MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	TATA PROJECTS LIMITED
Registered Office :	“Mithona Towers -1” 1-7-80 to 87 Opposite Wesley Co-ed, Junior College, Prender Ghast Road, Secunderabad-500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.02.1979
Com. Reg. No.:	01-57431
Capital Investment / Paid-up Capital :	Rs.202.500 Millions
CIN No.: [Company Identification No.]	U45203AP1979PLC057431
TAN No.: [Tax Deduction & Collection Account No.]	HYDT01767D
PAN No.: [Permanent Account No.]	AAACT4119L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Civil Engineering / Execution of Projects involve Procurement and Supply of Materials along with the Rendering of Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 19000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	“Mithona Towers -1” 1-7-80 to 87 Opposite Wesley Co-ed, Junior College, Prender Ghast Road, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-66238801
Fax No.:	91-40-66172353
E-Mail :	tpl@tataprojects.com rajamogilia@tataprojects.com
Website :	http://www.tataprojects.com
Branch Office :	Located At: Ø Mumbai Ø Kolkata Ø New Delhi Ø Abu Dhabi

DIRECTORS

As on 16.08.2011

Name :

Mr. Farrokh Kaikhushru Kavarana

Designation :

Chairman cum Managing Director

Address :

CCI Chembers, Flat 9, 5^th Floor, Dinshaw Vachha Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

17.03.1944

Date of Appointment :

20.02.1979

Din No.:

00027689

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	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	01-04-75	01-04-75	-	Active	NO
2	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	20-02-79	20-02-79	-	Active	NO
3	U99999MH1917PLC000478	TATA SONS LIMITED	Director	01-02-91	01-02-91	-	Active	NO
4	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Nominee director	27-01-93	27-01-93	31-03-09	Active	NO
5	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	15-06-94	15-06-94	-	Active	NO
6	U91110MH1999NPL122154	CENTRE FOR PROMOTION OF ENTREPRENURSHIP	Director	11-10-99	11-10-99	-	Active	NO
7	U85110MH2000PLC128425	TATA AIG GENERAL INSURANCE COMPANY LIMITED	Director	24-08-00	24-08-00	-	Active	NO
8	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	30-01-01	30-01-01	-	Active	NO
9	U24222KA1994PTC024968	AKZO NOBEL COATINGS INDIA PRIVATE LIMITED	Director	01-10-01	01-10-01	17-12-10	Active	NO
10	U65990MH1994PLC077090	TATA ASSET MANAGEMENT LIMITED	Director	06-08-09	29-03-02	-	Active	NO
11	U64200MH2000PLC129407	SITEL INDIA LIMITED	Director	17-12-02	17-12-02	11-04-07	Active	NO
12	U70100MH1990PTC057554	SIKA PROPERTIES PRIVATE LIMITED	Director	20-12-02	20-12-02	-	Active	NO
13	L24240MH1952PLC008951	TRENT LIMITED	Director	30-10-06	01-11-04	-	Active	NO
14	U74899DL1995PLC073520	TRENT BRANDS LIMITED	Director	28-09-07	14-11-06	28-04-10	Active	NO
15	L65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	17-07-07	13-04-07	-	Active	NO
16	U67100MH2010PLC210201	TATA CAPITAL FINANCIAL SERVICES LIMITED	Director	05-09-11	26-03-11	-	Active	NO

Name :

Mr. Vinayak Kashinath Deshpande

Designation :

Managing Director

Address :

Samudra Mahal, 209, 9^th Floor, Dr. A. B. Road, Worli, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

21.07.1957

Date of Appointment :

01.07.2011

Din No.:

