MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	GE POWER SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	401, 402, 4th Floor, Aggarwal Millenium Tower, E -1, 2, 3, Netaji Subhash Place, Wazirpur, New Delhi - 110034
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.03.1996
Com. Reg. No.:	55-076903
Capital Investment / Paid-up Capital :	Rs. 98.000 Millions
CIN No.: [Company Identification No.]	U51909DL1996PTC076903
TAN No.: [Tax Deduction & Collection Account No.]	DELG06805B / DELG07371A
PAN No.: [Permanent Account No.]	AAACG2129F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of repair and servicing of steam turbines and generators and trading in related spares.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1910000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of GE Pacific (Mauritius) Limited. It is a well-established company having satisfactory track record. Financial position of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions. Note: Latest financial for the year 2013 is not available with us.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ 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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-124-4808000]

LOCATIONS

Registered Office :	401, 402, 4th Floor, Aggarwal Millenium Tower, E -1, 2, 3, Netaji Subhash Place, Wazirpur, New Delhi – 110034, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	amitkumar.gupta@ge.com
Sales Office :	Building No 7A, 4th Floor, DLF Cyber City, DLF Phase III, Sector 25A, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4808000/ 4808502
Fax No.:	91-124-4226912

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Anand Mohan Awasthy

Designation :

Managing director

Address :

C-1-101, Milan Vihar Apartments, 72, I. P. Extension Patpar Ganj, New Delhi – 110092, India

Date of Birth/Age :

13.01.1959

Date of Appointment :

01.12.2007

PAN No.:

AACPA3293R

DIN No.:

02089699

Name :

Mr. Deepesh Kiranchandra Nanda

Designation :

Director

Address :

Flat No.A2, Gitanjali Apartments, Old 256, New 280, Lloyds Road, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

18.08.1973

Date of Appointment :

25.06.2010

DIN No.:

03151401

Name :

Mrs. Gunjan Bhartia

Designation :

Director

Address :

No L - 42, Diamond District, Airport Road, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

17.07.1973

Date of Appointment :

09.09.2011

DIN No.:

03366633

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51909DL1996PTC076903	GE POWER SERVICES (INDIA) PRIVATE LIMITED	Director	09/09/2011	14/12/2010	Active	NO
2	U40108KA2008FTC047812	ALLGREEN ENERGY INDIA PRIVATE LIMITED	Nominee director	09/08/2012	09/08/2012	Active	NO

Name :

Mr. Ravi Anand

Designation :

Director

Address :

24-B, Surya Apartments, Sector-13 Rohini, Delhi – 110085, India

Date of Birth/Age :

22.11.1961

Date of Appointment :

28.09.2012

DIN No.:

05325883

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51909DL1996PTC076903	GE POWER SERVICES (INDIA) PRIVATE LIMITED	Director	28/09/2012	10/07/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Kumar Gupta
Designation :	Secretary
Address :	A-5, 1st Floor, Sardar Nagar, C C Colony, Delhi – 110009, India
Date of Birth/Age :	20.08.1979
Date of Appointment :	30.04.2012
PAN No.:	AGAPG8404A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
GE Pacific (Mauritius) Limited, Mauritius	6818120
Ge India Business Services (India) Private Limited, India	1704540
Total	8522660

AS ON 27.09.2013

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]	80.00
Bodies corporate	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of repair and servicing of steam turbines and generators and trading in related spares.

Products/ Services :

ITC Code No.	Product Descriptions
84069000	Parts for Steam Turbine
99611891	Engines and turbines and part thereof

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

The Hong Kong And Shanghai Bnaking Corporation Limited, Kasturba Gandhi Marg, New Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Long-term maturities of finance lease Obligations [Finance lease obligation is secured by way of hypothecation of vehicles taken on finance lease.]	0.898	1.054
Total	0.898	1.054

Banking Relations :	--
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	8th Floor, Tower B, DLF Building No.10, DLF Cyber City, Phase II, Gurgaon, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Holding company :	GE Pacific (Mauritius) Limited, Mauritius
Ultimate Holding company :	General Electric Company, USA
Fellow Subsidiary company :	· GE Money Financial Services Private Limited [U65929DL1994PTC116256] GE Global Controls Services Limited* BHEL-GE Gas Turbine Services Limtied, India [U51505AP1997PTC040657] GE India Industrial Private Limited [U31500DL1992PTC194724] Granite Services International India Private Limited [U74210DL2005PTC133001] GE Energy Parts Inc, USA GE Keppel Energy Services Pte. Limited, Singapore General Electric Co. Canada GE Energy Services Inc. USA* GE Company Limited, USA (APS)* Turbine Blading Limited* GE International Inc. USA-CS GE Digital Energy* Bentley Nevada Corp.- USA GE (China) Company Limited GE Comp Corp Intercompany, USA* General Electric Bahrain Company W.L.L. GE Power Systems, Inc. GE International Inc. GE International Inc., Dubai, Doha Qatar*, Saudi Arabia*
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	GE India Business Services Private Limited [U72900DL1999PTC102432]

