1. Summary Information

		Country	India
Company Name	TATA INTERNATIONAL LIMITED	Principal Name 1	Mr. Homiar Sorabji Vachha
Status	Good	Principal Name 2	Mr. Piyush G. Mankad
		Registration #	11-012528
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 – 10	Business Style 1	Manufacturer
Fax #	91-22 - 66612837	Business Style 2	Exporter
Homepage	www.tatainternational.com	Product Name 1	Leather Products
# of employees	1590 (Approximately)	Product Name 2	Various goods, Services and Technologies.
Paid up capital	Rs. 200,000,000/-	Product Name 3	-
Shareholders	Bodies corporate-99.87% Other top Fifty – 0.13%	Banking	State Bank of Mysore
Public Limited Corp.	NO	Business Period	49 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	A (67)
Related Company
Relation	Country	Company Name	CEO
Associates	-	Tata Sons Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,893,344,000	Current Liabilities	1,344,894,000
Inventories	1,521,484,000	Long-term Liabilities	1,924,446,000
Fixed Assets	715,296,000	Other Liabilities	1,249,223,000
Deferred Assets	28,087,000	Total Liabilities	4,518,563,000
Invest& other Assets	2,718,452,000	Retained Earnings	3,158,100,000
		Net Worth	3,358,100,000
Total Assets	7,876,663,000	Total Liab. & Equity	7,876,663,000
Total Assets (Previous Year)	7,246,517,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	6,642,648,000	Net Profit	136,181,000
Sales(Previous yr)	9,043,664,000	Net Profit(Prev.yr)	181,300,000

MIRA INFORM REPORT

Report Date :

04.10.2011

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) :	31.03.2010
Date of Incorporation :	30.11.1962
Com. Reg. No.:	11-012528
Paid-up Capital :	Rs. 200.000 Millions
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.
No. of Employees :	1590 (Approximately)

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 13400000
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sivkumar Ramani
Designation :	Head of Finance and Accounts

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
Factory :	Industrial Area, Agra Mumbai Road, Dewas 455 001, Madhya Pradesh, India
Tel. No.:	91-7272 258900-04 / 425500
Fax (Main Building) :	91-7272 258150 / 258271
Fax (LFB Marketing) :	91-7272 258914
Fax (LGB Marketing) :	91-7272 258574
Fax (Ladies FW Plant) :	91-7272 400161
Overseas Offices:	Located at Hong Kong Singapore Dubai South Africa Australia
Engineering Business Unit:	Located at New Delhi Kolkata Mumbai

SOLE PROPRIETOR/PARTNERS/DIRECTORS

As on 26.08.2010

Name :

Mr. Raman Dhawan

Designation :

Director

Address :

28A, 3^rd Street, Houghton, Johannesburg, South Africa

Date of Birth/Age :

07.11.1948

Date of Appointment :

04.12.2001

DIN No.:

00265526

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 :

28.11.2003

DIN No.:

00016610

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	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	11/6/1993	11/6/1993	-	Active	NO
2	U24100MH1980PTC022617	BO-CHEM PRIVATE LIMITED	Director	25/07/1997	25/07/1997	1/4/2010	Active	NO
3	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	8/2/1999	8/2/1999	-	Active	NO
4	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	25/11/1999	25/11/1999	-	Active	NO
5	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	30/03/2001	30/03/2001	-	Active	NO
6	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO
7	U40109DL2001PLC111526	NORTH DELHI POWER LIMITED	Director	20/05/2009	3/1/2009	-	Active	NO
8	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	17/09/2010	30/03/2009	-	Active	NO
9	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO

Name :

Mr. Balasubramanian Muthuraman

Designation :

Chairman

Address :

111/A, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

26.09.1944

Date of Appointment :

12.08.2004

DIN No.:

