MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	TATA ADVANCED SYSTEMS LIMITED (w.e.f. 18.02.2008)
Formerly Known As :	TARA SYSTEMS AND TECHNOLOGIES LIMITED
Registered Office :	Plot No.21,22 and 23, Pragathi Industrial Area Kushaiguda, ECIL Post, Hyderabad – 500062, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.09.2006
Com. Reg. No.:	11-164730
Capital Investment/ Paid-up Capital:	Rs.3286.052 Millions
CIN No.: [Company Identification No.]	U72900MH2006PLC164730
TAN No.: [Tax Deduction & Collection Account No.]	MUMT13406B
PAN No.: [Permanent Account No.]	AACCT5245K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing solutions for defence, homeland security and disaster management through technology development, transfer and research.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 10580000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is promoted by Tata Gorup, a country’s premier industrial House. There appears huge accumulated losses recorded by the company. However networth of the company is strong. Trade relation are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitments. The company can be considered for business dealing at usual trade terms and condition

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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Plot No.21,22 and 23, Pragathi Industrial Area Kushaiguda, ECIL Post, Hyderabad – 500062, Andhra Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	srven@tataadvancedsystems.com
Corporate Office:	Thapar House Western Wing, 124 Janpath, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-6622 2666
Fax No.:	91-11-2324 1585
Factory:	Precision Engineering Industries, Plot NO.1/A in Sy No.656, Aditya Nagar C/o APIIC, SEZ for Aerospace and Adibatla (Village), ibrahimpathnam (Mandal), Ranga Reddy (District) Ranga Reddy -501510

DIRECTORS

As on 20.09.2011

Name :

Mr. Ramadorai Subramanian

Designation :

Additional Director

Address :

104, Sagar Darshan, Worli Seaface, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

06.10.1944

Date of Appointment :

29.07.2009

Din No.:

00000002

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29309TN1987PLC029075	WTI ADVANCED TECHNOLOGY LIMITED	Director	10/10/1991	10/10/1991	13/11/2009	Active	NO
2	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	26/06/1995	26/06/1995	-	Active	NO
3	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
4	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
5	L72200AP1975PLC001970	CMC LIMITED	Director	16/10/2001	16/10/2001	-	Active	NO
6	L15140MH1933PLC002030	HINDUSTAN UNILEVER LIMITED	Director	20/05/2002	20/05/2002	-	Active	NO
7	L24110MH1947PLC005719	Piramal Healthcare Limited	Director	24/10/2002	24/10/2002	-	Active	NO
8	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	02/07/2010	05/05/2004	-	Active	NO
9	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	11/10/2004	11/10/2004	23/03/2009	Active	NO
10	U72900MH2006PLC159038	C-EDGE TECHNOLOGIES LIMITED	Nominee director	19/01/2006	19/01/2006	13/11/2009	Active	NO
11	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO
12	U51900MH2006PLC159776	COMPUTATIONAL RESEARCH LABORATORIES LIMITED	Director	06/08/2007	17/11/2006	-	Active	NO
13	U85310KA2006NPL040052	ACCION Technical Advisors India	Director	27/12/2007	04/01/2007	07/10/2011	Active	NO
14	L64200MH1986PLC039266	Tata Communications Limited	Director	02/08/2007	28/06/2007	-	Active	NO
15	U72900AP2006PLC077939	Tata Advanced Systems Limited	Director	13/11/2009	29/07/2009	-	Active	NO
16	L24220MH1945PLC004598	ASIAN PAINTS LIMITED	Director	16/07/2010	16/09/2009	-	Active	NO
17	U67120MH2005PLC155188	BSE Limited	Director	29/05/2010	08/03/2010	-	Active	NO
18	U93000AP2009PTC062441	IKP INVESTMENT MANAGEMENT COMPANY PRIVATE LIMITED	Director	03/07/2010	22/03/2010	07/10/2011	Active	NO
19	U29268AP2010PLC077940	Tata Lockheed Martin Aerostructures Limited	Director	20/09/2011	13/07/2011	-	Active	NO
20	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	30/08/2011	30/08/2011	-	Active	NO
21	U74990AP2008PLC077969	Tara Aerospace Systems Limited	Director	20/09/2011	01/09/2011	-	Active	NO

Name :

Mr. Prakash M. Telang

Designation :

Additional Director

Address :

313-13^th Floor, Samundra Mahal, Dr. A.B. Road, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

21.06.1947

Date of Appointment :

29.07.2009

Din No.:

00012562

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	01/09/2000	01/09/2000	-	Active	NO
2	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	07/03/2001	07/03/2001	27/02/2007	Active	NO
3	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	30/07/2002	30/07/2002	-	Active	NO
4	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	17/07/2006	26/04/2004	-	Active	NO
5	U85110KA1998PLC024588	TELCO CONSTRUCTION EQUIPMENT COMPANY LIMITED	Nominee director	25/01/2012	30/06/2006	-	Active	NO
6	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	-	Active	NO
7	L28920MH1945PLC004520	TATA MOTORS LIMITED	Managing director	02/06/2009	18/05/2007	21/06/2012	Active	NO
8	U34100MH2000PLC124874	TML Drivelines Limited	Director	22/05/2008	22/08/2007	14/07/2009	Active	NO
9	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	22/05/2008	22/08/2007	15/07/2009	Amalgamated	NO
10	U28900PN1997PLC130940	FIAT INDIA AUTOMOBILES LIMITED	Director	20/12/2011	19/03/2008	-	Active	NO
11	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/08/2009	11/07/2008	-	Active	NO
12	U72900AP2006PLC077939	Tata Advanced Systems Limited	Director	16/09/2009	29/07/2009	-	Active	NO
13	L72300PN1990PLC056696	PERSISTENT SYSTEMS LIMITED	Director	18/07/2011	19/08/2010	-	Active	NO
14	U85300DL2008NPL181612	National Skill Development Corporation	Director	26/09/2011	29/07/2011	-	Active	NO
15	U29268AP2010PLC077940	Tata Lockheed Martin Aerostructures Limited	Director	20/09/2011	10/08/2011	-	Active	NO
16	U74990AP2008PLC077969	Tara Aerospace Systems Limited	Director	20/09/2011	01/09/2011	-	Active	NO

Name :

Mr. Sukaran Singh

Designation :

Director

Address :

Peregrine Building Apartment, 3C, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

14.05.1969

Date of Appointment :

28.09.2006

Din No.:

01485745

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109DL1996PTC082215	TVLIVE INDIA PRIVATE LIMITED	Director	25/09/1996	25/09/1996	-	Active	NO
2	U72901DL2006PTC148713	InformNet Media Pvt. Ltd.	Director	09/05/2006	09/05/2006	-	Active	NO
3	U72900AP2006PLC077939	Tata Advanced Systems Limited	Director	11/07/2007	28/09/2006	-	Active	NO
4	U72900MH2006PTC163193	STRATEGIC ENERGY TECHNOLOGY SYSTEMS Private Limited	Director	11/07/2007	05/05/2007	-	Active	NO
5	U74990MH2008PLC183426	Nova Integrated Systems Limited	Director	11/06/2008	11/06/2008	-	Active	NO
6	U74990AP2008PLC077969	Tara Aerospace Systems Limited	Director	12/06/2008	12/06/2008	-	Active	NO
7	U72900MH2008PLC188713	AVANA INTEGRATED SYSTEMS LIMITED	Director	24/09/2010	24/02/2010	-	Active	NO
8	U29119MH2008PTC187825	TASL Aerostructures Private Limited	Director	24/09/2010	24/02/2010	-	Active	NO
9	U29268AP2010PLC077940	Tata Lockheed Martin Aerostructures Limited	Director	05/04/2010	05/04/2010	-	Active	NO
10	U31909AP2004PTC042753	HELA Systems Private Limited	Director	03/11/2010	03/11/2010	-	Active	NO

KEY EXECUTIVES

Name :	S R Venkatesan
Designation :	Secretary
Address :	Plot No.38, Out Colony, Sainkpuri, Hyderabad – 500094, Andhra Pradesh, India
Date of Birth/Age :	20.08.1957
Date of Appointment :	07.10.2010
Pan No.:	AMOPS6911J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
Tata Sons Limited	367895194
Tata Sons Limited Jointly with K R Bhagar	1
Tata Sons Limited Jointly with Sukran Singh	1
Tata Sons Limited Jointly with F N Subedar	1
Tata Sons Limited Jointly with E N Kapadia	1
Tata Sons Limited Jointly with Bharat D. Vasani	1
Tata Sons Limited Jointly with Manoj Kumar	1
Total	367895200

