 |
80055913 |
BANK OF AMERICA NT & SA |
17/10/1998 |
- |
26/11/2009 |
98000000.0 |
16th Floor, Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India |
|
5 |
A73587693 |
80055914 |
CITIBANK N.A. |
17/10/1998 |
- |
23/11/2009 |
196000000.0 |
Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India |
|
6 |
A73170177 |
80055911 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED |
17/02/1995 |
- |
04/11/2009 |
700000000.0 |
163, Backbay Reclamation, Mumbai-400020, Maharashtra, India |
|
7 |
A72508237 |
80055915 |
ANZ GRINDLAYS BANK LIMITED |
17/10/1998 |
- |
04/11/2009 |
98000000.0 |
Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India |
|
8 |
A72509094 |
80055912 |
STANDARD CHARTERED BANK |
17/10/1998 |
- |
04/11/2009 |
98000000.0 |
23-25, Mahatma
Gandhi Road, fort, mumbai-400001, Maharashtra, India |
|
9 |
A73169518 |
80055910 |
THE SCICI LIMITED |
17/02/1995 |
- |
04/11/2009 |
200000000.0 |
141, Maker Tower, 'F'cuffe Parade, Mumbai-400005, Maharashtra, India |
|
10 |
A70326921 |
80055916 |
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
23/11/1998 |
- |
07/09/2009 |
98000000.0 |
52/60, Mahatma Gandhi Road, fort, Mumbai-400001, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
a) Bank guarantees |
318.100 |
68.700 |
|
b) Claims against the Company not acknowledged as debts |
|
|
|
Excise and service tax matters |
13949.900 |
13611.300 |
|
Sales tax matters |
135.900 |
124.800 |
|
Income-tax matters |
3844.200 |
3497.900 |
|
Others |
10790.900 |
9737.000 |
* The above matters including income tax matters are subject to legal proceedings in the ordinary course of business. The legal proceedings when ultimately concluded will not, in the opinion of management, have a material effect on the results of operations or the financial position of the Company.
(c) On September 1, 2014, the Company received an order from the Competition Commission of India for approximately INR 850.000 Million in relation to anti-competitive practices. The Company has filed a petition against the competition commission order before the Delhi High Court (Indian Judiciary). In last hearing on January 29, 2016, High Court reserved the judgement and the final order is awaited.
(d) Arrears of fixed cumulative dividends on preference shares as at March 31, 2016 INR 0.100 Million (As at March 31, 2015 INR 0.100 Million).
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Computer
- Vehicles
- Furniture and
Fixture
PRESS RELEASE:
GENERAL MOTORS AIMS TO RAMP UP COMPONENT EXPORTS FROM INDIA
New Delhi, Jan 28: (PTI) American auto major General Motors is looking to ramp up component exports from India even as it continues to add new global markets for vehicle shipments from the country, a company official said.
The company, which has stopped selling cars in the Indian market, recently started exporting Beat Notchback to Costa Rica.
"Apart from this addition, we also plan on expanding the component exports in 2018," a General Motors India spokesperson told PTI.
The company currently exports body panels and engines to Vietnam and Cambodia.
The official, however, declined to specify the markets that the company plans to target for components exports.
Elaborating on the vehicle exports from India, the spokesperson said that the company is focused on ensuring that it produces high-quality vehicles for export markets.
"Their exports have tripled over the past year and we are very pleased with the acceptance of their products in the export markets," the official said.
In 2017, GM ranked 5th in India in terms of passenger vehicle exports. Its hatchback Beat was the highest exported passenger vehicle from India.
When asked about settlement of issues related to dealerships, the spokesperson said the company has been able to settle all dealer sales agreements as of December, 31, 2017.
"GM India worked directly with its dealers to ensure a smooth transition to the Chevrolet Authorided Service Operation (ASO) network and in this process we have settled the closure of all dealer sales agreements by December 31, 2017," the spokesperson said.
Last year various company dealers had protested on account of inadequate compensation packages being offered to them.
On availability of service and spare parts for its vehicles in India, the official said the company has a network of 175 ASOs in operation across key locations in the country.
"We continue to operate every function that supports all the aspects of operations of their ASO network; these include the technical assistance centre, field engineers, training organisations and the field team," the spokesperson said.
The company is also maintaining a dedicated customer assistance centre to support its customers, the spokesperson added.
"In addition, we continue to operate parts procurement, warehousing and distribution to ensure smooth parts supply for Chevrolet vehicles in India," the official said.
Based on current planning the automaker is taking all measures to ensure availability of spare parts, generally in the market for at least 10 years, the official added.
Last year in May, General Motors announced stopping selling its vehicles in India. It now exports vehicles manufactured at its Talegoaon plant in Maharashtra.
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 90.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
PYK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
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.