00004757

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	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	13/08/2010	1/8/2000	-	Active	NO
2	L27102OR1982PLC001091	TATA SPONGE IRON LIMITED	Nominee director	19/01/2001	19/01/2001	23/07/2007	Active	NO
3	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Director	13/12/2001	13/12/2001	14/01/2010	Active	NO
4	U63090WB2002PLC094134	TM INTERNATIONAL LOGISTICS LIMITED	Nominee director	18/01/2002	18/01/2002	18/01/2008	Active	NO
5	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	12/8/2004	12/8/2004	-	Active	NO
6	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director	6/5/2005	6/5/2005	19/07/2007	Active	NO
7	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	10/5/2005	10/5/2005	-	Active	NO
8	L85110KA1951PLC000761	BOSCH LIMITED	Director	7/6/2007	1/1/2007	-	Active	NO
9	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Additional director	15/12/2009	15/12/2009	-	Active	NO
10	U72900MH2006PTC163193	STRATEGIC ENERGY TECHNOLOGY SYSTEMS Private Limited	Director	20/09/2010	20/04/2010	-	Active	NO

Name :

Mr. Piyush G. Mankad

Designation :

Director

Address :

C-II-95, Moti Baghm New Delhi – 110021, India

Date of Birth/Age :

18.11.1941

Date of Appointment :

12.08.2004

DIN No.:

00005001

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	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	12/8/2004	12/8/2004	-	Active	NO
2	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	2/9/2004	2/9/2004	-	Active	NO
3	U74140MH1996PTC099483	DSP BLACKROCK INVESTMENT MANAGERS PRIVATE LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
4	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	29/01/2005	29/01/2005	-	Active	NO
5	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
6	L45101UP1996PLC019759	NOIDA TOLL BRIDGE COMPANY LIMITED	Director	21/04/2005	21/04/2005	-	Active	NO
7	L85110KA1915PLC000740	UNITED BREWERIES (HOLDINGS) LIMITED	Director	30/12/2005	30/12/2005	-	Active	NO
8	U62100KA2004PLC034399	KINGFISHER TRAINING AND AVIATION SERVICES LIMITED	Director	30/09/2006	31/01/2006	15/10/2008	Active	NO
9	L74999DL1991PLC042749	ICRA LIMITED	Director	12/6/2006	30/03/2006	-	Active	NO
10	L26942HR1958FLC042301	HEIDELBERGCEMENT INDIA LIMITED	Director	14/06/2007	19/10/2006	-	Active	NO
11	L18101DL1970PLC005197	SRF LIMITED	Director	25/07/2008	25/10/2007	-	Active	NO
12	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	10/9/2008	3/7/2008	-	Active	NO
13	L27100MH1999PLC121285	MAHINDRA FORGINGS LIMITED	Director	29/07/2009	29/07/2008	2/8/2011	Active	NO
14	L85110KA1995PLC018045	KINGFISHER AIRLINES LIMITED	Director	26/12/2008	15/10/2008	-	Active	NO

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 :

04.09.2006

DIN No.:

00191774

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	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	27/03/1998	27/03/1998	Active	NO
2	U74210MH1999PLC123010	TATA CONSULTING ENGINEERS LIMITED	Director	13/05/2003	13/05/2003	Active	NO
3	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	4/9/2006	4/9/2006	Active	NO
4	U34200MH2005PTC154348	TATA INTERNATIONAL DLT PRIVATE LIMITED	Director	6/9/2007	23/05/2007	Active	NO

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

DIN No.:

01474455

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	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	8/3/2007	8/3/2007	Active	NO
2	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	8/8/2009	2/3/2009	Active	NO
3	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Whole-time director	1/4/2009	1/4/2009	Active	NO
4	U34200MH2005PTC154348	TATA INTERNATIONAL DLT PRIVATE LIMITED	Director	13/07/2009	28/04/2009	Active	NO
5	U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Additional director	24/12/2010	24/12/2010	Active	NO
6	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	Active	NO

Name :

Mr. Noel Naval Tata

Designation :

Managing Director

Address :

Windmere, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.11.1956

Date of Appointment :

12.08.2010

DIN No.:

00024713

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	U63040MH1993PTC070465	DKI TRAVEL SERVICES PRIVATE LIMITED	Director	1/6/1994	1/6/1994	18/04/2011	Active	NO
2	L24240MH1952PLC008951	TRENT LIMITED	Director	5/8/2011	18/12/1997	-	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	27/01/2003	27/01/2003	-	Active	NO
4	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Nominee director	7/8/2003	7/8/2003	-	Active	NO
5	U70101MH2004PTC145888	LORIMAR PROPERTIES PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Active	NO
6	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	9/6/2004	9/6/2004	-	Active	NO
7	U70102MH1994PTC076582	SATNAM DEVELOPERS AND FINANCE PRIVATE LIMITED	Nominee director	21/08/2004	21/08/2004	-	Amalgamated	NO
8	U91990MH2005GAP151959	RETAILERS ASSOCIATION OF INDIA	Director	14/03/2005	14/03/2005	-	Active	NO
9	U74899DL1995PLC073520	TRENT BRANDS LIMITED	Nominee director	27/04/2005	27/04/2005	10/5/2010	Active	NO
10	U70109MH2006PLC160918	LANDMARK LIMITED (PART IX)	Nominee director	31/03/2006	31/03/2006	-	Active	NO
11	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	10/5/2007	10/5/2007	9/9/2010	Active	NO
12	U74140MH2007PTC172569	IL&FS MILESTONE REALTY ADVISORS PRIVATE LIMITED	Director	26/09/2008	14/08/2007	9/9/2010	Active	NO
13	U67100MH2007PTC169947	TREXA ADMC PRIVATE LIMITED	Director	11/10/2008	21/09/2007	-	Active	NO
14	U65991MH2007PTC169267	VIRTUOUS TRUSTEES PRIVATE LIMITED	Director	29/09/2008	21/09/2007	22/12/2009	Active	NO
15	L24202MH1920PLC000825	KANSAI NEROLAC PAINTS LIMITED	Director	24/06/2008	27/10/2007	-	Active	NO
16	U51900MH2008PLC184184	TRENT HYPERMARKET LIMITED	Director	30/09/2010	12/8/2008	-	Active	NO
17	U74900HR2009FTC043768	INDITEX TRENT RETAIL INDIA PRIVATE LIMITED	Director	27/10/2009	27/10/2009	-	Active	NO
18	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Nominee director	9/4/2010	9/4/2010	-	Active	NO
19	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Managing director	26/08/2010	5/5/2010	-	Active	NO
20	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	8/8/2011	1/11/2010	-	Active	NO
21	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO

Name :

Mr. Ramakrishnan Mukundan

Designation :

Director

Address :

9, Swastik Building Plot 151 Major Parmesh Waran Road, Wadala, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

19.09.1966

Date of Appointment :

29.07.2010

DIN No.:

00778253

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	U74899DL1994GAT056812	ALKALI MANUFACTURERS ASSOCIATION OF INDIA(TRANSFER COMPANY FROM MAHARASHTRA TO	Director	30/09/2006	30/09/2006	Active	NO
2	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Managing director	30/07/2009	26/11/2008	Active	NO
3	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	15/06/2010	3/12/2009	Active	NO
4	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	9/6/2010	9/6/2010	Active	NO
5	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	26/08/2010	29/07/2010	Active	NO
6	U01403DL2007PTC160357	KHET-SE AGRIPRODUCE INDIA PRIVATE LIMITED	Director	27/09/2010	1/9/2010	Active	NO
7	U73100KA2000PLC028246	METAHELIX LIFE SCIENCES LIMITED	Additional director	30/12/2010	30/12/2010	Active	NO
8	U05121KA2002PLC031204	DHAANYA SEEDS LIMITED	Additional director	30/12/2010	30/12/2010	Active	NO

Name :

Mr. Ravindra Narayan Pisharody

Designation :

Director

Address :

Hill Park Building – I, Flat No. 9 2^nd Floor, AG Bell Road, Malabarhill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.11.1955

Date of Appointment :

29.07.2010

DIN No.:

01875848

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	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	11/6/2008	26/10/2007	Active	NO
2	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	3/7/2008	22/11/2007	Active	NO
3	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/08/2009	28/03/2008	Active	NO
4	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	17/05/2010	6/8/2009	Amalgamated	NO
5	U34100MH2000PLC124874	HV AXLES LIMITED	Director	17/05/2010	6/8/2009	Active	NO
6	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14/09/2009	14/09/2009	Active	NO
7	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	26/08/2010	29/07/2010	Active	NO
8	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	3/8/2011	3/8/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Murlidhar Ponkshe
Designation :	Company 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
Pan No.:	AAEPP6047Q
Name :	Mr. Sivkumar Ramani
Designation :	Head of Finance and Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.08.2010

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

As on 26.08.2010

Category	Percentage
Bodies corporate	99.87
Other top fifty shareholders	0.13
Total	100.00

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

PRODUCTION STATUS (As On 31.03.2009)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Finished leather	Million sq.ft	78	48	34
Leather garments	Numbers	200000	200000	334543
Shoe uppers	Pairs	2100000	2100000	611537
Leather footwear	Pairs	4200000	1860000	497835

Notes:

i) As certified by the management and relied upon by the auditors being technical matters.

ii) Actual production of shoe uppers includes production for consumption in leather footwear.

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, Corporate Accounts Group Branch, Neville House, Ballard Estate, J N Heredia Marg, Mumbai – 400001, 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 Limited, ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra, India
• Hongkong and Shanghai Banking Corporation Limited
• Standard Chartered Bank Zambia PLC
• Indo-Zambia Bank Limited
• Citi Bank Zambia Limited
• First Rand Bank.
• Stanbic Bank Zambia Limited
• Barcays Bank Zambia Limited
• Zambia National Commercial Bank PLC

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
From banks
Export Packing credit [repayable within one year Rs.1722.746 millions[previous year Rs.1578.538 millions]] Secured against whole of current assets present and future of the company	1722.746	1578.538
Term Loan [repayable within one year Rs.50.425 millions[previous year Rs.nil] Secured against equitable mortgage over factory land and building available for project expansion and exclusive charge over fixed assets present and future of the company, created out of bank finance	201.700	0.000
Total	1924.446	1578.538

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
Pan No.:	AACFD4815A
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 :	· Tata South-East Asia Limited · Tata Africa Holding (SA) Proprietory Limited · Tata International (Australia) Pty Limited · Cameo Investment and Finance Limited · Cometal, S.A.R.L. · Light Source Manufacturers Limited · Pamodzi Hotels Plc · Tata Automobile Corporation (SA) (Proprietory) Limited · Tata De Mocambique Limitada · Tata Ghana Limited · Tata Holdings (Tanzania) Limited · Tata Holdings Mocambique Limited · Tata Namibia (Proprietary) Limited · Tata (UAE) FZE · Tata Uganda Limited · Tata Zambia Limited · Tata (Zimbabwe) (Private) 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:	· Drive India Enterprise Solutions Limited (DIESL) · This enterprise is jointly owned by Tata Industries and Tata International and is a complete end-to-end Logistics Solutions Company that provide services like customs clearance, retail distribution, warehousing operations, reverse logistics, cash management services, tax & compliance management. · It is also the second largest Logistics & distribution Company in India and reaches out to a network of 1,200 towns and 6,000 distributors, with hubs in all major ports and state capitals across the country. · Its key clients are Tata Sky, Tata Indicom, Virgin Mobile, ZTE, Castrol, Haier, Voltas Limited, Croma, Dick Smith Electronics, Colgate Palmolive India Limited. · Contact: CEO - Mr Ajay Chopra ajay.chopra@driveindia.co.in See presentation »» www.diesl.in · Tata International DLT Private Limited · This is a joint venture between Tata International Limited and Dutch Lanka Trailer (DLT) Manufacturers Limited, Sri Lanka. Established in 2006, the company is a pioneer in the organised sector and is at present, one of the largest manufacturers of trailers in India. Tata International DLT’s plant is located in Chakan, in Maharashtra. · The Company manufactures and sells trailers based on tested technical designs created by DLT. Its product range includes 7 models, available in both 35 tonne and 40 tonne segments, and is also introducing trailers in the 49 tonne segment. · Contact: COO - Mr Ramesh K Gupta rkgupta@tildlt.com · Tata Precision Industries (India) Limited · Graziella Shoes Limited CIN: U51102TN1996PLC034121

