MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	TATA METALIKS KUBOTA PIPES LIMITED
Registered Office :	Tata Centre, 10^th Floor, 43, J.L. Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.10.2007
Com. Reg. No.:	21-119673
Capital Investment / Paid-up Capital :	Rs. 1432.500 Millions
CIN No.: [Company Identification No.]	U27101WB2007PLC119673
TAN No.: [Tax Deduction & Collection Account No.]	CALT04460B
PAN No.: [Permanent Account No.]	AACCT7743A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ductile Iron Pipes
No. of Employees :	562 (Approximately)

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 2530000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between TML, Kubota Corporation (KC) and Metal One Corporation, Japan. It is a well established company having satisfactory track record. The latest financial is missing from government departments. And from previous year their appear some accumulated losses. However, capital base of the company seems to be good. It receive good support from its holding company. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based Bank facilities : (ICRA) BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	March 2012

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/ Head Office :	Tata Centre, 10^th Floor, 43, J.L. Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-66134205/ 250
Fax No.:	91-33-22884372
E-Mail :	jyoti.purohit@tatametalikskubota.com tmk@tatametalikskubota.com
Website :	http://www.tatametalikskubota.com
Production Unit :	PO - Samraipur, Kharagpur, District - Paschim Medinipur – 721301, West Bengal, India
Tel. No.:	91-3222-252383
Fax No.:	91-3222-252363
Marketing & Sales Office :	6/1 A Middleton Street, 1st Floor, Kolkata - 700071, West Bengal, India
Tel. No.:	91-33-64591384 / 85
Fax No.:	91-33-22820781 / 22884372
E-Mail :	marketing@tatametalikskubota.com

DIRECTORS

AS ON 13.07.2012

Name :

Mr. Harsh Kumar Jha

Designation :

Chairman cum Managing Director

Address :

10, Judges Court Road, Flat No. 12, 7th Floor, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

19.03.1950

Qualification :

B. Sc (Engg.) (Mech.), PGDBM (XLRI)

Date of Appointment :

16.10.2007

DIN No.:

00927603

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	L27310WB1990PLC050000	TATA METALIKS LIMITED	Managing director	01/04/2012	01/09/2000	-	Active	NO
2	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	26/12/2006	26/12/2006	-	Active	NO
3	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	30/06/2007	30/06/2007	27/06/2009	Active	NO
4	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Director	16/10/2007	16/10/2007	-	Active	NO

Name :

Mr. Rajesh Mishra

Designation :

Managing director

Address :

Bh-205, Salt Lake, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

31.07.1964

Qualification :

B. Tech- in Metallurgical Engineering from IIT Kanpur and MBA with specializations in Finance and Marketing

Date of Appointment :

31.10.2012

PAN No.:

ABLPM7308M

DIN No.:

01354937

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	Company/ LLP Status	Defaulting status
1	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Director	31/10/2012	16/10/2007	Active	NO

Name :

Mr. Sanjiv Paul

Designation :

Director

Address :

3, Hulang Road, Kaiser Bunglow, Kadma, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

16.03.1963

Date of Appointment :

04.09.2008

DIN No.:

00086974

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	U45200JH2003PLC010315	JAMSHEDPUR UTILITIES AND SERVICES COMPANY LIMITED	Director	20/07/2010	25/08/2003	-	Active	NO
2	U45201WB2001PLC092842	NICCO JUBILEE PARK LIMITED	Director	12/02/2004	12/02/2004	-	Active	NO
3	U45200JH2006PLC012633	SEZ ADITYAPUR LIMITED.	Nominee director	30/10/2006	30/10/2006	20/04/2010	Active	NO
4	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Director	04/09/2008	17/10/2007	-	Active	NO
5	U93010WB2008PLC121573	NABA DIGANTA WATER MANAGEMENT LIMITED	Director	09/01/2008	09/01/2008	20/04/2010	Active	NO
6	U45201OR2006PLC008971	GOPALPUR SPECIAL ECONOMIC ZONE LIMITED	Director	26/09/2008	14/05/2008	-	Active	NO
7	U74140WB2008PLC126534	HALDIA WATER MANAGEMENT LIMITED	Director	12/06/2008	12/06/2008	20/04/2010	Active	NO
8	U24100JH1983PLC001836	THE TATA PIGMENTS LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
9	U00000WB2001PLC115841	MJUNCTION SERVICES LIMITED	Director	26/07/2010	17/05/2010	-	Active	NO

