MIRA INFORM REPORT

Report Date :

17.12.2012

IDENTIFICATION DETAILS

Name :	GE MEDICAL SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	122, (Part-I) Export Promotion Industrial Park, Whitfield, Bangalore - 560066, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.06.2004
Com. Reg. No.:	08-034146
Capital Investment / Paid-up Capital :	Rs. 180.131 Millions
CIN No.: [Company Identification No.]	U31909KA2004PTC034146
TAN No.: [Tax Deduction & Collection Account No.]	BLRG04618F
PAN No.: [Permanent Account No.]	AAACG7655G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Surgical and Diagnostic Medical Equipment, X-Ray Equipment, MR Tables and X-Ray Generators.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 10000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Wipro GE Healthcare Private Limited”. It is a well established company having satisfactory track record. The latest financials of the company are not made available. As per previous year’s, the company was found to be performing well. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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

Registered Office :	122, (Part-I) Export Promotion Industrial Park, Whitfield, Bangalore - 560066, Karnataka, India
Tel. No.:	91-80-28412500
Fax No.:	91-80-28412470
E-Mail :	poojia.radhakrishnan@ge.com
Website :	www.gemedicalsystems.com

DIRECTORS

As on 22.06.2012

Name :	Mr. Rajnish Krishnaratan Damani
Designation :	Director
Address :	A-501, Brigade Metro Polis, 73, Garudachar Palya, Mahadevapura, Bangalore - 560048, Karnataka, India
Date of Birth/Age :	29.04.1972
Date of Appointment :	16.08.2012
DIN No.:	03155312

Name :	Mr. Munesh Makhija
Designation :	Director
Address :	No.415, Palm Meadows-11B, Narayanapura, Village, KR Puram, Hobli Ramagondahalli, Post, Bangalore - 560066, Karnataka, India
Date of Birth/Age :	25.01.1970
Date of Appointment :	22.12.2012
DIN No.:	03409115

KEY EXECUTIVES

Name :	Poojia Radhakrishnan
Designation :	Secretary
Address :	B-506, Sterling Shelon, Kundalahalli, ITPL, Main Road, Whitefield, Bangalore - 560037, Karnataka, India
Date of Birth/Age :	07.07.1981
Date of Appointment :	17.04.2012
PAN No.:	AHEPR4243F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.06.2012

Names of Shareholders	No. of Shares
Wipro GE Healthcare Private Limited, India	14651533
Joydeep Nag	1
Total	14651534

As on 22.06.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	99.99
Directors or relatives of Directors	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Surgical and Diagnostic Medical Equipment, X-Ray Equipment, MR Tables and X-Ray Generators.

PRODUCTION STATUS

As on 31.03.2011

Particulars	Installed Capacity	Actual Production
X-ray equipments	NA	208
X-ray generators	NA	14093
MR-tables	NA	32325

Notes:

1. Company’s products are not covered under licence and are accordingly not disclosed.

2. *Installed capacity has not been disclosed by management, as the related information is not available.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Finance Lease obligation long-term	91.565	91.565
TOTAL	91.565	97.206

Banking Relations :	--
Auditors :
Name :	BSR and Company
Address :	Maruthi Info-tech Centre, 11-12/1, Inner Ring Road, Kormangala Bangalore - 560071, Karnataka, India
PAN No.:	AAAFB9852F
Ultimate Holding Company :	General Electric Company, USA
Holding Company :	Wipro GE Healthcare Private Limited CIN No.: U33111KA1990PTC016063
Related Parties :	GE BE Private Limited GE Healthcare Australia Pty Limited GE Clinical Services Inc GE Corp Comp Acctg Frgn L/B GE Healthcare do Brasil Comercio e Servicos para Equipamentos Medico-Hospitalares Ltda. GE Hangwei Medical Systems Company Limited GE Healthcare Bio-Sciences AB GE Healthcare Japan Corporation GE Healthcare Global Parts Company Inc GE Healthcare IITS Inc GE Healthcare Korea Limited GE Healthcare Limited GE Healthcare UK Limited Amersham Biosciences AB Datex-Ohmeda, Inc. GE Hualun Medical Systems Company Limited GE India Exports Private Limited GE India Industrial Private Limited GE India Technology Centre Private Limited GE Medical Global Technology GE Medical Systems Inc GE Medical Systems (China) Company Limited GE Medical Systems Hungary GE Medical Systems Inc., Milwaukee GE Medical Systems Information Technology Inc GE Medical Systems Israel Limited GE Medical Systems Monterrey Mexico, SA DE CV GE Medical Systems S.A. GE Medical Systems SCS GE Money Financial Services Limited GE OEC Medical Systems Inc GE Pacific Pte Limited China GE Philippines Inc GE Medical Systems Hong Kong Limited GE Yokogawa Medical System Limited General Electric International Inc GEMS Global Technology Company LLC GEMS Israel Functional Imaging GEMS Pet Systems AB USA Instruments Inc

