1. Summary Information

		Country	India
Company Name	BACHI SHOES LIMITED	Principal Name 1	Mr. Gopalakrishna Pullela Varadarajulu
Status	Good	Principal Name 2	Mr. Vishwanath Pullela Rajagopal
		Registration #	18-037515
Street Address	No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamil Nadu
Established Date	14.02.1997	SIC Code	--
Telephone#	91-4172-307000/100	Business Style 1	Manufacturer
Fax #	91-4172-244598	Business Style 2	Exporter
Homepage	www.bachishoes.com	Product Name 1	Leather Shoe Uppers with Components
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 628,000 Million	Product Name 3	--
Shareholders	Bodies corporate 76.00%, Directors or relatives of directors 24.00%	Banking	Indian Overseas Bank
Public Limited Corp.	No	Business Period	16 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (61)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Tata International Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,462,710,000	Current Liabilities	1,384,220,000
Inventories	422,689,000	Long-term Liabilities	260,715,000
Fixed Assets	541,662,000	Other Liabilities	130,447,000
Deferred Assets	000	Total Liabilities	1,775,382,000
Invest& other Assets	31,784,000	Retained Earnings	682,835,000
		Net Worth	683,463,000
Total Assets	2,458,845,000	Total Liab. & Equity	2,458,845,000
Total Assets (Previous Year)	1,979,150,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	1,855,238,000	Net Profit	170,535,000
Sales(Previous yr)	758,992,000	Net Profit(Prev.yr)	144,885,000

MIRA INFORM REPORT

Report Date :

16.08.2013

IDENTIFICATION DETAILS

Name :	BACHI SHOES LIMITED (w.e.f. 08.04.2011)
Formerly Known As :	BACHI SHOES (INDIA) PRIVATE LIMITED
Registered Office :	No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.02.1997
Com. Reg. No.:	18-037515
Capital Investment / Paid-up Capital :	Rs. 0.628 Million
CIN No.: [Company Identification No.]	U18209TN1997PLC037515
TAN No.: [Tax Deduction & Collection Account No.]	CHEB03057F/ CHEB05227F
PAN No.: [Permanent Account No.]	AABCB2609J/ AAAFB0587B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of Leather Shoe Uppers with Components.
No. of Employees :	Not Available

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 2730000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A+ [Long Term Facilities]
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	November 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.

INFORMATION DECLINED BY

Name :	Mr. P. Vijay Raghavan
Designation :	Chief Finance Officer
Contact No.:	91-041–72307000

LOCATIONS

Registered / Corporate Office :	No. 47 (Old No. 14), Thiyagarajapuram, Vellore – 632001, Tamilnadu, India
Tel. No.:	91-4172-307000/100
Fax No.:	91-4172-244598
E-Mail :	bachiind@bachishoes.com
Website :	www.bachishoes.com
Head / Branch Office :	No.15, Sami Mudali Street, Perimet, Chennai - 600003, Tamilnadu, India
Tel. No.:	91-44-25612571/ 25612876
Fax No.:	91-44-25612876
E-Mail :	bsipl@md3.vsnl.net.in bachiind@md3.vsnl.net
Factory 1 :	147/148 SIPCOT Complex, SIDCO Industrial Estate, Ranipet – 632403, Tamilnadu, India
Tel. No.:	91-4172-244390/ 244398
Fax No.:	91-4172-244598
E-Mail :	bsipl@md3.vsnl.net.in
Area :	50000 sq. ft
Location :	Leased
Factory 2 :	149, 160, 161 SIPCOT Complex, SIDCO Industrial Estate, Ranipet – 632403, Tamilnadu, India
Tel. No.:	91-4172-244390/ 244398
Fax No.:	91-4172-244598
E-Mail :	bsipl@md3.vsnl.net.in
Area :	50000 sq. ft
Location :	Leased
Factory 3 :	48B, Phase II, SIPCOT Complex, Ranipet – 632403, Tamilnadu, India
Factory 4 :	46 C, Phase II, SIPCOT Complex, Ranipet – 632403, Tamilnadu, India
Factory 5 :	7/3, Old Piniji Road, Jayarampet, Ranipet – 632403, Tamilnadu, India
Factory 6 :	80 Gudiyatham Road, Periyavarrikam, Thuthipet, Ambur – 632811, Tamilnadu, India