00036827

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	17-05-02	17-05-02	15-03-10	Active	NO
2	L32200MH1940PLC003164	NELCO LIMITED	Director	30-07-04	30-07-04	-	Active	NO
3	U64200AP1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	30-06-07	07-06-07	19-09-08	Active	NO
4	L27109KA1964PLC001546	KENNAMETAL INDIA LIMITED	Director	26-10-10	06-09-10	-	Active	NO
5	U45202MH2008PLC178890	HCC CONCESSIONS LIMITED	Director	07-06-11	26-10-10	10-06-11	Active	NO
6	U45400MH2010PLC210944	HCC INFRASTRUCTURE COMPANY LIMITED	Director	13-12-10	13-12-10	10-06-11	Active	NO
7	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Managing director	16-08-11	01-07-11	-	Active	NO
8	L27290MH1978PLC020644	ARTSON ENGINEERING LIMITED	Additional director	01-02-12	01-02-12	-	Active	NO
9	L29308MH1954PLC009371	VOLTAS LIMITED	Additional director	14-02-12	14-02-12	-	Active	NO

Name :

Mr. Adi Jehangir Emngineer

Designation :

Director

Address :

Flat No. A8, Salisbury Apartment, Ahura Co-operative Housing Society, Salisbury Park, 55/2, Guletkdi, Pune-411037, Maharashtra, India

Date of Birth/Age :

27.08.1937

Date of Appointment :

27.06.2001

Din No.:

00016320

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	U63020MH1970PLC014572	CHEMICAL TERMINAL TROMBAY LIMITED	Director	01-10-99	01-10-99	-	Active	NO
2	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Nominee director	06-10-00	06-10-00	13-09-07	Active	NO
3	U45200MH1921PLC000866	THE ASSOCIATED BUILDING COMPANY LIMITED	Director	10-10-00	10-10-00	-	Active	NO
4	U11100MH1993PLC134095	TATA PETRODYNE LIMITED	Director	30-03-01	30-03-01	20-06-07	Active	NO
5	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	27-06-01	27-06-01	-	Active	NO
6	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Nominee director	01-07-02	01-07-02	-	Active	NO
7	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	19-11-03	19-11-03	-	Active	NO
8	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Director	20-07-06	20-07-06	-	Active	NO
9	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	23-10-07	23-10-07	-	Active	NO

Name :

Mr. Prasad Raghava Menon

Designation :

Director

Address :

50-F, Lovedale, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

23.01.1946

Date of Appointment :

18.12.2002

Din No.:

00005078

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	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	06-12-00	06-12-00	19-11-07	Active	NO
2	U63020MH1970PLC014572	CHEMICAL TERMINAL TROMBAY LIMITED	Director	01-11-02	01-11-02	25-07-08	Active	NO
3	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	18-12-02	18-12-02	-	Active	NO
4	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	24-03-03	24-03-03	26-05-07	Active	NO
5	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	10-05-05	10-05-05	-	Active	NO
6	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	08-08-07	16-10-06	31-01-11	Active	NO
7	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	27-07-07	30-10-06	-	Active	NO
8	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	18-06-07	23-11-06	31-01-11	Active	NO
9	U74899DL2000PLC106999	MAITHON POWER LIMITED	Nominee director	08-12-06	08-12-06	01-09-08	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	13-09-07	03-02-07	05-03-12	Active	NO
11	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Additional director	19-02-07	19-02-07	25-09-08	Active	NO
12	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Director	24-08-07	14-03-07	03-02-11	Active	NO
13	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	07-08-07	22-04-07	29-01-11	Active	NO
14	L32200MH1940PLC003164	NELCO LIMITED	Director	20-07-07	20-07-07	-	Active	NO
15	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Director	23-07-07	23-07-07	-	Active	NO
16	L65110GJ1993PLC020769	AXIS BANK LIMITED	Director	17-06-11	09-10-10	-	Active	NO
17	U74210MH1999PLC123010	TATA CONSULTING ENGINEERS LIMITED	Director	30-06-11	01-02-11	-	Active	NO
18	L29130MH1961PLC011980	SKF INDIA LIMITED	Director appointed in casual vacancy	08-03-11	08-03-11	-	Active	NO

Name :

