MIRA INFORM REPORT

Report Date :

06.06.2007

IDENTIFICATION DETAILS

Name :	GENERAL MOTORS INDIA PRIVATE LIMITED
Registered Office :	Chandrapura Industrial Estate, Halol, Dist. Panchmahals – 389 350, Gujarat
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	15.04.1994
Com. Reg. No.:	04-21818
CIN No.: [Company Identification No.]	U34100GJ1994PTC021818
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00742A
PAN No.: [Permanent Account No.]	AAAC48371P
Legal Form :	Private Limited Liability company.
Line of Business :	Manufacturers and sellers of motor cars.

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

Maximum Credit Limit :	USD 24749600
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of General Motors, USA. Available information indicates high financial responsibility of the company. Financial position is moderate. Payments are correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Chandrapura Industrial Estate, Halol, District Panchmahals – 389 350, Gujarat – 389 351 India.
Tel. No.:	91-2676-221000 (20 Lines) / 220664 / 220677
Fax No.:	91-2676-223025 / 220666
E-Mail :	info@opelindia.com customer.connect@gm.com
Website :	http://www.opelindia.com http://www.gm.co.in
Area :	695182 sq. mtrs
Location :	Owned
Corporate Office :	Ciplex Hotel, Welcome Group, Altadra, Baroda - 390 009, Gujarat
Tel. No.:	91-265-2330033/2610041
Fax No.:	91-265-2330138/2330050
Factory 1 :	Chandrapura Industrial Estate, Halol, Dist. Panchmahals – 389 350, Gujarat
Marketing Office :	Ground Floor, Vipps Centre, 2 LSL Masjidmoth, Greater Kailash - II, New Delhi - 110 048

DIRECTORS

Name :	Mr. Aditya Vij
Designation :	Chairman and Managing Director
Address :	5/10, Shanti Niketan, New Delhi – 110021, India
Date of Birth/Age :	24.10.1958
Date of Appointment :	06.10.2000
Name :	Mr. Rajieev Chaba
Designation :	President and Managing Director
Address :	G 802, Legoon Apartments, Ambience Sland NH 8, Gurgaon – 122002, Haryana
Date of Birth/Age :	08.08.1964
Date of Appointment :	29.03.2004
Name :	Mr. Ajay Tandon
Designation :	Director
Address :	B 404 Bhadralok Apartment, Old Padra Road, Baroda – 390020, Gujarat, India
Date of Birth/Age :	07.01.1959
Qualification :	B. Tech (IIT-M), PGDM (IIIM-A)
Date of Appointment :	01.08.2001
Previous Employment	Godrej Ge Appliances Limited
Name :	Mr. P. Balendran
Designation :	Director
Address :	B 2/31 Manu Apartment, Mayur Vihar Phase 1, New Delhi – 110091, India
Date of Birth/Age :	10.10.1952
Date of Appointment :	01.08.2001
Name :	Mr. Anil Malhrotra
Designation :	Vice President - Finance
Address :	Flat No. 12, Vaikunth Society, Gotri Road, Baroda – 390021, Gujarat, India
Date of Birth/Age :	01.07.1959
Qualification :	B.A. (Hon), Delhi University, MMS (NMIMS - Mumbai, Maharashtra)
Date of Appointment :	01.08.2001
Previous Employment :	New Holland Tractors
Name :	Mr. Satya Veerapneni
Designation :	Director
Address :	7 Green Park, Tandalja Road, Vadodra – 390015, Gujarat, India
Date of Birth/Age :	01.05.1985
Date of Appointment :	14.05.2003
Name :	Mr. Sunil Rekhi
Designation :	Additional Director
Address :	B2A, Abhimanshree Society, Pashan Road, Pashan, Pune, Maharashtra – 411007, India
Date of Birth/Age :	22.08.1968
Date of Appointment :	16.01.2006

KEY EXECUTIVES

Name :	Dr. Akhil Prasad
Designation :	Company Secretary
Address :	H 211 Jalvayu Towers, Sector – 55, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	21.01.1969
Date of Appointment :	23.07.2004
Name :	Ms. Nandita Swarup
Designation :	General Counsel and Compliance Officer
The General Motors Board of Directors :	Percy N. Barnevik Chairman, AstraZeneca PLC Director since 1996 John H. Bryan Retired Chairman and Chief Executive Officer, Sara Lee Corporation Director since 1993 Armando M. Codina Chairman and Chief Executive Officer, Codina Group, Inc. Director since 2002 George M. C. Fisher Retired Chairman of the Board and Chief Executive Officer, Eastman Kodak Company Director since 1996 Nobuyuki Idei Chairman and Chief Executive Officer, Sony Corporation Director since 1999 Karen Katen Executive Vice President - Pfizer Inc and President - Pfizer Global Pharmaceuticals Director since 1997 Alan G. Lafley Chairman, President and Chief Executive, The Procter & Gamble Company Director since 2002 Philip A. Laskawy Retired Chairman and Chief Executive Officer, Ernst & Young Director since 2003 E. Stanley O'Neal Chief Executive Officer, Merrill Lynch & Co., Inc. Director since 2001 Eckhard Pfeiffer Retired President and Chief Executive Officer, Compaq Computer Corporation Director since 1996 G. Richard Wagoner, Jr. Chairman & Chief Executive Officer General Motors Corporation Director since 1998 Lloyd D. Ward Former Chief Executive Officer, United States Olympic Committee Director since 2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Equity Shareholders
General Motors Asia Pacific Holdings LLC (GMAPHLLC)	683919492
GM Holden Limited	9365001
	693284493
Names of Preference Shareholders	No. of Shares
General Motors Asia Pacific Holdings LLC	40333600
Category	Percentage of Holding
Foreign holdings [Foreign institutional investor, Foreign Companies, Foreign Financial Institutions, Non-resident Indians or Overseas corporate bodies or others]	100.00 %

BUSINESS DETAILS

Line of Business :

Manufacturers and sellers of motor cars.