DIRECTORS

AS ON 14.08.2012

Name :

Mr. Gopalakrishna Pullela Varadarajulu

Designation :

Managing Director

Address :

15, Sami Mudali Street, Periamet, Chennai – 600003, Tamil Nadu, India

Date of Birth/Age :

12.05.1966

Qualification :

B.Com. Diploma in Full Shoe Technology

Experience :

13 Years

Date of Appointment :

05.11.2001

PAN No.:

AAFPG1993D

DIN No.:

00417691

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U18209TN1997PLC037515	BACHI SHOES LIMITED	Managing director	1/11/2010	5/11/2001	Active	NO
U91110TN2004PTC053638	CONSORTIUM OF SHOE MANUFACTURERS PRIVATE LIMITED	Director	5/07/2004	5/07/2004	Active	NO
U51900TN2009PTC073802	RITEBRAND RETAIL PRIVATE LIMITED	Director	8/12/2009	8/12/2009	Active	NO
U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Whole-time director	1/11/2010	1/11/2010	Active	NO

Name :

Mr. Vishwanath Pullela Rajagopal

Designation :

Director

Address :

8A, Thiagarajapuram, Vellore – 632001, Tamil Nadu, India

Date of Birth/Age :

23.10.1952

Qualification :

B Com

Date of Appointment :

14.02.1997

DIN No.:

00417622

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U18209TN1997PLC037515	BACHI SHOES LIMITED	Director	14/02/1997	14/02/1997	-	Active	NO
U74999TN1997PTC039677	JUPITER SEA AND AIR SERVICES PRIVATE LIMITED	Director	26/12/1997	26/12/1997	-	Active	NO
U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Nominee director	21/06/2005	21/06/2005	29/03/2011	Active	NO
U63010TN2008PTC067119	HERCULES CARGO SOLUTIONS PRIVATE LIMITED	Director	2/04/2008	2/04/2008	5/03/2009	Active	NO
U51900TN2009PTC073802	RITEBRAND RETAIL PRIVATE LIMITED	Director	8/12/2009	8/12/2009	-	Active	NO

Name :

Noel Naval Tata

Designation :

Additional Director

Date of Birth/Age :

12.11.1956

Qualification :

Graduate from Sussex (UK)

Date of Appointment :

24.12.2010

DIN No.:

00024713

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	U63040MH1993PTC070465	DKI TRAVEL SERVICES PRIVATE LIMITED	Director	01/06/1994	01/06/1994	18/04/2011	Active	NO
2	L24240MH1952PLC008951	TRENT LIMITED	Director	05/08/2011	18/12/1997	-	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	27/01/2003	27/01/2003	-	Active	NO
4	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Nominee director	07/08/2003	07/08/2003	-	Active	NO
5	U70101MH2004PTC145888	LORIMAR PROPERTIES PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Active	NO
6	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	09/06/2004	09/06/2004	-	Active	NO
7	U70102MH1994PTC076582	SATNAM DEVELOPERS AND FINANCE PRIVATE LIMITED	Nominee director	21/08/2004	21/08/2004	-	Amalgamated	NO
8	U91990MH2005GAP151959	RETAILERS ASSOCIATION OF INDIA	Director	14/03/2005	14/03/2005	-	Active	NO
9	U74899DL1995PLC073520	TRENT BRANDS LIMITED	Nominee director	27/04/2005	27/04/2005	10/05/2010	Active	NO
10	U70109MH2006PLC160918	LANDMARK LIMITED (PART IX)	Nominee director	31/03/2006	31/03/2006	-	Active	NO
11	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	10/05/2007	10/05/2007	09/09/2010	Active	NO
12	U74140MH2007PTC172569	IL&FS MILESTONE REALTY ADVISORS PRIVATE LIMITED	Director	26/09/2008	14/08/2007	09/09/2010	Active	NO
13	U65991MH2007PTC169267	VIRTUOUS TRUSTEES PRIVATE LIMITED	Director	29/09/2008	21/09/2007	22/12/2009	Active	NO
14	U67100MH2007PTC169947	TREXA ADMC PRIVATE LIMITED	Director	11/10/2008	21/09/2007	29/05/2012	Active	NO
15	L24202MH1920PLC000825	KANSAI NEROLAC PAINTS LIMITED	Director	24/06/2008	27/10/2007	-	Active	NO
16	U51900MH2008PLC184184	TRENT HYPERMARKET LIMITED	Director	30/09/2010	12/08/2008	-	Active	NO
17	U74900HR2009FTC043768	INDITEX TRENT RETAIL INDIA PRIVATE LIMITED	Director	27/10/2009	27/10/2009	-	Active	NO
18	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Nominee director	09/04/2010	09/04/2010	-	Active	NO
19	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Managing director	26/08/2010	05/05/2010	-	Active	NO
20	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	08/08/2011	01/11/2010	-	Active	NO
21	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO

