MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	TATA TOYO RADIATOR LIMITED
Registered Office :	Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, District Pune-411027, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.08.1997
Com. Reg. No.:	11-110139
Paid-up Capital :	Rs. 320.000 Millions
CIN No.: [Company Identification No.]	U99999PN1997PLC110139
TAN No.: [Tax Deduction & Collection Account No.]	PNET01176A
PAN No.: [Permanent Account No.]	AAACT5566F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Radiators and Aluminum Heat Exchangers
No. of Employees :	1200 (Approximately) (Office + Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 3500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

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

ECGC Country Risk Classification List – 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	CRISIL
Rating	LONG TERM RATING : CRISIL AA-
Rating Explanation	High degree of safety it carry very low credit risk
Date	24 July, 2012

Rating Agency Name	CRISIL
Rating	SHORT TERM RATING : CRISIL A1+
Rating Explanation	Very strong degree of safety it carry lowest credit risk
Date	24 July, 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 Office/Factory :	Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, District Pune - 411027, Maharashtra, India
Tel. No.:	91-20- 66524100/153/181/22932196/66524201 / 66524145
Mobile No.	91-9881715495 (Mr. Dipankar Banerjee)
Fax No.:	91-20-2932196/22724096
E-Mail :	ulkesh.shah@tatatoyo.com tatatoyo@tatatoyo.com dopankar.banerjee@tatatoyo.com tanuja.sardesai@tatatoyo.com dipankar.banerjee@tatatoyo.com ttr@tacogroup.com
Website :	www.tatatoyo.com
Area:	10,000 sq. ft.
Location :	Owned

DIRECTORS

As On 22.06.2012

Name :	Mr. Arvind Hari Goyal
Designation :	Director
Address :	Flat No. 6, Pranti Apartment, Baner Road, Ganesh Khind, Pune, Maharashtra, India
Date of Birth/Age :	13.10.1957
Date of Appointment :	30.12.2008
DIN No.:	02300813

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	U34300PN1999PLC014564	MUBEA SUSPENSION INDIA LIMITED	Additional director	11/04/2008	11/04/2008	06/05/2008	Active	NO
2	U34300PN2004PTC019215	FAURECIA INTERIOR SYSTEMS INDIA PRIVATE LIMITED	Director	11/09/2009	25/12/2008	01/12/2009	Active	NO
3	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	25/07/2009	30/12/2008	-	Active	NO
4	U34300PN2000PLC015253	TACO COMPOSITES LIMITED	Director	27/07/2009	30/12/2008	-	Active	NO
5	U93090MH2007PLC173035	TATA INDUSTRIAL SERVICES LIMITED	Director	12/08/2011	18/06/2010	-	Active	NO
6	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Additional director	22/05/2012	22/05/2012	-	Active	NO

Name :	Mr. Praveen Purushottam Kadle
Designation :	Chairman
Address :	224, NCPA Apartment, Nariman Point, Mumbai, Maharashtra, India
Date of Birth/Age :	21.01.1957
Date of Appointment :	01.04.2009
DIN No.:	00016814

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	U45200MH1989PLC050444	SHEBA PROPERTIES LIMITED	Director	27/04/1996	27/04/1996	18/09/2007	Active	NO
2	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	24/01/1997	24/01/1997	26/10/2007	Active	NO
3	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	04/02/1997	04/02/1997	-	Active	NO
4	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	15/04/1998	15/04/1998	30/06/2011	Active	NO
5	U85110KA1998PLC024588	TELCO CONSTRUCTION EQUIPMENT COMPANY LIMITED	Nominee director	30/12/1998	30/12/1998	04/08/2008	Active	NO
6	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	14/06/2000	14/06/2000	27/02/2007	Active	NO
7	L28920MH1945PLC004520	TATA MOTORS LIMITED	Whole-time director	11/07/2006	31/01/2001	18/09/2007	Active	NO
8	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	14/06/2001	14/06/2001	26/09/2007	Active	NO
9	U67120MH1994PLC080918	TATA SECURITIES LIMITED	Director	17/04/2006	17/04/2006	-	Active	NO
10	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	01/06/2006	01/06/2006	25/01/2012	Active	NO
11	U67190MH2005PLC153471	RELIGARE ASSET MANAGEMENT COMPANY LIMITED	Director	29/09/2006	27/07/2006	04/12/2008	Active	NO
12	U65990MH1991PLC060670	TATA CAPITAL LIMITED	Managing director	18/09/2007	13/04/2007	-	Active	NO
13	U65923MH2007PLC176158	TATA CAPITAL MARKETS LIMITED	Director	26/11/2007	26/11/2007	-	Amalgamated	NO
14	U74999MH2002PLC135640	E-NXT FINANCIALS LIMITED	Director	17/09/2008	18/02/2008	-	Active	NO
15	U63040MH2008PLC187559	TC TRAVEL AND SERVICES LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
16	U67190MH2008PLC187552	TATA CAPITAL HOUSING FINANCE LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
17	U51109MH2009PLC189466	T SEC COMMODITIES BROKING LIMITED	Director	09/01/2009	09/01/2009	28/10/2010	Active	NO
18	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	29/09/2009	18/03/2009	-	Active	NO
19	U74999DL2002PTC117357	INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Nominee director	20/07/2009	21/03/2009	-	Active	NO
20	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	25/07/2009	01/04/2009	-	Active	NO
21	U67190TN2010PLC076545	TATA INFRASTRUCTURE CAPITAL LIMITED	Director	09/07/2010	09/07/2010	28/10/2010	Active	NO
22	U65921TN2006PLC061442	T T HOLDINGS & SERVICES LIMITED	Director	23/09/2011	25/08/2010	-	Active	NO
23	U67100MH2010PLC210201	TATA CAPITAL FINANCIAL SERVICES LIMITED	Managing director	27/03/2012	19/11/2010	-	Active	NO
24	U65923MH2011PLC222430	TATA CLEANTECH CAPITAL LIMITED	Director	10/08/2012	27/09/2011	-	Active	NO
25	L21010AP1964PLC001008	THE ANDHRA PRADESH PAPER MILLS LIMITED	Director	22/03/2012	25/01/2012	-	Active	NO

Name :	Mr. Rameshwar Singh Thakur
Designation :	Director
Address :	Flat No.205, Burlington, Hiranandani Estate, Patlipada, Thane (West), Mumbai 400607, Maharashtra, India
Date of Birth/Age :	06.09.1948
Date of Appointment :	01.09.2011
DIN No.:	00020126

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	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	30/07/2002	30/07/2002	06/07/2010	Active	NO
2	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
3	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	16/12/2005	16/12/2005	24/10/2007	Active	NO
4	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	27/04/2006	27/04/2006	21/01/2008	Active	NO
5	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	07/07/2007	17/07/2006	-	Active	NO
6	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	01/07/2010	Active	NO
7	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Managing director	09/12/2010	28/12/2007	-	Active	NO
8	U34300PN2003PTC021545	KNORR-BREMSE SYSTEMS FOR COMMERCIAL VEHICLES INDIA PRIVATE LIMITED	Additional director	09/04/2008	09/04/2008	26/08/2008	Active	NO
9	U31300PN2005PLC021394	TATA AUTOCOMP GY BATTERIES LIMITED	Director	21/06/2010	09/04/2008	-	Active	NO
10	U28910TN1997PLC047905	SUNGWOO GESTAMP HITECH (CHENNAI) LIMITED	Nominee director	09/04/2008	09/04/2008	04/02/2009	Active	NO
11	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Director	21/07/2008	10/04/2008	26/08/2008	Active	NO
12	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	27/06/2008	29/04/2008	-	Active	NO
13	U34300PN1999PLC014564	MUBEA SUSPENSION INDIA LIMITED	Director	25/09/2008	06/05/2008	26/12/2008	Active	NO
14	U34300PN2000PLC015253	TACO COMPOSITES LIMITED	Director	30/12/2008	06/05/2008	-	Active	NO
15	U34300PN1997PLC015436	TATA YAZAKI AUTOCOMP LIMITED	Director	23/09/2009	08/07/2008	-	Active	NO
16	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	11/07/2008	11/07/2008	17/11/2008	Active	NO
17	U32109PN2007PLC129527	TACO SASKEN AUTOMOTIVE ELECTRONICS LIMITED	Director	14/07/2009	25/12/2008	-	Under liquidation	NO
18	U34300PN1996PLC015038	TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	29/09/2009	05/01/2009	-	Active	NO
19	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	08/08/2011	30/09/2010	-	Active	NO
20	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	22/06/2012	01/09/2011	-	Active	NO

