MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	TATA TECHNOLOGIES LIMITED

Registered Office :	Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi, Hinjawadi, Pune – 411 127, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	22.08.1994

Com. Reg. No.:	11-13313

Capital Investment / Paid-up Capital :	Rs.372.446 Millions

CIN No.: [Company Identification No.]	U72200PN1994PLC013313

TAN No.: [Tax Deduction & Collection Account No.]	PNET01082E / PNET03780A

PAN No.: [Permanent Account No.]	AAAT3092N

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing and Designing of Automotive Focussed Engineering Goods.

No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 16000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Tata Group. It is an established company having fine track. Financial position of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 DECLINED BY

Name :	Mr. Bansi
Designation :	Finance Executive
Contact No.:	91-20-66529089
Date :	17.11.2011

LOCATIONS

Registered Office :	Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi, Hinjwadi, Pune – 411127, Maharashtra, India
Tel. No.:	91-20-66529090
Fax No.:	91-20-66529035
E-Mail :	corporate@tatatechnologies.com mshete@tatatechnologies.com vcs00869@tatatechnologies.com
Website :	www.tatatechnologies.com
Area :	10000 Sq. ft.
Location :	Owned

Bangalore Office :	Monarch Ramani, Ward No. 68, 3/E, 7C Main Road, 3rd Block, Industrial Area, Koramangala, Bangalore - 560 034, Karnataka, India
Tel. No.:	91-80-41713775 / or 3777 / 40937588
Fax No.:	91-80-41713778

Chennai Office :	Alexander Square 4th Floor, C–Wing, 34/35 Sardar Patel Road, Chennai - 600 032, Tamilnadu, India
Tel. No.:	91-44-64522842

Jamshedpur Office :	Jamshedpur – 831 004, Jharkhand, India
Tel. No.:	91-657-2286506
Fax No.:	91-657-2286725

Lucknow Office :	Chinhut Industrial Estate, Lucknow – 226 019, Uttar Pradesh, India
Tel. No.:	91-522-2818012 / 020 / 032
Fax No.:	91-522-2818244 / 2818322

Mumbai Office :	LBS Marg, Wagale Estate, Thane - 400 604, Maharashtra, India
Tel. No.:	91-22-67927272
Fax No.:	91-22-67927257

New Delhi Office :	301, 3rd Floor, Rectangle One, D - 4 Saket District Centre, New Delhi – 110017, India
Tel. No.:	91-11-46526270 / 71
Fax No.:	91-11-46526272

Pune - "Blue Ridge" Facility	SEZ Building IT-3, 6th Floor Flagship Infrastructure Pvt Ltd S Number 154/6, Nr Rajiv Gandhi InfoTech Park Phase-1 Hinjawadi Pune 411021
Tel. No.:	91-20-66526037

DIRECTORS

As on 27.07.2011

Name :	Mr. Ramadorai V Subramanian
Designation :	Chairman
Address :	Flat No. 1, 1^st Floor, Wyoming Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	06.10.1944
Qualification :	B.Sc., B.E., Master in Computer Science.
Date of Appointment :	08.03.2001
DIN No. :	00000002

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	U29309TN1987PLC029075	WTI Advanced Technology Limited	Director	10-10-91	10-10-91	13-11-09	Active	NO
2	L85110KA1989PLC009968	Tata Elxsi Limited	Director	26-06-95	26-06-95	-	Active	NO
3	U72200PN1994PLC013313	Tata Technologies Limited	Director	08-03-01	08-03-01	-	Active	NO
4	U44003MH1945PLC004403	Tata Industries Limited	Director	03-07-01	03-07-01	-	Active	NO
5	L72200AP1975PLC001970	CMC Limited	Director	16-10-01	16-10-01	-	Active	NO
6	L15140MH1933PLC002030	Hindustan Unilever Limited	Director	20-05-02	20-05-02	-	Active	NO
7	L24110MH1947PLC005719	Piramal Healthcare Limited	Director	24-10-02	24-10-02	-	Active	NO
8	L22210MH1995PLC084781	Tata Consultancy Services Limited	Director	02-07-10	05-05-04	-	Active	NO
9	U74899DL1995PLC066685	Tata Teleservices Limited	Director	11-10-04	11-10-04	23-03-09	Active	NO
10	U72900MH2006PLC159038	C-Edge Technologies Limited	Nominee director	19-01-06	19-01-06	13-11-09	Active	NO
11	L64200MH1995PLC086354	Tata Teleservices (Maharashtra) Limited	Director	10-08-06	10-08-06	-	Active	NO
12	U51900MH2006PLC159776	Computational Research Laboratories Limited	Director	06-08-07	17-11-06	-	Active	NO
13	U85310KA2006NPL040052	ACCION Technical Advisors India	Director	27-12-07	04-01-07	-	Active	NO
14	L64200MH1986PLC039266	Tata Communications Limited	Director	02-08-07	28-06-07	-	Active	NO
15	U72900MH2006PLC164730	Tata Advanced Systems Limited	Director	13-11-09	29-07-09	-	Active	NO
16	L24220MH1945PLC004598	Asian Paints Limited	Director	16-07-10	16-09-09	-	Active	NO
17	U67120MH2005PLC155188	BSE Limited	Director	29-05-10	08-03-10	-	Active	NO
18	U93000AP2009PTC062441	IKP Investment Management Company Private Limited	Director	03-07-10	22-03-10	-	Active	NO
19	U29268MH2010PLC201707	Tata Lockheed Martin Aerostructures Limited	Director	20-09-11	13-07-11	-	Active	NO
20	U74990MH2008PLC183446	Tara Aerospace Systems Limited	Director	20-09-11	01-09-11	-	Active	NO