Name :

Takashi Ichikawa

Designation :

Additional director

Address :

2-24-10-203, Minami, Honcho, Minami-Ku, Saitama City, Japan 3360018

Date of Birth/Age :

14.02.1965

Date of Appointment :

03.12.2012

DIN No.:

05331358

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	Company/ LLP Status	Defaulting status
1	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Director	03/12/2012	13/07/2012	Active	NO

Name :

Yujiro Kimura

Designation :

Additional director

Address :

9-7, Takadono,1 Chome, Asahi-ki, Osaka, Japan 5350031

Date of Birth/Age :

22.06.1964

Date of Appointment :

03.12.2012

DIN No.:

05331410

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	Company/ LLP Status	Defaulting status
1	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Director	03/12/2012	13/07/2012	Active	NO

Name :

Mr. Dipak Kumar Banerjee

Designation :

Director

Address :

57A, Garcha Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

19.02.1946

Date of Appointment :

15.07.2009

DIN No.:

00028123

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	L24223WB1947PLC015202	DIC INDIA LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
2	U63090WB2002PLC094134	TM INTERNATIONAL LOGISTICS LIMITED	Director	09/05/2003	09/05/2003	-	Active	NO
3	L27102OR1982PLC001091	TATA SPONGE IRON LIMITED	Director	09/05/2003	09/05/2003	-	Active	NO
4	L27310WB1990PLC050000	TATA METALIKS LIMITED	Director	10/05/2003	10/05/2003	-	Active	NO
5	U24100JH1983PLC001836	THE TATA PIGMENTS LIMITED	Director	14/07/2003	14/07/2003	15/05/2009	Active	NO
6	U00000WB2001PLC115841	MJUNCTION SERVICES LIMITED	Director	14/07/2003	14/07/2003	-	Active	NO
7	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Director	28/07/2003	28/07/2003	-	Active	NO
8	U74140WB2005PTC101091	H B P BUSINESS ADVISORY SERVICES PRIVATE LIMITED	Director	12/01/2005	12/01/2005	05/11/2010	Strike off	NO
9	L65922WB1990PLC049541	SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	22/09/2008	21/01/2008	-	Active	NO
10	L27105JH1968PLC000818	TAYO ROLLS LIMITED	Director	08/08/2008	02/07/2008	-	Active	NO
11	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Director	15/07/2009	10/04/2009	-	Active	NO
12	U74900WB2009PTC134793	FINETUNE ENGINEERING SERVICES PRIVATE LIMITED	Director	22/06/2009	29/04/2009	12/07/2011	Active	NO

Name :

Mr. Kazuma Abe

Designation :

Director

Address :

8-11-11-401, Naka Kasai, Edogawa-ku, Tokyo 1340083

Date of Birth/Age :

01.01.1956

Date of Appointment :

15.07.2011

DIN No.:

03181510

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	Company/ LLP Status	Defaulting status
1	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Director	15/07/2011	07/10/2010	Active	NO

Name :

Mr. Sudhin Mitter

Designation :

Additional director

Address :

Flat No 5D, Block 1, West Wind, 78, Raja S.C. Mullick Road, Kolkata - 700084, West Bengal, India

Date of Birth/Age :

26.07.1957

Date of Appointment :

20.11.2012

DIN No.:

02931677

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	Company/ LLP Status	Defaulting status
1	U27101WB2007PLC119673	TATA METALIKS KUBOTA PIPES LIMITED	Whole-time director	03/12/2012	20/11/2012	Active	NO

KEY EXECUTIVES

Name :	Mrs. Jyoti Purohit
Designation :	Secretary
Address :	52/6, VIP Road, J-504 Parvati Vihar, Kolkata – 700059, West Bengal, India
Date of Birth/Age :	11.06.1984
Date of Appointment :	04.10.2010
PAN No.:	ATHPP0628B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.07.2012

Names of Shareholders	No. of Shares
Sudhin Mitter	1
Shamit Sengupta	1
Tata Metaliks Limited	91800000
Kubota Corporation	79200000
Metal One Corporation	8400001
Mutsuo Uchida	1
Noboru Seto	1
Shubhra Sengupta	1
Shankar Bhattacharya	1
Total	179400007

AS ON 13.07.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ductile Iron Pipes

