MIRA
INFORM REPORT
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Report Date : |
07.09.2007 |
IDENTIFICATION DETAILS
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Name : |
GE INDIA EXPORTS PRIVATE LIMITED |
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Formerly Known As : |
GE POWER CONTROLS INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 42/1, and 45/14, Electronic City – Phase II, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.06.2000 |
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Com. Reg. No.: |
027266 |
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CIN No.: [Company
Identification No.] |
U33130KA2000PTC027266 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDG02151C |
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PAN No.: [Permanent
Account No.] |
AABCG1257B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Software Development, IT Enabled Services and Manufacturers and
Suppliers of Electrical Distribution and Control Equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7600000 |
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Status : |
Good |
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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 and a part of GE Group,
worldwide. Available information indicate high financial responsibility of
the company. Trade relations are fair. Payments are correct and as per
commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
–run. |
LOCATIONS
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Registered Office : |
Plot No. 42/1, & 45/14, Electronic City – Phase II, |
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Tel. No.: |
91-80-28528355 |
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E-Mail : |
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Corporate Office : |
1st Floor, B-Block Ilabs Hyderabad Technology Centre, Plot
no. 18, Software Unit Layout, Hitech City, Hyderabad, Andhra Pradesh |
DIRECTORS
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Name : |
Mr. Manoj Bhalla |
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Designation : |
Additional Director |
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Address : |
F-194, |
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Date of Birth/Age : |
18.08.1962 |
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Date of Appointment : |
26.09.2006 |
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Name : |
Mrs. Harshita Sabharwal |
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Designation : |
Director |
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Address : |
E-11, Sector -15, Noida, Gautam Bodh Nagar, |
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Date of Birth/Age : |
18.08.1972 |
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Date of Appointment : |
02.09.2005 |
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Name : |
Mr. Rupak Shah |
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Designation : |
Director |
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Address : |
G-801, Anbience islands, National Highway No. 8, Gurgaon, Haryana |
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Date of Birth/Age : |
19.01.1962 |
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Date of Appointment : |
02.09.2005 |
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Name : |
Mr. S.V. Jagannthan |
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Designation : |
Company Secretary |
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Address : |
# 201, Navram Rajya CHS, Off |
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Date of Birth/Age : |
27.11.1974 |
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Date of Appointment : |
04.07.2003 |
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Name : |
Mr. Samir inamdar |
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Designation : |
Managing Director |
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Address : |
P-32, Golden Enclave, |
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Date of Birth/Age : |
29.06.1971 |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Arun Kumar GE |
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Designation : |
Director |
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Address : |
# 102, R J Garden, Eshwara Layout, Indiranagar, |
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Date of Birth/Age : |
29.06.1971 |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Rakesh Bharadwaj |
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Designation : |
Director |
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Address : |
204/2, |
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Date of Birth/Age : |
24.11.1970 |
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Date of Appointment : |
29.09.2001 |
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Name : |
Mr. G L Rangnekar |
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Designation : |
Director |
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Address : |
# 308, Maple, 3rd, Block, Raheja Residency, Koramangal 3rd
Block, |
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Date of Birth/Age : |
02.09.1961 |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Unesh Parikh |
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Designation : |
Director |
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Address : |
# 21, Vihar Society, |
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Date of Birth/Age : |
27.05.1968 |
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Date of Appointment : |
01.01.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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1. GE Pacific Mauritius Limited, |
54814724 |
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2. GE Pacific PTE Limited, |
10 |
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3. GE Medical Systems India Private Limited |
18104000 |
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Equity Share Breakup
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Sr. No. |
Category |
Percentage |
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1. |
Bodies Corporate |
100.00 |
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Total |
100 % |
BUSINESS DETAILS
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Line of Business : |
Software Development, IT Enabled Services and Manufacturers &
Suppliers of Electrical Distribution and Control Equipment. |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M/s BSR & Associates Chartered Accountants |
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Address : |
4B DLF Corporate Park, |
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Subsidiaries : |
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Holding Company : |
GE Pacific ( |
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Address : |
4th Floor, LES Cascades
building, |
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Ultimate Holding Company: |
General Electric Company Inc., |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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71900000 |
Equity Share |
Rs.10/- Each |
Rs.719.000 millions |
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22500000 |
Preference |
Rs.10/- Each |
Rs.225.000 millions |
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Total |
Rs.944.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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71814734 |
Equity Share |
Rs.10/- Each |
Rs.718.147 millions
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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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718.147 |
729.187 |
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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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1187.665 |
680.478 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1905.812 |
1409.665 |
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LOAN FUNDS |
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1] Secured Loans |
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33.860 |
28.298 |
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2] Unsecured Loans |