Name :	Mr. Patrick Raymon Mcgoldrick
Designation :	Managing Director
Address :	27, Balmoral Road, #04-27, Balmoral Tower, Singapore – 259808
Date of Birth/Age :	08.09.1949
Qualification :	B.E.
Date of Appointment :	29.03.1996
DIN No. :	00407203

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L85110KA1989PLC009968	Tata Elxsi Limited	Director	12-01-93	12-01-93	Active	NO
2	U72200PN1994PLC013313	Tata Technologies Limited	Managing director	29-03-96	29-03-96	Active	NO

Name :	Mr. Gopalkrishnan Ramabadran
Designation :	Director
Address :	Baug E Abbas, Flat No. 101, Captain Prakash Pethe Marg, 21/A, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	25.12.1945
Qualification :	B.Sc., B.Tech.
Date of Appointment :	08.03.2001
DIN No. :	00027858

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	L24239MH1939PLC002893	Tata Chemicals Limited	Director	30-10-98	30-10-98	-	Active	NO
2	U99999MH1917PLC000478	Tata Sons Limited	Director	29-07-11	24-11-98	-	Active	NO
3	L28920MH1945PLC004520	Tata Motors Limited	Director	22-12-98	22-12-98	01-09-10	Active	NO
4	L28920MH1919PLC000567	The Tata Power Company Limited	Director	15-01-99	15-01-99	-	Active	NO
5	L24292WB1954PLC021516	Akzo Nobel India Limited	Director	19-05-99	19-05-99	-	Active	NO
6	L36992MH1948PLC014083	Rallis India Limited	Director	28-06-99	28-06-99	-	Active	NO
7	U74899DL1995PLC066685	Tata Teleservices Limited	Nominee director	29-09-99	29-09-99	23-03-09	Active	NO
8	L23200MH1979PLC021359	Castrol India Limited	Director	17-10-00	17-10-00	-	Active	NO
9	U72200PN1994PLC013313	Tata Technologies Limited	Director	08-03-01	08-03-01	-	Active	NO
10	U34100MH1995PLC093733	Tata Autocomp Systems Limited	Director	27-06-01	27-06-01	-	Active	NO
11	U83000MH1926PLC001231	The Anglo Scottish Education Society	Director	12-09-01	12-09-01	-	Active	NO
12	U22219WB1922PTC004503	ABP Private Limited	Director	15-12-03	15-12-03	-	Active	NO
13	U24117KA2005PLC036126	Advinus Therapeutics Limited	Director	30-04-05	30-04-05	-	Active	NO
14	U05121KA2002PLC031204	Dhaanya Seeds Limited	Director	28-09-11	30-12-10	-	Active	NO
15	U73100KA2000PLC028246	Metahelix Life Sciences Limited	Director	21-09-11	30-12-10	-	Active	NO


Name :	Mr. Praveen Purushottam Kadle
Designation :	Director
Address :	224, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	21.01.1957
Qualification :	B.Com.
Date of Appointment :	04.02.1997
DIN No. :	00016814