Mr. Pradeep Nilkant Dhume

Designation :

Director

Address :

GSB Temple Trust Building, 257 Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

01.09.1948

Date of Appointment :

03.04.2002

Din No.:

00916804

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	03-04-02	03-04-02	Active	NO
2	U74210MH1983PLC030705	ROHINI INDUSTRIAL ELECTRICALS LIMITED	Nominee director	28-07-09	04-09-08	Active	NO

Name :

Mr. Kishore Pal Singh

Designation :

Director

Address :

House No. 8-2-293-82/A, Plot No. 476, Road No. 22, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

24.01.1942

Date of Appointment :

01.09.2009

Din No.:

00103165

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	01-09-09	15-12-01	-	Active	NO
2	L74210JH1962PLC000700	TRF LIMITED	Director	22-03-02	22-03-02	31-12-07	Active	NO
3	L27290MH1978PLC020644	ARTSON ENGINEERING LIMITED	Nominee director	25-04-09	04-01-08	01-02-12	Active	NO
4	U74140DL2010PTC205850	VIRTUAL EXPO AND DIRECTORIES (INDIA) PRIVATE LIMITED	Director	15-03-12	15-03-12	-	Active	NO

Name :

Mr. Hoshie Hirji Malgham

Designation :

Director

Address :

309, Cumballa Crest, 42 Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

22.06.1936

Date of Appointment :

23.03.2001

Din No.:

00083194

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	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	08-02-99	08-02-99	01-10-11	Active	NO
2	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	23-03-01	23-03-01	-	Active	NO
3	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	26-04-01	26-04-01	23-07-11	Active	NO
4	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Director	20-07-06	20-07-06	24-07-07	Active	NO
5	L27290MH1978PLC020644	ARTSON ENGINEERING LIMITED	Director	25-04-09	04-01-08	-	Active	NO
6	U74140DL2010PTC205850	VIRTUAL EXPO AND DIRECTORIES (INDIA) PRIVATE LIMITED	Director	10-01-12	10-01-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Kumar Misra
Designation :	Chief Operating Officer
Address :	No. 417, Block 17, Shaili’s Royal Pavilion, Ameerpet, Hyderabad-500016, Andhra Pradesh, India
Date of Birth/Age :	03.10.1945
Date of Appointment :	12.09.2005
Name :	Dr. A Raja Mogli
Designation :	Company Secretary and Head Legal
Address :	12-13-691/4, Nagarjuna Nagar, Tarnaka, Secunderabad-500017, Andhra Pradesh, India
Date of Birth/Age :	10.05.1957
Date of Appointment :	22.11.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.08.2011

Names of Shareholders	No. of Shares
Tata Sons Limited, India	135000
Tata Steel Limited, India	90000
The Indian Hotels Limited, India	90000
Tata International Limited, India	90000
The Tata Power Company Limited, India	967500
Tata Chemicals Limited, India	193500
Voltas Limited, India	135000
TRF Limited, India	67500
Tata Industries Limited, India	60750
Tata Motors Limited, India	135000
Kalimati Investments Company Limited, India	60750
Total	2025000

As on 16.08.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Civil Engineering / Execution of Projects involve Procurement and Supply of Materials along with the Rendering of Services.

Products :

PRODUCT DESCRIPTION	ITC CODE
Energy Sector	84011000
Services	84011000
Others	84011000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Prime Corporate Branch, TSR Complex, S.P Road, Secunderabad-500003, Andhra Pradesh, India

· Export – Import Bank of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

· State Bank of Travancore, 5-1-720, Khusal Chambers, 1^st Floor, Bank Street, Koti, Hyderabad-500195, Andhra Pradesh, India

