MIRA INFORM REPORT

Report Date :

02.05.2013

IDENTIFICATION DETAILS

Name :	TATA CONSULTANCY SERVICES LIMITED
Registered Office :	9^th Floor, Nirmal Building, Nariman Point, Mumbai - 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.01.1995
Com. Reg. No.:	11-084781
Capital Investment / Paid-up Capital :	Rs. 2957.200 Millions
CIN No.: [Company Identification No.]	L22210MH1995PLC084781
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00681C MUMT11446B
PAN No.: [Permanent Account No.]	AAACR4849R
Legal Form :	A public limited liability company. The Company’s shares are listed on the stock exchange.
Line of Business :	Providing Information Technology (IT) and Consultancy Services including systems, hardware and software, communications and networking, hardware sizing and capacity planning, software management solutions, technology education services and business process outsourcing.
No. of Employees :	238583 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1302490000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having excellent track record. It is a part of Tata group, country’s premier industrial house. Fundamentals are strong and healthy. Payments are always correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in medium to long run.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AAA (Fund Based Limit)
Rating Explanation	Having highest degree of safety regarding timely servicing of financial obligations. It carry lowest credit risk.
Date	September 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

Management non co-operative

LOCATIONS

Registered Office :	9^th Floor, Nirmal Building, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-67789595
Fax No.:	91-22-67509333 / 67789660
E-Mail :	suprakash.mukhopadhyay@tcs.com investor.relations@tcs.com sh.rajadhyaksha@tcs.com tcs@tata.com
Website :	www.tcs.com
Corporate Office / Regional Office :	TCS House, Raveline Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-67789999
Fax No.:	91-22-67789000
E-Mail :	Investor.relations@tcs.com

DIRECTORS

AS ON 31.03.2012

Name :	Mr. R N Tata
Designation :	Chairman
Date of Birth/Age :	28.12.1937
Qualification :	Bachelor of Science degree in Architecture from Cornell University. Completed the Advanced Management Program Conducted by Harvard University
Date of Appointment :	05.05.2004
Other Directorship:	Tata Sons Limited Tata Industries Limited Tata Steel Limited Tata Motors Limited Tata Chemicals Limited The Indian Hotels Company Limited The Tata Power Company Limited Tata Tea Limited Tat Autocomp Systems Limited The Bombay Dyeing and Manufacturing Company Limited Tata Teleservices Limited Tata Teleservices [Maharashtra] Limited Hindustan Aeronautics Limited
Name :	Mr. S Ramadorai
Designation :	Vice Chairman
Date of Birth/Age :	06.10.1944
Qualification :	Bachelor’s degree in Physics from Delhi University, Bachelor’s degree in Electronics and Telecommunications from Indian Institute of Science, Bangalore, Master’s degree in Computer Science from University of California, USA and Executive MBA from Sloan School of Management, Massachusetts Institute of Technology(MIT).
Date of Appointment :	05.05.2004
Other Directorship:	Tata Industries Limited Tata Elxsi Limited Tata Technologies Limited CMC Limited Hindustan Unilever Limited Piramal Healthcare Limited Tata Teleservices (Maharashtra) Limited Tata Communications Limited Computational Research Laboratories Limited Asian Paints Limited Tata Advanced Systems Limited BSE Limited Tata Lockheed Martin Aerostructures Limited Tara Aerospace Systems Limited
Name :	Mr. Aman Mehta
Designation :	Director
Date of Birth/Age :	01.09.1946
Qualification :	Bachelors degree in Economics from Delhi University
Date of Appointment :	06.05.2004
Directorship held in other Public Companies (excluding foreign companies) :	· Wockhardt Pharmaceuticals Limited · Jet Airways Limited · Max Healthcare Institute Limited · Godrej Consumer · Products limited · Cairn India limited
Name :	Mr. V Thyagarajan
Designation :	Director
Date of Birth/Age :	19.04.1946
Qualification :	B. Tech [Elec] and M.B.A. from the Indian Institute of Management Ahmedabad
Date of Appointment :	05.09.2005
Other Directorship:	Glaxo Smithkline Pharmaceuticals Limited
Name :	Mr. Clayton M Christensen
Designation :	Director
Date of Birth/Age :	06.04.1952
Qualification :	B.A. (Economics), M.Phil. (Economics), MBA and DBA from Harvard Business School
Date of Appointment :	12.01.2006
Name :	Mr. Ron Sommer
Designation :	Director
Date of Birth/Age :	29.07.1949
Qualification :	Ph .D in mathematics
Date of Appointment :	05.09.2006
Other Directorship:	Sistema Shyam Teleservices Limited
Name :	Mr. Laura M. Cha
Designation :	Director
Date of Birth/Age :	05.12.1949
Qualification :	B A JD (Juris Doctor i.e, doctor of law)
Date of Appointment :	02.11.2006
Name :	Dr. Vijay Kelkar
Designation :	Director
Name :	Mr. Ishaat Hussain
Designation :	Director
Name :	Mr. N. Chandrasekaran
Designation :	Managing Director and Chief Executive Officer
Name :	Mr. S. Mahalingam
Designation :	Chief Finance Officer and Executive Director
Name :	Mr. Phiroz Vandrevala
Designation :	Executive Director
Name :	Mr. O P Bhatt
Designation :	Director
Date of Birth/Age :	07.03.1951
Qualification :	Graduate degree in Science, Post Graduate degree in English Literature (Gold Medal).
Date of Appointment :	02.04.2012
Other Directorship:	Oil and Natural Gas Corporation Limited Hindustan Unilever Limited
Name :	Prof. Cyrus P Mistry
Designation :	Director
Date of Birth/Age :	04.07.1968
Qualification :	Graduate degree in Civil Engineering from Imperial College, UK, M.Sc. in Management from London Business School.
Date of Appointment :	02.04.2012
Other Directorship:	Tata Sons Limited Tata Industries Limited The Tata Power Company Limited Tata Teleservices Limited Tata Steel Limited