Products :

Product Description	Cars : Opel Astra, Opel Corsa
ITC Code No.	870323.01

Brand Names :

v OPEL ASTRA

v OPEL CORSA

v OPEL VECTRA

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Vehicle-Opel Astra Petrol & Diesel Car	Nos.	--	25000	15200

GENERAL INFORMATION

No. of Employees :	500
Bankers :	v Standard Chartered Grindlays Bank Limited, Mumbai, Maharashtra v Bank of America, Mumbai, Maharashtra v State Bank of India, Mumbai, Maharashtra v State Bank of India, Halol, District Panchmahal, Gujarat v Bank of Baroda, Mumbai v Bank of Baroda, Halol, District Panchmahal, Gujarat v Citibank, NA v Hong Kong and Shanghai Banking Corporation (HSBC) v Deutsche Bank AG v ICICI Bank v ABN Amro Bank

Banking Relations :	Satisfactory
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	31, Nutan Bharat Society, Alkapuri, Baroda – 390007, Gujarat, India
Parent Company :	General Motors Corporation, 3041, West Grand Boulevard, Detroit, Michigen, USA
Associates :	General Motors Asia Pacific Holdings LLC (GMAPHLLC)

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1058853594	Equity Shares	Rs. 10/- each	Rs. 10588.536 Millions
63568700	Preference Shares	Rs. 50/- each	Rs. 3178.435 Millions
3302906	Unclassified Shares	Rs. 10/- each	Rs. 33.029 Millions
	Total		Rs. 13800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
693376933	Equity Shares	Rs. 10/- each	Rs. 6932.845 Millions
40383410	Preference Shares	Rs. 22/- each	Rs. 888.435 Millions
	Total		Rs. 7821.280 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		7821.300	7821.300	7821.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[1633.900]	[2159.000]	(1639.300)
NETWORTH		6187.400	5662.300	6182.000
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES
TOTAL		6187.400	5662.300	6182.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5125.600	4787.200	2512.300
Capital work-in-progress		861.300	535.600	3089.600
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2714.600	2816.900	1679.700
	Sundry Debtors	538.700	541.700	284.800
	Cash & Bank Balances	1768.900	1357.300	1137.300
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	765.000	712.300	511.800
Total Current Assets		5787.200	5428.200	3613.600
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	4393.272	4572.738	2739.400
	Provisions	1193.400	515.993	294.100
Total Current Liabilities		5586.700	5088.700	3033.500
Net Current Assets		200.500	339.500	580.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6187.400	5662.300	6182.000

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		15211.800	14153.800	7912.100
Other Income		343.500	299.500	0.000
Revenue from Services		847.900	587.800	0.000
Total Income		16403.200	15041.100	7912.100
Profit/(Loss) Before Tax		550.200	(519.300)	(268.500)
Provision for Taxation		25.100	0.400	0.200
Profit/(Loss) After Tax		525.100	(519.700)	(268.700)
Earnings in Foreign Currency :
	Export Earnings
	Commission Earnings	1052.900	528.200	84.100
	Other Earnings
Total Earnings		1052.900	528.200	84.100
Imports :
	Raw Materials
	Stores & Spares	3964.200	4483.200	399.370
	Capital Goods
	Others
Total Imports		3964.200	4483.200	399.370
Expenditures :
	Cost of Goods Sold	0.000	0.000
	Manufacturing Expenses	0.000	0.000
	Administrative Expenses	0.000	0.000
	Raw Material Consumed	0.000	0.000
	Purchases made for re-sale	0.000	0.000
	Consumption of stores and spares parts	0.000	0.000
	Increase/(Decrease) in Finished Goods	321.900	551.900
	Salaries, Wages, Bonus, etc.	0.000	0.000	8180.600
	Managerial Remuneration	0.000	0.000
	Payment to Auditors	0.000	0.000
	Interest	0.000	0.000
	Insurance Expenses	0.000	0.000
	Impairment of Assets	0.000	620.800
	Depreciation & Amortization	703.000	713.600
	Other Expenditure
Total Expenditure		1024.900	1886.300	8180.600

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	3.20	(3.45)	(3.39)
Net Profit Margin (PBT/Sales)	(%)	3.61	(3.66)	(3.39)
Return on Total Assets (PBT/Total Assets}	(%)	4.67	(4.83)	(4.38)
Return on Investment (ROI) (PBT/Networth)		0.08	(0.09)	(0.04)
Debt Equity Ratio (Total Liability/Networth)		0.90	0.89	0.49
Current Ratio (Current Asset/Current Liability)		1.03	1.06	1.19

LOCAL AGENCY FURTHER INFORMATION

HISTORY :

The founding of General Motors on September 16, 1908, drew little attention. Motorcar firms were appearing virtually everywhere.

Success for the young automotive concern was not predestined. There was no guarantee of a place in the market or assurance of any profit. Of the nearly 1,000 companies that tried to build and sell motor vehicles prior to 1927, less than 200 continued in business long enough to even offer a commercially suitable vehicle.

Most of the companies that comprised the young General Motors Company were weak, and their operations were uncoordinated. Many were in debt. It was not until the 1920s, when a new concept of management was forged and a new concept of product emerged, that GM really began to prosper.

General Motors' sales for its first full fiscal year ending September 31, 1909, totaled 25,000 cars and trucks, 19 percent of total U.S. sales. Net sales totaled $29,030,000 and its payroll at the peak of the manufacturing season numbered more than 14,000 mostly in Michigan. In 1995, GM sold 8.3 million cars and trucks worldwide with net income of $6.9 billion and worldwide employment averaging 714,000 workers.

