SAIC fined for not submitting its 2015 accounts - Page 2 - MG-Rover.org Forums
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post #21 of 58 (permalink) Old 24-10-2016, 18:09
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Lets not get personal again. Please.
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post #22 of 58 (permalink) Old 24-10-2016, 23:22
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Quote:
Originally Posted by Marcel Wave View Post
The GS is not Type Approved
The GS IS type approved, you are unable to sell a vehicle in the U.K. Or Europe without type approval. Vehicle type approval group M1 applies to the GS, my understanding was that the initial batch had small scale type approval European Community Small Series type approval (EC SSTA)
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post #23 of 58 (permalink) Old 24-10-2016, 23:52 Thread Starter
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Originally Posted by Marcel Wave View Post
The accounts and director's report will be concerned with the previous financial year, so your suggestion that the staff redundancies have been a factor in the company not submitting their return on time would not be accurate. Even putting that point to one side, shutting down the batch run assembly will have taken some time to consider and arrange; it should not impact on submitting the annual return. If anything, being late yet again works against the company in several ways in the UK and beyond.
Although the accounts were for year ending December 2015, significant post year-end events such as the factory closure would usually be mentioned if the accounts were signed off after such changes happened. I expect that when the accounts do eventually get filed, this will be mentioned in them. Filing the accounts would put this information into the public domain so Pat may be onto something. However, I think MG were forced to acknowledge the situation after many had questioned them.
Small matter of terminology - this thread is about the annual accounts. The annual return is another document (listing shareholders and directors) and this is only required in April.
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post #24 of 58 (permalink) Old 24-10-2016, 23:54 Thread Starter
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Quote:
Originally Posted by littlechicken View Post
The GS IS type approved, you are unable to sell a vehicle in the U.K. Or Europe without type approval. Vehicle type approval group M1 applies to the GS, my understanding was that the initial batch had small scale type approval European Community Small Series type approval (EC SSTA)
Isn't there an annual limit and the assumption is that MG will use this annual limit then seek
approval if sales are good. Otherwise, it is an unnecessary expense.
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post #25 of 58 (permalink) Old 25-10-2016, 06:07
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Did Cheyne not say that he was expecting less than 1000 sales of the GS in its first year. This is what SSTA limits sales to.
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post #26 of 58 (permalink) Old 25-10-2016, 09:08 Thread Starter
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Quote:
Originally Posted by littlechicken View Post
The GS IS type approved, you are unable to sell a vehicle in the U.K. Or Europe without type approval. Vehicle type approval group M1 applies to the GS, my understanding was that the initial batch had small scale type approval European Community Small Series type approval (EC SSTA)
Quote:
Originally Posted by MGNorman View Post
Did Cheyne not say that he was expecting less than 1000 sales of the GS in its first year. This is what SSTA limits sales to.
I think in the first twelve months, sales were anticipated to be 60 per month accelerating to 80 per month in the subsequent 24 months. These sales are less than 1,000 a year so if the 1,000 limit is correct, the GS would fall under it.
MG invested a lot in the MG6 what with a diesel engine just for the UK and UK assembly. The outcome was a nice-looking car that showed its MGR heritage. But it only generated a few thousand sales and those exported to Australia (from China) still remain unsold to this day... so I can understand SAIC's caution with the GS.
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post #27 of 58 (permalink) Old 25-10-2016, 15:29
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Originally Posted by GSi View Post
MG invested a lot in the MG6 what with a diesel engine just for the UK and UK assembly. The outcome was a nice-looking car that showed its MGR heritage. But it only generated a few thousand sales and those exported to Australia (from China) still remain unsold to this day... so I can understand SAIC's caution with the GS.
It makes sense to handle things this way. They've been bitten before with the MG6 as you say with high investment and high targets so have adopted a more cautious approach. They will also be limited by how many cars the Chinese side can supply which probably shows in the supply issues that some customers have reported. They also decided against European sales which reduces need for full type approval further.

Obviously some contributors will be very disappointed by this if it's true as they were expecting MG to sell as many GS as they do MG3s and for this to be behind huge growth for the brand. Taking a dispassionate view it's a sensible business decision considering their sales targets for the GS. It's the same as with production at Longbridge ending.

Back on topic I'm not sure what's going on with the accounts. Looks like someone's been very disorganised somewhere
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post #28 of 58 (permalink) Old 25-10-2016, 17:29
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Originally Posted by GSi View Post
I think in the first twelve months, sales were anticipated to be 60 per month accelerating to 80 per month in the subsequent 24 months. These sales are less than 1,000 a year so if the 1,000 limit is correct, the GS would fall under it.
MG invested a lot in the MG6 what with a diesel engine just for the UK and UK assembly. The outcome was a nice-looking car that showed its MGR heritage. But it only generated a few thousand sales and those exported to Australia (from China) still remain unsold to this day... so I can understand SAIC's caution with the GS.

If sales do prove to be a success I am sure that SMTC, will take the appropriate steps so more than a 1000 cars per annum can be built.
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post #29 of 58 (permalink) Old 25-10-2016, 20:39 Thread Starter
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If sales do prove to be a success I am sure that SMTC, will take the appropriate steps so more than a 1000 cars per annum can be built.
I think we're probably all in agreement on this point.
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post #30 of 58 (permalink) Old 25-10-2016, 20:42
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Hopefully the additional sales will offset the additional costs involved in getting full type approval.
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post #31 of 58 (permalink) Old 25-10-2016, 20:55 Thread Starter
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Hopefully the additional sales will offset the additional costs involved in getting full type approval.
Even if they didn't, I think dealers would leave them if they could not meet demand for the GS given that sales of the MG3 in its current guise have probably peaked.
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post #32 of 58 (permalink) Old 01-11-2016, 08:52
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Does anyone know if the accounts were filed by yesterday, or have the penalties just gone up (now over a month late).
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post #33 of 58 (permalink) Old 01-11-2016, 11:35 Thread Starter
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Does anyone know if the accounts were filed by yesterday, or have the penalties just gone up (now over a month late).
Not showing as being filed. I suspect they will be filed by the end of the month and will check back then.
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post #34 of 58 (permalink) Old 07-12-2016, 17:00
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Still not filed.
What on earth are they playing at?
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post #35 of 58 (permalink) Old 07-12-2016, 17:58
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A few days late could be down to staffing problems, a month late would suggest operational problems. This late would suggest either the accountants refusing to sign them off, or there is something to hide.
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post #36 of 58 (permalink) Old 07-12-2016, 19:02
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I'd like to think there's a reasonable explanation but it is very worrying.
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post #37 of 58 (permalink) Old 07-12-2016, 23:27 Thread Starter
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I'd like to think there's a reasonable explanation but it is very worrying.
No defence but the accounts have been late before albeit not as ridiculously late as they are now. I believe the parent company's accounts in China have been released so a bit strange that those of one of its minor subsidiaries haven't.
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post #38 of 58 (permalink) Old 08-12-2016, 05:44
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I think the lateness also shows the attitude that the company has to our laws.
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post #39 of 58 (permalink) Old 09-12-2016, 10:53 Thread Starter
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I think the lateness also shows the attitude that the company has to our laws.
I don't think it's possible to generalise on this one item. Presumably SAIC adheres to UK and EU legislation on employment rights, advertising, emissions, crash-worthiness etc.
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post #40 of 58 (permalink) Old 09-12-2016, 18:52
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Why is anyone bothered about this issue?
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