MIRA INFORM REPORT

Report No. :	301599
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	GE INDIA INDUSTRIAL PRIVATE LIMITED
Formerly Known As :	GE LIGHTING (INDIA) PRIVATE LIMITED (GE APAR)
Registered Office :	401, 402, 4^th Floor, Aggarwal Millennium Tower, E-1, 2, 3, Netaji Subhash Place, Wazirpur, New Delhi – 110034
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.05.1992
Com. Reg. No.:	55-194724
Capital Investment / Paid-up Capital :	Rs. 6485.756 Millions
CIN No.: [Company Identification No.]	U31500DL1992PTC194724
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
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 (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
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. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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 31-03-2014.

LOCATIONS

Registered Office :	401, 402, 4^th Floor, Aggarwal Millennium Tower, E-1, 2, 3, Netaji Subhash Place, Wazirpur, New Delhi – 110 034, India
Tel. No.:	Not Available
Fax No.:	91-11-39827841
E-Mail :	vipin.goel@ge.com radhakrishnan.k@ge.com
Website :	http://www.ge.com
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 1	No.601, 6^th Floor, Tower B, RMZ Infinity, Old Madras Road, Bangalore - 560016
Branch Office 2	Horizon Building, 4th Floor, 57, Chowringhee Road, Kolkata-700071, West Bengal, India
Branch Office :	Also Located at: · Gurgaon · Chandigarh · Bangalore · Chennai · Coimbatore · Cochin · Secunderabad · Mumbai

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Srikant Srinivasan

Designation :

Whole-time Director

Address :

212, Salarpuria Cambridge Residency, 1^st Cross, Someshwarapura, Ulsoor, Bangalore – 560 008, Karnataka, India

Date of Birth/Age :

31.03.1968

Date of Appointment :

10.09.2014

DIN No. :

00084333

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	Managing director	20/07/2007	01/01/2007	31/12/2010	Active	NO
2	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Whole-time director	10/09/2014	22/11/2011	-	Active	NO

Name :

Mr. Gopal Venkata Ramanan

Designation :

Whole-time Director

Address :

No. 370, 1 Opposite S.B.M 6MN, 1BLK, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

04.10.1969

Date of Appointment :

30.09.2014

DIN No. :

01446016

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	U85110KA1999PTC025325	GE INDIA TECHNOLOGY CENTRE PRIVATE LIMITED	Alternate director	26/06/2003	26/06/2003	01/07/2012	Active	NO
2	U72200TG2008PTC088404	Synchrony International Services Private Limited	Director	20/09/2013	16/10/2012	20/03/2014	Active	NO
3	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Whole-time director	30/09/2014	10/09/2014	-	Active	NO

Name :

Mr. Rupak Saha

Designation :

Director

Address :

G – 801 Ambience Islands, national Highway No. 8, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

19.01.1962

Date of Appointment :

30.09.2014

DIN No. :

00056511

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	U65910DL1996ULT082961	GE CAPITAL FINANCIAL SERVICES (PRIVATE COMPANY WITH ULTD. LIAB.)	Director	08/09/1999	08/09/1999	-	Amalgamated	NO
2	U74999DL1999PTC206197	GE GLOBAL SOURCING INDIA PRIVATE LIMITED	Director	31/12/1999	31/12/1999	06/05/2011	Active	NO
3	U65929DL2001PTC110743	GE STRATEGIC INVESTMENTS INDIA(PVT. CO. WITH ULTD LIABILITY	Director	18/03/2002	18/03/2002	18/06/2007	Active	NO
4	U72900DL1999PTC102432	GE INDIA BUSINESS SERVICES PRIVATE LIMITED	Director	28/12/2004	28/12/2004	25/06/2008	Active	NO
5	U33130DL2000PTC232915	GE INDIA EXPORTS PRIVATE LIMITED	Director	02/09/2005	02/09/2005	06/05/2011	Active	NO
6	U74140DL1998PTC094577	GE CAPITAL BUSINESS PROCESS MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	02/03/2007	05/10/2009	Active	NO
7	U25202GJ2007PTC050658	SABIC Innovative Plastics India Private Limited	Director	25/04/2007	25/04/2007	04/10/2007	Active	NO
8	U72200DL1999PTC102990	GE INDIAN SERVICES HOLDING PRIVATE LIMITED	Director	10/06/2007	10/06/2007	-	Active	NO
9	U65999DL1998PTC093849	SBI CARDS AND PAYMENT SERVICES PRIVATE LIMITED.	Alternate director	16/10/2008	16/10/2008	03/11/2008	Active	NO
10	U65929DL1994PTC116256	GE MONEY FINANCIAL SERVICES Private LIMITED	Director	23/08/2012	02/08/2011	-	Active	NO
11	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Director	30/09/2014	10/09/2014	-	Active	NO

