SAIC fined for not submitting its 2015 accounts - Page 3 - MG-Rover.org Forums
 6Likes
Reply
 
LinkBack Thread Tools Rate Thread Display Modes
post #41 of 58 (permalink) Old 09-12-2016, 23:53
Registered User
 
Join Date: Aug 2016
Car: CityRover
Posts: 141
Would you prefer us to stop discussing it?
Perry Stalsis is offline  
Sponsored Links
Advertisement
 
post #42 of 58 (permalink) Old 11-12-2016, 18:20
Registered User
 
Join Date: Jul 2016
Location: notts
Car: Other Manufacturer
Posts: 53
doomed

Quote:
Originally Posted by barkingdog View Post
Why is anyone bothered about this issue?
the companies DOOMED DOOMED i say DOOMED,
Glyn Scothern is offline  
post #43 of 58 (permalink) Old 11-12-2016, 19:47
gnu
Supporter
 
gnu's Avatar
 
Join Date: Mar 2010
Location: Bristol
Car: MG ZS & Rover 200
Posts: 4,052
Blog Entries: 15
Garages
Quote:
Originally Posted by Glyn Scothern View Post
the companies DOOMED DOOMED i say DOOMED,
Thank you Pte Frazer, stand down...

gnu
gnu is offline  
 
post #44 of 58 (permalink) Old 12-12-2016, 16:56
Woof Woof
 
Join Date: Aug 2010
Location: Nottingham
Car: TF160 Disco 3.9 XR4i 4trak Yamaha XV535
Posts: 10,769
Well MG now, is what it is. I have to say however I would feel more comfortable if it had be bought by an Indian company, there's a lot of good manufacturing coming from that part of the world.
barkingdog is offline  
post #45 of 58 (permalink) Old 13-12-2016, 08:35 Thread Starter
GSi
Registered User
 
Join Date: Jan 2006
Location: Wimbledon
Car: Rover 200 (-95)
Posts: 1,378
Quote:
Originally Posted by barkingdog View Post
Well MG now, is what it is. I have to say however I would feel more comfortable if it had be bought by an Indian company, there's a lot of good manufacturing coming from that part of the world.
I'm not sure the nationality of the buyer is the key factor, it's a mixed bag:
1) The London Taxi Company and Volvo are doing very well under Chinese parent Geely's ownership.
2) Ssangyong performed badly under SAIC's ownership but is doing well under current owner Mahindra & Mahindra of India.
3) Tata's ownership of JLR has been a big success but its Spanish bus subsidiary, Tata Hispano, acquired in two stages in 2005 and 2009 closed in 2013.
4) Maybe the closest comparison to MG Rover was Saab cars which had no new model pipeline and had fallen into administration. Now Chinese-owned and known as NEVS, it's selling no new cars at the moment in Europe and after an uncertain start, it is now employing 900 people in its Swedish base.
GSi is offline  
post #46 of 58 (permalink) Old 23-12-2016, 11:00
Registered User
 
Join Date: Aug 2016
Car: CityRover
Posts: 141
Well, they finally got their finger out on the 21st December.

https://beta.companieshouse.gov.uk/c...filing-history
Perry Stalsis is offline  
post #47 of 58 (permalink) Old 23-12-2016, 11:55 Thread Starter
GSi
Registered User
 
Join Date: Jan 2006
Location: Wimbledon
Car: Rover 200 (-95)
Posts: 1,378
Actually received on 14/12 so a week to process at Companies House.

Three interesting points in the accounts for MG Motor UK Ltd, Company number 05779958.

1. Statement on production ending:
page 4 "In June 2016 it was decided to stop vehicle assembly and in future to import finished vehicles (see note 21)
Note 21: "On 23 September 2016, assembly of vehicles from SKD kits ceased in the UK. In future, vehicles supplied by parent company in China for sale in UK will be complete vehicles.
An estimate of the financial impact of this event is unable to be provided at this time. The cost of decommissioning and income from the resulting scrap cannot be estimated with any degree of accuracy"
So, we now know that the decision was made in June. There is no note of its being a difficult decision or thanks to the ex-workforce as you may encounter in a western company.