KEY EXECUTIVES

Name :	Mr. Suprakash Mukhopadhyay
Designation :	Company Secretary
Management Team:
Corporate:	Mr. N. Chandrasekaran (Chief Executive Officer) Mr. S Mahalingam (Chief Finance Officer) Mr. Ajoyendra Mukherjee (Global Human Resources)
Geography Heads:	Mr. Surya Kant (North America, UK and Europe) Mr. Henry Manzano (Latin America) Ravi Viswanathan (India, APAC, Middle-East and Africa) Srinivasa G Raghavan Girija Pande Vish Iyer Qi Qi Dong Masahiko Kaji Varun Kapur
Marketing :	Mr. John Lenzen
Corporate Communication :	Ms. Pradipta Bagchi
Research and Development :	Mr. K. Ananth Krishnan
Human Resources :	Ms. Ritu Anand Mr. Ashok Mukherjee Mr. K. Ganesan Mr. Thomas Simon Mr. S. Narasimhan
Legal :	Mr. Satya Hegde
Finance :	Mr. B. Sanyal Mr. V. Ramakrishnan Mr. Pauroos Karkaria Mr. G.S. Lakshminathan Mr. Rajesh Gopinathan Mr. Dharmesh Gandhi
Chief Compliance Officer :	Mr. Ravindra J Shah
Security :	Mr. R. K. Raghavan
Industry Service Units:
Banking and Financial Services :	Mr. K Krithivasan Mr. Ramanamurthy Magapu Mr. Susheel Vasudevan
Insurance and Healthcare :	Mr. Suresh Muthuswami Ms. Vijaya Deepti Ms. Syama Sundar
Life Sciences, Energy, Resources and Utilities and Manufacturing :	Mr. Debashis Ghosh Mr. Hasit Kaji Mr. Milind Lakkad Mr. Sudheer Warrier
Telecom, Media and Hi-Tech :	A S Lakshminarayanan Kamal Bhadada Nagaraj Ijari N Sivasamban
Retail and CPG and Travel and Hospitality :	Pratik Pal S Sukanya
Government :	Tanmoy Chakrabarty
Strategic Growth Units:
TCS Financial Services, iON, Small and Medium Business and Platform BPO :	N G Subramaniam Venguswamy Ramaswamy Raj Agrawal
Service Units:
Global Consulting Practice:	Mr. J Rajagopal
Engineering and Industrial Services :	Mr. Regu Ayyaswamy
Infrastructure Services :	Mr. P R Krishnan
BPO :	Mr. Abid Ali Neemuchwala
Assurance Services :	Mr. Siva Ganesan
Enterprise Solutions :	Mr. Krishnan Ramanujam
Alliances :	Mr. K Jayaramakrishnan
Internal IT :	Mr. Alok Kumar

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1445942086	73.88
Any Others (Specify)	1607624	0.08
Trusts	1607624	0.08
Sub Total	1447549710	73.96
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1447549710	73.96
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	20069992	1.03
Financial Institutions / Banks	272598	0.01
Central Government / State Government(s)	225107	0.01
Insurance Companies	86000073	4.39
Foreign Institutional Investors	315800435	16.14
Sub Total	422368205	21.58
(2) Non-Institutions
Bodies Corporate	5891618	0.3
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	65690001	3.36
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	14222034	0.73
Any Others (Specify)	1499428	0.08
Trusts	311769	0.02
Clearing Members	1187381	0.06
Foreign Corporate Bodies	278	0
Sub Total	87303081	4.46
Total Public shareholding (B)	509671286	26.04
Total (A)+(B)	1957220996	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	1957220996	0

