MIRA
INFORM REPORT
|
Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GE INDIA INDUSTRIAL PRIVATE LIMITED |
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Formerly Known
As : |
GE LIGHTING ( |
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Registered
Office : |
104,402, 4th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.05.1992 |
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Com. Reg. No.: |
55-194724 |
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Capital
Investment/ Paid-up Capital: |
Rs.1495.756 Millions |
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CIN No.: [Company Identification
No.] |
U31500DL1992PTC194724 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BRDG00907E/
DELG06588B/ DELG10174D/ DELG08031C |
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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 of Power Generation Products. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5108220 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of GE-Worldwide. It is a well established and
a reputed company having satisfactory track. There appears some accumulated
losses recorded by the company. However trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. In view of strong holding company, the subject 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
104,402, 4th Floor, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office 1 : |
Building 7A, 5th Floor, Sector 25A, |
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Tel. No.: |
91-124-4808000 |
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Corporate Office 2 : |
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Tel No.: |
91-124-4808928 |
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Email: |
DIRECTORS
As on 23.08.2011
|
Name : |
Mr. Vipin Goel |
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Designation : |
Director |
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Address : |
B-7/97, Safdarjung Enclave, |
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Date of Birth/Age : |
02.02.1973 |
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Date of Appointment : |
30.09.2009 |
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Din No.: |
02573657 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. K. R. Radhakrishnana |
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Designation : |
Company
Secretary |
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Address : |
A
202, |
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Date of Birth/Age : |
02.06.1955 |
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Date of Appointment : |
21.09.2009 |
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Pan No.: |
AAGPR1713J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.08.2011
|
Names of Equity Shareholders |
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No. of Shares |
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9534014061 |
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GE Pacific Pte. Limited, |
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1543545088 |
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Total |
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11077559149 |
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Names of Preference
Shareholders |
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GE India Exports (Private)
Limited, |
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38800000 |
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Total |
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38800000 |
As on 23.08.2011
|
Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Generation Products. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Standard Chartered Bank, H M ·
Bank of ·
Exim Bank, Centre One, WTC, Cuffe Parade, Mumbai, ·
The Hong Kong and Shanghai Banking Corporation
Limited, Mumbai, ·
HSBC Bank, ·
Deutsche Bank, ·
Union Bank of |
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Facilities : |
Rs.
In Millions
Note: Secured against hypothecation of fixed assets acquired under finance lease
Note:
Includes: Inter-corporate deposits Rs. 2189.073 Millions and Other loans and
advances Rs. 213.159 Millions |
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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 Info–Tech Centre, 11-12/1 Inner ring Road,
Koramangala, |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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Pan No.: |
AAAFB9852F |
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Holding Company : |
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Ultimate Holding Company : |
General Electric Company |
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Fellow Subsidiaries : |
Bently BHEL-GE Gas Turbine Services Private Limited Cin No.: U51505AP1997PTC040657 BL Technologies Inc GE ( GE Analytical Instruments Inc GE Appliances ( GE Aviation Materials Inc. GE BE Private Limited Cin No.: U31909KA1996PTC020482 GE Betz Australia Pty Limited GE Betz Singapore Pte Limited GE Capital Finance Australasia Pty. Limited GE CAPITAL SERVICES CIN No.: U74899DL1993ULL055761 A)GE China R and D Center Company Limited. GE Consumer and Industrial SA GE Energy Management Services Inc. GE Energy Optimization and Control Pty. Limited GE Energy Shenyang Company Limited GE Energy-Substation Automation Solutions Limited GE Global Sourcing India Private Limited CIN NO.: U74999DL1999PTC206197 GE Healthcare Private Limited CIN NO.: U00899DL2003PTC136412 GE INDIA BUSINESS SERVICES PRIVATE LIMITED U72900DL1999PTC102432 GE India Exports Private Limited CIN NO:.: U33130KA2000PTC027266 GE India Technology Centre Private Limited CIN NO.: U85110KA1999PTC025325 G E Infrastructure Sensing, Inc., GE Inspection Technologies GmbH, Ahrensburg GE Intelligent Platforms Private Limited CIN No.: U72200KA1997PTC022158 G E International Inc GE MONEY FINANCIAL SERVICES Private LIMITED CIN NO.: U65929DL1994PTC116256 GE MONEY HOUSING FINANCE (A PUBLIC COMPANY WITH UNLIMITED LIABILITY) CIN No.:U65922DL2004ULL125931 GE Multilin, GE Oil and Gas Inc GE Osmonics Inc., GE Pacific Pte Limited, GE Philippines Inc GE Power Controls SA GE POWER SERVICES ( U51909DL1996PTC076903 GE Sensing and Inspection Technologies GmBH GE Sensing EMEA GE Transportation Parts LLC GE Transportation Systems G E Transportation, GE Water and Process Technologies GE Water General Electric Company General Electric Industrial Inc. General Electric International Inc. General Electric International Operations Co. Inc. INDO-TECH TRANSFORMERS LIMITED Monogram Licensing International Inc., Nuovo Pignone Holding, S.p.A GE Global Servicing Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
11089590000 |
Equity Share |
Rs.0.10/- Each |
Rs.1108.959 millions |
|
56904100 |
Preferences Shares |
Rs.10/- Each |
Rs.569.041 millions |
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Total |
|
Rs.1678.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11077559149 |
Equity Share |
Rs.0.10/- Each |
Rs.1107.756
millions |
|
38800000 |
Preferences Shares |
Rs.10/- Each |
Rs.388.000 millions
