MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	GENERAL MOTORS INDIA PRIVATE LIMITED

Formerly Known As :	GENERAL MOTORS INDIA LIMITED

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

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	15.04.1994

Com. Reg. No.:	04-021818

Capital Investment / Paid-up Capital :	Rs. 36177.700 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 :	Manufacturer, Exporter and Sellers of Motor Cars.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 35090000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is a subsidiary of SAIC General Motors Investment Limited, Hong Kong. It is an established company having a satisfactory track record. There appear huge accumulated losses recorded by the company during the financial year 2013. However, the company receives strong business and financial support from its parent. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of strong holding, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term loans : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 2012

Rating Agency Name	ICRA
Rating	Working capital facilities (Non-Fund Based) : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	December 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Factory 1 :	Chandrapura Industrial Estate, Halol, District Panchmahal-389351, Gujarat, India
Tel. No.:	91-2676-221000 (20 Lines) / 220664 / 220677
Fax No.:	91-2676-220666
E-Mail :	customer.connect@gm.com annu.sarin@gm.com gmi.cac@gm.com pramod.gupta@gm.com
Website :	www.gm.co.in www.gm.com
Location :	Owned

Factory 2 :	MIDC, Talegaon Industrial Area, Navlakh, Umbre Village Road, Talegaon, Pune-410507, Maharashtra, India

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

Corporate Office 2 / Marketing Office :	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

DIRECTORS

AS ON 30.09.2013

Name :

Lowell Clucas Paddock

Designation :

Managing Director

Address :

Lane 280, No. 25, Wulumuqi Zhong Lu, Shanghai Pin Code 200031

Date of Birth/Age :

28.08.1958

Date of Appointment :

12.12.2011

DIN No.:

05147835

Name :

Mr. Hong Chen

Designation :

Director

Address :

Room 1001, No. 1676, Huashan Road, Changning, Shanghai-200052

Date of Birth/Age :

08.03.1961

Date of Appointment :

22.09.2010

DIN No.:

03026945

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34100GJ1994PTC021818	GENERAL MOTORS INDIA PRIVATE LIMITED	Director	22/09/2010	03/05/2010	Active	NO

Name :

Mr. Rakesh Mohan Sabbarwal

Designation :

Director

Address :

Flat No. 1002, Omega Paradise, S No. 174/ 175, Wakad Kalewadi Road, Wakad, Pune-411027, Maharashtra, India

Date of Birth/Age :

01.07.1954

Date of Appointment :

27.09.2012

DIN No.:

06373735

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34100GJ1994PTC021818	GENERAL MOTORS INDIA PRIVATE LIMITED	Director	27/09/2012	05/09/2012	Active	NO

Name :

Mr. Sourabh Padmanabh Pandey

Designation :

Additional director

Address :

1601 Tower#2, North Close Nirvana Country, Sector 50, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

14.10.1980

Date of Appointment :

05.09.2013

DIN No.:

06694491

Name :

Russel Stuart Williams

Designation :

Additional director

Address :

18 Cassai Drive, Sunridge Park, Port Elizabeth South Africa

Date of Birth/Age :

18.07.1970

Date of Appointment :

05.09.2013

DIN No.:

06693852

Name :

Mr. Robert Earl Socia

Designation :

Additional director

Address :

W2506/06, Shanghai Centre, 1376 Nanjing XI Lu Shanghai 200040

Date of Birth/Age :

26.04.1954

Date of Appointment :

18.12.2012

DIN No.:

06433290

KEY EXECUTIVES

Name :	Annu Sarin
Designation :	Secretary
Address :	124, DIN Cooperative Housing Society, Plot 7, Sector 4, Dwarka, New Delhi – 110078, India
Date of Birth/Age :	17.07.1972
Date of Appointment :	21.05.2010
PAN No.:	AORPS1096M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Equity Shareholders		No. of Shares
SAIC General Motors Investment Limited, Hong Kong		3535221783
SAIC General Motors Investment Limited, Hong Kong		9364998
General Motors (Hong Kong) Company Limited, Hong Kong		1
SAIC Motor HK Investment Limited, Hong Kong		1

Total		3544586783

Names of Preference Shareholders		No. of Shares
SAIC General Motors Investment Limited, Hong Kong		280000
SAIC General Motors Investment Limited, Hong Kong		210000
SAIC General Motors Investment Limited, Hong Kong		24185000

Total		24675000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Sellers of Motor Cars.