Name :

Mr. Mahesh Shrikrishna Palashikar

Designation :

Whole-time Director

Address :

Plot No. 40/3, Flat No. 9, Akshay Apartments, Erandwane, Pune – 411038, Maharashtra, India

Date of Birth/Age :

23.11.1967

Date of Appointment :

30.09.2014

DIN No. :

02275903

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	U51505TG1997PTC040657	BHEL-GE GAS TURBINE SERVICES PRIVATE LIMITED	Director	11/05/2009	14/07/2008	20/08/2013	Active	NO
2	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Whole-time director	30/09/2014	10/09/2014	-	Active	NO

Name :

Mr. Amit Kumar

Designation :

Whole-time Director

Address :

Plot Q 702, Symphany Purva Foundation SQ, Near Marathalli, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

17.19.1970

Date of Appointment :

30.09.2014

DIN No. :

02916686

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	U74999DL1999PTC206197	GE GLOBAL SOURCING INDIA PRIVATE LIMITED	Director	25/06/2010	08/01/2010	21/03/2014	Active	NO
2	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Whole-time director	30/09/2014	10/09/2014	-	Active	NO

Name :

Mr. Aditya Pande

Designation :

Whole-time Director

Address :

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

Date of Birth/Age :

17.04.1971

Date of Appointment :

30.09.2014

DIN No. :

03115010

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	U72200TG2008PTC088404	Synchrony International Services Private Limited	Director	30/07/2010	15/07/2010	10/08/2012	Active	NO
2	U31909KA1996PTC020482	GE BE PRIVATE LIMITED	Director	13/05/2013	01/09/2012	06/08/2014	Active	NO
3	U72200TG2006PTC049113	MEDPLEXUS INDIA PRIVATE LIMITED	Director	25/09/2012	25/09/2012	-	Active	NO
4	U24232WB2000PTC091267	DATEX OHMEDA (INDIA) PRIVATE LIMITED	Director	29/04/2013	29/04/2013	15/01/2014	Active	NO
5	U33111KA1990PTC016063	Wipro GE Healthcare Private Limited	Alternate director	27/05/2014	27/05/2014	26/08/2014	Active	NO
6	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Whole-time director	30/09/2014	10/09/2014	-	Active	NO

Name :

Mr. Ashok Kumar Vishwakarma

Designation :

Whole-time Director

Address :

A – 201 Mantri Sarovar, HSR Layout, Bangalore – 560102, Karnataka, India

Date of Birth/Age :

15.11.1968

Date of Appointment :

10.09.2014

DIN No. :

05203223

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	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Whole-time director	10/09/2014	13/02/2012	04/11/2014	Active	NO
2	L31200TN1975PLC006966	S & S POWER SWITCHGEAR LIMITED	Managing director	10/11/2014	10/11/2014	-	Active	NO

Name :

Mr. Ashish Bhandari

Designation :

Director

Address :

Property No. 109 A, Aralias Gurgaon – 122001, Haryana, India

Date of Birth/Age :

06.05.1971

Date of Appointment :

30.09.2014

DIN No. :

05291138

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	U33112GJ1988PTC010464	ADVANCED SYS-TEK PRIVATE LIMITED	Director	02/08/2013	01/06/2012	13/03/2014	Active	NO
2	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	17/07/2014	24/02/2014	-	Active	NO
3	U31500DL1992PTC194724	GE INDIA INDUSTRIAL PRIVATE LIMITED	Director	30/09/2014	10/09/2014	-	Active	NO

