MIRA INFORM REPORT

1. Summary Information

Reference #	135-104964-08-020(20110404496)	Country	India
Company Name	TATA INTERNATIONAL LIMITED	Principal Name 1	Mr. Syamal Gupta
Status	Good	Principal Name 2	Mr. Raman Dhawan
Our Reference #	138225	Registration #	11-12528
Street Address	Block A, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra
Established Date	30.11.1962	SIC Code	--
Telephone#	91-22-66652200	Business Style 1	Manufacturer
Fax #	91-22-66612837	Business Style 2	--
Homepage	www.tatainternational.com	Product Name 1	Finished Leather
# of employees	1590 (Approximately)	Product Name 2	Sponge Iron
Paid up capital	Rs. 200,000,000/-	Product Name 3	Non Alloys Steel Bar
Shareholders	Bodies corporate 99.87%, Other top fifty (50) shareholders 0.13%	Banking	HDFC Bank
Public Limited Corp.	No	Business Period	48 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (67)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	--	Tata Uganda Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2009		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,478,934,000	Current Liabilities	1,186,096,000
Inventories	1,405,692,000	Long-term Liabilities	1,586,436,000
Fixed Assets	737,468,000	Other Liabilities	2,095,481,000
Deferred Assets	20,701,000	Total Liabilities	4,868,013,000
Invest& other Assets	2,476,289,000	Retained Earnings	3,051,071,000
		Net Worth	3,251,071,000
Total Assets	8,119,084,000	Total Liab. & Equity	8,119,084,000
Total Assets (Previous Year)	7,829,837,000
P/L Statement as of	31.03.2009		(Unit: Indian Rs.)
Sales	9,043,664,000	Net Profit	181,300,000
Sales(Previous yr)	6,698,297,000	Net Profit(Prev.yr)	556,178,000

MIRA INFORM REPORT

Report Date :

08.04.2011

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) :	31.03.2009

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 / PNET04391C / MUMT10815A

PAN No.: [Permanent Account No.]	AAACT3198F

Legal Form :	A 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 :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 13000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a TATA group company. It is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION DECLINED BY

Name :	Mr. Prakash/ Mr. Viren Gupta
Designation :	Accounts Department/ Export and Import Manager

LOCATIONS

Registered/ Corporate Office :	Block A, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22 - 66652200 – 10 / 66612835
Fax No.:	91-22 - 66612837 / 66612835 / 66612832 / 66612833 / 66612836
E-Mail :	tintl@tatainternational.com corporate@telmumablk.globalnet.ems.vsnl.net.in mdeshmukh@tatainternational.com
Website :	www.tatainternational.com

Corporate Support Services:	Sterling Centre, 3^rd Floor, Dr. Annie Besant Road, Worli, Mumbai-400 018, Maharashtra, India
Tel. No.:	91-22-66652299
Fax No.:	91-22-66612836/ 37

Leather and Leather Products Business Unit:	No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600 077, Tamilnadu, India
Tel. No.:	91-44-66362500/ 10
Fax No.:	91-44-66362522
E-Mail :	okaul@tatainternational.com

Overseas Offices:	Located at · Hong Kong · Singapore · Dubai · South Africa · Australia

Engineering Business Unit:	Located at v New Delhi v Kolkata v Mumbai

DIRECTORS

As on 27.08.2009

Name :	Mr. Syamal Gupta
Designation :	Chairman
Address :	19 Commonwealth, 181, Backbay Reclamation, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	15.04.1934
Date of Appointment :	15.04.1999

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 Vachha
Designation :	Director
Address :	Flat No. 9, Naoroji House, Naigaum Cross Road, Dadar, Mumbai – 400 014, Maharashtra, India
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 – 400 006, Maharashtra, India
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 :	P – 161 Apartments, Greens Village, Sector 93-A, Express Way, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	18.11.1941
Date of Appointment :	12.08.2004

Name :	Mr. Rajiv Dube
Designation :	Director
Address :	5, Betsy Apartments, Perry Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
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, Defence Colony, Indira Nagar, Bangalore – 560 038, 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

