MIRA INFORM REPORT

Report Date :

12.11.2007

IDENTIFICATION DETAILS

Name :	GE INDIA TECHNOLOGY CENTRE PRIVATE LIMITED
Registered Office :	“John F Welch Technology Centre”, Survey No. 152, Export Promotion Industrial Park, Phase-2, No. 122, Hoodi Village, Whitefield Road, Bangalore – 560066, Karnataka
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	10.06.1999
Com. Reg. No.:	8-25325
CIN No.: [Company Identification No.]	U85110KA1999PTC025325
TAN No.: [Tax Deduction & Collection Account No.]	BLRG00869B
Legal Form :	Private Limited Liability Company
Line of Business :	Research and development of technologies/ processes etc. for the various GE business segments such as aircraft engines, white goods / domestic / consumer electronic appliances, metallurgy, broadcasting, industrial electronics and systems, lighting, medical systems / diagnostics, plastics, transportation systems etc and software development for these areas.

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 8491376
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of GE group, worldwide. Available information indicates high financial responsibility of the company. Trade relations are fair. Financial position is good. Payments are correct and as per commitments The company can be considered good for any normal business dealings. It can be regarded as a promising business partners in a medium to long-run.

LOCATIONS

Registered Office / Head Office :	“John F Welch Technology Centre”, Survey No. 152, Export Promotion Industrial Park, Phase-2, No. 122, Hoodi Village, Whitefield Road, Bangalore – 560066, Karnataka, India
Tel. No.:	91-80-28412050 / 40122262
Fax No.:	91-80-28412111
E-Mail :	info.geitc@geind.ge.com kanchana.chitra@ge.com info.jfwtc@ge.com
Website :	http://www.geind.ge.com / http://www.crd.ge.com
Area :	40000 sq. ft - Owned (3 acres land)
Corporate Office:	101, Railway Parallel Road, Kumara Park West, Bangalore – 560 020, Karnataka
Factory :	Upper Ground Floor, Units 1 and 2, Innovator Building, International Technology park, Whitefield road, Bangalore- 560066, Karanataka, India
Tel. No.:	91-80-2841702 / 28411580
Fax No.:	91-80-28410704

DIRECTORS

Name :	Dr. Guillermo Wille
Designation :	Managing Director
Date of Birth/Age :	52 years
Qualification :	PHD
Experience :	22 years
Date of Ceasing :	06.12.2006
Name :	Dr. C. C. Lakshmanan
Designation :	Director
Date of Birth/Age :	53 years
Qualification :	Chemical Engineer
Experience :	28 years
Name :	Dr. Jean M Heuschen
Designation :	Director
Address:	224, Long View Terrace, Williams Town, MA 01267, USA
Date of Birth/Age :	52 years
Qualification :	Engineer
Experience :	27 years
Date of Appointment :	15.06.1999
Name :	Mr. Salil Kumar
Designation :	Director
Date of Birth/Age :	43 years
Qualification :	Engineer
Experience :	22 years
Date of Ceasing :	19.06.2007
Name :	Mr. G Ventakaraman
Designation :	Alternate director
Address :	6 MN, 1 Block, Koramangala, Bangalore – 560 034, Karnataka, India
Date of Birth/Age :	04.10.1969
Date of Appointment :	21.03.2007
Name :	Mr. Vivek Jain
Designation :	Director
Address :	C -22, 3^rd Floor, Vijayanagar, New Delhi – 110 001
Date of Appointment :	15.06.1999
Name :	Mr. Thomas Joseph Stanley
Designation :	Director
Address :	41, Dublin Drive, Niskayuna New York 12309, USA
Date of Birth/Age :	20.12.1957
Date of Appointment :	23.09.2005
Name :	Mr. Stanely Richard
Designation :	Director
Name :	Mr. Surendra Kulkarni
Designation :	Director
Name :	Mr. Gowdagiri Madhusudhan Rao
Designation :	Director
Date of Ceasing :	15.03.2007
Name :	Mr. Damodar Padhi
Designation :	Director
Name :	Mr. G V Ramanan
Designation :	Director
Name :	Mr. Upendra Nanda
Designation :	Director

