MIRA INFORM REPORT
|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
GE INDIA INDUSTRIAL PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
GE LIGHTING ( |
|
|
|
|
Registered
Office : |
401, 402, 4th Floor, Aggarwal Millennium Tower, E-1, 2, 3,
Netaji Subhash Place, Wazirpur, New Delhi – 110 034 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.05.1992 |
|
|
|
|
Com. Reg. No.: |
55-194724 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3695.756 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31500DL1992PTC194724 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BRDG00907E/
DELG06588B/ DELG10174D/ DELG08031C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG4901D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Power Generation Products. |
|
|
|
|
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 |
|
Maximum Credit Limit : |
USD 5200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
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 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 |
|
Fax No.: |
91-11-39827841 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office / Factory 1 : |
Plot No.42/1 and 45/14, Electronic City - Phase II, Bangalore – 560
100, Karnataka, India |
|
Tel. No.: |
HO-91-80-41114000 Works-91-80-41113000 |
|
Fax No.: |
91-80-285288469/ 55 |
|
|
|
|
Branch Office : |
Located at: ·
Gurgaon · Chandigarh · Bangalore · Chennai · Coimbatore · Cochin · Secunderabad · Mumbai · Kolkata |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Vipin Goel |
|
Designation : |
Director |
|
Address : |
B-7/97, Safdarjung Enclave, New Delhi – 110 029, India |
|
Date of Birth/Age : |
02.02.1973 |
|
Date of Appointment : |
13.03.2009 |
|
DIN No.: |
02573657 |
|
|
|
|
Name : |
Mr. Srikant Srinivasan |
|
Designation : |
Director |
|
Address : |
212, Salarpuria Cambridge Residency, 1st Cross, Someshwarapura,
Ulsoor, Bangalore – 560 008, Karnataka, India
|
|
Date of Birth/Age : |
31.03.1968 |
|
Date of Appointment : |
22.11.2011 |
|
DIN No.: |
00084333 |
|
|
|
|
Name : |
Mr. Pradeep Gupta |
|
Designation : |
Director |
|
Address : |
142-A, Ashram Mathura Road, New Delhi – 110 014, India |
|
Date of Birth/Age : |
23.06.1969 |
|
Date of Appointment : |
08.12.2011 |
|
DIN No.: |
01467310 |
|
|
|
|
Name : |
Mr. Ashwani Bhargava |
|
Designation : |
Director |
|
Address : |
A-207, Raheja Residency, Koramangala, Bangalore – 560 034, Karnataka,
India |
|
Date of Birth/Age : |
31.03.1968 |
|
Date of Appointment : |
08.12.2011 |
|
DIN No.: |
05151012 |
|
|
|
|
Name : |
Mr. Girish Narayanan Iyer |
|
Designation : |
Director |
|
Address : |
B-103, Gopalan Habitat, Habitat Splendour, ITPL Main Road,
Kundnahalli, Bangalore – 560 037, Karnataka, India |
|
Date of Birth/Age : |
21.04.1972 |
|
Date of Appointment : |
23.01.2012 |
|
DIN No.: |
05195619 |
|
|
|
|
Name : |
Mr. Ashok Kumar Vishwakarma |
|
Designation : |
Director |
|
Address : |
A-201, Mantri Sarovar, HSR Layout, Bangalore – 560 102, Karnataka,
India |
|
Date of Birth/Age : |
15.11.1968 |
|
Date of Appointment : |
13.02.2012 |
|
DIN No.: |
05203223 |
KEY EXECUTIVES
|
Name : |
Mr. K.R. Radhakrishnan |
|
Designation : |
Company
Secretary |
|
Address : |
A-202,
Emerald Court, Essel Towers, Gurgaon – 122 002, Haryana, India |
|
Date of Birth/Age : |
22.07.1956
|
|
Date of Appointment : |
21.09.2009 |
|
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 |
|
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 |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
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 |
|
|
|
Turbochargers |
Nos. |
250 |
|
Power Controls Division** |
|
|
|
Wind Division |
|
|
|
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 |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
ABNK Amro Bank, Nv Dlf Centre, Sansad Marg, New Delhi,
Delhi - 110001, India |
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560 071, Karnataka, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Holding Company : |
GE Energy Europe BV |
|
|
|
|
Ultimate Holding Company: |
General Electric Company |
|
|
|
|
Parties under common control with whom transactions have taken place
during the year: |
|
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. 59.13 |
|
|
1 |
Rs. 99.02 |
|
Euro |
1 |
Rs. 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
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.