MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
GE CAPITAL SERVICES |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.10.1993 |
|
|
|
|
Com. Reg. No.: |
55-55761 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3808.428
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1993ULT055761 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG03194C |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Providing of Financial Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 21000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having moderate track.
Profitability of the company is under pressure. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-11-41555100 |
|
Fax No.: |
91-11-23355969 |
|
E-Mail: |
|
|
|
|
|
Corporate Office : |
Block 4A, DLF Corporate Park, Qutab Enclave, Phase III, Mahrauli –
Gurgaon Road, Gurgaon-122002, Haryana, India |
|
Tel. No.: |
91-124-2358030 |
|
Fax No.: |
91-124-2358044 |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Tejpreet Singh Chopra |
|
Designation : |
Director |
|
Address : |
18 A, |
|
Date of Birth/Age : |
05.12.1969 |
|
Date of Appointment : |
23.08.2006 |
|
Date of Ceasing: |
15.04.2010 |
|
|
|
|
Name : |
Mr. Chandan Jain |
|
Designation : |
Director |
|
Address : |
M-52, 1st Floor, Greater Kailash, New Delhi-110048, |
|
Date of Birth/Age : |
28.12.1971 |
|
Date of Appointment : |
23.08.2007 |
|
|
|
|
Name : |
Mr. Raghuram Raju |
|
Designation : |
Director |
|
Address : |
B-4/138, Safdarjung Enclave, New Delhi-110029, |
|
Date of Birth/Age : |
27.10.1962 |
|
Date of Appointment : |
27.07.2004 |
|
Date of Ceasing: |
23.12.2009 |
|
|
|
|
Name : |
Mr. Arijit Ranjan Sarker |
|
Designation : |
Director |
|
Address : |
R 18B, |
|
Date of Birth/Age : |
01.04.1971 |
|
Date of Appointment : |
01.09.2008 |
|
Date of Ceasing: |
09.10.2009 |
|
|
|
|
Name : |
Mr. Ashish Sharma |
|
Designation : |
Director |
|
Address : |
B-023, |
|
Date of Birth/Age : |
25.02.1974 |
|
Date of Appointment : |
16.04.2010 |
|
Date of Ceasing: |
13.05.2010 |
|
|
|
|
Name : |
Mr. Deepak Maheshwari |
|
Designation : |
Director |
|
Address : |
S-30, 2nd Floor, |
|
Date of Birth/Age : |
15.09.1972 |
|
Date of Appointment : |
13.05.2010 |
|
|
|
|
Name : |
Mr. Suresh Krishnan |
|
Designation : |
Director |
|
Address : |
C-191, |
|
Date of Birth/Age : |
02.10.1974 |
|
Date of Appointment : |
16.04.2010 |
|
|
|
|
Name : |
Mr. Sushil Verma |
|
Designation : |
Director |
|
Address : |
A-82, Ram Prastha Colony, P.O. Chander Nagar, Ghaziabad-201011, |
|
Date of Birth/Age : |
28.06.1967 |
|
Date of Appointment : |
28.10.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Rajbal Bhagchand Vanwari |
|
Designation : |
Secretary |
|
Address : |
A/147 |
|
Date of Birth/Age : |
22.07.1956 |
|
Date of Appointment : |
11.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
GE Capital Services ( |
|
376002496 |
|
General Electric Capital Services Indian Holding Inc., |
|
2420143 |
|
General Electric Capital Services Indian Investment |
|
2420143 |
|
GE India Ventures |
|
1 |
|
General Electric Capital Services |
|
1 |
|
GE Capital Mauritius Investment Company Limited, |
|
6 |
|
GE Structured Finance Inc., |
|
1 |
|
|
|
|
|
Total |
|
380842791 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing of Financial Services. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Financial Institution: |
Axis Trustee Services Limited, Maker Towers, ‘F’, 13th
Floor, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
Building No. 10, 8th Floor, Tower-B, |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
|
|
|
Holding Company: |
GE Capital Services ( |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
380842791 |
Equity Shares |
Rs.10/- each |
Rs.3808.428
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3808.428 |
3808.428 |
3808.428 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1825.260 |
3847.735 |
4821.877 |
|
|
4] (Accumulated Losses) |
(262.931) |
0.000 |
0.000 |
|
|
NETWORTH |
5370.757 |
7656.163 |
8630.305 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5301.141 |
20913.679 |
21871.127 |
|
|
2] Unsecured Loans |
8526.280 |
18072.488 |
11228.504 |
|
|
TOTAL BORROWING |
13827.421 |
38986.167 |
33099.631 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19198.178 |
46642.330 |
41729.936 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1042.833 |
1317.366 |
1411.657 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.896 |
|
|
|
|
|
|
|
|
INVESTMENT |
4517.876 |
4129.694 |
1661.777 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
112.366 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
69.057
|
11.886 |
58.212 |
|
|
Cash & Bank Balances |
3340.854
|
630.462 |
358.353 |
|
|
Other Current Assets |
47.735
|
907.564 |
4.460 |
|
|
Loans & Advances |
14427.359
|
44513.380 |
41198.332 |
|
Total