Name :

Mrs. Tejal Patil

Designation :

Whole-time Director

Address :

C – 103, South Extension – II, New Delhi – 10049, India

Date of Birth/Age :

04.04.1969

Date of Appointment :

30.09.2014

DIN No. :

06840408

Name :

Hoshang Eruch Subawalla

Designation :

Director

Address :

Vila C- 15, Epsilon Yemlur Main Road, Yemlur Village and Post, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

22.08.1968

Date of Appointment :

30.09.2014

DIN No. :

06969551

KEY EXECUTIVES

Name :	Mr. R K Radhakrishnan
Designation :	Secretary
Address :	A – 202 Emerald Court, essel Tower, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	22.07.1956
Date of Appointment :	21.09.2009
PAN No.:	AAGPR1713J

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
GE Energy Europe BV, Europe	52477954061
GE Pacific Pte. Limited, Singapore	8499605088
Total	60977559149

Names of Shareholders (6.60% Cumulative Redeemable Preference Shares)	No. of Shares
GE India Exports Private Limited, India	38800000
Total	38800000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 :	Manufacturer and Exporter of Power Generation Products.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

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 :

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	ABNK AMRO BANK
Branch Address	Nv Dlf Centre, Sansad Marg, New Delhi – 110001, India
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 :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Long-term maturities of finance lease obligations	104.107	128.446
Total	104.107	128.446