Name :	Mr. Opender Kumar Kaul
Designation :	Whole Time Director
Address :	102 B, Vaibhav Nagar, Kannadia Road, Indore – 452 016, Madhya Pradesh, India
Date of Birth/Age :	30.10.1948
Date of Appointment :	01.04.2009

Name :	Mr. Noel N. Tata
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ramaswamy Balasubramaniam
Designation :	Manager
Address :	Flat 503, B Wing, Sterling Seaface, Dr. A B Road, Worli, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	23.03.1948
Date of Appointment :	01.08.2007

Name :	Mr. Ajay Murlidhar Ponkshe
Designation :	Secretary
Address :	Flat No. 3, 1^st Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, Maharashtra, India
Date of Birth/Age :	27.02.1960
Date of Appointment :	20.07.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.08.2009

Names of Shareholders		No. of Shares
Tata Motors Limited		25000
Tata Chemicals Limited		24000
Voltas Limited		5000
Tata Refractories Limited		1870
Tata Sons Limited		76200
Tata Industries Limited		8561
Trent Limited		1000
Tayo Rolls Limited		2000
Ewart Investments Limited		20000
Taj Investment and Finance Company Limited		4000
Tata Steel Limited		3740
Shapoor Pallonji Mistry		100
Cyrus Pallonji Mistry		100
Sheba Properties Limited		9675
Af-Taab Investment Company Limited		12000
Simone Naval Tata		56
Kalimati Investment Company Limited		6698
Total		200000

As on 27.08.2009

Equity share breakup (percentage of total equity)

Category	Percentage
Bodies corporate	99.87
Other top fifty (50) shareholders	0.13
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 :

Product Description	ITC Code
Finished Leather	410619.09
Sponge Iron	7203.10.00
Non Alloys Steel Bar	7213.20.90

Leather and Leather Products

· Finished Leather

· Leather Garments

· Footwear Articles

· Leather Footwear and Shoe Uppers

Engineering

· Castings, Forging and Machined Components

· Rolling Mill Rolls and Refractories

· Pig Iron and Sponge Iron

· Railway Rolling stock and Mini / Micro Hydel Projects supply

· Aluminum and Mining Industry equipment and spares

· Diesel Gensets

· Construction and material handling equipment

· Automotive accessories

· Agro equipment including Tractors

· Bicycles and Bicycle Spare Parts

Chemicals

· Industrial

· Food Additives

· Chlor Alkalis

· Iron Oxide

· Pigments

· Solvents

· Maize Deravatives

· Minerals

Paint Driers

Exports :

Countries :

· Africa

· Europe

· Far East Asia

· Middle East

· North America

GENERAL INFORMATION

No. of Employees :

1590 (Approximately)

Bankers :

· Bank of India, Mumbai, Maharashtra, India

· State Bank of Mysore, Corporate Accounts Branch, 224-C Mittal Court, 4^th Floor, Nariman Branch, 224-C, Mittal Court, 4^th Floor, Nariman Point, Mumbai-400 021, Maharashtra, India

· State Bank of India

o Shiv Sagar Estate Branch, Mumbai - 400 018, Maharashtra, India

o Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· HDFC Bank

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

· Central Bank of India

· Standard Chartered Grindlays Plc

· State Bank of Indore

· Banque Nationale de Paris

· ICICI Bank

· Hongkong and Shanghai Banking Corporation Limited

· Standard Chartered Bank Zambia PLC

· Indo-Zambia Bank Limited

· Citi Bank Zambia Limited

· Stanbic Bank Zambia Limited

· Barcays Bank Zambia Limited

· Zambia National Commercial Bank PLC


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Chartered Accountants Heritage, 3^rd Floor, Near Gujrat Vidhyapith, Off Ashram Road, Ahemdabad-380 014, Gujarat, India

Memberships :	Confederation of Indian Industry

Associates :	· The Tata Iron and Steel Company Limited · Tata Engineering and Locomotive Company Limited · Tata Sons Limited · Automobile Corporation Goa Limited · Dewas Tenneries Private Limited · Floatglass India Limited · Graziella Shoes Limited · Pran Agro Services Limited · Tata Holset Limited · Tata Precision Industries (India) Limited · Titan Watches Limited · Sheba Properties Limited · Tata Projects Limited · Tata BP Solar Limited · Tata Industries Limited · Tata Services Limited · Tata Oil Mills Limited · Sitel India Limited

