MIRA INFORM REPORT

Report Date :

18.06.2008

IDENTIFICATION DETAILS

Name :	TATA INTERNATIONAL LIMITED
Registered Office :	Block ‘A’, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	30.11.1962
Com. Reg. No.:	11-12528
CIN No.: [Company Identification No.]	U51900MH1962PLC012528
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09485A
PAN No.: [Permanent Account No.]	AAACT3198F
Legal Form :	Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of High Fashion Leather and Leather Products and Exporter of Various goods, Services and Technologies

RATING & COMMENTS

MIRA’s Rating :

Aaa

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
	Maximum Credit Limit :			USD 13110000
	Status :			Excellent
	Payment Behaviour :			Regular
	Litigation :			Clear
	Comments :			Subject is a part of the country’s largest industrial house known as TATA GROUP. Available information indicates high financial responsibility of the company and its management. Fundamentals are strong and healthy. Financial position of the company is comfortable. The company is progressing well. Subject can be considered good for long-term association. It can be considered good for any normal business dealings at usual trade terms and conditions

LOCATIONS

Registered Office :	Block ‘A’, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24964310-16 / 56652200 – 10/56612835
Fax No.:	91-22-24950309 / 24950366 / 2495 0574 / 56612837/56612835
E-Mail :	1. tintl@tatainternational.co.in 2. corporate@telmumablk.globalnet.ems.vsnl.net.in
Website :	http://www.tatainternational.com
Tannery :	Located at:- Dewas, Madhya Pradesh
Footwear Division:	Located at:- Chennai, Tamilnadu
Overseas Offices:	v Tata South-East Asia Limited Rm 1010, Tower III, Enterprises Square, 9 Sheurlg Yuet Road, Kowloon Bay, Kowloon, Hong Kong Tel : 852-27519747 Fax. : 852-27546672 E-mail : murali@tatahk.com v 5 Shenton Way, #27-05 UIC Building, Singapore 068808 Tel. +65 62259700 Fax. +65 62252345 E-mail. 1. tatasing@singnet.com.sg 2. tatas@singnet.com.st v Tata (UAE) FZE ZB 07 R/A 08, Jebel Ali Free Zone, P. O. Box 16980, Dubai, UAE Tel. 00-9714-8837750/721 Fax. 9714-8837806/721 E-mail. teldubai@emirates.net.ae v P. O. Box 1627, Parklands, Johannesberg 2121, South Africa Tel. 27-11 4423382/3 Fax. 29-11 4423385 E-mail. tata@icon.co.za v Level 19, Riverswide Centre, 123, Eagle Street, Brisbane, QLD – 4000, Australia Tel. 0061-7-38390455 Fax. 0061-7-38390466 Cell. 0061-402821018 E-mail. ranjan@tataaustralia.com 5 Shenton Way, #27-05 UIC Building, Singapore 068808

DIRECTORS

Name :	Mr. Syamal Gupta
Designation :	Chairman
Address :	19 Commonwealth, 181, Backbay Reclamation, Mumbai – 400020
Date of Birth/Age :	15.04.1934
Date of Appointment :	15.04.1999
Name :	Mr. Sudhir Deoras
Designation :	Managing Director
Address :	Flat 191B, Maker Tower, 19^th Floor, Colaba, Mumbai – 400005
Date of Birth/Age :	01.08.1954
Date of Appointment :	15.04.2004
Name :	Mr. Raman Dhawan
Designation :	Director
Address :	C/O Tata Africa Holdings (SA), Rosebank Corner, 3^rd Floor, 191 Jan Smuts Avenue, Parktown, North 2193, Johannesburg, South Africa
Date of Birth/Age :	07.11.1948
Date of Appointment :	04.12.2001
Name :	Mr. Homiar Sorabji Vaccha
Designation :	Director
Address :	Flat No. 9, Naoroji House, Naigaum Cross Road, Dadar, Mumbai – 400014, Maharashtra
Date of Birth/Age :	23.04.1942
Date of Appointment :	06.11.2003
Name :	Mr. Alan Richard Rosling
Designation :	Director
Address :	9, Hill Park, Malabar Hill, A G Bell Road, Mumbai – 400006, Maharashtra
Date of Birth/Age :	16.08.1962
Date of Appointment :	15.07.2004
Name :	Mr. Balasubramanian Muthuraman
Designation :	Director
Address :	No. 7, C Road, Northern Town, Jamshedpur – 831001, Jarkhand
Date of Birth/Age :	26.09.1944
Date of Appointment :	12.08.2004
Name :	Mr. Piyush G. Mankad
Designation :	Director
Address :	33A, Green View Apartments, Sector 15A, Noida, Uttar Pradesh
Date of Birth/Age :	18.11.1941
Date of Appointment :	12.08.2004
Name :	Mr. Farokh N. Subedar
Designation :	Director
Address :	Wadia Building, Ground Floor, 6 Babulnath Road, Mumbai – 4000006, Maharshtra
Date of Birth/Age :	24.09.1955
Date of Appointment :	12.08.2004
Name :	Mr. Rajiv Dube
Designation :	Director
Address :	5, Betsy Apartments, Perry Road, Bandra (West), Mumbai – 400050, Maharashtra
Date of Birth/Age :	04.02.1962
Date of Appointment :	12.08.2004
Name :	Mr. Arun Kumar Vora
Designation :	Director
Address :	S-2, 3^rd Floor, Orchid Apartments, 161, 5^th Main, DefenceColony, Indira Nagar, Bangalore-560038, Karnataka, India
Date of Birth/Age :	14.08.1941
Date of Appointment :	26.09.2006
Other Directorships :	Tata Advanced Material Limited TCE Consulting Engineering Limited