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total	No	As a percentage	As a % of
1	Tata Sons Limited	1,44,34,51,698	73.75	69170000	4.79	3.53	73.75
2	Jamsetji Tata Trust	11,60,280	0.06	0	0	0	0.06
3	Tata Industries Limited	10,29,700	0.05	0	0	0	0.05
4	AF-Taab Investment Company Limited	7,61,952	0.04	0	0	0	0.04
5	Tata Investment Corporation Limited	5,90,452	0.03	0	0	0	0.03
6	Navajbai Ratan Tata Trust	4,47,344	0.02	0	0	0	0.02
7	Tata International Limited	83,232	0	83232	100	0	0
8	Kalimati Investment Company Limited	24,400	0	0	0	0	0
9	Tata Power Company Limited	452	0	0	0	0	0
10	Tata Capital Limited	200	0	0	0	0	0
	Total	1,44,75,49,710	73.96	69253232	4.78	3.54	73.96 Bottom of Form

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	50528386	2.58	2.58
2	Franklin Templeton Investment Funds	31499741	1.61	1.61
	Total	82028127	4.19	4.19 Bottom of Form

BUSINESS DETAILS

Line of Business :

Providing Information Technology (IT) and Consultancy Services including systems, hardware and software, communications and networking, hardware sizing and capacity planning, software management solutions, technology education services and business process outsourcing.

Products :

Product Description	Item Code (ITC Code)
Computer Software	85249009

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Document processing systems	45000	4314

GENERAL INFORMATION

Customers :

• ABB
• Agilent Technologies
• Ferrari Scuderia
• Hays
• HP
• Motorola
• National Insurance Company
• Prudential
• PPG
• Sanyo Logistics Corporation
• Tata Power
• United Utilities
• United Biscuits
• 3 Australia

No. of Employees :

238583 (Approximately)

Bankers :

• Standard Chartered Grindlays Bank Limited
• Citibank N.A.
• The National Bank of Bahrain
• ABN Amro, U.S.A.
• Credit Suisse, Switzerland
• Bank Tejarat, Iran
• Nepal Arab Bank Limited, Nepal
• ABN Amro, Malaysia
• UNI Bank, Denmark
• CIBC Bank, Canada
• DBS, Singapore
• Kotak Mahindra Bank, Fort, Mumbai, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
LONG TERM BORROWINGS
Long term maturities of obligations under finance lease	815.900	934.700
SHORT - TERM BORROWINGS
From Banks	0.000	0.000
Overdraft	800.200	0.000
TOTAL	1616.100	934.700
NOTE LONG TERM BORROWINGS Obligations under finance lease are secured against fixed assets obtained under finance lease arrangements. SHORT - TERM BORROWINGS Bank Overdrafts are secured against book debts.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000000	Equity Shares	Rs.1/- each	Rs. 2250.000 Millions
1000000000	Redeemable Preference Shares	Rs.1/- each	Rs. 1000.000 Millions
	TOTAL		Rs. 3250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1957220996	Equity Shares	Rs.1/- each	Rs. 1957.200 Millions
1000000000	Redeemable Preference Shares	Rs.1/- each	Rs. 1000.000 Millions
	TOTAL		Rs. 2957.200 Millions

NOTES

a) Reconciliation of number of shares

	As at March 31, 2013
	Number of shares	Amount (in millions)
Equity shares
Opening balance	195,72,20,996	1957.200
Changes during the year	-	-
Closing balance	195,72,20,996	1957.200
Preference shares
Opening balance	100,00,00,000	1000.000
Changes during the year	-	-
Closing balance	100,00,00,000	1000.000

b) Rights, preferences and restrictions attached to shares

Equity shares

The Company has one class of equity shares having a par value of Rs. 1 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Preference shares

Preference shares would be redeemable at par at the end of six years from the date of allotment i.e. March 28, 2008, but may be redeemed at any time after 3 years from the date of allotment at the option of shareholder. These shares would carry a fixed cumulative dividend of 1% per annum and a variable non-cumulative dividend of 1% of the difference between the rate of dividend declared during the year on the equity shares of the Company and the average rate of dividend declared on the equity shares of the Company for three years preceding the year of issue of the redeemable preference shares.

c) Shares held by holding company, its subsidiaries and associates

(Rs. in millions)