· State Bank of Hyderabad, Gunfoundry, Hyderabad-500001, Andhra Pradesh, India

· Bank of Baroda, Corporate Financial Services Hyderabad Branch, 3-6-262/6, Tirumala Estates, 3^rd Floor, Himayatnagar, Hyderabad-500029, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Partly convertible debenture	225.000 (A)	337.500
Rupee term loans	0.000 (B)	0.971
Foreign currency loans	0.000 (C)	89.785
Total	225.000	428.256
NOTE: (A) (Issued on 29th August, 2006, redeemable at par in 3 equal annual installments commencing at the end of 4th year from the date of allotment)Secured by way of i) First pari passu equitable mortgage of all immovable properties of the Company located in Hyderabad, Andhra Pradesh ranking with other lenders of the Company ii) First charge by way of hypothecation of all movable properties / fixed assets, and iii) Second charge by way of floating charge on current assets, loans and advances, subject to first charge of Company's bankers, and / or working capital lenders ) (B) Includes i) Loan from Financial Institutions- from EXIM Bank for 31-3-2010:Rs.897.85lakhs and loan from Financial Institutions others for 31-3-2010:Rs.9.71lakhs. ii) Secured by Hypothecation / Pari Passu Pledge of Fixed Assets, in case of loan from HDFC Limited. - Secured by equitable Mortgage of House Properties of Employees and in case of Vehicle loans by hypothecation of vehicle in respect of which the loan is taken. (C) Other Debts secured include Bank overdraft. i) In case of consortium banks, by first charge on book debts, stocks in process and other current assets ranking pari-passu; ii) in case of Commercial Bank, Qatar, by assignment of contract revenue and project assets of Qatar, which is pending creation of charge; iii) in case of BNP Paribas, Hyderabad, exclusive first charge over movable properties and assets relating to project undertaken at Dubai including all movable assets, book debts present and future.
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	6.699	5.268
Total	6.699	5.268

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	1-8-384 and 385, 3^rd Floor, Gowra Grand, S.P. Road, Secunderabad-500003, Andhra Pradesh, India
Pan No.:	AACFD3771D
Subsidiaries :	· Artson Engineering Limited [L27290mh1978plc020644] · Tpl-Tqa Quality Services South Africa (Proprietary) Limited, South Africa · Tpl-Tqa Quality Services (Mauritius) Pty Limited, Mauritius
Associates :	Virendra Garments Manufacturers Private Limited [U18100MH1993PTC072992]
Joint Venture :	· Al Tawleed For Energy and Power Company, Saudi Arabia · Teil Porject Limited [U74140DL2008LC180897]

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2025000	Equity Shares	Rs.100/- each	Rs.202.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		202.500	202.500	202.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4750.144	3189.834	2040.770
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4952.644	3392.334	2243.270
LOAN FUNDS
1] Secured Loans		225.000	428.256	838.208
2] Unsecured Loans		6.699	5.268	0.000
TOTAL BORROWING		231.699	433.524	838.208
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5184.343	3825.858	3081.478
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1242.306	1111.400	895.375
Capital work-in-progress		103.266	21.089	53.305
INVESTMENT		2433.555	2662.681	971.458
DEFERREX TAX ASSETS		149.750	175.042	56.205
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	818.416	763.480	481.668
	Sundry Debtors	19175.419	14560.094	10118.789
	Cash & Bank Balances	1517.314	1101.119	1972.648
	Other Current Assets	422.882	250.266	295.033
	Loans & Advances	4845.384	4357.830	4040.223
Total Current Assets		26779.415	21032.789	16908.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10415.031	7168.859
	Other Current Liabilities	14687.484	13393.433	15647.884
	Provisions	421.434	614.851	155.342
Total Current Liabilities		25523.949	21177.143	15803.226
Net Current Assets		1255.466	(144.354)	1105.135
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5184.343	3825.858	3081.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	30250.145	27109.801	18908.744
		Other Income	295.835	233.850	120.866
		TOTAL (A)	30545.980	27343.651	19029.610
Less	EXPENSES
		Consumption Materials Changes Inventories	24829.503	22335.884
		Manufacturing Service Cost	121.893	94.687	17747.228
		Employee Related Expenses	1708.849	1393.617
		Administrative Selling Other Expenses	851.453	1158.738
		TOTAL (B)	27511.698	24982.926	17747.228
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3034.282	2360.725	1282.382
Less	FINANCIAL EXPENSES (D)		147.217	138.357	115.208
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2887.065	2222.368	1167.174
Less/ Add	DEPRECIATION/ AMORTISATION (F)		230.706	181.696	198.578
	PROFIT BEFORE TAX (E-F) (G)		2656.359	2040.672	968.596
Less	TAX (H)		861.284	713.922	377.951
	PROFIT AFTER TAX (G-H) (I)		1795.075	1326.750	590.645
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1808.802	792.413	360.032
Less	APPROPRIATIONS
		Transfer to General Reserve	250.000	132.675	59.065
		Proposed Dividend	202.500	151.875	60.750
		Tax on Dividend	32.900	25.811	10.324
		Debenture Redemption Reserves	(0.600)	0.000	28.125
	BALANCE CARRIED TO THE B/S		3119.077	1808.802	792.413
	Earnings Per Share (Rs.)		886	655	292

