MIRA
INFORM REPORT
|
Report Date : |
29.07.2014 |
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) : |
31.03.2013 |
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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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|
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
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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. There appear some accumulated
losses recorded by the company and the external borrowings appear to be huge
which may 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative. (Tel. No.: 91-124-4808222)
LOCATIONS
|
Registered Office : |
401, 402, 4th Floor, Aggarwal Millennium Tower, E-1, 2, 3,
Netaji Subhash Place, Wazirpur, New Delhi – 110 034, India |
|
Tel. No.: |
91-124-4808222 |
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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.: |
91-80-285288469/ 55 |
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Branch Office : |
Horizon Building, 4th
Floor, 57, Chowringhee Road, Kolkata-700071, West Bengal, India Located at: ·
Gurgaon · Chandigarh · Bangalore · Chennai · Coimbatore · Cochin · Secunderabad · Mumbai |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Vipin Goel |
|
Designation : |
Director |
|
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 |
|
DIN No.: |
02573657 |
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|
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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 |
|
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
|
Name : |
Mr. K.R. Radhakrishnan |
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Designation : |
Company
Secretary |
|
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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
GE Energy Europe B.V., The
Netherlands |
|
28467214061 |
|
GE Pacific Pte. Limited,
Singapore |
|
4610345088 |
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Total |
|
33077559149 |
|
Names of
Shareholders (Preference Shares) |
|
|
|
GE India Exports (Private)
Limited, India |
|
38800000 |
|
Total |
|
38800000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
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|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Power Generation Products. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity* |
|
Water Division |
|
|
|
Industrial Chemicals |
Kgs. |
4200000 |
|
Membranes |
Nos. |
11000 |
|
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.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
ABNK Amro Bank, Nv Dlf Centre, Sansad Marg, New Delhi,
Delhi - 110001, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
|
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 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: |
·
Airfoil Technologies International LLC ·
Altair Filter Technology Limited ·
Bently Nevada Inc. ·
BHA (Shanghai) New Environmental Technology
Company Limited ·
BHA Group Inc. ·
BHA Group Internatioal Private Limited ·
BHEL - GE Gas Turbine Services Private Limited ·
BL Technologies Inc. ·
Converteam EDC Private Limited ·
Converteam India Private Limited ·
Datex-Ohmeda Inc. ·
Dresser Holdings Inc. ·
Dresser Valve India Private Limited ·
Druck Limited ·
GE China Company Limited ·
GE China Research And Development Center Company
Limited ·
GE (USA) Malaysian Appliance Components Sdn Bhd ·
GE Analytical Instruments Inc. ·
GE Appliances Asia ·
GE Australia Pty Limited ·
GE Aviation Distribution Japan Company Limited ·
GE Be Private Limited ·
GE Betz Dearborn Canada Company ·
GE Betz Inc. ·
GE Betz Pty Limited ·
GE Betz S.R.L. ·
GE Betz Singapore Pte. Limited ·
GE Capital Business Process Management Services
Private Limited ·
GE Capital Korea Limited ·
GE Capital Services India Private Limited ·
GE Capital Solutions Europe Limited ·
GE Commercial Distribution Finance Corporation ·
GE Consumer and Industrial GmbH ·
GE Consumer and Industrial SA ·
GE De Ho - Marketing Support ·
GE Energy (Norway) A.S. ·
GE Energy (Thailand) Limited ·
GE Energy Control Solutions, Inc. ·