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
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	GE Energy Europe BV
Ultimate Holding Company:	General Electric Company
Associates/Subsidiaries :
Parties under common control with whom transactions have taken place during the year:	Advanced Sys-tek Private Limited Bently Nevada Inc. BHA Group GmbH - Russia Branch BHA Group Inc. BHEL-GE Gas Turbine Services Private Limited BL Technologies Inc. Caribe GE International of Puerto Rico Inc. Cherokee India Private Limited Converteam EDC Private Limited Converteam India Private Limited Converteam Ltd. Datex-Ohmeda (India) Private Limited Datex-Ohmeda Inc. Datex-Ohmeda Limited DI U.K. Limited Digital Energy Canada Inc Dresser Inc. Dresser ProduitsIndustriels SAS Dresser Valve India Private Limited Druck Limited Financiere CVT SAS GE (China) Company Limited GE (China) Company Limited- Branch - Bei Jing GE (China) Research and Development Center Company Limited GE (USA) Malaysian Appliance Components SdnBhd GE Aircraft Engine Services Limited GE Analytical Instruments Inc. GE Appliances Asia GE Aviation Systems LLC GE BE Private Limited GE Betz Inc. GE Betz Pty Limited GE Betz Singapore Pte. Limited GE Betz South Africa Pty Limited GE Capital Business Process Management Services Private Limited GE Capital EMEA Services Limited GE Capital Services India (A Public Company with Unlimited Liability) GE Capital Services SRL GE Commercial Distribution Finance Corporation GE Consumer & Industrial GmbH GE Consumer & Industrial SA GE Consumer Products Japan Limited GE Drives & Controls Inc. GE Energy (Shenyang) Company Limited GE Energy (Singapore) Pte. Limited GE Energy (USA) LLC GE Energy Control Solutions Inc. GE Energy Germany GmbH GE Energy Management Services Inc. GE Energy Measurement & Control GE Energy Measurement & Control PTY Limited GE Energy Netherlands B.V. GE Energy Optimization and Control Pty Limited GE Energy Parts Inc. GE Energy Power Conversion Group GE Energy Power Conversion Group SAS GE Energy Services (NZ) Limited GE Engine Services Malaysia Sdn. Bhd. GE Enterprise Development (Shanghai) Company Limited GE Equipment Services Europe B.V. GE Gas Turbines (Greenville) L.L.C. GE Global Servicing Private Limited GE Global Sourcing India Private Limited GE Healthcare Bangladesh Limited GE Healthcare Bio-Sciences AB GE Healthcare IITS USA Corp. GE Healthcare Pte Limited GE Healthcare UK Limited GE Hungary Kft GE India Business Services Private Limited GE India Exports Private Limited GE India Exports Private Limited (Corporate) - Div06 GE India Exports Private Limited (GE Capital HQ Solutions) GE India Exports Private Limited (IIC Appliances) GE India Technology Centre Private Limited GE Indian Services Holding Private Limited GE Industrial Belgium BVBA GE Infrastructure Inc. GE Infrastructure Sensing Inc. GE Infrastructure Technology LLC GE Inspection Technologies (Hong Kong) Limited GE Inspection Technologies Limited GE Inspection Technologies LP GE Intelligent Platforms Asia Pacific Pte. Limited GE Intelligent Platforms Europe SA GE Intelligent Platforms Inc. GE Intelligent Platforms Private GE Intelligent Platforms Private Limited GE International Inc. Branch - UZ GE International Mexico S. de R.L. de C.V. GE International Operations (NIG) Limited GE Ionics Inc. GE Japan Corporation GE Jenbacher GmbH & Co OG GE Lighting Australia Ltd. GE Lighting LLC GE Lighting Solutions LLC GE Mauritius Limited GE Medical Systems Global Technology Company LLC GE Medical Systems Information Technologies Inc. GE Medical Systems Ltd GE Medical Systems Societe en Commandite Simple GE Money EMEA GE Money Financial Services Limited GE Money Financial Services Private Limited GE Multilin GE Oil & Gas Inc. GE Oil & Gas UK Limited GE Osmonics Inc. GE Pacific Private Limited GE Pacific Pte Limited GE Packaged Power Inc. GE Power Controls Iberica S.L. GE Power Controls Italia Srl GE Power Controls Nederland BV GE Power Controls PolskaSp.z.o.o. GE Power Controls SA GE Power Controls Sp. zoo GE Power Conversion India Private Limited GE Power Conversion Technology Private Limited GE Power Electronics (India) Private Limited GE Power Electronics GmbH GE Power Electronics Inc. GE Power Management SA GE Power Services (India) Private Limited GE Power Systems (Malaysia) SdnBhd GE Sensing & Inspection (Changzhou) Company Limited GE Sensing & Inspection Technologies Company Limited GE Sensing & Inspection Technologies GmbH GE Sensing EMEA GE Sensing France SAS GE Sensing Korea Limited GE Smallworld GE Thermometrics (UK) Limited GE Thermometrics Inc. GE Transportation France S.N.C. GE Transportation Parts LLC GE Transportation Systems Global Signaling LLC GE Triveni Limited GE UK Holdings GE Vietnam Limited GE Water & Process Technologies (WuXi) Company Limited GE Water & Process Technologies BVBA GE Water & Process Technologies Canada GE Water & Process Technologies France SAS GE Water & Process Technologies Italy S.p.A. GE Water & Process Technologies Italy S.r.l. s.u. GE Water & Process Technologies Korea GE Water & Process Technologies Middle East FZE GE Water and Process Technologies (Thailand) Company Limited GE Water and Process Technologies Hungary TermelQesSzolgaltato GE Wind Energy GmbH GE Zenith Controls Inc. GEA Products LP GEC RF Global Services Philippines Inc. GECAS Services India Private Limited GE-HE Wind Energy Shenyang Co.Ltd. GE-Hitachi Nuclear Energy Americas LLC GEII - OLIN01-OG - 000320 GEII- Branch Office - DV3383 Gelco Corporation GEMx Technologies LLC General Electric - El Seif Medical Services General Electric Bahrain Company General Electric Bahrain Company W.L.L. General Electric Canada General Electric Canada Company General Electric Capital Corporation General Electric Capital Services Inc. General Electric Company General Electric Deutschland Holding GmbH General Electric do Brasil Ltda. General Electric Energy do Brasil - Equipamentos e Servicos de Energia LTDA. General Electric International (Benelux) BV General Electric International Inc. General Electric International Inc. - Branch - IN General Electric International Operations Company Inc. General Electric Philippines Inc. General Electric Saudi Arabia Limited General Electric South Africa (Proprietary) Ltd. Granite Services International India Private Limited Hydril Pressure Control Private Limited IGE Energy Services (UK) Limited Instrument Transformers Inc. Kelman Limited Lineage Power Holdings Inc Lufkin Industries LLC MedPlexus India Private Limited Monogram Licensing Inc. Monogram Licensing International Inc. National Home Communities LLC Nationwide Credit Corporation Limited NuovoPignone Holding S.p.A. NuovoPignoneS.p.A. NuovoPignoneS.r.l. OEC Medical Systems Inc. OS Operations Inc. PC Hydril Technical Services of India Private Limited PII (Canada) Limited Powertel India Private Limited Powertel India Private Limited PT GE Lighting Indonesia PT GE Operations Indonesia PT GE Technology Indonesia PT Vetco Gray Indonesia Reuter-Stokes Inc. SBI Cards and Payment Services Private Limited Shanghai GE Breakers Company Limited Shanghai GE Guangdian Electric Company Limited Sondex Wireline Limited Unison Industries LLC Vetco gray France S.A.R.L. Vetco Gray Pte. Ltd. Wipro GE Healthcare Private Limited Xin Hua Control Engineering Company Limited Zenon Europe Manufacturing and Service Kft