2. Impairment charge of 407,616 made against the equipment for the MG6. ie the tooling for this vehicle has been written off reducing profits by nearly 0.5m.

3. Parts sales to SAIC ends
The sales of parts to group companies stopped in May 2015, suggesting that MG is no longer acting as a middle man to purchase parts for SAIC in Europe.

Last edited by GSi; 23-12-2016 at 15:38.
GSi is offline  
post #48 of 58 (permalink) Old 23-12-2016, 12:49 Thread Starter
GSi
Registered User
 
Join Date: Jan 2006
Location: Wimbledon
Car: Rover 200 (-95)
Posts: 1,378
Now onto the SMTC accounts, Company number 05437330. Three observations:

1. Staffing levels fall to 263 including contractors
"Average employee numbers including short-term contractor numbers reduced by 24 from 287 to 263. The reduction in numbers was caused by the difficulty in recruiting engineers with the right skill sets. The headcount reduction has been the major factor leading to a 5% decrease in administration costs in the year to 30,878,000"
Presumably retention has been an issue as well or staff levels would have remained flat?
This statement does nail the assertion once and for all that some have that SAIC employs 500 people. The statement confirms that employee numbers do include contractors.

2. SUV for Chinese Market
"SAIC Motor has identified that there are gaps in its portfolio for sports utility vehicles and multi-purpose vehicles which is required to be filled very quickly to gain the benefit of this being the fastest growth area for automotive vehicles in China. To this end, SMTC UK has been requested to lead the design and engineering of one of a family of these vehicles."

3. Engineering architecture
"One of the major projects SMTC worked on was a global co-operation project with other SAIC motor technical centres to develop an engineering architecture strategy. The objective being to engineer more than one vehicle from a platform which would result in savings from carry-over parts and achieving a reduced engineering development time. The first of these programmes was completed during 2015. Work also started on the next platform."
GSi is offline  
post #49 of 58 (permalink) Old 23-12-2016, 18:04
Supporter
 
Join Date: Jan 2006
Location: Cheshire
Car: MG TF 135, MG ZS+ 120
Posts: 9,790
Garages
Send a message via MSN to LeRich
Overall positive news for SMTC, not so hot for MGM UK.
LeRich is offline  
post #50 of 58 (permalink) Old 23-12-2016, 22:29 Thread Starter
GSi
Registered User
 
Join Date: Jan 2006
Location: Wimbledon
Car: Rover 200 (-95)
Posts: 1,378
Finally onto the MG Sales Centre, company number 07416929, quotes are taken from the Director's Report section.

1. Sales have fallen by a quarter!
"Sales in the year decreased by 25% to 2,599,596 from 3,468,881 in previous year. However, the margin achieved on the reduced sales has improved from 5% to 6% in the current year. To achieve this improved margin, spend on advertising has increased with the result the overhead costs of the business have increased by 7% from 201,237 to 215,735. The loss in the year has increased to 56,300 (2014: 29,809)."

2. It will all be better when...
In a statement which will cause considerable mirth in some quarters, the company's sole director Hao Wang states "The director of MGSC remains confident that vehicle sales will improve once the number of models has increased and the brand has become better known."
GSi is offline  
post #51 of 58 (permalink) Old 24-12-2016, 08:14
Supporter
 
Join Date: Jan 2006
Location: Cheshire
Car: MG TF 135, MG ZS+ 120
Posts: 9,790
Garages
Send a message via MSN to LeRich
Personally I think the sales centre should drop the pretense of being a showroom and become purely a visitors centre. Longbridge is still something of a mecca, a visit to which usually encompasses popping into the Elephant House.

Instead of trying to peddle the current vehicles they should display historic MGs and use the centre to provide some relevance and background to their modern operations at Longbridge and context to their future direction. I know MG has the Piccadilly showroom to fulfil that role but it is small and exists purely to add prestige and satisfy marketing needs in China.
LeRich is offline  
post #52 of 58 (permalink) Old 24-12-2016, 10:19
Registered User
 
Join Date: Nov 2001
Car: CityRover
Posts: 4,366
I can't see the point of a visitors centre either - that would make more sense at the dockside...see your new MG come in on the slow boat from China - how embarrassing.