	As at March 31, 2012
Equity shares
Holding Company
144,34,51,698 equity shares (March 31, 2012 : 144,34,51,698 equity shares) are held by Tata Sons Limited	1443.500
Subsidiaries and associates of Holding Company
10,29,700 equity shares (March 31, 2012 : 10,29,700 equity shares) are held by Tata Indus tries Limited	1.000
NIL equity shares (March 31, 2012 : 20,70,735 equity shares) are held by Tata AIG Life Insurance Company Limited	--
5,90,452 equity shares (March 31, 2012 : 5,90,452 equity shares) are held by Tata Investment Corporation Limited	0.600
200 equity shares (March 31, 2012 : 200 equity shares) are held by Tata Capital Limited	--
NIL equity shares (March 31, 2012 : 3,91,200 equity shares) are held by Tata Global Beverages Limited	--
83,232 equity shares (March 31, 2012 : 83,232 equity shares) are held by Tata International Limited	0.100
452 equity shares (March 31, 2012 : 452 equity shares) are held by The Tata Power Company Limited	--
TOTAL	1445.200
Preference shares
Holding Company
100,00,00,000 redeemable preference shares (March 31, 2012 : 100,00,00,000 redeemable preference shares) are held by Tata Sons Limited	1000.000
TOTAL	1000.000

d) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

	As at March 31, 2013
Equity shares
Tata Sons Limited, the Holding Company	144,34,51,698
	73.75%
Preference shares
Tata Sons Limited, the Holding Company	100,00,00,000
	100%

e) Shares allotted as fully paid up by way of bonus shares (during 5 years preceding March 31, 2013)

The Company allotted 97,86,10,498 equity shares as fully paid up bonus shares by utilization of Securities premium reserve on June 18, 2009 pursuant to a shareholder’s resolution passed by postal ballot on June 12, 2009.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		2957.200	2957.200	2957.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		322665.300	245609.100	192837.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		325622.500	248566.300	195794.900
LOAN FUNDS
1] Secured Loans		1616.100	934.700	323.300
2] Unsecured Loans		15.100	27.600	40.000
TOTAL BORROWING		1631.200	962.300	363.300
DEFERRED TAX LIABILITIES		1684.900	1181.000	693.200
TOTAL		328938.600	250709.600	196851.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51042.800	40636.200	34221.800
Capital work-in-progress		17638.500	13998.200	10728.600
INVESTMENT		63243.800	56883.900	57954.900
DEFERREX TAX ASSETS		1482.300	1397.400	520.300
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.400	41.400	53.700
	Sundry Debtors	112023.200	91077.200	48066.700
	Cash & Bank Balances	40541.600	32800.700	31205.200
	Other Current Assets	25635.400	30252.900	35345.500
	Loans & Advances	95416.900	59825.500	42331.400
	Unbilled Revenue	23033.500	15674.700	0.000
Total Current Assets		296714.000	229672.400	157002.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35280.400	28479.100	21533.800
	Other Current Liabilities	24245.800	17961.500	17141.800
	Provisions	41656.600	45437.900	24901.100
Total Current Liabilities		101182.800	91878.500	63576.700
Net Current Assets		195531.200	137793.900	93425.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		328938.600	250709.600	196851.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	484261.400	381042.300	292754.100
		Other Income	22303.900	26851.800	4947.300
		TOTAL (A)	506565.300	407894.100	297701.400
Less	EXPENSES
		Employee benefit expenses	170817.200	135726.800	102218.500
		Operation and other expenses	170381.500	131458.300	102900.300
		TOTAL (B)	341198.700	267185.100	205118.800
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		165366.600	140709.000	92582.600
Less	FINANCIAL EXPENSES (D)		306.200	164.000	200.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		165060.400	140545.000	92382.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8028.600	6881.700	5378.200
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		157031.800	133663.300	87004.300
Less	TAX (H)		29168.400	23903.500	11304.400
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		127863.400	109759.800	75699.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	140692.000	104581.300
Less	APPROPRIATIONS
		Interim dividends on equity shares	NA	17614.900	11743.200
		Proposed final dividend on equity shares	NA	31315.500	15657.800
		Dividend on redeemable preference shares	NA	220.000	110.000
		Tax on dividend	NA	7973.400	4508.200
		General reserve	NA	10976.000	7570.000
	BALANCE CARRIED TO THE B/S		NA	182352.000	140692.000
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	NA		1140.800
		Consultancy services	NA		265351.800
		Interest income	NA	380988.600	165.700
	TOTAL EARNINGS		NA	380988.600	266658.300
	IMPORTS
		Raw Materials	203.500	81.900	140.400
		Stores & Spares	0.100	0.100	0.100
		Capital Goods	3524.200	2274.900	3618.200
	TOTAL IMPORTS		3727.800	2356.900	3758.700
	Earnings Per Share (Rs.)		65.22	55.95	38.61

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	25.24	26.91	25.43
Net Profit Margin (PBT/Sales)	(%)	32.43	35.08	29.72
Return on Total Assets (PBT/Total Assets}	(%)	44.96	49.19	45.49
Return on Investment (ROI) (PBT/Networth)		0.48	0.54	0.44
Debt Equity Ratio (Total Debt /Networth)		0.01	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.93	2.50	2.47