CAPITAL STRUCTURE

As on 31.03.2009

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

Called-up & 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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3158.100	3051.071	2904.870
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3358.100	3251.071	3104.870
LOAN FUNDS
1] Secured Loans		1924.446	1578.538	1400.405
2] Unsecured Loans		0.000	0.000	41.770
TOTAL BORROWING		1924.446	1578.538	1442.175
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5282.546	4829.609	4547.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		715.296	737.468	645.255
Capital work-in-progress		352.315	30.471	43.223
INVESTMENT		2366.137	2436.421	2372.667
DEFERREX TAX ASSETS		28.087	20.701	16.592
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1521.484	1405.692	1290.865
	Sundry Debtors	965.655	995.638	968.113
	Cash & Bank Balances	99.193	73.220	288.752
	Other Current Assets	0.158	33.909	4.863
	Loans & Advances	1828.338	1503.600	2183.065
Total Current Assets		4414.828	4012.059	4735.658
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1031.746	857.848	863.244
	Other Current Liabilities	313.148	303.806	423.458
	Provisions	1249.223	1255.254	1996.090
Total Current Liabilities		2594.117	2416.908	3282.792
Net Current Assets		1820.711	1595.151	1452.866
MISCELLANEOUS EXPENSES		0.000	9.397	16.442
TOTAL		5282.546	4829.609	4547.045

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	6642.648	9043.664	6698.297
		Other Income	705.603	589.890	972.179
		TOTAL (A)	7348.251	9633.554	7670.476
Less	EXPENSES
		Raw Material, Finished and Semi Finished Products	4720.107	6583.312
		Personnel	469.559	419.120
		Other Expenditure	1674.666	2063.805
		TOTAL (B)	6864.332	9066.237	6801.832
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		483.919	567.317	868.644
Less	INTEREST		129.829	144.831	114.402
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		354.090	422.486	754.242
Less/ Add	DEPRECIATION/ AMORTISATION (F)		124.126	118.040	80.360
	PROFIT BEFORE TAX (E-F) (G)		229.964	304.446	673.882
Less	TAX (H)		93.783	123.146	117.704
	PROFIT AFTER TAX (G-I) (I)		136.181	181.300	556.178
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1897.163	1760.962	-
Less	APPROPRIATIONS
	Transfer to General Reserve		4.000	10.000	-
	Dividend		25.000	30.000	-
	Tax on Dividend		4.152	5.099	-
	BALANCE CARRIED TO THE B/S		2000.192	1897.163	1760.962
	Earnings Per Share (Rs.)		681	907	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.85	1.88	7.25
Net Profit Margin (PBT/Sales)	(%)	3.46	3.37	10.06
Return on Total Assets (PBT/Total Assets}	(%)	4.48	6.41	12.52
Return on Investment (ROI) (PBT/Networth)		0.07	0.09	0.22
Debt Equity Ratio (Total Liability/Networth)		1.34	1.23	1.52
Current Ratio (Current Asset/Current Liability)		1.70	1.66	1.44

LOCAL AGENCY FURTHER INFORMATION

Operations

The Company achieved an overall turnover of Rs.6640.000 millions in 2009-10 (2008-09 Rs.9040.000 millions). The company achieved an overall profit before tax of Rs.229.900 millions in 2009-1 0 (2008-09 : Rs.304.400 millions).

Leather Business:

During the year, Finished Leather Division has set up new capacity for production of Athletic and Upholstery leathers in Dewas. The new facility has a capacity to produce 1 million sq.ft. of finished leather. Plant certifications and technical approvals by Athletic Brands and OEMs are in advanced stage. Meanwhile the Division has enhanced production from its captive, unit in Zambia to source raw material at competitive price. The Division has

also planned aggressive growth through better utilization of its own manufacturing capacities and supply chain.

