MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	TAL MANUFACTURING SOLUTIONS LIMITED (w.e.f 30.01.2002)
Formerly Known As :	TELCO AUTOMATION LIMITED
Registered Office :	PDO Building, Tata Motors Campus, Chinchwad, Pune - 411033, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.03.2000
Com. Reg. No.:	11-130290
Capital Investment/ Paid-up Capital:	Rs.650.000 millions
CIN No.: [Company Identification No.]	U29100PN2000PLC130290
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Machine Tools and Equipments, Auto Components
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

INFORMATION PARTED BY

Name :	Mr. Anil
Designation :	Financial Officer
Contact No.:	91-20-66135509
Date :	07.12.2011

LOCATIONS

Registered Office:	PDO Building, Tata Motors Campus, Chinchwad, Pune - 411033, Maharashtra, India
Tel. No.:	91-20-66135509
Fax No.:	91-20-66136318
E-Mail :	tal@tal.co.in anil.ketkar@tal.co.in kavita.jain@tal.co.in
Website :	www.tal.co.in
Location :	Owned
Regional office (South) :	Tata Motor Office, 7^th floor, Kasi Arcade, 116, Theyagaraya Road, T. Nagar, Chennai-600017
Tel. No.:	91-44-28153815
E-Mail :	talchennai@tal.co.in sravi@tal.co.in
Regional office (North) :	Tata Motor office, No.1, Ghazipur Industrial Area, Patpargani, New Delhi-110096
Tel. No.:	91-11-22232033
Factory :	Aerospace Division, Sector-3, Kalkuhi Village, Mihan Sez, Nagpur-441108, Maharashtra, India

DIRECTORS

(AS ON 09.07.2011)

Name :

Mr. Ravi Rajni Kant

Designation :

Director

Address :

A-3, Pallonji Mansion, 43 Cuffe Parade, Near President Hotel, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

01.06.1944

Qualification :

B.tech

Date of Appointment :

17.05.2007

DIN No. :

00016184

Other directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC070859	Antar India Private Limited	Director	17/07/1995	17/07/1995	-	Active	YES
2	L28920MH1945PLC004520	Tata Motors Limited	Director	25/08/2009	12/7/2000	-	Active	NO
3	U34101JH1993PLC005546	Tata Cummins Limited	Director	11/8/2000	11/8/2000	1/7/2009	Active	NO
4	L29308MH1954PLC009371	Voltas Limited	Director	10/4/2001	10/4/2001	-	Active	NO
5	U29130MH2000PLC124872	Hv Transmissions Limited	Director	19/05/2006	27/04/2006	5/10/2007	Amalgamated	NO
6	U44003MH1945PLC004403	Tata Industries Limited	Director	3/9/2007	7/9/2006	-	Active	NO
7	U34101MH2006PLC164771	Tata Marcopolo Motors Limited	Nominee director	25/06/2007	20/09/2006	19/10/2010	Active	NO
8	U29100PN2000PLC130290	TAL Manufacturing Solutions Limited	Director	7/7/2007	17/05/2007	-	Active	NO
9	U34300DL1960NPL093535	Association Of Indian Automobiles Manufacturers (Section-25 Company)	Additional director	5/9/2007	5/9/2007	-	Active	YES
10	U28900PN1997PLC130940	Fiat India Automobiles Limited	Director	28/12/2007	28/12/2007	22/10/2010	Active	NO
11	U85110KA1998PLC024588	Telco Construction Equipment Company Limited	Nominee director	21/10/2008	21/10/2008	-	Active	NO
12	U85110KA1989PLC013224	Tata Advanced Materials Limited	Director	26/08/2009	28/01/2009	-	Active	NO

Name :

Mr. Atam Prakash Arya

Designation :

Director

Address :

Bunglow No C-7 Pinkcity, Near Kaveri Police Lines Wakad, Pune-411057, Maharashtra, India

Date of Birth/Age :

15.10.1947

Qualification :

M.E, B.S.C

Date of Appointment :

17.05.2007

DIN No. :

