MIRA INFORM REPORT

Report No. :	347910
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	WIPRO GE HEALTHCARE PRIVATE LIMITED
Registered Office :	1, Maritime Square, 13 - 01, Harbourfront Centre, 099253
Country :	Singapore
Financials (as on) :	31.03.2015
Date of Incorporation :	14.08.2008
Com. Reg. No.:	T08FC7246-K
Legal Form :	Foreign
Line of Business :	Wholesale of medical, professional, scientific and precision equipment.
No. of Employee :	180 [2015]

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

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)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SINGAPORE ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	T08FC7246-K
COMPANY NAME	:	WIPRO GE HEALTHCARE PRIVATE LIMITED BRANCH OFFICE
FORMER NAME	:	N/A
INCORPORATION DATE	:	14/08/2008
COMPANY STATUS	:	EXIST
LEGAL FORM	:	FOREIGN
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, MARITIME SQUARE, 13 - 01, HARBOURFRONT CENTRE, 099253, SINGAPORE.
BUSINESS ADDRESS	:	1, MARITIME SQUARE, 13 - 01, HARBOURFRONT CENTRE, 099253, SINGAPORE.
TEL.NO.	:	65-62773506/62918528
FAX.NO.	:	65-62723997
CONTACT PERSON	:	RISHAD AZIM PREMJI ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF MEDICAL, PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT
AUTHORISED CAPITAL	:	INR 100,000,000.00
SALES	:	USD 49,435,893 [2015]
NET WORTH	:	USD 11,664,840 [2015]
STAFF STRENGTH	:	180 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	SATISFACTORY
PAYMENT	:	NO COMPLAINTS
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is principally engaged in the (as a / as an) wholesale of medical, professional, scientific and precision equipment.

The ultimate holding company of the Subject is GENERAL ELECTRIC COMPANY, a company incorporated in UNITED STATES.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
03/11/2015	INR 100,000,000.00	INR 0.00

No shareholders was found in our databank at the time of investigation

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JEAN MICHEL YVES SYLVAIN COSSERY
Address	:	THE COACH HOUSE, LITTLE HASELEY, OXFORD, OX447LL, UNITED KINGDOM.
IC / PP No	:	04RE65415
Nationality	:	BRITISH
Date of Appointment	:	22/06/2009

DIRECTOR 2

Name Of Subject	:	TERRI SMITH BRESENHAM
Address	:	9124, ASPEN GROVE LN, MADISON, WI 53717, MADISON, UNITED STATES.
IC / PP No	:	452126257
Nationality	:	AMERICAN
Date of Appointment	:	14/11/2011

DIRECTOR 3

Name Of Subject	:	RISHAD AZIM PREMJI
Address	:	46, F.B DESAI ROAD, MUMBAI, MAHARASHTRA, 400026, INDIA.
IC / PP No	:	Z2187420
Nationality	:	INDIAN
Date of Appointment	:	17/03/2010

DIRECTOR 4

Name Of Subject	:	THOMAS CHARLES GENTILE III
Address	:	6855, ALBERLY LN, CINCINNATI, OHIO, 45243, UNITED STATES.
IC / PP No	:	710572760
Nationality	:	AMERICAN
Date of Appointment	:	13/06/2011

DIRECTOR 5

Name Of Subject	:	KIERAN PIUS MURPHY
Address	:	MOAT FARM UPEND, NEWMARKET CB8, 9PH SUFFOLK, 66400, IRELAND.
IC / PP No	:	L041419
Nationality	:	IRISH
Date of Appointment	:	13/06/2011

DIRECTOR 6

Name Of Subject	:	AZIM HASHAM PREMJI
Address	:	75, 133, 135/1, 136/1, DODDAKANNALLI VILLAGE, SARJAPUR ROAD, BANGALORE, KARNATAKA, 560035, INDIA.
IC / PP No	:	Z1651665
Nationality	:	INDIAN
Date of Appointment	:	30/03/1990

DIRECTOR 7

Name Of Subject	:	JOHN LEONARD FLANNERY
Address	:	75, OLMSTEAD HILL RD, WILTON CT, 06897, UNITED STATES.
IC / PP No	:	426798426
Nationality	:	AMERICAN
Date of Appointment	:	17/03/2010

DIRECTOR 8

Name Of Subject	:	BANMALI AGRAWALA
Address	:	C-602, PALM SPRINGS, GOLF COURSE ROAD, SECTOR 54, GURGAON-122001, HARYANA, INDIA.
IC / PP No	:	Z2028493
Nationality	:	INDIAN
Date of Appointment	:	25/04/2013

