MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	GENERAL MOTORS INDIA PRIVATE LIMITED	Principal Name 1	Lowell Clucas Paddock
Status	Satisfactory	Principal Name 2	Mr. Hong Chen
		Registration #	04-021818
Street Address	Chandrapura Industrial Estate, Halol, District Panchmahal-389351, Gujarat
Established Date	15.04.1994	SIC Code	--
Telephone#	91-2676-221000 (20 Lines)	Business Style 1	Manufacturer
Fax #	91-2676-220666	Business Style 2	Seller
Homepage	http://www.gm.co.in http://www.gm.com	Product Name 1	Motor Cars
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.28,809,200,000/-	Product Name 3	--
Shareholders	Bodies corporate 100.00%	Banking	Deutsche Bank AG
Public Limited Corp.	No	Business Period	19 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Associates / Subsidiaries	Sri Lanka	Ashnouk Investments (Private) Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	9,980,200,000	Current Liabilities	18,074,300,000
Inventories	5,849,400,000	Long-term Liabilities	10,288,000,000
Fixed Assets	20,274,300,000	Other Liabilities	1,764,400,000
Deferred Assets	000	Total Liabilities	30,126,700,000
Invest& other Assets	6,847,200,000	Retained Earnings	000
		Net Worth	12,824,400,000
Total Assets	42,951,100,000	Total Liab. & Equity	42,951,100,000
Total Assets (Previous Year)	41,788,600,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	43,759,500,000	Net Profit	NA
Sales(Previous yr)	36,965,100,000	Net Profit(Prev.yr)	NA

MIRA INFORM REPORT

Report Date :

20.03.2013

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) :	31.03.2012

Date of Incorporation :	15.04.1994

Com. Reg. No.:	04-021818

Capital Investment / Paid-up Capital :	Rs.28809.200 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 :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

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

Satisfactory

Maximum Credit Limit :	USD 51200000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Exist

Comments :	Subject is a subsidiary of SAIC General Motors Investment Limited, Hong Kong. It is an established company having satisfactory track. Profitability of the company is under pressure. There appear huge accumulated losses recorded by the company. However, it receives better support from its parent company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB [Long Term]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 2012

Rating Agency Name	ICRA
Rating	A2 [Working Capital Facilities]
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 :	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 annu.sarin@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/ Marketing :	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 30.09.2012

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 :	03.05.2010
DIN No.:	03026945

Name :	Mr. Timothy Eby Lee
Designation :	Director
Address :	Apartment 2501, 28 Nong, No. 1, Huayuanshiqiao Road, Shanghai-200120
Date of Birth/Age :	15.05.1964
Date of Appointment :	03.05.2010
DIN No.:	03024274

Name :	Mr. Rong Liu
Designation :	Director
Address :	Room 1506-1507, No. 20, Hengshan Road, Xuhui District, Shanghai-200031
Date of Birth/Age :	19.12.1949
Date of Appointment :	03.05.2010
DIN No.:	03026938

Name :	Mr. Kevin Ernest Wale
Designation :	Additional director
Address :	Unit 1002, No. 8, Shimao Riviera Garden Lane, Wei Fang West Road, Pudong District
Date of Birth/Age :	30.10.1964
Date of Appointment :	07.12.2010
DIN No.:	03321436

Name :	Mr. Anil Kumar Mehrotra
Designation :	Director
Address :	E202, Central Park 1, Sectors 32, Gurgaon-122002, Haryana, India
Date of Birth/Age :	01.07.1959
Date of Appointment :	05.09.2012
DIN No.:	05338446

Name :	Mr. Rakesh Mohan Sabbarwal
Designation :	Director
Address :	Flat No. 1002, Omega Paradise, S No. 174175, Wakad Kalewadi Road, Wakad, Pune-411027, Maharashtra, India
Date of Birth/Age :	01.07.1954
Date of Appointment :	05.09.2012
DIN No.:	06373735

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 30.09.2012

Names of Shareholders	No. of Equity Shares
SAIC General Motors Investment Limited, Hong Kong	2798368283
SAIC General Motors Investment Limited, Hong Kong	9364998
General Motors (Hong Kong) Company Limited, Hong Kong	1
SAIC General Motor HK Investment Limited, Hong Kong	1
TOTAL	2807733283

