MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	WIPRO GE HEALTHCARE PRIVATE LIMITED (w.e.f. 16.01.2007)
Formerly Known As :	WIPRO GE MEDICAL SYSTEMS PRIVATE LIMITED
Registered Office :	No.4, Kadugodi, Industrial Area, Whitefield, Bangalore – 560 067, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.03.1990
Com. Reg. No.:	08-016063
Capital Investment / Paid-up Capital :	Rs. 105.100 Millions
CIN No.: [Company Identification No.]	U33111KA1990PTC016063
TAN No.: [Tax Deduction & Collection Account No.]	BLRW00054F
PAN No.: [Permanent Account No.]	AAACW1685J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Medical Equipment, it is also engaged in providing software services and technology solutions.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘General Electric Company, USA’. It is a well-established and a reputed company having a fine track record. The company has incurred heavy loss during current year. However, general financial position of the company appears to be good. Directors are well-experienced and knowledgeable businessmen. Trade relations are reported as trustworthy. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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 – 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 PARTED BY

Name :	Mr. Dinesh
Designation :	Secretary
Contact No.:	91-22-42389260
Date :	16.12.2013

LOCATIONS

Registered Office / Factory :	No.4, Kadugodi, Industrial Area, Whitefield, Bangalore – 560 067, Karnataka, India
Tel. No.:	91-80-25263121/ 28452933/ 28452925/ 28452926 / 42389260
Fax No.:	91-80-25263520/ 28452924
E-Mail :	nandakumar.sreedharan@ge.com vraja@geind.ge.com
Website :	www.wiproge.com
Branch Office :	881, Solitaire Corporate Part, 167, Guru Hargovindji Marg, Andheri – Ghatkopar Link Road, Chakala, Andheri (East) – Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28393926
Fax No.:	91-22-28393702
Branch Office :	Also Located At · Pune · Delhi · Ahmedabad · Chennai · Hyderabad · Gurgaon

DIRECTORS

AS ON 09.10.2013

Name :	Terri Smith Bresenham
Designation :	Managing Director
Address :	9124, Aspen Grove Lane, Madison WI 53717, USA
Date of Birth/Age :	16.12.1960
Date of Appointment :	14.11.2011
DIN No.:	05104069
Name :	Mr. Azim Hasham Premji
Designation :	Director
Address :	No.75, 133, 135/1, 136/1, Doddakannalli Village, Sarjapur Road, Bangalore – 560 035, Karnataka, India
Date of Birth/Age :	24.09.1945
Date of Appointment :	30.03.1990
PAN No.:	AIRPP9181G
DIN No.:	00234280

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L32102KA1945PLC020800	WIPRO LIMITED	Managing director	31/07/2013	01/09/1968	-	Active	NO
2	U65993KA1974PTC024191	NAPEAN TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	06/06/1974	06/06/1974	-	Active	NO
3	U65993KA1974PTC024195	VIDYA INVESTMENT AND TRADING COMPANY PRIVATE LIMITED.	Director	11/09/1974	11/09/1974	-	Active	NO
4	U65993KA1974PTC024192	REGAL INVESTMENT AND TRADING COMPANY PRIVATE LIMITED.	Director	11/09/1974	11/09/1974	-	Active	NO
5	U67120MH1974PTC017911	HASHAM PREMJI PRIVATE LIMITED	Director	11/11/1974	11/11/1974	01/09/2012	Active	NO
6	U65993KA1981PTC024196	PRAZIM TRADING AND INVESTMENT COMPANY PRIVATE LIMITED.	Director	13/11/1981	13/11/1981	-	Active	NO
7	U67120MH1983PTC029943	HASHAM INVESTMENT AND TRADING CO PRIVATE LIMITED	Director	10/05/1983	10/05/1983	-	Active	NO
8	U65993KA1983PTC024193	ZASH INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	10/05/1983	10/05/1983	-	Active	NO
9	U65993KA1983PTC024194	TARISH INVESTMENT AND TRADING COMPANY PRIVATE LIMITED.	Director	19/05/1983	19/05/1983	-	Active	NO
10	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	30/03/1990	30/03/1990	-	Active	NO
11	U65999KA2000GAT026421	AZIM PREMJI FOUNDATION (INDIA) PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
12	U93090KA2001NPL028740	AZIM PREMJI FOUNDATION	Director	09/03/2001	09/03/2001	-	Active	NO
13	U72900KA2000PLC027551	WIPRO INFRASTRUCTURE ENGINEERING LIMITED	Nominee director	19/02/2003	19/02/2003	-	Amalgamated	NO
14	U74999KA2009PTC051742	AZIM PREMJI TRUSTEE COMPANY PRIVATE LIMITED	Whole-time director	04/12/2009	04/12/2009	-	Active	NO
15	U80301KA2009NPL051792	AZIM PREMJI FOUNDATION FOR DEVELOPMENT	Whole-time director	09/12/2009	09/12/2009	-	Active	NO
16	U74900KA2010PTC054356	AZIM PREMJI TRUST SERVICES PRIVATE LIMITED	Whole-time director	05/07/2010	05/07/2010	-	Active	NO
17	U15141KA2010PLC054808	WIPRO ENTERPRISES LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO
18	U67190KA2010PTC054809	AZIM PREMJI SAFE DEPOSIT COMPANY PRIVATE LIMITED	Whole-time director	17/08/2010	17/08/2010	-	Active	NO
19	U67190KA2013PTC067888	AZIM PREMJI CUSTODIAL AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	18/02/2013	18/02/2013	-	Active	NO