KEY EXECUTIVES

Name :	Mr. G Madhusudhan Rao
Designation :	Company Secretary
Date of Ceasing :	15.03.2007
Name :	Mr. T N Kanchana
Designation :	Company secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders		No. of Shares
GE Pacific (Mauritius) Limited		81874448
GE Pacific Pte Limited		1
	Total	81874449

Equity Shares Breakup (Percentage of Total Equity):

Sr No.	Category	Percentage
1	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

BUSINESS DETAILS

Line of Business :	Research and development of technologies/ processes etc. for the various GE business segments such as aircraft engines, white goods / domestic / consumer electronic appliances, metallurgy, broadcasting, industrial electronics and systems, lighting, medical systems / diagnostics, plastics, transportation systems etc and software development for these areas.
Imports:
Countries:	USA, Germany, France, Italy, Netherlands
Terms :
Purchasing :	L/C, Credit (45-60 days + Open A/C)

GENERAL INFORMATION

Suppliers :

Larsen and Toubro Limited, Bangalore

Oracle software, India / USA

Customers :

GE Group, USA + Affiliates Worldwide

No. of Employees :

Total 1200 : Office / other 100 + Technical : 1100 (likely to be increased about 1500/1600 shortly)

Bankers :

· The Standard Chartered Bank

Address: Raheja Towers, M G Road, Bangalore – 560001

· HDFC Bank Limited

· Hong Kong and Shanghai Banking Corporation

· Citi Bank

· Deutsche Bank

Facilities :

Secured as on 31/03/2002
Lease obligation	Rs. 35.559 millions

Unsecured as on 31/03/2002
External commercial borrowing from GE (Pacific)
Mauritius Private Limited	Rs. 2200.500 millions

Banking Relations :

Satisfactory

Auditors :

Name :

BSR & Company

Chartered Accountants

Address :

Maruthi Infotech Centre, 11-12/1, Inner Ring road, Koramangala, Bangalore – 560 071, Karnataka

Tel. No.:

91-80-39806000

Fax No.:

91-80-39806999

Holding Companies:

· GE Pacific (Mauritius) Limited

· Les Casecades Building, Edith Cavell Street, port Louis, Mauritius

· General Electric Company , USA

Group companies :

· GE Lighting India Limited

· GE Capital Services India Limited, India

· GE Power Control, India

· GE Bel Limited, India

· GE Plastics Limited India

· GE X-Ray Medical Systems South Asia Limited, India

· GE (Pacific) Mauritius Private Limited, Port Louts, Mauritius

· GE Advanced Materials, Quartz

· GE Betz Inc

· GE Capital International Services

· GE Capital Transportation Financial Services Limited

· GE Country Wide Consumer Financial Services Limited

· GE (China) Company Limited

· GE Digital Energy (Usa) Llc

· GE Digital Energy Sa

· GE Fanuc Systems Private Limited

· GE Healthcare Bio – Sciences Limited

· GE India Exports Private Limited

· GE Inspection Technologies , Lp

· GE International Inc.

· GE Inspection Technologies Gmbh

· GE Jenabacher Gmbh And Co Ohg

· GE Medical Systems (India) Private Limited

· GE Money Financial Services Limited

· GE Parallel Design Inc.

· GE Plastic Bv

· GE Plastic Inc.

· GE Plastic De Espana

· GE Plastic Japan Limited

· GE Power Controls Sa

· GE Power Systems (Malaysia) Sdn Bhd

· GE Power Quartz Europe GmbH

· GE Supply

· GE Wind Energy GmbH

· Maruti Country wide Auto Financial Services Private Limited

· Wipro GE Healthcare Private Limited

Associates/Subsidiaries :

Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity shares	Rs. 10/- each	Rs. 1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81874449	Equity shares	Rs. 10/- each	Rs. 818.744 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		818.744	818.744
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1304.100	784.451
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2122.844	1603.195
LOAN FUNDS
1] Secured Loans		111.138	95.221
2] Unsecured Loans		1113.758	1306.959
TOTAL BORROWING		1224.896	1402.180
DEFERRED TAX LIABILITIES		24.144	12.021
TOTAL		3371.884	3017.396
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2703.348	2451.399
Capital work-in-progress		160.076	262.945
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	392.785	209.504
	Cash & Bank Balances	576.106	606.207
	Other Current Assets	0.000	0.000
	Loans & Advances	303.896	176.947
Total Current Assets		1272.787	992.658
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	634.090	575.688
	Provisions	130.237	113.918
Total Current Liabilities		764.327	689.606
Net Current Assets		508.460	303.052
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3371.881	3017.396