KEY EXECUTIVES

Name :	Mr. Mandar Manohar Tambe
Designation :	Secretary
Address :	D 45, Venus Cooperative Society, Flat No. 24, 6^th Floor, R G Thadani Marg, Worli Seaface, Mumbai – 400011
Date of Birth/Age :	20.09.1959
Date of Appointment :	28.05.1996

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Tata Motors Limited	25,000
Tata Chemicals Limited	24,000
Maharashtra State Textiles Corporation	200
Voltas Limited	5,000
Tata Refractories Limited	1,870
Tata Sons Limited	76,000
Tata Industries Limited	8,561
Trent Limited	1,000
Tayo Rolls Limited	2,000
Ewart Investments Limited	20,000
Taj Investment & Finance Company Limited	4,000
The Tata Iron & Steel Company Limited	3,740
Shapoor Pallonji Mistry	100
Cyrus Pallonji Mistry	100
Sheba Properties Private Limited	9,675
Af-Taab Investment Company Limited	12,000
Simone Naval Tata	56
Kalimati Investment Company Limited	6,698
TOTAL	200,000

Equity Share Breakup

Sr. No.	Category	Percentage
1.	Bodies Corporate	99.78
2.	Other top fifty (50) shareholders	0.12
	Total	100 %

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of High Fashion Leather and Leather Products and Exporter of Various goods, Services and Technologies

Products :

ITC Code	Product Description
870310	Vehicles
72.06	Steel
410619.09		Finished Leather

Exports :

Products :

Countries :

Africa, Europe, Far East Asia, Middle East and North America

GENERAL INFORMATION

No. of Employees :

1590

Bankers :

Ø Bank of India, Mumbai, Maharashtra, India

Ø State Bank of India, Shiv Sagar Estate Branch, Mumbai - 400 018, Maharashtra, India

Ø Central Bank of India

Ø HDFC Bank, Sandoz House, Dr. A. B. Road, Mumbai - 400 018, Maharashtra, India

Ø Standard Chartered Grindlays Plc

Ø State Bank of Indore

Ø Banque Nationale de Paris

Ø ICICI Bank

Ø Hongkong and Shanghai Banking Corporation Limited

Ø Standard Chartered Bank Zambia PLC

Ø Indo-Zambia Bank Limited

Ø Citi Bank Zambia Limited

Ø Stanbic Bank Zambia Limited

Ø Barcays Bank Zambia Limited

Ø Zambia National Commercial Bank PLC

Facilities :

Particulars	Rs. In millions 31.03.2005
Secured Loans
SHORT TERM
Export Packing Credit from Banks (secured against whole of the current assets (present and future) of the company)	1697.013
LONG TERM
From Housing Development Finance Corporation Limited (secured against immovable properties (Commercial/Residential) (Repayable within a period of one year Rs. 53.333 millions previous year Rs. Nil)	160.000
Total	1857.013