During the financial year 2009-10, the Company's Footwear Division achieved a turnover of Rs 1980.000 millions (2008-09: Rs. 853.700 millions). A new bottoming conveyor was set up in its Chennai plant. The footwear manufacturing facilities at Dewas caught momentum attracting visits from globally renowned Brands and Retailers. The plant now employs women, which epitomises the Company's community initiatives to provide training and employment opportunities to women from the under-privileged and marginalised sections of the society. With these expansions, the Division has installed capacity of 5 million pair of shoes per annum. The Division envisions ambitious growth plans in next 5 years and plans to make a foray into Domestic Retailing of its own Branded footwear through its Retail outlets in financial year 2010-11.

The Leather Division received the Award for Best in Non-SSI category: Leather and Leather products by the Export Promotion Council for EOUs and SEZs, Ministry of Commerce and Industry, Government of India. Also awarded the first place in CLE Award for Overall Export Performance - Leather and Leather Products for the year 2008-2009. Further awarded the first place in CLE award for the Overall Export of Finished Leather for the year 2008- 2009.

Graziella Shoes Limited (Graziella), a wholly-owned subsidiary, manufactures shoes mainly for UK and European markets. It is one of the main suppliers of shoes to Marks and Spencer, Weyo Group, Tempe S.A., Lloyd, etc. During the year Graziella achieved a turnover of Rs. 728.800 millions (2008-09: Rs. 748.000 millions) and Profit before Tax of Rs. 12.200 millions (2008-09: Loss of Rs. 14.300 millions).

Engineering Business:

The Engineering Division has achieved a turnover of Rs. 2540.000 millions as compared to Rs. 4620.000 millions in the previous year. Despite lower turnover, the Profit before Tax of Engineering Division improved from Rs. 237.000 millions to Rs. 297.000 millions

During the year, the Engineering Division successfully completed supplies of cathode collector bars to the aluminium smelter of EMAL in Abu Dhabi. The Division made a foray into domestic aluminium smelters and this resulted in order for supply of cathode collector bars to major domestic smelter. While on the same subject of domestic sales, Engineering Division made a successful entry into the domestic segment of bicycle market in Norlh Eastern states and West Bengal. In order to cater to the untapped domestic market, Engineering Division has made a strategic arrangement to assure a steady supply of critical bicycle components. Engineering Division has strengthened its alliance with World Bicycle Relief for export of cycles to other countries in Africa like Kenya and Zimbabwe. The Engineering Division also started importing steel products from Japanese steel miHs for Indian and African markets.

Despite the slow down in the global metallics commodity market Engineering Division started trading in ferrous scrap mainly from Europe to its existing customer base of sponge iron in Bangladesh, Thailand and Indonesia.

As a part of its strategic partnering, the Engineering Division has entered into long term agreement with manufacturing companies producing infrastructure and construction equipment in India and abroad to sustain their sales and distribution in Africa.

During the year the Engineering Division started a new initiative to enter the after market spares in automotive segment in Europe. The Division has built a strong sourcing team in Shanghai to supplement the marketing efforts which will focus on Europe market.

Joint Venture

Tata International DLT Private Limited (Tata DLT) is a 50: 50 joint venture between the Company and Dutch Lanka Trailer Manufacturers Private Limited, Sri Lanka. During the year, the ownership of Dutch Lanka Trailer Manufacturers Private Limited, Sri Lanka has changed hands. TRF, a Tata company has acquired the shareholding of the Sri Lankan company and as such are the new JV partner of the Company. Tata DLT achieved a turnover or Rs. 769.000 millions (2008-09: Rs. 480.900 millions) and Profit after Tax of Rs. 35.900 millions (2008-09: Loss of Rs. 33.700 millions).