CAPITAL STRUCTURE

As on 22.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14651534	Equity Shares	Rs.10/- each	Rs. 146.515 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18013100	Equity Shares	Rs.10/- each	Rs. 180.131 Millions

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		180.131	180.131	225.993
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2428.639	2090.650	3082.222
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2608.770	2270.781	3308.215
LOAN FUNDS
1] Secured Loans		91.565	97.206	86.407
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		91.565	97.206	86.407
DEFERRED TAX LIABILITIES		33.272	37.541	13.843
TOTAL		2733.607	2405.528	3408.465
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		934.782	807.278	726.218
Capital work-in-progress		28.823	89.264	86.589
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	285.897	235.178	365.293
	Sundry Debtors	736.505	522.455	397.075
	Cash & Bank Balances	274.918	16.264	23.503
	Other Current Assets	30.158	61.269	78.731
	Loans & Advances	1444.390	1680.402	2971.260
Total Current Assets		2771.868	2515.568	3835.862
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	510.662	570.503	853.805
	Other Current Liabilities	363.358	322.721	251.289
	Provisions	127.846	113.358	135.110
Total Current Liabilities		1001.866	1006.582	1240.204
Net Current Assets		1770.002	1508.986	2595.658
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2733.607	2405.528	3408.465

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6422.810	4981.380	5323.770
		Other Income
		TOTAL	6422.810	4981.380	5323.770
Less	EXPENSES
		Office Expenses	5925.300	4351.460	4681.020
		Administrative Expenses
		Advertising Expenses
		TOTAL	5925.300	4351.460	4681.020
	PROFIT BEFORE TAX		497.510	629.920	642.750
Less	TAX		160.490	231.410	231.180
	PROFIT AFTER TAX		337.020	398.510	411.570
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	2592.004	3095.499
		Service Income		2046.205	1981.246
	TOTAL EARNINGS		NA	4638.209	5076.745
	IMPORTS
		Raw Materials	NA	731.705	907.495
		Capital Goods		140.414	54.240
	TOTAL IMPORTS		NA	872.119	961.735
	Earnings Per Share (Rs.)		18.71	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.25	8.00	7.73
Return on Total Assets (PBT/Total Assets}	(%)	13.42	18.96	14.09
Return on Investment (ROI) (PBT/Networth)		0.19	0.28	0.19
Debt Equity Ratio (Total Liability/Networth)		0.41	0.49	0.40
Current Ratio (Current Asset/Current Liability)		2.77	2.50	3.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE REVIEW

Income from sale of products for the year has increased from Rs. 2690.820 Millions (2009-10) to Rs.3716.570 Millions (2010-11). Service Income has increased from Rs. 2046.210 Millions (2009-10) to Rs. 2562.990 Millions (2010-11). Profit before taxation has decreased from Rs. 629.920 Millions (2009-10) to Rs. 497.510 Millions (2010-11) Profit after taxation has decreased from Rs. 398.510 Millions (2009-10) to Rs. 337.020 Millions (2009-10).

There has been an increase in Service Income due to growth in Engineering and R and D services. There has been an increase in the manufacturing largely due to an improvement in market demand vis-à-vis 2009-10 primarily driven by MR and Generator Modalities coupled with new product sales in the ICFC segment.

COMPANY OVERVIEW

Subject is a subsidiary of Wipro GE Healthcare Private Limited (‘GE’ or ‘the parent’ or ‘the holding’). The ultimate holding company is General Electric Company, USA. The Company was incorporated in 1994 as a Private Limited Company under the Companies Act, 1956. The Company is registered as a 100% Export Oriented Unit under the Software Technology Parks of India (‘STPI’) scheme of the Government of India. The Company manufactures and sells medical equipment, undertakes engineering related services for products manufactured worldwide and renders Information Technology (‘IT’) and IT enabled services and accounting services to its group companies. During the year, the equity shares of the Company held by GE Pacific Pte. Limited,. Singapore (erstwhile holding Company) have transferred to Wipro GE Healthcare Private Limited. Effective April 1, 2010, the Company became a wholly owned subsidiary of Wipro GE Healthcare Private Limited.

CONTINGENT LIABILITY

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Claims against the Company not acknowledged as debts (including interest and penalty demand):
- Income-tax	516.537	394.990
- Service tax	19.500	0.000

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.54.39
UK Pound	1	Rs.87.78
Euro	1	Rs.71.29

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		48

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.