MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	WIPRO GE HEALTHCARE PRIVATE LIMITED (w.e.f. 16.01.2007)
Formerly Known As :	WIPRO GE MEDICAL SYSTEMS PRIVATE LIMITED
Registered Office :	No.4, Kadugodi, Industrial Area, Whitefield, Bangalore – 560 067, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.03.1990
Com. Reg. No.:	08-016063
Capital Investment / Paid-up Capital :	Rs.105.114 Millions
CIN No.: [Company Identification No.]	U33111KA1990PTC016063
TAN No.: [Tax Deduction & Collection Account No.]	BLRW00054F
PAN No.: [Permanent Account No.]	AAACW1685J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader in Diagnostic Ultrasound System, Computer Tomography Systems, Medical Electronic Diagnostic Imaging Products, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 22273000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Joint Venture between Wipro Limited, India and General Electric Company, USA. It is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	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 :	No.4, Kadugodi, Industrial Area, Whitefield, Bangalore – 560 067, Karnataka, India
Tel. No.:	91-80-25263121/ 28452933/ 28452925/ 28452926
Fax No.:	91-80-25263520/ 28452924
E-Mail :	nandakumar.sreedharan@ge.com vraja@geind.ge.com
Website :	http://www.wiproge.com
Branch Office :	881, Solitaire Corporate Part, 167, Guru Hargovindji Marg, Andheri – Ghatkopar Link Road, Chakala, Andheri (East) – Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28393926
Fax No.:	91-22-28393702

DIRECTORS

As on 11.07.2011

Name :

Mr. Azim Hasham Premji

Designation :

Director

Address :

136/1, Doddakannalli Village, Sarjapur Road, Bangalore – 560 036, Karnataka, India

Date of Birth/Age :

24.09.1945

Date of Appointment :

30.03.1990

Din No.:

00234280

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L32102KA1945PLC020800	Wipro Limited	Managing director	31-07-11	01-09-68	Active	NO
2	U65993KA1974PTC024191	Napean Trading and Investment Company Private Limited	Director	06-06-74	06-06-74	Active	NO
3	U65993KA1974PTC024195	Vidya Investment and Trading Company Private Limited	Director	11-09-74	11-09-74	Active	NO
4	U65993KA1974PTC024192	Regal Investment and Trading Company Private Limited	Director	11-09-74	11-09-74	Active	NO
5	U67120MH1974PTC017911	Hasham Premji Private Limited	Director	11-11-74	11-11-74	Active	NO
6	U65993KA1981PTC024196	Prazim Trading and Investment Company Private Limited	Director	13-11-81	13-11-81	Active	NO
7	U67120MH1983PTC029943	Hasham Investment and Trading Company Private Limited	Director	10-05-83	10-05-83	Active	NO
8	U65993KA1983PTC024193	Zash Investment and Trading Company Private Limited	Director	10-05-83	10-05-83	Active	NO
9	U65993KA1983PTC024194	Tarish Investment and Trading Company Private Limited	Director	19-05-83	19-05-83	Active	NO
10	U33111KA1990PTC016063	Wipro Ge Healthcare Private Limited	Director	30-03-90	30-03-90	Active	NO
11	U65999KA2000GAT026421	Azim Premji Foundation (India) Private Limited	Director	18-02-00	18-02-00	Active	NO
12	U93090KA2001NPL028740	Azim Premji Foundation	Director	09-03-01	09-03-01	Active	NO
13	U72900KA2000PLC027551	Wipro Infrastructure Engineering Limited	Nominee director	19-02-03	19-02-03	Amalgamated	NO
14	U74999KA2009PTC051742	Azim Premji Trustee Company Private Limited	Whole-time director	04-12-09	04-12-09	Active	NO
15	U80301KA2009NPL051792	Azim Premji Foundation For Development	Whole-time director	09-12-09	09-12-09	Active	NO
16	U74900KA2010PTC054356	Azim Premji Trust Services Private Limited	Whole-time director	05-07-10	05-07-10	Active	NO
17	U67190KA2010PTC054809	Azim Premji Safe Deposit Company Private Limited	Whole-time director	17-08-10	17-08-10	Active	NO
18	U67190KA2010PTC054808	Azim Premji Custodial Services Private Limited	Whole-time director	17-08-10	17-08-10	Active	NO

Name :