Name :	Mr. Amitabha Mukhopadhyay
Designation :	Director
Address :	F 104, Maestros, Salunkhe Vihar Road, Pune, 411048, Maharashtra, India
Date of Birth/Age :	17.08.1964
Date of Appointment :	02.11.2011
DIN No.:	01806781

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	U34300PN1999PLC014564	MUBEA SUSPENSION INDIA LIMITED	Additional director	17/09/2007	17/09/2007	04/09/2008	Active	NO
2	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	22/06/2012	29/09/2007	-	Active	NO
3	U34300PN2003PTC021545	KNORR-BREMSE SYSTEMS FOR COMMERCIAL VEHICLES INDIA PRIVATE LIMITED	Director	27/05/2010	26/08/2008	02/03/2011	Active	NO
4	U34300PN2004PTC019215	FAURECIA INTERIOR SYSTEMS INDIA PRIVATE LIMITED	Additional director	29/09/2008	29/09/2008	25/12/2008	Active	NO
5	U29130PN2006PTC128649	TACO HENDRICKSON SUSPENSIONS PRIVATE LIMITED	Additional director	29/09/2008	29/09/2008	30/12/2008	Active	NO
6	U29299PN2005PTC020907	VISTEON ENGINEERING CENTER (INDIA) PRIVATE LIMITED	Director	04/09/2009	29/09/2008	15/02/2010	Active	NO
7	U31300PN2005PLC021394	TATA AUTOCOMP GY BATTERIES LIMITED	Director	19/07/2012	29/09/2008	-	Active	NO
8	U31902PN2005PTC020905	VISTEON AUTOMOTIVE (INDIA) PRIVATE LIMITED	Nominee director	29/09/2008	29/09/2008	15/02/2010	Active	NO
9	U34300PN1997PLC015436	TATA YAZAKI AUTOCOMP LIMITED	Director	29/07/2010	18/01/2010	-	Active	NO
10	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	16/07/2010	28/04/2010	-	Active	NO

Name :	Yasutomo Nakaie
Designation :	Director
Address :	1-02-103 Kamicho, Kohokuku, Yokohama Shi, Kangawa, Predecture – 2220033, Japan
Date of Birth/Age :	01.06.1951
Date of Appointment :	28.07.2006
DIN No.:	00794641
Name :	Kimiaki Nakano
Designation :	Director
Address :	802-4, Kanagawa, Hatano-shi, Shibusawa, Japan
Date of Birth/Age :	02.05.1958
Date of Appointment :	24.04.2012
DIN No.:	05260960
Name :	Toshiaki Sasaki
Designation :	Director
Address :	4-17-15, Ikegami, Otaku, Tokyo, Japan
Date of Birth/Age :	06.09.1969
Date of Appointment :	10.08.2010
DIN No.:	03190134