GE Energy Management Services Inc. ·
GE Energy Optimization and Control Pty Limited ·
GE Energy Parts Inc. ·
GE Engine Services LLC ·
GE Enterprise Development (Shanghai) Company
Limited ·
GE Financial Services S.A.R.L. ·
GE Gas Turbines LLC ·
GE Generators LLC ·
GE Global Sourcing India Private Limited ·
GE Global Sourcing LLC ·
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 Center Private Limited ·
GE Indian Services Holding Private Limited ·
GE Industrial Belgium BVBA ·
GE Infrastructure Sensing Inc. ·
GE Infrastructure Technology LLC ·
GE Inspection Technologies (Hong Kong) Limited ·
GE Inspection Technologies LP ·
GE Intelligent Platforms Canada Company ·
GE Intelligent Platforms Inc. ·
GE Intelligent Platforms Private Limited ·
GE International Aban ·
GE International CS Dabhol ·
GE International GSEC ·
GE International Inc. ·
GE International Inc. Branch-Malaysia ·
GE International Operations Company ·
GE Jenbacher GmbH and Company ·
GE Lighting Australia Limited ·
GE Lighting Korea Company Limited ·
GE Lighting Philippines Inc. ·
GE Lighting Solutions LLC ·
GE Mauritius Limited ·
GE Medical Systems (India) Private Limited ·
GE Medical Systems Ultrasound and Primary Care
Diagnostics LLC ·
GE Money Financial Services Private Limited ·
GE Money Housing Finance Private Limited ·
GE Money Pte Limited ·
GE Money Servicing - Philippines Inc. ·
GE Multilin ·
GE Osmonics Inc. ·
GE Pacific Pte Limited ·
GE Packaged Power Inc. ·
GE Packaged Power L.P. ·
GE Industrial Solutions Iberica S.L. ·
GE Industrial Solutions Nederland BV ·
GE Industrial Solutions Polska Sp.Z.O.O. ·
GE Industrial Solutions SA ·
GE Industrial Solutions Sp. Z.O.O. ·
GE Power Services India Private Limited ·
GE Power Systems (Malaysia) Sdn Bhd ·
GE Sensing and Inspection (Changzhou) Company
Limited ·
GE Sensing and Inspection Technologies Company
Limited ·
GE Sensing and Inspection Technologies GmbH ·
GE Sensing EMEA ·
GE Singapore ·
GE Strategic Investments India ·
GE Transportation Parts LLC ·
GE Transportation Systems Global Signaling LLC ·
GE Triveni Limited ·
GE Vietnam Limited ·
GE Water and Process Technologies (Wuxi) Company
Limited ·
GE Water and Process Technologies, Bvba ·
GE Water and Process Technologies, Canada ·
GE Water and Process Technologies, Italy S.R.L.
S.U. ·
GE Water and Process Technologies, Korea ·
GE Water and Process Technologies, Middle East
Fze ·
GE Water And Process Technologies, (Thailand)
Company Limited ·
GE Wind Energy GmbH ·
GE Zenith Controls Inc. ·
GE Products L.P. ·
GE BE Private Limited ·
GECAS Services India Private Limited ·
GE-He Wind Energy Shenyang Company Limited ·
GE-Hitachi Nuclear Energy Americas LLC ·
GELCO Corporation ·
General Electric Bahrain Company W.L.L. ·
General Electric Canada Inc. ·
General Electric Capital Corporation ·
General Electric Company ·
General Electric Company Polska Sp. Z O.O ·
General Electric Energy (Hangzhou) Company
Limited ·
General Electric International (Benelux) B.V. ·
General Electric International Inc - Branch ? SN ·
General Electric International Inc. ·
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 Operations
CompanyInc. ·
General Electric International Peru ·
General Electric Philippines Inc. ·
General Electric Saudi Arabia Limited ·
Global Turbine Services India Private Limited ·
Global Turbine Services Ireland Limited ·
Granite Services Inc. ·
Granite Services International India Private
Limited ·
Hydril Pressure Control Private Limited ·
Hydril USA Manufacturing LLC ·
Instrument Transformers Inc. ·
Italba Services S.R.L ·
Jenbacher Limited ·
Kelman Limited ·
Lineage Power (India) Private Limited ·
Maruti Countrywide Auto Financial Services
Private Limited ·
Medplexus India Private Limited ·
Monogram Licensing International Inc. ·
Nuovo Pignone Holding S.P.A. ·
OS Operations Inc. ·
PC Hydril Technical Services of India Private
Limited ·
Penaga Dresser Sdn Bhd ·
PT GE Operations Indonesia ·
Rheonik Messgerate GmbH ·
SBI Cards and Payments Services Private Limited ·
Shanghai GE Breakers Company Limited ·
Shanghai GE Guangdian Electric Company Limited ·
Sondex Wireline Limited ·