Names of Shareholders	No. of Preference 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

AS ON 30.09.2012

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Motor Cars.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity*	Actual Production
Vehicles	Qty	225000	225000

*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, India
Bank of Baroda, Alkapuri Branch, Halol, District Panchmahal, Gujarat, India
Citibank, N.A., Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India
IDBI Bank Limited, 3^rd Floor, IRCS Building, 1, Red Cross Road, New Delhi-110001, 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

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loans From Banks	6100.000
Term Loans From Others	1740.300
Other Loans and Advances	34.900	6384.300
Working Capital Loans From Banks	2412.800
TOTAL	10288.000	6384.300


Banking Relations :	--

Financial Institutions :	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 :	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
PAN No:	AABFD2095B

Holding Company :	Saic General Motor Investment Limited (HKJV)

Associates / Subsidiaries :	Sai C Gm Wooling Automobile Company Limited Shanghai General Motors Company Limited Shanghai Gm Dongyue Motors Company Limited Chevrolet Europe GMBH Tooling Company (USA) Millbrook Proving Ground Limited GM Holden Limited ( Australia) GM South Africa General Motors (China) Investment Company Limited General Motors Global Service Operations Gm Korea Company General Motors Thailand Limited General Motors Overseas Corporation (USA) General Motors Powertrain (Thailand) Limited General Motors Powertrain- Europe S.R.L. General Motors Japan Limited Alli Son Transmission India Private Limited Ashnouk Investments (Private) Limited, Srilanka General Motors Asia Pacific Holdings, LLC ( USA) General Motors Asia Pacific Holdings LLC General Motors Company (USA) General Motors Technical Center Private Limited GM Pwrtrain - Hdqrtrs Product Hicom-Chevrolet Sdn Bhd Lanka Orix Leasing Company Limited, Srilanka Shanghai Automotive Industry Corporation (SAIC)

CAPITAL STRUCTURE

AS ON 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3928853594	Equity Shares	Rs.10/- each	Rs.39288.535 Millions
317843500	Preferences Shares	Rs.10/- each	Rs.3178.435 Millions
3302906	Unclassified Shares	Rs.10/- each	Rs.33.029 Millions
	Total		Rs.42.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2807733283	Equity Shares	Rs.10/- each	Rs.28077.333 Millions
74185000	Preferences Shares	Rs.10/- each	Rs.741.850 Millions
	Total		Rs.28819.183 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3245300000	Equity Shares	Rs.10/- each	Rs.35000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
2832413283	Equity Shares	Rs.10/- each	Rs.28819.200 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2832403283	Equity Shares	Rs.10/- each	Rs.28809.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		28809.200	28809.200	24711.800
2] Share Application Money		0.000	0.000	2966.100
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(15984.800)	(8526.700)	(6686.100)
NETWORTH		12824.400	20282.500	20991.800
LOAN FUNDS
1] Secured Loans		10288.000	6384.300	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		10288.000	6384.300	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		23112.400	26666.800	20991.800

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		20274.300	20021.900	14516.500
Capital work-in-progress		6847.200	3582.400	6724.500

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5849.400	6071.600	4480.000
	Sundry Debtors	112.200	2069.100	814.500
	Cash & Bank Balances	2258.600	1537.000	2468.700
	Other Current Assets	131.300	0.000	0.000
	Loans & Advances	7478.100	8506.600	6766.600
Total Current Assets		15829.600	18184.300	14529.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11525.100	12841.100	12652.700
	Other Current Liabilities	6549.200	853.800	782.100
	Provisions	1764.400	1426.900	1344.200
Total Current Liabilities		19838.700	15121.800	14779.000
Net Current Assets		(4009.100)	3062.500	(249.200)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		23112.400	26666.800	20991.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	43759.500	36965.100	27709.900
		Revenue From Services	NA	NA	1694.800
		Other Income	NA	NA	2984.600
		TOTAL (A)	NA	NA	32389.300

Less	EXPENSES
		Manufacturing and Other Expenses			32575.600
		Contingencies			651.200
		Impairment			(418.500)
		TOTAL (B)	NA	NA	32808.300