Name :

Mr. Ajay Murlidhar Ponkshe

Designation :

Additional Director

Date of Birth/Age :

27.02.1960

Qualification :

B.com, CA, ACS

Date of Appointment :

24.12.2010

DIN No.:

01663073

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	U19120MH1978PTC147888	CHAMBAL LEATHERS PRIVATE LIMITED	Additional director	12/07/2007	12/07/2007	22/03/2011	Active	NO
2	U19120MH1978PTC147885	NARMADA LEATHERS PRIVATE LIMITED	Director	28/09/2007	12/07/2007	23/03/2011	Active	NO
3	U19120MH1977PTC147887	M. P. LEATHERS PRIVATE LIMITED	Director	28/09/2007	12/07/2007	18/03/2011	Active	NO
4	U19120MH1977PTC147886	DEWAS TANNERIES PRIVATE LIMITED	Director	28/09/2007	12/07/2007	-	Active	NO
5	U01111DL1989PTC036899	PRAN AGRO SERVICES PRIVATE LIMITED	Director	29/09/2007	12/07/2007	-	Active	NO
6	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	16/07/2007	16/07/2007	-	Active	NO
7	U34200MH2005PTC154348	TATA INTERNATIONAL DLT PRIVATE LIMITED	Director	06/09/2007	27/08/2007	-	Active	NO
8	U19120MH1978PTC147884	TAPTI LEATHERS PRIVATE LIMITED	Director	28/09/2007	28/09/2007	07/06/2010	Active	NO
9	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	17/09/2010	30/03/2009	-	Amalgamated	NO
10	U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO
11	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO
12	U74140TN1992PLC022838	TRENT RETAIL SERVICES LIMITED	Additional director	31/01/2012	31/01/2012	-	Active	NO
13	U19200MH2012PLC229877	TATA INTERNATIONAL WOLVERINE BRANDS LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO

Name :

Opender Kumar Kaul

Designation :

Director

Date of Birth/Age :

30.10.1948

Qualification :

M. Tech in leather

Date of Appointment :

24.12.2010

DIN No.:

01474455

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	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	08/03/2007	08/03/2007	-	Amalgamated	NO
2	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	08/08/2009	02/03/2009	01/04/2012	Active	NO
3	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Whole-time director	01/04/2009	01/04/2009	31/03/2012	Active	NO
4	U34200MH2005PTC154348	TATA INTERNATIONAL DLT PRIVATE LIMITED	Director	13/07/2009	28/04/2009	-	Active	NO
5	U19116TN2005PLC056665	EURO SHOE COMPONENTS LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO
6	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO

Name :

Homiar Sorabji Vachha

Designation :

Director

Date of Birth/Age :

23.04.1942

Qualification :