Banking Relations :	Good
Auditors :	Ø K. S. Aiyar & Company Chartered Accountants F-7, Laxmi Mills, Shakti Mills Lane, (Off Dr. E. Moses Road), Mahalaxmi, Mumbai-400011, Maharashtra, India Ø G. N. Joshi & Associates Chartered Accountants K.K. Chambers, 3^rd Floor, Sir Purshottam Thakkurdas Marg, Mumbai-400001, Maharashtra, India
Associates :	Ø The Tata Iron & Steel Company Limited Ø Tata Engineering & Locomotive Company Limited Ø Tata Sons Limited Ø Automobile Corporation Goa Limited Ø Dewas Tenneries Private Limited Ø Floatglass India Limited Ø Graziella Shoes Limited Ø Pran Agro Services Limited Ø Tata Holset Limited Ø Tata Precision Industries (India) Limited Ø Titan Watches Limited Ø Sheba Properties Limited Ø Tata Projects Limited Ø Tata BP Solar Limited Ø Tata Industries Limited Ø Tata Services Limited Ø Tata Oil Mills Limited Ø Sitel India Limited
Memberships :	Confederation of Indian Industry
Subsidiaries :	Ø Cameo Investment & Finance Limited Ø Cometal, S.A.R.L. Ø Light Source Manufacturers Limited Ø Pamodzi Hotels Plc Ø Tata Africa Holding (SA) (Proprietory) Limited Ø Tata Automobile Corporation (SA) (Proprietory) Limited Ø Tata De Mocambique Limitada Ø Tata Ghana Limited Ø Tata Holdings (Tanzania) Limited Ø Tata Holdings Mocambique Limited Ø Tata International (Australia) Proprietary Limited Ø Tata Namibia (Proprietary) Limited Ø Tata (UAE) FZE Ø Tata Uganda Limited Ø Tata Zambia Limited Ø Tata (Zimbabwe) (Private) Limited Ø Tata South-East Asia Limited Ø Makumbi Agricultural and Technical Services Company Limited Ø Townap Textiles Zambia Limited Ø Pamodzi Hotels Plc. Ø Luangwa Industries Limited Ø Tata West Asia FZE

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 1,000 each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 1,000 each	Rs. 200.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2423.624	1686.171	1481.685
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2623.624	1886.171	1681.685
LOAN FUNDS
1] Secured Loans		1270.415	2012.435	1857.013
2] Unsecured Loans		0.000	0.000	75.000
TOTAL BORROWING		1270.415	2012.435	1932.013
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3894.039	3898.606	3613.698
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		483.509	438.489	451.025
Capital work-in-progress		0.933	103.375	24.254
INVESTMENT		1952.647	2068.074	2099.702
DEFERREX TAX ASSETS		18.653	18.683	43.496
CURRENT ASSETS, LOANS & ADVANCES
	Interest Accrued on Investments	0.000	0.000	2.898
	Inventories	911.000	1250.858	1044.275
	Sundry Debtors	1114.465	7275.702	6119.446
	Cash & Bank Balances	430.106	109.020	169.142
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2135.282	1965.166	1706.054
Total Current Assets		4590.853	10600.746	9041.815
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1277.940	7656.092	6686.581
	Provisions	1898.261	1705.678	1375.458
Total Current Liabilities		3176.201	9361.770	8062.039
Net Current Assets		1414.652	1238.976	979.776
MISCELLANEOUS EXPENSES		23.645	31.009	15.445
TOTAL		3894.039	3898.606	3613.698

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		6684.849	32864.999	42743.296
Other Income		1253.367	996.676	0.000
Total Income		7938.216	33861.675	42743.296
Profit/(Loss) Before Tax		947.282	636.716	383.178
Provision for Taxation		205.329	199.786	146.056
Profit/(Loss) After Tax		741.953	436.930	237.122
Export Value		N.A.	26762.566	36207.983
Import Value		N.A.	NA	2243.885
Expenditures :
	Raw Material Consumed	2190.685	2075.001
	Purchases made for re-sale	2897.746	27876.145
	Consumption of stores and spares parts	178.719	181.714
	Increase/(Decrease) in Finished Goods	85.913	(-11.181)
	Salaries, Wages, Bonus, etc.	291.522	422.992
	Managerial Remuneration	5.663	6.959	42360.118
	Payment to Auditors	3.500	5.084
	Interest	173.519	175.635
	Insurance Expenses	4.845	6.118
	Power & Fuel	57.123	55.538
	Depreciation & Amortization	86.422	75.678
	Other Expenditure	1015.277	2355.276
Total Expenditure		6990.934	33224.959	42360.118