Vetco Gray Controls Limited ·
Vetco Gray Pte. Limited ·
Vetco Gray U.K. Limited ·
Wipro GE Healthcare Private Limited ·
Wipro GE Medical Systems Private Limited ·
Xin Hua Control Engineering Company Limited ·
Zenon Europe Manufacturing and Service Kft. ·
GE Infrastructure Central and Eastern Europe
Holding Korlatolt Felelossegu Tarsasag ·
GE Commercial Finance Holding Nederland B.V. ·
Kale Industrial Solutions Elektrik Sistemleri AS ·
EFS Spain Solar C.V. ·
GE Healthcare B.V. ·
General Electric Austria GmbH ·
GE Wind Energy B.V. ·
Jenbacher B.V. ·
GE Water and Process Technologies Netherlands
B.V. ·
Logistics Europe B.V. ·
GE Capital Commercial Finance B.V. ·
GE Inspections Technologies GmbH ·
Bently Nevada, LLC ·
Indo Tech Transformers Limited ·
Nuovo Pignone S.P.A ·
GE Generators (Pensacola) LLC ·
GE Energy Shenyang Company Limited ·
GE Capital Finance Australia Pty. Limited ·
General Electric Industrial Inc. ·
GE Transportation, Australia · GE Aviation Materials Inc. |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38589590000 |
Equity Shares |
Re.0.10/- each |
Rs. 3858.959 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. 4428.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33077559149 |
Equity Shares |
Re.0.10/- each |
Rs. 3307.756
Millions |
|
38800000 |
6.6% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 388.000
millions |
|
|
Total |
|
Rs. 3695.756 Millions |
As on: 30.09.2013
Authorised Capital : Rs. 7228.000 millions
Issued, Subscribed & Paid-up Capital : Rs. 6485.756
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) |
(218.700) |
|
(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 |
1277.056 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
128.446 |
119.232 |
81.154 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
259.133 |
74.681 |
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 |
2402.232 |
|
(b) Trade payables |
4661.847 |
4568.773 |
4130.391 |
|
(c) Other current liabilities |
5420.018 |
3121.231 |
2717.807 |
|
(d) Short-term provisions |
688.067 |
510.899 |
418.895 |
|
Total
Current Liabilities (4) |
17760.871 |
12768.344 |
9669.325 |
|
|
|
|
|
|
TOTAL |
20071.271 |
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 |
594.144 |
379.565 |
|
(d) Long-term Loan and Advances |
1004.435 |
695.657 |
606.870 |
|
(e) Other Non-current assets |
39.538 |
100.917 |
190.771 |
|
Total
Non-Current Assets |
4372.471 |
4145.889 |
2508.363 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1250.146 |
0.000 |
0.000 |
|
(b) Inventories |
2082.452 |
3013.350 |
3837.271 |
|
(c) Trade receivables |
5484.529 |
3175.155 |
2280.725 |
|
(d) Cash and cash equivalents |
456.102 |
566.158 |
185.491 |
|
(e) Short-term loans and
advances |
1729.112 |
1625.805 |
1136.232 |
|
(f) Other current assets |
4696.459 |
2136.774 |
1680.979 |
|
Total
Current Assets |
15698.800 |
10517.242 |
9120.698 |
|
|
|
|
|
|
TOTAL |
20071.271 |
14663.131 |
11629.061 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
(A) |
17945.430 |
19393.127 |
8757.510 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
(B) |
18050.446 |
18788.567 |
8696.015 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
(105.016) |
604.560 |
61.495 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
590.975 |
425.605 |
110.239 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(695.991) |
178.955 |
(48.744) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
572.519 |
322.247 |
251.763 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(1268.510) |
(143.292) |
(300.507) |
|
|
|
|
|
|
|
Less |
TAX
(H) |
620.447 |
58.079 |
(132.421) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
(1888.957) |
(201.371) |
(168.086) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
(681.694) |
(480.323) |
(312.237) |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
(2570.651) |
(681.694) |
(480.323) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
4330.200 |
4741.376 |
2642.593 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.00 |
0.00 |
0.00 |
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) |
(2.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.96) |
(0.13) |