Mr. Pratik Kumar

Designation :

Director

Address :

212, Embassy, 3^rd Block, Koramangala, Bangalore – 560 039, Karnataka, India

Date of Birth/Age :

23.10.1965

Date of Appointment :

02.05.2002

Din No.:

00328453

Name :

Mr. Kurien Tekkethalakal Kurien

Designation :

Director

Address :

402, Skyline Apartment, Languord Road, Bangalore – 560 025, Karnataka, India

Date of Birth/Age :

17.11.1958

Date of Appointment :

17.03.2010

Din No.:

03009368

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	23-09-10	17-03-10	Active	NO
2	L32102KA1945PLC020800	Wipro Limited	Whole-time director	01-02-11	01-02-11	Active	NO

Name :

Thomas Charles III Gentile

Designation :

Director

Address :

6855, Albefly Ln, Cincinnati, Ohio-45243, USA

Date of Birth/Age :

19.09.1968

Date of Appointment :

13.06.2011

Din No.:

03567319

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	11-07-11	13-06-11	Active	NO

Name :

Mr. Suresh Senapaty

Designation :

Director

Address :

301, Bridge Lavelle, Next to Casa Lavelle, Bangalore – 560 001, Karnataka, India

Date of Birth/Age :

03.03.1957

Date of Appointment :

25.01.1995

Din No.:

00018711

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U93090KA1982PLC021795	Wipro Trademarks Holding Limited	Director	02-01-95	02-01-95	-	Active	NO
2	U24246KA1982PLC021796	Wipro Chandrika Limited	Nominee director	02-01-95	02-01-95	-	Active	NO
3	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	25-01-95	25-01-95	-	Active	NO
4	U91200KA1996PLC020622	Wipro Travel Services Limited	Nominee director	10-06-96	10-06-96	-	Active	NO
5	U72200KA2000PLC027405	Wep Peripherals Limited	Director	25-07-00	25-07-00	05-01-07	Active	NO
6	U64202KA2000PLC034668	Wipro BPO Solutions Limited	Director	29-10-01	29-10-01	-	Amalgamated	NO
7	U72900KA2000PLC027551	Wipro Infrastructure Engineering Limited	Nominee director	15-04-02	15-04-02	-	Amalgamated	NO
8	U85199KA2000PLC027715	Wipro Healthcare IT Limited	Nominee director	31-08-02	31-08-02	-	Amalgamated	NO
9	U02424KA2003PLC032810	Wipro Consumer Care Limited	Nominee director	03-11-03	03-11-03	-	Active	NO
10	U45990MH1981PTC025536	Cygnus Negri Investments Private Limited	Nominee director	01-04-04	01-04-04	-	Active	NO
11	U72200KA2003PTC040724	Mpact Technology Services Private Limited	Director	24-07-06	29-12-05	-	Amalgamated	NO
12	U74140KA2003PTC040723	Mpower Software Services (India) Private Limited	Director	25-07-06	29-12-05	-	Amalgamated	NO
13	U72200MH2000PTC129630	Cmango India Private Limited	Director	04-04-06	04-04-06	-	Amalgamated	NO
14	U72200AP2001PLC036915	Quantech Global Services Limited	Director	01-01-07	01-01-07	-	Active	YES
15	L32102KA1945PLC020800	Wipro Limited	Whole-time director	18-04-08	18-04-08	-	Active	NO
16	U72200MH2004PLC148615	Wipro Technology Services Limited	Nominee director	20-01-09	20-01-09	-	Active	NO
17	U72200KA2009PLC051272	Wipro Airport IT Services Limited	Director	22-10-09	22-10-09	29-01-10	Active	NO

Name :

John Leonard Flannery

Designation :

Director

Address :

75, Olmstead Hill Road, Wilton CT-06897, USA

Date of Birth/Age :

19.08.1961

Date of Appointment :

17.03.2010

Din No.:

02885694

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140DL1998PTC094577	GE Capital Business Process Management Services Private Limited	Director	27-09-10	22-12-09	Active	NO
2	U65999DL1998PTC093849	SBI Cards and Payment Services Private Limited	Director	27-09-10	22-12-09	Active	NO
3	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	23-09-10	17-03-10	Active	NO
4	U29253KA2010PLC053834	GE Triveni Limited	Nominee director	25-08-11	01-11-10	Active	NO

Name :

