MIRA INFORM REPORT

Report Date :

11.06.2011

IDENTIFICATION DETAILS

Name :	GENERAL MOTORS INDIA PRIVATE LIMITED (w.e.f. 1999)

Formerly Known As :	GENERAL MOTORS INDIA LIMITED

Registered Office :	Chandrapura Industrial Estate, Halol, District Panchmahal-389351, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	15.04.1994

Com. Reg. No.:	04-21818

Paid-up Capital :	Rs.24711.800 Millions

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.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 83000000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a well – established company having moderate track. The General Motors, USa, had filed its bankruptcy with the Government in June 09. However, it is lately reported that the company has emerged from the situation. Trade relations are reported as fair. Business is active. Payments are slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Name :	Mr. Pramod Gupta
Designation :	Finance Head of Plant

LOCATIONS

Registered Office :	Chandrapura Industrial Estate, Halol, District Panchmahals-389351, Gujarat, India.
Tel. No.:	91-2676-221000 (20 Lines) / 220664 / 220677
Fax No.:	91-2676-220666
E-Mail :	customer.connect@gm.com gmi.cac@gm.com pramod.gupta@gm.com
Website :	http://www.gm.co.in http://www.gm.com
Area :	695182 Sq. Mtrs
Location :	Owned

Corporate Office 1:	401, Plam Court, 20/4, Sukhrali Chowk, Gurgaon Road, Gurgaon-122001, Haryana, India
Location :	Leased

Corporate Office 2 :	6^th Floor, Tower A, Global Business Park, Mehrauli – Gurgaon Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2803333
Fax No.:	91-124-2803344
E-mail :	gmi.cac@gm.com

Marketing Office:	Plot No.15, Sector 32, Institutional Area, Gurgaon-122 001, India, Haryana, India
Tel. No.:	91-124-2803333
Fax No.:	91-124-2803344
E-mail :	gmi.cac@gm.com
Location :	Owned

DIRECTORS

As on 22.09.2010

Name :	Mr. Hong Chen
Designation :	Director
Address :	Room 1001, No. 1676, Huashan Road, Changning District, Shanghai-200052, India
Date of Birth/Age :	08.03.1961
Date of Appointment :	22.09.2010

Name :	Mr. Rong Liu
Designation :	Director
Address :	Room 1506-1507, No. 20, Hengshan Road, Xuhui District, Shanghai-200031, India
Date of Birth/Age :	19.12.1949
Date of Appointment :	22.09.2010

Name :	Mr. Timothy Eby Lee
Designation :	Director
Address :	Apartment 2501, 28 Nong, No. 1, Huayuanshiqiao Road, Shanghai-200120, India
Date of Birth/Age :	05.02.1951
Date of Appointment :	22.09.2010

Name :	Mr. Ray Guy Young
Designation :	Director
Address :	295 Washingtong Road, Grosse Point MI 48230
Date of Birth/Age :	22.12.1961
Date of Appointment :	22.09.2010

KEY EXECUTIVES

Name :	Mr. Pramod Gupta
Designation :	Finance Head of Plant

As on 22.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Sellers of Motor Cars.

Brand Names :	CHEVROLET

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity*	Actual Production
Vehicles	Qty.	225000	84501

Note: *As certified by the management on triple shift basis, per annum.

GENERAL INFORMATION

No. of Employees :	Not Available

Bankers :	State Bank of India, Halol, District Panchmahal, Gujarat Bank of Baroda, Alkapuri Branch, Halol, District Panchmahal, Gujarat Citibank, N.A., Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India ICICI Bank Limited Bank of America Deutsche Bank AG Hong Kong and Shanghai Banking Corporation Limited Standard Chartered Bank State Bank of India ABN Amro Bank

Financial Institution:	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, India

Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building No. 10, Tower B, DLF Cyber City Complex, DLF City, Phase II, Gurgaon-122002, Haryana, India.
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012

Ultimate Holding Company:	General Motors Company (Upto January 31, 2010)

Ultimate Joint Venture:	General Motors Company Shanghai Automotive Industry Corporation (SAIC)

Holding Company:	Saic General Motors Investment Limited (HKJV) (With effect from February 01, 2010) General Motors Asia Pacific Holdings LLC (GMAPHLLC) (Upto January 31, 2010)