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		3946.834	3060.076
Other Income		0.000	0.000
Total Income		3946.834	3060.076
Profit/(Loss) Before Tax		542.965	217.226
Provision for Taxation		23.963	4.709
Profit/(Loss) After Tax		519.002	212.517
Export Value		3946.834	3060.076
Import Value		341.945	549.652
Expenditures :
	Depreciation & Amortization	581.928	538.771
Total Expenditure		581.928	538.771

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006
PAT / Total Income	(%)	13.14	6.94
Net Profit Margin (PBT/Sales)	(%)	13.75	7.09
Return on Total Assets (PBT/Total Assets}	(%)	13.12	5.85
Return on Investment (ROI) (PBT/Networth)		0.25	0.13
Debt Equity Ratio (Total Liability/Networth)		0.93	1.30
Current Ratio (Current Asset/Current Liability)		1.66	1.43

LOCAL AGENCY FURTHER INFORMATION

OTHER INFORMATION:

Subject imports research and development equipments or machinery.

Subject exports technologies to GE Units, Worldwide

During 2000-2001 three chemical laboratories become fully operational. Deliveries of technology programs became full-fledged during the same year.

The “John F Welch technology centre” is the largest research and development center of its kind in the GE family outside USA

GE Global Research is one of the world's most diversified industrial research labs, providing innovative technology for all of GE's businesses. Global Research has been the cornerstone of GE technology for more than 100 years, developing breakthrough innovations in areas such as medical imaging, energy generation technology, jet engines and lighting. GE Global Research is headquartered in Niskayuna, New York and has facilities in Bangalore, India, Shanghai, China and Munich, Germany.

They employ more than 2,500 researchers at four multi-disciplinary facilities, all searching to uncover the next technological breakthroughs that will change the landscape for the GE businesses.

Their diverse set of technology expertise ranges from electronics to chemistry, biosciences to computing, metallurgy to fluid mechanics, materials to imaging and everything in between. They have six advanced technology programs: nanotechnology, molecular imaging and diagnostics, pulse detonation propulsion, organic electronics, sustainable energy and energy conversion.

It started in a barn. The year was 1900, the nascent General Electric Company was only eight years old and the hottest technology of the day was electricity. Charles Proteus Steinmetz, already a distinguished industrial scientist, was hard at work as GE's chief consulting engineer. After years of persuasion, Steinmetz had just convinced the GE leadership that if the company were to maintain its edge in lighting and electricity, and find new areas to grow, they would need a research laboratory. Charles Coffin, GE's first CEO, agreed and the first industrial research lab in the US was born in the carriage barn in Steinmetz's backyard.

Steinmetz then persuaded Willis Whitney, a young chemistry professor from MIT who had been conducting experiments for GE, to become the first director of the GE Research Laboratory. Elihu Thomson, a founder of the company, summed up the mission of the lab: “It does seem to me therefore that a Company as large as the General Electric Company, should not fail to continue investing and developing in new fields: there should, in fact, be a research laboratory for commercial applications of new principles, and even for the discovery of those principles.”

One of the earliest projects of the new lab was to defend the company's primary asset – incandescent lighting – through innovation. In 1908, GE scientist William Coolidge invented the ductile tungsten filament that made the GE incandescent lamp significantly more durable than the original design. It was an invention that secured GE's technological leadership in the market and epitomizes the role of the GE research lab – bringing innovation to the marketplace.

Over the years, the research lab has brought many new technologies to GE's customers and along the way, GE scientists have amassed thousands of patents, and two Nobel prizes: Irving Langmuir won the Nobel prize in Chemistry in 1932 and Ivar Giaever won the Nobel Prize in Physics in 1973.

Today, GE Global Research consists of 2,500 employees working in four state-of-the-art facilities: Niskayuna, New York (a few miles from the original barn), Bangalore, India (opened in September 2000), Shanghai, China (opened in October, 2003), and Munich, Germany (opened in June, 2004). While Steinmetz and Whitney might not recognize the facilities today, they would feel very comfortable with the lab’s mission – spurring GE's growth by bringing innovative technology to the world.