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

Less	FINANCIAL EXPENSES (D)				37.600

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				(456.600)

Less/ Add	DEPRECIATION/ AMORTISATION (F)				1638.900

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		7458.100	NA	(2095.500)

Less	TAX (H)		NA		0.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		NA		(2095.500)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA		(4590.600)

	BALANCE CARRIED TO THE B/S		NA		(6686.100)

	EARNINGS IN FOREIGN CURRENCY
		Reimbursement of Expenses	NA		562.300
		FOB Value of Goods Exported	NA		1.200
		Revenue From Services	NA	NA	1545.700
	TOTAL EARNINGS				2109.200

	IMPORTS
		Raw Materials	NA	14959.700	13251.300
		Capital Goods	NA	1718.600	3883.600
		Vehicles Traded	NA	0.000	103.100
		Spare Parts and Accessories	NA	0.000	229.700
	TOTAL IMPORTS		NA	16678.300	17467.700

	Earnings / (Loss) Per Share (Rs.)		NA	NA	(0.90)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	(6.47)

Net Profit Margin (PBT/Sales)	(%)	17.04	NA	(7.56)

Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(7.21)

Return on Investment (ROI) (PBT/Networth)		0.58	NA	(0.10)

Debt Equity Ratio (Total Debt/Networth)		0.80	0.31	0.00

Current Ratio (Current Asset/Current Liability)		0.80	1.20	0.98

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	Yes
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 two 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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

HIGH COURT OF GUJARAT

LETTER PATENT APPEAL NO. 395 OF 2011

IN SPECIAL CIVIL APPLICATION/ 7647/ 2006 (DISPOSED) ON : 12/04/2010

Status: PENDING (Converted from : LPAST/2665/2010) CCIN No: 001014201100395

Last Listing Date: 12/03/2013

Coram: - HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

- HONOURABLE MR.JUSTICE S.G.SHAH Not Before: HONOURABLE MR.JUSTICEK.A.PUJ

S.NO.

Name of the Petitioner

Advocate On Record

STATE OF GUJARAT
COLLECTOR OF STAMPS
DEPUTY COLLECTOR

GOVERNMENT PLEADER for: Appellant(s) 1 - 3

S.NO.

Name of the Respondant

Advocate On Record

GENERAL MOTORS INDIA PRIVATE LIMITED

RULE NOT RECD BACK for :Respondent(s)  1
RULE SERVED for :Respondent(s)  1
SINGHI & CO for :Respondent(s)  1

Presented On : 15/12/2010 Registered On : 15/12/2010

Bench Category : DIVISION BENCH District : PANCHMAHALS

Case Originated From: THROUGH ADVOCATE Listed : 29 times

Stage Name : FOR FINAL HEARING

Classification: LPA - NON-SERVICE - BOMBAY STAMP ACT, 1958 - REGISTRATION OF DOCUMENT

Act: LETTERS PATENT, 1865

Lower Court Details

S. No.	Lower Court Case Detail	Lower Court Name	Judge Name	Judgment Date
1.	SPECIAL CIVIL APPLICATION/7647/2006	GUJARAT HIGH COURT, AHMEDABAD	HONOURABLE MR.JUSTICE K.A.PUJ--	12/04/2010

