MIRA INFORM REPORT

Report Date :

16.01.2007

IDENTIFICATION DETAILS

Name :	GE INDIA INDUSTRIAL PRIVATE LIMITED
Formerly Known as:	GE PLASTICS INDIA PRIVATE LIMITED
Registered Office :	Dharamsingh Industrial Park, National Highway No.8, Nadiad-387002, District Khedha
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	22.01.1993
Com. Reg. No.:	04-17726
CIN No.: [Company Identification No.]	U31500GJ1992PTC017726
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00907E
PAN No.: [Permanent Account No.]	AAACG4901D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer, Exporter of polycarbonate sheets and moulded products.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an ultimate subsidiary of GE – world wide. Available information indicates high financial responsibility of the company and its management. Trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Dharamsingh Industrial Park, National Highway No.8, Nadiad-387002, District Khedha
Tel. No.:	91-268-2255094 / 2255213 / 2255217 / 2255211
Fax No.:	91-268-2255007
Email :	badal.bagri@ge.com
Head Office :	Plot No. 42/1, & 45/15, Electronic City, Phase-II, Bangalore - 560100
Tel. No.:	91-80-28528355
Fax No.:	91-80-28528366
Location :	Owned
Factory 1 :	Dharmasinh Industrial Park, Village Limbasi, Tal. Matar, Distrct, Kheda.
Area :	14 Acres & 26 Gunthas
Location :	Owned
Factory 2 :	GE Plastics, Plastic Avenue, P.O.Jawaharnagar, Baroda-391 320.
Tel. No.:	91-265-2555215,2555084
Fax No.:	91-265-2555144, 2555332
E-Mail :	info@geind.fe.com
Website:	http://www.gelighting.com/India
Area :	2 Acres
Location :	Owned
Factory 3:	Plot No. 405-B, Sector 20, Phase III, Udyog Vihar, Gurgaon-122016
Area :	12 Acres
Location :	Owned

DIRECTORS

Name :	Mr. Mangal Dev
Designation :	Director
Address :	12, Flat # 4 D, Garden ERstate Phase, 1/1, Qutar, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	12.11.1966
Date of Appointment :	28.02.2003
Name :	Mr. R Muthuraman
Designation :	Director
Address :	4/52 Safdarjung, Enclave, New Delhi – 110029, Delhi, India
Date of Birth/Age :	02.06.1962
Date of Appointment :	01.08.2003
Name :	Mr. Manoj Sohoni
Designation :	Director
Address :	10^th Main, 3^rd Cross, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India
Date of Birth/Age :	08.09.1965
Date of Appointment :	24.05.2004
Date of Ceasing	08.09.2005
Name :	Mr. Badal Bagri
Designation :	Director
Address :	2817 Sector – 23, Gurgaon – 122402, Haryana, India
Date of Birth/Age :	27.10.1971
Date of Appointment :	01.09.2005
Name :	Mr. Varun Khanna
Designation :	Director
Address :	48/49, 1A, Cross, 3^rd Stage, 5^th Block, Banashankari, Bangalore– 560002, Karnataka
Date of Birth/Age :	24.07.1972
Date of Appointment :	01.09.2005
Name :	Dominic Viegas
Designation :	Director
Address :	802, 8^th Floor, Shahntam, Gowers Pashabhai Road, Vadodra – 390007, Gujarat, India
Date of Birth/Age :	20.09.1995

KEY EXECUTIVES

Name :	Mr. Samir Inamdar
Designation :	Presidend & Chief Executive
Address :	Dharamsinh Industrial Park, National Highway No.8, Nadiad-387002, District Kheda.
Date of Birth/Age :	42 years
Qualification :	Post Graduation Degree
Experience :	14 years
Date of Appointment :	December, 2002
Telephone No:	91-263-2555215/2555084
Name :	Mr. Krishna Kumar Darbha
Designation :	Vice President and Company Secretary

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
GE Pacific (Mauritius) Limited, Mauritius	9348760707
GE Pacific Pte Limited	34079728
GE Sruck Holdings Limited	185082390
GE Medical Systems India Private Limited	18104000
Druck Messsechink GmBH	151100
Dhekne I Nandkumar	19864
Gr Beiz Internagidnac	1509465360

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of polycarbonate sheets and moulded products.
Products :	v Advanced Engineering Plastic v Polycarbonate Sheets & Thermoformed Products v Moulded Products
Brand Names :	v ‘GE Lighting’ ‘GE BUGLIGHT’ – For Lighting Division v ‘LEXAN’ ‘NORYL’ ‘VALOX’ ‘CUCOLACE’ ‘ENDVRAN’ ‘GELON’ – For Plastics Divisions v ‘EUROPIC’ Software Package for lighting design systems for interior & exterior areas.
Exports to :	Middle East, Australia, Bhutan, Nepal, Bangladesh and Sri Lanka
Imports from :	Taiwan, PR China
Terms :
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Types of Customers: Buying agents Construction Cos Department stores Distributor Electronics industry Hospitals Hotels Individuals Manufacturers Retailers Schools Wholesalers End-Users Transportation industry Customers Details: Vikrant Fixtures Private limited, India Dhru Electricals, Daman, India Nagpur Fabropak Private Limited, Nagpur, India Baroda Packaging Private Limited, Baroda, India Kumar Minerals Private Limited, India
No. of Employees :	825
Bankers :	Standard Chartered Bank H M Geneva House, 14, Cunningham Road, Bangalore-560052 Bank of Baroda Nadiad Branch Exim Bank Centre One, WTC, Cuffe Parade, Mumbai, Maharashtra The Hongkong & Shanghai Banking Corporation Limited Mumbai, Maharashtra
Facilities :	--