Products/ Services :

ITC Code No.

Product Descriptions

87033210

Motor cars & other motor vehicles for transport of persons (excl of 8702) incl rcng cars etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited, 3^rd Floor, IRCS Building, 1, Red Cross Road, New Delhi-110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks*	4523.700	6100.000
Long-term maturities of finance lease obligations#	8.800	34.900
SHORT TERM BORROWINGS
Working capital loans from banks*	1707.900	612.800
Loans repayable on demand from banks	2400.000	1800.000

Total	8640.400	8547.700
LONG-TERM BORROWINGS During the month of July 2010, the Company had entered into a Common term loan agreement with a consortium of banks for a term loan facility of Rs. 8000.000 Millions for the purpose of meeting its capital expenditure requirements for the Powertrain Project at Talegaon, District Pune Maharashtra. The Company is required to meet certain financial and non-financial covenants during the currency of the facility which includes maintaining certain financial ratios, submitting annual audited financial statements and other documents. The obligation is secured by first ranking mortgage and charge on immovable fixed assets and first charge on movable fixed assets. Fixed assets means aggregate of the immovable properties including the structures standing thereon (including fixed machinery and any other such component of the plant), movable properties and includes movable machinery, machinery spares, equipments, tools and accessories including capital work in progress situated in Talegaon, Maharashtra. As at March 31, 2013, the Company has term loan outstanding Rs. 5725.200 Millions out of the term-loan facility. The Company made drawdowns within 2 years from the effective date and such drawdowns are now payable as per the repayment schedule over a period of 5 years. During the month of January 2012, the Company entered into an external commercial borrowing (ECB) loan agreement with SAIC General Motors Investment Limited ("HKJV") for an interest-free facility of Rs. 6685.000 Millions restricted for the purpose of meeting its capital expenditure requirements with a maturity date of 15th December, 2020. The facility has an availability period of 2 years from the effective date and such drawdowns are payable in 4 installments on 15 December each year from 2017 through 2020 as per the repayment schedule. As at March 31, 2013, the Company had borrowed Rs. 6684.500 (Previous year 1740.300 Millions) out of the above facility. In addition to the above loan, the Company during the year 2012-13 entered into another ECB loan agreement with HKJV for an interest-free facility of Rs. 2905.000 Millions restricted for the purpose of meeting its capital expenditure requirements with a maturity date of 15th July, 2021.The facility has an availability period of 2 years from the effective date and such drawdowns are repayable in 4 installments on 15 July each year from 2018 through 2021 as per the repayment schedule. As at March 31, 2013, the Company had borrowed Rs. 606.800 Millions out of this facility. # Finance lease obligations are secured against leased assets. SHORT TERM BORROWINGS* *The Company has availed of a working capital facility from a consortium of banks for an amount of Rs. 4250.000 Millions. The working capital facility includes sub-facilities for letters of credit, overdraft facility and bank guarantee as agreed with each respective bank. The Company can make drawdowns within one year from the effective date and such drawdowns are repayable as agreed with respective lender during the one year period. The Company is required to meet certain financial and non-financial covenants during the currency of the facility which includes maintaining certain financial ratios, submitting annual audited financial statements and other documents. The working capital loan facility (including cash credit) is secured by first priority charge on the current assets. Current assets includes present and future stocks of raw materials, work-in-progress, finished goods, consumables, trade receivables realizable within one year, book debts etc. relating to the vehicle and powertrain plant at Talegaon, Maharashtra and vehicle plant at Halol, Gujarat.


Banking Relations :	--

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

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF Phase-II, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
Income-tax PAN of auditor or auditor's firm :	AABFD2095B

Fellow Subsidiary company :	· Chevrolet Sales India Private Limited [U34102GJ2008PTC054265] SAIC GM Wuling Automobile Limited Shanghai General Motors Company Limited General Motors Overseas Corporation General Motors Technical Centre India Private Limited [U74200KA2009PTC049932] GM Global Technology Operations Inc GM Korea Company Liuzhou Wuling Imp. & Exp. Company Limited SAIC GM Wuling Automobile Company Limited Adam Opel GMBH Chevrolet Sales (Thailand) Limited General Motors (China) Investment Company Limited General Motors do Brasil Ltda. General Motors Egypt S.A.E. General Motors Japan Limited General Motors Korea, Inc. General Motors Thailand Limited GM Holden Limited ( Australia) General Motors South Africa Chevrolet Europe GMBH General Motors Global Service Operations GM Global Tooling Company (USA) General Motors Powertrain (Thailand) Limited General Motors Powertrain- Europe S.R.L. GM Powertrain Europe GmbH General Motors Poland Spolka, zo.o. Shanghai GM Dongyue Motors Company Limited Millbrook Proving Ground Limited General Motors Uzbekistan Hicom- Chevrolet Sdn Bhd SAIC GM Wuling Liuzhou Import and Export Company

