MIRA
INFORM REPORT
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Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
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Name : |
GE INDIA INDUSTRIAL PRIVATE LIMITED GE INTERNATIONAL INC – PROJECT OFFICE (DIVISION OF GE INDIA INDUSTRIAL
PRIVATE LIMITED) |
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Formerly Known
As : |
GE BETZ INDIA PRIVATE LIMITED HERCULES SPECIALITY CHEMICALS PRIVATE LIMITED BETZ DEARBORN PRIVATE LIMITED BETZ CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
401, 402, 4th Floor, Aggarwal Millennium Tower, E-1, 2, 3, Netaji Subhash Place, Wazirpur, New Delhi – 110 034 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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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.3695.756
millions |
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CIN No.: [Company Identification
No.] |
U31500DL1992PTC194724 |
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TIN No.: |
07810164199 |
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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 Filters, Membrances and also all types of Cooling Water Treatment Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5298000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There appears some accumulated losses recorded by the company. There
also appears huge external borrowing recorded by the company acting as a
threat to the company’s liquidity. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealings with some caution.
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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 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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India |
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 |
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 1st 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.
LOCATIONS
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Registered Office : |
401, 402, 4th Floor, Aggarwal Millennium Tower, E-1, 2, 3, Netaji Subhash Place, Wazirpur, New Delhi – 110 034, India |
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Tel. No.: |
91-11-39827832 |
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Mobile No.: |
91-9999893880 (Mr. Sanket Maheshwari) |
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Fax No.: |
91-11-39827841 |
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Email: |
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Website : |
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Head Office/ Regional Office : |
Located at: ·
Block C, 1st Floor, Gurgaon, Haryana,
India |
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Branch Office: |
Vipur Tower Square, Golf Course Road, Sector-43, Gurgaon – 122 002,
Haryana, India |
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Tel. No.: |
91-124-4906000 |
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Branch Office : |
Also located at: ·
Bangalore ·
Gurgaon ·
Chandigarh ·
Chennai ·
Coimbatore ·
Cochin ·
Hyderabad ·
Mumbai ·
Ahmedabad ·
Pune ·
Nagpur ·
Kolkata |
DIRECTORS
AS ON 30.09.2013
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Name : |
Mr. Vipin Goel |
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Designation : |
Director |
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Address : |
B-7/97, Safdarjung Enclave, New Delhi – 110 029, India |
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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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PAN No.: |
AEDPG7966C |
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Other Directorship :
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Name : |
Mr. Srikant Srinivasan |
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Designation : |
Director |
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Address : |
212, Salarpuria Cambridge Residency, 1st Cross,
Someshwarapura, Ulsoor, Bangalore – 560 008, Karnataka, India |
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Date of Birth/Age : |
31.03.1968 |
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Date of Appointment : |
21.12.2012 |
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DIN No.: |
00084333 |
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PAN No.: |
AFHPS4769N |
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Other Directorship :
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Name : |
Mr. Pradeep Gupta |
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Designation : |
Director |
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Address : |
142-A, Ashram, Mathura Road, New Delhi – 110 014, India |
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Date of Birth/Age : |
23.06.1969 |
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Date of Appointment : |
21.12.2012 |
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DIN No.: |
01467310 |
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PAN No.: |
AAAPG4717C |
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Other Directorship :
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Name : |
Mr. Ashwani Bhargava |
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Designation : |
Director |
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Address : |
A-207, Raheja Residency, Koramangala, Bangalore – 560 034, Karnataka,
India |
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Date of Birth/Age : |
31.03.1968 |
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Date of Appointment : |
21.12.2012 |
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DIN No.: |
05151012 |
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PAN No.: |
ADNPB7722N |
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Other Directorship :
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Name : |
Mr. Ashok Kumar Vishwakarma |
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Designation : |
Director |
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Address : |
A-201, Mantri Sarovar, HSR Layout, Bangalore – 560 102, Karnataka,