General Motors has 284 operations in 35 states and 158 cities in the United States. In addition GM of Canada operates 21 locations, GM de Mexico operates 5 locations, and GM has assembly, manufacturing, distribution or warehousing operations in 49 other countries, including equity interests in associated companies.

General Motors has operations in 41 countries outside North America and accounts for about 17 percent of the vehicles sold in the world's competitive markets. GM operations outside North American accounts for over one-third of the corporation's vehicle sales. GM products (of all types) are sold in 170 countries around the world.

1902-1920

The nucleus of the fledgling General Motors was the Buick Motor Car Company. It was formed in 1902 by David Buick in Detroit and later moved to Flint, Michigan, where William Crapo Durant, "king of the carriage makers," took control. Durant, who brashly predicted that "a million cars a year would someday be in demand," oversaw Buick's rise to become the second largest and most influential automobile manufacturer in the country. He also began organizing a network of suppliers and producers.

When General Motors Company was incorporated as a New Jersey firm on September 16, 1908, Flint had a population of about 25,000 and four streetcars. It was more than three months before Flint papers carried a single story about the new enterprise.

Early members of the infant GM family were Buick, Oldsmobile, Cadillac, Oakland (now Pontiac), Ewing, Marquette, Welch, Scripps-Booth, Sheridan, and Elmore, together with Rapid and Reliance trucks. GM's other U.S. automotive division, Chevrolet, became part of the corporation in 1918.

Only four of the car lines -- Buick, Oldsmobile, Cadillac, and Oakland -- continued making cars for more than a short time after their acquisition by GM. By 1920, more than 30 companies had been acquired by General Motors, by purchase of all or part of their stock. Two were forerunners of major GM subsidiaries -- the McLaughlin Motor Company of Canada (which later became General Motors of Canada Limited) and the Fisher Body Company, in which GM initially gained a 60 percent interest.

Although legally a New Jersey corporation, all of GM's original facilities were in Michigan, and Mr. Durant encouraged other firms to locate their facilities in the state.

By 1911, the idea of a general staff organization had gained more than a toehold in the company, and a director of production was appointed. The company began to "create a general staff of mechanical engineers, gasoline engine engineers, designers, production experts and other experts not attached to any particular factory, but whose advice and services would be available to the necessarily more limited staff of each individual factory."

A testing labouratory also was established, as the annual report said, to "serve as an additional protection against costly factory mistakes and give the purchaser of every one of our machines an additional guarantee not merely for his comfort, but to assure his safety."

This notion of consulting, advising, fact finding and testing is the genesis of GM's present comprehensive staff organization. Today it covers such fields as design, engineering, manufacturing, research, labour relations, marketing and advertising, personnel, purchasing, consumer relations and service, environmental and energy activities, industry-government relations, communications, finance and legal.

About the same time GM was getting started in Michigan, an engineering development that was to prove critical to GM's subsequent leadership in research was occurring in Dayton, Ohio -- the introduction of the electric self-starter. Designed by Charles F. "Boss" Kettering at his Dayton Engineering Labouratories Company, it first appeared on 1912 Cadillacs and, by doing away with the dangerous and unpredictable hand crank, definitely popularized motoring. More than any other development, the electric self-starter is credited with making motor cars more accessible to a greater part of the population. "Boss" Kettering later became the scientific mastermind of the corporation, in charge of its unparalleled research and engineering programs. He joined GM in 1920 when the Dayton Research Labouratories were merged into GM and moved the Research Labouratories to Detroit in 1925. He remained with the corporation until his retirement June 2, 1947.

The General Motors Company officially became General Motors Corporation on October 13, 1916, when incorporation papers were filed in Delaware. By August 1, 1917, the new corporation had acquired all the stock of General Motors of New Jersey, which was formally dissolved two days later.

It was during World War I that GM, for the first of four times in its history, would turn its facilities and experience to the production of war materials. It did so again in World War II, the Korean conflict, and Vietnam.

With no previous experience in manufacturing military hardware, the young American automobile industry within 18 months completed a turnaround from civilian to war production. The result was an outpouring of weaponry credited with the winning of the war, changing the face of Europe, and giving rise to the United States as a world power.

Between 1917 and 1919, 90 percent of GM's truck production was directed to the war effort. GM's truck operations supplied the Army with a variety of models; Cadillac supplied Army staff cars along with V8 engines for artillery tractors and trench mortar shells; Buick built Liberty airplane motors, tanks, trucks, ambulances and parts; Central Products Division was formed to build a drop forge plant that was later taken over by Chevrolet; and Central Foundry at Saginaw was rushed to completion.

1921-1940

It was also in this same period that Alfred P. Sloan, Jr., who went on to guide General Motors from May 10, 1923, until April 2, 1956, first as president and then chairman, first became associated with Mr. Durant. Mr. Sloan had built up a $50,000 investment in the Hyatt Roller Bearing Company of Harrison, New Jersey, to assets of about $3.5 million in 24 years.

When Hyatt was brought into General Motors through the United Motors Corporation for $13.5 million, Mr. Sloan joined the corporate management.

Under his direction, General Motors grew from a firm that accounted for about 10 percent of new car sales in the United States in 1923 to become the largest producer of cars and trucks in the world.

"Billy" Durant had created an enterprise that in 1908 consisted of just one truly successful auto manufacturer (Buick) but it also contained the building blocks for the future to become a multifaceted corporation. Durant's entrepreneurial creation was about to be directed by men with the abilities to harness and organize its potential during an expansionary period of U.S. industry; both the country and General Motors were entering the era of modern management.