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	9.34	1.30	0.55
Net Profit Margin (PBT/Sales)	(%)	14.17	1.88	0.90
Return on Total Assets (PBT/Total Assets}	(%)	18.66	5.77	4.04
Return on Investment (ROI) (PBT/Networth)		0.36	0.34	0.23
Debt Equity Ratio (Total Liability/Networth)		1.69	6.03	1.29
Current Ratio (Current Asset/Current Liability)		1.44	1.13	1.24

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject was incorporated on 30.11.1962 at Mumbai in Maharashtra under the name and style of Tata Exports Limited having Company Registration Number 12528.

Subject, incorporated as an export marketing company, has over the years enlarged its areas of business. It is also an exporter of goods, services and technologies. It has a significant overseas presence through its wholly owned subsidiaries, joint ventures, overseas offices and associate companies. It was, therefore felt that the name Tata Exports Limited did not reflect the complete gamut of the company's operations. Consequently, effective 03.03.1998, with shareholder's approval, and that of Central Government, the company's name was changed to the present.

Form 8 Particular for creation or modification of charges

Name of the company	TATA INTERNATIONAL LIMITED
Presented By	State Bank of India, Overseas Branch, Mumbai-400005
1) Date and description of instrument creating the change	Agreement of loan for overall limit Agreement of hypothecation of goods and assets Letter regarding grant of individual limits within the overall limit all dated 31.03.2005 creating a single charges
2) Amount secured by the charge/amount owing on the securities of charge	Rs.5500 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Documents of title to goods and hypothecation charge over the mobile handsets purchased by the Borrower under the Letter of credit facility granted by the bank and exclusive charge on the borrower receivables from Drive India.com Limited on sale of the mobile handsets purchased under these letters of credit.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest – As determined by the bank form time to time Margin - As prescribed by the bank form time to time
5) Name and Address and description of the person entitled to the charge.	State Bank of India World Trade Centre, Cuffe Parade, Mumbai-400005
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

Name of the company

TATA INTERNATIONAL LIMITED

Presented By

State Bank of India, Overseas Branch, Mumbai-400005

1) Date and description of instrument creating the change

Joint deed of hypothecation

Working capital consortium agreement both dated 19.02.2003 creating a single charge.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.3020 millions

State Bank of India	Rs.1045.000 millions
State Bank of India	Rs.830.000 millions
Standard Chartered Bank	Rs.600.000 millions
BNP Paribas	Rs.305.000 millions
HDFC Bank Limited	Rs.240.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

The whole of the current assets of the company, namely stock of raw materials, stocks in process, semi finished goods stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts and all other movables, both present and future whether lying loose or in cases or which are now lying or stored in or about or shall from time to time during the continuance of the security be brought into or upon or the godowns situated at various places I India or wherever else in the same may be or be held by any party to the other or disposition of the company or in the course of transit or on high seas or on order or delivery, however and where so ever in the possession of the company and either by way of substitution or addition.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest – As determined by the bank form time to time

Margin - As prescribed by the bank form time to time

5) Name and Address and description of the person entitled to the charge.

State Bank of India

World Trade Centre,

Cuffe Parade, Mumbai-400005

Standard chartered Grindlays Bank

M.G. Road, Fort, Mumbai-400001

State Bank of Indore

Sterling Centre, Worli, Mumbai-400018

BNP Paribas, Fort, Mumbai-400018

HDFC Bank Limited

Sandoz House, Worli, Mumbai-400018

6) Date and brief description of instrument modifying the charge

Letter dated 20.10.2005 from State Bank of India

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge created for Rs.3020 millions modified to Rs.305 millions in view of the repayment / discharge of credit facilities to the extent of Rs.2715 millions

It’s products range includes:-

Leather & Leather Products

· Finished Leather

· Leather Garments

· Footwear Articles

· Leather Footwear and Shoe Uppers

Automobiles

· Passenger Cars

· Sports Utility Vehicles

· Pick Ups

· Light, Medium & Heavy Trucks

· Small and Big Buses

· Tippers & Tractors

Engineering

· Customised Engineering Products

· Steel and Mining Industry allied Products

· Railway and Port Equipment

· Rolls and Regfractories

· Autocomponents and Customized Products

· Construction and Material Handling Equipment

· MRO (Maintenance, Repairs and Operations)

