MIRA
INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
WIPRO GE HEALTHCARE PRIVATE LIMITED (w.e.f. 16.01.2007) |
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Formerly Known As : |
WIPRO GE MEDICAL SYSTEMS PRIVATE LIMITED |
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Registered Office : |
A1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.03.1990 |
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Com. Reg. No.: |
08-016063 |
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Paid-Up Capital : |
Rs. 105.114 Millions |
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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 |
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No. of Employees : |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (73) |
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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 19235000 |
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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 Joint venture between Wipro limited, The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
We were not able to contact the company.
LOCATIONS
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Registered Office/Factory : |
A1, |
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Tel. No.: |
91-80-25263121/ 28452933/ 28452925/ 28452926 |
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Fax No.: |
91-80-25263520/ 28452924 |
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E-Mail : |
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Website : |
DIRECTORS
As on : 23.09.2010
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Name : |
Mr. Kurien Tekkethalakal Kurien |
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Designation : |
Director |
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Address : |
402, Skyline Apartment, |
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Date of Birth/Age : |
17.11.1958 |
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Date of Appointment : |
17.03.2010 |
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Name : |
Mr. Flannery Leonard Jhon |
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Designation : |
Director |
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Address : |
75, |
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Date of Birth/Age : |
19.08.1961 |
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Date of Appointment : |
17.03.2010 |
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Name : |
Mr. Premji Azim Rishad |
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Designation : |
Director |
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Address : |
46, |
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Date of Birth/Age : |
09.01.1977 |
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Date of Appointment : |
17.03.2010 |
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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, |
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Date of Birth/ Age : |
09.09.1968 |
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Date of Appointment : |
22.10.2003 |
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Name : |
Mr. Azim Hasham Premji |
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Designation : |
Director |
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Address : |
136/1, |
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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, |
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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, |
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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, |
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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. V. Raja |
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Designation : |
Managing Director |
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Address : |
Flat 218, Royal Heritage apartments, |
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Date of Birth/Age : |
08.12.1956 |
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Date of Appointment : |
14.07.2004 |
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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. Vishal Keerti Wanchoo |
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Address: |
684, |
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Designation : |
Director |
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Date of Birth/Age : |
29.06.1959 |
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Date of Appointment : |
22/06/2009 |
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Name : |
Jean Michel Yves Sylvain Cossery |
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Address: |
The Coach House Little |
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Designation : |
Director |
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Date of Birth/Age : |
14.06.1959 |
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Date of Appointment : |
22/06/2009 |
KEY EXECUTIVE
|
Name : |
Mr. D Alwan |
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Address: |
Flat No. 2009, Keerti Royal Apartment, |
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Designation : |
Secretary |
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Date of Birth/Age : |
03.12.1967 |
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Date of Appointment : |
22/06/2009 |
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Name : |
Mr. Venkaraman Raja |
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Designation : |
Secretary |
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Date of Appointment : |
14/09/2006 |
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Date of Cessation |
22/06/2009 |
MAJOR SHAREHOLDERS
As on : 23.09.2010
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Names of Shareholders |
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No. of Shares |
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Wipro Limited, Karnataka |
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5150597 |
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General |
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5100000 |
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GE Healthcare |
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260825 |
|
GE Pacificx Holdings Private Limited, |
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1 |
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Total |
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10511423 |
As on : 23.09.2010