By 1920, in the midst of a nationwide economic crisis, GM was on the verge of financial collapse. The crisis marked the turning point in General Motors' history. New men were asked to assume leadership of the corporation. A new concept of management was forged and a new concept of product emerged. Coordinated policy control replaced the undirected efforts of the previous years.

As its principal architect, Mr. Sloan was credited with creating not only an organization which saved General Motors, but a new management concept that was adopted by countless other businesses. Fundamentally, the concept involves coordination of the enterprise under top management, direction of policy through top-level committees and delegation of operating responsibility throughout the organization. Within this framework, management staffs conduct analysis, advise policy committees and coordinate administration.

General Motors thus became an organization of organizations, maintaining a balance between individual and group management, preserving the advantages of each.

Mr. Sloan's idea was to establish "decentralized operations and responsibilities with coordinated control." At the individual level, his policy was simple: "Give a man a clear-cut job and let him do it."

The new product concept evolved from the staffs that GM had set up, leading to the recognition of the varied nature of the demand for motor vehicles; GM's new approach -- "a car for every purse and purpose" and continuing improvement of all its vehicles. The policy led to different kinds of vehicles for different customers. People were buying more than just basic transportation. They also wanted comfort, good looks, performance that was better than just adequate, and above all, periodic improvement. In improving its products, GM developed many automotive firsts which helped aid its success. Prior to World War II, they included the first all-steel one-piece roof, two-cycle diesel truck engines, independent front-wheel suspension and automatic transmission.

1941 - 1969

By 1941, GM accounted for 44 percent of total U.S. sales, compared with 12 percent in 1921.

Before America's entry into the war against the Axis nations, GM turned out weapons along with automobiles. After Japan struck at Pearl Harbor in 1941, the industrial skills that GM developed were applied with great effectiveness. Civilian automobile production was halted early in 1942 and the Corporation's plants were completely turned over to the war effort.

GM's contributions during World War II dwarfed its efforts during World War I, offering a dramatic example of the vital importance of a nation at war being able to call upon well-managed and experienced industrial resources. From 1940 to 1945, GM delivered defense material valued at $12.3 billion.

The success of GM's tremendous wartime role lay in its peacetime managerial philosophy. Decentralized, highly flexible local responsibility made possible the almost overnight conversion from civilian production to building and supplying a war machine -- a timetable of days and months never believed possible by the enemy. GM's contribution spanned virtually every conceivable product from the tiniest ball bearing to massive tanks, naval ships, fighting planes, bombers, guns, cannons, and projectiles. GM alone turned out 13,000 airplanes and one-fourth of all U.S. aircraft engines.

Car-making resumed after the war, and postwar expansion saw production soar. The cars of the '50s were all-new, their styling capturing the pent-up wartime desire for change. The decade of the '50s was one of celebrations, sales records, anniversaries, and ingenious innovations in styling and engineering. Cadillac celebrated its 50th anniversary in 1952; the following year in June, Buick built its 7-millionth automobile. GM's 50-millionth automobile, a 1955 Chevrolet Bel Air, rolled off an assembly line in November 1954, and the Corporation celebrated its 50th anniversary in 1958 with a year-long Golden Milestone celebration. Cadillac built its two-millionth car the same year -- just eight years after reaching the one million mark.

1970 - 1979

In the early 1970s, GM embarked on an unprecedented program to redesign its entire lineup for better fuel economy. Weight and exterior size would be reduced, vehicle interior room and comfort would be retained. Then-GM Chairman Thomas A. Murphy called it "the most comprehensive, ambitious, far-reaching, and costly program of its kind in the history of our industry." The first "downsized" cars were GM's 1977-model full-size autos -- about a foot shorter and 700 pounds lighter than their predecessors. They proved an instant hit and were followed by redesigned 1978-model intermediates, 1979-model personal luxury cars, 1980-model front-wheel drive compacts, 1981-model front-wheel drive subcompacts, 1982-model front wheel drive mid-size models, and the U.S. industry's first compact truck. 1985 saw the first front-wheel drive luxury cars roll off the production line.

1980 - 1989

As the '80s began, GM faced the challenges of modernization. Responding to customer's continuing demands for more fuel efficient vehicles at reasonable prices, the company launched an unprecedented $40 billion, five-year capital spending program to open the way for dramatic technological progress throughout General Motors. Included were new auto assembly plants in Orion Township, Michigan, Wentzville, Missouri and Detroit/ Hamtramck, Michigan, as well as a new Fort Wayne, Indiana truck assembly center.

In addition, virtually all of GM's car lines were redesigned from body and frame, rear wheel drive, to integral body, front-wheel drive designs in order to reduce weight and improve fuel economy.

In 1981, General Motors Acceptance Corporation and Motors Insurance Corporation, the Corporation's finance and insurance operations, moved their headquarters from New York to Detroit.

Later that year, a major realignment of GM's worldwide truck and bus operations occurred. As a result, the truck and bus group took on complete responsibility for the design, engineering, manufacturing, sales and service of all General Motors trucks, buses and vans in North America and throughout the world in an effort to improve efficiency and to enhance GM's competitive position.

In 1982, General Motors entered into joint ventures with two Japanese companies. The Corporation purchased $200 million of convertible debentures from its Japanese affiliate, Isuzu Motors Limited, to assist in financing the development of a new subcompact vehicle to be produced in Japan and sold worldwide. And, in July, GM entered into an agreement with Japan's Fujitsu Fanuc Limited to design, manufacture, and sell robotic systems. GMF Robotics Corporation. Shortly after its formation, the Troy, Michigan, based company took steps to design and build a new manufacturing and headquarters facility in Rochester Hills, Michigan.