As on 17.003.2012

Names of Shareholders	No. of Shares
Tata Sons Limited	47420000

As on 20.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing solutions for defence, homeland security and disaster management through technology development, transfer and research.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Axis Bank Limited, Credit Management Centre, 4/10, Opg House, Asaf Ali Road,, New Delhi - 110002, Delhi, India Kotak Mahindra Bank 6-3-1109/1/P202, 2nd Floor, Jewel Pavani Tower, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Banking Relations :	--
Auditors :
Name :	M.A. Parikh and Company Chartered Accountants
Address :	Yusuf Building, 2^nd Floor, 43, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India
Pan No.:	AAAFM1433H
Holding Company :	Tata Sons Limited CIN No.: U99999MH1917PLC000478
Subsidiaries :	· Nova Integrated Systems Limited CIN No.: U74990MH2008PLC183426 · Tara Aerospace Systems Limited CIN No.: U74990MH2008PLC183446 · Avana Integrated Systems Limited CIN No.: U72900MH2008PLC188713 · TASL Aerostructures Private Limited CIN No.: U29119MH2008PTC187825 · T A S L Aerostructures Private Limited CIN No.:U29119MH2008PTC187825 · Tata Lockheed M A R T I N Aerostructures Limited CIN No.:U29268MH2010PLC201707 · Hbl Elta Avionics Systems Private Limited CIN No.:U31909AP2004PTC042753
Associates/Subsidiaries :	· Tata Consulting Engineers Limited CIN No.:U74210MH1999PLC123010 · Tata Consultancy Services Limited CIN No.:L22210MH1995PLC084781 · Tata Business Support Services Limited CIN No.:U64200AP1995PLC044060 · Tata Aig Life Insurance Company Limited CIN No.:U66010MH2000PLC128403 · Tata Teleservices Limited CIN No.:U74899DL1995PLC066685 · Tata Industries Limited CIN No.:U44003MH1945PLC004403 · Tata Communications Limited (Associate of Tata Sons)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Share	Rs.10/- each	Rs.4000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
328605200	Equity Share	Rs.10/- each	Rs.3286.052 Millions

After 20.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000000	Equity Share	Rs.10/- each	Rs.7000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
415315200	Equity Share	Rs.10/- each	Rs.4153.1520 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		3286.052	840.213	115.663
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(639.919)	(305.792)	(131.252)
NETWORTH		2646.133	534.421	(15.589)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	60.355
TOTAL BORROWING		0.000	0.000	60.355
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2646.133	534.421	44.766
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		478.540	43.780	21.413
Capital work-in-progress		67.461	224.375	0.000
INVESTMENT		1915.890	10.468	10.206
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.622	61.217	0.000
	Sundry Debtors	1.743	14.378	0.000
	Cash & Bank Balances	4.658	61.261	6.437
	Other Current Assets	39.966	1.626	0.000
	Loans & Advances	171.418	231.637	29.218
Total Current Assets		327.407	370.119	35.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.357	101.051	24.201
	Other Current Liabilities	22.759	9.912	12.483
	Provisions	9.049	3.358	0.403
Total Current Liabilities		143.165	114.321	37.087
Net Current Assets		184.242	255.798	(1.432)
MISCELLANEOUS EXPENSES		0.000	0.000	14.579
TOTAL		2646.133	534.421	44.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	55.554	16.870	0.000
		Other Income	0.399	0.677	0.000
		TOTAL	55.953	17.547	0.000
Less	EXPENSES
		Consumption materials changes inventories	53.652	15.416
		Manufacturing service costs	27.994	7.603
		Employee related expenses	131.139	63.068
		Administrative selling other expenses	135.677	98.849
		TOTAL	348.462	184.936	(77.699)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(292.509)	(167.389)	(77.699)
Less/ Add	DEPRECIATION/ AMORTISATION		41.618	7.151	5.876
	PROFIT BEFORE TAX		(334.127)	(174.540)	(83.575)
Less	TAX		0.000	0.000	0.876
	PROFIT AFTER TAX		(334.127)	(174.540)	(84.451)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(305.792)	(131.252)	(46.801)
	BALANCE CARRIED TO THE B/S		(639.919)	(305.792)	(131.252)
	IMPORTS
		Raw Materials	3.990	4.515	0.000
		Capital Goods	29.097	8.954	0.000
		Consumables	78.888	4.888	0.000
	TOTAL IMPORTS		111.975	18.357	0.000
	Earnings Per Share (Rs.)		(3.09)	(6.87)	(17.58)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(597.16)	(994.70)	NA
Net Profit Margin (PBT/Sales)	(%)	(601.45)	(1034.53)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(41.46)	(42.17)	(146.45)
Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.33)	(5.36)
Debt Equity Ratio (Total Liability/Networth)		0.05	0.21	(6.25)
Current Ratio (Current Asset/Current Liability)		2.29	3.24	0.96

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last two years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No

OPERATIONS

During the year under review, the Company incurred a net loss of Rs.334.100 Millions against previous year’s loss of Rs. 174.500 Millions The net loss incurred is as per business plan approved by the Tata Sons and TASL boards, and is primarily due to planned pre-production costs for projects that will generate revenue from 2011-12 onwards.

