MIRA INFORM REPORT
|
Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GE INDIA INDUSTRIAL PRIVATE LIMITED |
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Formerly Known
As : |
GE LIGHTING ( |
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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 : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.05.1992 |
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Com. Reg. No.: |
55-194724 |
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Capital
Investment/ Paid-up Capital: |
Rs.1495.756 millions |
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CIN No.: [Company Identification
No.] |
U31500DL1992PTC194724 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00907E/
DELG06588B/ DELG10174D/ DELG08031C |
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PAN No.: [Permanent Account No.] |
AAACG4901D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Power Generation Products. |
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No. of
Employees: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4552000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of GE-Worldwide. It is a well established and a
reputed company having satisfactory track record. There appear some
accumulated losses recorded by the company and the external borrowings appear
to be huge which can act as a threat to the liquidity position of the
company. However trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. In view of strong holding company, the subject can be considered
normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 (GENERAL DETAILS)
|
Name : |
Mr. Anil Kaneja |
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Designation : |
Admin Officer |
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Contact No.: |
91-124-4808222 |
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Date : |
24.05.2013 |
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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Fax No.: |
91-11-39827841 |
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E-Mail : |
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Website : |
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Head Office / Factory 1 : |
Plot No.42/1 and 45/14, Electronic City - Phase II, Bangalore – 560
100, Karnataka, India |
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Tel. No.: |
HO-91-80-41114000 Works-91-80-41113000 |
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Fax No.: |
91-80-41434199 91-80-285288469/ 55 |
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Corporate Office : |
Building 7A, 5th Floor, Sector 25A, DLF Cyber City, Phase
III, Gurgaon – 122 002, Haryana, India |
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Tel. No.: |
91-124-4808000/ 4808222 |
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Factory 2 : |
Measurement and
Control Division Plot No. F, MIDC Road, Ranjan Gaon Industrial Area, Shirur, Pune – 412 211, Maharashtra, India |
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Branch Office : |
Located at: · Gurgaon · Chandigarh · Bangalore · Chennai · Coimbatore · Cochin · Secunderabad · Mumbai · Kolkata |
DIRECTORS
As on 21.12.2012
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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 : |
13.03.2009 |
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DIN No.: |
02573657 |
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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 : |
22.11.2011 |
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DIN No.: |
00084333 |
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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 : |
08.12.2011 |
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DIN No.: |
01467310 |
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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 : |
08.12.2011 |
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DIN No.: |
05151012 |
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Name : |
Mr. Girish Narayanan Iyer |
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Designation : |
Director |
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Address : |
B-103, Gopalan Habitat, Habitat Splendour, ITPL Main Road, Kundnahalli,
Bangalore – 560 037, Karnataka, India |
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Date of Birth/Age : |
21.04.1972 |
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Date of Appointment : |
23.01.2012 |
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DIN No.: |
05195619 |
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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 : |
13.02.2012 |
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DIN No.: |
05203223 |
KEY EXECUTIVES
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Name : |
Mr. K.R. Radhakrishnan |
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Designation : |
Company
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 : |
Mr. Anil Kaneja |
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Designation : |
Admin Officer |
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Name : |
Mr. Ajay Kumar |
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Designation : |
Executive - Sales |
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Name : |
Mr. Akbar Khan |
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Designation : |
Senior Vice President |
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Name : |
Arghya Sen |
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Designation : |
Director - HR |
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Name : |
Mr. Gaurav Negi |
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Designation : |
Commercial Finance Leader |
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Name : |
Gurumurthy Santhanakrishnan |
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Designation : |
Senior Sales Leader |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.12.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
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GE Energy Europe B.V., The
Netherlands |
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9534014061 |
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GE Pacific Pte. Limited,
Singapore |
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1543545088 |
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Total |
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11077559149 |
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Names of
Shareholders (Preference Shares) |
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GE India Exports (Private)
Limited, India |
|
38800000 |
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Total |
|
38800000 |
As on 25.03.2013
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Names of Allottees (Equity Shares) |
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No. of Shares |
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GE Energy Europe B.V., The
Netherlands |
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18933200000 |
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GE Pacific Pte. Limited,
Singapore |
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3066800000 |
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Total |
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22000000000 |
As on 21.12.2012
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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 and Exporter of Power Generation Products. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity* |
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Water Division |
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Industrial Chemicals |
Kgs. |
4200000 |
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Membranes |
Nos. |
11000 |
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Transportation Division |
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Turbochargers |
Nos. |
250 |
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Power Controls Division** |
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Wind Division |
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Turbines |
Nos. |
300 |
* Installed
capacities are as certified by the management and have not been verified by the
auditors as this is a technical matter.