India |
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Date of Birth/Age : |
15.11.1968 |
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Date of Appointment : |
21.12.2012 |
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DIN No.: |
05203223 |
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PAN No.: |
ABQPV2041R |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. K.R. Radhakrishnan |
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Designation : |
Secretary |
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Address : |
A-202, Emerald Court, Essel Towers, Gurgaon – 122 002, Haryana, India |
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Date of Birth/Age : |
22.07.1956 |
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Date of Appointment : |
21.09.2009 |
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PAN No.: |
AAGPR1713J |
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Name : |
Haridas Menon |
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Designation : |
Executive – Business Operations |
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Name : |
Deepak Doegar |
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Designation : |
Executive - Services |
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Name : |
Indraneel Dutt |
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Designation : |
Executive – Business Operations |
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Name : |
Gagan Kakkar |
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Designation : |
Executive – Business Operations |
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Name : |
Vishu Ranade |
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Designation : |
Region Executive - EHS |
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Name : |
Pradeep Gupta |
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Designation : |
Commercial Finance Manager |
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Name : |
Ravichandran, Soundrapandian |
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Designation : |
Executive - Engineering |
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Name : |
Ashish Malhotra |
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Designation : |
Commercial Developer |
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Name : |
Anand Bansal |
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Designation : |
Executive – Field Services |
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Name : |
SharmilaBarathan |
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Designation : |
Director – Government Affairs |
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Name : |
Deepesh Nanda |
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Designation : |
Executive - Regional Sales |
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Name : |
Pramod Kaushik |
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Designation : |
Sales Director |
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Name : |
Sastry BVSN |
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Designation : |
Engineering Manager |
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Name : |
Varanasi Ravi |
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Designation : |
Senior Sales Manager |
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Name : |
GurumurthySanthakrishnan |
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Designation : |
Senior Sales Leader |
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Name : |
Simreta Sandhu |
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Designation : |
Senior Sales Leader |
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Name : |
Romesh Sharma |
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Designation : |
Executive – Sales Support |
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Name : |
Priyaranjan Sekhon |
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Designation : |
Executive – General Counsel |
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Name : |
Gaurav Negi |
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Designation : |
Commercial Finance Leader |
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Name : |
Shrikant Ramakrishnan |
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Designation : |
Executive – EPC Project Management |
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Name : |
Jatinder Bhasin |
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Designation : |
Global Operations – Finance Manager |
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Name : |
Rachana Panda |
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Designation : |
Director – Corporate Communications |
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Name : |
Nickil Baswan |
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Designation : |
Director - Government Affairs and Policy |
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Name : |
Pramod Joshi |
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Designation : |
Senior Market Development Leader |
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Name : |
Sanjeev Kakkar |
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Designation : |
Sales Director |
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Name : |
Vinay K Bansal |
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Designation : |
Finance Manager – Order to cash |
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Name : |
Amarjyoti Barua |
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Designation : |
Executive - Finance |
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Name : |
Rita Purohit |
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Designation : |
Executive Assistant to President and CEO |
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Name : |
Manish Batra |
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Designation : |
Vice President Tax |
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Name : |
GV Ramanan |