In all likelihood I'd expect the bulk of the remaining site will be handed back to St Modwen in 2017. Some SMTC might remain until an alternative site is found for them in an area where they can recruit engineers as it seems they are struggling with that regard.

There is no link now between SAIC MG and the old MG Rover/Longbridge so there is nothing for a visitors centre. Most of the cars are wholly designed in China and 100% of them are built in China.
RolandRat is offline  
post #53 of 58 (permalink) Old 27-12-2016, 17:22
Supporter
 
Join Date: Jan 2006
Location: Cheshire
Car: MG TF 135, MG ZS+ 120
Posts: 9,790
Garages
Send a message via MSN to LeRich
Quote:
Originally Posted by RolandRat View Post
I can't see the point of a visitors centre either - that would make more sense at the dockside...see your new MG come in on the slow boat from China - how embarrassing.

Quote:
In all likelihood I'd expect the bulk of the remaining site will be handed back to St Modwen in 2017. Some SMTC might remain until an alternative site is found for them in an area where they can recruit engineers as it seems they are struggling with that regard.
This is very possible.

Quote:
Most of the cars are wholly designed in China and 100% of them are built in China.
Not strictly true as the SMTC provides a fair amount of input into MG/Roewe vehicles and SAIC does manufacture (assemble) outside of China.
LeRich is offline  
post #54 of 58 (permalink) Old 28-12-2016, 06:06
Registered User
 
Join Date: Nov 2001
Car: CityRover
Posts: 4,366
Quote:
Originally Posted by LeRich View Post


This is very possible.



Not strictly true as the SMTC provides a fair amount of input into MG/Roewe vehicles and SAIC does manufacture (assemble) outside of China.
You're right there..I did think at the time whether I'd correct it but thought I'd see if anyone noticed :-)

Sadly though the only bit that really counts, production, has stopped in the UK.

A sad result for that giant we knew as Longbridge. But its days before bulldozing are not many one thinks.
RolandRat is offline  
post #55 of 58 (permalink) Old 06-01-2017, 10:35
Registered User
 
Join Date: Feb 2003
Location: Surrey
Car: MG3 Style Lux
Posts: 36,054
Yes, the accounts were late. Yes, the business model has changed.

MG Motor UK Ltd made an operating profit in 2015 - of 137k!
patpending is offline  
post #56 of 58 (permalink) Old 06-01-2017, 15:11
Woof Woof
 
Join Date: Aug 2010
Location: Nottingham
Car: TF160 Disco 3.9 XR4i 4trak Yamaha XV535
Posts: 10,769
Not a huge profit really.
barkingdog is offline  
post #57 of 58 (permalink) Old 06-01-2017, 18:01
Registered User
 
Join Date: Nov 2013
Car: Rover 45
Posts: 103
Mg

Better in profit than loss.

As sales grow so will the profits.

Note that small profit was for 2015. They will make a lot more profit with the GS. All the 6 ever produced was a loss.
adaveabbott is offline  
post #58 of 58 (permalink) Old 06-01-2017, 22:29
Registered User
 
Join Date: Jul 2016
Location: notts
Car: Other Manufacturer
Posts: 53
?

i don't know any one with a china M .G.
Glyn Scothern is offline  
Reply

Bookmarks

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the MG-Rover.org Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:



Similar Threads
Thread Thread Starter Forum Replies Last Post
Halfords fined 32,000. ray.webster Other Motoring Chat 3 08-06-2015 23:05
Deloitte Fined Over MG Rover. 50p_millionaire MGF and MGTF (Sponsored by MGFnTFBITZ) 8 11-09-2013 11:53
Rover 25 help cant fined wot i need.. vip25 MG/R Modification & Tuning 4 02-03-2009 12:11
First pictures of SAIC 75 (Merged with SAIC R75 thread) Ian MG ZT / Rover 75 (Sponsored by Rimmer Bros) 179 21-08-2006 17:41

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome