MIRA INFORM REPORT

Report Date :

27.08.2012

IDENTIFICATION DETAILS

Name :	TATA CUMMINS LIMITED
Registered Office :	Telco Township Jamshedpur – 831004, Jharkhand
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.1993
Com. Reg. No.:	03-005546
Capital Investment / Paid-up Capital :	Rs.1800.000 Millions
CIN No.: [Company Identification No.]	U34101JH1993PLC005546
TAN No.: [Tax Deduction & Collection Account No.]	RCHT00119A
PAN No.: [Permanent Account No.]	AAACT6353L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 17000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Tata Motors Limited, And Cummins engine company Inc of USA,. Subject is having good track record. Financial performance seems good. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. In view of strong holding, the company can be considered for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA (Long term rating)
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	Dec 2010

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 :	Telco Township Jamshedpur – 831004, Jharkhand, India
Tel. No.:	91-657-3041200
Mobile No.:	Not Available
Fax No.:	91-657-2258555
E-Mail :	Trivikram.guda@cummins.com revati.gokhale@cummins.com
Website :	www.tatacummins.com

DIRECTORS

As on 08.06.2011

Name :

Mr. Prakash Manjanath Telang

Designation :

Director

Address :

D211/212, Paradise Towers, Baner, Pune – 411045, Maharashtra, India

Date of Birth/Age :

21.06.1947

Date of Appointment :

01.09.2000

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	28/07/2012	Active	NO
4	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	17/07/2006	26/04/2004	16/07/2012	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	16/07/2012	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	16/07/2012	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	06/07/2012	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. Chandrashekaran Ramakrishnan

Designation :

Director

Address :

322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai-400108, Maharashtra, India

Date of Birth/Age :

27.06.1955

Date of Appointment :

15.06.2006

DIN No.:

00020076

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	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	27/02/2001	27/02/2001	06/07/2010	Amalgamated	NO
2	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
3	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	08/10/2002	08/10/2002	21/01/2008	Active	NO
4	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
5	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
6	U45200MH1989PLC050444	SHEBA PROPERTIES LIMITED	Director	20/06/2008	18/09/2007	-	Active	NO
7	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	08/11/2007	08/11/2007	-	Active	NO
8	U28900PN1997PLC130940	FIAT INDIA AUTOMOBILES LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
9	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	22/07/2008	23/01/2008	-	Active	NO
10	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	18/06/2008	28/03/2008	27/09/2010	Active	NO
11	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	30/07/2012	11/07/2008	-	Active	NO
12	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	09/08/2010	01/07/2010	-	Active	NO
13	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	05/08/2011	07/08/2010	-	Active	NO

Name :

Mr. Anant Jaivant Talaulicar

Designation :

Managing director

Address :

Flat No.1901, A and B, Sterling Tower, Goregaonkar Road, Mumbai – 400007, Maharashtra

Date of Birth/Age :

11.07.1961

Date of Appointment :

08.04.2004

DIN No.:

00031051

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	U51909MH1952PLC014972	CUMMINS SALES AND SERVICE INDIA LIMITED	Director	20/03/2003	20/03/2003	-	Amalgamated	NO
2	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Managing director	25/04/2008	25/04/2003	-	Active	NO
3	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	03/06/2003	03/06/2003	-	Active	NO
4	U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	Director	05/06/2003	05/06/2003	-	Amalgamated	NO
5	L72200PN1990PLC059594	KPIT CUMMINS INFOSYSTEMS LIMITED	Director	23/08/2003	23/08/2003	-	Active	NO
6	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
7	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
8	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Managing director	08/04/2009	08/04/2004	-	Active	NO
9	U31101PN1991PLC061456	CUMMINS GENERATOR TECHNOLOGIES INDIA LIMITED	Director	19/04/2004	19/04/2004	-	Active	NO
10	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	15/05/2006	15/05/2006	06/07/2009	Active	NO
11	U51900MH1996PTC102640	TRIHANS TRADING PRIVATE LIMITED	Director	28/09/2009	01/11/2008	-	Active	NO
12	U65990MH1996PTC102659	REMEX FINANCE PRIVATE LIMITED	Director	28/09/2009	01/11/2008	-	Active	NO

Name :

Mr. Rajiv Batra

Designation :

Director

Address :

Floor No. 5 and 6, The Iris Sangamwadi Northmain Road, Koregaon Park, Pune - 400001, Maharashtra

Date of Birth/Age :

30.09.1955

Date of Appointment :

19.08.2004

DIN No.:

00082866

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	19/08/2004	19/08/2004	-	Active	NO
2	U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	Director	19/08/2004	19/08/2004	-	Amalgamated	NO
3	U31101PN1991PLC061456	Cummins Generator Technologies India Limited	Director	07/09/2004	07/09/2004	-	Active	NO
4	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
5	U29112PN1999PTC013401	NELSON GLOBAL PRODUCTS INDIA PRIVATE LIMITED	Director	14/12/2004	14/12/2004	29/04/2011	Active	NO
6	U51909MH1952PLC014972	CUMMINS SALES AND SERVICE INDIA LIMITED	Whole-time director	24/04/2008	18/03/2005	-	Amalgamated	NO
7	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
8	U31101PN1997PLC019854	AVK-SEG (INDIA) POWER LIMITED	Director	26/06/2007	28/06/2006	-	Amalgamated	NO
9	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Whole-time director	01/10/2011	16/03/2007	-	Active	NO
10	U29197MH1987PTC042672	FLEETGUARD FILTERS PRIVATE LIMITED	Director	27/06/2011	06/06/2011	-	Active	NO
11	U29197PN1999PTC013628	FILTRUM FIBRETECHNOLOGIES PRIVATE LIMITED	Director	27/06/2011	06/06/2011	-	Active	NO
12	U29190DL2012PLC230162	CUMMINS SVAM SALES & SERVICE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

Name :

Mr. David John Crompton

Designation :

Director

Address :

6006, Leatherback CT, Columbus-47201, Indiana USA

Date of Birth/Age :

21.12.1965

Date of Appointment :

23.07.2007

DIN No.:

01680481

Name :

Mr. Rajendra Mahadeo Petkar

Designation :

Director

Address :

D4, Keyoor HSG Soc., Lane II, Krishna Colony, Opposite Vanaz Paud Road, Pune-411038, Maharashtra, India

Date of Birth/Age :

03.10.1966

Date of Appointment :

23.07.2007

DIN No.:

01693629

Name :

Mr. Satish Balkrishna Borwankar

Designation :

Director

Address :

G1, Golmuri Road, Nildil PO Glomuri, Jamshedpur – 831003, Jharkhand, India

Date of Birth/Age :

15.07.1952

Date of Appointment :

30.07.2010

DIN No.:

01793948

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	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	22/05/2008	22/09/2007	-	Amalgamated	NO
2	U34100MH2000PLC124874	TML DRIVELINES LIMITED	Director	22/05/2008	22/09/2007	-	Active	NO
3	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	13/09/2010	30/07/2010	-	Active	NO
4	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	25/07/2011	24/01/2011	-	Active	NO
5	L28920MH1945PLC004520	TATA MOTORS LIMITED	Additional director	21/06/2012	21/06/2012	-	Active	NO
6	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Additional director	28/07/2012	28/07/2012	-	Active	NO
7	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Additional director	29/07/2012	29/07/2012	-	Active	NO

Name :

Mr. Ravindra Pisharody

Designation :

Director

Address :

B215, Samudra Mahal, 15^th Floor, Dr Annie Besant Road, Mumbai-400108, Maharashtra, India

Date of Birth/Age :

24.11.1955

Date of Appointment :

26.10.2007

DIN No.:

01875848

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	11/06/2008	26/10/2007	-	Active	NO
2	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	03/07/2008	22/11/2007	-	Active	NO
3	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/08/2009	28/03/2008	16/07/2012	Active	NO
4	U34100MH2000PLC124874	TML DRIVELINES LIMITED	Director	17/05/2010	06/08/2009	31/07/2012	Active	NO
5	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	17/05/2010	06/08/2009	-	Amalgamated	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	03/08/2011	03/08/2010	-	Active	NO
9	L28920MH1945PLC004520	TATA MOTORS LIMITED	Additional director	21/06/2012	21/06/2012	-	Active	NO

Name :

Jeffrey Martin Weikert

Designation :

Director

Address :

3347, Nugent Blvd, Columbus-47203, Indiana USA

Date of Birth/Age :

22.07.1953

Date of Appointment :

21.01.2008

DIN No.:

02057560

Name :

Rajasekhar C Menon

Designation :

Director [Appointed in casual vacancy]

Address :

4878, Benthaven Drive (E), Bargersvile, Columbus – 46106, Indiana

Date of Birth/Age :

15.05.1965

Date of Appointment :

24.06.2010

DIN No.:

03074942

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 appointed in casual vacancy	24/06/2010	24/06/2010	-	Active	NO
2	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	30/12/2010	29/06/2010	-	Active	NO
3	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	24/09/2010	02/08/2010	21/06/2012	Active	NO
4	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	08/09/2011	10/08/2010	21/06/2012	Active	NO
5	U31101PN1991PLC061456	CUMMINS GENERATOR TECHNOLOGIES INDIA LIMITED	Director	28/07/2011	21/10/2010	21/06/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Revati Amey Gokhale
Designation :	Secretary
Address :	Flat No.7, Shripad Apts., Bhusari Colony, Pune – 411038, Maharashtra, India
Date of Birth/Age :	23.01.1980
Date of Appointment :	21.01.2011
PAN No.:	ANRPK4020E

MAJOR SHAREHOLDERS

As on 08.06.2011

Names of Shareholders	No. of Shares
Cummins INC, Columbus	90000000
Tata Motors Limited, India	89999995
Tata Motors Limited and Mr. Satish Borwankar	1
Tata Motors Limited and Mr. R.T. Singh	1
Tata Motors Limited and Mr. Uttam Biswas	1
Tata Motors Limited and Mr. Ravindra Pisharody	1
Tata Motors Limited and Mr. Chobe P.	1
Total	180000000

Shareholding Details file attached

Equity Share Break up (Percentage of Total Equity)

As on 08.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Engines and its Components

Products :

ITC number of product	Description of product or services
1. 8408.00	Compression-ignition internal combustion piston engines

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Internal Combustion Engines of different H.P.	(Nos)	N.A	1,80,000	153,376
Manufactured Components for sale	(Nos)	N.A	N.A	90,918

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Allahabad Bank, Main Branch, Bistupur, Jamshedpur – 831004, Jharkhand, India
• Axis Bank Limited, 214-215 City Mall, 2^nd Floor, Plot NO.1, S.No.132, GaneshKhind (University Road), Pune – 411007, Maharashtra, India
• IDBI Bank Limited, Shantiniketan, Bistupur, Jamshedpur – 831004, Jharkhand, India
• Canara Bank, Bistupur, Jamshedpur – 831004, Jharkhand, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	^(A)611.025	0.000
Rupee term loans others secured	^(B)885.978	0.000
Total	1497.003	0.000

Note:

(A) Term loans from Banks are secured pari passu by joint hypothecation of all movable and immovable assets of the Company both present and future and by equitable mortgage of fixed plant and machinery (created) and of factory land and buildings.

(B) # The Buyers line of credit from Banks is repayable at the end of three years from the drawdown dates. All the repayments are due from 2013-14 onwards.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins & Sells Chartered Accountants
Address :	Bengal Intelligent Park Building Alpha, 1st Floor Plot No, - A2, M2 and N2 Block - EP and GP, Sector – V, Salt Lake Electronics Complex Kolkata - 700 091, India
Tel. No.:	91-33-65121000
Fax No.:	91-33-65121001
PAN No:	AADFD5357J
Related Parties:	Tata Motors Limited, India PAN No.: AAACT2727Q Cummins India Limited, India PAN No.:AAACC7258B Cummins Diesel Sale Corporation, India PAN No.:AAACC4258B Cummins Inc Business Services, India PAN No.:AABCT2018B Cummins Inc. United States

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs.10/- Each	Rs.1800.000 Millions
70000000	Preference Shares	Rs.10/- Each	Rs.700.000 Millions
	Total		Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs.10/- Each	Rs.1800.000 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		1800.000	1800.000	1800.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2555.977	1975.982	1451.892
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4355.977	3775.982	3251.892
LOAN FUNDS
1] Secured Loans		1497.003	0.000	668.141
2] Unsecured Loans		0.000	0.000	808.006
TOTAL BORROWING		1497.003	0.000	1476.147
DEFERRED TAX LIABILITIES		362.104	283.368	299.571
TOTAL		6215.084	4059.350	5027.610
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5295.287	2944.634	3152.533
Capital work-in-progress		910.696	1102.362	931.127
INVESTMENT		905.918	250.462	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1986.019	1329.969	1346.393
	Sundry Debtors	565.527	588.325	548.083
	Cash & Bank Balances	332.795	27.040	51.333
	Other Current Assets	3.189	0.000	0.000
	Loans & Advances	1184.471	799.811	742.354
Total Current Assets		4072.001	2745.145	2688.163
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3531.181	1984.346	1343.261
	Other Current Liabilities	134.742	116.656	71.967
	Provisions	1302.895	882.251	328.985
Total Current Liabilities		4968.818	2983.253	1744.213
Net Current Assets		(896.817)	(238.108)	943.950
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6215.084	4059.350	5027.610

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	24825.064	17832.638	11535.805
		Other Income	217.141	150.799	134.196
		TOTAL (A)	25042.205	17983.437	11670.001
Less	EXPENSES
		Consumption materials changes inventories	20515.842	14478.001	10777.095
		Manufacturing Service Costs	527.472	363.896
		Employee related expenses	746.014	507.008
		Administrative selling other expenses	1065.095	568.091
		TOTAL (B)	22854.423	15916.996	10777.095
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2187.782	2066.441	892.906
Less	FINANCIAL EXPENSES (D)		4.794	42.279	71.664
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2182.988	2024.162	821.242
Less/ Add	DEPRECIATION/ AMORTISATION (F)		408.720	418.937	484.274
	PROFIT BEFORE TAX (E-F) (G)		1774.268	1605.225	336.968
Less	TAX (I)		564.586	556.396	126.190
	PROFIT AFTER TAX (G-I) (J)		1209.682	1048.829	210.778
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1535.231	1116.141	1063.306
Less	APPROPRIATIONS
		Transfer to General Reserve	121.000	105.000	0.000
		Dividend	N.A	450.000	135.000
		Tax on Dividend	N.A	74.739	22.943
	BALANCE CARRIED TO THE B/S		N.A	1535.231	1116.141
	EARNINGS IN FOREIGN CURRENCY		1.300	0.000	0.000
	Earnings Per Share (Rs.)		6.72	5.83	1.17

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.83	5.83	1.81
Net Profit Margin (PBT/Sales)	(%)	7.15	9.00	2.92
Return on Total Assets (PBT/Total Assets}	(%)	18.94	28.21	5.77
Return on Investment (ROI) (PBT/Networth)		0.41	0.43	0.10
Debt Equity Ratio (Total Liability/Networth)		1.48	0.79	0.99
Current Ratio (Current Asset/Current Liability)		0.82	0.92	1.54

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

COMPANY:

Overview for the year:

Year 2010 was a record year for your Company in terms of production volumes, The Company's growth curve continues to move in the upward direction. To add to it, during 2010-11, The Company, set up a 90,000 units capacity plant at Phaltan near Pune, India. The plant is an air-conditioned, well engineered unit set up on 25 acres of land and boasts of modern equipment, optimum ground space utilization, cleanliness and efficient

machining and assembly lines.

The presence of the Company in Phaltan has brought along numerous possibilities of development of the region, including infrastructural development, generation of employment to hundreds of persons and overall growth brought in by ancillary vendors. In doing so, we have ensured that the company in sync with green policies that the Company so proudly follows. We have created a green building as per the norms of The Green Building Council.

Commercial production has commenced at the said unit from March, 2011. The growth during the last year is evidenced by an increase in sales by 30 %. The production for the current financial year stood at 155,376 Engines and Long Blocks. Profit before Interest and Tax (PBIT) stood at Rs. 17.790 Millions against Rs. 16.480 Million in the previous financial year.

The demand pressure on the Company's supply chain continues despite the new plant at Phaltan. The company continues to draw strength from this demand, thereby being assured of our growing share in the market.

While the company is taking this challenge head on, operational excellence, optimum cost, value driven systems, the support of our strong joint venture parents and technical support from Cummins continues to be its strongest forte. The company is a synergy of both the partners who are giants in the industry, it follows their footsteps on operating with zero tolerance as far as ethics and code of conduct are concerned. Statutory compliance, green

care, energy conservation are our way of life.

During the year, the company has made successful transition from BS-II to BS Ill and BS IV emission norms.

The new financial year beckons us to deliver more and with two operational state of the art plants, the company is excited to achieve new milestones and to report a great year 2021- 12 in our next annual report.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U34101JH1993PLC005546
Name of the company	TATA CUMMINS LIMITED
Address of the registered office or of the principal place of business in India of the company	Telco Township Jamshedpur – 831004, Jharkhand, India Email: trivikram.guda@cummins.com
This form is for	Creation of charge
Type of charge	· Book debts · Floating charge Charge on Current Assets of the Phaltan Plant
Particular of charge holder	Axis Bank Limited, 214-215 City Mall, 2^nd Floor, Plot NO.1, S.No.132, GaneshKhind (University Road), Pune – 411007, Maharashtra, India Email: niranjan.sonawane@axisbank.com
Nature of instrument creating charge	DEED OF HYPOTHECATION OF CURRENT ASSETS(STOCK AND BOOK DEBTS )AND FACILITY DOCUMENTS executed to create a single & exclusive first charge of the Bank against the Borrower Company's all the stock in trade both present & future consisting stock including raw material, stock in process, finished goods, cash,other current assets whatsoever, being movable properties] i.e. Entire Current Assets and outstandings, monies, receivables, claims &bills i.e. BOOK DEBTS,Facilities terms& conditions as per sanctions.
Date of instrument Creating the charge	06.03.2012
Amount secured by the charge	Rs.500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1.75% above AXIS Bank Base Rate(present Base Rate 10%),Presently 11.75% p.a. or such other rate Bank may fix from time to time in relation to Bank's Base Rate, payable monthly& penal interest as applicable Terms of Repayment On Demand. as per the agreed terms and conditions between the Bank and the Company. Margin Raw Material : 25% Stock-in- process: 25% Finished Goods & Package Material: 25% Stores & Spares:25% Book Debts(Cover period 120 days):25% Extent and Operation of the charge Axis bank is having Exclusive first charge on the entire current assets of the Phaltan Plant of the borrower company. The Company, by virtue of the Board Resolution passed on dt.29.04.2011,has given assent and authority to accept all Terms & Conditions, Covenants, as provided in the Bank's Sanction Letter & executing related loan document(s)/ Agreement(s) through Official(s)/Director(s),who have signed documents in physical form & are authorized to file eform- 8 for creation/modifications of charge. Others Facility {Amt. Rs. in Millions} Cash Credit/WCDL- 400.000 Letter of Credit(Inland /Import) -(200.000)* Bank Guarantee (Inland /Foreign)- 100.000 Loan Equivalent Risk (LER) -(50.000)* Total -500.000 *Denotes Sub-limit ,Interchangeability allowed from Fund based to non fund based limits and vice versa
Short particulars of the property or asset(s) charged (including complete address and location of the property)	TATA CUMMINS LIMITED, Phaltan Surwadi MIDC, Dist Satara, Maharashtra Exclusive First Charge on the current assets of the Phaltan plant.