Current Assets |
17885.005
|
46063.292 |
41619.357 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1678.992
|
921.102 |
|
|
|
Other Current Liabilities |
1456.148
|
2342.655 |
2807.701 |
|
|
Provisions |
1120.037
|
1649.903 |
328.466 |
|
Total
Current Liabilities |
4255.177
|
4913.660 |
3136.167 |
|
|
Net Current Assets |
13629.828
|
41149.632 |
38483.190 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
7.641 |
45.638 |
60.050 |
|
|
|
|
|
|
|
|
TOTAL |
19198.178 |
46642.330 |
41729.936 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3205.681 |
6466.875 |
4870.332 |
|
|
|
Other Income |
322.785 |
573.953 |
441.615 |
|
|
|
TOTAL (A) |
3528.466 |
7040.828 |
5311.947 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salaries, Wages and Bonus |
565.426 |
772.689 |
|
|
|
|
Managerial Remuneration |
8.721 |
16.360 |
|
|
|
|
Payment of Auditors |
6.085 |
8.125 |
|
|
|
|
Insurance Expenses |
4.985 |
8.730 |
1164.073 |
|
|
|
Power and Fuel |
4.405 |
3.114 |
|
|
|
|
Other Expenditures |
2029.378 |
1271.517 |
|
|
|
|
Prior Period Items |
(7.300) |
(34.802) |
|
|
|
|
TOTAL (B) |
2611.700 |
2045.733 |
1164.073 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
916.766 |
4995.095 |
4147.874 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2350.182 |
4644.358 |
3202.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1433.416) |
350.737 |
945.324 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
812.341 |
802.546 |
277.857 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(2245.757) |
(451.809) |
667.467 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
52.948 |
591.453 |
339.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(2298.705) |
(1055.588) |
328.246 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2035.774 |
3758.395 |
3430.149 |
|
|
|
|
|
|
|
|
|
Less |
AMOUNT
TRANSFERRED PURSUANT TO AMALGAMATION |
0.000 |
667.033 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(262.931) |
2035.774 |
3758.395 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6.04) |
(2.77) |
1.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(64.15)
|
(14.99) |
6.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(70.05)
|
(6.99) |
13.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.86)
|
(0.95) |
1.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.42)
|
(0.06) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.37
|
5.73 |
4.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.20
|
9.37 |
13.27 |
LOCAL AGENCY FURTHER INFORMATION
Background:
GE Capital Services India (“GECST” or “the Company”) is a non banking
financial company incorporated on 22 October 1993 in
Review of Operations:
The Company business of financing loans,
receivables and portfolio buyouts has demonstrated its ability to continue its
business in a competitive environment. As a strategic measure, the Company is
focusing on profitable segments in business of financing loans, receivables and
portfolio buyouts.
Outlook for 2010-2011:
In the coming years, the company has charted
out plan using a combination of better operations, greater geographical reach,
increased disbursements and cost rationalizations, it will intensify its focus
on productivity and superior management of its assets base, including fixed
assets, working capital, and human resources
Materials Changes and Commitments:
During the financial year 200940 the Directors
had recommended that GE Capital Financial Services, with a view to streamline
its operations, enhance its operational efficiency and also to comply with
applicable regulatory requirements, merge with the Company. The scheme of
Amalgamation between the Company and GE Capital Financial Services has been
approved unanimously by the Shareholders by way of no objections certificate.
The said scheme has also been filed with the Hon’ble High court of Delhi on 28
May 2010, In the first motion order dated 8 July 2010, the Hon’ble High Court
of Delhi had ordered convening meeting of secured creditors of the Company and
dispensed with convening of shareholders and other creditors meeting. The
secured creditors of the Company have approved the scheme unanimously in their
meeting held on 14 August 2010. The Company is in the process of filing the
second motion petition with the Hon’ble Nigh Court of Delhi, The aforesaid
amalgamation would (i) cause benefits to both the Company and GE Capital
Financial Services and their respective shareholders arid creditors; and (ii)
enable each of the Company and GE Capital Financial Services to realize
substantial benefits of greater synergies between their businesses and
financial resources of each other.
Fixed Assets:
- Computer
- Air Conditioner
- Office Equipment
- Plant and Machinery
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.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.