(0.24) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.38 |
4.11 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.82 |
0.94 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1495.756 |
1495.756 |
3695.756 |
|
Reserves & Surplus |
(218.700) |
(357.640) |
(2371.289) |
|
Net
worth |
1277.056 |
1138.116 |
1324.467 |
|
|
|
|
|
|
long-term borrowings |
81.154 |
119.232 |
128.446 |
|
Short term borrowings |
2402.232 |
4567.441 |
6990.939 |
|
Total
borrowings |
2483.386 |
4686.673 |
7119.385 |
|
Debt/Equity
ratio |
1.945 |
4.118 |
5.375 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
8757.510 |
19393.127 |
17945.430 |
|
|
|
121.446 |
(7.465) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
8757.510 |
19393.127 |
17945.430 |
|
Profit |
(480.323) |
(681.694) |
(2570.651) |
|
|
(5.48)% |
(3.52)% |
(14.32)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Other loans and advances |
0.000 |
4.577 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Intercorporate borrowings |
6990.939 |
4567.441 |
|
|
|
|
|
Total |
6990.939 |
4572.018 |
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.
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.
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
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
PRESS RELEASE
GE TO INVEST RS
11000.000 MILLIONS IN CHAKAN PLANT
Despite global slowdown, US manufacturing giant General Electric (GE) announced that its new manufacturing facility in Pune would develop localized products and solutions for the energy sector in its first phase of operation commencing in 2013.
The Government of Maharashtra and GE signed a Memorandum of Understanding (MoU).
The new manufacturing facility would spread over a total area of 68 acres. GE will invest a cumulative amount of Rs 1100 crore in building this large scale facility - GE’s first such manufacturing site in India. It will hire over 2000 employees for this facility.
The facility, to begin with, will focus on energy products and technologies driven by the industry needs for power generation, transmission & distribution as well as measurement and control.
In addition, GE will package its environment friendly technologies such as hybrid batteries for energy storage and bio gas power generation technologies at the plant. The site will enable assembly and production support for any GE business that needs local manufacturing capability in India.
Commenting on this Prithviraj Chavan, chief minister of Maharashtra said “GE has had a long-standing presence in India and this is yet another step in the right direction to strengthen this partnership. There is no doubt that the key to success is to develop products and solutions that are localized to suit a specific region and GE has played an instrumental role in achieving that for India. We are confident that such initiatives will strengthen the manufacturing sector in India and enhance growth.”
He added, “I insist GE to open an R & D centre in Pune like Bangalore as we have enough pool of talented engineers which will deliver their best in research and development. Maharashtra Government has its own policy for manufacturing in place. We are also considering cities like Thane, Nagpur and Aurangabad to develop large industrial townships. Now it’s time to think beyond Mumbai and Pune for development or industrialization.”
John Rice, Vice Chairman, GE said “GE is committed to consistently provide best in class products and localized solutions to the people of India and this manufacturing facility will play a pivotal role in helping us realize that vision.”
Speaking on the occasion, John Flannery, President and CEO, GE India said, “Our new manufacturing facility aligns well with the Government’s objective of strengthening manufacturing and overall infrastructure of the country. We are looking forward to recover the cost in the next three years and expecting revenues of Rs 3300 crore out of this facility.”
GE already has a wind turbine assembly unit in Pune. The recently acquired dresser business by GE builds and tests industrial process valves for both the Indian market and exports.