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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	No
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

Unsecured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
LONG TERM BORROWINGS
Other loans and advances (from entities other than banks )	15.100	27.600
TOTAL	15.100	27.600

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012	31.03.2011
Sundry Creditors	35280.400	28479.100	21533.800
TOTAL	35280.400	28479.100	21533.800

CORPORATE INFORMATION

Subject provide a wide range of information technology and consultancy services including systems, hardware and software, communications and networking, hardware sizing and capacity planning, software management solutions, technology education services and business process outsourcing. The Company’s full services portfolio consists of Application Development and Maintenance, Business Intelligence, Enterprise Solutions, Assurance, Engineering and Industrial Services, IT Infrastructure Services, Business Process Outsourcing, Consulting and Asset Leveraged Solutions.

As of March 31, 2013, Tata Sons owned 73.75% of the Company’s equity share capital and has the ability to control its operating and financial policies. The Company’s registered office is in Mumbai and it has 58 subsidiaries across the globe.

NATURE OF BUSINESS OF AMALGAMATING COMPANIES

Retail Full Serve Limited is engaged in the business of providing information technology and business process outsourcing services.

Computational Research Laboratories Limited is engaged in the business of conducting research and development relating to high performance computing and allowing usage of computers, including providing consultation services in the field of information technology. On August 16 2012, the company has acquired 100% equity share capital of Computational Research Laboratories Limited.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As at March 31, 2013	As at March 31, 2012
Claims against the Company not acknowledged as debts	236.700	214.900
Income Tax demands	25897.300	13819.700
Indirect Tax demands	616.300	614.400
Guarantees given by the Company on behalf of subsidiaries	46274.200	33899.000
NOTES (a) TCS e-Serve Limited has received demands aggregating Rs. 5592.700 Millions (March 31, 2012: Rs. 3300.700 Millions) in respect of income tax matters in dispute. TCS e-Serve Limited has paid advance taxes aggregating to Rs. 3443.500 Millions (March 31, 2012: Rs. 3218.500 Millions) against disputed amounts for the various assessment years. The Company is entitled to an indemnification from the seller, of the above referred contingent claims on TCS e-Serve Limited, and would be required to refund to the seller, amounts equal to monies received by TCS e-Serve Limited, on all such claims, as an adjustment to the purchase price consideration. (b) The Company has provided guarantees aggregating to Rs. 29108.800 Millions (GBP 353.65 million) (March 31, 2012: Rs. 30685.500 Millions) (GBP 376.75 million) to third parties on behalf of its subsidiary Diligenta Limited. The Company does not expect any outflow of resources in respect of the above.

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Freehold Buildings
• Factory Buildings
• Leasehold Buildings
• Plant and Machineries
• Computer Equipments
• Motor Cars
• Office Equipments
• Electrical Installations
• Furniture and Fixtures
• Vehicles
• Intellectual Property / Distribution Rights

WEBSITE DETAILS

Press Release

TCS SELECTED BY NOKIA AS A GLOBAL IT PARTNER

Long-term partnership to help transform and modernize Nokia’s IT

TCS has entered into a long-term agreement with Nokia, a global leader in mobile communications, to help transform its IT landscape.

Mumbai, January 17, 2013: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, today, announced that it has entered into a long-term agreement with Nokia, a global leader in mobile communications, to help transform its IT landscape.

TCS was selected as a global IT partner after a rigorous selection process aimed at consolidating Nokia’s global internal applications suite with a single provider. The company’s core applications for Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Product Lifecycle Management (PLM), Supply Chain Management (SCM), Enterprise Information Management (EIM) and Corporate Functions (COF) will be supported and developed by TCS across the world.

As a part of this engagement, TCS will work with Nokia in realizing its future IT roadmap, driving consolidation, rationalization and simplification of applications and enabling business transformation across the core portfolios.  

“Over the years, TCS has built a strong reputation as a partner that drives simplification and business enablement using its transformational framework that allows companies to drive significant next generation benefits. This deal with Nokia reflects our capability and commitment to the Nordic region. We are delighted to partner with Nokia and contribute to its future evolution,” said Amit Bajaj, Head – Nordic and Baltic Region, TCS.

TCS’ Nordic operations comprise over 4,500 professionals working across Sweden, Finland, Norway, Denmark and Iceland, servicing leading Nordic companies such as Nokia, Ericsson, TDC, ABB, Telenor, NETS and SAS. TCS was recently recognized by a KPMG survey of 340 top Nordic companies as the number one company in terms of customer satisfaction for the third consecutive year.

About Tata Consultancy Services Limited (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 263,000 of the world’s best-trained consultants in 44 countries. The company generated consolidated revenues of US $10.17 billion for year ended March 31, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in India.