00020001

Other directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34101JH1993PLC005546	Tata Cummins Limited	Director	25/09/1996	25/09/1996	23/07/2007	Active	NO
2	U29113PN1994FLC139153	Cummins Technologies India Limited	Director	18/06/1999	18/06/1999	27/02/2007	Active	NO
3	U29130MH2000PLC124872	HV Transmissions Limited	Director	27/02/2001	27/02/2001	22/08/2007	Amalgamated	NO
4	U34100MH2000PLC124874	TML Drivelines Limited	Director	27/02/2001	27/02/2001	22/08/2007	Active	NO
5	U29100PN2000PLC130290	TAL Manufacturing Solutions Limited	Managing director	12/7/2007	17/05/2007	-	Active	NO
6	U85110KA1989PLC013224	Tata Advanced Materials Limited	Director	26/09/2008	26/11/2007	-	Active	NO
7	U99999PN1997PLC110139	Tata Toyo Radiator Limited	Director	25/07/2009	30/12/2008	17/08/2011	Active	NO
8	U34300PN1996PLC015038	Tata Johnson Controls Automotive Limited	Additional director	26/08/2011	26/08/2011	-	Active	NO

Name :

Mr. Prakash Manjanath Telang

Designation :

Director

Address :

131, 13^th Floor, Samudra Mahal. Dr. A B road, Worli, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

21.06.1947

Qualification :

M.E, MBA

Date of Appointment :

26.04.2004

DIN No. :

00012562

Other directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34101JH1993PLC005546	Tata Cummins Limited	Director	25/09/1996	25/09/1996	23/07/2007	Active	NO
2	U29113PN1994FLC139153	Cummins Technologies India Limited	Director	18/06/1999	18/06/1999	27/02/2007	Active	NO
3	U29130MH2000PLC124872	HV Transmissions Limited	Director	27/02/2001	27/02/2001	22/08/2007	Amalgamated	NO
4	U34100MH2000PLC124874	TML Drivelines Limited	Director	27/02/2001	27/02/2001	22/08/2007	Active	NO
5	U29100PN2000PLC130290	TAL Manufacturing Solutions Limited	Managing director	12/7/2007	17/05/2007	-	Active	NO
6	U85110KA1989PLC013224	Tata Advanced Materials Limited	Director	26/09/2008	26/11/2007	-	Active	NO
7	U99999PN1997PLC110139	Tata Toyo Radiator Limited	Director	25/07/2009	30/12/2008	17/08/2011	Active	NO
8	U34300PN1996PLC015038	Tata Johnson Controls Automotive Limited	Additional director	26/08/2011	26/08/2011	-	Active	NO

Name :

Mr. Satish Pradhan Bhaskar

Designation :

Director

Address :

Flat No.173, Apsara Hsg Society, NCPA Complex, Nariman Point, Mumbai-400021, Maharashtra, India

Date of Birth/Age :

04.01.1955

Qualification :

Master in History

Date of Appointment :

08.08.2001

DIN No. :

00175969

Other directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29100PN2000PLC130290	TAL Manufacturing Solutions Limited	Director	8/8/2001	8/8/2001	-	Active	NO
2	U34100MH1995PLC093733	Tata Autocomp Systems Limited	Director	3/5/2002	3/5/2002	-	Active	NO
3	L28932PN1990PLC016314	Automotive Stampings And Assemblies Limited	Director	8/5/2002	8/5/2002	20/03/2008	Active	NO
4	U51900MH2006PLC159776	Computational Research Laboratories Limited	Director	6/8/2007	14/07/2006	-	Active	NO
5	U51909MH1957PLC010942	Tata Services Limited	Director	28/09/2006	28/09/2006	-	Active	NO
6	U31300PN2005PLC021394	Tata Autocomp Gy Batteries Limited	Director	17/07/2009	26/03/2009	-	Active	NO

Name :

Mr. Rameshwar Singh Thakur

Designation :

Director

Address :

Flat No. 205, Burlington Hiranandani Estate, Patlipada, Thane (West), Mumbai-400607, Maharashtra, India

Date of Birth/Age :

06.09.1948

Qualification :

M.E, CMA

Date of Appointment :

17.07.2006

DIN No. :