Subsidiaries :	· Cameo Investment and Finance Limited · Cometal, S.A.R.L. · Light Source Manufacturers Limited · Pamodzi Hotels Plc · Tata Africa Holding (SA) Proprietory Limited · Tata Automobile Corporation (SA) (Proprietory) Limited · Tata De Mocambique Limitada · Tata Ghana Limited · Tata Holdings (Tanzania) Limited · Tata Holdings Mocambique Limited · Tata International (Australia) Pty Limited · Tata Namibia (Proprietary) Limited · Tata (UAE) FZE · Tata Uganda Limited · Tata Zambia Limited · Tata (Zimbabwe) (Private) Limited · Tata South-East Asia Limited · Makumbi Agricultural and Technical Services Company Limited · Townap Textiles Zambia Limited · Pamodzi Hotels Plc. · Luangwa Industries Limited · Tata West Asia FZE

Joint Venture Company:	v Drive India Enterprise Solutions Limited (DIESL) v v v v v Tata International DLT Private Limited v v v v Tata Precision Industries (India) Limited

CAPITAL STRUCTURE

As on 27.08.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.1000/- each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.1000/- each	Rs.200.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3051.071	2904.870	2423.624
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3251.071	3104.870	2623.624
LOAN FUNDS
1] Secured Loans		1578.538	1400.405	1270.415
2] Unsecured Loans		7.898	41.770	0.000
TOTAL BORROWING		1586.436	1442.175	1270.415
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		4837.507	4547.045	3894.039

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		737.468	645.255	483.509
Capital work-in-progress		30.471	43.223	0.933

INVESTMENT		2436.421	2372.667	1952.647
DEFERREX TAX ASSETS		20.701	16.592	18.653

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1405.692	1290.865	911.000
	Sundry Debtors	1010.478	968.113	1114.465
	Cash & Bank Balances	73.220	288.752	430.106
	Other Current Assets	33.909	4.863	0.000
	Loans & Advances	2361.327	2183.065	2135.282
Total Current Assets		4884.626	4735.658	4590.853
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	700.190	863.244	1277.940
	Other Current Liabilities	485.906	423.458
	Provisions	2095.481	1996.090	1898.261
Total Current Liabilities		3281.577	3282.792	3176.201
Net Current Assets		1603.049	1452.866	1414.652

MISCELLANEOUS EXPENSES		9.397	16.442	23.645

TOTAL		4837.507	4547.045	3894.039

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	9043.664	6698.297	6684.849
		Other Income	589.890	972.179	1253.367
		TOTAL (A)	9633.554	7670.476	7938.216

Less	EXPENSES
		Raw Material Consumed	2741.970	2393.535	2190.685
		Purchases made for re-sale	3817.483	2882.514	2897.746
		Consumption of stores and spares parts	0.000	0.000	178.719
		Salaries, Wages, Bonus, etc.	323.021	248.528	291.522
		Managerial Remuneration	11.394	8.928	5.663
		Payment to Auditors	1.733	3.485	3.500
		Insurance Expenses	2.304	3.065	4.845
		Power & Fuel	81.941	66.589	57.123
		Other Expenditure	2062.532	1274.599	1015.277
		Increase/(Decrease) in Finished Goods	23.859	(79.411)	85.913
		TOTAL (B)	9066.237	6801.832	6730.993