A major project involving GM's Buick Motor Division was announced in January 1983. This effort involved a complete revamping of the car assembly operations in Flint to produce all-new front-wheel-drive automobiles for the 1986 model year. Referred to a "Buick City," the concept also involves supplier firms and ultimately created nearly 5,000 jobs in the integrated complex.

In 1984, GM restructured its entire North American Passenger Car Operations into two integrated car groups functioning as self-continued business units. The long-standing Fisher Body and GM Assembly Divisions were melded into the new groups. The two groups -- Chevrolet-Pontiac-GM of Canada (C-P-C) and Buick-Oldsmobile-Cadillac (B-O-C) had complete responsibility for engineering, manufacturing, assembly, and marketing for their products. GM Chairman Roger B. Smith described the concept of self-contained business units as "making the maximum use of every resource, including every one of our people."

A new frontier in the U.S. automobile industry was forged in February 1984, when GM and Japan's Toyota Motor Company formed a joint venture to produce a new small car in Fremont, California, under the name of New United Motor Manufacturing, Incorporated (NUMMI). The joint effort put its first automobile on the market June 13, 1985, with the introduction of the Chevrolet Nova.

In a merger completed October 18, 1984, the automaker acquired Electronic Data Systems of Dallas, Texas. Operating as an independent consolidated subsidiary, EDS, as a world leader in the computer services industry, benefits GM by more effective control of computer services throughout GM. In addition to EDS, GM acquired minority interests in several smaller, high-tech companies in the vision robotics and artificial intelligence fields. The goal: to further improve its technological capabilities in these sophisticated fields.

In 1985, GM announced the addition of a new automotive operating unit - Saturn - to its passenger car divisions, thus adding a sixth nameplate to GM. Saturn Corporation is headquartered in Troy, Michigan. The car are produced in a highly integrated plant at Spring Hill, Tennessee, 30 miles south of Nashville. Saturn uses start-to-finish innovation to produce a family of subcompacts to compete with Japanese imports while achieving an unprecedented union-management partnership in the development and manufacture of the Saturn project.

In mid-1985, GM diversified and expanded its knowledge in 'state of the art' aerospace technology when it purchased Hughes Aircraft Company, El Segundo, California, for $5 billion in cash and securities.

From a strategic standpoint, this acquisition accelerated the rate of application of electronics into GM's automotive products as well as provided GM with access to world class systems engineering resources. General Motors Chairman Roger B. Smith said the acquisition of Hughes, along with EDS, gave GM "the basic building blocks we need to go forward. To be able to have a lock on the intelligence and research that Hughes has to help us with our future is just tremendous." GM combined its Delco Electronics Division, AC Spark Plug Division's instrument and display systems business unit, and Delco Systems Operations with Hughes to operate independently as a new subsidiary, GM Hughes Electronics Corporation (GMHE).

In 1986, General Motors continued to lead industrial organizations worldwide. During one of the automobile industry's most competitive years ever, GM achieved record sales and revenues of $102.8 billion. GM faced many challenges in 1986 and continued to do so into the 21st Century as it confronted the challenges of foreign competition and a global economy. To accomplish this, GM took a tough stand on cost reduction. The year 1986 saw plant closings, significant reduction of salaried employees worldwide, the phasing out of non-competitive or obsolete component manufacturing operations, and the overall reduction of operating expenses. These cost-reduction efforts, in conjunction with the opening of six new plants in five years and tremendous investments in retooling and modernizing 12 other facilities, were designed to enhance stockholder value and make General Motors a high-quality, cost-competitive company ready for the challenges of the 21^st Century.

The results of GM's efforts began to payoff in 1987. GM introduced the Chevrolet Corsica and Beretta, the Pontiac Bonneville, the ultra luxury Cadillac Allante the GMC/Chevy full-size pickup trucks, and Oldsmobile began production of the Quad 4 engine at the Delta Township Plant. The company also offered a new six-year, 60,000-mile powertrain warranty, with six year, 100,000-mile corrosion protection, showing GM's commitment to produce high quality cars and trucks.

In 1987, General Motors earned net income of $3.6 billion on sales and revenues of $101.8 billion. During the same year, GM's net income record reflected earnings at each of its three subsidiaries --General Motors Acceptance Corporation (GMAC), Electronic Data Systems (EDS) and GM Hughes Electronics (GMHE).

Also in 1987, GM's Sunraycer, a solar powered car designed and built by various units of GM won the inaugural transcontinental World Solar Challenge race in Australia, outdistancing its nearest competitor by more than 600 miles. The flawless performance over the six-day trek was further evidence of GM's ability to respond to the changing world of the automobile industry.

GM's commitment to quality was very evident in 1987. GM executives and UAW leaders formed the Quality Network, a joint effort for strategic development of high quality, customer valued products. Also, GM established the Targets for Excellence program. This new supplier development/assessment program was formed to ensure continuous improvement for its suppliers. Its aim was to evaluate and assist suppliers in five key areas: quality, costs, delivery, management and technology.

In October 1987, General Motors Corporation and the United Automobile Workers (UAW) signed a historic three-year labour agreement that underscored a new spirit of teamwork and human partnership between management and labour. The agreement, reached without a work stoppage or strike deadline, featured unprecedented job security provisions and the establishment of joint study committees at GM plants around the country. The on-going focus of these local joint committees is to review operational competitiveness and to find ways to improve quality and efficiency and thereby attract new work.

GM began 1988 with the largest single showing of GM technology in history at the "Teamwork and Technology: For Today and Tomorrow" exhibit at the Waldorf-Astoria Hotel in New York City. The show served as a report to the nation on how GM was multiplying the power of its people and technology to continue into the 21st Century as the number one producer of cars and trucks in the world.

