MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GE CAPITAL SERVICES |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.10.1993 |
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Com. Reg. No.: |
55-55761 |
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CIN No.: [Company
Identification No.] |
U74899DL1993ULT055761 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG03194C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Providing of Financial Services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 30000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-11-41555100 |
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Fax No.: |
91-11-23355969 |
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E-Mail: |
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Corporate Office : |
Block 4A, DLF Corporate Park, Qutab Enclave, Phase III, Mahrauli – Gurgaon
Road, Gurgaon – 122002, Haryana |
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Tel. No.: |
91-124-2358030 |
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Fax No.: |
91-124-2358044 |
DIRECTORS
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Name : |
Mr. Tejpreet Singh Chopra |
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Designation : |
Director |
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Address : |
E-68, Vasant Marg, Vasant Vihar, |
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Date of Birth/Age : |
05.12.1969 |
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Date of Appointment : |
23.08.2006 |
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Name : |
Mr. Raghuram Raju |
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Designation : |
Director |
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Name : |
Mr. Pradeep Kapur |
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Designation : |
Executive Director |
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Name : |
Mr. Chandan Jain |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. K. R. Radhakrishnan |
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Designation : |
Company Secretary |
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Address : |
A – 202, |
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Date of Birth/Age : |
22.07.1956 |
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Date of Appointment : |
01.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Providing of Financial Services. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bharat S Raut & Company Chartered Accountants |
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Address : |
Block 4B, DLF Corporate Park, |
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Associates: |
©
GE Money Housing Finance (a public company with
Unlimited liability) ©
Maruti Countrywide Auto Financial Services
Limited |
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Subsidiaries: |
In ©
GE India Business Services Private Limited
(Formerly 1 process Private Limited) ©
GE Capital Business Process Management Services
private Limited ©
IGE ( ©
GE Capital Transportation Financial Services
Limited ©
GE India Industrial Private Limited ©
GE Strategic Investment ©
GE Capital Financial Services ©
BHEL GE Gas Turbine Services Limited ©
GE India Exports Private Limited ©
GE Bayer Silicones ( ©
Amersham Health Private Limited ©
Satyam GE Software Services Limited Outside ©
P K Air Finance ©
GE Capital Korea Limited, ©
GE Capital Trade Services Limited, ©
GE Capital Services ( ©
GE Capital Services Pte Limited, Sigapore ©
GE Capital Finance ( ©
GE Money Taiwan Limited, |
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Holding Companies |
©
GE Capital Services ( ©
General Electric Company ©
GE Capital Corporation Inc. ©
GE Capital Services Inc |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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380842786 |
Equity Shares |
Rs. 10/- each |
Rs. 3808.428
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3808.428 |
3808.428 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3851.788 |
3422.691 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7660.216 |
7231.119 |
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LOAN FUNDS |
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1] Secured Loans |
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24409.341 |
17337.711 |
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2] Unsecured Loans |
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16081.164 |
18372.295 |
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TOTAL BORROWING |
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40490.505 |
35710.006 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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48150.721 |
42941.125 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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521.610 |
628.927 |
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Capital work-in-progress |
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1.220 |
0.924 |
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INVESTMENT |
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992.356 |
2409.805 |
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DEFERREX TAX ASSETS |
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101.501 |
97.899 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
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2.828
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5.998 |
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Cash & Bank Balances |
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11.308
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270.980 |
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Other Current Assets |
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0.000
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1.181 |
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Loans & Advances |
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41687.164
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26957.998 |
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Total
Current Assets |
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41701.300 |
27236.157 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2594.862 |
1684.437 |
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Provisions |
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295.242 |
216.022 |
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Total
Current Liabilities |
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2890.104 |
1900.459 |
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Net Current Assets |
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38811.196 |
25335.698 |
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MISCELLANEOUS EXPENSES |
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4.538 |
8.111 |
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Portfolio Buyouts |
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7718.300 |
14459.761 |
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TOTAL |
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48150.721 |
42941.125 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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3818.029 |
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Other Income |
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0.000 |
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Total Income |
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3818.029 |
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Profit/(Loss) Before Tax |
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644.923 |
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Provision for Taxation |
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215.827 |
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Profit/(Loss) After Tax |
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429.096 |
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Imports : |
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Raw Materials |
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Stores & Spares |
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17.543 |
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Capital Goods |
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Others |
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Total Imports |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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3173.106 |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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3173.106 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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11.23 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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16.89 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.52 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.66 |
5.20 |
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Current Ratio (Current Asset/Current Liability) |
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14.43 |
14.33 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
GE CAPITAL
SERVICES |
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Presented By |
Vikas Kochhar,
Company Secretary |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement dated 13.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 200.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecates all
its present and future stocks and book debts comprising of
Or any other loan
transactions undertaken by the borrower and the underlying assets of the borrower
in favour of the Bank, as security by way of a first and a floating charge on
all such hypothecated stocks, which shall rank pari passu inter se between
all other first charge holders of the borrower and other creditors of the
company for all intents and purposes, without any preference or priority of
one over the other howsoever and whatsoever.
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4) Gist of the terms and conditions and extent and operation of the charge. |
210 BPS over 12
months LIBOR for FCNR working capital demand loan. The interest rate for
rupee working capital demand loan will be as mutually agreed upon redemption
after 12 months from the date of allotment.
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5) Name and Address and description of the person entitled to the charge. |
Societe Generale 6th
Floor, Mohandev, 13, Tolstoy Marg, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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 records 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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.66 |
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1 |
Rs.81.70 |
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Euro |
1 |
Rs.55.05 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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