AS PER WEBSITE

Company Profile

Tata Cummins Limited (TCL) is a 50:50 Joint Venture between Tata Motors Limited, India's largest Automobile manufacturer and Cummins Engine Company Inc. of USA, world leaders in design and manufacture of diesel engines. The Rs 3000.000 Millions project with an authorized share capital of Rs 2500.000 Millions has been set up at Jamshedpur for the manufacture of Diesel engines to power Tata Motors Limited's commercial vehicles. The decision to locate at Jamshedpur was based on the desire to be near the customer. Commercial production of engines from kits commenced in January 1996 and the machining lines for in-house manufacture of components started in March 1997.

Tata Cummins currently employs about 850 people and has a capacity of 72,000 engines per annum & has plans to increase its capacity up to 1,20,000 in recent period.

Their Product

The low emission Diesel Engines manufactured by Tata Cummins are for use in a new generation of Tata Motors Ltd's Medium and Heavy Commercial Vehicles. The engines conform to EURO - I , EURO - II & EURO - III standards for emissions. The 78 to 235 Horsepower engines have a high power to weight ratio and will enable Tata Motors Limited access new markets worldwide with its advantage of emissions, power, oil consumption and durability.

Their Plant

Tata Cummins has a modern manufacturing facility located adjacent to Tata Motors Ltd., designed by Kevin Roche, John Dinkeloo Associates of USA and C P Kukreja Associates of Delhi. The unique plant comprises a fully air-conditioned 182 x 186 m building with pre-cast concrete coffer roofing and 15 x 15 m bays. The North and South walls are of glazed curtain glass. Features such as a PLC controlled Fire Detection/Suppression System, Skylights and Building Management System ensure high levels of Safety and Energy efficiency.

Manufacturing System

The world class manufacturing systems of Tata Cummins are benchmarked against the best internationally and comprise facilities for machining 5 major engine components, and facilities for Assembly, Test and Paint of engines.

Assembly of engines is performed on a state-of-the-art Automated Electrified Monorail System, which is roof, mounted for clean floor assembly. The system is fully PLC controlled and linked to a computerized Assembly Management System. It incorporates Failsafing at each station and In-Process-Verification Systems at critical points for defect free assembly. Laser Pulse Tools, Pneumatic Manipulators and Ergonomically designed workstations and facilities are provided to reduce operator fatigue.

Dedicated Machining lines are commissioned for each of the 5 components which are manufactured in-house viz. cylinder block, cylinder head, crankshaft, camshaft and connecting rods. Equipment has been sourced from leading suppliers in India and overseas to ensure very high levels of capability and reliability. This includes latest gauges, three Coordinate Measuring Machines and sophisticated equipments such as Topometer, Incometer for cylinder bore measurement.

Management System

The company's efforts in achieving manufacturing excellence are guided by the principles and practices of the Cummins Operating System (COS), and the Customer Led Quality objectives. The Company has a flat organization structure. The level of first line Supervisors has been eliminated with the operatives (known as Associates) being organized in Teams. The formally structured Team Based Work System constitutes an integral part of the COS and is a key initiative to involve / empower shop level employees to work towards continuous improvement and customer delight. Total Quality systems or TQS has been adopted from the early stages in the company, in line with Cummins Quality Systems. The latest communications and computing systems have been installed for connectivity internally and with Cummins systems in USA to provide real-time on-line information integrating the manufacturing and management information / control systems.