Also in 1988, GM introduced its newly redesigned mid-size cars, the Buick Regal, Oldsmobile Cutlass Supreme, and the Pontiac Grand Prix.

GM earned record net income of $4.9 billion in 1988 on sales and revenues of $110.2 billion.

On February 6, 1989, General Motors Board of Directors declared a two-for-one stock split on GM's $1-2/3 par value common stock, the first time the common stock split since 1955.

In the face of a six percent decline in auto industry sales volumes in the U.S., General Motors' sales and revenues in 1989 increased to a record $126.9 billion and earnings were the third highest in GM's 81-year history despite a difficult sales environment.

Also in 1989, GM introduced the Chevrolet Lumina, the Corvette ZR-1 featuring a 32-value DOHC all-aluminum eight-cylinder engine and six-speed manual transmission, and the Geo Storm and Prizm. GM also unveiled the highly styled, all-purpose Pontiac Trans Sport and the Oldsmobile Silhouette featuring the largest plastic panels ever put on any vehicle.

On the global front, GM purchased 50 percent of Saab Automobile AB of Sweden to develop, manufacture and market Saab passenger cars worldwide.

During the Eighties, General Motors implemented more change--with new plants, new technology, new products, a new commitment to cost efficiency, and a new commitment to its people--than in all of the previous seven decades of the Corporation's history.

1990 - 1996

As GM moved into the Nineties, it was apparent that economic uncertainties, competitive pressures, intense global competition, stringent fuel economy standards, tougher emissions standards, and a pace of change more challenging than ever would affect all automobile manufacturers.

In 1990, EDS had record revenues and profits, GM Hughes Electronics had record revenues and GMAC posted its second best earnings ever. However, even with these and many other accomplishments, the Corporation recorded an overall loss for 1990. World events had a negative impact on the automotive markets. Conflict in the Middle East, the plunge in consumer confidence, and a U.S. recession all played major roles in increasing the pressure on virtually every aspect of GM's business.

It became essential that GM improve performance, reduce costs and make GM known as a company that cares most for its customers. To combat these forces, GM changed its approach to design and manufacturing to eliminate waste and began seeking new ways to bring products to the market faster. Global competition became the name of the game.

In 1990, the Impact, an electric car prototype designed from the ground-up for efficiency and high performance was introduced. Saturn Corporation, also, introduced its all-new high-quality, high-value, fuel-efficient cars to the public to compete against the imports in the small car market. GM formed a single, powertrain focused organization, the GM Powertrain Division, made up of the GM Engine Division and Hydra-matic Division to improve customer satisfaction of powertrain systems. GM and Volga Auto Works (VAZ), the leading vehicle manufacturer in the Soviet Union signed agreements enabling GM to become the first American-based auto manufacturer to establish a working relationship with the Soviet auto industry. GM also announced it would build the "GM Pulsat Network" a dealer satellite communications network to strengthen sales and service effectiveness of GM dealers and better serve GM customers.

In 1991, the American automotive industry sustained losses unparalleled in its history. The challenges facing GM were particularly acute in the primary North American automotive market. GM accelerated fundamental changes in the way GM did business. Plants were idled throughout North American Operations, the salaried and hourly work force was reduced through attrition and retirements, executive compensation was reduced and many non-core assets were sold.

However, GM still introduced more new products in 1991 than any other automaker in the world had introduce in a 12-month period (nine cars, six trucks and five engines.) Customer satisfaction became an over-riding concern. The 24-hour Roadside Assistance program was carried by every division of GM, Bumper-to-Bumper Plus Warranty covered every part of every GM car or light truck for three years or 36,000 miles, without a deductible, and GMAC's Smart Lease program was introduced to offer customers the option of leasing the GM vehicle of their choice with typically lower monthly payments.

The year of 1992 was known as the year of management changes at General Motors. GM launched a major reorganization to streamline its business practices and downsize its North American Operations (NAO). These changes were essential to GM's vision of total customer satisfaction and the restoration of profitability. GM's new structure led to more flexible decision-making processes, more efficient utilization of technical and capital resources, and increased management accountability for performance to produce high-value, high-quality products and services.

The five business sectors became NAO Automotive, International Automotive, Finance/Insurance, EDS, and GMHE -- each with its own Strategy Board to push decision making down in the organization. The Chevrolet-Pontiac-GM of Canada (C-P-C) and Buick-Oldsmobile-Cadillac (B-O-C) Groups were eliminated and individual nameplates were restored. The GM Technical Center consolidated five staffs into three becoming the NAO Technical Center. GM formed a centralized Vehicle Launch Center (VLC) with concentration on engineering and technical resources. Engineers from the car and truck divisions were joined by engineers from the Engineering Center and the Manufacturing Center to work as a team to strategically plan and execute new products. All component groups were consolidated into the GM Automotive Components Group Worldwide (ACGW) becoming the largest supplier in the industry. Its focus became global, those component businesses that did not have growth or profit potential were closed or sold.

Responding to the competitive realities of the marketplace, GM took the necessary actions of rightsizing the Corporation for long-term health The objective for every portion of the restructuring was to minimize disruption, eliminate redundancies, focus on value-added activity, and improve the overall responsiveness of the organization while still providing an effective safety net for displaced employees. A variety of approaches were used to pare down the size of the work force. Significant reductions were made in both the salaried and hourly work forces. Salaried employees declined from 91,000 to 82,000 in 1992 with a goal of 71,000 by 1994. Hourly employees declined from 274,000 to 272,000 by 1992. Also, the Central office staff was reduced from about 13,500 to about 2,300 with many of the functions transferring to operating units.