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Equity Share
Break-up |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident indian(s) or Overseas corporate bodies or Others) |
|
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 |
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GENERAL INFORMATION
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Suppliers : |
·
Chayagraphics ·
Consul Consolidated Private
Limited ·
Frontie Business Systems Private
Limited ·
Image Lables Private Limited ·
Print Access Private Limited |
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No. of Employees : |
Information not divulged by management |
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Bankers : |
·
Corporation
Bank, Industrial Finance Branch, ·
CITI Bank N.A. Bangalore |
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Facilities: |
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Banking
Relations : |
-- |
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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, |
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Tel No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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Associates /
Subsidiaries: |
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Substantial
Interest : |
Wipro Limited (‘Wipro’) holds 49% shares of the Company |
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Holding Company
and Ultimate Holding Company |
General Eclectic company, |
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Subsidiary
Company : |
GE Medical Systems Limited, |
CAPITAL STRUCTURE
(As on 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
10511423 |
Equity Shares |
Rs. 10/-
each |
Rs. 105.114
Millions |
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Note - {Of the above 5100000 (31st March 2008 5100000) equity shares of
Rs. 10 each are held by General electric Company USA the holding company and
260,826 shares are held by fellow subsidiaries)
(of the above 511423 equity shares of Rs. 10/-
each (31 march 2009 : nil equity shares of Rs.10/- each) were issued for
consideration other than cash pursuant to the scheme of arrangement )
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
105.114 |
100.000 |
100.000 |
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2] Share Application Money |
0.000 |
330.000 |
0.000 |
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3] Reserves & Surplus |
4703.692 |
3441.601 |
2562.997 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4808.806 |
3871.601 |
2662.997 |
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LOAN FUNDS |
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1] Secured Loans |
139.487 |
121.014 |
114.358 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
139.487 |
121.014 |
114.358 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4948.293 |
3992.615 |
2777.355 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
981.575 |
885.624 |
634.881 |
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Capital work-in-progress |
20.139 |
34.187 |
62.996 |
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INVESTMENT |
0.211 |
0.211 |
0.211 |
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DEFERREX TAX ASSETS |
162.846 |
230.613 |
159.097 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1268.275
|
1164.028
|
888.034 |
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Sundry Debtors |
3362.623
|
3660.922
|
3496.731 |
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Cash & Bank Balances |
4483.874
|
93.236
|
154.399 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
1238.564
|
2711.377
|
2456.716 |
|
Total
Current Assets |
10353.336
|
7629.563
|
6995.880 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
2495.333
|
1122.030
|
1797.489 |
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Other Current Liabilities |
3527.714
|
3263.232
|
2883.919 |
|
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Provisions |
546.767
|
402.321
|
394.302 |
|
Total
Current Liabilities |
6569.814
|
4787.583
|
5075.710 |
|
|
Net Current Assets |
3783.522
|
2841.980
|
1920.170 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
TOTAL |
4948.293 |
39926.615 |
2777.355 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
12566.904 |
10611.226 |
10003.846 |
|
|
|
Other Income |
433.178 |
370.058 |
323.037 |
|
|
|
TOTAL (A) |
13000.082 |
10981.284 |
10326.883 |
|
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
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Material Cost |
8993.683 |
7342.670 |
7298.009 |
|
|
|
Personnel Costs |
1031.852 |
1008.888 |
799.035 |
|
|
|
Other Expenditure |
1398.474 |
1339.600 |
1228.125 |
|
|
|
TOTAL (B) |
11424.009 |
9691.158 |
9325.169 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1576.073 |
1290.126 |
1001.714 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
70.137 |
106.445 |
205.585 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1505.936 |
1183.681 |
796.129 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.542 |
242.975 |
159.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1415.394 |
940.706 |
637.111 |
|
|
|
|
|
|
|
|
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Less |
TAX (I) |
480.914 |
65.534 |
89.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
934.480 |
875.172 |
547.695 |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of export of goods |
|
2792.770 |
2919.171 |
|
|
|
Software |
|
593.819 |
448.259 |
|
|
|
Commission on sales |
|
202.626 |
158.399 |
|
|
|
Service Income |
|
7.818 |
0.000 |
|
|
|
Royalty gross tax deducted source |
|
87.970 |
91.632 |
|
|
|
Travel and conveyance |
|
9.320 |
34.980 |
|
|
|
Communication |
|
3.071 |
2.108 |
|
|
|
Personnel costs |
|
43.562 |
47.203 |
|
|
|
Legal and professional expenses |
|
1.426 |
0.000 |
|
|
|
Others |
|
23.726 |
37.876 |
|
|
TOTAL EARNINGS |
3738.410 |
3766.108 |
3739.628 |
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
1318.068 |
1088.482 |
1497.966 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
86.759 |
108.823 |
100.109 |
|
|
TOTAL IMPORTS |
1404.827 |
1197.305 |
1598.075 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
83.26 |
54.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.18
|
7.97 |
5.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.26
|
8.87 |
6.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.48
|
11.05 |
8.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.24 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
1.27 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.59 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The company’s gross turnover, increased marginally over the previous year.