Products :

ITC Code	Product Descriptions
7303-0030	Ductile Iron Pipe

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Ductile Iron Pipe	Not Applicable	110000	20,402
Others- Rejected Pipes, scrap etc	Not Applicable	Nil	6,256

GENERAL INFORMATION

No. of Employees :

562 (Approximately)

Bankers :

Ø The Federal bank Limited, 1 R.N. Mukherjee Road, Kolkata – 700001, West Bengal, India

Ø Bank of Baroda, Block AC – 93A, 1^st Floor, Prafulla Kanan, Kolkata – 700101, West Bengal, India

Ø ING Vysya Bank Limited, 4/1, Middleton Street, Sikkim House, Kolkata – 700071, West Bengal, India

Ø UCO Bank, Mid Corporate Branch, 10, B.T.M. Sarani (Brabourne Road), Kolkata – 700001, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	250.000	249.998
Foreign currency loans banks secured	273.460	306.469
Other external commercial borrowings secured	536.568	534.909
Other debt secured	0.000	164.360
Total	1060.028	1255.736
Note: i) The Term Loan from Bank is secured by First charge on all the present and future indigenous movable fixed assets of the Company ranking pari passu with Sumitomo Mitsui Banking Corporation and Guaranteed by the parent company Tata Metaliks Limited and Kubota Corporation in the ratio of 51: 49. ii) External commercial borrowings from Bank is secured by First charge on all the present and future movable fixed assets of the Company ranking pari passu with other term lenders and Guaranteed by the parent company Tata Metaliks Limited and Kubota Corporation in the ratio of 51: 49. iii) The Buyer's credit from bank are secured by a first charge on the specific movable imported fixed assets financed by the bank ranking pari passu with Sumitomo Banking Corporation. iv) Short term loan from bank are secured by hypothecation of all current assets of the Company both present and future.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	160.000	0.000
Total	160.000	0.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Bengal Intelligent Park, Building - ALPHA, First Floor, Plot No. A1, M2 and N2 Block EP and GP, Sector-V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFD5357J
Holding Company :	Tata Metaliks Limited [L27310WB1990PLC050000]
Ultimate Holding company :	Tata Steel Limited [L27100MH1907PLC000260]
Joint venture :	Metal One
Associates :	Kubota Corporation
Fellow Subsidiary Company :	Ø Tayo Rolls Limited [L27105JH1968PLC000818] Ø TM International Logistics Limited [U63090WB2002PLC094134]

CAPITAL STRUCTURE

AS ON 13.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000,000	Equity Shares	Rs. 10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
179,400,007	Equity Shares	Rs.10/- each	Rs. 1794.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs. 10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
145000007	Equity Shares	Rs.10/- each	Rs. 1450.000 Millions
	Less: Calls in Arrears		Rs. 17.500 Millions
	Total		Rs. 1432.500 Millions

Note:

Of the above 145,000,007 shares, 73,950,000 shares are held by the holding company Tata Metaliks Limited. In the tuple, the number of shares Paid up have been shown excluding the Calls unpaid, such that no error appears during the validation.

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		1432.500	920.000	750.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(800.882)	(362.125)	(29.108)
NETWORTH		631.618	557.875	720.892
LOAN FUNDS
1] Secured Loans		1060.028	1255.736	949.713
2] Unsecured Loans		160.000	0.000	0.000
TOTAL BORROWING		1220.028	1255.736	949.713
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1851.646	1813.611	1670.605
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1637.449	1704.952	14.212
Capital work-in-progress		8.118	7.682	1739.173
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	250.532	84.631	17.030
	Sundry Debtors	127.786	1.677	0.000
	Cash & Bank Balances	82.461	151.153	162.066
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	119.025	44.177	33.231
Total Current Assets		579.804	281.638	212.327
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	203.205	135.381	281.964
	Other Current Liabilities	167.647	42.564	12.285
	Provisions	2.873	2.716	0.858
Total Current Liabilities		373.725	180.661	295.107
Net Current Assets		206.079	100.977	(82.780)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1851.646	1813.611	1670.605