MILESTONES:

YEAR	CHRONOLOGY OF EVENTS
9th July 1993	Foundation stone laid
27th April 1994	Construction started
31st March 1995	First Engine Built
4th July 1995	Inauguration Of the plant
12th September 1995	Dispatch of first engine
1st January 1996	Commercial Production started
21st December 1996	Inauguration of Machining area
28th January 1997	5,000th Engine Built
29th November 1997	10,000 th engine built
17th February 1998	ISO-9002 certification
22nd September 1998	First Wage Settlement signed
19th January 1999	Inauguration of TCL spares parts warehouse
21st January 1999	Launch of new range of TATA vehicles with TCL engines
14th May 1999	QS-9000 certification
27th May 2000	50,000th engine built
30th June 2000	Launch of B-to B applications for Supply Chain Management
18th July 2000	TPM Kick Off
10th April 2001	Certificate of Appreciation from CII for HR & Quality for 2000-2001
25th May 2001	Export of first consignment of 792 blocks to Cummins, China
23rd August 2001	100,000th Engine built
12th November 2001	Rajiv Gandhi Quality Award for 1999-2000
13th January 2003	Launch of 4B engine & Cummins Road Inauguration
15th July 2003	ISO 14001(EMS) Certification
16th October 2003	First Bonus Agreement
27th November 2003	200,000th Engine built
15th April 2005	300,000th Engine Built
24th April 2005	Cummins EBU Environmental Award
16th Sep 2005	Up gradation to ISO 14001-2004 version
7th Oct 2005	Awarded " TPM Excellence Award-First category " by JIPM, Japan
2nd Dec 2005	TS 16949 certification
9th Dec 2005	IMEA:2005-Won Silver Award in Automotive category

Press release:

Cummins inaugurates its Megasite; three plants launched

The three plants built on an investment of Rs. 500 crores are the first of several forthcoming

facilities at the Megasite

January 14, Pune, 2011 - Cummins in India, the leading manufacturer of engines, generators and related technologies, inaugurated its 300-acre project at Phaltan today. The projects at this site that has been awarded ‘mega project’ status by the Government of Maharashtra, is designed to house ongoing and future expansions of the Cummins Group in India. Half of the acreage is set up as a Domestic Tariff Area and the other half as a Special Economic Zone for exports. The first three plants that were launched were the second manufacturing facility of Tata Cummins Limited producing engines for commercial vehicles, power generation and industrial markets, an engine rebuild center and a reconditioning facility for remanufacturing engines and components. The three new plants have been built on an investment of approximately Rs. 5000.000 Millions

Owing to the scale of investments on its expansion projects, MOUs were inked in 2008 between the Government of Maharashtra and the Cummins Group, towards financial incentives as well as assistance and support in the establishment of the mega projects at Phaltan. With the inauguration of the Megasite, the Cummins Group has become the first anchor tenant at the MIDC promoted SEZ.

The Megasite was inaugurated at the hands of Shri. Sharad Pawar - Hon'ble Minister of Agriculture, Government of India, Shri. Prithviraj Chavan - Hon'ble Chief Minister of Maharashtra,Shri. Hassan Mushrif - Hon'ble Minister of Labour and Special Assistance, Smt. Supriya Sule - Hon'ble Member of Parliament, Shri. Ramraje Naik Nimbalkar - Hon'ble Minister of Water Resources, Krishna Valley Development Corporation, Mr. Tim Solso - Chairman and Chief Executive Officer of Cummins Inc. and Mr. Anant J Talaulicar - Managing Director of Cummins in India.