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	U45200MH1989PLC050444	Sheba Properties Limited	Director	27-04-96	27-04-96	18-09-07	Active	NO
2	U34101JH1993PLC005546	Tata Cummins Limited	Director	24-01-97	24-01-97	26-10-07	Active	NO
3	U72200PN1994PLC013313	Tata Technologies Limited	Director	04-02-97	04-02-97	-	Active	NO
4	U50300MH1997PLC149349	Tata Motors Insurance Broking And Advisory Services Limited	Director	15-04-98	15-04-98	30-06-11	Active	NO
5	U85110KA1998PLC024588	Telco Construction Equipment Company Limited	Nominee director	30-12-98	30-12-98	04-08-08	Active	NO
6	U29113PN1994FLC139153	Cummins Technologies India Limited	Director	14-06-00	14-06-00	27-02-07	Active	NO
7	L28920MH1945PLC004520	Tata Motors Limited	Whole-time director	11-07-06	31-01-01	18-09-07	Active	NO
8	U51909MH1957PLC010942	Tata Services Limited	Director	14-06-01	14-06-01	26-09-07	Active	NO
9	U67120MH1994PLC080918	Tata Securities Limited	Director	17-04-06	17-04-06	-	Active	NO
10	U65923MH2006PLC162503	Tata Motors Finance Limited	Director	01-06-06	01-06-06	-	Active	NO
11	U67190MH2005PLC153471	Religare Asset Management Company Limited	Director	29-09-06	27-07-06	04-12-08	Active	NO
12	L65990MH1991PLC060670	Tata Capital Limited	Managing director	18-09-07	13-04-07	-	Active	NO
13	U65923MH2007PLC176158	Tata Capital Markets Limited	Director	26-11-07	26-11-07	-	Active	NO
14	U74999MH2002PLC135640	E-NXT Financials Limited	Director	17-09-08	18-02-08	-	Active	NO
15	U63040MH2008PLC187559	TC Travel and Services Limited	Director	15-10-08	15-10-08	-	Active	NO
16	U67190MH2008PLC187552	Tata Capital Housing Finance Limited	Director	15-10-08	15-10-08	-	Active	NO
17	U51109MH2009PLC189466	T Sec Commodities Broking Limited	Director	09-01-09	09-01-09	28-10-10	Active	NO
18	U34100MH1995PLC093733	Tata Autocomp Systems Limited	Director	29-09-09	18-03-09	-	Active	NO
19	U74999DL2002PTC117357	International Asset Reconstruction Company Private Limited	Nominee director	20-07-09	21-03-09	-	Active	NO
20	U99999PN1997PLC110139	Tata Toyo Radiator Limited	Director	25-07-09	01-04-09	-	Active	NO
21	U67190TN2010PLC076545	Tata Infrastructure Capital Limited	Director	09-07-10	09-07-10	28-10-10	Active	NO
22	U65921TN2006PLC061442	T T Holdings and Services Limited	Director	23-09-11	25-08-10	-	Active	NO
23	U67100MH2010PLC210201	Tata Capital Financial Services Limited	Director	05-09-11	19-11-10	-	Active	NO
24	U65923MH2011PLC222430	Tata Cleantech Capital Limited	Director	27-09-11	27-09-11	-	Active	NO


Name :	Mr. Chandrasekaran Ramakrishnan
Designation :	Director
Address :	322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	27.06.1955
Qualification :	B.Com., C.A.
Date of Appointment :	08.03.2001
DIN No. :	00020076

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	27-02-01	27-02-01	06-07-10	Amalgamated	NO
2	U72200PN1994PLC013313	Tata Technologies Limited	Director	08-03-01	08-03-01	-	Active	NO
3	U50300MH1997PLC149349	Tata Motors Insurance Broking And Advisory Services Limited	Director	08-10-02	08-10-02	21-01-08	Active	NO
4	U24110MH1972PLC015561	Concorde Motors (India) Limited	Director	21-10-04	21-10-04	21-01-08	Active	NO
5	U34101JH1993PLC005546	Tata Cummins Limited	Director	15-06-06	15-06-06	-	Active	NO
6	U45200MH1989PLC050444	Sheba Properties Limited	Director	20-06-08	18-09-07	-	Active	NO
7	U51909MH1957PLC010942	Tata Services Limited	Director	08-11-07	08-11-07	-	Active	NO
8	U28900PN1997PLC130940	Fiat India Automobiles Limited	Director	28-12-07	28-12-07	-	Active	NO
9	U65923MH2006PLC162503	Tata Motors Finance Limited	Director	22-07-08	23-01-08	-	Active	NO
10	U29120MP1995PLC009773	Tata Precision Industries (India) Limited	Director	18-06-08	28-03-08	27-09-10	Active	NO
11	U63000MH2008PLC180593	TML Distribution Company Limited	Director	25-08-09	11-07-08	06-07-10	Active	NO
12	U34101MH2006PLC164771	Tata Marcopolo Motors Limited	Director	09-08-10	01-07-10	-	Active	NO
13	L35911GA1980PLC000400	Automobile Corporation Of Goa Limited	Director	05-08-11	07-08-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anubhav Kapoor
Designation :	Secretary
Address :	Flat No. C-102, Concord Proxima Baner, Pune – 411 048, Maharashtra, India
Date of Birth/Age :	21.08.1972
Date of Appointment :	05.04.2006
PAN No.:	ADPPK1000L

Name :	Mr. Bansi
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

List of Allottees (As on 16.05.2011)

Names of Allottees	No. of Shares
Alpha TC Holdings Pte. Limited, Singapore	3746505
Tata Trustee Company Limited, India	1873253
Total	5619758

As on 27.07.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.73
Bodies corporate	76.91
Directors or relatives of Directors	2.19
Other top fifty shareholders	2.20
Others	2.97
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Designing of Automotive Focussed Engineering Goods.