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35.035 |
223.585 |
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TOTAL BORROWING |
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68.895 |
251.883 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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Share Capital |
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170.000 |
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TOTAL |
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1974.707 |
1831.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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659.000 |
276.228 |
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Capital work-in-progress |
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21.324 |
4.824 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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25.293 |
7.861 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.725 |
13.296 |
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Sundry Debtors |
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641.824 |
527.513 |
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Cash & Bank Balances |
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992.913 |
634.388 |
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Other Current Assets |
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405.778 |
439.492 |
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Loans & Advances |
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901.901 |
362.955 |
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Total
Current Assets |
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2946.141 |
1977.644 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1633.146 |
505.712 |
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Provisions |
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43.905 |
110.337 |
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Total
Current Liabilities |
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1677.051 |
616.049 |
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Net Current Assets |
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1269.090 |
1361.595 |
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MISCELLANEOUS EXPENSES |
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0.000 |
181.040 |
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TOTAL |
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1974.707 |
1831.548 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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3645.000 |
1878.000 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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3645.000 |
1878.000 |
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Profit/(Loss) Before Tax |
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536.940 |
277.160 |
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Provision for Taxation |
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29.750 |
0.000 |
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Profit/(Loss) After Tax |
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507.190 |
277.16 |
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Earnings in Foreign Currency : |
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Sales of Electrical Distribution &
Control Equipment |
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39.302 |
37.694 |
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Software Development & It Enabled
Services |
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3430.250 |
1794.742 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
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3469.552 |
1832.436 |
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Imports : |
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Raw Materials |
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6.301 |
13.323 |
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Stores & Spares |
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0.000 |
0.000 |
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Capital Goods |
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310.667 |
38.577 |
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Others |
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0.000 |
0.000 |
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Total Imports |
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316.968 |
51.900 |
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Total Expenditure |
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2897.080 |
1494.450 |
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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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13.91 |
14.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
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14.73 |
14.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.64 |
12.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.91 |
3.44 |
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Current Ratio (Current Asset/Current Liability) |
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1.75 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
Pursuant to the approval of the scheme of amalgamation with GE Global
Technology Services Private Limited (GE GTS) and Scheme of Arrangement GE GTS
merged with the subject company with effect from 1 April 2003. further ,
pursuant to the scheme of arrangement, the division pertaining to the domestic
industrial businesses were demerged from the company to be merged with GE India
industrial (Private) Limited. The entity comprises the following divisions.:
I GE India Management Group – (GE IMG) : Carrying out software
development activities.
ii GE Global Technology Solutions – Aircraft Engines (GE GTS - AE) :
Carrying out software development activities.
Iii GE Consumer Finance Servicing : Carrying out other IT enabled
services.
Iv GE India Innovation Centre –(GE IIC) : Carrying out software
development activities.
V Ge Power Controls – Export oriented unit (GEPC EOU) : Carrying out
business of sale of electrical distribution and control equipment.
During the period ended 31, March 2005, a scheme of amalgamation was
approved by the honorable High Court of Andhra Pradesh and Karnataka for the
amalgamation of GE Global Technology Services Private Limited (GEGTS /
transferor company ) with GE India Exports Private Limited (GEIE/ the
company/the transferee company) (Formerly GE Power Controls India Private
Limited ).
GEGTS was engaged in the business of development and export of computer
software and carrying out IT enabled and software related services.
The scheme was approved by the shareholders of both the companies in
September 2004. the honorable high court of Andhra Pradesh and Karnataka
sanctioned the scheme vide its order dated 9 Feb 2005, and 23 Feb, 2005
respectively. The scheme is effective from 30 June 2005, on submission of the
order of high court of Andhra Pradesh and Karnataka with Registrar of companies
at
Business Segment
- Consumer
Finance - The IIC division of the company is
involved in offering support services for the software application and
other software related services to industrial business of general
electric,
- Infrastructure
– GE GTS is involved in providing software related services to two
divisions of General Electric Company,
- Others – GEPC
is engaged in the manufacturer of a wide range of low voltage switchgear
components for industrial and domestic use.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.63 |
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1 |
Rs.82.42 |
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Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
YES |
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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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70 |
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 |
|
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. |
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 |
|
<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 |
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