** The installed capacities cannot be determined as the facilities
installed serve multi-purposes and will vary according to product mix.
|
Particulars |
Unit |
Actual
Production |
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Power Controls Division |
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Fuse Gear |
Nos. |
2704995 |
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Control Gear |
Nos. |
123798 |
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Switch Gears |
Nos. |
296253 |
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Switchboards Water Division |
Nos. |
663 |
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Industrial Chemicals |
Kgs. |
3972581 |
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Membranes Transportation Division |
Nos. |
12279 |
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Turbochargers Wind Division |
Nos. |
346 |
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DTA |
Nos. |
14 |
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Hub |
Nos. |
42 |
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MH |
Nos. |
25 |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· Standard Chartered Bank, H.M. Geneva House, 14, Cunningham Road, Bangalore – 560 052, Karnataka, India ·
Bank of · Exim Bank, Centre One, WTC, Cuffe Parade, Mumbai, Maharashtra, India · The Hong Kong and Shanghai Banking Corporation Limited, Mumbai, Maharashtra, India · The Hong Kong and Shanghai Banking Corporation Limited, Bangalore, Karnataka, India ·
Deutsche Bank, ·
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560 071, Karnataka, India |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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PAN No.: |
AAAFB9852F |
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Holding Company : |
GE Energy Europe
BV |
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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: |
1. Airfoil
Technologies International LLC 2. Altair Filter
Technology Limited 3. Bently Nevada
Inc. 4. BHA
(Shanghai) New Environmental Technology Company Limited 5. BHA Group
Inc. 6. BHA Group
Internatioal Private Limited 7. BHEL - GE Gas
Turbine Services Private Limited 8. BL
Technologies Inc. 9. Converteam
EDC Private Limited 10. Converteam
India Private Limited 11. Datex-Ohmeda
Inc. 12. Dresser
Holdings Inc. 13. Dresser
Valve India Private Limited 14. Druck
Limited 15. GE China
Company Limited 16. GE China
Research And Development Center Company Limited 17. GE (USA)
Malaysian Appliance Components Sdn Bhd 18. GE
Analytical Instruments Inc. 19. GE
Appliances Asia 20. GE Australia
Pty Limited 21. GE Aviation Distribution
Japan Company Limited 22. GE Be
Private Limited 23. GE Betz
Dearborn Canada Company 24. GE Betz Inc. 25. GE Betz Pty
Limited 26. GE Betz
S.R.L. 27. GE Betz
Singapore Pte. Limited 28. GE Capital
Business Process Management Services Private Limited 29. GE Capital
Korea Limited 30. GE Capital
Services India Private Limited 31. GE Capital
Solutions Europe Limited 32. GE
Commercial Distribution Finance Corporation 33. GE Consumer
and Industrial GmbH 34. GE Consumer
and Industrial SA 35. GE De Ho - Marketing
Support 36. GE Energy
(Norway) A.S. 37. GE Energy
(Thailand) Limited 38. GE Energy
Control Solutions, Inc. 39. GE Energy
Management Services Inc. 40. GE Energy
Optimization and Control Pty Limited 41. GE Energy
Parts Inc. 42. GE Engine
Services LLC 43. GE
Enterprise Development (Shanghai) Company Limited 44. GE Financial
Services S.A.R.L. 45. GE Gas
Turbines LLC 46. GE
Generators LLC 47. GE Global
Sourcing India Private Limited 48. GE Global
Sourcing LLC 49. GE
Healthcare Bangladesh Limited 50. GE Healthcare
IITS USA Corp. 51. GE
Healthcare Private Limited 52. GE
Healthcare UK Limited 53. GE Hungary
KFT 54. GE India
Business Services Private Limited 55. GE India
Exports Private Limited 56. GE India
Technology Center Private Limited 57. GE Indian
Services Holding Private Limited 58. GE
Industrial Belgium BVBA 59. GE
Infrastructure Sensing Inc. 60. GE
Infrastructure Technology LLC 61. GE
Inspection Technologies (Hong Kong) Limited 62. GE
Inspection Technologies LP 63. GE
Intelligent Platforms Canada Company 64. GE
Intelligent Platforms Inc. 65. GE
Intelligent Platforms Private Limited 66. GE
International Aban 67. GE
International CS Dabhol 68. GE
International GSEC 69. GE
International Inc. 70. GE
International Inc. Branch-Malaysia 71. GE
International Operations Company 72. GE Jenbacher
GmbH and Company 73. GE Lighting
Australia Limited 74. GE Lighting
Korea Company Limited 75. GE Lighting
Philippines Inc. 76. GE Lighting
Solutions LLC 77. GE Mauritius
Limited 78. GE Medical Systems
(India) Private Limited 79. GE Medical