Ultimate Joint Venturer :	· SAIC Motor Corporation Limited General Motors Company

Holding company :	SAIC General Motor Investment Limited

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs. 66500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 36177.718 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

3,919,488,594	Equity Shares	Rs. 10/- each	Rs. 39194.900 Millions
9,365,000	Class "A" Equity Share	Rs. 10/- each	Rs. 93.700 Millions
3,302,906	Unclassified Shares	Rs. 10/- each	Rs. 33.000 Millions
2,800,000	Redeemable Preference Shares	Rs. 100/- each	Rs. 280.000 Millions
500,000	Cumulative Redeemable Preference Shares - Series 1 : 290,000 Cumulative Redeemable Preference Shares - Series 2 : 210,000 Cumulative Redeemable Preference Shares	Rs. 1000/- each	Rs. 500.000 Millions
20,000,000	Redeemable Preference Shares	Rs. 100/- each	Rs. 2000.000 Millions
39,843,500	Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 398.400 Millions
	Total		Rs. 42500.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount

3,535,221,783	Equity Shares	Rs. 10/- each	Rs. 35352.200 Millions
9,365,000	Class "A" Equity Share	Rs. 10/- each	Rs. 93.700 Millions
500,000	Cumulative Redeemable Preference Shares - Series 1 : 290,000 Cumulative Redeemable Preference Shares - Series 2 : 210,000 Cumulative Redeemable Preference Shares	Rs. 1000/- each	Rs. 500.000 Millions
24,185,000	Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 241.800 Millions
	Total		Rs. 36187.700 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3,535,221,783	Equity Shares	Rs. 10/- each	Rs. 35352.200 Millions
9,365,000	Class "A" Equity Share	Rs. 10/- each	Rs. 93.700 Millions
490,000	Cumulative Redeemable Preference Shares - Series 1 : 280,000 Cumulative Redeemable Preference Shares - Series 2 : 210,000 Cumulative Redeemable Preference Shares	Rs. 1000/- each	Rs. 490.000 Millions
24,185,000	Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 241.800 Millions
	Total		Rs. 36177.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36177.700	28809.200	28809.200
(b) Reserves & Surplus	(27404.800)	(15984.800)	(8526.700)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8772.900	12824.400	20282.500

(3) Non-Current Liabilities
(a) long-term borrowings	11823.800	7875.200	4279.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	38.200	157.900	166.700
(d) long-term provisions	548.300	448.600	374.200
Total Non-current Liabilities (3)	12410.300	8481.700	4819.900

(4) Current Liabilities
(a) Short term borrowings	4107.900	2412.800	1984.300
(b) Trade payables	11964.400	11525.100	10835.100
(c) Other current liabilities	5396.800	6391.300	2833.200
(d) Short-term provisions	3548.800	1315.800	1052.700
Total Current Liabilities (4)	25017.900	21645.000	16705.300

TOTAL	46201.100	42951.100	41807.700

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24687.500	20274.300	20011.600
(ii) Intangible Assets	656.300	0.000	10.300
(iii) Capital work-in-progress	2776.000	6065.500	3015.100
(iv) Intangible assets under development	378.300	781.700	543.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1219.000	1046.300	781.300
(e) Other Non-current assets	81.900	107.700	122.600
Total Non-Current Assets	29799.000	28275.500	24483.900

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8901.400	5849.400	6071.600
(c) Trade receivables	107.500	112.200	1761.300
(d) Cash and cash equivalents	1401.900	2258.600	1536.800
(e) Short-term loans and advances	5955.300	6431.800	7928.100
(f) Other current assets	36.000	23.600	26.000
Total Current Assets	16402.100	14675.600	17323.800

TOTAL	46201.100	42951.100	41807.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	36934.600	43759.500	39721.400
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX		NA	(7458.100)	NA

Less	TAX		NA	0.000	NA

	PROFIT/ (LOSS) AFTER TAX		(11420.000)	(7458.100)	(1840.600)