BUSINESS AND OUTLOOK

Ministry of Defence (MoD) has announced and reiterated that all the major procurements in defence business hence forth will be under “MAKE” category to build up indigenous capability involving both Public and Private Sectors. Towards this MoD has brought out Defence Procurement Policy and Defence Procurement Procedures 2011 governing further procurements.

MoD has formed Sectoral Multidisciplinary Indigenization Committees (SMDICs) under nominated Joint Secretaries to evaluate and short list Indian Industries who have capabilities to manufacture and deliver products and systems needed in various functional domains of Defence Forces.

5. Having credible on ground manufacturing capability is thus imperative to gain eligibility for getting shortlisted by the SMDICs for participation in Defence Programs including offsets. Therefore, the company proposes to make investments in setting up production facilities for Radios, Night Vision Devices, Mini UAVs and Maritime Simulation and Automation Systems which are the business areas approved by the Board of Directors of the Company.

BUSINESS OVERVIEW

Avana, as joint venture of Subject . and AGT Holdings Ltd, is progressing well in the business of providing advanced technology base integrated Security Solutions for valuable, strategic, commercial and private assets. The company is participating on its joint venture partner’s group overseas projects. It has been also engaged in procurement business activity for global projects of AGT and its Group. With this, Avana has booked revenues of appx. Rs.200.00 Millions for the financial year under review through its efficient business operations.

FUTURE OUTLOOK

Avana plans to be a key player to provide “Integrated Security Solutions for the emerging and intensely competitive Homeland Security market”

The business potential lies in Government, Private sector enterprises and Tata group companies for various market verticals including Safe City, Mass Transit, Government Establishments, Heavy Engineering, Defence, Aviation and Railways. As these will be long gestation period opportunities, continuous focused effort in these segments with required perseverance and support from the organisations shall help us shape their future.

FORM 8:

Corporate identity number of the company	U72900AP2006PLC077939
Name of the company	TATA ADVANCED SYSTEMS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.21,22 and 23, Pragathi Industrial Area Kushaiguda, ECIL Post, Hyderabad – 500062, Andhra Pradesh, India Email: srven@tataadvancedsystems.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Others
Particular of charge holder	Kotak Mahindra Bank 6-3-1109/1/P202, 2nd Floor, Jewel Pavani Tower, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India Email: ramakrishna.shenoy@kotak.com
Nature of instrument creating charge	Deed Of Hypothecation Sanction Letters Dated 16th April 2012, 27th April 2012 and 31st May 2012
Date of instrument Creating the charge	27.06.2012
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rates applicable shall be as agreed between borrower and bank at the time of disbursement. Terms of Repayment : As per sanction terms Margin Nil presently and as may be amended from time to time. Extent and Operation of the charge:’ First pari passu charge over the current assets of the borrower. The charge operates as a security for the repayment credit facility availed by the Company together with the payment of interest and any charges, costs and expenses payable to or incurred by the bank.
Short particulars of the property charged	(i)Book-debts, receivables, outstanding moneys, claims, demands, bills, contracts, engagements and securities belonging to or held by the borrower and which are now due and owing or accruing and which may at any time hereafter during the continuance of the security become due and owing or accrue to the borrower. (ii) stocks of raw materials, finished and semi-finished goods, goods in process and consumable stores, which are now lying or stored in or which may hereafter from time to time during the continuance of the security be lying or stored in or brought into or be in or about the factories and godowns of the borrower or warehouses, wherever situate; (iii)related movables in the course of transit or delivery, whether now belonging or which may hereafter belong to the borrower or which may be held by any person at any place within or outside India to the order or disposition of the borrower and all documents of title including bills of lading, shipping documents, policies of insurance and other instruments and documents relating to such moveables together with benefits of all rights thereto.

CONTINGENT LIABILITY

Rs. in Millions

Particular	As on 31.03.2011
Corporate Guarantee for Borrowings by a Subsidiary Company	34.700
Claims made against the Company not acknowledged as debt	2.638
Total	37.338

FIXED ASSETS:

• Computers
• Motor Vehicles
• Office Equipments
• Computer Software

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 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.55.81
UK Pound	1	Rs.87.67
Euro	1	Rs.68.45

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.