· Bicycles and Bicycle Spares

· Packaging

Steel

· Hot Rolled Coils

· Hot Rolled Plates/Sheets

· Cold Rolled Coils

· Galvanise Coils

· ETP

· Billets

· Steel

· Scrap

· Structurals

· Deformed Bars

· Wire Rods

· Slabs

Minerals, Metals and Ferro Alloys

· Principal Ores and Minerals

· Ferro Alloys

· Non-Ferros Metals

Chemicals

· Industrial

· Food Additives

· Chlor Alkalis

· Iron Oxide

· Pigments

· Solvents

· Maize Deravatives

· Minerals

· Paint Driers

IT & Software Services

· E-business

· Business Intelligence

· ERP

· CRM

· Network Services

· Disaster Management

· Outsourcing

· Re-engineering & Migration

Bulk Commodities – Imports

· LSWR, LSHS & Low Sulphur fuel oils

· Furnace Oil

· Thermal Coal

· Steam Coal

· Bituminus Coal

· Coking Coal

· Metallurgical Coke

· Limestone

· Sulphur

· Rock Phosphate

Consumer Product Sourcing

· Equipment for the telecommunication industry

· Household items, linen & consumables for hotels & retail

· Electronic equipment

Nature of Business

· International Business Company

· International business gateway of the Tata Group

· Golden Super Star Trading House

The Leather Complex at Dewas has received an ISO 14001 certification.

The company exports engineering products, commercial vehicles, high fashion leather products, healthcare products, commodities, chemicals, ceramic tableware, textile garments and home furnishings.

The company has collaboration with British Petroleum (BP); Holset; Tata Precision Industries Private Limited, Singapore

Some of its joint ventures and alliances:-

• Graziella Shoes Limited, with Pucci SRL (Italy) for leather footwear
• Tata Holset Limited, with Holset Engineering (UK) for marketing & manufacture of turbochargers
• Tata Precision Industries (India) Private Limited, with Tata Precision Industries Private Limited, (Singapore) for marketing & manufacture of precision engineering components
• Consilience Technologies (Private) Limited, with Tata Africa Holdings (SA) (Proprietary) Limited (South Africa) for Information Technology
• With Itochu (Australia) for marketing mining consumables
• With Asia Trading S.A. (Chile) for marketing & sourcing arrangement for Chile and later LAC
• With The Turbo Genset Company Limited (TGC), UK for business development for innovative Distributed Generation products and solutions for India, Sri Lanka and Bangladesh.
• With Al-Zamil Group of Companies for marketing in Saudi Arabia
• With Loxley Public Company Limited, Thailand for promoting trading and business in India and Thailand

They have facilitated alliances for the Tata Group:

• With American International Group, Inc. (USA) for life and general insurance and financial services and risk management. Tata-AIG Risk Management Services (TARMS) and Tata-AIG Insurance were the result
• With British Petroleum for solar photovoltaics, the result of which is Tata BP Solar India Limited
• With SITEL Corp (USA) for contact center services, the result of which is Sitel India Limited
• With Holset Engineering (UK) for turbochargers the result of which was Tata Holset Limited

The company’s fixed assets of important value include Land (Leasehold), Building, Roads, Plant & Machinery, Furniture & Fixtures, Office & Other Equipments, Electrical Installation, Air Conditioners and Refrigerators, Vehicles and Transport.

AS PER WEBSITE

Profile

Established in 1962, Tata International has evolved from an export house into an international marketing company with a global turnover of US$1.6 billion in 2005-6. Its operations are organized into two business lines — Leather and Engineering. With the worldwide reach provided by a well-integrated network that spans major global trade blocs, the company has strengthened its capability to source globally, deliver world-class quality, work with global brands, and has developed some key international alliances for sustaining future growth. The company exports to more than 100 countries, with its major markets being Europe, the ASEAN countries, West Asia, the Far East, and Africa.