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.88	4.85	3.10
Net Profit Margin (PBT/Sales)	(%)	8.78	7.53	5.12
Return on Total Assets (PBT/Total Assets}	(%)	9.48	9.22	5.44
Return on Investment (ROI) (PBT/Networth)		0.54	0.60	0.43
Debt Equity Ratio (Total Liability/Networth)		5.20	6.37	7.42
Current Ratio (Current Asset/Current Liability)		1.05	0.99	1.07

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS

The Total Income for the year aggregated Rs.30546.000 Millions as against Rs. 27343.700 Millions for the previous year, representing an 11.71% increase. The Company anticipates that this growth momentum would be sustained and would continue in the coming years. Operating Profit increased to Rs.303.43 Millions from Rs.2360.800 Millions during the previous year, representing a 28.53 % increase. Profit before Tax (PBT) Rs. 2656.400 Millions was higher by 30.17% as compared to Rs. 2040.700 Millions for the previous year.

STRATEGIC BUSINESS UNITS (SBUs)

1. Power Generation (PG)

During the year, two Engineering, Procurement and Construction (EPC) - Erection projects (Sepco-III Electric Power Construction Corporation, Independent Power Producer(IPP) - 600MW, Jharsaguda, Sepco Electrical and Instrumentation, Jharsaguda) and one EPC-Balance of Plant (BoP) project (2x80 MW Captive Power Plant, Hindustan Zinc Limited, Dariba) were successfully completed / commissioned. Progress of the Country's largest EPC-BoP 2x800 MW Supercritical Thermal Power Plant at Krishnapatnam (Andhra Pradesh Power Development Corporation Limited,) is on schedule in spite of several design and civil engineering challenges encountered in the first of its type coastline project. The EPC-BoP project for Maharashtra State Power Generation Company Limited's 2x500 MW Thermal Power Plant at Bhusawal is in an advanced stage of completion and is scheduled for coal firing in June 2011. The SBU also completed a project for site establishment works at The Tata Power Company Limited's Ultra Mega Power Project, Mundra.SBU has entered the gas based power plant sector with a strategic alliance with a reputed global partner for execution of total EPC projects and is awaiting its first major order.

2. Transmission and Distribution (T and D)

This year, the SBU achieved an all-time record in the order booking of transmission lines and sub-station projects aggregating to more than Rs.1,500 Millions, which include for the first time two projects for a 765 KV Double Circuit Transmission Line with Hex-bundle conductors. The Company has the distinction of having commissioned during the year, the first 765 KV single circuit transmission line (Seoni-Bina) and five 400 KV sub-stations for Power Grid Corporation of India. The SBU is currently executing over 3,400 CkKM of 400/765/800 kV transmission lines across the country at twenty three project sites. Tower Manufacturing Unit (TMU) at Nagpur achieved 97% (21,800 M.T) of its targeted production as against 93% last year and is geared up to fully meet the requirements of the SBU projects.SBU is also equipping itself as an EPC Contractor to execute Build, Own, Operate and Transfer (BOOT) projects through strategic tie-ups with developers. In view of the safety risk associated with T and D projects, special emphasis has been laid on creating awareness and inculcating a strong culture of safety amongst employees and workers of sub-contractors.