MA, Phd (Economics)

Date of Appointment :

24.12.2010

DIN No.:

00016610

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	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
2	U24100MH1980PTC022617	BO-CHEM PRIVATE LIMITED	Director	25/07/1997	25/07/1997	01/04/2010	Active	NO
3	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	08/02/1999	08/02/1999	-	Active	NO
4	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	25/11/1999	25/11/1999	-	Active	NO
5	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	30/03/2001	30/03/2001	-	Active	NO
6	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO
7	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Director	20/05/2009	03/01/2009	-	Active	NO
8	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	17/09/2010	30/03/2009	-	Amalgamated	NO
9	U18209TN1997PLC037515	BACHI SHOES LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.08.2012

Names of Shareholders	No. of Shares
Gopalakrishna Pullela Varadarajulu	1508
Tata International Limited, India	4767
Tata International Limited, India Jointly With Ajay Ponkshe	1
Tata International Limited, India Jointly With N. Mohan	1
Tata International Limited, India Jointly With P Vijayaraghavan	1
Tata International Limited, India Jointly With Atul Nagrath	1
Tata International Limited, India Jointly With Anil Dhar	1
TOTAL	6280

AS ON 14.08.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	76.00
Directors or relatives of directors	24.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Trader of Leather Shoe Uppers with Components.

Products :

ITC Code	Product Descriptions
64061020	Shoe Upper
64041990	Full Shoes

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity
Finished Leather – Leather Division	275000

Particulars	Actual Production
Shoe uppers - pairs	1088558
Full shoes - pairs	954629
Leather Division
Finished leather - Own	41506
Job work	43703

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, Purasawalkam Branch, No. 15, Hunters Road, Doveton, Chennai – 600112, Tamil Nadu, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	88.164
Short Term Borrowings
Loans Repayable on Demand From Banks	36.644
Others Loans and Advances	135.907
TOTAL	260.715

Secured Loan	As on 31.03.2011 [Rs. in Millions]
Rupee Term loans Banks	20.669
Working Capital Loans	87.065
Other Debts	3.487
TOTAL	111.221

NOTES:

(A) Indian overseas bank a/c.4- Repayable within 1 year Rs.1.000 Millions Indian overseas bank a/c.3-Repayable within 1 year Rs.3.000 Millions Indian overseas bank a/c.8-Repayable within 1 year Rs.2.175 Millions Indian overseas bank - Term Loan III-Repayable within 1 year Rs.0.319 Million Indian overseas bank - Term Loan IV-Repayable within 1 year Rs.1.667 Millions

(B) Indian overseas bank a/c.4-Repayable within 1 year Rs.1.000 Million Indian overseas bank a/c.3-Repayable within 1 year Rs.3.000 Millions

(C) Secured by hypothecation of stocks and collateral of existing and future Block of assets of the company and personal guarantee of Managing Director

(D) Secured by hypothecation of stocks and collateral of existing and future Block of assets of the company and personal guarantee of Managing Director

(E) Secured by document of title to goods/accepted Hundies and collateral of existing and future Block of assets of the company; 46B, SIPCOT industrial complex Phase II, Narasingapuram, Ranipet and personal guarantee of M.D

Indian overseas bank a/c.8

(Secured by hypothecation of machinery, purchased with the term loan and collateral of existing and future Block of assets of the company and personal guarantee of M.D)

Indian overseas bank - Term Loan IV

(Secured by hypothecation of machinery, purchased with the term loan and collateral of existing and future Block of assets of the company and 46B, SIPCOT Industrial Complex Phase II, Narasingapuram, Ranipet and personal guarantee of M.D)

Indian overseas bank a/c - Leather Division

(Secured by hypothecation of machinery, purchased with the term loan and collateral of land and building a at S.F.No.163,164 165, 166, 167/1,167/2 and 168/3 at Periavarikkam Village, Vaniyambaditaluk and personal Guarantee of Managing Director)

