MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WIPRO GE HEALTHCARE PRIVATE LIMITED |
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Formerly Known As : |
WIPRO GE MEDICAL SYSTEMS PRIVATE LIMITED |
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Registered Office : |
A1, Golden Enclave Airport Road, Bangalore 560017, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.03.1990 |
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Com. Reg. No.: |
016063 |
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CIN No.: [Company
Identification No.] |
U33111KA1990PTC016063 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRW00054F |
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PAN No.: [Permanent
Account No.] |
AAACW1685J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Medical Instruments, Medical Systems and Equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 8400000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Wipro Limited, India and General
Electric Company, USA. Available information indicates high financial responsibility of the
company. Trade relations are
fair. General financial position is
satisfactory. Fundamentals are strong
and healthy. Payments are reported as
usually 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/Factory : |
A1, Golden Enclave Airport Road, Bangalore 560017, Karnataka, India |
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Tel. No.: |
91-80-25263121 |
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Fax No.: |
91-80-25263520 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Salil Kumar |
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Designation : |
Director |
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Address : |
Flat 402, Aakrithi Apartment, 1st Main, 1st
Block, HAL III Stage, Indiranagar, Bangalore 560075, Karnataka, India |
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Name : |
Mr. Mark Lawrence Vachon |
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Designation : |
Director |
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Address : |
GE Medical Systems, 3000, N. Grandview, Waukesha, WI 53188 |
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Date of Birth/Age : |
12.12.1959 |
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Date of Appointment : |
05.05.2004 |
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Name : |
Mr. Reinaldo A. Garcia |
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Designation : |
Director |
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Address : |
26, Ave Foch, Paris, France |
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Date of Appointment : |
05.05.2004 |
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Name : |
Mr. Anurag Behar |
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Designation : |
Director |
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Address : |
F-2, Plot 158, Salarpuria Residency, Defence Colony, Bangalore 560038 |
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Date of Appointment : |
05.05.2004 |
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Name : |
Mr. Michael John Barber |
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Designation : |
Director |
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Address : |
5400 W, River Trail, Mequon, United States of America |
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Date of Birth/Age : |
16.09.1960 |
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Date of Appointment : |
21.12.2005 |
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Name : |
Mr. Azim Hasham Premji |
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Designation : |
Director |
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Address : |
136/1, Doddakannalli Village, Sarjapur Road, Bangalore 560036,
Karnataka, India |
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Date of Birth/Age : |
24.07.1945 |
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Date of Appointment : |
30.03.1990 |
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Name : |
Mr. Suresh Senapaty |
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Designation : |
Director |
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Address : |
301, Bridge Lavelle, Next to Casa Lavelle, Bangalore 560001,
Karnataka, India |
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Date of Birth/Age : |
03.03.1957 |
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Date of Appointment : |
25.01.1995 |
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Name : |
Mr. Pratik Kumar |
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Designation : |
Director |
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Address : |
212, Embassy, 3rd Block, Koramangala, Bangalore 560039,
Karnataka, India |
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Date of Birth/Age : |
23.10.1965 |
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Date of Appointment : |
02.05.2002 |
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Name : |
Mr. Ishrak Syed |
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Designation : |
Director |
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Address : |
8035, Beach Drive, Foxpoint Wisconsin, USA |
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Date of Birth/Age : |
28.10.1955 |
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Date of Appointment : |
14.02.2003 |
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Name : |
Mr. Annaswamy Shanker |
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Designation : |
Director |
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Address : |
No. 4, Industrial area, Bangalore 560067, Karnataka, India |
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Date of Birth/Age : |
01.08.1955 |
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Date of Appointment : |
02.05.2002 |
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Name : |
Mr. Rakesh Bhardwaj |
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Designation : |
Director |
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Address : |
204, Chinar Mansion, 3rd Main Road, Defence Colony,
Bangalore 560038, Karnataka, India |
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Date of Birth/Age : |
24.11.1970 |
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Date of Appointment : |
07.04.2004 |
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Name : |
Mr. Buhler John |
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Designation : |
Director |
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Address : |
4, Panchsheel Marg, New Delhi 110021, India |
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Date of Birth/Age : |
22.11.1960 |
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Date of Appointment : |
23.02.2004 |
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Name : |