Product Descriprion :	Information Technology Consultancy Trading in Software Licenses and Networking Items

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· Corporation Bank

Industrial Finance Branch, Pune-Mumbai Road, Wakdewadi, Pune – 411 003, Maharashtra, India

· Axis Bank Limited

1262/B, Sterling Plaza, Deccan Gymkhana, Jangli Maharaj Road, Pune – 411 004, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Foreign Currency Loan from Bank [Secured by hypothecation of Current Assets of the Company (excluding loans and advances given to subsidiaries and other group companies)]	0.000	417.395
Vehicle Loans [Secured by hypothecation of vehicles financed]	3.985	7.585
Total	3.985	424.980

Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Foreign Currency Loan from Bank	405.271	0.000
Total	405.271	0.000


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	706, B Wing, 7^th Floor, ICC Trade Towers, Senapati Bapat Road, Pune – 411016, Maharashtra, India

Holding Company :	Tata Motors Limited CIN No. : L28920MH1945PLC004520

Joint Venture :	Tata HAL Technologies Limited

Subsidiary :	Tata Technologies Private Limited, Singapore

Indirect Subsidiaries :	· Tata Technologies (Thailand) Limited · INCAT International Plc · Tata Technologies Europe Limited · INCAT SAS · INCAT GmbH · INCAT Holdings BV (Liquidated w.e.f. April 11, 2009) · INCAT KK (Liquidated w.e.f. July 31, 2009) · Tata Technologies Inc (Name changed from · INCAT Systems Inc. w.e.f. April 1, 2009) · Tata Technologies de Mexico, S.A. de C.V. (Name changed from Integrated Systems de Mexico, S.A. de C.V. w.e.f. April 1, 2009) · Tata Technologies (Canada) Inc (Name changed from INCAT Solutions of Canada Inc w.e.f. April 1, 2009) · Lemmerpoort BV

Fellow Subsidiaries :	· TAL Manufacturing Solutions Limited · HV Axles Limited · HV Transmission Limited · Sheba Properties Limited · Concorde Motors (India) Limited · Telco Construction Equipment Company Limited · Tata Daewoo Commercial Vehicle Company Limited · Tata Motors Insurance Broking and Advisory Services Limited · Tata Motors European Technical Centre Plc · Tata Motors Finance Limited · Tata Marcopolo Motors Limited · Tata Motors (Thailand) Limited · TML Holdings Pte Limited, Singapore · TML Distribution Company Limited · Hispano Carrocera S.A. (w.e.f. October 16, 2009) · Tata Motors (SA) (Proprietory) Limited · Miljobil Grenland AS · Miljobil Innovasjan AS (Merged with Miljobil Grenland AS w.e.f. October 12, 2009) · Serviplem S.A · Comoplesa Lebrero S.A · Baryval Assistencia Tecnica S.L · Inner Mongolia North Baryval Engineering Special Vehicle Corporation Limited · JaguarLandRover Limited · Jaguar Cars Limited · Jaguar Cars Overseas Holdings Jaguar Land Rover Austria GmbH · Jaguar Belux NV · Jaguar Land Rover Japan Limited · Jaguar cars South Africa (pty) Limited · Jaguar Italia SPA · Jaguar Cars Exports Limited · The Daimler Motor Company Limited · The Jaguar Collection Limited · Daimler Transport Vehicles Limited · SS Cars Limited · The Lanchester Motors Company Limited · Jaguar Hispania Sociedad · Jaguar Deutschland GmbH · Land Rover UK · Land Rover Group Limited · Jaguar Land Rover North America LLC · Land Rover Belux S.A./N.V · Land Rover Ireland Limited · Jaguar Land Rover Nederland BV (Name changed from Land Rover Nederland BV w.e.f. June 10, 2009) · Jaguar Land Rover Portugal - Veiculos e Pecas LDA · Jaguar Land Rover Australia Pty Limited · Land Rover Exports Limited · Land Rover Italia SpA · Land Rover Espana SL · Land Rover Deutschland GmbH · Jaguar and Land Rover Asia Pacific Company Limited (Liquidated w.e.f. October 12, 2009) · Jaguar Land Rover Mexico SA de CV · Jaguar Land Rover Korea Company Limited · Jaguar Land Rover Automotive Trading (Shanghai) Company Limited · Jaguar Land Rover Canada ULC · Jaguar Land Rover France, SAS · Jaguar Land Rover (South Africa) (Pty) Limited · Jaguar Land Rover Brazil LLC (incorporated on 01.04.2009) · Limited Liability Company "Jaguar Land Rover" (Russia) (incorporated on 01.04.2009) · Land Rover Parts Limited (incorporated on 02.04.2009) · Land Rover Parts US LLC (incorporated on 19.06.2009) · Carrosseries Hispano Maghreb, Morocco

Associates :	· Tata Cummins Limited · Tata Precision Industries Private Limited · Fiat India Automobiles Limited · Automobile Corporation of Goa Limited · Nita Company Limited · Tata AutoComp Systems Limited · Telcon Ecoroad Resurfaces Private Limited

CAPITAL STRUCTURE

As on 27.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions
700000	Preference Shares	Rs.10/- each	Rs.7.000 Millions
	Total		Rs.607.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42945013	Equity Shares	Rs.10/- each	Rs.429.450 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions
700000	Preference Shares	Rs.10/- each	Rs.7.000 Millions
	Total		Rs.607.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37244591	Equity Shares	Rs.10/-each	Rs.372.446 Millions

