MIRA
INFORM REPORT
|
Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GE INDIA INDUSTRIAL PRIVATE LIMITED |
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Formerly Known as: |
GE PLASTICS INDIA PRIVATE LIMITED |
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Registered Office : |
Dharamsinh Industrial Park, National Highway No.8, Nadiad-387002, District Khedha, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.05.1992 |
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Com. Reg. No.: |
04 -17726 |
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CIN No.: [Company
Identification No.] |
U31500GJ1992PTC017726 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDG00907E |
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PAN No.: [Permanent
Account No.] |
AAACG4901D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer, Exporter
of all kinds of lamps, lighting products, Transportation, Bentley Navida,
Water Supply, marketing, Oil Sugar, News
and their components. |
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 10240436 |
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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 an ultimate
subsidiary of GE – world wide. Available
information indicates high financial responsibility of the company and its
management. Trade relations are fair.
Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
INFORMATION
DECLAIRED BY
|
Name : |
Mr. Sridhar Reddey |
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Designation : |
Finance Controller of CNI Division |
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Contact No.: |
91-80-41434028 |
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Date : |
18.07.2008 |
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Name : |
Mr. Rushdi Ali |
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Designation : |
Finance Manager |
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Contact No.: |
91-11-41555131 (All the division) |
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Date : |
18.07.2008 |
LOCATIONS
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Registered Office : |
Dharamsinh Industrial Park, National Highway No.8, Nadiad - 387002, District Khedha, Gujarat, India |
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Tel. No.: |
91-268-2255094 / 2255213 / 2255217 / 2255211/ |
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Fax No.: |
91-268-2255007 |
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Email : |
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Head Office : |
Plot No. 42/1, and 45/15, Electronic City, Phase-II, Bangalore – 560100, India |
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Tel. No.: |
91-80-28528355 |
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Fax No.: |
91-80-28528366 |
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Location : |
Owned |
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Administrative
Office: |
Plastic Division, Plastic Avenue, P O Jawaharnagar, Vadodara – 391
320, Gujarat, India |
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Factory 1 : |
Dharmasingh Industrial Park, Village Limbasi, Taluka Matar, District, Kheda, India |
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Area : |
14 Acres and 26 Gunthas |
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Location : |
Owned |
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Factory 2 : |
GE Plastics, Plastic Avenue, P.O.Jawaharnagar, Baroda-391 320, India |
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Tel. No.: |
91-265-2555215,2555084 |
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Fax No.: |
91-265-2555144, 2555332 |
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E-Mail : |
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Website: |
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Area : |
2 Acres |
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Location : |
Owned |
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Factory 3: |
Plot No. 405-B, Sector 20, Phase III, Udyog Vihar, Gurgaon-122016, India |
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Area : |
12 Acres |
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Location : |
Owned |
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Factory 4 : |
71/1, Shivaji marg, New Delhi – 110015, India |
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Tel. No.: |
91-11-25928185 / 86 / 88 |
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Fax No.: |
91-11-25928088 |
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Factory 5 : |
57, “Horizen” 4th Floor, Chowringhee Road, Kolkata – 700071 |
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Factory 6 : |
No.476,Temple Tower, Anna Salai, Nandanam, Chennai – 600035 |
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Tel. No.: |
91-44-24329179 / 80 |
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Fax No.: |
91-44-24337325 |
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Factory 7 : |
No.5, 6th Floor, Solitare Corporate Park Building, 151 M. Vasanji Road, Chakala, Andheri – (East), Mumbai – 4000093 |
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Tel. No.: |
91-22-28264819 / 20 |
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Fax No.: |
91-22-28255410 |
DIRECTORS
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Name : |
Mr. Mangal Dev |
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Designation : |
Director |
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Address : |
1/2, Flat # 4 D, Garden ERstate Phase, 1/1, Qutar, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
12.11.1966 |