3. Water and Waste Water (W and WW)

During the year the SBU, besides execution of various contracts of water treatment packages for Rashtriya Ispat Nigam Limited,(RINL), Visakhapatnam and Tata Steel Limited, has focused on building competencies for establishing Sea Water Desalination Plants in Develop, Build, Own, Operate and Transfer (DBOOT) mode. The Company has signed a Memorandum of Understanding (MoU) with the Government of Gujarat for setting up of a 300 MLD Sea Water Desalination Plant at Dahej SEZ, Gujarat.

4. Oil, Gas and Hydrocarbon (OG and H)

During the year, the SBU successfully completed and commissioned 2 EPC projects (i) at Cairn Energy India Pty Limited, Radhanpur's crude oil blending terminal which receives crude oil from its onshore oil fields in Rajasthan and (ii) at Bharat Petroleum Corporation Limited, Kochi Part-A mechanical works for Vacuum Gas Oil/Hydro-desulphurisation Units and Part-B mechanical works for Naphtha Hydro-treating/Catalytic Cracking Regeneration and Reformer/Fluidized Catalytic Cracking Units. The SBU also achieved mechanical completion of Oil and Natural Gas Corporation's project of its Liquefied Petroleum Gas processing and compression facilities at Rajahmundry, Andhra Pradesh. Expansion of Petroleum Products Storage and Distribution Terminal at Fujairah at UAE for Emirates General Petroleum Corporation (EMARAT) is also on schedule and likely to be completed by July 2011. During the year, the SBU has been actively pursuing other business opportunities in Abu Dhabi and other Middle East Countries.

5. Railways

The SBU continues to operate in the market segments of Railway Electrification (RE) and Railway Infrastructure Composite Projects (involving civil, electrical and signaling and telecommunication works). In addition, Metro Electrification and Dedicated Freight Corridor have been identified as emerging market segments. During the year, the SBU successfully completed Railway Electrification (Conversion from DC to AC) of the Karjat-Lonavala Section of Central Railway. New orders secured during the year include extension of a Railway siding for GMR Kamalanga Energy Limited, EMCO Railway Siding at Warora in Maharashtra for GMR, Railway Electrification of Allahabad-Varanasi Section and modification to existing Railway Electrification arrangements at Tambaram, Arakkonam and Korukkupet sections of Indian Railways.

6. Metals and Minerals (M and M)

Having secured the EPC contract for one of the largest blast furnaces in India (2.5 mtpa) for Steel Authority of India's Rourkela Steel Plant, the Company is now one of the leading EPC players in the steel sector. The SBU has executed projects in the areas of coke ovens and continuous casting for the public and private sector clients. It entered into a new line of business in the area of Pellet Plant by bagging a contract, against stiff competition for 1.2 mtpa Pellet plant at Donimalai, Karnataka for National Mineral Development Corporation Limited, (NMDC). The Company has just been selected for award of another large EPC contract for a 3 mtpa Blast Furnace project of NMDC at Nagarnar, Chhattisgarh, the Country's largest project, which it will execute in consortium with Danieli Corus, Netherlands. Tie-ups with some of the best global technology providers in the Metals and Minerals segment, the SBU is poised for significant growth in the coming years.