|
|
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Total |
|
Rs.1495.756 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
1495.756 |
1495.756 |
1495.756 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
261.623 |
212.220 |
191.244 |
|
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4] (Accumulated Losses) |
(480.324) |
(312.237) |
(114.988) |
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NETWORTH |
1277.055 |
1395.739 |
1572.012 |
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LOAN FUNDS |
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1] Secured Loans |
103.304 |
61.165 |
61.247 |
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2] Unsecured Loans |
2427.235 |
1275.534 |
733.517 |
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TOTAL BORROWING |
2530.539 |
1336.699 |
794.764 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
3807.594 |
2732.438 |
2366.776 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1118.951 |
1049.357 |
961.555 |
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Capital work-in-progress |
228.473 |
11.695 |
215.367 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
379.565 |
219.818 |
187.221 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
3861.083
|
1380.646
|
867.218 |
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Sundry Debtors |
2323.840
|
1471.248
|
1573.079 |
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Cash & Bank Balances |
185.491
|
207.913
|
121.731 |
|
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Other Current Assets |
1633.605
|
174.663
|
189.899 |
|
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Loans & Advances |
1888.307
|
1915.304
|
1262.257 |
|
Total
Current Assets |
9892.326
|
5149.774 |
4014.184 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
4364.240
|
2351.004
|
1990.794 |
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Other Current Liabilities |
2643.695
|
836.899
|
447.448 |
|
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Provisions |
793.786
|
510.303
|
573.309 |
|
Total
Current Liabilities |
7801.721
|
3698.206 |
3011.551 |
|
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Net Current Assets |
2090.605
|
1451.568 |
1002.633 |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
3807.594 |
2732.438 |
2366.776 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
6264.331 |
6943.294 |
|
|
|
Other Income |
|
297.109 |
334.076 |
|
|
|
Profit on |
|
87.933 |
0.000 |
|
|
|
TOTAL (A) |
8757.510 |
6649.373 |
7277.37 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Material Cost
|
|
3476.416 |
3842.141 |
|
|
|
Personnel Cost
|
|
1282.385 |
1284.665 |
|
|
|
Other Expenses
|
|
2044.470 |
1971.033 |
|
|
|
Prior Period Items
|
|
86.761 |
10.014 |
|
|
|
Increase/ Decrease in Finished Goods &
work in progress |
|
(354.909) |
(155.153) |
|
|
|
TOTAL (B) |
8697.684 |
6535.123 |
6952.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
114.250 |
324.670 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
108.572 |
55.771 |
52.326 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(48.746) |
58.479 |
272.344 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
251.762 |
246.261 |
182.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(300.508) |
(187.782) |
89.464 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
47.206 |
9.467 |
69.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(253.302) |
(197.249) |
20.248 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(312.237) |
(114.988) |
(135.237) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(564.539) |
(312.237) |
(114.988) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2235.713 |
1159.454 |
1428.156 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.226) |
(0.018) |
0.002 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.90) |
(2.97) |
0.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
(2.99) |
1.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.73) |
(3.02) |
1.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.24) |
(0.13) |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.09 |
3.61 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.39 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
PAN of Proprietor/Partner/Director,
if available |
No |
|
Passport No of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
NOTE: The Registered office of the company has been shifted from Aifacs building 1, Rafi Marg, New Delhi – 110 001, Delhi, India to the present address (w.e.f.01.05.2012)
PERIOD IN RETROSPECT
The turnover of the Company was Rs.8757.510 Millions as
against Rs. 6649.373 Millions of the
previous year. Profit / (Loss) for the year after taxation was Rs. (253.301
Millions) as against Rs. (197.248 Millions).
BACKGROUND
GE India Industrial Private Limited is a subsidiary of GE Energy Europe B.V.
The ultimate holding Company is General Electric Co. USA. The registered office
of the Company is situated in
The Company
through its divisions is engaged in the following business:
|
Division |
Nature of
Business |
|
Bently NevadaIndia(“BNI”) |
Export of computer software. |
|
Bently |
Sales and service of vibrationmon itoring systems and related parts. |
|
|
|
|
Global Infrastructure Services(“GIS”) |
Providing net work infrastructure services. |
|
IndiaHead Quarters(“HQ”) |
Providing strategic management ,finance, human resources, sale sand marketing, communication, le |
|
Kelman |
|
|
Lighting |
Trading of industrial lighting fixtures, High Intensity
Discharge lamps and other lighting products. |
|
Marketing Support and GBS |
Marketing support, transaction outsourcing and accounting
services to General Electric group companies. |
|
Network Reliability Products&Services(“NRPS”) |
Designing, engineering, supply, testing, installation and
commissioning, technical services, hardw |
|
Oiland Gas |
Sales and service of specialised equipment used forex tractionandtransmissionofoilandgas. |
|
Power Controls |
Manufacture,erectionandcommissioningservicesforelectricalinstallationsandmanufacturingandt |
|
Security division |
Trading of security
enabling systems. |
|
Sensing and Inspection Technologies |
Dealinginpressureinstrumentandsalesandserviceofnon-destructivetestingequipmentandtherela |
|
Tower |
Providing infrastructure support to General Electric group
companies. |
|
Training |
Rendering professional and raining services. |
|
Transportation |
Manufacturing and trading of critical locomotive spares. |
|
Waterand Process Technologies(“Water”) |
Manufacture, sale and trade of specialty chemicals. |
|
Wind |
Manufacturing and trading of wind turbine generators and
providing related after sales services. |
fixed assets
· Buildings
· Vehicles
· Computers
· Buildings
· Leasehold Improvements
· Plant and Machinery
· Electrical Fittings
· Plant and Machinery
· Air Conditioner
· Office Equipments
· Furniture and Fittings
· Brand License
· Goodwill
· Computer Software
· Trademarks
· Exclusive Purchase Rights
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.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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.