KEY EXECUTIVES

Name :	Mr. Ravi Chidambar
Designation :	Manager
Address :	12C Goodwill Co-operative Society, ITI Road, Aundh, Pune, Maharashtra, India
Date of Birth/Age :	1.8.1968
Date of Appointment :	15.07.2008
PAN No.:	AAQPC0439D
Name :	Mr. Ulkesh Dilip Shah
Designation :	Secretary
Address :	Nirman Puram, A-103, Near VIIT Inst, Indryani- Randive Road, Kondhwa Bk, Pune - 411048, Maharashtra, India
Date of Birth/Age :	16.05.1984
Date of Appointment :	22.12.2010
DIN No.:	BDWPS4937E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 22.06.2012

Names of Shareholders	No. of Shares
Tata Auto Comp Systems Limited - India	16319400
T Rad Company Limited – Japan	12880000
Mitsubishi Corporation Unimetals Limited - Japan	2800000
Tata Auto Comp Systems Limited jointly with Mr. Ajay Sharma – India	300
Tata Auto Comp Systems Limited Jointly with Mr. Noshir Driver – India	100
Tata Auto Comp Systems Limited jointly with Mr. R R Shastri – India	100
Tata Auto Comp Systems Limited Jointly with Mr. R S Thakur – India	100
Total	32000000

As On 22.06.2012

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 and Exporter of Radiators and Aluminum Heat Exchangers

Products :

Product Description	ITC Code
Aluminium Radiators and Inter Coolers	870859100

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Installed Capacity @	Actual Production
Aluminium Radiators	Nos	1440000	1252764
Aluminium Intercoolers	Nos	529800	307578
Heater Cores	Nos	750000	292854

Note:

@ As certified by the management and accepted by Auditors.

GENERAL INFORMATION

No. of Employees :

1200 (Approximately) (Office + Factory)

Bankers :

• State Bank of India - Industrial Finance Branch, Tara Chambers, 1^st Floor, Old Pune Mumbai Road - Wakdewadi, Pune – 411003, Maharashtra, India
• The Bank of Tokyo Mitsubishi UF Limited - Hoechst House,15^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
• Indian Bank - Deccan Gymkhana Branch, Pune – 411004, Maharashtra, India
• ICICIC Bank, Bungarden Branch
• HDFC Bank, Bandarkar Street Branch

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loans from Bank (secured by way of hypothecation of plant and machinery (first charge) and equitable mortgage on pari passu basis on immovable property of the company) [amount repayable within one year Rs. 107.500 millions (previous year Rs. 107.500 millions]	161.250	268.750
Working Capital Facilities form Banks [Secured by way of hypothecation charge on entire current assets of the company on pari passu basis and second charge on fixed assets (hypothecation and equitable mortgage) of the company]	199.871	--
Total	361.121	268.750

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Buyers Credit	25.652	25.831
Total	25.652	25.831

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	“Mutha Towers” 5^th Floor, Suite No. 8, Airport Road, Yerwada, Pune – 411006, Maharashtra, India
Pan No. :	AAEFP5579P
Holding Company :	· Tata Auto Comp Systems Limited CIN No.: - U34100MH1995PLC093733
	·
Ultimate Holding Company :	· Tata Sons Limited (From September 1, 2010)
Parties exercising joint control:	· T. Rad Co. Limited. · Mitsubhishi Corporation Unimetals Limited
Fellow Subsidiaries :	· Tata Teleservices (Maharashtra) Limited. (From September 1, 2010) · Tata AIG General Insurance Company limited. (From September 1, 2010) · Automotive Stamping and Assemblies Limited · Taco Composite Limited (formerly known as Automotive Composite Systems (International) Limited).

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
32,000,000	Equity Shares	Rs. 10/- each	Rs. 320.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32,000,000	Equity Shares	Rs. 10/- each	Rs. 320.000 Millions

Notes: Out of the above, 16320000 Equity Share are held by Tata Auto Comp Systems limited, the holding company)