Aided by growth in the Healthcare Systems largely driven by government and
enterprises segments. The company is counting its focus to drive volumes in
Company Overview :
Wipro GE Healthwe
Private Limited ('the Company') is a joint venture between General Electric
Company, USA ('GE' or 'the parent') and Wipro Limited (‘Wipro'). The Company
was incorporated in 1991 as Wipro GE Medical Systems Private Limited, with
Wipro and GE initially holding 5Ph each of the total paid-up equity. In
1993, GE increased its shareholding in the Company to 5 1%. Subsequently with
effect from 16 January 2007 the name of the Company was changed to Wipro GE
HeaIthcare Private Limited The Company is focused towards health care
segment in
During the previous
year ended 31 March 2009, pursuant to the Scheme of arrangement (also refer to
note I of Schedule 19), the Company had acquired the "Trading and
Distribution Division" of Datex
Ohlneda (
The Companies
(Amendment) Act, 2000, effective 13 December 2000, inserted subsection
(11) to Section 43A to provide that the provisions of section 13A will not be
applicable after the enactment of the Amendment Ac!. Further, the Companies
(Amendment) Act, 2000 also inserted sub-section (2A) to Section 43A
requiring a deemed public company that becomes a private company on or alter
the Commencement of the Companies (Amendment)
Act, 2000, to inform the Registrar that it has become
a private company. Consequently, the Company had applied to the Registrar of
Companies and has obtained the approval for recon version to the status of a
private limited company with effect from 11 December 2002.
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80044247 |
|
Corporate
identity number of the company |
U33111KA1990PTC016063 |
|
Name of the
company |
Wipro GE
Healthcare Private Limited |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
·
Book
Debts ·
Movable
Property (not being pledge) ·
Floating
Charge |
|
Particular of
charge holder |
Corporation Bank,
Industrial Finance Branch, Rallaram Building, No.30, Mission Road, Bangalore,
Karnataka- 560027, E-mail – tr_jairam@vsnl.net |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Deed of Hypothecation of Movables/Assets/Debts |
|
Date of
instrument Creating the charge |
17/03/2008 |
|
Amount secured by
the charge |
Rs. 200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Commission - For
BGs value up to Rs. 1.000 millions at bank's prescribed rates 50% of bank's
prescribed rates for BGs valued above Rs.1.000 millions Terms of Repayment : Validity Period
of BG 1 year Margin : As per bank norms Extent and Operation of the charge The charge shall operate
to the extent of Rs.200.000 millions plus interest, commission, costs,
expenses and other charges thereon. |
|
Short particulars
of the property charged |
Pari Passu first
charge along with other financing banks on the entire inventory of raw materials,
stocks in process and finished goods of the company and also goods meant for
export and book debts stored at No.4, Kadugodi Industrial Area, |
|
Date of latest
modification prior to the present modification |
20/04/2005 |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands enhanced from Rs.100.000 millions to
Rs.200.000 millions. (All other terms and conditions remain unchanged) |
FIXED ASSETS
- Intangible
Assets
- Computer Software
- Licenses and technical Know how
- Drawing and designs
- Brand Valuation
- Good will
- Tangible
Assets
- Freehold land
- Furniture and Fixture
- Buildings
- Plant and Machinery
- Air conditioner and Office Equipment
- Data Processing Equipment
- Leased Assets
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
|
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
73 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.