DIRECTOR 9

Name Of Subject	:	BRIAN JOHN MASTERSON
Address	:	W287N3299, WOODGATE CT, PEWAUKEE WI 53072, UNITED STATES.
IC / PP No	:	488684002
Nationality	:	AMERICAN
Date of Appointment	:	11/09/2012

DIRECTOR 10

Name Of Subject	:	FRANK MARIA SCHULKES
Address	:	82, ROUTE SAINTE GEMME, 78860, SAIONT NOM LA BRETECHE, FRANCE.
IC / PP No	:	NJ8197188
Nationality	:	DUTCH
Date of Appointment	:	07/03/2005

DIRECTOR 11

Name Of Subject	:	PRATIK KUMAR
Address	:	421/A, PALM MEADOWS 2, PH, WHITEFIELD RD, RAMAGONDANAHALLI, BANGALORE, KARNATAKA, 560066, INDIA.
IC / PP No	:	Z1556201
Nationality	:	INDIAN
Date of Appointment	:	02/05/2002

DIRECTOR 12

Name Of Subject	:	SURESH CHANDRA SENAPATY
Address	:	301, BRIDGADE LAVELLE, LAVELLE ROAD, 560001, BANGALORE, INDIA.
IC / PP No	:	Z1731196
Nationality	:	INDIAN
Date of Appointment	:	25/01/1995

DIRECTOR 13

Name Of Subject	:	SOUMITRA GHOSH
Address	:	L-62, DIAMOND DISTRICT, AIRPORT ROAD, BANGALORE KARNATAKA, 560008, INDIA.
IC / PP No	:	Z2023842
Nationality	:	INDIAN
Date of Appointment	:	25/03/2014

MANAGEMENT

1)	Name of Subject	:	RISHAD AZIM PREMJI
	Position	:	DIRECTOR

AUDITOR

No Auditor found in our databank

COMPANY SECRETARIES

1)	Company Secretary	:	KENNETH ONG HENG HENG
	IC / PP No	:	S7013671F
	Address	:	192, DEPOT ROAD, 13-24, INTERLACE, 109690, SINGAPORE.
	Remarks	:	AGENT

2)	Company Secretary	:	DUGGAL AJAY
	IC / PP No	:	S7369745Z
	Address	:	70, BAYSHORE ROAD, 07-09, COSTA DEL SOL, 469987, SINGAPORE.
	Remarks	:	AGENT

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Goods Traded

:

MEDICAL, PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	180	180

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of medical, professional, scientific and precision equipment.

GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	9545507567
Current Telephone Number	:	65-62773506/62918528
Match	:	YES
Address Provided by Client	:	1, MARITIME SQUARE # 13-01 HARBOURFRONT CENTRE SINGAPORE 099253
Current Address	:	1, MARITIME SQUARE, 13 - 01, HARBOURFRONT CENTRE, 099253, SINGAPORE.
Match	:	YES

Other Investigations

On 3rd November 2015 we contacted one of the staff from the Subject and she provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2012 - 2015	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2015	]
Return on Shareholder Funds	:	Acceptable	[	11.68%	]
Return on Net Assets	:	Unfavourable	[	8.25%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	3 Days	]
Debtor Ratio	:	Unfavourable	[	100 Days	]
Creditors Ratio	:	Favourable	[	3 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.73 Times	]
Current Ratio	:	Unfavourable	[	1.76 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the Subject is a Foreign company, focusing on wholesale of medical, professional, scientific and precision equipment. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth.

The Subject is a fairly large and rapidly growing company with over 180 staff in its operations Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 11,664,840, the Subject should be able to maintain its business in the near terms.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

WIPRO GE HEALTHCARE PRIVATE LIMITED BRANCH OFFICE

Financial Year End	2015-03-31	2014-03-31	2013-03-31	2012-03-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	49,435,893	19,853,563	28,151,214	28,323,801
	----------------	----------------	----------------	----------------
Total Turnover	49,435,893	19,853,563	28,151,214	28,323,801
Costs of Goods Sold	(36,217,985)	(13,785,705)	(23,734,946)	(20,892,261)
	----------------	----------------	----------------	----------------
Gross Profit	13,217,908	6,067,858	4,416,268	7,431,540
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,588,692	618,623	1,435,503	22,542
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,588,692	618,623	1,435,503	22,542
Taxation	(226,349)	16,547	(244,036)	(3,832)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,362,343	635,170	1,191,467	18,710
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	2,615,971	1,980,801	789,334	770,624
	----------------	----------------	----------------	----------------
As restated	2,615,971	1,980,801	789,334	770,624
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	3,978,314	2,615,971	1,980,801	789,334
DIVIDENDS - Ordinary (paid & proposed)	(650,000)	-	-	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	3,328,314	2,615,971	1,980,801	789,334
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	-	-	-	1,132,714
	----------------	----------------	----------------	----------------
	-	-	-	1,132,714
	-	-	-	=============

BALANCE SHEET

WIPRO GE HEALTHCARE PRIVATE LIMITED BRANCH OFFICE

Others	7,594,808	7,219,061	7,778,588	7,762,999
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	7,594,808	7,219,061	7,778,588	7,762,999
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	7,594,808	7,219,061	7,778,588	7,762,999
Stocks	441,665	479,433	1,280,212	637,104
Trade debtors	13,502,970	6,660,355	9,158,103	8,278,848
Other debtors, deposits & prepayments	3,488,034	3,094,135	2,893,682	616,869
Cash & bank balances	9,679,736	3,933,324	1,281,952	1,597,862
Others	-	-	-	122,464
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	27,112,405	14,167,247	14,613,949	11,253,147
	----------------	----------------	----------------	----------------
TOTAL ASSET	34,707,213	21,386,308	22,392,537	19,016,146
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	269,166	78,473	33,273	42,872
Other creditors & accruals	26,900	26,900	25,940	28,173
Deposits from customers	-	88,010	-	-
Amounts owing to related companies	11,384,469	4,720,819	5,779,356	4,957,518
Provision for taxation	278,996	259,746	277,400	150,221
Other liabilities	3,488,034	3,094,135	4,151,333	1,065,672
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	15,447,565	8,268,083	10,267,302	6,244,456
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	11,664,840	5,899,164	4,346,647	5,008,691
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	19,259,648	13,118,225	12,125,235	12,771,690
	=============	=============	=============	=============
HEAD OFFICE ACCOUNT	8,336,526	3,283,193	2,365,873	4,219,357
Retained profit/(loss) carried forward	3,328,314	2,615,971	1,980,801	789,334
	----------------	----------------	----------------	----------------
TOTAL RESERVES	3,328,314	2,615,971	1,980,801	789,334
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	11,664,840	5,899,164	4,346,674	5,008,691
Deferred taxation	-	-	7,778,561	7,762,999
Others	7,594,808	7,219,061	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	7,594,808	7,219,061	7,778,561	7,762,999
	----------------	----------------	----------------	----------------
	19,259,648	13,118,225	12,125,235	12,771,690
	=============	=============	=============	=============

FINANCIAL RATIO

WIPRO GE HEALTHCARE PRIVATE LIMITED BRANCH OFFICE

TYPES OF FUNDS
Cash	9,679,736	3,933,324	1,281,952	1,597,862
Net Liquid Funds	9,679,736	3,933,324	1,281,952	1,597,862
Net Liquid Assets	11,223,175	5,419,731	3,066,435	4,371,587
Net Current Assets/(Liabilities)	11,664,840	5,899,164	4,346,647	5,008,691
Net Tangible Assets	19,259,648	13,118,225	12,125,235	12,771,690
Net Monetary Assets	3,628,367	(1,799,330)	(4,712,126)	(3,391,412)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	618,623	1,435,503	1,155,256
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	1,588,692	618,623	1,435,503	1,155,256
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	23,042,373	15,487,144	18,045,863	14,007,455
Total Assets	34,707,213	21,386,308	22,392,537	19,016,146
Net Assets	19,259,648	13,118,225	12,125,235	12,771,690
Net Assets Backing	11,664,840	5,899,164	4,346,674	5,008,691
Shareholders' Funds	11,664,840	5,899,164	4,346,674	5,008,691
Total Share Capital	0	0	0	0
Total Reserves	3,328,314	2,615,971	1,980,801	789,334
LIQUIDITY (Times)
Cash Ratio	0.63	0.48	0.12	0.26
Liquid Ratio	1.73	1.66	1.30	1.70
Current Ratio	1.76	1.71	1.42	1.80
WORKING CAPITAL CONTROL (Days)
Stock Ratio	3	9	17	8
Debtors Ratio	100	122	119	107
Creditors Ratio	3	2	1	1
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0
Liabilities Ratio	1.98	2.63	4.15	2.80
Times Interest Earned Ratio	0	0	0	1.02
Assets Backing Ratio	-	-	-	-
PERFORMANCE RATIO (%)
Operating Profit Margin	3.21	3.12	5.10	0.08
Net Profit Margin	2.76	3.20	4.23	0.07
Return On Net Assets	8.25	4.72	11.84	9.05
Return On Capital Employed	8.25	4.72	11.84	9.05
Return On Shareholders' Funds/Equity	11.68	10.77	27.41	0.37
Dividend Pay Out Ratio (Times)	0.48	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	ANK

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 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%)

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