7. Quality Services (QS)

SBU-QS is a leading third party inspection agency in India and has now the experience of providing inspection services in 32 countries, which contributes 44% of its revenues. It is steadily growing in the field of Inspection in Power (Thermal and Wind), Oil and Gas, Cement and Metals and Minerals Sectors. the year, the SBU was awarded an inspection services contract for the first time in the port sector, a new line of business, as an Independent Engineer (IE), for Visakhapatnam Port Trust. A new separate division viz., TQ Services was formed to provide Management System Certification services and inspection services covered under ISO 17020. TQ Services also became the first private sector inspection agency to receive accreditation from Quality Council of India (QCI) and Warehouse Development and Regulatory Authority (WDRA) for certification of warehouses, which has a large business potential.

SUBSIDIARIES AND JOINT VENTURE COMPANIES

Artson Engineering Limited

Artson Engineering Limited (AEL), reported total income of Rs.1360.200 Millions for the Financial Year ended 31st March 2011 (Previous year Rs.1320.800 Millions) and a Profit after Tax of Rs. 45.400 Millions (Previous year Rs.62.200 Millions). With a healthy order book AEL may turn its net worth positive by 31st March 2012.

Al-Tawleed for Energy and Power Company LLC

This Joint Venture Company with M/s Abdullah Ibrahim Al-Towaijiri and Partners Co (Al Mashrik Contracting Company) was formed in the year 2006 for execution of power, infrastructure and industrial projects in the Kingdom of Saudi Arabia (KSA). It had completed an erection contract for Siemens in May 2009. However, in view of a number of contentious issues in the JV partnership it has been considered appropriate to wind up the JV, which is in process.

TEIL Projects Limited

This Joint Venture Company with Engineers India Limited,(EIL) continued its efforts to explore and secure opportunities in specialized EPC projects in the power sector (Waste Heat Recovery Systems, PV Solar power and biomass plants) and the oil and gas sector (oil jetties, 3D modeling and supervisory manpower outsourcing services etc).The JV Company has set itself ambitious targets for the financial year 2011-12 and will leverage competencies of the Company and EIL in fulfilling them through strategy plan drawn up in consultation with the promoter companies.

TPL-TQA Quality Services South Africa (Proprietary) Limited and TPL-TQA Quality Services (Mauritius) Pty. Limited

The businesses of TPL-TQA Quality Services South Africa (Pty) Limited and TPL-TQA Quality Services (Mauritius) Pty Limited are growing steadily as per a business plan drawn up based on the projections made by the client, Eskom Holdings Limited, South Africa.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U45203AP1979PLC057431
Name of the company	TATA PROJECTS LIMITED
Address of the registered office or of the principal place of business in India of the company	“Mithona Towers -1” 1-7-80 to 87 Opposite Wesley Co-ed, Junior College, Prender Ghast Road, Secunderabad-500003, Andhra Pradesh, India
Type of charge	Book Debts Immovable Property Others
Particular of charge holder	Bank of Baroda, Corporate Financial Services Hyderabad Branch, 3-6-262/6, Tirumala Estates, 3^rd Floor, Himayatnagar, Hyderabad-500029, Andhra Pradesh, India
Email	indhyd@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement dated 14th October 2010 for Rs.1073.000 Millions towards sanction of Fund Based and Non-fund Based limits for Company's EMARAT Project in Fujairah, UAE
Date of instrument Creating the charge	14.10.2010
Amount secured by the charge	Rs.1073.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest @ 2.50% below UAE territory Base Rate i.e. presently 7.50% with monthly rests. Terms of Repayment Valid till Project completion of 14 months in respect of Overdraft Facility. Extent and Operation of the charge Exclusive Charge on entire project receivables, fixed assets and entire current assets of the Company's EMARAT Project in Fujairah (Outside consortium arrangement of existing facility). The total contract value for the project is RS.2224.700 Millions.
Short particulars of the property charged	Exclusive Charge on entire project receivables, fixed assets and entire current assets of the Company's EMARAT Project in Fujairah (Outside consortium arrangement of existing facility).

FIXED ASSETS:

· Land Improvements

· Building

· Plant Machinery

· Office Equipments

· Computer Equipments

· Motor Vehicles

· Leasehold Improvements

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.