In successful effort to regain lost market share, GM also launched the "GM Card" MasterCard allowing users to build up annual credits of 5 percent or more on each item charged toward the future purchase or lease of a new GM vehicle.

Difficulties faced in the past few years were in a sense the overdue wake-up call for General Motors. GM's success had made it easy to ignore the significance of change and the signs of potential future problems, as the corporation's legendary leader, Alfred Sloan, warned it could happen when he published his memoirs in 1963. The lesson is that for unrivaled leaders, success itself breeds the roots of complacency, myopia and ultimately, decline. That's a generalized scenario, but leaders in all kinds of industries and businesses had the same harsh wake-up call in recent years.

1993 was a watershed year in GM's drive to return to profitability and reassert industry leadership. Reflecting a major improvement in North American Operations (NAO) as well as strong earnings from International Automotive Operations, GMHE, EDS and GMAC, the corporation earned a total of $2.5 billion representing an $11.1 billion turnaround in NAO from 1991: a dramatic and gratifying turnaround after three straight years of staggering losses.

The most urgent challenge was to reverse the financial losses from the North American Operations. The objective for 1993 was for NAO to break even. The NAO team exceeded that objective, achieving a net income of $427 million in the fourth quarter of 1993. The new target was to make NAO profitable on a net income basis in 1994.

Intensified efforts in the areas of: customer focus, product quality, global sourcing and advance purchasing; lean manufacturing; commonization of processes, systems, and parts; and integration of global resources yielded results in 1993.

NAO achievements included U.S. deliveries of more than 4.7 million cars and trucks -- almost six percent over the 1992 calendar year and more than one million units ahead of GM's closest competitor. 1993 was the best year for GMC Truck with sales surpassing the 400,000 mark for the first time. Saturn's sales exceeded 225,000 units for the first time. Cadillac continued its leadership of the luxury market for the 45th year with 1993 calendar-year sales again exceeding 200,000 units. Automotive Components Groups (ACG) established manufacturing operations, customer service offices or joint ventures in China, Japan, Europe and Australia. And, GM and Toyota signed an unprecedented supply and sales agreement to sell GM cars as Toyotas in Japan. GM will build right-hand drive Chevrolet Cavaliers in the U.S. Toyota will purchase these models from GM and sell them in Japan.

At the same time, GM made significant progress in closing the quality gap with the best of the competition. The gap between GM and the best-in-class competition has been cut to less than 0.4 problems-per-car and less than 0.5 problems-per-truck.

In 1994, GM recorded all-time record net income of $4.9 billion, and all of GM's business sectors reported strong sales and earnings. Its success was spread across all its business sectors and geographical operations; North American Operations were profitable, and GM Europe was that region's most profitable volume auto manufacturer.

EDS and Hughes Electronics also reported record earnings in 1994 and strengthened their positions in fast-moving technologies of information management and telecommunications. Hughes' launch of DIRECTV was the most successful new product introduction in consumer electronics history. Automotive Component Group Worldwide (ACGW) (now Delphi Automotive Systems), became a separate business sector of the Corporation in 1994. With sales of over $26 billion, and 190 operations and 17 technical centers in 31 countries, it is the world's largest automotive systems manufacturer. Growing rapidly, in the '90s, it has established manufacturing operations, customer service offices and joint ventures in China, Japan, Europe and Australia. It is now a supplier to virtually all the world's automobile manufacturers, as well as a strategic partner to GM's vehicle operations.

In 1994, evolutionary steps were taken to enhance NAO's ability to deliver segment-defining vehicles, implement lean, common operating and business systems, and continue progress in global integration. The three NAO passenger car platforms and Saturn were combined under two groups. The new passenger car organizations became the Small Car Group made up of Saturn Corporation and the Lansing Automotive Division, and the Midsize and Luxury Car Group, composed of the Midsize Car Division and Cadillac Luxury Car Division.

In 1995, General Motors continued emphasis on quality leadership, common processes and systems, leveraging its global resources, achieving competitiveness in cost, and introducing targeted products for specific customer groups continued to pay off. GM reported record calendar-year results demonstrating the solid progress it made toward achieving its goal of consistent industry-leading financial results, even though the overall worldwide industry was slightly weaker in 1995 than during the previous year. Consolidated net income for the year was a record $6.9 billion compared with $4.9 billion in 1994. Sales and revenues for the 1995 calendar year totalled $168.8 billion -- a 9.0 percent increase from 1994, when revenues totalled $155.0 billion. General Motors dealers delivered a total of 8.3 million units, maintaining GM's position as the number-one vehicle producer worldwide for more than 60 consecutive years.

In 1996, General Motors began the year announcing that it would be the first automaker in modern times to market specifically designed electric vehicles to the public when its new EV1 passenger car is scheduled to go on sale later in the year. General Motors also announced plans to market an electric pick-up truck -- the Chevrolet S-10 -- nationwide in 1997 for use in commercial fleets.

As computer technology begin to revolutionize marketing and advertising, General Motors began an aggressive initiative to become No. 1 in marketing cars and trucks on the Internet. GM unveiled gm.com on the World Wide Web with a host of the latest Web technologies that provided an engaging overview and seamless route to divisional car and truck production line information as well as other services offered by GM subsidiaries. GM provided over 16,000 pages of information with 98,000-plus links to the world. Consumer response to the GM Web site was so popular and overwhelming when it went on-line that the first day GM had to increase its capacity by more than eight times its initial capability.

Looking to the future, GM is in transition from a base of multinational and regional operations to consolidated global strategies. Planning is underway to coordinate many of the North American and International vehicle platforms, the common structural systems which are the basis of its cars and trucks.