Note :-

30,300,600 equity shares are held by Tata Motors Limited, the holding company (P.Y.30,300,600 equity shares). Of the above shares, 2,000,000 (P.Y. 2,000,000) shares were allotted to Tata Motors Limited as fully paid pursuant to a contract, without payments being received in cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		372.446	371.581	370.835
2] Advance towards Share Capital		0.000	0.204	0.147
3] Reserves & Surplus		3566.178	3276.766	2911.044
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3938.624	3648.551	3282.026
LOAN FUNDS
1] Secured Loans		3.985	424.980	10.898
2] Unsecured Loans		405.271	0.000	0.000
TOTAL BORROWING		409.256	424.980	10.898
DEFERRED TAX LIABILITIES		16.386	10.437	0.185

TOTAL		4364.266	4083.968	3293.109

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		686.485	498.447	486.660
Capital work-in-progress		6.216	7.023	4.599

INVESTMENT		2657.396	2476.621	2189.077
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	586.516	614.833	374.256
	Cash & Bank Balances	417.985	60.260	115.948
	Other Current Assets	0.612	0.292	0.301
	Loans & Advances	1106.759	1071.610	805.276
Total Current Assets		2111.872	1746.995	1295.781
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	690.317	441.146	379.525
	Other Current Liabilities	27.781	39.565	48.202
	Provisions	379.605	164.407	255.281
Total Current Liabilities		1097.703	645.118	683.008
Net Current Assets		1014.169	1101.877	612.773

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		4364.266	4083.968	3293.109

PROFIT & LOSS ACCOUNT

PARTICULARS			31.03.2010	31.03.2009	31.03.2008
SALES
		Income from Services	3429.303	3085.838	2373.426
		Sale of Products	394.555	626.233	389.824
		Other Income	94.176	76.781	35.107
		TOTAL (A)	3918.034	3788.852	2798.357

EXPENSES
		Cost of Traded Items and Services	308.566	506.304	309.924
		AMC Charges	33.788	18.436	50.880
		Consultancy Fees, Softwares and Others	270.807	231.226	112.222
		Payroll and Related Expenses	1842.879	1759.568	1539.194
		Communication Expenses	33.846	24.439	18.202
		Administration and Marketing Expenses	234.517	282.003	261.112
		Bad Debts written off	8.868	0.000	0.000
		Provision / (write back) for Bad and Doubtful debts	0.912	12.450	1.932
		TOTAL (B)	2734.183	2834.426	2293.466

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1183.851	954.426	504.891

FINANCIAL EXPENSES (D)			17.082	36.729	0.931

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1166.769	917.697	503.960

DEPRECIATION/ AMORTISATION (F)			93.734	81.498	70.814

PROFIT BEFORE TAX (E-F) (G)			1073.035	836.199	433.146

TAX (I)			309.385	255.868	149.024

PROFIT AFTER TAX (G-I) (J)			763.650	580.331	284.122

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			556.459	253.387	167.979

APPROPRIATIONS
		Transfer to General Reserve	80.000	60.000	30.000
		Interim Dividend	0.000	111.419	72.103
		Final Dividend	260.312	74.279	72.103
		Tax on Dividend	43.234	31.559	24.508
BALANCE CARRIED TO THE B/S			936.563	556.461	253.387

EARNINGS IN FOREIGN CURRENCY
	Services		776.375	703.468	NA
	Commission		4.713	12.893	NA
	Interest		8.961	9.864	NA
TOTAL EARNINGS			790.049	726.225	NA

TOTAL IMPORTS			59.815	291.127	NA

Earnings Per Share (Rs.)
Basic			20.54	15.63	7.88
Diluted			20.41	15.50	7.80

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	19.49	15.32	10.15

Net Profit Margin (PBT/Sales)	(%)	28.06	22.53	15.67

Return on Total Assets (PBT/Total Assets}	(%)	38.34	37.24	24.30

Return on Investment (ROI) (PBT/Networth)		0.27	0.23	0.13

Debt Equity Ratio (Total Liability/Networth)		0.38	0.29	0.21

Current Ratio (Current Asset/Current Liability)		1.92	2.71	1.90

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors – Dues to other than Micro, Medium and Small enterprises	690.317	441.146	379.525
Total	690.317	441.146	379.525

COMPANY BACKGROUND

Tata Technologies Limited was incorporated in 1994 and is a part of Tata Group, India. It is an automotive-focussed engineering and design (E&D) company, which provides services to leading automotive and aerospace companies.The company is headquartered in Pune, India. It also has a centre for advanced engineering and design at the same location.

Tata Technologies has operations in the US, the UK and the Asia Pacific through its subsidiary and associate companies. It provides services to customers in Europe, Asia and Japan through its offices in London and Singapore. It operates in the United States through its wholly owned subsidiary incorporated in Nevada and through its office in Detroit.

The company functions through its two operating companies, INCAT and iKnowledge Solutions (iKS). It has operations across 12 countries on three continents.