Mr. Rishad Azim Premji

Designation :

Director

Address :

46, FB Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

19.01.1977

Date of Appointment :

17.03.2010

Din No.:

02983899

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U93090KA2001NPL028740	Azim Premji Foundation	Director	29-09-09	18-10-08	Active	NO
2	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	23-09-10	17-03-10	Active	NO

Name :

Jean Michel Cossery

Designation :

Director

Address :

The Coach House, Little Haseley Oxford, Pin Code 447, France

Date of Birth/Age :

14.06.1959

Date of Appointment :

22.06.2009

Din No.:

02776346

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	30-12-09	22-06-09	Active	NO

Name :

Keiran Pius Murphy

Designation :

Director

Address :

Moat Pius Farm, Upend New Market, CB8, 9PH, Suffolk, Pin Code 66400, Ireland

Date of Birth/Age :

03.12.1967

Date of Appointment :

13.06.2011

Din No.:

03574010

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Director	11-07-11	13-06-11	Active	NO

Name :

Frank Maria Schulkes

Designation :

Director

Address :

82, Route Sainte Gemme, 78860, Saiont Nom LA, Breteche, France

Date of Birth/Age :

20.12.1961

Date of Appointment :

07.03.2005

Din No.:

00255834

KEY EXECUTIVES

Name :	Mr. Raja Venkatraman
Designation :	Secretary
Address :	Flat 218, Royal Heritage apartments, Old Madras Road, Benninganahalli, K.R. Puram, Bangalore - 560 016, Karnataka, India
Date of Birth/Age :	08.12.1956
Date of Appointment :	03.06.2010
Pan No.:	AALPR6225M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.07.2011

Names of Shareholders	No. of Shares
Wipro Limited, India	5150597
General Electric, USA	5360825
GE Pacific Holdings Pte. Limited, Singapore	1
Total	10511423

As on 11.07.2011

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]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader in Diagnostic Ultrasound System, Computer Tomography Systems, Medical Electronic Diagnostic Imaging Products, etc.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Actual Production*
Diagnostic ultrasound systems, equipment and accessories	Nos.	8757
Medical electronic diagnostic imaging products	Nos.	32654

NOTE:

1. Company products are not covered under license and licensed capacity is accordingly not disclosed.

2. Installed capacities and production are as certified by the management and have not been verified by the auditors as this is a technical matter.

3. *Production of medical equipments is primarily an assembly operation and there is no defined installed capacity.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank, Industrial Finance Branch, Rallaram Building, No.30, Mission Road, Bangalore-560027, Karnataka, India

· CITI Bank N.A. Bangalore, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Finance lease obligation long term	162.396	139.487
Total	162.396	139.487