With common engineering and manufacturing systems and common components, GM will be able to offer a greater variety of vehicles tailored to needs and tastes of customers in the various worldwide markets and build them with lower costs.

As John F. Smith, Jr., GM chief executive officer and president stated, "GM is changing its ways and will continue changing."

The company is a joint venture between General Motors Corporation, USA and C. K. Birla Group of company.

Subject is a subsidiary of General Motors, USA.

Business :

The manufacturing facility of the company has been set up in technical and financial collabouration with General Motors Corporation, USA.

It has brought the latest manufacturing processes and human factor practices to its Halol plant and therefore is the benchmark for advanced technologies in the Indian automotive industry.

Details of the Company :

The company is the world's largest car manufacturer with a sales turnover of US $ 168 billion (Rs. 6048000.00 millions) last year.

The company has manufacturing operations in 43 countries and sells in over 170 countries. The company's employs over 0.600 million employees and builds 8.300 millions vehicles per year. It has a 17% share in the world auto market which is ahead of Toyota, Ford, Mercedes, etc.

The company has several divisions/brands e. g. Chevrolet, Pontiac, Buick, Cadillac, Oldsmobile, Opel, SAAB, GMC Truck, Saturn, Geo, Vauxhall, General Manager Holden, etc. among others.

The company has been at the forefront of technological changes in the automotive business. The latest manifestation of this is the introduction of the EVJ, an electric passenger vehicle, the company will be the first major automaker in modern times to market specifically designed electric vehicles tot he public.

The company is a world largest vehicle manufacture, designs, builds and markets cars and trucks worldwide.

The company's vision is to be world leader in transportation products and related services. Thc company will earn its customers enthusiasm through continuous improvement driven by the integrity, teamwork and innovation of the company's people.

The company's major market are North America, Europe, Asia Pacific, Latin America, Africa and the Middle East. Its largest market is North America, where it is in its 73^rd year as market leader. The company's sells its cars and trucks under the brand name is "Cadillac", "Chevrolet", "Buick", "GMC', 'Holden', 'Hummer', 'Oldsmobile'.'Opel', 'Pontiac', 'Saab', 'Saturn' and 'Vauxhall'.

Board

The General Motors Board of Directors represents the owners' interest in perpetuating a successful business, including optimizing long term financial returns. The Board is responsible for determining that the Corporation is managed in such a way to ensure this result. This is an active, not a passive, responsibility.

Committees of the Board of Directors

Audit Committee met seven times in 2002. The primary function of the Committee is to assist the Board of Directors in fulfilling its oversight responsibilities with respect to the financial reports and other financial information provided by the Corporation to the stockholders and others, the Corporation's system of internal controls, and the Corporation's compliance procedures for the employee code of ethics and standards of business conduct, and the Corporation’s audit, accounting, and financial reporting processes generally. All members of the Audit Committee are independent directors as defined by the Corporation's By-laws and New York Stock Exchange (the “NYSE”). Philip A. Laskawy serves as the Committee’s financial expert as required by the NYSE and satisfies the standard for “audit committee financial expert” recently announced by the Securities and Exchange Commission under the Sarbanes-Oxley Act of 2002.

Directors and Corporate Governance Committee met seven times in 2002 and is comprised entirely of independent directors. The Committee researches and recommends candidates for membership on the Board and conducts continuing studies of the size, composition, and compensation of the Board. The Committee is also responsible for implementing, periodically reviewing, and proposing revisions to the Board’s corporate governance guidelines, recommending Committee memberships, rotation, and chairs, and setting the agendas for the executive sessions of the Board of Directors.

Executive Compensation Committee met six times in 2002. The Committee is composed entirely of independent directors and ensures that the Corporation’s compensation policies and practices support the successful recruitment, development, and retention of executive talent. It determines the compensation of senior executives, including the senior leadership group of the Corporation, and approves benefit and incentive compensation plans of the Corporation or its major subsidiaries, which affect employees subject to its review. The members of the Committee are not eligible to participate in any of the compensation plans or programs it administers.

Investment Funds Committee serves as the named fiduciary of GM's and a number of its subsidiaries' benefit plans governed by the Employee Retirement Income Security Act (ERISA).

Public Policy Committee fosters GM's commitment to operate its business worldwide in a manner consistent with the rapidly changing demands of society. Topics reviewed by this Committee include research and development, automotive safety, environmental and energy matters, diversity, health care, education, communications, employee heath and safety, trade, and philanthropic activities. The Committee provides public policy guidance to management to support GM's progress in growing the business globally within the framework of GM's core values.

Website details attached :

Company profile:

The global automotive giant General Motors made its presence felt in the Indian market with the introduction of the German-engineered Opel Astra car.

The Opel Astra was adjudged the Car of the Year 1997 by Business Standard Motoring, one of India’s leading business publications, and more recently in a commercial brand survey conducted by an Indian business management magazine, it was adjudged the Top Automotive Brand.

In January 2000 General Motors India Ltd launched the Opel Corsa, which is now available in four variants. The Corsa, in a three-box version and specially made for India, was designed by General Motor’s Brazilian subsidiary and is sold there under the name of Chevrolet.

In July 2001 GM India launched the Opel Swing. This proved to be an instant hit and is said to have sold more than 200 units within first three weeks of its launch. GM India has always been at the forefront of technological changes aimed at continously improving the product based on customer feedback.

GM India has brought the latest manufacturing processes and human factor practices to its Halol plant and, therefore, is the benchmark for advanced technologies in the Indian automotive industry.

GM India’s dealer network and after-sales support system are effectively functional and provide good support for customers after they purchase the product and help assure total customer satisfaction and enthusiasm.

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.40.56
UK Pound	1	Rs.80.81
Euro	1	Rs.54.74

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	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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