MIRA INFORM REPORT

 

 

Report No. :

337136

Report Date :

18.08.2015

 

IDENTIFICATION DETAILS

 

Name :

GE INTELLIGENT PLATFORMS PRIVATE LIMITED

 

 

Registered Office :

1st Floor, Building 9, # 43, Electronics City, Hosur Road, Bangalore - 560100, Karnataka   

Tel. No.:

91-80-42515300

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.04.1997

 

 

Com. Reg. No.:

08-022158

 

 

Capital Investment / Paid-up Capital :

Rs. 493.590 Million

 

 

CIN No.:

[Company Identification No.]

U72200KA1997PTC022158

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRG00729B

 

 

PAN No.:

[Permanent Account No.]

AAACG7573K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The Company is engaged in manufacturing and trading of programmable logic controllers, automation software and related automation products.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of “General Electric Company” USA

 

It is an established company incorporated during the year 1997 having a satisfactory track record.

 

The company has incurred some accumulated losses. However, the rating derives strength from its strong group.

 

Trade relations are reported as fair. Business is active. Payment terms are slow but correct.

 

In view of long track record and strong parentage support, the company can be considered for business dealing 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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Bhargava

Designation :

Finance Head

Contact No.:

91-80-42515300

Date :

17.08.2015

 

 

 

LOCATIONS

 

Registered Office :

1st Floor, Building 9, # 43, Electronics City, Hosur Road, Bangalore - 560100, Karnataka, India

Tel. No.:

91-80-42515303 / 42515420

Fax No.:

91-80-42515305-06

E-Mail :

amitesh.sinha@ge.com

sayantan.roy@ge.com

Website :

www.ge-ip.com

 

Branch Office :

Located At

 

  • Chennai
  • Hyderabad
  • Kolkata
  • Mumbai
  • New Delhi
  • Pune
  • Vadodara 

 

 

DIRECTORS

 

AS ON 10.09.2014

 

Name :

Mr. Arvind Kakru

Designation :

Managing Director

Address :

C 5, 235, Sector-31, Noida-201303, Uttar Pradesh, India

Date of Birth/Age :

01.06.1971

Date of Appointment :

01.04.2011

DIN No.:

02737674

 

 

Name :

Mr. Ashok Kumar Dhoot

Designation :

Director

Address :

Flat No.302, Keerthi Regent, 2nd Main Kodohalli, Halli, Hal 3rd Stage, Bangalore-560008, Karnataka, India

Date of Birth/Age :

30.08.1977

Date of Appointment :

31.07.2013

DIN No.:

06616870

 

 

Name :

Mr. Sayantan Roy

Designation :

Director

Address :

Flat No. C1, L and T South City, Bannerghatta Road, Bangalore – 560006, Karnataka, India

Date of Birth/Age :

11.03.1974

Date of Appointment :

10.09.2014

DIN No.:

06748098

 

 

Name :

Mr. Shankaraprasad Kempanapalya Ramrao

Designation :

Director

Address :

1231, 11th Cross Vidhyapeeta Circle, Banashankari, 1 Stage, Bangalore-560050, Karnataka, India  

Date of Birth/Age :

10.08.1965

Date of Appointment :

29.09.2010

DIN No.:

02915402

 

 

KEY EXECUTIVES

 

Name :

Mr. Bhargava

Designation :

Finance Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 10.09.2014

 

Names of Shareholders

No. of Shares

%age holding

GE Intelligent Platforms Inc., USA

49059000

99.39

GE Intelligent Platforms Embedded Systems Inc, USA

300000

0.61

TOTAL

49359000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 10.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in manufacturing and trading of programmable logic controllers, automation software and related automation products.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Long-term maturities of finance lease obligations

4.897

4.952

Total

4.897

4.952

 

Auditors :

 

Name :

B S R and Associates LLP

Chartered Accountants

Address :

Maruthi Info Tech Centre, 11-12/1 Inner Ring Road, Kormangla, Bangalore, Karnataka, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFB9852F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company:

GE Intelligent Platforms Inc., USA

 

 

Ultimate Holding Company :

General Electric Company, USA

 

 