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Maruthi Infotech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore - 560 071, Karnataka, India
Tel. No.:	91-80-39806000
Fax No.:	91-80-39806999
PAN No.:	AAAFB9852F
Holding and Ultimate Holding Company:	General Electric Company, USA
Subsidiary:	· GE Medical Systems (India) Private Limited, India · GE Healthcare Private Limited, India · GE Medical Systems Limited, Bangladesh
Wipro Limited (‘Wipro’) holds 49% shares of the Company Parties under common control:	· GE Medical Systems Information Technologies GmbH, Germany · GE Pacific Pte Limited, Singapore · GE Ultraschall Deutschland GmbH and Company KG, Germany · GE Yokogawa Medical Systems Limited, Japan · GE BE Private Limited, India · GE Medical Systems Hong Kong Limited, Hong Kong · GE Medical Systems Societe en Commandite Simple, France · GE Medical Systems Information Technologies Inc., Milwaukee · GE Medical Systems (China) Company Limited, China · GE Ultrasound Korea Limited, Korea · GE Medical Systems Israel Limited, Israel · GE Parallel Design Inc., USA · GE Medical Systems Trade and Development (Shanghai) Company Limited, China · Parallel Design SAS, France · GE Medical Systems Ultrasound and Primary Care Diagnostics LLC, USA · Ambassador Medical LLC, USA · Datex – Ohmeda Inc., USA · GE Healthcare Global Parts Company Inc., USA · Datex Ohmeda India Private Limited, India · GE Medical Systems Inc., USA · Kretztechnik Beteiligungs GmbH, Austria · GE Healthcare Finland Oy, Finland · GE Vingmed Ultrasound A/S, Norway · General Electric International, Inc., USA · GE Capital Healthcare Financial Services Limited, India · GE Healthcare Korea Limited, Korea · GE Global Sourcing India Private Limited, India · General Electric Canada Company, Canada · USA Instruments Inc., USA · Beijing GE Hualun Medical Systems Company, Limited, China · GE (China) Company, Limited, China · GE Medical Systems (Nanjing) Company, Limited, China · GE India Industrial Private Limited, India · GE Money Financial Services Limited, India · GE Healthcare Clinical Systems (Wuxi) Limited, China · GE Klinik Sistemler Ticaret A. S., Turkey · Versamed Medical Systems Limited, Israel · Monogram Licensing International Inc., USA · GEMS Global Technology Co LLC, USA · GE Healthcare IITS USA Corp, USA · GE Healthcare IITS LLC, USA · Vital Signs Inc, USA · GE Healthcare Information Technologies GmbH and Company KG, Germany · GE OEC Medical Systems GMBH, Germany · GE Hungary, Hungary · GE Healthcare BVBA, Belgium · GEMS Pet Systems AB, Sweden · GEMS Israel Functional Imaging Limited, Israel · GE Hangwei Medical System Co Limited, China · GE Healthcare Clinical Systems SPA, Italy · GE CBSI – Lakeland, USA · Biomed Medical Systems, Spain · GE Corp Comp ACCTG FRGN L/B, USA · GE Corporate Staff, USA · GE Corporate Crotonville Center, USA · IFO and Other Corp, USA · GE International Operations C Jordan, Jordan · ACAM Holdings UK, UK · ACAM Overseas Holdings, UK · GE Healthcare Bio Sciences Limited, Hongkong · GE CBSI, USA · GE Pacific Mauritius Limited, Mauritius · GE Zenith Controls, USA · Breas Medical AB, Sweden · Corp Properties and Sesrvices OP, USA · GET and Shanghai, China · GEHC SCS, France · GE Healthcare Japan Corporation , Japan · GE Capital Transportation Financial Services Limited, India · GE India Technology Centre Private Limited, India · GE Wind Energy Private Limited, India · GE Pacific Holdings Pte. Limited, Singapore

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10511423	Equity Shares	Rs.10/- each	Rs.105.114 Millions

NOTE:

(A) [Of the above 5,360,825 (31 March 2010: 5,100,000) equity shares of Rs. 10 each are held by General Electric Company, U.S.A., the holding company and 1 (31 March 2010: 260,826) shares are held by fellow subsidiaries]. During the year, 260,825 shares held by GE Healthcare Finland OY (fellow subsidiary) have been transferred to General Electric Company. General Electric Company, U.S.A., is the ultimate holding company. [Of the above 511,423 equity shares of Rs 10 each (31 March 2010: 511,423 equity shares of Rs 10 each) were issued for consideration other than cash pursuant to the scheme of arrangement.

