MIRA INFORM REPORT

Report Date :

7^th June, 2006.

IDENTIFICATION DETAILS

Name :	CONCORDE MOTORS (INDIA) LIMITED
Formerly Known as:	Minicar (India) Limited
Registered Office :	3^rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai – 400 001, Maharashtra, India.
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	18.01.1972
Com. Reg. No.:	11-15561
CIN No.: [Company Identification No.]	L24110MH1972PLC15561
TAN No.: [Tax Deduction & Collection Account No.]	HYDC01817E MUMM21017D MUMC12414D
PAN No.: [Permanent Account No.]	AAACM0154A
Legal Form :	A Closely Held Public Limited Liability Company The company is a subdivision of Tata Motors Limited, Mumbai The company was known as Minicar (India) Limited in past
Line of Business :	The company is engaged in the business of Trading in Auto Mobiles, Auto Mobile Parts, Accessories.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 1250000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial positions is good. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	3^rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai – 400 001, Maharashtra, India.
Tel. No.:	91-22-56658282
Fax No.:	91-22-56657799
E-Mail :	concordb@blr.vsnl.net.in

DIRECTORS

Name :	Mr. Sumantran Venkataramani
Designation :	Director
Address :	‘Visava’ Plot No. 10, Telco Sr. Officers Company, Opposite Housing Society, Pimpri Residental Area, Pimpri, Pune – 411 018, Maharashtra, India.
Date of Birth/Age :	27.09.1958
Date of Appointment :	21.10.2004
Name :	Mr. Dube Pavan Rajiv
Designation :	Director
Address :	5 Betsy Apartments, Turner Road, Bandra (West), Mumbai – 400 050, Maharashtra, India.
Date of Birth/Age :	04.02.1962
Date of Appointment :	08.06.2001
Name :	Mr. Ramakrishnan Chandrasekaran
Designation :	Director
Address :	322, Samudra Mahal, Dr. Annie Besant Road, Worli , Mumbai – 400 018, Maharashtra, India.
Date of Birth/Age :	27.06.1955
Date of Appointment :	21.10.2004
Name :	Mr. Thakur Singh Rameshwar
Designation :	Director
Address :	219, Samudra Mahal, Dr. Annie Besant Road, Worli , Mumbai – 400 018, Maharashtra, India.
Date of Birth/Age :	06.09.1948
Date of Appointment :	21.10.2004
Name :	Mr. Sethna Keki Hoshang
Designation :	Director
Address :	6028, Captain House, Dr. Ambedkar Road, Matunga, Mumbai – 400 019, Maharashtra, India.
Date of Birth/Age :	08.11.1963
Date of Appointment :	03.07.1999
Name :	Mr. Rohinesh Hosabettu
Designation :	Director
Address :	34, Amit Tata Employees, Chs Murari Ghag Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India.
Date of Birth/Age :	15.06.1944
Date of Appointment :	26.03.2003
Name :	Mr. Verma Virendra Kumar
Designation :	Director
Address :	20, Manav Mandir, Worli, Mumbai – 400 018, Maharashtra, India.
Date of Birth/Age :	14.06.1944
Date of Appointment :	26.03.2003
Name :	Mr. Maller Pandurang Shyam
Designation :	Director
Address :	202, Raj Meridian, 99 G – H – l, 2^nd Cross KHB Colony, V Block, Banglore – 560 095, Karnataka.
Date of Birth/Age :	28.01.1960
Date of Appointment :	15.12.2004
Name :	Mr. Shroff Malcolm Kersi
Designation :	Director
Address :	P – 13, Cusrow Baug, Shahid Bhagat Singh Road, Mumbai – 400 001, Maharashtra, India.
Date of Birth/Age :	13.03.1979
Date of Appointment :	21.04.2005

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Tata Motors Limited	53160
Tata Motors Limited J / W P P Kadle	10
Tata Motors Limited J / W H K Sethna	10
Tata Motors Limited J / W Rajiv Dube	10
Tata Motors Limited J / W Ravi Kant	10
Tata Motors Limited J / W P C Bandivadekar	10
Tata Motors Limited J / W R S Thakur	10
Tata Motors Limited	1193150
Tata Finance Limited	161045
Tata Industries Limited	1080805

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Trading in Auto Mobiles, Auto Mobile Parts, Accessories.

GENERAL INFORMATION

No. of Employees :

300

Bankers :

Facilities :

Secured Loan	Amount (in Millions)
Cash Credit From Bank Secured by the Hypothecation of Stock in trade, consumbles, Stocks and receivables of all other types, book debts, stocks, raw materials, goods in process, raw materials, semi-finished, finished goods and all other assets like movable machinery, implements, tools , furniture, fixture and motor vehicles, wheresover situated. First charge on all the present & future movable machinery, including all stocks, tools and accessories, belonging to the company.	70.000
Unsecured Loan
Intercorporate Deposits	100.000
Total:	170.000