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		567.317	868.644	1207.223

Less	INTEREST		144.831	114.402	173.519

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		422.486	754.242	1033.704

Less/ Add	DEPRECIATION/ AMORTISATION (F)		118.040	80.360	86.422

	PROFIT BEFORE TAX (E-F) (G)		304.446	673.882	947.282

Less	TAX (H)		123.146	117.704	205.329

	PROFIT AFTER TAX (G-I) (I)		181.300	556.178	741.953

	Earnings Per Share (Rs.)		906.50	NA	NA

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.88	7.25	9.35

Net Profit Margin (PBT/Sales)	(%)	3.37	10.06	14.17

Return on Total Assets (PBT/Total Assets}	(%)	5.41	12.50	18.67

Return on Investment (ROI) (PBT/Networth)		0.09	0.22	0.36

Debt Equity Ratio (Total Liability/Networth)		1.50	1.52	1.69

Current Ratio (Current Asset/Current Liability)		1.49	1.44	1.45

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

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

Corporate identity number of the company	U51900MH1962PLC012528
Name of the company	TATA INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	Block A, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property
Particular of charge holder	State Bank of Mysore, Corporate Accounts Branch, 224-C Mittal Court, 4^th Floor, Nariman Branch, 224-C, Mittal Court, 4^th Floor, Nariman Point, Mumbai-400 021, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Goods and Assets including one time Capex LC facility for Rs.250.000 Millions within the specified term loan.
Date of instrument Creating the charge	19.09.2009
Amount secured by the charge	Rs.250.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest At 11% p.a (fixed) payable monthly. Terms of Repayment To repay loan amount together with interest, cost, expenses and other monies due to bank by 16 Equal Quarterly installments with a moratorium of one year. Extent and Operation of the charge Creation of Charge towards repayment of principal amount of the Rupees Term Loan together with all interest, additional interest in case of default, liquidated damages, pre-payment penalty, reimbursement of all costs, charges and expenses and all other monies due to the lender. Others Securities created under the Agreement of Hypothecation is to be a continuing security.
Short particulars of the property charged	Equitable Mortgage over factory land and building available for expansion project at the Industrial Area No. 1, Agra-Mumbai Road, Dewas (Madhya Pradesh). Exclusive charge over fixed assets of the Company both present and future created out of bank finance for capacity expansion project. Exclusive Charge by way of Hypothecation of both present and future movable assets created out of expansion project.

Fixed Assets:

v Lease hold Land

v Building

v Plant and Machinery

v Building

v Computers

v Furniture and Fixtures

v Air Conditioner

v Refrigerator

Web Details

PROFILE

Established in 1962, Subject has evolved from an export house into an international business company with a global turnover of US$ 850 million in 2006-07. In international trading, it encompasses the entire value chain from sourcing products to delivery. The company has taken on various value-added roles and has stakes in a cross-section of businesses.

It's business lines include leather, engineering and pharmaceutical products. With the worldwide reach provided by a well-integrated network that spans the globe, 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. Its major markets are Europe, Africa, SAARC, ASEAN, West Asia, the Far East, and Oceania.

Subject is a member of the Tata Group - India's best known industrial group, with an estimated turnover of US $ 28.8 billion (equivalent to 3.2 % of India's GDP). Besides its trading house profile the company has stakes in mines, a five star hotel, distributorships, trailer and railway wagon manufacturers and IT ventures; it has customer support facilities for Tata vehicles, design studios for leather, and warehouses dotted across the world.

In tune with the Tata ethos, Subject is a signatory to the United Nations' Global Compact. The R and D division of subject's Leather GBU, the company's only manufacturing operation, fosters environmental projects that look at the future needs of the leather industry, including patented technologies for energy generation from waste and for leather processing. In this respect, in 2003 the company won the Rajiv Gandhi Award for Environmental Protection and in 2005 it won the TERI Corporate Environmental Award

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.44.22
UK Pound	1	Rs.71.97
Euro	1	Rs.63.23

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		67

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

v Drive India Enterprise Solutions Limited (DIESL)

v Tata International DLT Private Limited

1405.692

1290.865

911.000

1010.478

968.113

1114.465

73.220

288.752

430.106

33.909

4.863

0.000

2361.327

2183.065

2135.282

4884.626

4590.853

700.190

485.906

2095.481

1898.261

3281.577

3176.201

1603.049

1414.652

1.88

7.25

9.35

3.37

10.06

14.17

5.41

12.50

18.67

0.09

0.22

0.36

1.50

1.52

1.69

1.49

1.44

1.45

Unit