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	857.110	177.148	0.000
		Other Income	9.601	5.086	0.000
		TOTAL (A)	866.711	182.234	0.000
Less	EXPENSES
		Consumption materials changes inventories	694.597	134.841
		Manufacturing service costs	153.641	116.621
		Employee related expenses	91.563	66.384
		Administrative selling other expenses	155.658	48.623
		TOTAL (B)	1095.459	366.469	13.540
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(228.748)	(184.235)	(13.540)
Less	FINANCIAL EXPENSES (D)		112.364	62.354	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(341.112)	(246.589)	(13.540)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		97.645	86.428	2.267
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(438.757)	(333.017)	(15.807)
Less	TAX (H)		0.000	0.000	2.961
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(438.757)	(333.017)	(18.768)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(362.125)	(29.108)	(10.340)
	BALANCE CARRIED TO THE B/S		(800.882)	(362.125)	(29.108)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	400.767	83.474	0.000
	IMPORTS
		Raw Materials	5.631	9.871	4.119
		Stores & Spares	7.493	0.534	0.122
		Capital Goods	4.826	51.138	426.324
	TOTAL IMPORTS		17.950	61.543	430.565
	Earnings/ (Loss) Per Share (Rs.)		(4.24)	(4.37)	(0.31)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(50.62)	(182.74)	(0.00)
Net Profit Margin (PBT/Sales)	(%)	(51.19)	(187.99)	(0.00)
Return on Total Assets (PBT/Total Assets}	(%)	(19.79)	(16.76)	(6.98)
Return on Investment (ROI) (PBT/Networth)		(0.69)	(0.17)	(0.07)
Debt Equity Ratio (Total Liability/Networth)		2.52	2.57	1.73
Current Ratio (Current Asset/Current Liability)		1.55	1.56	0.72

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	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

1. Business Results: During the year the Company reapplied for BIS License in August which was received on 27th day of September 2010 for 26 different kinds of pipes (DN 80 to 800, Class K7 and K9 excluding DN 125 and DN 750). The Company was therefore allowed to manufacture, store for sale and sell pipes in India. The domestic operations together with export business has helped the Company to increase its capacity utilization by 30% to 40% in 2010-11 over 2009-10 and ultimately the Company is expected to achieve full capacity utilization in 2011-12 normalized to the size of pipes manufactured. With completion of six months of domestic sales in March, Q4 was satisfactory in terms of receipt of orders particularly for small diameter pipes. Price levels, however, were extremely low due to war between various competitors ready to operate on low prices. The Company however has decided not to indulge itself in such price war and maintain its quality. In the last 6 months the Company has made inroads in most of the states of India. The Company have participated in several important Government tenders and received orders which will be executed in 2011-12. Also in export market, apart from exports on account of Kubota, the Company is taking steps to execute exports in countries outside Kubota’s territory. Total Production of the Ductile Iron Pipe in the FY 2010-11 was 20,402 tonnes .However, due to low capacity utilization during H1, for lack of BIS License, low price realization in domestic market in H2 and sub optimal plant performance, the Company incurred a loss of Rs 438.800 Millions.

2. Marketing Performance During the FY 2010-11, the Company’s total sales including export is given below, Domestic Sales -8327 t Exports -10885 t Scrap - 6578 t

3. Finance: The total amount of borrowings by the Company till 31st March 2011 is Rs 1220.000 Millions including the External Commercial Borrowings of approximately Rs 540.000 Millions from Sumitomo Mitsui Banking Corporation, Singapore and Rs 270.000 Millions from HSBC.

FIXED ASSETS:

Ø Building

Ø Plant and Machinery

Ø Vehicles

Ø Office Equipments

Ø Furniture and Fixture

Ø Data Processing Equipments

WEBSITE DETAILS

PROFILE:

Subject is a joint venture between Tata Metaliks Limited, Kubota Corporation and Metal One Corporation came into existence on 16th October 2007. The Company aims to redefine the way people perceive ductile iron pipes, both in terms of product quality and service levels. The Company has a rich and diverse human resource mix that is considered as its main strength and is a part of the multi cultural work place.

Subject is inspired by the philosophy practised by both Tata and Kubota – that of keeping society at the centre of business endeavour and aims to be recognised as a company that is not just the best in what it makes and how it makes, but also as an entity which is in complete harmony with the society and environment in which it operates.

The ductile iron pipe plant, with state-of-the-art technology and with an initial capacity of 110000 TPA (to be scaled up to 200000 TPA) is located at Kharagpur, West Bengal.

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. 54.32
UK Pound	1	Rs. 87.36
Euro	1	Rs. 70.36

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	-

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.