Name :	Mr. Suresh Chandra Senapaty
Designation :	Director
Address :	301, Bridge Lavelle 1, Lavelle Road, Bangalore – 560 001, Karnataka, India
Date of Birth/Age :	03.03.1957
Date of Appointment :	25.01.1995
DIN No.:	00018711

Other Directorship:

S . No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U93090KA1982PLC021795	WIPRO TRADEMARKS HOLDING LIMITED	Director	02/01/1995	02/01/1995	02/07/2012	Active	NO
2	U24246KA1982PLC021796	WIPRO CHANDRIKA LIMITED.	Nominee director	02/01/1995	02/01/1995	02/07/2012	Active	NO
3	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	25/01/1995	25/01/1995	-	Active	NO
4	U91200KA1996PLC020622	WIPRO TRAVEL SERVICES LIMITED	Nominee director	10/06/1996	10/06/1996	02/07/2012	Active	NO
5	U72200KA2000PLC027405	WEP PERIPHERALS LIMITED	Director	25/07/2000	25/07/2000	05/01/2007	Active	NO
6	U64202KA2000PLC034668	WIPRO BPO SOLUTIONS LIMITED	Director	29/10/2001	29/10/2001	-	Amalgamated	NO
7	U72900KA2000PLC027551	WIPRO INFRASTRUCTURE ENGINEERING LIMITED	Nominee director	15/04/2002	15/04/2002	-	Amalgamated	NO
8	U85199KA2000PLC027715	WIPRO HEALTHCARE IT LIMITED	Nominee director	31/08/2002	31/08/2002	-	Amalgamated	NO
9	U02424KA2003PLC032810	WIPRO CONSUMER CARE LIMITED	Nominee director	03/11/2003	03/11/2003	02/07/2012	Active	NO
10	U45990MH1981PTC025536	CYGNUS NEGRI INVESTMENTS PRIVATE LIMITED	Nominee director	01/04/2004	01/04/2004	02/07/2012	Active	NO
11	U74140KA2003PTC040723	MPOWER SOFTWARE SERVICES (INDIA) PRIVATE LIMITED	Director	25/07/2006	29/12/2005	-	Amalgamated	NO
12	U72200KA2003PTC040724	MPACT TECHNOLOGY SERVICES PRIVATE LIMITED	Director	24/07/2006	29/12/2005	-	Amalgamated	NO
13	U72200MH2000PTC129630	CMANGO INDIA PRIVATE LIMITED	Director	04/04/2006	04/04/2006	-	Amalgamated	NO
14	U72200AP2001PLC036915	QUANTECH GLOBAL SERVICES LIMITED	Director	01/01/2007	01/01/2007	-	Amalgamated	NO
15	L32102KA1945PLC020800	WIPRO LIMITED	Whole-time director	18/04/2008	18/04/2008	-	Active	NO
16	U72200MH2004PLC148615	WIPRO TECHNOLOGY SERVICES LIMITED	Nominee director	20/01/2009	20/01/2009	02/07/2012	Active	NO
17	U72200KA2009PLC051272	WIPRO AIRPORT IT SERVICES LIMITED	Director	22/10/2009	22/10/2009	29/01/2010	Active	NO
18	U15141KA2010PLC054808	WIPRO ENTERPRISES LIMITED	Director	30/09/2013	01/04/2013	-	Active	NO