CONTINGENT LIABILITY: [as on 31.03.2009]

a) Claims against the company not acknowledge as debts comprise of:

1. DEPB / Drawback claims rejected by commissioner of customs (appeals) disputed by the company relating to issue of inadmissibility aggregating Rs. 32.796 millions (31.03.2008 – nil).
2. Demand notices aggregating Rs. 47.866 millions (31.03.2008 – Rs. 52.466 millions) have been issued by the sales tax authorities under the M.P. General Sales Tax, M P Entry Tax, U. P. Trade Tax Act. 1948, Bombay Sales Tax, Gujarat Sales Tax, Karnataka Sales Tax and the Central Sales Tax Act, 1956, relating to issue of applicability and classification.
3. The services tax department, Mumbai has issued demand and recovery notices aggregating Rs. 196.622 millions (31.03.2008 – Rs. 196.567 millions) including interest, towards service tax allegedly payable by the company for the period 1999-2000 to 2006-2007. The Service tax authorities contend that the company was rendering services as “Clearing and Forwarding Agents” during the said period and was, therefore chargeable to service tax in respect of those services
4. Other Matters Rs. 7.881 millions (31.03.2008 – Rs. 16.166 millions).

Form 8:

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	Modification 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 E-mail: Mumbai@sbm.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Extension Memorandum of Hypothecation dated 05.05.2011 within the specified term loan.
Date of instrument Creating the charge	05.05.2011
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 with reset of spread annually. 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 First pari-passu charge on all fixed assets of the Company located at Dewas (M.P.) covering 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 are 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 over fixed assets of the Company both present and future created out of bank finance for capacity expansion project.
Particulars of the present modification	The fixed assets covering expansion solely hypothecated to State Bank of Mysore now extends on pari passu basis in favour of State Bank of Mysore and First Rand Bank for an amount aggregating to Rs. 500.000 millions s. Also, other buildings and fixed assets situated at the Company's 100 acre leasehold land at Dewas (M.P.) have now been charged on pari passu basis in favour of State Bank of Mysore and First Rand Bank.

Fixed Assets:

• Lease hold Land
• Building, Roads
• Plant and Machinery
• Computers
• Furniture and Fixtures
• Office and other equipments
• Electrical installation
• Air Conditioner
• Refrigerator
• Vehicles and transport
• Software

PRESS RELEASE:

Press Trust of India: 16.07.2011

New Delhi, 17.07.2011 (PTI) -- Tata Group's logistics arm, DIESL today said it has embarked on an expansion drive to emerge as the market leader in USD 90 billion domestic supply-chain industry and would consolidate its presence in the retail segment by 2012.

It also plans setting up nine major hubs in the country by 2013 to provide logistics, transportation, warehousing, distribution among other services.

"We are among top four players in the domestic logistic industry and aim to occupy the top slot by 2015. We have added 1 million square feet in 2010 taking the total area of our 176 warehouses to 5.3 million square feet and would set up nine hubs in next 30 months," (DIESL) CEO Ajay Chopra told PTI.

Drive India Enterprise Solutions Limited (DIESL), a joint venture between Tata Industries and Tata International will set up five hubs in Delhi, Mumbai, Chennai, Kolkata and Guwahati in the next 18 months.

Remaining four will be set up at other strategic locations by 2013, Chopra said, adding that the company was also focussed on bulk logistics in the eastern and north-eastern region, setting facilities for cement and steel production.

Besides consolidating its domestic presence, DIESL may plan looking at overseas markets, especially in the South East Asian countries like Singapore, under Noel Tata who has taken over Chairman of DIESL, Chopra said.

Noel Tata, who is considered a possible successor of Ratan Tata for the USD 70 billion salt-to-software Tata empire took over as DIESL Chairman in May this year.

Chopra said that under his leadership, the company was planning to strengthen its position in the retail segment, which at present constitutes only 10 per cent of the firm's total revenue of Rs. 3000.000 millions.

"We are continuously focussing on retail side and plan to gradually take into fold the services from major Tata brands in retail like Westside, Trent Star Bazaar. We are giving stress on technology augmentation, too, to become capable of daily replenishment need of the retail sector," Chopra said.

He said that at present company's over 80 per cent of its clientele was outside its fold, including brands like Sony and Philips.

Expressing hope that GST regime will boost the domestic sector, he said that with innovative services and technology, DIESL would be well armed to compete with the global players.

Indian supply chain is said to be driven more by tax savings reasons than by logistics efficiency, thereby, driving up the logistics cost.

