MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	GE BE PRIVATE LIMITED
Formerly Known As :	GE TUBES AND DETECTORS INDIA PRIVATE LIMITED
Registered Office :	No. 60, Export Promotion Industrial Park, Whitefield,  Bangalore - 560066, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.05.1996
Com. Reg. No.:	08-20482
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U31909KA1996PTC020482
PAN No.: [Permanent Account No.]	AAACG6714A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of tubes, inserts and frames, and HV Tanks required for CT scanner and X-Ray Machines.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company 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
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DENIED

Management Non-Cooperative

Contact No.: 91-80-28410123

LOCATIONS

Registered Office / Factory:	No. 60, Export Promotion Industrial Park, Whitefield,  Bangalore - 560066, Karnataka, India
Tel. No.:	91-80-28410123/ 28410880
Fax No.:	91-80-28410851
E-Mail :	vidyacharan.chivukula@ge.com

DIRECTORS

AS ON 22.05.2014

Name :	Mr. William Berezowitz
Designation :	Director
Address :	5235, South, 49^th Street, Grenfield-53220, USA
Date of Birth/Age :	01.01.1960
Date of Appointment :	23.12.2005
DIN No.:	00301463

Name :

Gopichand Katragadda

Designation :

Director

Date of Appointment :

10.05.2012

Date of cessation :

21.07.2014

DIN No. :

02475721

Name :

Aditya Pande

Designation :

Director

Address :

F-35 Richmond Park, DLF PH-IV, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

17.04.1971

Date of Appointment :

01.09.2012

Date of cessation :

06.08.2014

DIN No. :

03115010

Name :

Mayank Prasad Bhatnagar

Designation :

Director

Address :

D-89, Prestige, Ozone, Whitefield, Main Road, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

28.01.1965

Date of Appointment :

15.06.2011

DIN No. :

03328958

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31909KA1996PTC020482	GE BE PRIVATE LIMITED	Director	15/06/2011	21/09/2010	-	Active	NO

Name :

Mahesh Chander Kapri

Designation :

Managing director

Address :

531 AECSL/O, 1 Cross, 1 st Main, B-Block, KU Ndalahalli, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

14.06.1968

Date of Appointment :

01.01.2011

DIN No. :

03401162

Name :

Sunil Kumar Sharma

Designation :

Director

Address :

33, D Bolock, CQAL Layout Sahakarnagar, Bangalore – 560092, Karnataka, India

Date of Appointment :

31.08.2011

Date of cessation :

23.07.2014

DIN No. :

03614952

Name :

Prabhat Ranjan Acharya

Designation :

Nominee director

Address :

No. D-I/101, MS Flats, Bapudham, San Martin Marg, Chanakyapuri, New Delhi – 110021, India

Date of Birth/Age :

11.07.1958

Date of Appointment :

10.09.2013

DIN No. :

06683267

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Whole-time director	25/09/2014	02/09/2013	-	Active	NO
2	U31909KA1996PTC020482	GE BE PRIVATE LIMITED	Nominee director	10/09/2013	10/09/2013	-	Active	NO
3	U31909PN1990GOI058096	BEL OPTRONIC DEVICES LIMITED	Nominee director	27/09/2013	27/09/2013	-	Active	NO
4	U32106KA2014GOI076102	BEL-THALES Systems Limited	Director	28/08/2014	28/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Vidyacharan Chivukula
Designation :	Secretary
Address :	No. 46, 8 Cross, Bhuveneshwarinagar, Hebbal Post Office, Bangalore – 560024, Karnataka, India
Date of Birth/Age :	29.11.1974
Date of Appointment :	17.09.2013
PAN No.:	AGAPC3823B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.05.2014

Names of Shareholders	No. of Shares
GE Pacific Mauritius Limited, Mauritius	7400000
Bharat Electronics Limited, India	2600000
Total	10000000

AS ON 22.05.2014

Equity Share Breakup (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings (Foreign institutional investor(s)l, Foreign comapnie(s) Foreign financial institution(s), Non-resident indian(s) or overseas corporate bodies or others	74.00
Government companies	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of tubes, inserts and frames, and HV Tanks required for CT scanner and X-Ray Machines.