Name :	Mr. Pratik Kumar
Designation :	Director
Address :	421/A, Palm Meadows, 2, Whitefield Road, Ramagondanahalli, Bangalore – 560 066, Karnataka, India
Date of Birth/Age :	23.10.1965
Date of Appointment :	02.05.2002
DIN No.:	00328453

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	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	02/05/2002	02/05/2002	Active	NO
2	U15141KA2010PLC054808	WIPRO ENTERPRISES LIMITED	Whole-time director	01/04/2013	01/04/2013	Active	NO

Name :	Mr. Thomas Charles III Gentile
Designation :	Director
Address :	6855, Albefly LN, Cincinnati, Ohio-45243, USA
Date of Birth/Age :	19.09.1968
Date of Appointment :	11.07.2011
DIN No.:	03567319

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	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	11/07/2011	13/06/2011	Active	NO

Name :	Mr. Kurien Tekkethalakal Kurien
Designation :	Director
Address :	402, Skyline Apartment, Languord Road, Bangalore – 560 025, Karnataka, India
Date of Birth/Age :	17.11.1958
Date of Appointment :	23.09.2010
DIN No.:	03009368

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	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	23/09/2010	17/03/2010	Active	NO
2	L32102KA1945PLC020800	WIPRO LIMITED	Whole-time director	01/02/2011	01/02/2011	Active	NO

Name :	Frank Maria Schulkes
Designation :	Director
Address :	82, Route Sainte Gemme, 78860, Saiont Nom LA, Breteche, France
Date of Birth/Age :	20.12.1961
Date of Appointment :	07.03.2005
DIN No.:	00255834
Name :	Mr. Rishad Azim Premji
Designation :	Director
Address :	46, F.B. Desai Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	19.01.1977
Date of Appointment :	23.09.2010
DIN No.:	02983899

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	U93090KA2001NPL028740	AZIM PREMJI FOUNDATION	Director	29/09/2009	18/10/2008	Active	NO
2	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	23/09/2010	17/03/2010	Active	NO
3	U15141KA2010PLC054808	WIPRO ENTERPRISES LIMITED	Director	30/09/2013	01/04/2013	Active	NO

Name :	Keiran Pius Murphy
Designation :	Director
Address :	Moat Pius Farm, Upend New Market, CB8, 9PH, Suffolk, Pin Code 66400, Ireland
Date of Birth/Age :	03.12.1967
Date of Appointment :	11.07.2011
DIN No.:	03574010

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	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	11/07/2011	13/06/2011	Active	NO

Name :	Banmali Agrawala
Designation :	Director
Address :	C 602, Palm Springs, Golf Course Road, Sector 54, Gurgaon-122001, Haryana, India
Date of Birth/Age :	30.04.1963
Date of Appointment :	25.04.2013
DIN No.:	00120029

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1986PLC062170	WARTSILA INDIA LIMITED	Managing director	18/12/2002	18/12/2002	14/02/2008	Active	NO
2	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	10/09/2008	15/02/2008	01/12/2011	Active	NO
3	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Director	27/05/2009	18/07/2008	31/01/2012	Active	NO
4	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	01/09/2009	30/09/2008	30/11/2011	Active	NO
5	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director	17/07/2009	22/10/2008	01/12/2011	Active	NO
6	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	28/07/2009	14/05/2009	30/11/2011	Active	NO
7	L29113TN1992PLC022011	INDO-TECH TRANSFORMERS LIMITED	Director	10/08/2012	14/05/2012	04/03/2013	Active	NO
8	U29253KA2010PLC053834	GE TRIVENI LIMITED	Director	25/07/2013	14/03/2013	-	Active	NO
9	U74140DL1998PTC094577	GE CAPITAL BUSINESS PROCESS MANAGEMENT SERVICES PRIVATE LIMITED	Nominee director	27/09/2013	20/04/2013	-	Active	NO
10	U65999DL1998PTC093849	SBI CARDS AND PAYMENT SERVICES PRIVATE LIMITED.	Nominee director	12/09/2013	20/04/2013	-	Active	NO
11	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	09/10/2013	25/04/2013	-	Active	NO