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Date of Appointment : |
28.02.2003 |
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Date of Ceasing |
08.09.2005 |
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Name : |
Mr. R Muthuraman |
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Designation : |
Director |
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Address : |
4/52 Safdarjung, Enclave, New Delhi – 110029, India |
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Date of Birth/Age : |
02.06.1962 |
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Date of Appointment : |
01.08.2003 |
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Date of Ceasing |
08.09.2005 |
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Name : |
Mr. Manoj Sohoni |
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Designation : |
Director |
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Address : |
10th Main, 3rd Cross, 3rd Block, Koramangala, Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
08.09.1965 |
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Date of Appointment : |
24.05.2004 |
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Date of Ceasing |
08.09.2005 |
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Name : |
Mr. Badal Bagri |
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Designation : |
Director |
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Address : |
MA-1/2, Flat No.4D, Garden
Estate, Phase III, Qutab Enclave, Gurgaon – 122402, Haryana, India |
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Date of Birth/Age : |
27.10.1972 |
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Date of Appointment : |
02.09.2005 |
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Email: |
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Name : |
Mr. Varun Raj Khanna |
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Designation : |
Director |
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Address : |
B-4/52, Safdarjung Enclave, Delhi – 110029, New Delhi, India |
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Date of Birth/Age : |
24.07.1972 |
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Date of Appointment : |
02.09.2005 |
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Email: |
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Name : |
Mr. Dominic Viegas |
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Designation : |
Director |
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Address : |
802, 8th Floor, Shahntam, Gowers Pashabhai Road, Vadodra – 390007, Gujarat, India |
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Date of Birth/Age : |
20.09.1995 |
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Name: |
Mr. Chandan Jain |
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Designation: |
Director |
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Address: |
M-52, 1st Floor, Greater Kailash II, New Delhi - 110048, ,
India |
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Date of Birth/Age: |
28.12.1971 |
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Date of Appointment: |
29.10.2007 |
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Email: |
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Name: |
Mr. Mrigank Sharma |
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Designation: |
Director |
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Address: |
H.No.X-92, Regency Park, 2DLF City Phase – 4, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age: |
28.06.1970 |
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Date of Appointment: |
29.10.2007 |
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Email: |
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Name: |
Mrs. Shantaben Dharmsinh Desai |
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Designation : |
Director |
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Name: |
Mr. Dr. Narendra Dharmsinh Desai |
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Designation : |
Director |
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Name: |
Mr. Suresh A. Shroff |
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Designation : |
Director |
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Name: |
Mr. Kushal Narendra Desai |
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Designation : |
Director |
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Name: |
Mr. Indraneel Dutta |
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Designation : |
Director |
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Name: |
Mr. Kishor Jayraman |
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Designation : |
Director |
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Name: |
Mr. Harihara Sharma |
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Designation : |
Director |
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Name: |
Mr. Bal Subramanium |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Samir Inamdar |
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Designation : |
Presidend and Chief Executive |
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Address : |
Dharamsinh Industrial Park, National Highway No.8, Nadiad-387002, District Kheda. |
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Date of Birth/Age : |
42 years |
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Qualification : |
Post Graduation Degree |
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Experience : |
14 years |
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Date of Appointment : |
December, 2002 |