Banking Relations :	--
Auditors :
Name :	V. S. Athmanathan and Company Chartered Accountants
Address :	8 B, Thyagarajapuram, Vellore – 632001, Tamilnadu, India
PAN No:	AADPM6136G
Holding Company :	Tata International Limited
Associates of Holding Company :	Tata Ceramics Limited (w.e.f 12.09.2011)
Joint Ventures of Holding Company :	· Tata Precision Industries Limited · Drive India Enterprise Solutions Limited (ceased to be a JV and became a subsidiary Tata International DLT(P) Limited
Joint Ventures :	Rite Brand Retail Private Limited
Fellow Subsidiaries :	· Tata Africa Holdings (SA) (Proprietary) Limited · Tata International (Australia) Proprietary Limited · Tata South-East Asia Limited · Tata West Asia FZE · Tata Africa Holdings (Ghana) Limited · TATA Africa Holdings (Kenya) Limited · Tata Africa Holdings (Tanzania) Limited · Tata Africa Services (Nigeria) Limited · Tata Africa Steel Processors (Proprietary) Limited · Tata Automobile Corporation (SA) (Proprietary) Limited · Tata Holdings Mocambique Limitada · Tata De Mocambique, Limitada · Tata Namibia (Pty) Limited · Tata Uganda Limited · Tata Zambia Limited · Tata Zimbabwe (Private) Limited · Blackwood Hodge Zimbabwe (Private) Limited · Cometal, S.A.R.L. · Light Source Manufacturers Limited · Pamodzi Hotels Plc · Graziella Shoes Limited · Tata Africa (Senegal) S.A.R.L. · TIL Leather Mauritius Limited · Move on Componentes Ecalcado, S.A. (w.e.f. 09.05.2011) · Calsea Footwear Private Limited (w.e.f. 09.05.2011) · Drive India Enterprise Solutions Limited (w.e.f. 30.09.2011) · Tata International Trading Brasil Ltda (w.e.f. 11.04.2011) · Tata International Singapore Pte Limited (w.e.f. 01.11.2011) · Monroa Portugal, Comercio E Servicos, Unipessoal · Move On Retail Spain, S.L. (w.e.f. 03.01.2012) · Tahl (Mauritius) Power Projects Limited w.e.f 27-Feb-2012 · Tahl (Mauritius) Mining Projects Limited w.e.f 27-Feb-2012

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6280	Equity Shares	Rs.100/- each	Rs.0.628 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.628
(b) Reserves & Surplus	682.835
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	683.463
(3) Non-Current Liabilities
(a) long-term borrowings	88.164
(b) Deferred tax liabilities (Net)	26.515
(c) Other long term liabilities	0.000
(d) long-term provisions	5.309
Total Non-current Liabilities (3)	119.988
(4) Current Liabilities
(a) Short term borrowings	172.551
(b) Trade payables	1301.199
(c) Other current liabilities	83.021
(d) Short-term provisions	98.623
Total Current Liabilities (4)	1655.394
TOTAL	2458.845
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	537.451
(ii) Intangible Assets	4.211
(iii) Capital work-in-progress	1.424
(iv) Intangible assets under development	0.000
(b) Non-current Investments	30.360
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	8.327
(e) Other Non-current assets	2.740
Total Non-Current Assets	584.513
(2) Current assets
(a) Current investments	0.000
(b) Inventories	422.689
(c) Trade receivables	132.618
(d) Cash and cash equivalents	35.622
(e) Short-term loans and advances	93.126
(f) Other current assets	1190.277
Total Current Assets	1874.332
TOTAL	2458.845

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.628	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		710.726	328.723
4] (Accumulated Losses)		0.000	0.000
NETWORTH		711.354	328.823
LOAN FUNDS
1] Secured Loans		111.221	83.730
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		111.221	83.730
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		822.575	412.553
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		336.584	79.097
Capital work-in-progress		0.000	0.000
INVESTMENT		292.483	33.199
DEFERREX TAX ASSETS		9.891	7.467
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	376.850	117.546
	Sundry Debtors	794.948	61.267
	Cash & Bank Balances	139.509	157.187
	Other Current Assets	0.000	0.000
	Loans & Advances	28.885	29.591
Total Current Assets		1340.192	365.591
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	469.393	66.873
	Other Current Liabilities	624.231	0.000
	Provisions	62.951	5.928
Total Current Liabilities		1156.575	72.801
Net Current Assets		183.617	292.790
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		822.575	412.553