GE PLANS TO MAKE
INDIA TECH AND INNOVATION CENTRE
MUMBAI: US-headquartered GE is planning to make India into a technology and innovation centre for its products and not looking at it as a low-cost manufacturing hub.
The company is bullish about healthcare, renewable energy and oil and gas sector and feels there is a need to remove bottlenecks in the thermal power sector for the revival of the beleaguered sector, Banmali Agrawala, President and CEO, South Asia, told ET in an interview.
"The power sector and exploration of oil and gas needs high-end technology in India because the country does not have easy location and sources that are available in other countries," Agrawala said. "We are using India for innovating products that are for markets like India."
The company has four technology centers in India where more than 5,300 technologists are working on products across all verticals. Last week, the company launched a new range of wind energy turbines for the Indian market to tap the lower end market in the country as the best of the sites have already been developed and developers are looking for alternative sites.
GE is open to investment in manufacturing but not unless it sees enough demand in the market. "We are a global company and we rely on a global supply chain. We will make the most of leveraging our global presence. Sometimes it makes sense to manufacture here sometimes it makes sense to manufacture elsewhere and bring it here. But the design and innovation need is here. Where we make it will be a function of where is it most economic," Agrawala said.
The company decided against setting up manufacturing facility for steam boilers and turbine generators. This is happening at a time when engineering majors like Larsen & Toubro, JSW Energy, Bharat Forge, Thermax,BGR Energy, among others, were forming joint ventures with foreign partners and made huge investments to set up units to make the core equipment for the power projects.
In retrospect, the decision worked in GE's favour as in the last two years, orders for core equipment has dried up as projects have been either stalled or even cancelled due to issues relating to fuel availability, financing or approvals, or land acquisition. Experts peg their combine loss at Rs 1,000 crore a year due to lack of orders.
"We have an association with BHEL for gas turbines. In steam turbine, volumes in the Indian market do not support manufacturing here. BHEL gets a major chunk of the orders, and the rest is shared by others but the volume is yet not that meaningful," Agrawala said.
GE Asia's head said that India needs to fix problems in power sector to attract foreign debt and capital because the local funds are not enough to add the capacity needed by the country.
"The balance sheets of most companies in the sector would not be able to support substantial capacity addition that is needed in the sector. We are short of equity as well as debt," he said.
India needs to provide a legal, regulatory, and risk-return framework that attracts foreign investment, he said. Despite 100% foreign direct investment allowed in India, most overseas energy companies have shied away from the country due to the challenges they faced here.
GE MAKES $389 MLN
SHARE TENDER OFFER FOR ALSTOM'S INDIA UNITS
NEW DELHI: General Electric Co on Monday made tender offers to buy shares worth up to $389 million in two of Alstom SA's India units to comply with local rules, following its $16.9 billion bid to buy the French group's energy unit.
GE has offered to buy 25 percent in Alstom T&D India Limited from public shareholders at 261.25 rupees a share in a deal valued at up to $278 million, according to a notice issued to Indian stock exchanges by the offer manager Credit Suisse.
GE is also seeking to buy 26 percent of Alstom India Limited at 382.20 rupees per share for up to $111 million, said a separate filing. GE will proceed with the offers only if its bid for Alstom's energy arm goes through, the filings said.
Cash-strapped French engineering group Alstom said last week it would explore a $16.9 billion offer from General Electric for its energy arm while leaving the door open to a rival bid from Germany's Siemens.
Shares in Alstom T&D India ended down 0.42 percent, while Alstom India gained 1.5 percent.
GE will indirectly acquire Alstom's 75 percent stake in Alstom T&D and 68.6 percent in Alstom India, if its bid to buy the French group's energy unit is successful, requiring the U.S. group to launch tender offer as per Indian market rules.
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 records 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. 60.10 |
|
|
1 |
Rs. 102.04 |
|
Euro |
1 |
Rs. 80.73 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
NO |
|
--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.