00020126

Other directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L35911GA1980PLC000400	Automobile Corporation Of Goa Limited	Director	30/07/2002	30/07/2002	6/7/2010	Active	NO
2	U24110MH1972PLC015561	Concorde Motors (India) Limited	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
3	U29120MP1995PLC009773	Tata Precision Industries (India) Limited	Director	16/12/2005	16/12/2005	24/10/2007	Active	NO
4	U50300MH1997PLC149349	Tata Motors Insurance Broking And Advisory Services Limited	Director	27/04/2006	27/04/2006	21/01/2008	Active	NO
5	U29100PN2000PLC130290	TAL Manufacturing Solutions Limited	Director	7/7/2007	17/07/2006	-	Active	NO
6	U34101MH2006PLC164771	Tata Marcopolo Motors Limited	Nominee director	25/06/2007	20/09/2006	1/7/2010	Active	NO
7	U34100MH1995PLC093733	Tata Autocomp Systems Limited	Managing director	9/12/2010	28/12/2007	-	Active	NO
8	U31300PN2005PLC021394	Tata Autocomp Gy Batteries Limited	Director	21/06/2010	9/4/2008	-	Active	NO
9	U28910TN1997PLC047905	Sungwoo Gestamp Hitech (Chennai) Limited	Nominee director	9/4/2008	9/4/2008	4/2/2009	Active	NO
10	U34300PN2003PTC021545	Knorr-Bremse Systems For Commercial Vehicles India Private Limited	Additional director	9/4/2008	9/4/2008	26/08/2008	Active	NO
11	U29130PN2006PTC128649	Taco Hendrickson Suspensions Private Limited	Director	21/07/2008	10/4/2008	26/08/2008	Active	NO
12	L28932PN1990PLC016314	Automotive Stampings And Assemblies Limited	Director	27/06/2008	29/04/2008	-	Active	NO
13	U34300PN2000PLC015253	Taco Composites Limited	Director	30/12/2008	6/5/2008	-	Active	NO
14	U34300PN1999PLC014564	Mubea Suspension India Limited	Director	25/09/2008	6/5/2008	26/12/2008	Active	NO
15	U34300PN1997PLC015436	Tata Yazaki Autocomp Limited	Director	23/09/2009	8/7/2008	-	Active	NO
16	U63000MH2008PLC180593	TML Distribution Company Limited	Additional director	11/7/2008	11/7/2008	17/11/2008	Active	NO
17	U32109PN2007PLC129527	Taco Sasken Automotive Electronics Limited	Director	14/07/2009	25/12/2008	-	Under liquidation	NO
18	U34300PN1996PLC015038	Tata Johnson Controls Automotive Limited	Director	29/09/2009	5/1/2009	-	Active	NO
19	U72900MH2000PLC126195	Drive India Enterprise Solutions Limited	Director	8/8/2011	30/09/2010	-	Active	NO
20	U99999PN1997PLC110139	Tata Toyo Radiator Limited	Additional director	1/9/2011	1/9/2011	-	Active	NO

Name :

Mr. Niranjan Shankar Kulkarni

Designation :

Director

Address :

221, Falcons Crest, Tata Colony, P T Road, Parel, Mumbai-400012, Maharashtra, India

Date of Birth/Age :

25.06.1956

Date of Appointment :

24.07.2009

DIN No. :

02667029

Other directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29130MH2000PLC124872	HV Transmissions Limited	Director	22/06/2009	28/05/2009	-	Amalgamated	NO
2	U29100PN2000PLC130290	Tal Manufacturing Solutions Limited	Director	10/7/2010	24/07/2009	-	Active	NO
3	U29120MP1995PLC009773	Tata Precision Industries (India) Limited	Additional director	27/09/2010	27/09/2010	-	Active	NO
4	U34100MH2000PLC124874	TML Drivelines Limited	Additional director	9/11/2011	9/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil
Designation :	Financial Officer
Name :	Kavita Sethi Jain
Designation :	Secretary
Address :	A 22/2, HDFC Colony, Chinchwad, Pune-411019, Maharashtra, India
Date of Birth/Age :	06.04.1970
Date of Appointment :	15.04.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Tata Motor Limited, India	64999930
Tata Motor Limited J/w Ravi Kant, India	10
Tata Motor Limited J/w Atam P Arya, India	20
Tata Motor Limited J/w C R Ramakrishnan, India	10
Tata Motor Limited J/w H K Sethna, India	10
Tata Motor Limited J/w P M Telang, India	10
Tata Motor Limited J/w N S Ambardekar, India	10
Total	65000000

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Machine Tools and Equipments, Auto Components
Exports :
Products :	Testing Equipments
Countries :	· Europe · USA · UK · Australia
Imports :
Products :	Raw Material
Countries :	· Japan · Europe
Terms :
Selling :	L/C / Cash / Credit
Purchasing :	L/C / Cash / Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Metal Cutting and Grinding Machines (including machining centrers) (on maximum utilization basis)	Nos	*	184
Jigs and Fixtures	Nos	*	616
Material handling equipment and parts thereof	Nos	*	#
Paint Shop and Parts thereof	Nos	*	#
Parts of Assembly Line	Nos	*	#
Brake Dynamometer	Nos	*	1
Fluid Power Solutions – Hydraulic Pumps and Telescopic Cylinders	Nos	*	48275
Other products (including parts of machines and equipment etc.)	Nos	*	#

Notes:

# The sale / production / stocks of such categories include various parts of machines and equipments which are dis-similar in nature and size and therefore the quantitative information has not been given.