Banking Relations :	Good
Auditors :	Bharat S. Raut & Company Chartered Accountants 4-B, DLF Corporate Park, DLF City, Phase III,Gurgaon-122002
Tel. No.:	91-11-22549191
Associates :	Ø GE Capital Services India Limited Ø GE Countrywide Consumers Financial Services Limited Ø GE Capital International Limited Ø IGE India Limited Ø GE Capital International Limited Ø IEG India Limited Ø GE Capital Transportation Financial Services Limited Ø Maruti countrywide Auto Financial Services Limited Ø GE Transportation Parts LLC Ø GE Fanuc systems Limited Ø GE power control systems (India) Private limited Ø GE India Technology center Private Limited Ø GE lighting company Ø GE international operation company Ø GE Buyer Silicones (India) private Limited Ø GE Plastics Thailand Ø Bentley Nevada Sales and Service Private Limited Ø GE Capital Business Process & Management Services Private Limited Ø GE Thermo Metrics India Private Limited Ø GE plastic Malaysia Ø GEP Provident fund trust

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
110895900	Equity Shares	0.10 Paisa	Rs.1108.959 million
181040100	Equity Shares	Rs.10/- each	Rs.181.041 Millions
	Total		Rs.1290.000 Millions

Issued, Subscribed & EPaid-up Capital :

No. of Shares	Type	Value	Amount
11077559149	Equity Shares	0.10 Paisa	Rs.1107.756 Millions
18104000	Equity Shares	Rs.10/- each	Rs.181.040 Millions
	Total		Rs.1288.796 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		1288.796	1288.796	853.231
2] Share Application Money		388.000	438.000	0.000
3] Reserves & Surplus		189.231	189.231	288.082
4] (Accumulated Losses)		[296.480]	[724.972]	0.000
5] Long term liability		0.000	0.000	367.399
NETWORTH		1569.547	1191.055	1508.712
LOAN FUNDS
1] Secured Loans		34.463	591.862	0.000
2] Unsecured Loans		953.694	1443.593	0.000
TOTAL BORROWING		988.157	2035.455	0.000
SALES TAX LOAN		66.268	51.207	0.000
TOTAL		2623.972	3277.717	1508.712
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1053.261	1222.535	687.812
Capital work-in-progress		19.903	1.493	0.000
INVESTMENT		0.001	0.001	0.000
DEFERREX TAX ASSETS(intangible)		0.000	0.000	127.316
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1141.501	1371.318	514.934
	Account Receivable	2324.763	1602.120	550.948
	Cash & Bank Balances	274.224	1260.335	324.295
	Other Current Assets	1917.766	1312.660	0.004
	Loans & Advances	6.877	28.242	191.961
Total Current Assets		5665.131	5574.675	1582.142
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	3579.872	2984.401	888.558
	Provisions	534.452	536.586
Total Current Liabilities		4114.324	3520.987	888.558
Net Current Assets		1550.807	2053.688	693.584
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2623.972	3277.717	1508.712

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03..2006	31.03.2005	31.03.2004
Sales Turnover [including other income]	10921.400	7469.478	3792.505
Profit/(Loss) Before Tax	493.181	(197.874)	474.563
Provision for Taxation	0.000	0.000	70.941
Profit/(Loss) After Tax	493.181	(197.874)	403.622
Export Value	NA	NA	28.594
Import Value	NA	NA	65.836
Total Expenditure	10428.219	7667.352	3317.942

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	4.51	(2.65)	10.64
Net Profit Margin (PBT/Sales)	(%)	4.51	(2.65)	12.51
Return on Total Assets (PBT/Total Assets}	(%)	7.34	(2.91)	19.80
Return on Investment (ROI) (PBT/Networth)		0.31	(0.17)	0.32
Debt Equity Ratio (Total Liability/Networth)		3.25	4.67	0.59
Current Ratio (Current Asset/Current Liability)		1.38	1.58	1.78

LOCAL AGENCY FURTHER INFORMATION

Parent Company:

Immediate-GE Pacific (Mauritius)Limited

Ultimate- General Electrical Company Incorporation

Business Relationship:

Principal Names	For which products
General Electrical Company, USA	Technical support for lighting division
General Electrical company, USA	Technical support for plastic division

Other Information:

Originally GE plastics India Limited, was promoted by Indian petrochemical corporation limited and GE plastics BV, Netherlands on 50:50 basis. In 1995, General Electrical international B.V. had taken over GE plastics B.V., Netherlands. During 2002, GE Pacific Mauritius Limited purchase IPCL’s shareholding after obtaining necessary permission from RBI, FIBS etc, and as result IPCL’s shareholding was transferred to GE plastic Mauritius Limited on 18.07.2002.

M/s. GE Plastics India Private Limited, Baroda is amalgamated with GE Lighting (India) Limited, Nadiad as per scheme of amalgamation duly approved by Hon. Gujarat High Court on 9-4-2004 and consequent amalgamation the name of the company is change to GE India Industrial Private Limited with effect from 8.06.2004.

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 records 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.44.31
UK Pound	1	Rs.86.82
Euro	1	Rs.57.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	9
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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		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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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