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

15/12/2010

CERTIFIED COPY

GOVERNMENT PLEADER
for PETITIONER(s) 1

GOVERNMENT PLEADER:1-3

15/12/2010

MEMO OF APPEAL/PETITION/SUIT

GOVERNMENT PLEADER
for PETITIONER(s) 1

150

GOVERNMENT PLEADER:1-3

18/03/2011

AFFIDAVIT OF DS

GOVERNMENT PLEADER
for PETITIONER(s) 1

GOVERNMENT PLEADER:1-3

28/03/2011

VAKALATNAMA

SINGHI & CO ADVOCATE
for RESPONDENT(s) 1

SINGHI & CO:1

Linked Matters

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

CIVIL APPLICATION/63/2011

DISPOSED

29/04/2011

RULE ABSOLUTE/ALLOWED @ F.H

· HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA

· HONOURABLE MR.JUSTICE J.B.PARDIWALA

CIVIL APPLICATION/2777/2011

DISPOSED

29/04/2011

ANY OTHER MODE @ ADM.STAGE

· HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA

· HONOURABLE MR.JUSTICE J.B.PARDIWALA

Court Proceedings

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

30/11/2012

FOR FINAL HEARING

NEXT DATE

· HONOURABLE THE CHIEF JUSTICE MR.BHASKAR BHATTACHARYA

· HONOURABLE MR.JUSTICE J.B.PARDIWALA

07/12/2012

FOR FINAL HEARING

NEXT DATE

· HONOURABLE THE CHIEF JUSTICE MR.BHASKAR BHATTACHARYA

· HONOURABLE MR.JUSTICE J.B.PARDIWALA

26/12/2012

FOR FINAL HEARING

NEXT DATE

· HONOURABLE THE CHIEF JUSTICE MR.BHASKAR BHATTACHARYA

· HONOURABLE MR.JUSTICE J.B.PARDIWALA

16/01/2013

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE S.G.SHAH

12/03/2013

FOR FINAL HEARING

NEXT DATE

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE S.G.SHAH

REVIEW OF OPERATIONS:

The financial year 2011-2012 saw General Motors India again registering growth. They have made steady progress this year also towards their goal of emerging 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. Despite the volatility of the economic situation globally, steep hike in interest rates, manifold increases in raw material input cost, rising fuel prices, GM India sold 111,775 vehicles during the financial year 2011-2012.

This year too as in the past, GM India continued to expand its product range, with the launch of Beat Diesel, Tavera Neo3 MPV and Cruze. GM India has also won some industry awards which have paid 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:

NDTV Car and Bike 2011 " India Green Award" : Chevrolet Beat Diesel
NDTV Car and Bike "Automotive Technology of the year" : Chevrolet Beat SMARTECH Diesel engine
Bloomberg UTV Autocar Variant of the Year 2011: Chevrolet Beat Diesel
Car and Bike India Variant of the Year 2011: Chevrolet Beat Diesel
"Diesel Car of the Year" by 2011 Vicky.in People's Choice Awards: Chevrolet Beat Diesel

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 joint venture tie up with SAIC has also started moving forward in full swing with Halol Plant starting expansion activities to increase the capacity from 85,000 units to 110,000 units per annum to roll out the LCVs from the plant going forward. The JV with SAIC is a great achievement as the tie up will help create a number of new avenues to grow GM India’s business. 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. The tie up is 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 JV will also bring in lot of value additions and competitive options to customers.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10234415
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	Book Debts Movable Property [not being pledge] Floating Charge Others
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	Unattested supplement deed of hypothecation for working capital facility of Rs.4250.000 Millions
Date of instrument Creating the charge	06.02.2012
Amount secured by the charge	Rs.4250.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter Terms of Repayment As per Sanction Letter Margin As per Sanction Letter Extent and Operation of the charge All the Borrower's present and future current assets including stocks of raw material, work-in-progress, finished goods, consumables, trade receivables and book debts relating to the Talegaon Plant and the Halol Plant (as particularly provided in the Deed of Hypothecation) and all the rights, title, interest, benefit, claims and demands whatsoever of the Borrower in, to, under and/or in respect of the insurance contracts both present and future. Others pari passu basis with other Working capital lenders in IDBI CONSORTIUM (IDBI Rs 2000.000 Millions, SBI Rs 1500.000 Millions, Canara Bank Rs 750.000 Millions)
Date of latest modification prior to the present modification	06.02.2012
Particulars of the present modification	Enhance working capital facilities from Rs.2000.000 Millions to Rs.4250.000 Millions

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 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.54.26
UK Pound	1	Rs.81.94
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

TPT

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	5
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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

5849.400

6071.600

4480.000

112.200

2069.100

814.500

2258.600

1537.000

2468.700

131.300

0.000

0.000

7478.100

8506.600

6766.600

15829.600

11525.100

12841.100

12652.700

6549.200

853.800

782.100

1764.400

1426.900

1344.200

19838.700

15121.800

14779.000

(4009.100)

3062.500

(249.200)

NA

NA

(6.47)

17.04

NA

(7.56)

NA

NA

(7.21)

0.58

NA

(0.10)

0.80

0.31

0.00

0.80

1.20

0.98

Unit