Mr. V. Raja |
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Designation : |
Director |
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Address : |
Flat 402, Aakrithi Apartment, Indiranagar, Bangalore 560075,
Karnataka, India |
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Date of Birth/Age : |
08.12.1956 |
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Date of Appointment : |
11.12.2002 |
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Name : |
Mr. Dinesh Lodha |
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Designation : |
Director |
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Date of Birth/Age : |
25.12.1971 |
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Date of Appointment : |
13.09.2004 |
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Name : |
Mr. Steve Bolze |
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Designation : |
Director |
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Date of Birth/Age : |
13.04.1963 |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Viegas Dominic |
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Designation : |
Director |
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Date of Birth/Age : |
02.06.1955 |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Fran Schules |
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Designation : |
Director |
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Date of Birth/Age : |
20.12.1961 |
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Date of Appointment : |
07.03.2005 |
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Name : |
Mr. Madhusudan Rao |
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Designation : |
Director |
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Date of Birth/Age : |
01.11.1956 |
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Date of Appointment : |
20.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 21.06.2005]
|
Names of Shareholders |
|
No. of Shares |
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Wipro Limited |
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4900000 |
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General Electric |
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5100000 |
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Total |
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10000000 |
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Equity Share
Break-up [As on 31.03.2007] |
|
Percentage of
Holding |
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Foreign Holdings |
|
51.00 |
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Bodies Corporate |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Medical Instruments, Medical Systems and Equipments |
GENERAL
INFORMATION
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Bankers : |
Citi Bank N.A.
Bangalore |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Maruthi Infotech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore 560071, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 100.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2014.489 |
1424.647 |
937.626 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2114.489 |
1524.647 |
1037.626 |
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LOAN FUNDS |
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1] Secured Loans |
121.652 |
104.595 |
67.218 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
121.652 |
104.595 |
67.218 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2236.141 |
1629.242 |
1104.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
676.986 |
698.547 |
747.234 |
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Capital work-in-progress |
0.000 |
9.430 |
4.399 |
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INVESTMENT |
0.211 |
0.211 |
0.211 |
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DEFERREX TAX ASSETS |
180.000 |
270.000 |
345.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
957.500
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899.909 |
775.446 |
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Sundry Debtors |
2701.189
|
1176.661 |
295.896 |
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Cash & Bank Balances |
510.534
|
970.815 |
903.708 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1488.995
|
1237.064 |
483.359 |
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Total
Current Assets |
5658.218
|
4284.449 |
2458.409 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
3868.024
|
3337.915 |
2254.263 |
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Provisions |
411.250
|
295.480 |
196.146 |
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Total
Current Liabilities |
4279.274
|
3633.395 |
2450.409 |
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Net Current Assets |
1378.944
|
651.054 |
8.000 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2236.141 |
1629.242 |
1104.844 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.08
|
2.45 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
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1.32
|
1.17 |
1.00 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
WIPRO GE MEDICAL
SYSTEMS PRIVATE LIMITED |
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Presented By |
Mr. S. C.
Senapaty |
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1) Date and description of instrument creating the change |
Goods security agreement dated 08.04.2002 between the Company and Citi
Bank N.A. Bangalore for Rs. 80.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 80.000
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 |
All present and
future goods, merchandise, products and/or materials now or hereafter stored
or lying at the godown at Alembic Glass Industries Compound, Near Railway
Station, Whitefield, Bangalore 67 and No. 75 Prashant Extension, Hope Farm
Whitefield, Bangalore 66 and all book debts, present and future as contained
in the agreement. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Amount including
interest is repayable on demand |
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5) Name and Address and description of the person entitled to the
charge. |
Citi Bank N.A.
Bangalore |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
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 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. 40.02 |
|
UK Pound |
1 |
Rs. 78.77 |
|
Euro |
1 |
Rs. 62.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
10 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
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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 |
YES |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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. |
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 |
|