Banking Relations :	--
Auditors :	Patel & Deodhar
Qualification:	Charted Accountant
Group Companies :	v Tata Motors Limited v Tata Daewoo Commercial Vehicle Company Limited, South Korea v Tata Construction Equipment Company Limited v Tata Technologies Limited v Sheba Properties Limited v H V Axies Limited v H V Transmissions Limited v Tal Manufacturing Solutions Limited v Concorde Motors Limited v Telco Dadajee Dhackjee Limited v Tata Technologies, USA v Suryodaya Capital and Finance (Bombay) Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 Millions
2500000	Preference Share	Rs. 100/- each	Rs. 250.000 Millions
	TOTAL:		Rs. 251.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53220	Equity Shares	Rs. 10/- each	Rs. 0.532 Millions
2435000	Preference Share	Rs. 100/- each	Rs. 243.500 Millions
	TOTAL:		Rs. 244.032 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		244.032	0.532
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		103.277	22.803
4] (Accumulated Losses)		0.000	0.000
NETWORTH		347.309	23.335
LOAN FUNDS
1] Secured Loans		70.000	0.000
2] Unsecured Loans		100.000	0.000
TOTAL BORROWING		170.000	0.000
DEFERRED TAX LIABILITIES		3.186	0.000
TOTAL		520.495	23.335
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		238.422	4.389
Capital work-in-progress		0.149	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	2.994
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	262.609	0.000
	Sundry Debtors	114.398	0.000
	Cash & Bank Balances	33.923	13.599
	Other Current Assets	0.000	0.000
	Loans & Advances	100.045	3.037
Total Current Assets		510.975	16.636
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	229.051	0.684
	Provisions	0.000	0.000
Total Current Liabilities		229.051	0.684
Net Current Assets		281.924	15.952
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		520.495	23.335

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004
Sales Turnover [including other income]	3531.080	8.674
Profit/(Loss) Before Tax	90.129	8.090
Provision for Taxation	35.667	3.525
Profit/(Loss) After Tax	54.462	4.565
Total Expenditure	3440.951	0.584

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	1.54	52.63
Net Profit Margin (PBT/Sales)	(%)	2.55	93.27
Return on Total Assets (PBT/Total Assets}	(%)	12.02	33.68
Return on Investment (ROI) (PBT/Networth)		0.26	0.35
Debt Equity Ratio (Total Liability/Networth)		1.15	0.03
Current Ratio (Current Asset/Current Liability)		2.23	24.32

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

Land & Building, Lease Hold Improvements, Electrical Installation, Office Equipment, Air Condition & Refrigeration, Furniture & Fixture, Computer, Computer Software, Work Shop Equipments and tools, Motor Vehicles etc.

BUSINESS:

Concorde Motors (India) Limited formerly known as Minicar (India) Limited, was incorporated in January 1972 under the companies act, 1956. As per the provision contained in the scheme of Arrangement between Concorde Motors Limited (“Concorde/ CML’) and the company (‘the said scheme’), it has acquired the Sales and Service Business from Concorde for an aggregate consideration of Rs. 243.500 Millions, which was discharged by issuing and allotting 7% Cumulative Redeemable Preference Shares of Rs. 100/- each, fully paid up, to the share holders of CML whose names stood on the register of members on 1.10.2004 (‘Effective Date’). The said scheme which was operational from 01.01.2004 (‘Appointed date’) has since become effective from 1.10.2004 as approved by the High Court of Judicature at Bombay and New Delhi on 02.07.2004 and 17.08.2004 respectively. The business of the company now comprises of undertaking sales and servicing of passenger cars and automobile parts and accessories in addition to letting its premises on rental basis

DIVIDEND:

The directors recommend the payment of a dividend of Rs. 7/- per share on 2435000 – 7% Cumulative Redeemable Preference Shares of Rs. 100/- each, on a pro rata basis, from the date of allotment, viz. 21.10.2004, if approved by the members at the Annual General Meeting

Further, in view of the expansion of the business of the company arising out of the demerger of the sale & service business of Concorde Motors Limited in to the Company and the consequent increase in the profit of the company, the directors recommend the payments of a maiden dividend of Rs. 100/- per share, on 53220 equity share of Rs. 10/- each, fully paid up for the year 2004-05, if approved by the Members at the Annual General Meeting

During the financial year under review, the restructuring initiatives that were commenced during the fiscal year ended 31.03.2004, were concluded. The sales & service business of Concorde Motors Limited (CML) in Bangalore, chennai, Hyderabad and the Union Territory of Pondicherry, has been transferred to and noe vests in the company, pursuant to the scheme of Arrangement between CML and the company having become operational from 01.01.2004 (‘Appointed Date’) and effective from 01.10.2004 (‘Effective date’). This restructuring has provided the company with a significant and profitable operating business. This scheme has been given effect to in the financial statements of the company for the year under review and the relevant notes contained in the notes to accounts on the said restructuring initiative are self – explanatory.

Further to ensure continuity of the ‘Concorde’ brand, the company had also, during the financial year under review, changed its name from ‘Minicar (India) Limited’ to ‘Concorde Motors (India) Limited’. The said change was effective 16.06.2004

Total domestic passenger vehicle sales in the country crossed the 1 million mark in terms of volumes for the first time ever, in the fiscal under review, growing at 18% over the previous year. Tata Motors outperformed the industry, recording a 28% growth, with sales of 179076 units of passenger vehicles. During this period, the company (sales & service business) sold 8626 vehicles, a growth of 37% over the previous year figures of the erstwhile sales & services business of CML. The company’s share of Tata Motor’s Passenger vehicle sales in the markets where the company operates was 36%. Income from After sales (Service & Parts) grew at 12% over the previous year, when the Sales & Service Business was a part of CML.

CMT REPORT [Corruption, Money laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.92
UK Pound	1	Rs.84.62
Euro	1	Rs.58.03

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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

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

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

RATING EXPLANATIONS

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

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