Systems Ultrasound and Primary Care Diagnostics LLC 80. GE Money
Financial Services Private Limited 81. GE Money
Housing Finance Private Limited 82. GE Money Pte
Limited 83. GE Money
Servicing - Philippines Inc. 84. GE Multilin 85. GE Osmonics
Inc. 86. GE Pacific
Pte Limited 87. GE Packaged
Power Inc. 88. GE Packaged
Power L.P. 89. GE
Industrial Solutions Iberica S.L. 90. GE
Industrial Solutions Nederland BV 91. GE
Industrial Solutions Polska Sp.Z.O.O. 92. GE Industrial
Solutions SA 93. GE
Industrial Solutions Sp. Z.O.O. 94. GE Power
Services India Private Limited 95. GE Power
Systems (Malaysia) Sdn Bhd 96. GE Sensing
and Inspection (Changzhou) Company Limited 97. GE Sensing
and Inspection Technologies Company Limited 98. GE Sensing
and Inspection Technologies GmbH 99. GE Sensing
EMEA 100. GE
Singapore 101. GE
Strategic Investments India 102. GE
Transportation Parts LLC 103. GE
Transportation Systems Global Signaling LLC 104. GE Triveni
Limited 105. GE Vietnam
Limited 106. GE Water
and Process Technologies (Wuxi) Company Limited 107. GE Water
and Process Technologies, Bvba 108. GE Water
and Process Technologies, Canada 109. GE Water
and Process Technologies, Italy S.R.L. S.U. 110. GE Water
and Process Technologies, Korea 111. GE Water
and Process Technologies, Middle East Fze 112. GE Water
And Process Technologies, (Thailand) Company Limited 113. GE Wind
Energy GmbH 114. GE Zenith
Controls Inc. 115. GE Products
L.P. 116. GE BE
Private Limited 117. GECAS
Services India Private Limited 118. GE-He Wind
Energy Shenyang Company Limited 119. GE-Hitachi
Nuclear Energy Americas LLC 120. GELCO
Corporation 121. General
Electric Bahrain Company W.L.L. 122. General
Electric Canada Inc. 123. General
Electric Capital Corporation 124. General
Electric Company 125. General
Electric Company Polska Sp. Z O.O 126. General
Electric Energy (Hangzhou) Company Limited 127. General
Electric International (Benelux) B.V. 128. General
Electric International Inc - Branch ? SN 129. General
Electric International Inc. 130. General
Electric International Inc. - Branch ? EG 131. General
Electric International Inc. - Branch ? PL 132. General
Electric International Inc. - Branch ? QA 133. General Electric
International Inc. - Branch ? SA 134. General
Electric International Operations CompanyInc. 135. General
Electric International Peru 136. General
Electric Philippines Inc. 137. General
Electric Saudi Arabia Limited 138. Global
Turbine Services India Private Limited 139. Global
Turbine Services Ireland Limited 140. Granite
Services Inc. 141. Granite
Services International India Private Limited 142. Hydril
Pressure Control Private Limited 143. Hydril USA
Manufacturing LLC 144. Instrument
Transformers Inc. 145. Italba
Services S.R.L 146. Jenbacher
Limited 147. Kelman
Limited 148. Lineage
Power (India) Private Limited 149. Maruti
Countrywide Auto Financial Services Private Limited 150. Medplexus
India Private Limited 151. Monogram
Licensing International Inc. 152. Nuovo
Pignone Holding S.P.A. 153. OS
Operations Inc. 154. PC Hydril
Technical Services of India Private Limited 155. Penaga
Dresser Sdn Bhd 156. PT GE
Operations Indonesia 157. Rheonik
Messgerate GmbH 158. SBI Cards
and Payments Services Private Limited 159. Shanghai GE
Breakers Company Limited 160. Shanghai GE
Guangdian Electric Company Limited 161. Sondex
Wireline Limited 162. Vetco Gray
Controls Limited 163. Vetco Gray
Pte. Limited 164. Vetco Gray
U.K. Limited 165. Wipro GE Healthcare
Private Limited 166. Wipro GE
Medical Systems Private Limited 167. Xin Hua
Control Engineering Company Limited 168. Zenon
Europe Manufacturing and Service Kft. 169. GE
Infrastructure Central and Eastern Europe Holding Korlatolt Felelossegu Tarsasag 170. GE
Commercial Finance Holding Nederland B.V. 171. Kale
Industrial Solutions Elektrik Sistemleri AS 172. EFS Spain
Solar C.V. 173. GE
Healthcare B.V. 174. General
Electric Austria GmbH 175. GE Wind
Energy B.V. 176. Jenbacher
B.V. 177. GE Water
and Process Technologies Netherlands B.V. 178. Logistics
Europe B.V. 179. GE Capital
Commercial Finance B.V. 180. GE
Inspections Technologies GmbH 181. Bently
Nevada, LLC 182. Indo Tech
Transformers Limited 183. Nuovo
Pignone S.P.A 184. GE
Generators (Pensacola) LLC 185. GE Energy
Shenyang Company Limited 186. GE Capital
Finance Australia Pty. Limited 187. General
Electric Industrial Inc. 188. GE
Transportation, Australia 189. GE Aviation
Materials Inc. |
CAPITAL STRUCTURE
After 21.12.2012
Authorised Capital : Rs.4428.000 millions
Issued, Subscribed & Paid-up Capital : Rs.3695.756
millions
As on 21.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11089590000 |
Equity Shares |
Re.0.10/- each |
Rs.1108.959 millions |
|
10 |