Products :

Product Descriptions	ITC Code
CT Pace Tube	9022.30
CT Max Tube	9022.30
Detector Module	9022
Imaging Sub-System	90223000

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Long-term maturities of finance lease Obligations [#Secured by hypothecation of vehicles. Terms of repayment of finance lease varies from 36-48 months.]	10.400	8.400
Total	10.400	8.400

Banking Relations :	--
Auditors :
Name :	B S R and Associates LLP Chartered Accountant
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore - 560 071, Karnataka, India
PAN No.:	AADFB6889R
Holding Company :	GE Mauritius Limited, Mauritius
Ultimate Holding Company:	General Electric Company, USA
Substantial Interest / Associate :	Bharat Electronics Limited, India L32309KA1954GOI000787
Parties under common control :	Datex-Ohmeda,Inc, USA GE Corporate Research and Development, USA GE Hangwei Medical System Company Limited, China GE Healthcare Global Parts Company Inc., USA GE Healthcare Japan Corporation, Japan GE Hualun Medical Systems Company Limited, China GE Hungary Kft, Hungary GE India Industrial Private Limited, India GE International Benelux BV, Netherlands GE Medical Global Technology, USA GE Medical Systems Israel Limited, Israel GE Medical Systems Inc. USA GE Medical Systems Monterrey Mexico S.A. De C.V., Mexico GE Medical Systems SCS, France GE Medical Systems Trade And Development (Shanghai) Company, Limited, China GE Money Financial Services Limited, India GE Sensing and Inspection Technologies GmbH, Germany Gems Ultra Primary Diag LLC, USA GE OEC Medical System Systems Inv, USA Wipro GE Healthcare Private Limited, India Ge Healthcare Limited, Brasil Datex-Ohmeda India Private Limited, India Ge Healthcare Pte Limited, Singapore Ge Capital Services India Ge India Bus Svcs Private Limited

CAPITAL STRUCTURE

AS ON 22.05.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	100.000	100.000	100.000
(b) Reserves & Surplus	6109.900	5600.100	5006.400
(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)	6209.900	5700.100	5106.400
(3) Non-Current Liabilities
(a) long-term borrowings	10.400	8.400	4.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.300	7.900	7.500
Total Non-current Liabilities (3)	17.700	16.300	11.900
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	766.700	725.100	660.700
(c) Other current liabilities	94.200	83.200	163.300
(d) Short-term provisions	117.000	117.000	116.200
Total Current Liabilities (4)	977.900	925.300	940.200
TOTAL	7205.500	6641.700	6058.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	832.400	663.900	524.500
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	78.900	87.800	115.500
(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)	79.700	82.000	82.900
(d) Long-term Loan and Advances	288.400	259.500	228.900
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1279.400	1093.200	951.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	627.200	706.300	594.300
(c) Trade receivables	796.500	571.600	430.700
(d) Cash and cash equivalents	580.500	227.000	123.300
(e) Short-term loans and advances	3826.800	3971.800	3874.400
(f) Other current assets	95.100	71.800	84.000
Total Current Assets	5926.100	5548.500	5106.700
TOTAL	7205.500	6641.700	6058.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	6421.300	5545.170	4634.200
	Other Income
	TOTAL	6421.300	5545.170	4634.200
Less	EXPENSES
	TOTAL	5236.800	4310.360	3741.540
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1184.500	1234.810	892.660
Less	FINANCIAL EXPENSES	2.400	2.300	2.420
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1182.100	1232.510	890.240
Less/ Add	DEPRECIATION/ AMORTISATION	226.100	186.550	146.820
	PROFIT/ (LOSS) BEFORE TAX	956.000	1045.960	743.420
	TAX	329.200	334.210	239.990
	PROFIT/ (LOSS) AFTER TAX	626.800	711.750	503.420
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4728.700	4205.050	3868.210
Less	APPROPRIATIONS	5355.500	4916.800	4371.610
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5391.000	4570.000	3736.000
	TOTAL EARNINGS	5391.000	4570.000	3736.000
	Earnings / (Loss) Per Share (Rs.)	62.68	71.18	---

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	9.76	12.84	10.86
Net Profit Margin (PBT/Sales)	(%)	14.89	18.86	16.04
Return on Total Assets (PBT/Total Assets}	(%)	13.57	16.16	12.69
Return on Investment (ROI) (PBT/Networth)		0.15	0.18	0.15
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.06	6.00	5.43

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	100.000	100.000	100.000
Reserves & Surplus	5006.400	5600.100	6109.900
Net worth	5106.400	5700.100	6209.900
long-term borrowings	4.400	8.400	10.400
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.400	8.400	10.400
Debt/Equity ratio	0.001	0.001	0.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4634.200	5545.170	6421.300
		19.658	15.800

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4634.200	5545.170	6421.300
Profit	503.420	711.750	626.800
	10.86%	12.84%	9.76%

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

VIEW INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Freehold Land

· Buildings

· Plant and Machinery

· Office Equipments

· Electrical Installations and Fittings

· Computer Equipments

· Furniture and Fixtures

· Air Conditioners

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.61.418
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-----
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
	NB	New Business

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.