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
66589590000	Equity Shares	Re.0.10/- each	Rs.6658.959 Millions
56904000	Preference Shares (Cumulative Redeemable Preference Shares)	Rs.10/- each	Rs.569.040 Millions
10	Preference Shares (Non-Cumulative Redeemable Preference Shares)	Rs.100/- each	Rs. 0.001 Million
	Total		Rs. 7228.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60977559149	Equity Shares	Re.0.10/- each	Rs. 6097.756 Millions
38800000	Preference Shares	Rs.10/- each	Rs. 388.000 Millions
	Total		Rs. 6485.756 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	6485.756	3695.756	1495.756
(b) Reserves & Surplus	(4580.551)	(2371.289)	(357.640)
(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)	1905.205	1324.467	1138.116
(3) Non-Current Liabilities
(a) long-term borrowings	104.107	128.446	119.233
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	313.060	259.133	74.681
(d) long-term provisions	724.154	598.354	562.758
Total Non-current Liabilities (3)	1141.321	985.933	756.672
(4) Current Liabilities
(a) Short term borrowings	9220.116	6990.939	4567.441
(b) Trade payables	6178.725	4661.846	4568.773
(c) Other current liabilities	4435.675	5420.018	3121.231
(d) Short-term provisions	450.042	688.068	510.898
Total Current Liabilities (4)	20284.558	17760.871	12768.343
TOTAL	23331.084	20071.271	14663.131
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2083.450	2067.617	1722.994
(ii) Intangible Assets	95.937	83.250	66.970
(iii) Capital work-in-progress	3192.829	1177.631	965.207
(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	594.144
(d) Long-term Loan and Advances	1545.448	1004.434	695.656
(e) Other Non-current assets	62.845	39.538	100.917
Total Non-Current Assets	6980.509	4372.470	4145.888
(2) Current assets
(a) Current investments	1130.261	1250.146	0.000
(b) Inventories	3379.204	2082.452	3013.351
(c) Trade receivables	5978.636	5484.529	3175.155
(d) Cash and cash equivalents	858.357	456.103	566.158
(e) Short-term loans and advances	1882.582	1729.112	1625.805
(f) Other current assets	3121.535	4696.459	2136.774
Total Current Assets	16350.575	15698.801	10517.243
TOTAL	23331.084	20071.271	14663.131