1% Non-Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.0.001 million |
|
56904000 |
6.6% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.569.040 millions |
|
|
Total |
|
Rs.1678.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11077559149 |
Equity Shares |
Re.0.10/- each |
Rs.1107.756
millions |
|
38800000 |
6.6% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.388.000
millions |
|
|
Total |
|
Rs.1495.756 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1495.756 |
1495.756 |
1495.756 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
212.220 |
|
|
4] (Accumulated Losses) |
(357.640) |
(218.701) |
(312.237) |
|
|
NETWORTH |
1138.116 |
1277.055 |
1395.739 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
114.656 |
67.873 |
61.165 |
|
|
2] Unsecured Loans |
4572.018 |
2415.514 |
1275.534 |
|
|
TOTAL BORROWING |
4686.674 |
2483.387 |
1336.699 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5824.790 |
3760.442 |
2732.438 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1789.963 |
1108.951 |
1049.357 |
|
|
Capital work-in-progress |
965.207 |
222.206 |
11.695 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
594.143 |
379.565 |
219.818 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3013.351
|
3837.271
|
1380.646
|
|
|
Sundry Debtors |
3175.155
|
2280.724
|
1471.248
|
|
|
Cash & Bank Balances |
566.158
|
185.491
|
207.913
|
|
|
Other Current Assets |
2237.692
|
1871.751
|
174.663
|
|
|
Loans & Advances |
2321.462
|
1743.102
|
1915.304
|
|
Total
Current Assets |
11313.818
|
9918.339 |
5149.774 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4754.893
|
4130.391
|
2351.004
|
|
|
Other Current Liabilities |
3020.241
|
2968.077
|
836.899
|
|
|
Provisions |
1063.207
|
770.151
|
510.303
|
|
Total
Current Liabilities |
8838.341
|
7868.619 |
3698.206 |
|
|
Net Current Assets |
2475.477
|
2049.720
|
1451.568 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5824.790 |
3760.442 |
2732.438 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
19393.127 |
|
6264.332 |
|
|
|
Other Income |
|
|
385.042 |
|
|
|
TOTAL (A) |
19393.127 |
8757.510 |
6649.374 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
18788.566 |
|
3476.416 |
|
|
|
Increase/ Decrease in Finished Goods &
work in progress |
|
|
(354.908) |
|
|
|
Personnel Cost
|
|
|
1282.385 |
|
|
|
Other Expenses
|
|
|
2044.470 |
|
|
|
Prior Period
Items
|
|
|
86.761 |
|
|
|
TOTAL (B) |
18788.566 |
8696.016 |
6535.124 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
604.561 |
61.494 |
114.250 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
425.606 |
110.239 |
55.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
178.955 |
(48.745) |
58.479 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
322.247 |
251.763 |
246.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(143.292) |
(300.508) |
(187.782) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
58.079 |
(132.421) |
9.467 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(201.371) |
(168.087) |
(197.249) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(480.324) |
(312.237) |
(114.988) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(681.695) |
(480.324) |
(312.237) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
4741.376 |
2642.593 |
1159.454 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.01) |
(0.02) |
(0.02) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.04) |
(1.92) |
(2.97) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
(3.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.09) |
(2.73) |
(3.03) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13) |
(0.24) |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.12 |
1.94 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.26 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
4754.893
|
4130.391
|
2351.004
|
|
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 Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Deferred sales tax loan (Sales tax loan
represents sales tax collected and not paid pursuant to the sales tax
deferments facility under schemes formulated by the Government of Gujarat and
Karnataka Industrial Area Development Board and the same will be repaid by
the year 2013-14.) |
4.577 |
13.281 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
0.000 |
1.297 |
|
Loans repayable on demand from others (It indicates Inter
corporate deposits and advances) (Repayable on
demand). |
4567.441 |
2400.936 |
|
Total
|
4572.018 |
2415.514 |
Note:
The Registered office of the company has been shifted from Aifacs building 1, Rafi Marg, New Delhi – 110 001, India 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 Company USA. The registered office of the Company is situated in New
Delhi.