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Telephone No: |
91-263-2555215/2555084 |
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Name : |
Mr. Krishna Kumar Darbha |
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Designation : |
Vice
President and Company Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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As on 31.03.2006 |
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GE Energy Europe BV |
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9534014061 |
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GE Pacific Pe. Limited |
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1543545088 |
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Total |
11077559149 |
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GE India Exports Private Limited
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|
38800000 |
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Total |
38800000 |
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Category |
|
Percentage |
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Foreign Holdings (FIIs / FCs /
FFIs / NRIs / OCBs) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer, Exporter
of all kinds of lamps, lighting products, Transportation, Bentley Navida,
Water Supply, marketing, Oil Sugar, News
and their components. |
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Products : |
· Advanced Engineering Plastic · Polycarbonate Sheets & Thermoformed Products · Moulded Products |
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Brand Names : |
· ‘GE Lighting’ ‘GE BUGLIGHT’ – For Lighting Division · ‘LEXAN’ ‘NORYL’ ‘VALOX’ ‘CUCOLACE’ ‘ENDVRAN’ ‘GELON’ – For Plastics Divisions · ‘EUROPIC’ Software Package for lighting design systems for interior & exterior areas. |
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Exports: |
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Countries: |
Middle East, Australia, Bhutan, Nepal, Bangladesh and Sri Lanka |
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Imports: |
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Countries: |
Taiwan, PR China |
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Terms : |
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Purchasing : |
L/C, Cash and Credit |
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Selling : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Types of Customers: · Buying agents · Construction Cos · Department stores · Distributor · Electronics industry · Hospitals · Hotels · Individuals · Manufacturers · Retailers · Schools · Wholesalers · End-Users · Transportation industry Customers Details: · Vikrant Fixtures Private Limited, India · Dhru Electrical, Daman, India · Nagpur Fabropak Private Limited, Nagpur, India · Baroda Packaging Private Limited, Baroda, India · Kumar Minerals Private Limited, India |
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No. of Employees : |
825 |
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Bankers : |
· Standard Chartered Bank H M Geneva House, 14, Cunningham Road, Bangalore-560052 · Bank of Baroda Nadiad Branch · Exim Bank Centre
One, WTC, Cuffe Parade, Mumbai,
Maharashtra · The Hongkong and Shanghai Banking Corporation Limited Mumbai,
Maharashtra ·
HSBC Bank |
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Banking Relations
: |
Good |
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Auditors : |
Bharat S. Raut and Company Chartered Accountants 4-B, DLF Corporate Park, DLF City, Phase III,Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-11-22549191 |
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Holding Company: |
GE Energy Europe BV |
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Associates/Subsidiaries
: |
· GE Capital Services India Limited · GE Countrywide Consumers Financial Services Limited · GE Capital International Limited · IGE India Limited · GE Capital International Limited · IEG India Limited · GE Capital Transportation Financial Services Limited · Maruti Countrywide Auto Financial Services Limited · GE Transportation Parts LLC · GE Fanuc Systems Limited · GE Power Control Systems (India) Private Limited · GE India Technology Center Private Limited · GE Lighting Company · GE International Operation Company · GE Buyer Silicones (India) Private Limited · GE Plastics Thailand · Bentley Nevada Sales And Service Private Limited · GE Capital Business Process And Management Services Private Limited · GE Thermo Metrics India Private Limited · GE Plastic Malaysia · GEP Provident Fund Trust |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11089590000 |
Equity shares |
0.10 paisa |
Rs.1108.959 Millions |
|
56904010 |
Preference shares |
Rs.10/- each |
Rs. 569.041 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11077559149 |
Equity shares |
0.10 Paisa |
Rs.1107.755 millions |
|
38800000 |
Preference Shares |
Rs.10/- each |
Rs. 388.000 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 |
1676.796 |
1288.796 |
1288.796 |
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2] Share
Application Money |
0.000 |
388.000 |
438.000 |
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3] Reserves &
Surplus |
883.313 |
189.231 |
189.231 |
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4] (Accumulated
Losses) |
0.000 |
(296.480) |
(724.972) |
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NETWORTH
|
2560.109 |
1569.547 |
1191.055 |
|
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LOAN FUNDS |
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1] Secured Loans |
37.481 |
34.463 |
591.862 |
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2] Unsecured