Fellow Subsidiaries:	Adam Opel Aktiengesellschaft Chevrolet Sales India Private Limited Chevrolet Sales Thailand Limited General Motors (China) Investment Company , Limited - Asia Pacific Headquarters General Motors (Europe) AG General Motors China, Lnc. General Motors Company (North America Operations - Central Staffs) General Motors Company (North American Operations) General Motors De Argentina S.A General Motors do Brasil Limited General Motors Egypt, S.A.E. General Motors Indonesia, Inc General Motors Japan Limited General Motors Korea, Inc. General Motors Manufacturing Poland General Motors of Canada Limited General Motors Overseas Corporation General Motors Overseas Corporation (North America Operations) General Motors Overseas Distribution Corporation - International Product Center General Motors Thailand Limited General Motors U.S. Trading Corp. GM Africa and Middle East FZE GMODC GM Asia Pacific (Japan) Limited GM Automobiles Philippines GM Daewoo Auto and Technology Company GM Engineering Headquarters’ Inc GM Europe, S.A. GM Global Service Operations Inc. GM Global Service Ops - Non Profit Share GM Global Technology Operations Inc GM Global Tooling Company GM Philippines GM Powertrain Europe S.R.L. GM Powertrain GmbH GM South East Operations Limited GM Technical Centre India Private Limited GMODC International product CTR Hicom Chevrolet Sdn Bhd Holden Limited Holden Newzealand Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3178853594	Equity Shares	Rs.10/- each	Rs.31788.536 Millions
63143500	Preferences Shares	Rs.10/- each	Rs.3178.435 Millions
3302906	Unclassified Shares	Rs.10/- each	Rs.33.029 Millions
	Total		Rs. 35000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
2388628279	Equity Shares	Rs.10/- each	Rs.23886.300 Millions
9365000	Class A Equity Shares	Rs.10/- each	Rs.93.700 Millions
500000	Cumulative Redeemable Preferences Shares	Rs.1000/- each	Rs.500.000 Millions
24185000	Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.241.800 Millions
	Total		Rs.24721.800 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2388628279	Equity Shares	Rs.10/- each	Rs.23886.300 Millions
9365000	Class A Equity Shares	Rs.10/- each	Rs.93.700 Millions
490000	Cumulative Redeemable Preferences Shares	Rs.1000/- each	Rs.490.000 Millions
24185000	Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.241.800 Millions
	Total		Rs.24711.800 Millions

Notes:

1 With effect from February 01. 2010, the Company is a subsidiary of SAIC General Motors Investment Limited (HKJV). Upto January 31, 2010. the Company was the wholly owned subsidiary of General Motors Company, USA through its nominated subsidiaries of General Motors Asia Pacific Holdings, LLC (GMAPI-ILLC) and Holden Limited.

2 Holden Limited was holding 1 equity share of Rs.10 and 93,65,000 Class “A” equity shares of Rs.10 each. Holden Limited transferred its 1 equity share and 93,64,999 Class A ‘equity shares to GMAPHLLC which has been subsequently transferred to SAIC Motor Hong Kong Investment Limited (SAICHK) and HKJV on February 01, 2001 respectively and remaining 1 Class “A “equity share to General Motors (Hong Kong) Company Limited (GMHK) on January 25, 2010.

3 GMAPHLLC was holding 238,86,28,278 equity shares of Rs.10 each; 4,90,000 Cumulative Redeemable Preference shares (Series 1and 2) of Rs.1 000 each and 2,41,85,000 Cumulative Redeemable Preference shares of Rs. 10 each. On February 01, 2010, GMAPHLLC transferred entire shareholding to HKJV.

4 490,000 and 2,41,85,000 Cumulative Redeemable Preference shares are redeemable at a dote, subject to the provisions of Section 80 of Companies Act,1956, as may be decided by the Board of Directors of the Company.