Name :	Mr. Brian John Masterson
Designation :	Additional Director
Address :	W 287N3299 Woodgate Ct Pewaukee VI, USA 53072
Date of Birth/Age :	02.05.1961
Date of Appointment :	11.09.2012
DIN No.:	06753691

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	U33111KA1990PTC016063	WIPRO GE HEALTHCARE PRIVATE LIMITED	Director	09/10/2013	11/09/2012	Active	NO

KEY EXECUTIVES

Name :	Poojia Radhakrishnan
Designation :	Secretary
Address :	B 506, 5^th Floor, Sterling Sha Lom Kundalahallii TPL Main Road, Bangalore-560037, Karnataka, India
Date of Birth/Age :	07.07.1981
Date of Appointment :	01.10.2013
PAN No.:	AHEPR4243F
Name :	Mr. Dinesh
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.10.2013

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

AS ON 09.10.2013

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	49.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Medical Equipment, it is also engaged in providing software services and technology solutions.

Products :

Item Code No. (ITC Code)	90181210
Product Description	Ultrasound

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2011)

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

Note:

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

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

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

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

v The Hong Kong and Shanghai Banking Corporation Limited, Manipal Centre, Bangalore – 560 042, Karnataka, India

v Standard Chartered Grindlays Bank Limited, M.G. Road, Bangalore – 560 001, Karnataka, India

v Corporation Bank, Industrial Finance Branch, Rallaram Building, No.30, Mission Road, Bangalore – 560 027, Karnataka, India

v CITI Bank N. A., Anna Salai, Madras-600002, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
LONG TERM BORROWINGS
Finance lease obligations	212.500	127.600
Loans repayable on demand from bank
- Receivables purchase facility**	46.000	61.200
TOTAL	258.500	188.800
* includes due to related party	10.900	14.100
NOTES LONG TERM BORROWINGS Secured by hypothecation of vehicles and office equipment’s. The amount is payable in 36 to 48 monthly installments from the date of purchase. The rate of interest ranges from 13% p.a. to 15% p.a. ** Secured by charge on underlying receivable. The amount is payable in 12 quarterly installments. The rate of interest ranges from 9.75% p.a to 11.50% p.a.