Areas of business

Tata International's operations are organized into five global businss units (GBUs). These include:

Leather and leather products: Tata International is India's

leading leather and leather-products exporter and supply chain integrator. Its value chain encompasses global sourcing, world-class manufacturing in India and China, design studios in Europe, strategic alliances, marketing, and world-renowned brands as clients. Its state-of-the-art manufacturing facility at Dewas (in India) is among the top three worldwide for goat skin and was the first in the leather industry in Asia to be ISO 9000 and 14000 certified. The R&D here has made internationally acknowledged breakthroughs in processing chrome-free leather and generating energy from solid waste.

Engineering:

The engineering business unit is involved in international marketing, global sourcing, distribution and supply chain management in the engineering domain including the sectors of mining, railways, power, steel, aluminum, agriculture and automotive accessories. The engineering unit has agreements with manufacturers in India, China and other countries for marketing and representation in select markets.

Chemicals:

Tata International's chemicals division supplies chemicals spanning applications in pharma, food, paints and textiles to glass and mining, offering a wide range of product lines and services.

Services

In the services sector, Tata International provides a comprehensive set of services, from marketing and marketing intelligence, manufacturing and sourcing, financing, documentation, warehousing, logistics and delivery, to effective management of global supply chains and customer relationship management.

Global operations

The global reach provided by a well-integrated network and infrastructure of subsidiaries, offices and associate Tata companies allows Tata International to source competitively. This network includes subsidiaries in Hong Kong, United Arab Emirates, Australia, South Africa, Zambia, Zimbabwe, Mozambique, Namibia, Tanzania, Uganda and Ghana. Additionally, Tata International has offices in India, Thailand, Bangladesh, Saudi Arabia, China, Singapore, United Kingdom and Uruguay.

The company and its subsidiaries worldwide have taken on various value-added roles and have stakes in a cross-section of businesses. It has stakes in a five-star hotel, bus body building and trailer manufacture, distributorships, and IT ventures; it has customer support facilities for Tata vehicles and design studios for leather.

Joint ventures and alliances

Joint ventures:

Ø Tata Holset with Holset Engineering, UK and Tata Motors for the marketing and manufacture of turbochargers.

Ø Tata Precision Industries, India with Tata Precision Industries, Singapore, for the marketing and manufacture of precision engineering components.

Ø Graziella with Pucci SRL, Italy, for the manufacture of leather footwear.

Ø Tata Africa Holdings, South Africa with Consilience Technologies, South Africa for information technology.

Ø Tata Motors with Automobile Corporation of Goa.

Ø Tata Ceramics with Tata Power.

Ø With Imperial Group (South Africa) for distribution and marketing of pick-ups in South Africa.

Ø Zamil Tata (Intl) Information Services with Al-Zamil Group of companies for IT marketing.

Ø Tata International DLT with M/s Dutch Lanka Trailer Manufacturers, Sri Lanka, for manufacturing / assembly of trailers for the Indian market.

Ø With Gruppe Vecchia Toscana (GVT), Italy, for fashion leathers.

Strategic alliances:

Ø With Itochu, Australia, for marketing mining-related consumables and chemicals.

Ø With Asia Trading SA (ATSA), Chile, for marketing and sourcing arrangement for Chile and other Latin American countries.

Ø With Al-Zamil Group of companies for marketing in Saudi Arabia.

Ø With The Turbo Genset Company (TGC), UK, for business development of innovative 'distributed generation' products and solutions for India, Sri Lanka and Bangladesh.

Ø With Oxalaga SRL, Romania, for marketing of finished leather and leather products in Romania.

Ø With Martinez Group, Spain, for marketing Tata leather products in Spain and Martinez leather products in Asia.

Ø With Lloyd Shoes GmbH (Germany) to jointly manufacture footwear products for Europe and market Lloyd branded shoes and accessories in India.

Ø With SYP Kangqiao Autoglass Company Limited, China, for exclusive marketing of automotive glass in India, Iran and South Africa.

Ø With M/s International Tractors Ltd, Hoshiarpur, India for exclusive marketing of agricultural tractors in select countries in Africa and Latin America.

Research and development

In tune with the Tata ethos, the R&D division of Tata International's leather GBU, the company's only manufacturing operation, fosters projects that look at the future needs of the leather industry, such as processes

for chrome-free leather, eco-labeling of finished leather products (as per the Indian government's Bureau of Indian Standards), and gainful utilization of solid waste for energy generation and resource recycling.

