MIRA INFORM REPORT

Report Date :

06.11.2013

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 :	Manufacturer, Exporter and Sellers of Motor Cars.

No. of Employees :	Information declined by the managements

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 :	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. However, it receives better support from its parent company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest. The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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.

INFORMATION DENIED

Management Non Co-Operative (91-2676-220664)

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
Location :	Owned

Factory :	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 :	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. 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

Name :	Mr. Hardik
Designation :	Accounts Department

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 :

Manufacturer, Exporter and Sellers of Motor Cars.

Products :

Product Description	ITC Code
Cars capacity greater than 1000 CC but less than 1500 CC	87032220

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 :

Information declined by the managementss

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]
LONG-TERM BORROWINGS
Term Loans From Banks	6100.000	4232.500
Term Loans From Others	1740.300	0.000
Other Loans and Advances	34.900	46.500
SHORT-TERM BORROWINGS
Working Capital Loans From Banks	2412.800	1984.300
TOTAL	10288.000	6263.300


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

AFTER: 30.09.2012

Authorised Capital : Rs.66500.00 Millions

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

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.42499.999 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

24675000

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3182156500	Equity Shares	Rs.10/- each	Rs.31821.600 Millions
2800000	Redeemable Preferences Shares	Rs.100/- each	Rs.280.000 Millions
290000	Cumulative Redeemable Preferences Shares Series 1	Rs.1000/- each	Rs.290.000 Millions
210000	Cumulative Redeemable Preferences Shares Series 2	Rs.1000/- each	Rs.210.000 Millions
20000000	Redeemable Preferences Shares	Rs.100/- each	Rs.2000.000 Millions
39843500	Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.398.400 Millions
	TOTAL		Rs.35000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
2798368283	Equity Shares	Rs.10/- each	Rs.27983.700 Millions
9365000	Equity Shares	Rs.10/- each	Rs.93.700 Millions
290000	Cumulative Redeemable Preferences Shares Series 1	Rs.1000/- each	Rs.290.000 Millions
210000	Cumulative Redeemable Preferences Shares Series 2	Rs.1000/- each	Rs.210.000 Millions
24180000	Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.241.800 Millions
	Total		Rs.28819.200 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2798368283	Equity Shares	Rs.10/- each	Rs.27983.700 Millions
9365000	Equity Shares	Rs.10/- each	Rs.93.700 Millions
280000	Cumulative Redeemable Preferences Shares Series 1	Rs.1000/- each	Rs.280.000 Millions
210000	Cumulative Redeemable Preferences Shares Series 2	Rs.1000/- each	Rs.210.000 Millions
24180000	Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.241.800 Millions
	Total		Rs. 28809.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

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

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

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

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

TOTAL	42951.100	41807.700

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

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

TOTAL	42951.100	41807.700

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

TOTAL		20991.800

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		14516.500
Capital work-in-progress		6724.500

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4480.000
	Sundry Debtors	814.500
	Cash & Bank Balances	2468.700
	Other Current Assets	0.000
	Loans & Advances	6766.600
Total Current Assets		14529.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12652.700
	Other Current Liabilities	782.100
	Provisions	1344.200
Total Current Liabilities		14779.000
Net Current Assets		(249.200)

MISCELLANEOUS EXPENSES		0.000

TOTAL		20991.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	43759.500	39721.400	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)		0.000	NA	0.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(7458.100)	(1840.600)	(2095.500)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD				(4590.600)

	BALANCE CARRIED TO THE B/S				(6686.100)

	EARNINGS IN FOREIGN CURRENCY		NA	NA
		Reimbursement of Expenses			562.300
		FOB Value of Goods Exported			1.200
		Revenue From Services			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.)		(2.63)	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}	(%)	(20.66)	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)		0.68	1.04	0.98

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. In Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Current maturities of long-term debt	1732.500	167.500	NA

Total	1732.500	167.500	NA

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]	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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CIVIL APPLICATION (STAMP NUMBER) No. 6626 of 2013

In SPECIAL CIVIL APPLICATION/ 1588/ 2013 ( DISPOSED ) On : 29/07/2013

Status : PENDING

CCIN No : 001006201306626

Last Listing Date:

Coram

S.NO.	Name of the Petitioner	Advocate On Record
1	DEPUTY COMMISSIONER OF INCOME TAX	MR KM PARIKH for: Petitioner(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	GENERAL MOTORS INDIA PVT LTD	MR B S SOPARKAR for :Respondent(s) 1

Presented On	: 02/07/2013	Registered On	: -
Bench Category	: -	District	: PANCHMAHALS
Case Originated From	: THROUGH ADVOCATE	Listed	: 0 times
StageName	: -

Office Objection

Filing Stage
Filing Stage
Filing Stage
Filing Stage

WHETHER NAMES AND DESIGNATIONS AND FULL ADDRESS OF ALL PARTIES ARE GIVEN ?

WHETHER PAGING IS DONE ?

WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	02/07/2013	VP FILED IN MAIN MATTER	MR B S SOPARKAR ADVOCATE for RESPONDENT(s) 1	0	MR B S SOPARKAR(6851), for R:1
2	02/07/2013	APPEARANCE NOTE	MR KM PARIKH ADVOCATE for PETITIONER(s) 1	0	MR KM PARIKH(575), for P:1
3	02/07/2013	MEMO OF APPEAL/PETITION/SUIT	MR KM PARIKH ADVOCATE for PETITIONER(s) 1	20	MR KM PARIKH(575), for P:1

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.