Tata Technologies recorded revenue of EUR 29.07 million in FY 2004-05.

Tata Technologies in the EU

Tata Technologies in Germany

Tata Technologies has its presence in Germany through INCAT was founded in 1989 and provides E and D, product Iifecycle management and product-centric IT services and solutions. It was acquired by Tata Technologies in October 2005. INCAT is co headquartered in the US, Germany and India. It has a combined global workforce of more than 3,000 employees.

In January 2006, INCAT acquired CEDIS Mechanical Engineering GmbH, a Stuttgart, Germany-based provider of automotive engineering and design services.This has resulted in increasing the company’s presence in Germany as well as the rest of Europe, and in also diversifying the company’s client base.

Tata Technologies in Ireland

Ireland forms iKS’ operations base in Europe. The company has been providing engineering knowledge through e-Learning, training, and professional services to some of the world’s top manufacturing organisations. It facilitates its customers to create improved ground-breaking products through solutions focus on engineering knowledge acquisition, distribution, certification and verification. It has provided Tata Technologies Limited with a foothold in Ireland to to further expand its operations in the EU.

Tata Technologies in Other EU Countries

The EU countries in which Tata Technologies has its offices are listed below:

United Kingdom
France
The Netherlands

FUTURE PLANS

Global Expansion

The company has development centres in India, the U.S. and Germany. It is planning to acquire more companies that would complement the existing centres. In order to tap international customers, in FY 2005, the company expanded its overall onsite reach by 61 per cent while increasing its offshore E and D services by 34 per cent. It is expected to follow a similar path in the coming few years also.

Enhancing Service Portfolio

Tata Technologies is planning to invest in strengthening its core E and D areas such as computational fluid dynamics, design of transfer dies and class-A surfacing.The company is also investing in embedded electronics as electronics systems are increasingly becoming critical for any vehicle programme.

REVIEW OF BUSINESS OPERATIONS

The global economic downturn during the year presented management with significant challenges. Even so the Company recorded an overall revenue growth of 3.41% with an increase of 3.01% in revenue from sale of products and services, from Rs 3712.000 Millions in 2008-09 to Rs 3823.900 Millions in 2009-10. Due to stringent cost control, focus on operating efficiencies and offshoring, the operating profit registered an increase of 24.04% over last year, while profit before taxes (PBT), grew at a rate of 28.31% on a year-on year basis. Profit after taxes (PAT) grew by 31.59% during the same period.

During this period, services revenue increased by 11.13% and product sales decreased by 36.98% over last year to reach figures of Rs 3429.300 Millions and Rs 394.600 Millions respectively. The services revenue comprises Engineering Automation Group [EAG], Enterprise Solutions Group [ESG] and Product Lifecycle Management [PLM]. EAG addresses the engineering and design needs of manufacturers through services for all stages of the product development and manufacturing process. ESG addresses the Information Technology needs of manufacturers including business solutions, strategic consulting, ERP implementation, systems integration, IT networking and infrastructure solutions and program management. PLM addresses the product development technology solution requirements of manufacturers including end-to-end implementation of PLM technology, best practices and PLM consulting. PLM also includes the Company’s proprietary applications iGETIT® and iCHECKIT.

Revenue from delivery centers grew by 13.45% from Rs 910.000 Millions in 2008-09 to Rs 1032.400 Millions in the year 2009-10.

BUSINESS OUTLOOK

The economy has started to recover and the Company is putting increased emphasis on marketing, sales and delivery of value to its customers. As such it is seeing improved order bookings. Should the recovery continue, the Company expects improved growth in revenue, EBITDA and profit after tax. Should the economic recovery falter, the Company would still expect continued year-on-year growth in profit after tax given the Company’s cash reserves and improvements in operating efficiencies. Please refer the section on Management Discussion and Analysis for more information.

MANAGEMENT DISCUSSION AND ANALYSIS

Overview

The economic crisis of 2009 left an impact on the global IT industry, resulting in unprecedented demand destruction for most companies. The global recession undoubtedly has been difficult, but overall, the companies who have survived the crisis are on a path of recovery due to various economic stimulus plans and internal company measures to preserve cash, implement austerity initiatives, and increase competitiveness.

Tata Technologies Limited also was affected by the global downturn, but was able to quickly take fiscal measures to reduce the impact on its financials. The Company launched and implemented an operational efficiency program to increase its business efficiency and to reduce cost. Although FY10 revenues were down, taking action to implement efficiency improvements and cost controls helped the Company to grow consolidated PAT by 31%.

A. Company Overview

Tata Technologies continues to be one of the leading providers of engineering and Product Lifecycle Management (PLM) services worldwide. The Company’s strong domain engineering pedigree, global presence in key automotive and aerospace markets, and diversified business portfolio of services and products is fueling the Company’s prospects for growth.