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Designation : |
Senior Controller - GE India |
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Name : |
Leena Sahijwani |
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Designation : |
Director - Compensation and Benefits, GE India |
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Name : |
Isha Bedi |
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Designation : |
Human Resources Manager |
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Name : |
Nayeem S. Ibrahim |
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Designation : |
Asia Pacific Tax Systems Leader |
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Name : |
Uday Bhansali |
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Designation : |
Executive Vice President – Business Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders (Equity Shares) |
No. of Shares |
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GE Energy Europe B.V., The Netherlands |
28467214061 |
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GE Pacific Private Limited, Singapore |
4610345088 |
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Total
|
33077559149 |
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Names of Shareholders (Preference Shares) |
No. of Shares |
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GE India Exports Private Limited, India |
38800000 |
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Total
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38800000 |
AS ON 30.09.2013
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Filters, Membrances and also all types of Cooling
Water Treatment Chemicals. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Royal Bank of Scotland, NV DLF Centre, Sansad Marg,
New Delhi-110001, India ·
ABN Amro Bank, NV DLF Centre, Sansad Marg, New
Delhi-110001, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore – 560 071, Karnataka, India |
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PAN No.: |
AAAFB9852F |
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Holding Company : |
GE Energy Europe B.V. |
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Ultimate Holding Company: |
General Electric Company |
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Parties under common control with whom
transactions have taken place during the year: |
·
Advanced Sys-tek Private Limited ·
Bently Nevada Inc. ·
BHA Group GmbH - Russia Branch ·
BHA Group Inc. ·
BHEL-GE Gas Turbine Services Private Limited ·
BL Technologies Inc. ·
C&I Investimentose Participacoes Limited ·
Cherokee India Private Limited ·
Converteam EDC Private Limited ·
Converteam India Private Limited ·
Converteam Limited ·
Datex-Ohmeda (India) Private Limited ·
Datex-Ohmeda Inc. ·
Digital Energy Canada Inc. ·
Dresser Valve India Private Limited ·
Druck Limited ·
GE (China) Co. Limited ·
GE (USA) Malaysian Appliance Components Sdn Bhd ·
GE Aircraft Engine Services Limited ·
GE Analytical Instruments Inc. ·
GE Appliances Asia ·
GE Australia Pty Limited ·
GE Aviation Systems LLC ·
GE BE Private Limited ·
GE Betz Inc. ·
GE Betz Pty Limited ·
GE Betz Singapore Pte. Limited ·
GE Capital Business Process Management Services
Private Limited ·
GE Capital EMEA Services Limited ·
GE Capital Services India ·
GE Commercial Distribution Finance Corporation ·
GE Consumer and Industrial GmbH ·
GE Consumer and Industrial SA ·
GE Drives and Controls Inc. ·
GE Energy (Shenyang) Co. Limited ·
GE Energy Australia Pty Limited ·
GE Energy Control Solutions Inc. ·
GE Energy Management Services Inc. ·
GE Energy Measurement and Control Pty Limited ·
GE Energy Netherlands B.V. ·
GE Energy Optimization and Control Pty Limited ·
GE Energy Parts Inc. ·
GE Energy Power Conversion Group SAS ·
GE Energy Services (NZ) Limited ·
GE Engine Services Malaysia Sdn. Bhd. ·
GE Enterprise Development (Shanghai) Co. Limited ·
GE Equipment Services Europe B.V. ·
GE Gas Turbines (Greenville) LLC ·
GE Generators (Pensacola) LLC ·
GE Global Servicing Private Limited ·
GE Global Sourcing India Private Limited ·
GE Healthcare Bangladesh Limited ·
GE Healthcare IITS USA Corp. ·
GE Healthcare Private Limited ·
GE Healthcare UK Limited ·
GE Hungary Kft ·
GE India Business Services Private Limited ·
GE India Exports Private Limited ·
GE India Technology Centre Private Limited ·
GE India Services Holding Private Limited ·
GE Industrial Belgium BVBA ·
GE Infrastructure Inc. ·
GE Infrastructure Sensing Inc. ·
GE Infrastructure Technology LLC ·
GE Inspection Technologies (Hong Kong) Limited ·
GE Inspection Technologies Limited ·
GE Inspection Technologies LP ·
GE Intelligent Platforms Asia Pacific Pte.
Limited ·
GE Intelligent Platforms Europe SA ·
GE Intelligent Platforms Inc. ·
GE Intelligent Platforms Private Limited ·
GE International Inc. Branch - UZ ·
GE International Operations (NIG) Limited ·
GE Japan Corporation ·
GE Jenbacher GmbH and Co OG ·
GE Lighting Australia Limited ·
GE Lighting LLC ·
GE Lighting Solutions LLC ·
GE Mauritius Limited ·
GE Medical Systems (India) Private Limited ·
GE Medical Systems Global Technology Company LLC ·
GE Medical Systems Societe en Commandite Simple ·
GE Money Financial Services Limited ·
GE Money Financial Services Private Limited ·
GE Multilin ·
GE Osmonics Inc. ·
GE Pacific Pte Limited ·
GE Packaged Power Inc. ·
GE Power Controls Iberica S.L. ·
GE Power Controls Italia Srl ·
GE Power Controls Nederland BV ·
GE Power Controls Polska Sp.z.o.o. ·
GE Power Controls SA ·
GE Power Controls Sp. zoo ·
GE Power Electronics (India) Private Limited ·
GE Power Electronics Inc. ·
GE Power Management SA ·
GE Power Services (India) Private Limited ·
GE Power Systems (Malaysia) Sdn Bhd ·
GE Sensing and Inspection (Changzhou) Co. Limited ·
GE Sensing and Inspection Technologies Co.
Limited ·
GE Sensing and Inspection Technologies GmbH ·
GE Sensing EMEA ·
GE Sensing Korea Limited ·
GE Smallworld ·
GE Thermometrics (UK) Limited ·
GE Thermometrics Inc. ·
GE Transportation France S.N.C. ·
GE Transportation Parts LLC ·
GE Transportation Systems Global Signaling LLC ·
GE Triveni Limited ·
GE Water and Process Technologies (WuXi) Co.