Mr. Tim Solso, Chairman and CEO, Cummins Inc. said at the inauguration, “Our association with India dates back nearly half a century. Particularly, over the last few years, our operations in India have expanded and grown multi-fold owing to several positive factors such as a rapidly growing economy, a vast talent pool and the investments we have been making in new products and services. Encouraged by these, the Megasite was conceived to house our future expansions. Furthermore, the concept of collocating our businesses at a common campus offers the advantage of scale and greater synergy to our operations. We believe a project of the scale of the Megasite involving investments of approximately US$300 million spanning the next few years, is a demonstration of our commitment to further strengthen our long and valued association with India.”

On the occasion, Mr. Anant Talaulicar, Managing Director of Cummins Group in India said, “We have significantly and profitably grown our businesses in India over the last few years and we expect this positive trend to continue in future. The expansions will cater to the increasing market demands and ensure that we continue to serve our customers well. The project will continue to generate significant employment opportunities for locals, and help develop ancillary industries in the Phaltan-Baramati area. Consistent with our core values, we are working closely with the local community to develop skilled workforce by sponsoring the local ITI, forming relationships with the colleges in Baramati and adopting nearby villages. We are working with the Government to develop the infrastructure to sustain industrial growth in and around Phaltan and I am delighted to say that we have received great support in these efforts. We are excited that besides supporting the Group’s future growth plans, the Megasite is geared to play a pivotal role in bringing a positive difference in the lives of the residents of Phaltan and those in neighboring towns and cities.”

About the Megasite

Over the last few years, the Cummins Group in India has been executing an aggressive growth plan involving all nine affiliated companies. The model of co-locating and operating from a single campus will offer significant synergies to the Cummins companies, besides reducing cost of operation owing to economies of scale. The second Tata Cummins Limited plant, The Cummins India Limited Rebuild Centre for High Horsepower engines and Cummins Technologies India Limited, ReCon plant are the first three of several forthcoming projects, to commence operations at the Megasite.

About Tata Cummins Limited

Tata Cummins Limited, one of the nine affiliated companies of the Cummins Group, is a joint venture between Cummins Inc. and Tata Motors Limited and was formed in 1993. The existing manufacturing plant of the joint venture at Jamshedpur produces the B series and ISB electronic engines for the commercial vehicle, power generation and industrial markets. With the development of the road infrastructure and economic growth, the demand for engines meeting the newly regulated Bharat Stage III and Bharat Stage IV emissions standards is projected to grow significantly. The new plant at the Megasite will enable Cummins to meet this growing demand. The new plant will manufacture the B Series mechanical engine, a cost effective BS III compliant solution pioneered by Cummins for the Indian market and the ISB electronic engines for the BS IV norms and beyond. The state-of-the-art facility set up over 25 acres of land has been designed to produce approximately 90,000 units annually, with extended capability of up to 120,000 units annually.

About HHP Rebuild Center

The Center will rebuild high horsepower engines from 19 liters (K19) up to 60 liters (QSK60 series) and also repair all other Cummins manufactured engine models. Built over 7 acres of land, the new, modular facility boasts of concepts such as lean manufacturing, state-of-the-art technology and processes that significantly improve engine rebuild and repair capabilities.

About ReCon India

The third facility, ReCon India introduces a relatively new concept of remanufacturing in India. The process of remanufacturing requires 85% lesser energy as compared to manufacturing the very same product from new parts. The ReCon India facility at the Megasite will offer professionally remanufactured, high quality engines and components built in accordance to stringent functional specifications of the original product. The business will offer the latest emissions capable products, covered under Cummins warranty.

About Cummins in India

Cummins in India, a power leader, is a group of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Its technology and pioneering initiatives are bringing innovative solutions and dependable services at the best possible value to users across the country. Its high performance outlook is based on customer focus, integrity and capability of its people. Part of the US $13.2 billion Cummins Inc., Cummins in India is a Group of nine legal entities across 200 locations in the country with a combined turnover of approximately Rs. 8,500 crores and employing more than 11,000 individuals.

FIXED ASSETS:

• Buildings
• Plant and Machinery
• Furniture and fixtures
• Vehicles
• 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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.48

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		61

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.