5 Consequent to transfer of shareholding. as indicated above as on March 31, 2010, HKJV holds 238,86,28,279 equity shares of Rs.10 each 93,64,998 Class “A’ equity shares of Rs.10 each, 4,90,000 Cumulative Redeemable Preference shares (Series 1 and 2) of Rs.100l) each anti 2,41,85,000 Cumulative Redeemable Preference shares of Rs. 10 each. Oath SAICHK and GMHK hold I Class “A’ share each.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		24711.782	21846.844	12391.787
2] Share Application Money		2966.146	1412.088	596.999
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(6685.937)	(4590.574)	(1088.529)
NETWORTH		20991.991	18668.358	11900.257
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		0.000	0.000	0.000

TOTAL		20991.991	18668.358	11900.257

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		14516.591	11805.371	5550.011
Capital work-in-progress		6724.647	4437.569	7646.753

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4480.044	5149.715	3230.603
	Sundry Debtors	814.473	2069.193	2242.959
	Cash & Bank Balances	2468.691	3484.520	1756.399
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6766.590	3365.688	3635.138
Total Current Assets		14529.798	14069.116	10865.099
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12652.700	9810.800
	Other Current Liabilities	781.997	1045.944	8141.133
	Provisions	1344.348	786.954	4020.473
Total Current Liabilities		14779.045	11643.698	12161.606
Net Current Assets		(249.247)	2425.418	(1296.507)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		20991.992	18668.358	11900.257

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	27709.900	24394.500	27849.200
		Revenue From Services	1694.800	3021.600	2517.800
		Other Income	2984.600	1582.700	1187.500
		TOTAL (A)	32389.300	28998.800	31554.500

Less	EXPENSES
		Manufacturing and Other Expenses	32575.600	29820.300	29547.600
		Impairment	(418.500)	1265.500	314.300
		Contingencies	651.200	0.000	0.000
		TOTAL (B)	32808.300	31085.800	29861.900

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(419.000)	(2087.000)	1692.600

Less	FINANCIAL EXPENSES (D)		37.600	19.700	10.600

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(456.600)	(2106.700)	1682.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1638.900	1351.900	1117.500

	PROFIT BEFORE TAX (E-F) (G)		(2095.500)	(3458.600)	564.500

Less	TAX (H)		0.000	43.500	34.000

	PROFIT AFTER TAX (G-H) (I)		(2095.500)	(3502.100)	530.500

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4590.600)	(1088.500)	(1630.200)

Add	TRANSITIONAL EFFECT FOR EMPLOYEE BENEFITS PER AS 15 REVISED		0.000	0.000	11.200

	BALANCE CARRIED TO THE B/S		(6686.100)	(4590.600)	(1088.500)

	EARNINGS IN FOREIGN CURRENCY
		Reimbursement of Expenses	562.300	645.100	0.000
		FOB Value of Goods Exported	1.200	105.100	23.600
		Revenue From Services	1545.700	3367.900	2113.100
	TOTAL EARNINGS		2109.200	4118.100	2136.700

	IMPORTS
		Raw Materials	13251.300	9601.000	11131.000
		Capital Goods	3883.600	1414.300	1003.000
		Vehicles Traded	103.100	3385.700	1626.900
		Spare Parts and Accessories	229.700	528.800	398.300
	TOTAL IMPORTS		17467.700	14929.800	14159.200

	Earnings Per Share (Rs.)		(0.90)	(2.36)	0.58

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(6.47)	(12.08)	1.68

Net Profit Margin (PBT/Sales)	(%)	(7.56)	(14.17)	2.03

Return on Total Assets (PBT/Total Assets}	(%)	(7.21)	(13.37)	3.44

Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.19)	0.05

Debt Equity Ratio (Total Liability/Networth)		0.70	0.62	1.02

Current Ratio (Current Asset/Current Liability)		0.98	1.21	0.89

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	GENERAL MOTORS INDIA LIMITED
Presented By	Mr. Richard C. Swando, President and managing Director
1) Date and description of instrument creating the change	Hypothecation agreement – working capital and letter of credit facility dated 23.11.1998
2) Amount secured by the charge/amount owing on the securities of charge	Rs.98.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the present and future assets of the company by the nature of all trade receivables and stocks acquired and purchased out of the financial assistance from the bank and by way of borrowing from the overdraft facility made available by the bank in the name of the borrower and all the book debts outstanding, moneys receivable, claims and bills.
4) Gist of the terms and conditions and extent and operation of the charge.	At the request of the company, the bank has granted a credit facility up to a limit of Rs.98.000 millions Interest at the rate of bank’s prime lending rate or such other rate as may be specified by the bank to the borrower from time to time with quarterly rests.
5) Name and Address and description of the person entitled to the charge.	Hong Kong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001