	Earnings/ (Loss) Per Share (Rs.)		(3.20)	(2.63)	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	NA	(17.04)	NA

Return on Total Assets (PBT/Total Assets}	(%)	NA	(20.66)	NA

Return on Investment (ROI) (PBT/Networth)		NA	(0.58)	NA

Debt Equity Ratio (Total Debt/Networth)		1.82	0.80	0.31

Current Ratio (Current Asset/Current Liability)		0.66	0.68	1.04

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 158 of 2007

Status: PENDING CCIN No: 001092200700158

Last Listing Date: 01/05/2013

Coram

· HONOURABLE MR.JUSTICE AKIL KURESHI

· HONOURABLE MS JUSTICE SONIA GOKANI

Not Before :

· HONOURABLE MR.JUSTICE Z.K.SAIYED

S.NO.

Name of the Petitioner

Advocate On Record

COMMISSIONER CENTRAL EXCISE & CUSTOMS

MR YN RAVANI for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

M/S. GENERAL MOTORS INDIA PVT. LTD.

MR BL NARASIMHAN for :Opponent(s) 1

Presented On : 24/11/2006 Registered On : 24/11/2006

Bench Category : DIVISION BENCH District : PANCHMAHALS

Case Originated From: THROUGH ADVOCATE Listed : 15 times

Stage Name : FOR FINAL HEARING

Act

CENTRAL EXCISES AND SALT ACT, 1944

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

14/07/2008

VAKALATNAMA

MR BL NARASIMHAN ADVOCATE
for RESPONDENT(s) 1

MR BL NARASIMHAN:1

21/07/2008

AFFIDAVIT

MR BL NARASIMHAN ADVOCATE
for RESPONDENT(s) 1

MR BL NARASIMHAN:1

02/03/2010

APPEARANCE NOTE

MR YN RAVANI ADVOCATE
for PETITIONER(s) 1

MR YN RAVANI:1

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	21/12/2006	1	-	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	· REGISTRAR (JUDICIAL)
2	05/02/2007	1	-	FOR OFFICE OBJECTION	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE MR.JUSTICE ANANT S. DAVE
3	01/11/2007	1	-	FOR REGULAR ADMISSION (SPL.)	NOTICE	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE MR.JUSTICE J.C.UPADHYAYA
4	22/08/2012	10	32	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS.JUSTICE HARSHA DEVANI
5	29/08/2012	10	36	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS.JUSTICE HARSHA DEVANI
6	05/09/2012	9	43	FOR FINAL HEARING	NOTICE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS.JUSTICE HARSHA DEVANI
7	12/09/2012	9	57	FOR FINAL HEARING	NOTICE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS.JUSTICE HARSHA DEVANI
8	28/02/2013	8	70	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
9	14/03/2013	7	84	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
10	03/04/2013	7	81	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
11	17/04/2013	7	73	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
12	01/05/2013	7	55	FOR FINAL HEARING	BEYOND VACATION	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order	Download
1	TAX APPEAL/158/2007	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE SMT. JUSTICE ABHILASHA KUMARI	01/10/2007	N	ORDER	Download
2	TAX APPEAL/158/2007	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE MR.JUSTICE J.C.UPADHYAYA	17/12/2007	N	ORDER	Download
3	TAX APPEAL/158/2007	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE SMT. JUSTICE ABHILASHA KUMARI	01/11/2007	N	ORDER	Download

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10234415	06/02/2012 *	4,250,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B33163171
2	10234414	16/09/2010 *	8,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	A95221248

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties External Commercial Borrowings from the holding company**	7291.300	1740.300

Total	7291.300	1740.300

REVIEW OF OPERATIONS

During financial year 2012-2013 General Motors India has endeavored to emerge as one of serious player in the market. This would not have been possible without full involvement of their people in their business operations and their active support.

In India during the year, the passenger car market sales, recorded the sharpest drop in the last 12 years, and stood at 6.69%. Sales of the Company in the same period declined by 19.5%, partially driven by the unavailability of Tavera during the first quarter of financial 2012-2013 and phasing out of aging UVA and Aveo brands from the growing Mini B2 and Small markets, respectively. Despite the economic situation and above factors, steep hike in interest rates, manifold increases in raw material input cost, rising fuel prices, negative exchange rate, GM India sold 88,150 vehicles during the financial year 2012-2013.