Limited ·
GE Water and Process Technologies BVBA ·
GE Water and Process Technologies Canada ·
GE Water and Process Technologies France SAS ·
GE Water and Process Technologies Italy Srl s.u. ·
GE Water and Process Technologies Korea ·
GE Water and Process Technologies Middle East FZE ·
GE Water and Process Technologies (Thailand) Co.
Limited ·
GE Wind Energy GmbH ·
GE Zenith Controls Inc. ·
GEA Products LP ·
GEC RF Global Services Philippines Inc. ·
GECAS Services India Private Limited ·
GE-Hitachi Nuclear Energy Americas LLC ·
Gelco Corporation ·
Gemx Technologies LLC ·
General Electric Bahrain Company W.L.L. ·
General Electric Canada ·
General Electric Canada Company ·
General Electric Capital Corporation ·
General Electric Capital Services Inc. ·
General Electric Deutschland Holding GmbH ·
General Electric International (Benelux) BV ·
General Electric International LLC ·
General Electric International Inc. ·
General Electric International Operations Company
Inc. ·
General Electric Philippines Inc. ·
General Electric Saudi Arabia Limited ·
Granite Services International India Private
Limited ·
Instrument Transformers Inc. ·
Kelman Limited ·
Lineage Power Holdings Inc ·
MedPlexus India Private Limited ·
Monogram Licensing Inc. ·
National Home Communities LLC ·
Nationwide Credit Corporation Limited ·
Nuovo Pignone S.P.A. ·
Nuovo Pignone S.r.l. ·
OS Operations Inc. ·
PC Hydril Technical Services of India Private
Limited ·
PII (Canada) Limited ·
Powertel India Private Limited ·
PT GE Lighting Indonesia ·
PT GE Technology Indonesia ·
SBI Cards and Payment Services Private Limited ·
Shanghai GE Breakers Co. Limited ·
Shanghai GE Guangdian Electric Co. Limited ·
Sondex Wireline Limited ·
Unison Industries LLC ·
Vetco Gray Pte. Limited ·
Wipro GE Healthcare Private Limited ·
Xin Hua Control Engineering Co. Limited ·
Zenon Europe Manufacturing and Service Kft. ·
Airfoil Technologies International LLC ·
Altair Filter Technology Limited ·
BHA (Shanghai) New Environmental Technology
Company Limited ·
BHA Group Internatioal Private Limited ·
Dresser Holdings Inc. ·
GE (China) Research and Development Center Co.
Limited ·
GE Aviation Distribution Japan Co. Limited ·
GE Betz S.r.l. ·
GE Betz Dearborn Canada Company ·
GE Capital Korea Limited ·
GE Capital Solutions Europe Limited ·
GE Energy (Norway) A.S. ·
GE Energy (Thailand) Limited ·
GE Engine Services LLC ·
GE Financial Services S.a.r.l. ·
GE Global Sourcing LLC ·
GE Intelligent Platforms Canada Company ·
GE Lighting Korea Co. Limited ·
GE Lighting Philippines Inc. ·
GE Medical Systems Ultrasound and Primary Care
Diagnostics LLC ·
GE Money Pte Limited ·
GE Packaged Power L.P. ·
GE Strategic Investments India ·
GE-HE Wind Energy Shenyang Co. Limited ·
General Electric Capital Corporation Puerto Rico
Branch ·
General Electric Company Polska Sp. z o.o ·
General Electric Energy (Hangzhou) Company
Limited ·
General Electric International Inc - Branch - SN ·
General Electric International Inc. - Branch - EG ·
General Electric International Inc. - Branch - PL ·
General Electric International Inc. - Branch – QA ·
General Electric International Inc. - Branch - SA ·
General Electric International Peru ·
Global Turbine Services Ireland Limited ·
Granite Services Inc. ·
Hydril Pressure Control Private Limited ·
Hydril USA Manufacturing LLC ·
Italba Services S.r.l ·
Jenbacher Limited ·
Maruti Countrywide Auto Financial Services
Private Limited ·
Medplexus India Private Limited ·
Penaga Dresser Sdn Bhd ·
PT GE Operations Indonesia ·
Rheonik Messgerate GmbH ·
Vetco Gray Controls Limited ·
Vetco Gray U.K. Limited ·
Bently Nevada LLC ·
GE Singapore ·
Nuovo Pignone Holding S.P.A |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38589590000 |
Equity Shares |
Rs.0.10/- each |
Rs.3858.959 millions |
|
10 |
Preference Shares |
Rs.100/- each |
Rs.0.001 million |
|
56904000 |
Preference Shares |
Rs.10/- each |
Rs.569.040 millions |
|
|
Total
|
|
Rs.4428.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33077559149 |
Equity Shares |
Rs.0.10/- each |
Rs.3307.756
millions |
|
38800000 |
Preference Shares |
Rs.10/- each |
Rs.388.000
millions |
|
|
Total
|
|
Rs.3695.756 millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44280000000 |
Equity Shares |
Rs.0.10/- each |
Rs.4428.000 millions |
|
10 |
1% Non-Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.0.001 million |
|
56904000 |
6.60% Cumulative
Redeemable Preference Shares |
Rs.10/- each |
Rs.569.040 millions |
|
|
Total
|
|
Rs.4997.041