* Parties with whom transaction have taken place only in the immediately preceding financial year

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,522,660	Equity Shares	Rs. 10/- each	Rs. 85.227 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,800,020	Equity Shares	Rs. 10/- each	Rs. 98.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	98.000	98.000
(b) Reserves & Surplus	378.406	292.649
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	476.406	390.649
(3) Non-Current Liabilities
(a) long-term borrowings	0.898	1.054
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	77.303	0.158
(d) long-term provisions	2.578	3.067
Total Non-current Liabilities (3)	80.779	4.279
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	81.641	66.889
(c) Other current liabilities	86.408	25.972
(d) Short-term provisions	2.124	2.240
Total Current Liabilities (4)	170.173	95.101
TOTAL	727.358	490.029
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42.102	48.166
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	7.598	6.965
(d) Long-term Loan and Advances	116.677	59.140
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	166.377	114.271
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	17.349	0.156
(c) Trade receivables	31.254	51.372
(d) Cash and cash equivalents	1.667	0.984
(e) Short-term loans and advances	503.782	313.814
(f) Other current assets	6.929	9.432
Total Current Assets	560.981	375.758
TOTAL	727.358	490.029

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		98.000
2] Share Application Money		0.000
3] Reserves & Surplus		183.089
4] (Accumulated Losses)		0.000
NETWORTH		281.089
LOAN FUNDS
1] Secured Loans		2.761
2] Unsecured Loans		0.000
TOTAL BORROWING		2.761
DEFERRED TAX LIABILITIES		0.000
TOTAL		283.850
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.701
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		15.300
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.559
	Sundry Debtors	272.166
	Cash & Bank Balances	2.692
	Other Current Assets	18.566
	Loans & Advances	254.589
Total Current Assets		553.572
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.776
	Other Current Liabilities	32.030
	Provisions	124.917
Total Current Liabilities		319.723
Net Current Assets		233.849
MISCELLANEOUS EXPENSES		0.000
TOTAL		283.850

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	402.816	439.926	849.784
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		142.461	162.832	228.213
Less	FINANCIAL EXPENSES (D)		1.101	0.688	2.575
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		141.360	162.144	225.638
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.857	5.333	5.322
	PROFIT BEFORE TAX (E-F) (G)		131.503	156.811	220.316
Less	TAX (H)		45.746	47.252	78.619
	PROFIT AFTER TAX (G-H) (I)		85.757	109.559	141.697
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		204.006	94.447	81.575
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	14.170
		Tax on Dividend	0.000	0.000	114.655
	BALANCE CARRIED TO THE B/S		289.763	204.006	94.447
	EARNINGS IN FOREIGN CURRENCY
		Exports of goods on FOB basis	2.126	0.000	0.000
		Services	171.697	149.505	160.775
	TOTAL EARNINGS		173.823	149.505	160.775
	Earnings Per Share (Rs.)		8.75	11.18	14.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	18.27	32.46	37.45
Return on Investment (ROI) (PBT/Networth)		0.28	0.40	0.78
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		3.30	3.95	1.73

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90056712	19/06/2000 *	30,000,000.00	THE HONG KONG AND SHANGHAI BNAKING CORPORATION LIMITED	KASTURBA GANDHI MARG, NEW DELHI - 110001, INDIA	-

* Date of charge modification

CHANGE OF ADDRESS:

The registered office of the company has been shifted from Aifacs Building, 1 Rafi Marg, Delhi – 110001, India to the present w.e.f.01.05.2012.

BACKGROUND

Subject is a subsidiary of GE Pacific (Mauritius) Limited, a subsidiary of General Electric Company, USA. GE Pacific (Mauritius) Limited and GE India Business Services Private Limited, holds eighty and twenty percent respectively, of the issued and paid-up capital of the Company. The Company is engaged in the business of repair and servicing of steam turbines and generators and trading in related spares.

PERIOD IN RETROSPECT

The turnover of the company was Rs. 402.816 Millions as against Rs. 439.926 Millions of the previous year. The Directors have already brought to the notice of the shareholders the challenges posed by the business due to the depleting fleet of GE steam turbines. In view of the flat GE steam fleet and the very competitive non-GE market, your directors expect top line growth to be a major challenge.

The directors are however looking at alternate business strategies to ensure that the depleting aged GE steam turbine fleet does not limit the growth of the Company so that the Company continues to add value to the shareholders investments.

FIXED ASSETS:

· Plant and equipment

Vehicles

Motor vehicles

Office equipment

Other equipments

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. 62.13
UK Pound	1	Rs. 101.53
Euro	1	Rs. 85.41

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.