This year too as in the past, GM India continued to expand its product range, with the launch of Chevrolet Sail and upgraded variant of Chevrolet Cruze and Chevrolet Spark. GM India has also won several important industry awards which have reflected its efforts to maintain Chevrolet’s title as the fastest growing auto brand in India. Some of the milestones/awards achieved/received by GM India and its products include:

· SAIL U-VA wins ET Zigwheels ‘Premium Hatchback of the Year’

SAIL U-VA wins Autocar India’s ‘Compact Car of the Year’

SAIL U-VA wins Car India and Bike India’s ‘Hatchback of the Year’

Sail U-VA wins Vicky.in’s ‘Compact Car of the Year’ people’s choice award.

Updated Cruze won the ‘Variant of the Year’ by Autocar India

Upgraded Cruze won people’s choice ‘Performance Car of the Year’ by Vicky.in

Chevrolet Cruze had also won the 2012 J D Power Initial Quality Survey (IQS) for the Indian market with 66 problems per hundred vehicles in the Premium Mid-size category

To meet rising demand for their products, they continued to expand their dealership network this year as well covering more locations across the country. The company has also entered into financing arrangements with a number of public sector banks for financing of the vehicles to increase its rural penetration.

The company in technical collaboration with Shanghai General Motors Corporation Limited and SAIC GM Wuling Automobile Company Limited have started manufacturing and selling Chevrolet Sail Sedan and Hatchback. By combining the outstanding resources of GM in India and those of their partners in China, Korea and the Globe, they can respond faster to the evolving domestic market than ever before with this tie up. These relationships are helping us to utilize and expand their manufacturing capacities. It will also throw opportunities to negotiate competitive supplier contract because of larger volumes, dealer viability, financial options and employment opportunities at their ends. The Company has planned to bring out lot of value additions and competitive options to customers.

The Company has kept continued focus on efficiencies and structural cost reduction to offset economics given the high inflation environment as well as taken localization initiatives.

The net sales revenue (Vehicles and Parts and Accessories) for the Financial Year was Rs.36934.600 Millions against Rs. 43759.500 Millions for the previous year. The sales revenues resulted in Net loss after exceptional item of Rs. 11420.000 Millions.

In view of the accumulated losses of the past, the Directors express their inability to declare any Dividend for the year. No amount was available for transfer to General Reserve.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) Bank guarantees	51.600	130.800
(b) Claims against the Company not acknowledged as debts*
Claims against the Company not acknowledged as debts-Excise and service tax matters	4594.100	2718.600
Claims against the Company not acknowledged as debts-Sales tax matters	105.300	0.000
Claims against the Company not acknowledged as debts-Income-tax matters	2778.400	805.300
Claims against the Company not acknowledged as debts-Others	128.400	89.700
* The above matters including income tax matters are subject to legal proceedings in the ordinary course of business. The legal proceedings when ultimately concluded will not, in the opinion of management, have a material effect on the results of operations or the financial position of the Company. (c). The Company had received the Prestigious Unit status from the State Government of Gujarat for its plant located in Halol in connection with the investments made by the Company in that facility. The total amount of incentives could not exceed the eligible investments, being the capital expenditure of Rs. 6852.000 Millions, made by the Company up to June 30, 2006. Under the scheme, the Company was exempt from depositing any output tax on sales from its Halol facility. The said incentives were fully utilized in the years 1996 through 2009 (month ending November 30, 2009). As a requirement for the above incentive at Halol, the Company is required to invest 50% of the total incentives availed under the scheme, which amounts to Rs. 3426.000 Millions. Under the terms of the scheme, the said reinvestment is required to be made over the 5 year period from November 15, 2009 to November 30, 2014. Upto March 31, 2013, Company has reinvested Rs 5837.100 Millions (upto March 31, 2012 Rs 5519.900 Millions). As such, the reinvestment obligation has been complied with by the Company. (d). Arrears of fixed cumulative dividends on preference shares as at 31 March, 2013 Rs. 0.100 Million (As at 31 March, 2012, Rs. 0.100 Million).

FIXED ASSETS:

· Land

Buildings

Factory building

Other building

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

Computer equipments

Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 61.96
UK Pound	1	Rs. 101.14
Euro	1	Rs. 85.33

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

NA

(17.04)

NA

NA

(20.66)

NA

NA

(0.58)

NA

1.82

0.80

0.31

0.66

0.68

1.04

Unit