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33077559150 |
Equity Shares |
Rs.0.10/- each |
Rs.3307.756
millions |
|
38800000 |
6.60% Cumulative
Redeemable Preference Shares |
Rs.10/- each |
Rs.388.000
millions |
|
|
Total
|
|
Rs.3695.756 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3695.756 |
1495.756 |
1495.756 |
|
(b) Reserves & Surplus |
(2371.289) |
(357.640) |
(218.701) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1324.467 |
1138.116 |
1277.055 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
128.446 |
119.233 |
81.154 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
259.133 |
74.680 |
250.270 |
|
(d) Long-term
provisions |
598.354 |
562.758 |
351.256 |
|
Total Non-current
Liabilities (3) |
985.933 |
756.671 |
682.680 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6990.939 |
4567.441 |
2402.233 |
|
(b)
Trade payables |
4661.847 |
4568.773 |
4130.391 |
|
(c)
Other current liabilities |
5420.018 |
3121.231 |
2717.807 |
|
(d) Short-term
provisions |
688.068 |
510.899 |
418.895 |
|
Total Current
Liabilities (4) |
17760.872 |
12768.344 |
9669.326 |
|
|
|
|
|
|
TOTAL |
20071.272 |
14663.131 |
11629.061 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2067.617 |
1722.994 |
1035.107 |
|
(ii)
Intangible Assets |
83.250 |
66.970 |
73.844 |
|
(iii)
Capital work-in-progress |
1177.631 |
965.207 |
222.206 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
594.143 |
379.565 |
|
(d) Long-term Loan and Advances |
1004.434 |
695.657 |
606.871 |
|
(e) Other
Non-current assets |
39.538 |
100.917 |
190.771 |
|
Total Non-Current
Assets |
4372.470 |
4145.888 |
2508.364 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1250.146 |
0.000 |
0.000 |
|
(b)
Inventories |
2082.452 |
3013.351 |
3837.271 |
|
(c)
Trade receivables |
5484.529 |
3175.155 |
2280.724 |
|
(d) Cash
and cash equivalents |
456.103 |
566.158 |
185.491 |
|
(e)
Short-term loans and advances |
1729.113 |
1625.805 |
1136.232 |
|
(f)
Other current assets |
4696.459 |
2136.774 |
1680.979 |
|
Total
Current Assets |
15698.802 |
10517.243 |
9120.697 |
|
|
|
|
|
|
TOTAL |
20071.272 |
14663.131 |
11629.061 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
17945.430 |
19393.127 |
8757.510 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
17945.430 |
19393.127 |
8757.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
18788.567 |
8696.016 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
18050.446 |
18788.567 |
8696.016 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(105.016) |
604.560 |
61.494 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
590.976 |
425.606 |
110.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(695.992) |
178.954 |
(48.745) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
572.519 |
322.246 |
251.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1268.511) |
(143.292) |
(300.508) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
620.447 |
58.079 |
(132.421) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(1888.958) |
(201.371) |
(168.087) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(681.695) |
(480.324) |
(312.237) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2570.653) |
(681.695) |
(480.324) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
4330.199 |
4741.376 |
2642.593 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.06) |
(0.01) |
(0.02) |
|
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%20%20-%20245419%2017-Dec-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(10.53) |
(1.04)
|
(1.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.71) |
(1.09)
|
(2.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.96) |
(0.13)
|
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.38 |
4.12
|
1.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.82
|
0.94 |
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 |
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 |
Yes |
|
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 |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances (Long term maturities of sales-tax loan) |
0.000 |
4.577 |
|
SHORT-TERM BORROWINGS |
|
|
|
Inter-corporate borrowings |
6990.939 |
4567.441 |
|
Total
|
6990.939 |
4572.018 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90112294 |
12/08/1997 * |
224,000,000.00 |
ABNK AMRO BANK |
NV DLF CENTRE,
SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
* Date of charge modification
Note:
The registered office of the company has been shifted from
AIFACS Building 1, Rafi Marg, Delhi – 110 001 to the present address w.e.f.