Take a look at some of their most notable breakthroughs:

Light Bulb (1909): The GE Research Lab’s William D. Coolidge develops the ductile tungsten filament that is still at the heart of the millions of incandescent light bulbs manufactured today.

Safe X-ray Tubes (1913): GE develops the hot-cathode, high vacuum X-ray tube, which greatly facilitates the use of X-rays for prognosis and treatment.

Non-reflecting glass - “Invisible Glass” (1918): A non-reflective glass that is the prototype for coatings used today on virtually all camera lenses and optical devices. It was invented by Katherine Blodgett, the first female scientist to join GE's Research Center.

Cloud Seeding (1946): GE scientist Vincent Schaefer develops a process for making rain by seeding clouds in the atmosphere. The idea helped jump-start the emerging postwar field of atmospheric science.

LEXAN® (1953): GE chemist Daniel W. Fox makes discoveries leading to the development of LEXAN polycarbonate resin, a transparent plastic of unsurpassed impact resistance. Among other uses, the material is used to manufacture today's CDs and DVDs.

Man-Made Diamonds (1955): The GE Research Laboratory announces the invention of the first reproducible process for making diamonds, a process that became the basis for GE's man-made industrial diamond business, which today is one of the world’s major sources of industrial diamond abrasives.

Laser Light (1962): GE scientist Bob Hall invents the semiconductor laser. This compact, efficient source of highly controlled light made possible such inventions as the compact disc player, the laser printer and modern fiber optic.

Fan Beam CT (1976): A computed tomography scanner developed by Corporate Research and Development and Medical Systems takes detailed cross-section X-ray pictures of the human body in less than five seconds, minimizing image blurring due to patient motion and providing superior detail.

LEXAN® SLX (1998): A weatherable material that has been demonstrated to hold up in both color and physical properties for more than ten years, far surpassing competitors’ two-year capabilities. Because of its outstanding performance, this material opens up avenues for applications in such fields as automotive body panels and recreational equipment, and enables new designs for cities and transportation systems of the future

GE90 Composite Fan Blade for Jet Engines (1999): GE R and D teams with GE Aircraft Engines to develop a composite fan blade to power the GE 90 with more than 115,000 pounds of thrust, making it the world’s most powerful commercial jet engine.

Bellataire Diamonds (2000): GE Gem Technologies integrate high pressure/high temperature technology with knowledge of diamond structure to eliminate impurities and restore the color of rare high-purity diamonds.

Revolution Digital X-ray Detector (2000): Allows X-rays to be read without film by having an image appear directly on a computer screen where it can be enlarged and enhanced for better and more accurate diagnoses. Film can be stored electronically, making it more efficient for hospitals to archive and retrieve.

High-Field Open MRI (2001): Researchers at GE R and D collaborate with colleagues at GE Medical Systems to introduce new technologies into superconducting magnets, enabling the launch of the Open Speed MRI – the first to market, high-field open magnetic resonance scanner. Open Speed provides doctors with high quality images while the open design makes the experience much more comfortable for patients.

THE INNOVETORS

Meet the faces of GE Global Research. They're passionate about technology. They're obsessive in their pursuit of the next breakthrough. They're diverse, multinational, and their experience spans generations. They're the best and the brightest technical minds from around the world.

More than 2,500 people make up GE Global Research worldwide. They are chemists, computer scientists, physicists, microbiologists, material scientists, systems engineers, mathematicians and everything in between. 835 of them hold PhDs. They have too many awards and honors to mention here. They speak more than 40 different languages. Together, they create the breakthrough technologies that drive growth for the GE businesses. To them, "imagination at work" is a way of life. They represent the future of GE. They are the innovators.

GLOBAL LABS

Borders and boundaries can't confine them. A world-class company like GE needs world-class research facilities across the globe to tap into global technical talent no matter where they live, and to bring technology development closer to their customers.

They have 2,500 researchers across the world working together to bring new technologies to all of the GE businesses. From New York to Europe to India and China, their world-class facilities create the breakthroughs for the next generation of GE products and services

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.39.33
UK Pound	1	Rs.81.70
Euro	1	Rs.57.67

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	8
--CREDIT LINES	1~10	8
--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	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--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 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