TCS TO PAY $30 MILLION TO SETTLE EMPLOYEE CLASS ACTION SUIT IN US

ET Bureau Feb 27, 2013, 06.39AM IST

MUMBAI, BANGALORE: Tata Consultancy Services (TCS) will pay $30 million (Rs 1630.000 Millions) to settle a seven year-old case in the US filed by two former employees, making it the largest employee class action suit settlement by any Indian company. Besides TCS, the case — originally filed in 2006 in California by Gopi Vedachalam and Kangana Beri — named Tata International and group holding company Tata Sons as defendants, challenging their practice requiring employees to sign over their tax refund cheques to their employer.

TCS EXPANDS UK OPERATIONS IN LIVERPOOL

New center is dedicated to public sector service delivery

TCS announces that it is expanding its operations in the UK. The company has invested in a new delivery center in Liverpool, dedicated to delivering government services that require Impact Level 3 (IL3) security constraints.

Mumbai | London, February 18, 2013: Tata Consultancy Services (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions firm, has announced that it is expanding its operations in the UK. The company has invested in a new delivery center in Liverpool, dedicated to delivering government services that require Impact Level 3 (IL3) security constraints.

TCS plans to use the facility to deliver services to the Home Office, following a multi-million, multi-year contract that was awarded in November 2012, to manage the technology needs and support services of the newly formed Disclosure and Barring Service (DBS). The new facility will provide a secure applications development and maintenance center for business applications and an operational delivery center for outsourced business process and IT services.

Shankar Narayanan, Country Head, UK and Ireland, TCS, said, “Our work in the public sector is focused on improving services for the UK citizens and driving greater value for the UK government. Our investment in a new state-of-the-art, secure delivery center in Liverpool will allow us to effectively meet the business objectives of DBS to modernize and transform its business while supporting our longer term strategy for increased participation in transformation programs for the UK public sector.”

The new facility in Liverpool will be fully operational in July 2013 and house over 300 employees.

As part of the agreement with the Home Office, TCS will implement a program to transform DBS, including the introduction of electronic applications and improved online services to enhance user experience. The two organizations, DBS and TCS, will also collaborate to update the organization’s business processes to help improve decision making, reduce processing times and improve information gathering between disclosures and barring services.

TCS combines government-specific domain expertise with a world-class set of delivery capabilities to enable service transformation for some of its key government clients in the UK, such as, National Employment Savings Trust (NEST), Cardiff City Council, Child Maintenance Group (CMG is a division of DWP) and The Big Lottery Fund, amongst others.

About Tata Consultancy Services Limited (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 263,000 of the world’s best-trained consultants in 44 countries. The company generated consolidated revenues of US $10.17 billion for year ended March 31, 2012 and is listed on the National Stock Exchange and Bombay Stock Exchange in India.

TCS ACQUIRES FRENCH IT SERVICES FIRM ALTI FOR RS 5300.000 MILLIONS

PTI Apr 10, 2013, 03.10AM IST

BANGALORE: Tata Consultancy Services has bought French technology services company Alti SA for over 75 million euro (Rs 5300.000 Millions) in a deal aimed at giving India's largest software company an extra edge in the crucial European market. The all-cash deal will help TCS win more business from corporations in markets such as Germany and France as they slowly warm up to greater off shoring to cut costs, analysts said.

"This acquisition underlines our long-term, strategic commitment to France, which is the third-largest IT services market in Europe. The acquisition of Alti SA will help us serve our clients in France and across Europe more comprehensively with an expanded set of services and solutions," said N Chandrasekaran, TCS managing director and chief executive officer. Shares of TCS ended 1.1% up at Rs 1497.30 on the Bombay Stock Exchange, whose benchmark Sensex index fell by 1.15%.

France represents an opportunity of about 30 billion euro, according to TCS. After the US, Indian IT companies earn the most revenue from Europe. However, they have been unable to make sufficient inroads into markets such as Germany and Europe because of cultural and language barriers. According to sourcing advisors, none of the Indian IT companies is ranked among the top 20 in either of those markets.

Alti, which has about 1,200 employees, counts Banque de France (French central bank), BNP Paribas, Credit Agricole, and Societe Generale among its clients in banking sector besides others such as Air France, L'Oreal and telecom company Orange.

"This is a good move that will help TCS increase its visibility in those markets and win some large accounts, especially in the financial sector," said Biswajit Banerjee, senior analyst at Pierre Audoin Consultants, a French consultancy and market research firm.

Last year, Infosys acquired Swiss consulting company Lodestone for $350 million (Rs 19000.000 Millions) while Cognizant Technology Solutions Corp acquired six small IT services companies that were part of Germany's C1 Group for an undisclosed sum. Europe contributed a little under 30% of India's $76 billion software services exports in the year to March 2013, with most of it coming from the UK and the Nordic region.