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME (A)	21461.804	17945.430	19393.127
Less	TOTAL EXPENSES (B)	22094.681	18050.446	18788.567
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(632.877)	(105.016)	604.560
Less	FINANCIAL EXPENSES (D)	606.115	590.976	425.605
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(1238.992)	(695.992)	178.955
Less/ Add	DEPRECIATION/ AMORTISATION (F)	970.270	572.518	322.247
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(2209.262)	(1268.510)	(143.292)
Less	TAX (H)	0.000	620.447	58.078
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(2209.262)	(1888.957)	(201.370)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	(2570.652)	(681.695)	(480.325)
	Balance Carried to the B/S (I+J)	(4779.914)	(2570.652)	(681.695)
	EARNINGS IN FOREIGN CURRENCY	4224.365	4330.200	4741.376
	Earnings / (Loss) Per Share (Rs.)	(0.04)	(0.03)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	(10.29)	(10.53)	(1.04)
Operating Profit Margin (PBDIT/Sales)	(%)	(2.95)	(0.59)	3.12
Return on Total Assets (PBT/Total Assets}	(%)	(10.97)	(6.71)	(1.09)
Return on Investment (ROI) (PBT/Networth)		(1.16)	(0.96)	(0.13)
Debt Equity Ratio (Total Debt /Networth)		4.89	5.38	4.12
Current Ratio (Current Asset/Current Liability)		0.81	0.88	0.82

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	1495.756	3695.756	6485.756
Reserves & Surplus	(357.640)	(2371.289)	(4580.551)
Net worth	1138.116	1324.467	1905.205
long-term borrowings	119.233	128.446	104.107
Short term borrowings	4567.441	6990.939	9220.116
Total borrowings	4686.674	7119.385	9324.223
Debt/Equity ratio	4.118	5.375	4.894

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	19393.127	17945.430	21461.804
		(7.465)	19.595

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	19393.127	17945.430	21461.804
Profit	(201.370)	(1888.957)	(2209.262)
	(1.04%)	(10.53%)	(10.29%)

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted Aifacs Building 1, Rafi Marg, Delhi – 110001, India to the present address w.e.f. 01.05.2012

PERFORMANCE OVERVIEW

During the year ended 31 March 2014, the BNSS division has earned operating margin before taxes of INR 42.000 Millions (7% of sales) against a profit of INR 154.000 Millions (inclusive of one time transfer price credit of INR 336.900 Millions) earned for previous financial year.

Overall turnover of the business has increased by a healthy 51% over previous financial year. This strong performance is on account of ramping up of output from new manufacturing facility set up at Pune in November 2012, with an objective to improve business capability to provide local integrated solutions to the customers at competitive prices. This initiative has led to 4 times increase in sales from manufacturing operations amounting to INR 537.500 Millions in the current financial year.

Further, the business has made efforts to reduce its fixed costs with initiatives such as consolidation of office facilities and encouraging employees to reduce business travel leading to 5% decrease in fixed costs against previous financial year.

During the year ended 31 March 2014, the S & I division has earned operating margin before taxes of INR 47.400 Millions (4% of sales) against a loss of INR 76.300 Millions earned for previous financial year.

The business has experienced an increase in gross margin by 5% as compared to previous financial year on account of lesser foreign exchange fluctuations on imports as against last year, which has resulted in realization of planned margins on products sold.

Further, the business has made efforts to reduce its fixed costs with initiatives such as consolidation of office facilities, encouraging employees to reduce business travel and incurring lesser legal and professional expenses leading to 20% decrease in fixed costs against previous financial year.

During the year ended 31 March 2014, the O & G division has improved its operating margin by 18% over the previous financial year. The business earned an operating margin before taxes of INR 255.100 Millions (22% of sales) against a profit of INR 217.000 Millions earned for previous financial year.

The increase in profits is on account of new subsea equipment’s contract entered into with Reliance resulting into additional revenue of INR 183.200 Millions for the current financial year. Further, performance of long terms supply and service contract with ONGC ended as at 31^st March 2014, which lead to recognition of INR 96.500 Millions against INR 47.100 Millions booked in previous financial year.

BNI is a cost plus model software development division which is supporting GE in providing software solutions in various Machinery and diagnostics products.

This year the BNI division has taken up projects for few more GE business like Lufkin, O & G core etc. apart from Bently Nevada business.

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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Intercorporate deposits	9208.213	6990.939
Other loans and advances	11.903	0.000
Total	9220.116	6990.939

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Computer equipments
• Other equipments

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. 62.39
UK Pound	1	Rs. 94.16
Euro	1	Rs. 73.61

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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		43

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.