MIRA INFORM REPORT

 

 

Report Date :

21.06.2007

 

IDENTIFICATION DETAILS

 

Name :

GE CAPITAL SERVICES INDIA

 

 

Registered Office :

AIFACS Building, 1, Rafi Marg, New Delhi – 110001

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

22.10.1993

 

 

Com. Reg. No.:

55-55761

 

 

CIN No.:

[Company Identification No.]

U74899DL1993ULT055761

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELG03194C

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Providing of Financial Services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 30000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. 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

 

Registered Office :

AIFACS Building, 1, Rafi Marg, New Delhi – 110001, India

Tel. No.:

91-11-41555100

Fax No.:

91-11-23355969

 

 

Corporate Office :

Block 4A, DLF Corporate Park, Qutab Enclave, Phase III, Mahrauli – Gurgaon Road, Gurgaon – 122002, Haryana, India

Tel. No.:

91-124-2358030

Fax No.:

91-124-2358044

 

 

DIRECTORS

 

Name :

Mr. Tejpreet Singh Chopra

Designation :

Director

Address :

E-68, Vasant Marg, Vasant Vihar, New Delhi – 110048, India

TP.chopra@ge.com

Date of Birth/Age :

05.12.1969

Date of Appointment :

23.08.2006

 

 

Name :

Mr. Raghuram Raju

Designation :

Director

 

 

Name :

Mr. Pradeep Kapur

Designation :

Executive Director

 

 

KEY EXECUTIVES

 

Name :

Mr. K. R. Radhakrishnan

Designation :

Company Secretary

Address :

A – 202, Emerald Court, Essel Towers, Gurgaon – 122002, Haryana, India

radhakrishnan.k@ge.com

Date of Birth/Age :

22.07.1956

Date of Appointment :

01.05.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Equity Share Breakup

 

 

Category

 

Percentage of Holding

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00 %

 

 

BUSINESS DETAILS

 

Line of Business :

Providing of Financial Services.

 

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bharat S Raut & Company

Chartered Accountants

Address :

Block 4B, DLF Corporate Park, MG Road, Gurgaon – 122002, Haryana, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1,000,000,000

Equity Shares

Rs. 10/- each

Rs. 10000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

380842786

Equity Shares

Rs. 10/- each

Rs. 3808.428 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

3808.428

3808.428

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

3851.788

3422.691

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

7660.216

7231.119

LOAN FUNDS

 

 

 

1] Secured Loans

 

24409.341

17337.711

2] Unsecured Loans

 

16081.164

18372.295

TOTAL BORROWING

 

40490.505

35710.006

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

 

48150.721

42941.125

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

521.610

628.927

Capital work-in-progress

 

1.220

0.924

 

 

 

 

INVESTMENT

 

992.356

2409.805

DEFERREX TAX ASSETS

 

101.501

97.899

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Sundry Debtors
 
2.828

5.998

 

Cash & Bank Balances
 
11.308

270.980

 

Other Current Assets
 
0.000

1.181

 

Loans & Advances
 
41687.164

26957.998

Total Current Assets
 

41701.300

27236.157

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

2594.862

1684.437

 

Provisions
 

295.242

216.022

Total Current Liabilities
 

2890.104

1900.459

Net Current Assets
 

38811.196

25335.698

 

 

 

 

MISCELLANEOUS EXPENSES

 

4.538

8.111

Portfolio Buyouts

 

7718.300

14459.761

 

 

 

 

TOTAL

 

48150.721

42941.125

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

5.66

5.20

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

14.43

14.33

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

 

Bankers Charges Report as per Registry

 

Name of the company

GE CAPITAL SERVICES INDIA

Presented By

Vikas Kochhar, Company Secretary

1) Date and description of instrument creating the change

Hypothecation Agreement dated 13.08.2003

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 200.000 Millions

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

 

  • Hire purchase transaction
  • Lease transaction
  • Retails assets transactions

 

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. 

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. 

5) Name and Address and description of the person entitled to the charge.

Societe Generale

6th Floor, Mohandev, 13, Tolstoy Marg, New Delhi – 110001

6) Date  and brief description of instrument modifying the charge

Not Applicable

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, India Prisons Service, Interpol, etc.

 

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

Indian Rupees

US Dollar

1

Rs.40.82

UK Pound

1

Rs.81.18

Euro

1

Rs.54.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

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

TOTAL

 

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

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions