MIRA INFORM REPORT

Report No. :	344674
Report Date :	14.10.2015

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
Tel. No.:	91-44-49680000
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 Million
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 :	Subject is an Industrial Conglomerates. It operates in appliance, aviation, consumer electronics, electrical distribution, energy, finance, healthcare, lighting, water, rail, oil and gas and media and entertainment division.
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 subsidiary of GE Energy Europe BV. It is a well-established and reputed company having satisfactory track. The company has registered huge accumulated losses. It has sustained external borrowing which may act as a threat to the liquidity position of the company. However, the company receives strong managerial and financial support from its holding company. Trade relations are reported as fair. Business is active. Payments are slow but correct. 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 – 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 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-44-49680000)

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.:	91-44-49680000
Fax No.:	91-11-39827841
E-Mail :	vipin.goel@ge.com radhakrishnan.k@ge.com
Website :	http://www.ge.com
Head Office / Factory:	Plot No.42/1 and 45/14, Electronic City - Phase II, Bangalore – 560100, Karnataka, India
Tel. No.:	HO-91-80-41114000 Works-91-80-41113000
Fax No.:	91-80-285288469/ 55
Sales Network 1 :	Building No. 7A, 4^th -lth Floor, DLF Cyber City, DLF Phase -III, Sector-25A, Gurgaon - 122002, Haryana, India
Sales Network 2 :	Also Located at: · Chandigarh · Bangalore · Chennai · Coimbatore · Cochin · Secunderabad · Mumbai

DIRECTORS

AS ON 30.09.2014

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
7	U24230KA2015PTC078753	GENWORKS HEALTH PRIVATE LIMITED	DIRECTOR	06/02/2015	06/02/2015	-	Active	NO

Name :

Mrs. Tejal Patil

Designation :

Whole-time Director

Address :

C – 103, South Extension – II, New Delhi – 110049, India

Date of Birth/Age :

04.04.1969

Date of Appointment :

30.09.2014

DIN No. :

06840408

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	Under liquidation	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	-	Under liquidation	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. 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 :

Mr. Manish Raghunath Kolhe

Designation :

Additional Director

Address :

A101, Hemanth Orange Apartment,, 6th Cross, Kagadaspura Main Road, Vignan Nagar, Bangalore - 560075, Karnataka, India

Date of Appointment :

06.11.2014

DIN No. :

07010655

Name :

Mr. Godabanal Parameswarappa Ravindra Kumar

Designation :

Additional Director

Address :

801A, 1st Floor, The Laburnum Condominium Complex, Sushant Lok 1, Gurgaon - 122009, Haryana, India

Date of Appointment :

29.04.2015

DIN No. :

07108426

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
Name :	Mr. Deepak Doegar
Designation :	Executive - Services
Name :	Mr. Dileep Mangsuli,
Designation :	Executive - Engineering
Name :	Mr. Indraneel Dutt
Designation :	Executive - Business Operations
Name :	Mr. Pradeep Gupta
Designation :	CommercialFinance Manager
Name :	Mr. Anand Bansal
Designation :	Executive - Field Services
Name :	Mr. Deepesh Nanda
Designation :	Executive - Regional Sales