Banking Relations :	--
Financial Institution :	Societe Generale, Raheja Ponit, Bangalore-560025, Karnataka, India
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Maruthi Infotech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore - 560 071, Karnataka, India
Tel. No.:	91-80-39806000
Fax No.:	91-80-39806999
PAN No.:	AADFB6889R
Holding and Ultimate Holding Company :	· General Electric Company, USA
Subsidiaries :	· GE Healthcare Bangladesh Limited (formerly known as GE Medical Systems Limited, Bangladesh) · GE Medical Systems (India) Private Limited, India · GE Healthcare Private Limited, India (* merged with the Company with effect from 1 April 2012)
Other Related Parties	· Wipro Limited, India (holding 49% of the shares of the Company) · Ambassador Medical Inc, USA · Breas Medical AB, Sweden · Datex Ohmeda (India) Private Limited, India · Datex Ohmeda Inc, USA · Datex-Ohmeda Srl, Italy · GE Healthcare Ltd, New Zealand · GE (China) Company Limited Holco, China · GE China Company Limited, China · GE Corp China Company Limited Holdco, China · General Electric Company (GE Corp IT - CIS),USA · General Electric Company (GE Corp IT - GIS),USA · GE Corp It- Marketing Headquarters, USA · General Electric Company (GE Corporate Crotonville Center), USA · General Electric Company (GE Corporate R and D),USA · General Electric Company (GE Corporate Staff - Audit Staff), USA · GE Digital Energy, India · GE ED and C, USA · GE Elseif , Saudi Arabia · GE Fanuc Systems Private Limited, India · GE Healthcare Bio-Sciences AB, Sweden · GE Healthcare Bio-Sciences Limited, Hong Kong · GE Healthcare BVBA, Belgium · GE Healthcare, Canada · GE Healthcare Clinical Systems SAS, France · GE Healthcare Clinical Systems UK Limited, UK · GE Healthcare Clinical Systems A/S, Denmark · GE Healthcare Clinical Systems BV, Netherlands · GE Healthcare Clinical Systems Norway AS, Norway · GE Healthcare Clinical Systems SL, Spain · GE Healthcare Do Brasil Comércio E Serviços Para Equipamentos Medico-Hospitalres Ltda ,Brazil · GE Healthcare Espana S.A, Spain · GE Healthcare Finland O.Y, Finland · GE Healthcare Information Technologies GMBH CO KG, Germany · GE Healthcare IT AB, Sweden · GE Healthcare Limited, Korea · GE Healthcare Pte Ltd, Singapore · GE Healthcare Sdn Bhd, Malaysia · GE Healthcare Sverige AB, Sweden · GE Healthcare Technologies Norway AS, Norway · GE Hualun Medical Systems Company Limited, China · GE India Industrial Private Limited, India · GE India Technology Centre Private Limited, India · GE Infrastructure Energy, USA · GE International Inc , Japan · GE Klinik Sistemler Ticaret AS ,Turkey · GE Medical Systems (China) Company Limited, China · GE Medical Systems (Thailand) Limited, Thailand · GE Medical Systems Australia PTY Limited, Australia · GE Medical Systems ,Denmark · GE Medical Systems Hong Kong Limited, Hong Kong · GE Medical Systems ,Hungary · GE Medical Systems Information Technology Inc, USA · GE Medical Systems Israel Limited, Israel · GE Medical Systems Kretztechnik GMBH Company OHG, Australia · GE Medical Systems Middle East, Egypt · GE Medical Systems MKE Parent, USA · GE Medical Systems Netherland BV, Netherlands · GE Medical Systems S.A, France · GE Medical Systems Trade and Development (Shanghai) Company Limited, China · GE Medical Systems Taiwan Limited, Taiwan · GE Medical Systems Turkiye Limited Sirketi, Turkey · GE Medical Systems Ultrasound and Primary Care Diagnostics LLC, USA · GE MMS, Japan · GE Monogram Licensing International Inc, USA · GE OEC Medical Systems, USA · GE OEC Medical Systems GMBH (formerly known as OEC Germany (Gemse) ,Germany) · GE Pacific Holdings Pte Limited, Singapore · GE Parallel Design, USA · GE Philippines Inc, Phillipines · GE Power Controls India, India · GE Shared Services Benelux, Netherlands · GE Sistemas Medicos De Mexico, S A De C V, Mexico · GE Ultraschall Deutschland GMBH CO KG, Germany · GE Ultrasound Korea Limited, Korea · GE Vingmed Ultrasound A/S, Norway · GE (China) Research And Development Center Company Limited, China · GE BE Private Limited, India · GE Healthcare Clinical Systems (Wuxi) Limited Company, China · GEII (General Electric International Inc), USA · GE Medical Systems Global Technology Company LLC Inc., USA · GE Countrywide Consumer Financial Services Limited · GE Medical Systems Israel Functional Imaging, Israel · GE Medical Systems IT, Hong Kong · GE Medical Systems PET Systems AB, Sweden · GE Medical Systems IT GMBH, Germany · General Electric Company (GE Company Corporate Staff), USA · General Electric Energy (Hangzhou) Company Limited, USA · General Electric International Inc - Branch, Malaysia · General Electric International Inc - UK Branch, UK · General Electric International, Inc - Branch, Norway · General Medical Finland O.Y, Finland · IFO and other Corp, USA · PAA Laboratories Gesellschaft MBH, Austria · Parallel Design SAS, France · PT GE Operations, Indonesia · Versamed Medical Systems Ltd, USA · Vital Signs, Inc, USA · GE Healthcare AS, Norway · GE Healthcare, Ireland · GE Healthcare Limited, UK · GE International Inc, Singapore · GE Pacific Pte Limited, Singapore · GE India Business Services Private Limited, India · Monogram Licensing International Inc., USA · Amersham Biosciences AB · Amersham Health Inc · GE Hualun Medical Systems Company Limited, Beijing · GE Hangwei Medical Systems Company Limited · GE Healthcare Global Parts Company Inc., USA · GE Healthcare IITS Inc. USA · GE Healthcare Japan Corporation, Japan · GE India Exports Private Limited, India · GE Medical Systems Inc. USA · GE Medical Systems Israel Limited · GE Medical Systems Monterrey Mexico, SA DE CV · GE Money Financial Services Limited, India · GE OEC Medical Systems Inc. · GE Clinical Services Inc · GE India Intelligent Platform Limited, India · GE Yokogawa Medical System Limited · GE Medical Systems Hungary · GE Healthcare, Waukesha, America · GE Hungary KFT · GE Medical Systems Italia S.P.A · GE Healthcare Biosciences Corp · GE Global Technology Solutions · GE Medical Systems Turkiye Limited Sirketi · GE Medical Systems Societe En Commandite Simple · Wipro Singapore Pte · GE Healthcare GMBH · GE Healthcare Pte Limited (DI/US) · GE International Operations Company Inc., Hongkong · GE Healthcare Norge AS · GE Healthcare Clinical Systems S.R.L. · GE Healthcare BR C.S.P/E.M.L T · GE Capital Services, India · General Cable Corp