TCS has been operating in France since 1992 and earns roughly 27% of its $10.2 billion revenue from the Europe market.

TCS EARNS A TOP-RANKING PLATINUM BIG TICK FOR CORPORATE RESPONSIBILITY

TCS has successfully earned Platinum Big Tick status in Business in the Community’s (BITC) 2013 Corporate Responsibility Index (CR Index). The award, the highest ranking within the index, represents TCS’ commitment to improving its corporate responsibility throughout its business operations.

London, April 22, 2013: Tata Consultancy Services (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions company, today, announced it has successfully earned Platinum Big Tick status in Business in the Community’s (BITC) 2013 Corporate Responsibility Index (CR Index). The award, the highest ranking within the index, represents TCS’ commitment to improving its corporate responsibility throughout its business operations.

The CR Index is the UK’s leading and most in-depth voluntary benchmark of corporate responsibility. Run by BITC for over a decade, the annual index enables companies to accurately manage and measure all aspects of their social and environmental performance, as well as benchmark themselves against competitors.

The Platinum Big Tick status is a new banding introduced for this year’s index and is designed to acknowledge companies that have displayed a clear, long-term business strategy and demonstrated the contributions their company can make to create transformational change and help create a sustainable economy. Achieving the award shows that TCS has considered how global trends such as population growth and resource scarcity will affect its future business strategy and that the company is actively embedding responsible values throughout its workforce, as well as investing in new products and services to improve its environmental and social status.

Shankar Narayanan, Country Head, UK and Ireland, TCS, commented, “We are proud to have been awarded a Platinum Big Tick by the BITC. At TCS, we work hard to ensure all our practices operate in a manner that both minimizes our impact on the environment and aides local communities in the areas we work. Achieving this status in this year’s CR Index confirms our company ethos is on the right track and we will continue making the necessary investment to tackle further global trends that may impact our business.”

Stephen Howard, Chief Executive, BITC, said, “I congratulate TCS for achieving the Platinum Big Tick band because it signifies a key step on the journey, a willingness to rise to the challenge and that they are part of a movement of responsible business in which all companies have their unique part to play. We look forward on working with, supporting, and challenging TCS to build on this achievement as we, together, drive the transformational change needed to deliver a sustainable economy.”

SOUTHERN WATER PARTNERS WITH TCS TO TRANSFORM CUSTOMER SERVICE AND REVENUE MANAGEMENT

Customer-centric Program will Reduce Operating Costs and Streamline Billing Process

TCS has been selected by Southern Water to implement a customer services and revenue transformation program. The program will combine front- and back-end technology deployments with internal process redevelopment. Southern Water will benefit from enhanced customer service capabilities, improved cash collection and debt management, and will see a reduction in operating expenditure.

London, March 26, 2013: Tata Consultancy Services (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions firm, today, announced that it has been selected by Southern Water to implement a customer services and revenue transformation program. The program will combine front- and back-end technology deployments with internal process redevelopment. Southern Water will benefit from enhanced customer service capabilities, improved cash collection and debt management, and will see a reduction in operating expenditure.

Darren Bentham, Chief Customer Officer, Southern Water, commented, “At Southern Water, it’s our constant endeavor to improve our customer interactions and deliver a more efficient service. The transformational program TCS is delivering will support two of our major goals – increase a customer’s ability to find a solution through self-service channels and empower our teams to deliver flawless service with first-time resolution.”

“Southern Water supplies water across some 4,450 sq km, and TCS has provided us with a roadmap for more flexible and efficient service delivery within this extensive area. Our customers will benefit from a highly consistent experience over web, mobile and interactive voice response channels. They will also find our customer service teams to be some of the best-informed and proactive in the industry,” he added.

AS Lakshminarayanan, President, Business Group (Telecom, High Tech, Media and Information Services and Utilities), TCS, said, “It’s incredibly hard for today’s businesses to meet demands for enhanced customer services, or more sophisticated data management, while reducing the total cost of ownership for their infrastructure. The CRM system we’re deploying for Southern Water will help in the drive to provide industry-leading customer services, while data governance and analysis tools deliver better intelligence back into the business. With an increase in operational efficiency and an updated billing system, we will enable Southern Water to improve their revenue management. Ultimately, they’ll be better positioned to meet the needs of their customers.”

Stuart Ravens, Principal Analyst, Energy and Utilities Sector, Ovum, said, “Southern Water is embarking on a program to upgrade its customer service and revenue business systems and enable new business processes. The project is driven by some mission-critical business outcomes: to improve customer experience and operational efficiency. To win this contract, TCS had to demonstrate deep domain experience and an understanding of Southern Water’s business processes. The deal is further evidence of TCS’ ability to win large and complex transformational programs in the utilities industry.”