* Installed Capacity is based on the product-mix, which varies from year to year and therefore is not ascertainable.

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

No. of Employees :

650 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, TATA Chember, 2^nd Floor, Pune-Mumbai Highway, Near Mari Aai Police Chowky Wakdewadi, Pune-411003, Maharashtra, India

· Union Bank of India, Kasarwadi Branch, Pune -411034, Maharashtra, India

Facilities :

Cash Credit: Rs.150.000 millions.

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Buyer’s Credit	79.722	67.804
Cash Credit, Working Capital Demand Loan, Packing Credit Buyer’s Credit	66.955	150.000
Total	146.677	217.804

(Rs. in millions)

Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Short Term Loan and Advances from other than banks From Tata Motors Limited, Holding Company	120.000	55.000
Total	120.000	55.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	706, B Wing, 7^th Floor, ICC Trade Tower, Senapati Bapat Road, Pune – 411016, Maharashtra, India
Income-tax PAN of auditor or auditor’s firm :	AABFD7919A
Holding Company :	Tata Motors Limited CIN No. : L28920MH1945PLC004520
Companies under common control with the company :	· Tata Technologies Limited · H. V. Axles Limited · H. V. Transmissions Limited · Tata Motors Thailand Limited · Tata Marcopolo Motors Limited · Tata Motors Limited, South Africa

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Share	Rs.10/- each	Rs.900.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Share	Rs.10/- each	Rs.650.000 millions

Note:

a) Authorised: 90000000 (31^st March, 2010-90000000) Equity Shares of Rs.10/- each

1 All the Above Equity Shares are held by Tata Motors Limited, the holding company and its nominees.

2. The share capital as above is after reduction of Equity Share Capital, under sections 100 to 105 of the Companies Act, 1956, amounting to Rs.850.000 Millions which was registered on 24^th November, 2004.

b) Issued and Subscribed: 65000000 (31^st March, 2010-65000000) Equity shares of Rs.10/- each fully paid.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		650.000	650.000	650.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		349.593	259.206	105.786
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		999.593	909.206	755.786
LOAN FUNDS
1] Secured Loans		146.677	217.804	94.394
2] Unsecured Loans		120.000	55.000	65.000
TOTAL BORROWING		266.677	272.804	159.394
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1266.270	1182.010	915.180
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		345.995	336.232	342.581
Capital work-in-progress		982.476	934.649	525.512
Incidental expenditure during construction period pending allocation to fixed assets		0.000	86.123	86.122
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	313.436	220.737	244.529
	Sundry Debtors	588.414	403.597	472.325
	Cash & Bank Balances	32.230	56.729	20.734
	Other Current Assets	457.331	451.219	284.477
	Loans & Advances	171.215	146.314	107.225
Total Current Assets		1562.626	1278.596	1129.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	619.768	626.073	508.280
	Other Current Liabilities	858.762	691.486	534.740
	Provisions	146.297	136.031	125.305
Total Current Liabilities		1624.827	1453.590	1168.325
Net Current Assets		(62.201)	(174.994)	(39.035)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1266.270	1182.010	768.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2499.800	1622.287	1999.644
		Other Income		238.853	11.653
		TOTAL (A)	2499.800	1861.140	2011.297
Less	EXPENSES
		Manufacturing and Other Expenses	2247.100	1618.332	1966.549
		Amount Capitalized, Etc.		(34.242)	(107.905)
		TOTAL (B)	2247.100	1584.090	1858.644
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		252.700	277.050	152.653
Less	FINANCIAL EXPENSES (D)		23.000	50.423	6.627
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		229.700	226.627	146.026
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.600	37.207	35.982
	PROFIT BEFORE TAX (E-F) (G)		185.100	189.420	110.044
Less	TAX (H)		38.100	36.000	14.767
	PROFIT AFTER TAX (G-H) (I)		147.000	153.420	95.277
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		259.200	105.786	10.509
Less	APPROPRIATIONS
	Transfer to General Reserve		0.000	0.000	0.000
	Dividend		48.800	0.000	0.000
	Tax on Dividend		7.900	0.000	0.000
	BALANCE CARRIED TO THE B/S		349.500	259.206	105.786
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	9.976	4.781
		Commission Earnings	0.000	0.000	0.000
		Other Earnings	0.000	0.000	0.000
	TOTAL EARNINGS		0.000	9.976	4.781
	IMPORTS
		Raw Materials	0.000	91.843	184.297
		Capital Goods	0.000	162.253	6.703
	TOTAL IMPORTS		0.000	254.096	191.000
	Earnings Per Share (Rs.)		2.26	2.36	1.47