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		320.000	320.000	320.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		564.255	437.676	350.933
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		884.255	757.676	670.933
LOAN FUNDS
1] Secured Loans		361.121	268.750	417.334
2] Unsecured Loans		25.652	25.831	26.485
TOTAL BORROWING		386.773	294.581	443.819
DEFERRED TAX LIABILITIES		62.532	63.844	73.639
TOTAL		1333.560	1116.101	1188.391
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		968.770	859.770	913.990
Capital work-in-progress		161.379	73.652	66.365
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	460.452	260.357	217.643
	Sundry Debtors	497.523	463.798	318.858
	Cash & Bank Balances	45.671	101.037	29.619
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	230.562	139.693	190.473
Total Current Assets		1234.208	964.885	756.593
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	762.037	562.623	400.119
	Other Current Liabilities	156.258	52.965	50.564
	Provisions	112.502	166.618	97.874
Total Current Liabilities		1030.797	782.206	548.557
Net Current Assets		203.411	182.679	208.036
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1333.560	1116.101	1188.391

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5078.174	4109.210	3122.943
		Other Income	33.425	33.505	32.010
		TOTAL (A)	5111.599	4142.715	3154.953
Less	EXPENSES
		Materials consumed and manufacturing expenses	3612.971	2749.570	2105.584
		Personnel cost	278.918	205.475	176.734
		Administrative and other expenses	503.688	421.260	375.778
		TOTAL (B)	4395.577	3376.305	2658.096
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		716.022	766.410	496.857
Less	FINANCIAL EXPENSES (D)		37.960	36.871	63.462
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		678.062	729.539	433.395
Less/ Add	DEPRECIATION/ AMORTISATION (F)		165.118	172.334	133.291
	PROFIT BEFORE TAX (E-F) (G)		512.944	557.205	300.104
Less	TAX (I)		162.476	189.674	106.784
	PROFIT AFTER TAX (G-I) (J)		350.468	367.531	193.320
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		284.307	234.317	210.083
Less	APPROPRIATIONS
		Interim dividend	128.000	128.000	64.000
		Dividend tax on interim dividend	21.259	21.754	10.877
		Proposed dividend	64.000	112.000	64.000
		Dividend tax on the above	10.630	19.034	10.877
		Transfer to general reserve	35.047	36.753	19.332
	BALANCE CARRIED TO THE B/S		375.839	284.307	234.317
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	68.349	80.967	64.431
	TOTAL EARNINGS		68.349	80.967	64.431
	IMPORTS
		Raw Materials	512.395	185.261	330.794
		Stores, Spares and Components	22.433	19.652	57.102
		Capital Goods	143.452	33.511	128.725
		Others	0.000	0.000	0.572
	TOTAL IMPORTS		678.280	238.424	517.193
	Earnings Per Share (Rs.)		10.95	11.49	6.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.86	8.87	6.13
Net Profit Margin (PBT/Sales)	(%)	10.10	13.56	9.62
Return on Total Assets (PBT/Total Assets}	(%)	23.28	30.54	17.96
Return on Investment (ROI) (PBT/Networth)		0.58	0.74	0.45
Debt Equity Ratio (Total Liability/Networth)		1.60	1.42	1.48
Current Ratio (Current Asset/Current Liability)		1.20	1.23	1.38

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	Yes
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	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

INDUSTRY TREND AND OUTLOOK

India is turning out to be an attractive destination as a global outsourcing hub and manufacturing base for original equipment manufacturers (OEMs), especially after the global economic downturn.

The potential compounded annual growth rate (CAGR) of the auto component industry is likely to be around 18 per cent in the period 2010-11. Between 2004-05 and 2009-10, the auto component production and sales grew at the CAGR of around 19% and around 21% respectively. The growth in the industry has been one of the fastest in the world and the country has emerged as a true competitor of China, which is the most dominating auto component participant in the Asia-Pacific region.

During the year 2010-11 Indian auto component industry has shown remarkable resilience against global economic slowdown. Indian component suppliers have been posting encouraging revenue and profit growth results.

With the finalization of the Automotive Mission Plan (AMP) India has become a preferred destination for design and manufacture of automobile.