The net sales revenue (Vehicles and Parts and Accessories) for the Financial Year under report was Rs.43759.500 Millions against Rs.39721.400 Millions for the financial year ended 31st March, 2012. The sales revenues resulted in Net loss after exceptional item of Rs. 7458.100 Millions.

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, MAHARASHTRA - 400001, 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, MAHARASHTRA - 400001, INDIA	A95221248

* Date of charge modification

AS PER WEBSITE DETAILS

NEWS

GENERAL MOTORS' TAVERA RECALL: 35 EXECUTIVES IN INDIA SACKED

Aug 6, 2013

MUMBAI: An internal investigation into General Motors India's controversial Tavera multi-utility vehicle recall has led to an additional 30-35 key executives at their Indian operations being asked to quit, after the exit of senior R&D officials at their US headquarters last week.

ET learns GM India has axed several dozen officials on Monday across its two plants in Talegaon, Maharashtra, and Halol, Gujarat, and its corporate office in National Capital Region from various functions of quality, engineering and operations.

In an email response, GM India's spokesperson told ET: "As per company policy, we do not comment on internal personnel matters."

Last month, in a letter which ET reviewed, GM India admitted to the government that its internal probe had revealed the company violated testing norms and its employees re-fitted already approved engines in the new Tavera models sent for inspection, in an attempt to meet the specified emission norms.

GM also acknowledged that the weight of several of its models was manipulated to comply with less stringent emission norms. The company had suspended production and sales of two Tavera variants after it 'discovered' compliance failures and recalled over 1.14 lakh units of Tavera sold since 2005.

The government has formed a committee constituted by the ministry of heavy industry - the nodal ministry for the auto industry - under Natrip CEO Nitin Gokarn with the mandate to investigate specific check on macro manufacturing practices of auto companies. The findings of the report are likely to be released in the next few weeks. Greg Martin, spokesperson of GM at the headquarters in Detroit, had told ET last week, "General Motors' investigation into our recall of the Chevrolet Tavera, which is built and sold exclusively in India, identified violations of company policy. GM subsequently dismissed several employees. We take these matters very seriously and hold our leaders and employees to high standards. When those standards are not met, we will take the appropriate action to hold employees accountable."

The company is in the process of getting the Type Approval for the re-engineered Tavera from the testing agency and it wants to bring back the vehicle in the market at the earliest.

GM HAS RESTARTED PRODUCTION OF TAVERA VEHICLES IN INDIA

October 19, 2013

MUMBAI (Reuters) - General Motors Co has restarted the production of its Tavera sport-utility vehicles in India after receiving regulatory approvals, a company executive said on Saturday.

In July, GM recalled 114,000 Tavera vehicles, citing issues relating to emission standards and other regulatory specifications. It had earlier halted production and sale of the Tavera BS III and Tavera BS IV models.

"GM India has already received BS III 7,8,9 and 10 seaters type approvals and production has also started," GM India Vice President P. Balendran told Reuters. "BS IV approval is under process and approval is expected anytime now and will start production soon."

INDIA PANEL FINDS GM RESPONSIBLE IN EMISSIONS TESTING CASE: GOVERNMENT SOURCE

October 22, 2013

NEW DELHI (Reuters) - An Indian government-appointed panel investigating General Motors Co's recall of 114,000 Tavera vehicles says the company flouted testing regulations, a senior government official who has seen the report said.

"The report has pointed out that it is in the nature of corporate fraud," the government official, who declined to be named as the information is not public, told Reuters.

"It says only the OEM (original equipment manufacturer) was responsible for whatever happened," and that there was no wrongdoing found on the part of the testing labs, the official added.

GM India said in a statement it had identified violations of company policy and those responsible.

The company could be fined about 100 million rupees ($1.6 million) under current provisions, the official said.

The report, which will be taken up by India's roads ministry, does not name any specific GM officials, he said.

The case relates to the July recall of 114,000 India-made Tavera sport utility vehicles (SUVs) over issues relating to emission standards and other regulatory specifications. Production was also halted.

The Economic Times reported in July that GM had told the government that employees had fitted engines with low emissions in the vehicles sent for inspection.

The company fired several employees in July after an internal probe into the recall uncovered what it called "violations of company policy".

The Times of India and the Hindustan Times newspapers earlier on Tuesday reported the panel's findings.

"We determined there was an emissions problem," GM India said in an emailed statement on Tuesday. "We investigated it and identified violations of company policy.

"We held people accountable. And, we advised Indian authorities," the company said. "Beyond that, we're not able to comment as we've not heard from the government or seen the report."

GM has restarted production of the Tavera sport-utility vehicles in India after receiving regulatory approvals, a company executive told Reuters on Saturday.

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.61.79
UK Pound	1	Rs.98.66
Euro	1	Rs.83.42

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	VRN

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

4480.000

814.500

2468.700

0.000

6766.600

12652.700

782.100

1344.200

14779.000

(249.200)

NA

NA

(6.47)

(17.04)

NA

(7.56)

(20.66)

NA

(7.21)

(0.58)

NA

(0.10)

0.80

0.31

0.00

0.68

1.04

0.98

Unit