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.88	8.24	4.73
Net Profit Margin (PBT/Sales)	(%)	NA	11.68	5.50
Return on Total Assets (PBT/Total Assets}	(%)	9.70	11.73	7.47
Return on Investment (ROI) (PBT/Networth)		0.18	0.21	0.14
Debt Equity Ratio (Total Liability/Networth)		1.89	1.90	1.75
Current Ratio (Current Asset/Current Liability)		0.96	0.88	0.96

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOS:

(Rs. in millions)

Particulars	As on 31.03.2011	As on 31.03.2010	As on 31.03.2009
Creditors due small micro enterprises	2.211	3.938	0.077
Creditors due others	617.557	618.534	508.203
Total	619.768	622.472	508.28

Check List by Info Agents	Available in reports
1) Year of Establishment	Yes
2) Locality of the Firm	Yes
3) Constitution of the Firm	Yes
4) Premises Details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s Background	---------
8) No. of Employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm of last three years	Yes
12) Profitability for last three years	No
13) Reasons for variations <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	---------
16) Details of Sister concern	---------
17) Major Suppliers	---------
18) Major Customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	---------
21) Market Information	---------
22) Litigation that the firm / promoter involved	---------
23) Banking Details	Yes
24) Banking facility Details	Yes
25) Conduct of the banking account	---------
26) Buyer visit details	---------
27) Financials, if provided	No
28) Incorporation details, if applicable	----------
29) Last account field at ROC	----------
30) Major Shareholders, if available	----------

Note:

The registered office of the company has been shifted from C/o Tata Motors Limited, 3rd Flrnanavati Mahalaya 18 Homi, Mody Street Hutatma Chowk, Mumbai-400001, Maharashtra, India to the present address w.e.f. 03.04.2007

FORM 8:

Corporate identity number of the company	U29100PN2000PLC130290
Name of the company	TAL MANUFACTURING SOLUTIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	PDO Building, Tata Motors Campus, Chinchwad, Pune - 411033, Maharashtra, India E-Mail Id: kavita.jain@tal.co.in
This form is for	Modification of charge
Charge identification number of the charge to be modified	10159428
Type of charge	Others-Bill drawn on TATA Molors Limited and duly accepted
Particular of charge holder	Union Bank of India, Kasarwadi Branch, Pune -411034, Maharashtra, India E-Mail Id: cbskasarwadi@unionbankofindia.com
Nature of instrument creating charge	Letter of Union Bank of India dated 9.08.2011
Date of instrument Creating the charge	09.08.2011
Amount secured by the charge	Rs.20.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of interest BPLR i.e.12.5% at present b) Terms of Repayments As and when Tata Motors Limited pays specific bill of exchange, the liability in respect of that bill of exchange will get liquidated. c) Margin NIL d) Extent and operation of the charge Charge on Bill drawn on Tata Motors Limited and duly accepted by them.
Short Particulars of the property charged	Hypothecation of Bills drawn on Tata Motors Limited and duly accepted by them
Particulars of the present modification	By present modification dated 09.08.2011, the Bill Discounting facility has been reduced from Rs.300.000millions to Rs. 20.000 millions and accordingly the security created earlier for Bill Discounting has also been reduced to Rs.20.000 millions.

FIXED ASSETS:

Tangible Assets

• Leasehold Land
• Plant and Machinery
• Office Equipment
• Furniture and Fixtures
• Vehicles

Intangible Assets

• Software
• Technical Knowhow

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.51.44
UK Pound	1	Rs.80.37
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.