Furthermore, Indian companies are compliant with global automotive standards, e.g. the Japanese Industrial Standard Committee (JISC) and Deutsches Institut für Normung (DIN), and Euro emission norms. India offers the advantage of low manufacturing costs due to economies of scale, low design, research and labour costs and local sourcing of tools and components.

INDIA’S ROBUST ECONOMIC GROWTH

The Indian economy registered a growth of 7% in GDP in the year 2008-09 and this growth rate got further consolidated in the year that just went by. This has strengthened the domestic automotive market, coupled with India has a large aspiring middle-class population, which is providing the fillip for a robust growth in the auto sector – largely passenger cars.

The government with its increasing emphasis on infrastructure development, with construction of highways coming up in a big way has a consequential effect on the commercial vehicle market which is also showing a healthy growth.

This trend is expected to continue at least over the next year.

AUTOMOBILE SALES BOOMING IN INDIA

India has emerged as one of the world’s fastest-growing automobile market in FY 2010-11. The Indian car market grew by over 29% during the year. With sales of over 2.5 million passenger vehicles, India’s passenger vehicle market ranks as the world’s seventh largest; larger than markets such as United Kingdom, France and Spain by volume. The domestic commercial vehicle sector has witnessed strong growth of over 30% in FY2010-11.

So far, most foreign car makers had focused on the sedan and premium segment cars, shying away from the highly competitive small-car segment. These players are now launching small-cars which are designed keeping in mind specifically the Indian consumer. The small-car segment, which has been traditionally dominated by few players commanding majority of the market share, is likely to see stiff increase in competition. Some of the newly launched models have had good initial response and have been aggressively priced, indicating new entrants’ strategy to grab market share while sacrificing profitability. Also several global OEM’s have already established operations dedicated to manufacture and export of small cars to their international markets.

INDIA EMERGING AS A PREFERRED DESTINATION FOR MANUFACTURE OF AUTO-COMPONENTS

Indian auto component industry reported a turnover of Rs. 1,158 billion in FY 2009-10. Domestic production of auto component industry recorded a CAGR of around 16% from FY2004-05 to FY2009-10. India has emerging as a preferred destination for global auto component manufactures for setting up their manufacturing bases to meet global and domestic demand. This is due to India’s inherent low cost advantages, healthy domestic demand and availability of skilled labour. The entry of global manufacturers boosted overall exports in the auto component industry, as these manufacturers export components from their operations based in India to meet their global requirements.

The auto component industry can be broadly divided on the basis of its usage pattern as original equipment manufacturers (OEM), export and aftermarket. We primarily cater to the OEM customers.

In view of the above the future outlook of the company continues to be extremely encouraging. To ensure customer satisfaction through guaranteeing of material availability, Company has undertaken implementation of Theory of Constraints. The Company also has undertaken steps for debottlenecking of capacity and extending manufacturing facility at Satellite plants, to enhance customer satisfaction.

The Company is also working on developments of modular type cooling system for 500Kva DG sets and advanced cooling module for construction machinery segment. The Directors are continuously looking for avenues for future growth of the Company in auto component industry.

Today, the challenges faced by Tata Toyo will be different from the ones faced in the earlier years. Obtaining price corrections from customers, gaining competitive advantage over competitors through continuous strive for cost reduction, VAVE, Six Sigma Projects, Guaranteeing availability of parts to the customers, building capacity and capability for manufacturing, competitive new product development, infusion of new technology, superior work practices will be required by customers.

The Company is confident that with these efforts it will successfully meet the new demand of the market and will improve its performance during 2011-12.

CONTINGENT LIABILITIES:

Rs. In Millions

Sr. No	Particulars	As at 31.03.2011	As at 31.03.2010
a.	Bills Discounted (with recourse)	686.500	838.413
b.	Sales Tax Matters	46.030	2.512
c.	Income Tax matters	32.974	32.974
d.	Customs Duty Matters	2.267	1.605
e.	Excise related matters	0.951	0.951

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Tooling

· 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.29
UK Pound	1	Rs.86.44
Euro	1	Rs.68.95

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.