TCS ANNONCE L’ACQUISITION DE ALTI POUR 75 MILLIONS D’EUROS AFIN D’ACCÉLERER SON DEVELOPPEMENT EN FRANCE

Ø Avec cette acquisition, TCS devient un acteur majeur en France, 3ème marché des services informatiques en Europe

Ø 1200 employés viennent renforcer TCS en France, en Belgique et en Suisse

Ø Un portefeuille clients de grandes entreprises françaises et européennes dans les secteurs de la banque, du luxe, de l’industrie et des utilities 

Mumbai | Paris, 09 avril 2013: Tata Consultancy Services (BSE: 532540, NSE: TCS), leader en services informatiques, en conseil et en solutions d’entreprise a annoncé aujourd’hui la signature d’un accord définitif pour l’acquisition de 100 % des parts de la société Alti SA, pour un montant en numéraire de 75 millions d’euros. Cette acquisition permettra à TCS de renforcer sa présence et ses capacités de services en France afin d’apporter davantage de valeur à ses clients français et européens.

Société de services technologiques française de premier plan, Alti SA possède une forte expertise dans les solutions ERP, les systèmes d’information, le testing et le CRM. L’entreprise, détenue par des membres de sa direction et deux fonds d’investissements, CM-CIC LBO Partners et IDI, a connu une croissance soutenue de son chiffre d’affaires qui a progressé de 64 millions d’euros en 2007 à 126 millions d’euros en 2012. Reconnu comme l’un des cinq premiers intégrateurs pour ERP en France, Alti SA compte parmi ses principaux clients les plus grandes sociétés françaises de différents secteurs dont la banque, les services financiers, le luxe, l’industrie et les utilities. Alti SA emploie 1 200 personnes basées majoritairement en France mais aussi en Belgique et en Suisse.

La finalisation de cette opération est soumise aux conditions réglementaires habituelles.

MN Chandrasekaran, CEO de TCS, commente : « Cette acquisition témoigne de notre engagement à long-terme sur le marché français, troisième marché européen pour les services informatiques. Elle nous permettra de servir nos clients en France et en Europe de manière plus pertinente grâce à une gamme élargie de services et de solutions afin d’apporter le meilleur de TCS aux entreprises françaises. Je suis convaincu que cette acquisition nous permettra d'accélérer notre croissance et d’élargir notre présence en France »

Evalué à plus de 30 milliards d’euros, le marché français des services informatiques est le plus important d’Europe, après le Royaume-Uni et l’Allemagne. Implanté en France depuis 1992, TCS sert plus de 50 clients dont plusieurs sociétés du CAC 40. Au cours des 5 dernières années, l’entreprise a considérablement renforcé sa présence sur le territoire français en réalisant des recrutements locaux et d’importants investissements. En reconnaissance de ces initiatives, TCS a reçu en 2012 le prix spécial de l'investissement et de l'innovation décerné par l'Agence d’investissement du Grand Paris. Cette acquisition va propulser TCS dans le top français des SSII.

André Bensimon, co-fondateur d’Alti SA ajoute: « Cette acquisition constitue une étape importante qui  bénéficiera à la fois à nos clients et à nos collaborateurs. En plus des services et offres de proximité existants, nous pourrons proposer à nos clients l’expertise mondiale et reconnue du réseau TCS  et ainsi leur apporter une plus grande valeur ajoutée. Enfin, pour les collaborateurs d’Alti SA, rejoindre TCS leur ouvre de nouvelles perspectives de développement de carrière au sein d’une grande entreprise mondiale, considérée comme l’un des meilleurs employeurs d’Europe. »

Au début de l’année 2013, TCS a été classé comme l’une des quatre premières marques mondiales du secteur des services informatiques et a également enregistré des résultats de premier plan dans différentes enquêtes de satisfaction clients. Plus récemment, TCS a été reconnu « Numéro 1 du top employeurs en Europe » par l’institut CRF.

À propos de Tata Consultancy Services (TCS)

Tata Consultancy Services offre aux entreprises du monde entier des services informatiques, des solutions d’entreprise et un service de conseil qui se différencient par des résultats tangibles et une fiabilité inégalée. A travers son modèle unique de  réseau mondial de centres de services (le Global Network Delivery Model), reconnu comme une norme d'excellence dans le secteur du développement logiciel, TCS offre un portefeuille intégré de services informatiques et connexes s’appuyant sur une démarche de conseil.

Filiale du Groupe Tata, le plus grand conglomérat industriel indien, TCS emploie plus de 263 000 consultants dans 44 pays à travers le monde. La société, dont le chiffre d'affaires consolidé a atteint les 10,17 milliards de dollars sur l’exercice clos au 31 mars 2011, est cotée sur le National Stock Exchange et le Bombay Stock Exchange

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 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. 54.21
UK Pound	1	Rs. 84.00
Euro	1	Rs. 70.97

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		81

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.