B. Industry Structure and Developments

Engineering Services Outsourcing [ESO]

Despite economic headwinds, the rate of new product development and new design innovation has not slowed. Actually, great companies typically accelerate product development during difficult economic times, to emerge stronger and more competitive. Manufacturers of consumer products realize that the majority of their revenue in 18-24 months is a result of product innovation today. There once was a time when this only had an impact on consumer electronic product companies. But today, this has become a reality for many other industries including automotive, aerospace, medical, etc. Reducing time-to-market is one of the primary reasons companies are seeking to maximize their approach to product development through value-added service functions such as engineering services.

Traditionally, many companies retained engineering as a core function and retained tight controls around product development within the company. But as globalization of IT services became a viable option in the 1990s, some companies also looked to source low value-added engineering activities such as drawing re-creation and 2D-3D modeling to external providers. Today, with the availability of high-speed internet connectivity, computing technology commodities, and globally accessible deep engineering talent pools, the globalization of engineering services has just started.

Product-based companies have more options than ever for new product development. Entirely new automobile vehicle programs are being engineered and manufactured on a global basis to meet the needs of new and emerging markets. Aerospace OEMs are collaborating with suppliers on virtually every continent to engineer and assemble complex aircraft to meet the future demands of commercial air transportation. Today’s new product development requires technology-driven processes and global digital collaboration in order to optimize design iteration in minutes instead of days. For savvy product development companies, engineering services are no longer optional in order to remain competitive and to gain access to new markets. A 2005 survey by Booz Allen Hamilton and Duke University’s Center for International Business Education and Research (CIBER) found that 36% of companies surveyed sent some of their engineering offshore, 31% offshored some research and development, and 16 percent shipped out a portion of their product design.

ESO Industry Sectors and Demand/Spend

According to many industry analysts, demand for engineering services will grow substantially across most industry sectors and geographies through 2020.

Another study by Booz Allen Hamilton, this one for India’s National Association of Software and Service Companies (NASSCOM), titled “Globalization of Engineering Services,” reports that “Global spending on engineering services is large and rising - constituting about 2% of global GDP, and companies are increasingly moving these high-value services to emerging markets as the next step in globalization.

The global engineering and R&D Spend is expected to touch USD 1.1b by FY2020. The biggest contributors will be Hi-Tech (35%), Automotive (17%) and Aerospace (8%) industries. These industries are followed by; Construction/Industrial (4%), Utilities (2%), Other (34%) which includes Pharmaceuticals, Chemicals, Biotechnology, Medical Devices etc.”

ESO Growth Drivers

There are many industry analyst reports that identify the key drivers for the growth of the ESO market. To be certain, these drivers are changing as global economic and geo-political events fluctuate. The three current drivers are Cost Containment, Time-to-Market, and Resource/Availability Scalability.

Cost Containment: The initial attraction of low cost still remains a key motivation for companies looking to outsource engineering services despite increasing costs from emerging countries where many ESO providers reside. However, companies are finding significant pools of scientific and highly skilled professionals with deep domain experience. Access to cost effective skills has long-term implications for overall product development. With access to more expertise at lower costs, companies have greater flexibility in determining their product development strategies.

Time-to-Market: Market advantage is often summed up in one word – speed. Getting a great product to market before the competition often, is the key to market growth. The 2007 release of the Apple iPhone representing the next generation of smart phone technology has sold more than 50 million units in just three years. According to Apple Computer’s latest quarterly earnings report, the iPhone now represents nearly 50% of the company’s total revenues. Meanwhile, other smart phone manufacturers are seeing their market share erode.

Follow-the-sun strategies are complex, and they require more effort than just working harder; but truly working smarter, in order to achieve the desired time-to-market objectives. The challenge of designing new products that comply with standards of quality, reliability and sustainability requires access to highly-skilled engineering resources, state-of-the-art technology and seamless integration between organizations and suppliers globally.

Resource Availability/Scalability Demand: In today’s product development environment, it is not enough just to have skilled engineers; they must be available when they are needed. Furthermore, product development is no longer done in a serial mode but rather that an increasing number of all phases of product development are done in parallel. This new environment mandates the availability of skilled resources and the ability to scale-up the size of teams in order for companies to achieve time-to-market objectives. The combination of availability and scalability represents the flexibility that ESO providers must provide. In many developed economies this critical gap of flexibility has not been met requiring companies to develop human capital strategies for sourcing talent that include availability and scalability on demand.

ESO Implications for India: India is well-positioned as the destination of choice for companies looking to continue to globalize their product development strategies. India has a large pool of engineering expertise with its talent pool expected to grow as hundreds-of-thousands of new engineering graduates become available each year. In addition, India’s computing, communications and transportation infrastructure is improving exponentially to accommodate global demands. India’s cost structure – while increasing – is very competitive to other emerging countries. India’s education system, which promotes the English language as the language of choice for professionals, is attractive to many western companies. Finally, the growing consumer base in India creates new opportunies for global companies seeking new customers. These key advantages are expected to spur ESO growth in India to more than 600% over the next decade.