According to experts, the introduction of the proposed Goods and Services Tax (GST) is likely to give a boost to the domestic logistics sector as the new regime would propose comprehensive indirect tax on manufacture, sale and consumption of goods and services. PTI NAM MM YB 07171028

Gulf Construction: 01.07.2011

TATA West Asia (TWA), a Dubai-headquartered subsidiary of Tata Interna-tional, has started stocking steel at its Dubai facility to meet the immediate requirements of its customers, especially those involved in construction and infrastructure projects.

The company, which has had a long presence in the Middle East and North Africa (Mena) region, has also recently added aluminium sheets to its product portfolio. The firm, which initially dealt only with Tata steel products, later started sourcing steel from all over the globe from markets like the Black Sea region, Far East, China and India.

"Our facility in Dubai caters to the entire Middle East as well as global markets," says Joydeep Guha, head of TWA and global head for Tata International's steel business.

"Tata International has now become more active globally and has been growing rapidly under the leadership of its recently-appointed managing director Noel Tata," he adds.

TWA looks after the operations in the Middle East and spearheads the steel trading activity of the company. It is part of the global steel supply chain that includes global sourcing of various flat steel and long steel products; stock and sell of steel products; steel raw material like scrap and semi-finished steel such as billets and slabs. Other key businesses of TWA include infrastructure and construction equipment; aluminium industry supplies and services; stock and sell operation in steel, aluminium and infrastructure; and the global mineral and raw material business.

Guha says TWA has strong capabilities in the construction equipment segment and offers a complete range of construction and earthmoving equipment to fulfil various requirements. This includes concreting equipment such as mixers, batching plant and reversible mixers; concrete handling equipment including transit mixers and pumps; material handling equipment such as tower hoists, mini-dumpers, forklifts, rough-terrain and pick-and-carry cranes; asphalt laying equipment; and stone crushers of 100 and 200 tonnes-per-hour capacity.

TWA backs up all solutions and offerings with prompt after-sales service through its offices in Jebel Ali and a network of distributors spread across the Middle East.

Tata International is the trading arm for Tata group entities across the world. Its global businesses include automobile distribution, manufacturing and trading in leather, engineering goods, metals and minerals. Established in 1962, the company has steadily expanded its footprint over the years and now has a worldwide reach through its network of subsidiaries, joint ventures, and offices in Africa, Europe, Middle East, Latin America and Asia.

It leverages its global presence along with expertise in sourcing, marketing and supply chain management expertise to offer a gamut of products and services to customers with an emphasis on strong partnerships and strategic alliances.

The GCC countries are both a strong base and a key market for Tata companies. The group's footprint in the region was established in the early 1990s and has been steadily increasing since then. The main industry segments include IT, communications, hospitality, engineering, steel, power and chemicals. Several Tata brands have established a firm reputation, further driving the Tata presence in the area.

Accord Fintech (India) 27.05.2011

India, May 27 -- News Verification: The media had reports that Crew B.O.S. Products Limited Tata International may acquire a stake in the company. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Crew B.O.S. Products Limited has vide its letter inter-alia stated, "We would like to inform you that the news of TATA International on verge of acquiring Crew B.O.S Products Limited is purely market speculation. Crew B.O.S Products Limited has been in talks for a strategic equity participation with several investors over the last few months, but there is no concrete closure to that effect nor there is any conclusions been made with respect to any specific investors till date." Published by HT Syndication with permission from Accord Fintech.

Accord Fintech (India): 27 May 2011

India, May 27 -- With reference to the news item appearing in a leading financial daily titled "Tata International on verge of acquiring Crew B.O.S.", Crew B.O.S. Products Limited has clarified to BSE that the said news is purely market speculation. The Company has been in talks for a strategic equity participation with several investors over the last few months, but there is no concrete closure to that effect nor there is any conclusion been made with respect to any specific investors till date. Published by HT Syndication with permission from Accord Fintech Bse.

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.49.42
UK Pound	1	Rs.76.72
Euro	1	Rs.65.84

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.