Fellow Subsidiaries :
  • GE Intelligent Platforms Asia Pacific Pte Limited, Singapore
  • GE India Technology Centre Limited, India
  • GE India Industrial Private Limited, India
  • GE India Exports Private Limited, India
  • GE Water and Process Technologies, Canada
  • GE Intelligent Platforms Private Limited, Lombardy
  • GE Intelligent Platforms, Europe SA
  • GE India Business Services Private Limited
  • GE Infrastructure International LLC
  • GE Oil and GAS Inc
  • GE Intelligent Platforms Embedded Systems Inc.
  • GE Money Financial Services Limited
  • Advanced Sys-tek Private Limited
  • GE Intelligent Platforms Limited - England
  • GE Intelligent Platforms Gmbh and Company KG
  • GE Medical Systems (India) Private Limited
  • GE Intelligent Platforms (Shanghai) Company Limited
  • GE Power Conversion India Private Limited (formerly "Converteam India Private Limited")
  • BHEL GE Gas Turbine Private Limited
  • General Electric International Inc, Shelton
  • Foundation Technology Limited
  • Converteam EDC Private Limited
  • GE (China) Company Limited
  • GE Fanuc Embedded Systems Inc
  • GE Global Sourcing India Private Limited
  • GE Intelligent Platforms Limited, Edenfield
  • GE Betz Pty Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

55000000

Equity Shares

Rs.10/- each

Rs.550.000 Million

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

49359000

Equity Shares

Rs.10/- each

Rs.493.590 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

493.590

493.590

84.150

(b) Reserves & Surplus

(366.663)

(257.144)

(156.649)

(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)

126.927

236.446

(72.499)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4.897

4.952

4.989

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

28.168

21.096

15.624

(d) long-term provisions

14.010

23.266

87.695

Total Non-current Liabilities (3)

47.075

49.314

108.308

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

72.129

95.939

180.000

(b) Trade payables

261.203

153.113

477.706

(c) Other current liabilities

110.104

91.763

91.556

(d) Short-term provisions

2.118

1.195

0.784

Total Current Liabilities (4)

445.554

342.010

750.046

 

 

 

 

TOTAL

619.556

627.770

785.855

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

28.209

34.825

19.621

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

3.039

(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

0.000

0.000

(d)  Long-term Loan and Advances

74.277

75.199

72.223

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

102.486

110.024

94.883

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

139.610

136.676

181.062

(c) Trade receivables

282.015

281.527

289.718

(d) Cash and cash equivalents

4.563

7.133

90.589

(e) Short-term loans and advances

80.248

84.682

125.425

(f) Other current assets

10.634

7.728

4.178

Total Current Assets

517.070

517.746

690.972

 

 

 

 

TOTAL

619.556

627.770

785.855

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

892.389

989.161

883.700

 

Other Income

 

 

 

 

TOTAL

892.389

989.161

883.700

 

 

 

 

 

 

EXPENSES

992.268

(Including financial expenses )

1077.723

(Including financial expenses )

864.180

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

 

19.520

 

 

 

 

 

 

FINANCIAL EXPENSES

 

 

10.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

(99.879)

(88.562)

8.820

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

9.639

11.933

6.370

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(109.518)

(100.494)

2.450

 

 

 

 

 

 

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(109.518)

(100.494)

2.450

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(257.144)

(156.650)

(159.100)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(366.662)

(257.144)

(156.650)

 

 

 

 

 

 

EARNING IN FOREIGN CURRENCY

60.378

44.841

31.010

  

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 (2.22)

(2.04) 

NA 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operation

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

(17.68)

(16.01)

0.31

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.86)

(0.43)

(0.03)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.61

0.43

(2.55)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.16

1.51

0.92

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

84.150

493.590

493.590

Reserves & Surplus

(156.649)

(257.144)

(366.663)

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

(72.499)

236.446

126.927

 

 

 

 

long-term borrowings

4.989

4.952

4.897

Short term borrowings

180.000

95.939

72.129

Total borrowings

184.989

100.891

77.026

Debt/Equity ratio

(2.552)

0.427

0.607

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income 

883.700

989.161

892.389

 

 

11.934

(9.783)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income 

883.700

989.161

892.389

Profit/Loss

2.450

(100.494)

(109.518)

 

0.28%

(10.16%)

(12.27%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

----

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

Yes

22

Conduct of the banking account

----

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

----

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

----

33

Market information

----

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE

 

 

·         INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

 

BACKGROUND

 

Subject is a subsidiary of GE Fanuc Intelligent Platforms Inc., USA. The Company was incorporated in 1997 as a private limited company. The Company is engaged in the business of manufacture and trading of programmable logic controllers, automation software and related automation products.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term borrowings

 

 

Loans and advances from others

72.129

95.939

Total

72.129

95.939

 

CONTINGENT LIABILITIES:

 

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Claims against the company not acknowledged as debt in respect of

 

 

Income tax*

11.061

11.061

Bank guarantee

122.362

81.778

Excise matters

 

 

 

133.423

92.839

 

 

FIXED ASSETS

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs. 65.22

UK Pound

1

Rs. 102.23

Euro

1

Rs. 72.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--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

 

42

 

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

 

--

 

 

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