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1855.238	758.992	668.587
		Other Income	16.563	208.819	81.854
		TOTAL (A)	1871.801	967.811	750.441
Less	EXPENSES
		Consumption materials changes inventories	914.839	484.413	453.464
		Manufacturing service costs	0.000	91.847	69.791
		Purchase of stock in trade	2.805	0.000	0.000
		Employee related expenses	336.422	82.895	54.619
		Administrative selling other expenses	0.000	73.528	50.046
		Other expenses	299.019	0.000	0.000
		Prior Period Items	(43.407)	4.944	7.494
		Changes in inventories of finished goods, work in progress and stock in trade	(12.341)	0.000	0.000
		TOTAL (B)	1497.337	737.627	635.414
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		374.464	230.184	115.027
Less	FINANCIAL EXPENSES (D)		36.331	4.892	2.506
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		338.133	225.292	112.521
Less/ Add	DEPRECIATION/ AMORTISATION (F)		55.187	42.527	16.293
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		282.946	182.765	96.228
Less	TAX (H)		112.411	37.880	34.375
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		170.535	144.885	61.853
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.398	328.593	266.740
Less	APPROPRIATIONS
		Transfer to General Reserve	17.100	14.500	0.000
		Interim Dividend	0.000	349.826	0.000
		Proposed Dividend	98.580	56.754	0.000
	BALANCE CARRIED TO THE B/S		107.253	52.398	328.593
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	1602.123	681.595	582.070
	IMPORTS
		Raw Materials	NA	171.439	109.188
		Stores & Spares	NA	97.280	55.390
		Capital Goods	NA	17.964	7.666
	TOTAL IMPORTS		NA	286.683	172.244
	Earnings / (Loss) Per Share (Rs.)		27155.26	24622.00	10511.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.11	14.97	8.24
Net Profit Margin (PBT/Sales)	(%)	15.25	24.08	14.39
Return on Total Assets (PBT/Total Assets}	(%)	11.65	10.90	21.64
Return on Investment (ROI) (PBT/Networth)		0.41	0.26	0.29
Debt Equity Ratio (Total Debt/Networth)		0.38	0.15	0.25
Current Ratio (Current Asset/Current Liability)		1.13	1.16	5.02

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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90289412	16/06/2005	525,350.00	SUNDARAM FINANCE LIMITED	NO. 21 PATULLOS ROAD, CHENNAI- 600002, TAMILNADU, INDIA	-
2	90289371	20/05/2005	421,000.00	SUNDARAM FINANCE LIMITED	NO. 21 PATULLOS ROAD, CHENNAI- 600002, TAMILNADU, INDIA	-
3	80037510	15/09/2011 *	807,639,604.00	INDIAN OVERSEAS BANK	PURASAWALKAM BRANCH, NO.15, HUNTERS ROAD, CHENNAI - 600112, TAMILNADU, INDIA	B22490908
* Date of charge modification

PERFORMANCE OF THE COMPANY:

The Total revenue from operations rose to Rs. 1871.802 Millions in 2011-12 from Rs. 953.274 Millions from the previous year 2010-11. The growth achieved is 96.36% and is due to acquisition of business from Bachi Shoes and Jai Bharat Tanners. They like to like actual growth stood at 27.98 % over the previous year. The profit before taxes at Rs.282.946 Millions has gone up by 54.76 % from the previous year's profit of Rs.182.765 Millions.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Fittings

· Data processing machines

· Buses and Van

· Motor Vehicles

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.61.52
UK Pound	1	Rs.94.99
Euro	1	Rs.81.63

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.