Tata International's in-house R&D division is recognized by the Indian government's Ministry of Science and Technology and its patented 'biomethanation' project for securing energy from tannery effluent solid
waste and was done under the United Nations Development Programme's General Environmental Fund. The company has also developed its own technologies for leather processing and finishng and for import substitution of chemicals.

Corporate social responsibility

Tata International is a signatory to the United Nations' Global Compact initiative. In keeping with the Tata Group's philosophy, Tata International has initiated a series of measures that support the conservation and rejuvenation of the environment and natural resources. It also supports communities around its facilities through work-life balance training programmes, the renovation and upkeep of a village school, and corporate volunteering with non-governmental agencies at various locations. In addition, the company offers financial assistance to various non-governmental agencies working in the fields of education, healthcare, medical research, social welfare and environmental consciousness.

The company's initiatives on the ecological front are mainly at its leather manufacturing facility at Dewas. These include forestation projects, water conservation efforts, the setting up of a sophisticated effluent treatment plant, as well as effective solid- and liquid-waste management. The Dewas complex is ISO-14001 compliant and has one of India's largest solar thermal water heating systems to preheat boiler feed water, as also a patented biomethanation plant for generating fuel gas and recovering chrome.

Awards

Ø Multiple winner of Council of Leather Exports awards since 1984.

Ø Rajiv Gandhi Award for Environment Protection in 2002.

Ø Rajiv Gandhi National Quality Award in 2000.

Ø Multiple winner of MODEUROP colour selection in 1998-2006.

Ø Madhya Pradesh Govt Environment Award for Best Environment Practices in 2005.

Ø TERI Environment Award for Environment Excellence in 2005.

Ø Eco Mark for Finished Leather from Bureau of Indian Standards

Ø (BIS).

Ram Balasubramaniam appointed president, Tata International

July 19, 2006

Ram Balasubramaniam is the new president of Tata International

Ram Balasubramaniam took over as president of Tata International Limited on July 17, 2006. Mr Bala was formerly the chief executive and director of Tata Zambia, a subsidiary of Tata International. He is also director of Pamodzi Hotel Plc, Zambia and the Malawi branch of Tata Zambia. In addition, he has been Chairman, Board of Advisors of UN Global Compact, Zambia. He was also involved in setting up Tata operations in Zimbabwe, Namibia and other African countries. He has been with the Tata Group for 24 years.

Sudhir Deoras, the former managing director of the company has moved to take up a senior position in another Tata Group company.

Tata International signs agreement with SYP, China for performance glass

June 8, 2006

Tata International (TIL) and Shanghai Yaohua Pinkington Glass, (SYP) signed an agreement on June 5, 2006, for exclusive marketing and distribution of SYP glass in India. Li Liangzuo, director and general manager, SYP and Sudhir Deoras, managing director, TIL, were the signatories to the agreement.

Shanghai Yaohua Pinkington Glass, (SYP) founded in 1983, is one of the leading manufacturers in China for float glass, architectural glass and auto glass. This company was formed as a JV with Pilkington, UK. In 1993 the company went public and became the first publicly listed glass manufacturer in China.

SYP has four float glass plants operating in China with a combined turnover of US$ 230 million and a capacity of 650,000 tons per annum. The company perseveres in its philosophy of "the pursuit of continuous improvement" and adopts the strategy of developing or introducing the most technologically advanced products in the market. Guided by market demand and continuous new product development, the technical standard of SYP’s products have always been ahead of its rivals in China. The float glass, enameled glass, double-glazing glass, laminated glass, coating glass and mirror plates of SYP were appraised to be Shanghai Renowned Products in 1999. The Low-E Coating Glass was awarded the third prize of the Shanghai Science & Technology Development in 2000. Many prestigious buildings in China and around the world (US, Middle East, Asia) have been constructed using SYP glass.

In July 2000, SYP received the ISO14001 certification from SGS and became the first glass manufacturer in China to obtain this internationally acknowledged green pass.

The market for float glass in India is growing very fast with most of the commercial buildings and shopping malls using float glass. Only five float glass manufacturers operate in India compared to over 150 in China.

SYP and Tata International will jointly focus on the large commercial / office building projects which use performance glass such as reflective, low-emissivity, tempered, double glazing, etc.

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.42.92
UK Pound	1	Rs.84.48
Euro	1	Rs.66.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	10
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILIRY	1~10	10
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		86

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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