01.05.2012.
COMPANY OVERVIEW:
The Company 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 New Delhi.
The Company through its divisions is engaged in the following business:
|
S. No. |
Division |
Nature of
business |
|
i. |
Bently Nevada
India (“BNI”) |
Export of computer software. |
|
ii |
Bently Nevada
Sales and Services (“BNSS”) |
Sales and service of vibration monitoring systems and related parts. |
|
iii |
Digital Energy
(Previously ‘Enterprise Solutions’) |
Sale of industrial UPS and providing annual maintenance support
services. |
|
iv. |
Global
Infrastructure Services (“GIS”) |
Providing network infrastructure services. |
|
v. |
India Head
Quarters (“India HQ”) |
Providing strategic
management, finance, human resources, sales and marketing, communication,
legal and compliance, supply chain management, employee health and safety and
government relations services to General Electric group companies. |
|
vi. |
Kelman |
Sale, installation
and commissioning of dissolved gas analysis kits and training of technicians. |
|
vii. |
Lighting |
Trading of
industrial lighting fixtures, High Intensity Discharge lamps and other
lighting products. |
|
viii. |
Marketing Support
and GBS (“MSD”) |
Marketing
support, transaction outsourcing and accounting services to General Electric
group companies. |
|
ix. |
Network
Reliability Products and Services (“NRPS”) |
Designing,
engineering, supply, testing, installation and commissioning, technical
services, hardware and software support (AMC’s/ LTSA) for power transmission
and distribution and sale and purchase of industrial filtration products. |
|
x. |
Oil and Gas |
Sales and service
of specialised equipment and spares used in those specialised equipments used
for extraction and transmission of oil and gas. |
|
xi. |
Industrial
Solutions (Previously ‘Power Controls’) |
Manufacture,
erection and commissioning services for electrical installations and
manufacturing and trading of electrical components. |
|
xii. |
Sensing and
Inspection Technologies (“S&I”) |
Dealing in
pressure instrument and sales and service of non-destructive testing
equipment and the related films. |
|
xiii. |
Tower |
Providing
infrastructure support to General Electric group companies. |
|
xiv. |
Training |
Rendering
professional and training services. |
|
xv. |
Transportation |
Manufacturing
and trading of critical locomotive spares. |
|
xvi. |
Water and Process
Technologies (“Water”) |
Manufacture,
sale and trade of specialty chemicals and membranes. |
|
xvii. |
Wind |
Manufacturing
and trading of wind turbine generators and providing related after sales
services. |
|
xviii. |
Energy |
Marketing support
to General Electric group companies. |
PERIOD IN
RETROSPECT:
The turnover of
the Company was INR 17945.400 millions as against INR 19393.100 millions of the
previous year. Loss for the year after taxation was INR 1888.900 millions as
against loss of INR 201.400 millions of the previous financial year.
MATERIAL CHANGES
During the year
there was an increase in the Authorised Capital of the Company from 1,678,000,000
divided into 11,089,590,000 equity shares of Rs.0.10 paise each, 10 1%
Non-cumulative Redeemable Preference Shares of Rs.100 each and 56,904,000 6.6%
Cumulative Redeemable Preference Shares of Rs.10 each to Rs.4428.000 millions
divided into 38,589,590,000 equity shares of Rs.0.10 paise each, 10 1%
Non-cumulative Redeemable Preference Shares of Rs.100 each and 56,904,000, 6.6%
Cumulative Redeemable Preference Shares of Rs.10 each.
Allotment of
22,000,000,000 Equity Shares of Rs.0.10/- was made to GE Energy Europe B.V.
(18,933,200,000 equity shares) and GE Pacific Pte. Limited (3,066,800,000).
FIXED ASSETS:
·
Building
·
Plant and Machinery
·
Computers
·
Air Conditioner
·
Vehicles
·
Office Equipments
·
Furniture and Fixtures
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 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.62.10 |
|
|
1 |
Rs.101.27 |
|
Euro |
1 |
Rs.85.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.