The Company
through its divisions is engaged in the following business:
|
Division |
Nature of business |
|
Bently Nevada India |
Export of computer software. |
|
Bently Nevada
Sales and Services |
Sales and service of vibration monitoring systems and related parts. |
|
Digital Energy |
Sale of
industrial UPS and providing annual maintenance support services. |
|
Global
Infrastructure Services |
Providing network infrastructure services. |
|
India Head Quarters |
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. |
|
Kelman |
Sale, installation and commissioning of dissolved gas analysis kits
and training of technicians. |
|
Lighting |
Trading of industrial lighting fixtures, High Intensity Discharge
lamps and other lighting products. |
|
Marketing Support
and GBS |
Marketing support, transaction outsourcing and accounting services to
General Electric group companies. |
|
Network
Reliability Products and Services |
Designing,
engineering, supply, testing, installation and commissioning, technical services,
hardware and software support (AMC’s/ LTSA) for power transmission and
distribution. |
|
Oil and Gas |
Sales and service of specialised equipment used for extraction and
transmission of oil and gas. |
|
Industrial Solutions |
Manufacture,
erection and commissioning services for electrical installations and
manufacturing and trading of electrical components. |
|
Sensing and
Inspection Technologies |
Dealing in pressure instrument and sales and service of
non-destructive testing equipment and the related films. |
|
Tower |
Providing infrastructure support to General Electric group companies. |
|
Training |
Rendering professional and training services. |
|
Transportation |
Manufacturing and trading of critical locomotive spares. |
|
Water and Process
Technologies |
Manufacture, sale and trade of specialty chemicals. |
|
Wind |
Manufacturing and trading of wind turbine generators and providing
related after sales services. |
|
Energy |
Marketing support to General Electric group companies. |
PERIOD IN RETROSPECT
The turnover of
the Company was INR 19393.127 millions as against INR 8757.510 millions of the
previous year. Loss for the year after taxation was INR 201.371 millions as
against loss of INR 168.087 millions of the previous financial year.
MATERIAL CHANGES
Creation of new division of the Company
During the year, a
new division of the Company was created in the name and style of ‘Multi Modal’
pursuant to the resolution of the Board of Directors on 13th
October, 2011. The said division has been created to reduce reliance on
imported products and migrate to products designed specifically for Indian
customers with features and price points that are competitive against local
competition.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Excise duty / service tax |
|
|
|
Show cause
notice by the Department for recovery of CENVAT credit taken on GLS Lamps of
Lighting division |
-- |
0.699 |
|
Service tax |
14.456 |
1.473 |
|
Excise Duty |
5.928 |
0.400 |
|
Other matters |
|
|
|
Cumulative preference dividend (note) |
171.479 |
142.188 |
|
Liquidated damages |
49.600 |
-- |
|
Claims from creditors not acknowledged as debts |
-- |
0.156 |
Note:
The Company has accrued
preference dividend aggregating Rs.171.479 millions (previous year Rs.142.188
millions) on 38800000 preference shares of Rs.10 each, for the periods June
2006 to March 2012. The shares were due for redemption on 25 June 2011.
However, the redemption has been extended to 25 June 2016 in the Board Meeting
held on 24 June 2011. The extension has been approved by the preference share
holder vide a letter dated 24 June 2011.
fixed assets:
· Buildings
· Vehicles
· Computers
· Leasehold Improvements
· Plant and Machinery
· Electrical Fittings
· Air Conditioner
· Office Equipments
· Furniture and Fittings
· Brand License
· Goodwill
· Computer Software
· Trademarks
· Exclusive Purchase Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.55.62 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
47 |
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.