According to the NASSCOM 2009 Strategic Review, India’s ESO 2009 revenue [strictly associated with product design and engineering] was USD 2.65 billion When consolidation revenues associated with telecommunications services, in-house company [captive] engineering services, and software development/IT under ESO, the total 2009 ESO revenues were USD 9 billion, according to a different 2009 study conducted by Booz Hamilton. These same studies indicated that the Indian ESO industry employs approximately 150,000 individuals. In addition, the reports indicated that the ESO market has higher growth rates in IT than other segments in the same time period.

ESO Differentiation

There are two clear categories of differentiation of ESO providers in India. The first category represents large IT/Business Process Outsourcing [BPO] services firms. They tend to have excellent market reach into large multi-national organizations and thus have greater ability for scalability of resources. These companies also manage good cash flow and cash preservation. However, they lack domain skills in areas requiring extensive experience in engineering and scientific endeavors. Therein lies the reason why telecommunications outsourcing usually dominates the overall Indian ESO market.

The second category, as defined by the analysts, is called “pure-play” – where services providers specialize in service offerings and possess significant domain experience and understanding (i.e. aerospace design, automotive design, biomedical engineering, etc.). These ESO companies typically lack market reach and the scale of their counterparts who provide IT/BPO services. Decision makers of R and D firms or product development companies distinctively prefer the specialization of pure-play ESO service providers to other ESO generalist providers. Tata Technologies is clearly a pure-play ESO provider to Automotive, Aerospace companies.

PLM Market

The PLM market [PLM services + PLM software products] remained virtually flat in 2009, in contrast to nearly 10% growth in 2008. Companies elected to take a more cautious approach to PLM software spending with a wait-and-see view. In addition, they curtailed spending plans for PLM services including training, consulting, and software customization/configuration. Notwithstanding the overall flat growth, 2009 saw companies moving to implement key PLM objectives including further rationalization of software technology, increased use of digital collaboration tools, and centralization of best practices data to enable innovation. According to CIMdata, a globally recognized PLM industry consulting organization, growth for 2010 is expected to be modest, at single digits. For 2011 and beyond, the PLM industry is expected to grow at a CAGR of 10-15%, with PLM services projected to grow faster than software.

Increasingly, BPO consulting firms that operate across any given company’s value chain are commanding a 60% share of the 11 billion PLM services market. This is an important development, as process consultants are involved in process evaluation and implementation as well as overall business transformation strategies. Due to the nature of their consulting efforts, they must look throughout the whole value chain to determine business strategies and are favorably positioned to grow downstream services. Because of this obvious opportunity, and because PLM services represents 60% [and growing] of the total spend for PLM, nearly all of the PLM vendors are now building their own service organizations. Other smaller PLM consultants and software resellers command less than 20% of the PLM services market but they too are growing their organizations to be more capable and more competitive.

C. Overall Recent Industry Trends

Volume growth is returning, as visible from the Q4 FY 2010 results and management commentary. Large, “Strategic Sourcing” deals are occurring with more frequency with several 100 FTE+ deals. Winners of such deals are usually incumbents who are providing small projects and services, but know the internals and expectations of the client well – the ability to sign new small deals/open accounts continues to be critical.

Tier 1 IT services firms are increasing focus on ESO vertical capabilities to improve their service offering portfolios.

Evolution of offerings, segments with increased traction in industry sectors including; Oil and Gas, Power Plant Design, Transportation Engineering, Medical Engineering.

Global MNCs have increased their development of strategy planning for ESO outsourcing.

Attrition and salary cost in the ESO space is expected to show an increasing trend.

Investor interest for the ESO players is on the rise from private equity participation and institutions investing in ESO companies in secondary market.

CONTINGENT LIABLITIES

Particulars	As on 31.03.2010 Rs. in millions
Bills discounted	515.618
Income Tax demands disputed in appeals	19.697
Sales Tax demands disputed in appeals	5.301
Service Tax demands disputed in appeals	10.091
Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies	2325.014

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U72200PN1994PLC013313
Name of the company	TATA TECHNOLOGIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi, Hinjwadi, Pune – 411127, Maharashtra, India
Type of charge	· Book Debts · Movable Property
Particular of charge holder	Axis Bank Limited, 1262/B, Sterling Plaza, Deccan Gymkhana, Jangli Maharaj Road, Pune - 411004, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of Current Assets
Date of instrument Creating the charge	11.03.2009
Amount secured by the charge	Rs.400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per the sanction letter of the Bank attached herewith. Penal interest of 2% p.a. Terms of Repayment : As per the sanction letter attached herewith. Margin : 90% Extent and Operation of the charge : Charge operates to the extent of monies borrowed, interest and commission thereon and all legal and others costs if any as per the sanction letter and on pari passu basis with the existing lenders.
Short particulars of the property charged	Current Assets being movable assets excluding loans and Advances given to subsidiaries and other group companies and O/s, Monies, Receivables, Claims and Bills and Certain Debts.

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Software Licenses

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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--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	YES
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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

0.000

586.516

417.985

0.612

1106.759

2111.872

27.781

379.605

1097.703

1014.169

19.49

28.06

38.34

0.27

0.38

1.92

Unit