Loans |
539.957 |
953.695 |
1443.593 |
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TOTAL BORROWING
|
577.438 |
988.158 |
2035.455 |
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SALES TAX LOAN |
52.824 |
51.309 |
51.207 |
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TOTAL
|
3190.371 |
2609.014 |
3277.717 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
1010.816 |
927.074 |
1222.535 |
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Capital work-in-progress
|
233.109 |
19.903 |
1.493 |
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Pre-Operative Expenses
|
0.000 |
126.187 |
0.000 |
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INVESTMENT
|
0.000 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS (intangible)
|
55.734 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
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Inventories
|
1522.501
|
1141.501
|
1371.318 |
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Account Receivable
|
2378.669
|
2324.763
|
1602.120 |
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Cash & Bank Balances
|
374.576
|
274.224
|
1260.335 |
|
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Other Current
Assets |
17.589
|
15.900
|
1312.660 |
|
|
Loans & Advances
|
2018.099
|
1893.785
|
28.242 |
Total Current Assets
|
6311.434
|
5650.173 |
5574.675 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
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|
|
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|
Current Liabilities
|
3700.198
|
3571.520
|
2984.401 |
|
|
Provisions
|
720.524
|
542.804
|
536.586 |
Total Current Liabilities
|
4420.722
|
4114.324 |
3520.987 |
|
Net Current Assets
|
1890.712
|
1535.849 |
2053.688 |
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
3190.371 |
26090.014 |
3277.717 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover
|
11508.751 |
10667.315 |
7469.478 |
|
Other Income
|
333.482 |
255.932 |
0.000 |
|
Profit on sale of Lighting
Undertaking
|
283.525 |
0.000 |
0.000 |
|
Total Income
|
12125.758 |
10923.247 |
7469.478 |
|
|
|
|
|
|
|
Profit/(Loss) Before Tax
|
1086.740 |
505.950 |
(197.874) |
|
Provision for Taxation
|
38.523 |
77.458 |
0.000 |
|
Profit/(Loss) After Tax
|
1048.217 |
428.492 |
(197.874) |
|
|
|
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Export Value
|
485.183 |
596.707 |
NA |
|
|
|
|
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Import Value
|
2243.007 |
1868.628 |
NA |
|
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Expenditures:
|
|
|
|
|
|
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Material Cost
|
8546.640 |
7352.986 |
|
|
|
Personnel Cost
|
938.788 |
753.871 |
|
|
|
Other Expenses
|
1695.826 |
1626.143 |
|
|
|
Amortisation of intangible Assets
|
46.188 |
139.895 |
7667.352 |
|
|
Voluntary Retirement Expenses
|
15.924 |
30.879 |
|
|
|
Loss of stock due to floods
|
0.000 |
64.052 |
|
|
|
Financial charges
|
70.551 |
144.308 |
|
|
|
Depreciation
|
171.389 |
118.394 |
|
|
|
Increase/(Decrease) in Finished Goods |
446.288 |
[186.769] |
|
Total Expenditure
|
11931.594 |
10043.759 |
7667.352 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
8.64
|
3.92
|
(2.65) |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
9.44
|
4.74
|
(2.65) |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
14.38
|
53.42
|
(2.91) |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.42
|
0.32
|
(0.17) |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.95
|
3.25
|
4.67 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.42
|
1.37
|
1.58 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
Bhavani Lamps – Karnataka
Comi Limited - Ahmedabad
BUSINESS:
Manufacturer and trading of electric lamps, fluorescent lamps,
luminaries, compact fluorescent lamps,
and other electrical goods. Trading of critical locomotive spares,
manufacturing and trading in engineering plastics and related products.
Dealing in pressure instrument, manufacture, sale and trade of
speciality chemicals, sales and services of vibration monitoring systems and
related parts; erection and commissioning services for electrical installation,
trading in wind turbine generators and providing related after sales services.
Marketing support services to General Electrical Group companies. Export
of computer software and sales and services of non - destructive testing
equipment.
OTHER INFORMATION:
Formerly GE Lighting (India) Private Limited) is a subsidiary of GE
Pacific Mauritius.
Parent Company:
Immediate-GE Pacific (Mauritius) Limited
Ultimate- General Electrical Company Incorporation
Business
Relationship:
|
Principal
Names |
For which products |
|
General Electrical Company, USA |
Technical support for lighting division |
|
General Electrical company, USA |
Technical support for plastic division |
Originally GE Plastics India Limited was promoted by Indian Petrochemical Corporation limited and GE plastics BV, Netherlands on 50:50 basis. In 1995, General Electrical international B.V. had taken over GE plastics B.V., Netherlands. During 2002, GE Pacific Mauritius Limited purchase IPCL’s shareholding after obtaining necessary permission from RBI, FIBS etc, and as result IPCL’s shareholding was transferred to GE plastic Mauritius Limited on 18.07.2002.
M/s.GE Plastics India Private Limited, Baroda is amalgamated with GE Lighting (India) Limited, Nadiad as per scheme of amalgamation duly approved by Hon. Gujarat High Court on 9-4-2004 and consequent amalgamation the name of the company is change to GE India Industrial Private Limited with effect from 8.06.2004.
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|