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 :	Subject is an Industrial Conglomerates. It operates in appliance, aviation, consumer electronics, electrical distribution, energy, finance, healthcare, lighting, water, rail, oil and gas and media and entertainment division.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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	HSBC Bank
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 :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
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, Netherlands
Ultimate Holding Company:	General Electric Company, United States
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	GE Infrastructure Inc. B L Technologies Inc. Advanced Sys-tek Private Limited, India CIN No.:U33112GJ1988PTC010464 Bently Nevada Inc., United States Bhel-GE GAS Turbine Services Private Limited, India CIN No.:U51505TG1997PTC040657 Converteam EDC Private Limited GE Power Conversion India Private Limited, India CIN No.:U34300TN2007PTC081587 Druck Limited, United Kingdom GE China Company Limited, China GE BE Private Limited, India CIN No.:U31909KA1996PTC020482 GE Capital Services India, India CIN No.:U74899DL1993PTC221093 GE Energy Australia Pty Ltd, Australia GE Energy Optimization and Control Pty Limited GE Energy Control Solutions Inc., United States GE Global Sourcing India Private Limited, India GE India Business Services Private Limited, India CIN No.:U72900DL1999PTC102432 GE India Exports Private Limited, India CIN No.:U33130DL2000PTC232915 G E India Technology Centre Private Limited, India CIN No.:U85110KA1999PTC025325’ GE Infrastructure Technology LLC, United States GE Intelligent Platforms Private Limited, India CIN No.:U72200KA1997PTC022158 GE Jenbacher GmbH and Company OG, Austria GE Money Financial Services Private Limited, India CIN No.:U65929DL1994PTC116256 GE Multilin, Canada GE Osmonics Inc., United States GE Power Controls Sp. Zoo GE Power Electronics (India) Private Limited, India CIN No.:U31200KA2007FTC044764 GE Sensing and Inspect ion Technologies GmbH, Germany GE Sensing EMEA, Ireland GE Transportation Parts LLC GE Wind Energy Gmbh, Germany General Electric International Inc., United States General Electric International Operations Company Inc., United States Granite Services International India Private Limited, India CIN No.:U74210DL2005PTC133001 Kelman Limited Nuovo Pignone Holding S.P.A., Italy OS Operations Inc. Nuovo Pignone S.P.A, Italy Unison Industries LLC, United States Wipro GE Healthcare Private Limited, India CIN No.:U33111KA1990PTC016063 Zenon Europe Manufacturing and Service Kft, Hungary Monogram Licensing International Inc, United States

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 9728.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 8985.756 Million

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60977559149	Equity Shares	Re.0.10/- each	Rs. 6097.756 Million
38800000	Preference Shares	Rs.10/- each	Rs. 388.000 Million
	Total		Rs. 6485.756 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	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
	SALES
	Income
	Other Income
	TOTAL	21461.804	17945.430	19393.127
Less	TOTAL EXPENSES	22094.681	18050.446	18788.567
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(632.877)	(105.016)	604.560
Less	INTEREST	606.115	590.976	425.605
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(1238.992)	(695.992)	178.955
Less/ Add	DEPRECIATION/ AMORTISATION	970.270	572.518	322.247
	PROFIT/ (LOSS) BEFORE TAX	(2209.262)	(1268.510)	(143.292)
Less	TAX	0.000	620.447	58.078
	PROFIT/ (LOSS) AFTER TAX	(2209.262)	(1888.957)	(201.370)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(2570.652)	(681.695)	(480.325)
	Balance Carried to the B/S	(4779.914)	(2570.652)	(681.695)
	EARNINGS IN FOREIGN CURRENCY	4224.365	4330.200	4741.376
	Earnings / (Loss) Per Share (Rs.)	(0.04)	(0.29)	(0.03)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Total Income)	(%)	(10.29)	(10.53)	(1.04)
Operating Profit Margin (PBDIT/ Total Income)	(%)	(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

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	4.577	4.577	N.A
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	(1373.690)	(2248.579)	629.261

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	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 Million)	(Rs. In Million)	(Rs. In Million)
Total Income	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 Million)	(Rs. In Million)	(Rs. In Million)
Total Income	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	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	No
8	Designation of contact person	No
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	Yes
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:

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

COMPANY OVERVIEW

The Company is a subsidiary of GE Energy Europe B.V. The ultimate holding Company is General Electric Co. USA. The registered office of the Company is situated in New Delhi.

PERFORMANCE OVERVIEW

During the year ended 31 March 2014, the BNSS division has earned operating margin before taxes of INR 42.000 Million (7% of sales) against a profit of INR 154.000 Million (inclusive of one time transfer price credit of INR 336.900 Million) 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 Million 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 Million (4% of sales) against a loss of INR 76.300 Million 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 Million (22% of sales) against a profit of INR 217.000 Million 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 Million 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 Million against INR 47.100 Million 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 Million)	31.03.2013 (Rs. in Million)
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. 65.02
UK Pound	1	Rs. 99.88
Euro	1	Rs. 73.91

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	TRI
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	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		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	--

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.