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10511423	Equity Shares	Rs.10/- each	Rs. 105.100 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	105.100	105.100	105.100
(b) Reserves & Surplus	5028.000	5561.600	5463.100
(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)	5133.100	5666.700	5568.200
(3) Non-Current Liabilities
(a) long-term borrowings	258.500	188.800	107.100
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	831.400	1267.600	1106.000
(d) long-term provisions	473.100	235.600	185.500
Total Non-current Liabilities (3)	1563.000	1692.000	1398.600
(4) Current Liabilities
(a) Short term borrowings	1050.000	0.000	0.000
(b) Trade payables	5106.700	3378.800	3619.700
(c) Other current liabilities	4287.400	3090.600	1511.800
(d) Short-term provisions	412.500	370.000	649.900
Total Current Liabilities (4)	10856.600	6839.400	5781.400
TOTAL	17552.700	14198.100	12748.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2395.300	820.300	744.500
(ii) Intangible Assets	671.600	625.500	626.600
(iii) Capital work-in-progress	238.800	52.400	108.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	53.900	2866.700	3456.500
(c) Deferred tax assets (net)	270.800	185.500	139.000
(d) Long-term Loan and Advances	2450.700	1299.900	1041.800
(e) Other Non-current assets	337.500	339.400	541.300
Total Non-Current Assets	6418.600	6189.700	6658.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3068.400	2600.600	1921.100
(c) Trade receivables	5103.600	3837.400	3486.200
(d) Cash and cash equivalents	2591.100	910.600	234.500
(e) Short-term loans and advances	156.600	442.400	420.500
(f) Other current assets	214.400	217.400	27.700
Total Current Assets	11134.100	8008.400	6090.000
TOTAL	17552.700	14198.100	12748.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	30223.500	18122.100	15648.228
		Other Income
		TOTAL (A)	30223.500	18122.100	15648.228
Less	EXPENSES
		Cost of Material Consumed	29799.700	17731.500	14208.327
		Purchase of Stock In Trade
		Employee benefits expenses
		TOTAL (B)	29799.700	17731.500	14208.327
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		423.800	390.600	1439.901
Less	FINANCIAL EXPENSES (D)		310.900	161.400	135.014
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		112.900	229.200	1304.887
Less/ Add	DEPRECIATION/ AMORTISATION (F)		432.400	173.000	149.107
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(319.500)	56.200	1155.780
Less	TAX (H)		(119.400)	(41.700)	402.421
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(200.100)	97.900	753.359
	BALANCE CARRIED TO THE B/S		(200.100)	97.900	753.359
	EARNINGS IN FOREIGN CURRENCY		14458.500	6520.500	5759.219
	Earnings / (Loss) Per Share (Rs.)		19.04	9.31	71.67