(B) [Of the above 5,360,825 (31 March 2010: 5,100,000) equity shares of Rs. 10 each are held by General Electric Company, U.S.A., the holding company and 1 (31 March 2010: 260,826) shares are held by fellow subsidiaries]. During the year, 260,825 shares held by GE Healthcare Finland OY (fellow subsidiary) have been transferred to General Electric Company. General Electric Company, U.S.A., is the ultimate holding company. [Of the above 511,423 equity shares of Rs 10 each (31 March 2010: 511,423 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		105.114	105.114	100.000
2] Share Application Money		0.000	0.000	330.000
3] Reserves & Surplus		5463.085	4703.692	3441.601
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5568.199	4808.806	3871.601
LOAN FUNDS
1] Secured Loans		162.396	139.487	121.014
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		162.396	139.487	121.014
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5730.595	4948.293	3992.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1371.067	981.575	885.624
Capital work-in-progress		108.521	20.139	34.187
INVESTMENT		3456.458	0.211	0.211
DEFERRED TAX ASSETS		139.038	162.846	230.613
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1921.096	1268.275	1164.028
	Sundry Debtors	3933.487	3362.623	3660.922
	Cash & Bank Balances	219.906	4483.874	93.236
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1598.634	1238.564	2711.377
Total Current Assets		7673.123	10353.336	7629.563
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2778.387	2495.333	1122.030
	Other Current Liabilities	3611.998	3527.714	3263.232
	Provisions	627.227	546.767	402.321
Total Current Liabilities		7017.612	6569.814	4787.583
Net Current Assets		655.511	3783.522	2841.980
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5730.595	4948.293	3992.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	15648.228	12566.904	10611.226
		Other Income		433.178	370.058
		TOTAL (A)	15648.228	13000.082	10981.284
Less	EXPENSES
		Material Cost		8993.683	7342.670
		Personnel Costs	14208.327	1031.852	1008.888
		Other Expenditure		1398.474	1339.600
		TOTAL (B)	14208.327	11424.009	9691.158
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1439.901	1576.073	1290.126
Less	FINANCIAL EXPENSES (D)		135.014	70.137	106.445
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1304.887	1505.936	1183.681
Less/ Add	DEPRECIATION/ AMORTISATION (F)		149.107	90.542	242.975
	PROFIT BEFORE TAX (E-F) (G)		1155.780	1415.394	940.706
Less	TAX (H)		402.421	480.914	65.534
	PROFIT AFTER TAX (G-H) (I)		753.359	934.480	875.172
	BALANCE CARRIED TO THE B/S		753.359	934.480	875.172
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of export of goods			2792.770
		Software			593.819
		Commission on sales			202.626
		Service Income			7.818
		Royalty gross tax deducted source	5759.219	3738.410	87.970
		Travel and conveyance			9.320
		Communication			3.071
		Personnel costs			43.562
		Legal and professional expenses			1.426
		Others			23.726
	TOTAL EARNINGS		5759.219	3738.410	3766.108
	IMPORTS
		Raw Materials	NA	1318.068	1088.482
		Capital Goods	NA	86.759	108.823
	TOTAL IMPORTS		NA	1404.827	1197.305
	Earnings Per Share (Rs.)		71.67	88.90	83.26

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.81	7.18	7.97
Net Profit Margin (PBT/Sales)	(%)	NA	11.26	8.87
Return on Total Assets (PBT/Total Assets}	(%)	12.77	12.48	11.05
Return on Investment (ROI) (PBT/Networth)		0.21	0.29	0.24
Debt Equity Ratio (Total Liability/Networth)		1.29	1.39	1.27
Current Ratio (Current Asset/Current Liability)		1.09	1.57	1.59

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The registered office of the company has been shifted from A-1, Golden Enclave, Airport Road, Bangalore - 560 017, Karnataka, India to the present address w.e.f. 20.12.2011.

OPERATIONS:

The Company’s gross turnover, increased over the previous year, aided by growth in the Healthcare Systems largely driven by government and enterprise segments. The Company is continuing its focus to drive volumes in India and neighboring countries. The company has introduced new products in the market as per its “In country for country” strategy. The Company was able to maintain its profitability margins during the year.

COMPANY OVERVIEW:

Subject, 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 50% each of the total paid-up equity. In 1993, GE increased its shareholding in the Company to 51%. Subsequently with effect from 16 January 2007 the name of the Company was changed to Wipro GE Healthcare Private Limited. The Company is focused towards healthcare segment in South Asia. The Company manufactures and trades in medical equipment. Further, it is also engaged in providing software services and technology solutions to its parent for products manufactured worldwide.

During the year, pursuant to the Scheme of arrangement, the Company has acquired the assets and liabilities of GE Healthcare Bio-Sciences Limited - India Branch Office, in accordance with the provision of slump sale under section 50B of the Income Tax Act, 1961.

During the year, the Company has purchased 18,013,133 equity shares of GE Medical Systems India Private Limited, India (‘GEMS’), a private limited Company at a cost of Rs.3160.161 millions and 450,099 equity shares of GE Healthcare Private Limited, India (‘GEH’) a private limited Company at a cost of Rs.296.085 millions. Consequent to the acquisition of these shares, GEMS and GEH became wholly owned subsidiaries of the Company.

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 India of the company	A1, Golden Enclave, Airport Road, Bangalore – 560 017, Karnataka, India
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 – 560 027, Karnataka, Karnataka, India Email – 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 million at bank's prescribed rates 50% of bank's prescribed rates for BGs valued above Rs.1.000 million 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, Bangalore-560067 or at any other place.
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, India Prisons Service, Interpol, etc.

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.52.23
UK Pound	1	Rs.84.16
Euro	1	Rs.68.84

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.