This form is for	Modification of charge
Charge identification number of the modified	10234414
Corporate identity number of the company	U34100GJ1994PTC021818
Name of the company	GENERAL MOTORS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Chandrapura Industrial Estate, Halol, District Panchmahals-389351, Gujarat, India.
Type of charge	Immovable Property Movable Property (not being pledge)
Particular of charge holder	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, India
Email	itsl@idbitrustee.co.in
Nature of description of the instrument creating or modifying the charge	Indenture of mortgage dated 16 September, 2010 executed by the Company in favour of IDBI Trusteeship Services Limited
Date of instrument Creating the charge	16.09.2010
Amount secured by the charge	Rs.8000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per respective sanction letter Terms of Repayment Starting from 01.04.2012 till 01.04.2017 in 21 installments Margin As per respective sanction letter Extent and Operation of the charge All that piece and parcel of land being plot no.A16 situate at Talegaon Industrial Area (Navlakh Umbre in Maval Taluka, District and Registration District Pune) in the State of Maharashtra, in aggregate admeasuring 300 acres of thereabout equivalent to 12,13,924 square meters together with all buildings and structures constructed and all machinery attached (present and future) and (ii) all the Borrowers' entire movable plant and machinery as also all tangible movable property fixed assets
Short particulars of the property charged	I) All that piece and parcel of land being Plot No. A-16 situate at Talegaon Industrial Area, and outside the limits of Pune Municipal Corporation and within the village limits of Navlakh Umbre in Maval II) Taluka and Registration Sub-District, Vadgaon Maval, District and Registration District Pune, in the State of Maharashtra, in aggregate admeasuring 300 acres or thereabout equivalent to III) 12,13,924 square meters together with all buildings and structures constructed thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, IV) both present and future; and Borrower's entire movable Plant and Machinery and also tangible fixed assets (both present and future) and in particular including, without limitation, all movable V) machinery spares, equipment, tools and accessories including capital work in progress of the Borrower pertaining to the Talegaon Plant more particularly VI) Indenture of Mortgage

FIXED ASSETS:

Tangible Assets
Land Leasehold
Factory Buildings
Non Factory Building
Plant and Machinery
Tools and Dies
Computers
Furniture and Fixtures
Vehicles
Computer

AS PER WEBSITE DETAILS

PROFILE:

Founded in 1908, General Motors Corporation, one of the world's largest vehicle manufacturer, designs, builds and markets cars and trucks worldwide.

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

GM employs 205,000 people in every major region of the world and does business in some 157 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. General Motors acquired operations from General Motors Corporation on July 10, 2009.GM's global headquarters are at the GM Renaissance Center in Detroit.

GM is investing aggressively in high technology and e-business within its global automotive operations.

Fostering Global Partnerships and Consumer Relationships

GM is the majority shareholder in GM Daewoo Auto and Technology Co. of South Korea, and has product, powertrain and purchasing collaborations with Suzuki Motor Corp. and Isuzu Motors Ltd. of Japan. GM also has advanced technology collaborations with Chrysler LLC, Daimler AG, BMW AG and Toyota Motor Corp. and vehicle manufacturing ventures with several automakers around the world, including Toyota, Suzuki, Shanghai Automotive Industry Corp. of China, AVTOVAZ of Russia and Renault SA of France.

GM brought brand differentiation to the world back in the 1920s, when Alfred Sloan created the price ladder of GM marques that offered “a car for every purse and purpose.”

Today the GM product revolution again is strengthening its brands, with more innovative marketing that better understands the customer. Witness the incredible renaissance of Cadillac, led by all-new cars and trucks that have gone in a unique design direction, and by marketing that really connects with potential buyers.

Designing, building and selling great cars and trucks that people really want to own. That's the fundamental business of General Motors.

Compelling designs excite customers and connect with them on an emotional level. Well designed vehicles turn heads and fire the imagination. GM's goal is to develop cars and trucks that have an emotional appeal for a new generation of consumers - cars and trucks that people feel they must have.

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.44.72
UK Pound	1	Rs.72.93
Euro	1	Rs.64.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

4480.044

814.473

2468.691

0.000

6766.590

14529.798

12652.700

781.997

1344.348

14779.045

(249.247)

(6.47)

(7.56)

(7.21)

(0.10)

0.70

0.98

Unit