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.66)	0.54	4.81
Return on Total Assets (PBT/Total Assets}	(%)	(1.88)	0.51	12.78
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.01	0.21
Debt Equity Ratio (Total Debt /Networth)		0.25	0.03	0.02
Current Ratio (Current Asset/Current Liability)		1.02	1.17	1.05

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
SHORT TERM BORROWINGS
Loan repayable on demand - GE India Industrial Private Limited*	100.000	0.000
Inter-Corporate deposit - GE BE Private Limited*	950.000	0.000
TOTAL	1050.000	0.000
NOTES SHORT TERM BORROWINGS The Company has taken loan repayable on demand, which is carrying an interest rate ranging between 8.05% p.a. to 8.18% p.a. The Company has taken inter corporate deposit, which is carrying an interest rate ranging between 8% p.a. to 9% p.a. and the same is repayable within one year from the date of borrowing.

VIEW INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	80044247	17/03/2008 *	200,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, RALLARAM BLDG., NO.30, MISSION ROAD, BANGALAORE, KARNATAKA - 560027, INDIA	A37098761
* Date of charge modification

NOTE

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

COMPANY OVERVIEW

Subject a private limited Company, is a joint venture between General Electric Company, USA (GE or the parent) and Wipro Limited (Wipro). During the year ended 31 March 2013, the Board of Directors of the Company vide their board meeting dated 3 April 2012 had approved the scheme of amalgamation (hereinafter referred to as the Scheme) between GE Medical Systems (India) Private Limited and GE Healthcare Private Limited (collectively known as "the transferor companies") for the transfer of the business of transferor companies to the Transferee Company. Consequently, these financial statements comprise the financial statements of the above mentioned entities.

The Company is focused towards healthcare segment in South Asia. The Company manufactures and trades in medical equipment. Further, it is also engaged in providing software services and technology solutions to its parent for products manufactured worldwide. Consequent to such amalgamation, the Company is also engaged in the business of trading of medical diagnostic products and imaging agents including contrast media and nuclear medicine cold kits, engineering related services for products manufactured worldwide, renders Information Technology (IT) and IT enabled services and accounting services to its group companies.

OPERATIONS

The Company's gross turnover of the Company of Rs. 30223.500 Millions is including the turnover of the amalgamated Companies of Rs. 9779.800 Millions. The turnover increased over the previous year, aided by growth in the Healthcare Systems largely driven by government and enterprise segments. The Company is continuing its force to drive volumes in India and neighboring countries. The company has introduced new products in the matter as per its "In country for Country" strategy. The Company has incurred loss during the year due to volatility of Rupee leading to Foreign Exchange Loss and increase cost of goods. Management has taken all necessary measures to recover the loss.

SCHEME OF AMALGAMATION

Wipro GE Healthcare Private Limited is a Company incorporated under the provisions of the Companies Act, 1956 ("the Act") with its registered office in Bangalore, Karnataka.

GE Medical Systems (India) Private Limited (hereinafter referred to as "GEMS", transferor company) is a company incorporated under the provisions of the Act with its registered office in Bangalore, Karnataka. GEMS 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.

GE Healthcare Private Limited (hereinafter referred to as "GEHPL", transferor company) is a company incorporated under the provisions of the Act with its registered office in New Delhi. GEHPL is engaged in the trading of medical diagnostic products and imaging agents including contrast media products and nuclear medicine cold kits.

The Board of Directors of the Transferee Company vide their board meeting dated 3 April 2012 approved the scheme of amalgamation under Sections 391 to 394 and other provisions of the Companies Act, 1956, (hereinafter referred to as the Scheme) for the merger of GEMS and GEHPL (collectively known as "the transferor companies") into the Transferee Company.

Subsequent to the year end, the Scheme was approved by the Honourable High Court of Karnataka and Honourable High Court of Delhi dated 24 July 2013 and 27 August 2013 respectively.

FIXED ASSETS

Intangible Assets

· Computer Software

· Licenses and technical Know how

· Drawing and designs

· Brand Valuation

· Goodwill

Tangible Assets

· Freehold land

· Furniture and Fixture

· Buildings

· Plant and Machinery

· Air conditioner and Office Equipment

· Data Processing Equipment

· Leased Assets

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 61.95
UK Pound	1	Rs. 101.14
Euro	1	Rs. 85.33

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	DPT

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	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.