MIRA INFORM REPORT

Report Date :

10.05.2013

IDENTIFICATION DETAILS

Name :	TATA REALTY AND INFRASTRUCTURE LIMITED
Registered Office :	Elphinstone Building, 2^nd Floor, 10 Veer Nariman Road, Mumbai 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss)
Date of Incorporation :	02.03.2007
Com. Reg. No.:	11-168300
Capital Investment / Paid-up Capital :	Rs. Rs.9250.000 Millions (As on: 31.03.2011)
CIN No.: [Company Identification No.]	U70102MH2007PLC168300
TAN No.: [Tax Deduction & Collection Account No.]	MUMT13767F
PAN No.: [Permanent Account No.]	AACCT6242L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in business of Investment Advisory Services, Project Management Consultancy Services and Real Estate Development.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 39000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Tata Sons Limited. It is a well established and a reputed company having a fine track record. The balance sheet of the company for 2012 is not available. The company has recorded better growth in its total revenue and profits during 2013. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term facilities: AA
Rating Explanation	High degree of safety and very low credit risk
Date	October 2012

Rating Agency Name	CARE
Rating	Short term facilities: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	October 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 DENIED BY

Name :	Mr. Viral
Designation :	Finance Manager
Date :	09.05.2013

LOCATIONS

Registered Office :	Elphinstone Building, 2^nd Floor, 10 Veer Nariman Road, Mumbai 400 001, Maharashtra
Tel. No.:	91-22-66294000
Fax No.:	91-22-66100520
E-Mail :	trilsec@tata.com contacttril@tata.com

DIRECTORS

As on 04.07.2012

Name :	Mr. Krishna Kumar Rayaroth Kuttambally
Designation :	Director
Address :	213-B Ncpa Apartments, Nariman Point, Mumbai-400 021, Maharashtra, India
Date of Birth/Age :	18.07.1938
Qualification:	Bachelor’s degree in History and Political Science and Masters in Politics and Public Administration
Date of Appointment :	02.03.2007
Din No.:	00027941
Name :	Mr. Phillie Dara Karkaria
Designation :	Whole Time Director
Address :	Sleater House No. 2, Flat No. 1, Naushir Bharucha Road, Mumbai-400 007, Maharashtra, India
Date of Birth/Age :	06.11.1948
Qualification:	B.Com. (Honours), FCMA, AFA
Date of Appointment :	04.05.2007
Din No.:	00059397
Name :	Mr. Mahalingam Seturaman
Designation :	Director
Address :	3, Normandle Co-Opekative Housing Society, Limited, 25, Carmichael Road, Mumbai-400 026, Maharashtra, India
Date of Birth/Age :	10.02.1948
Qualification:	Bachelor's degree in Commerce (Honours), A.C.A
Date of Appointment :	14.01.2008
Din No.:	00121727
Name :	Mr. Mehernosh Sorab Kapadia
Designation :	Director
Address :	29, Wodhehouse Apartment, Woodehouse Road, Cilaba-400 001, Mumbai-400 001, Maharashtra, India
Date of Birth/Age :	22.05.1953
Qualification:	Diploma in travel management.
Date of Appointment :	19.06.2008
Din No.:	00050530
Name :	Mr. Brotin Subroto Banergee
Designation :	Director
Address :	601, Sanghi Residency, 77, Palki Galli, Opposite Twin Towers, Prabhadevi, Mumbai-400 025, Maharashtra, India
Date of Birth/Age :	13.04.1973
Qualification:	MA (International studies) and BA Honours in History
Date of Appointment :	27.08.2008
Din No.:	01522816
Name :	Mr. Sanjay Ganesh Ubale
Designation :	Managing Director and Chief Executive Officer
Address :	32, Quest End, 47 Cuffe Parade, Mumbai-400 005, Maharashtra, India
Date of Birth/Age :	22.08.1961
Qualification:	M.Sc, IAS, MBA
Date of Appointment :	27.08.2011
Din No.:	02040738
Name :	Mr. Ganesa Iyer Anantharaman
Designation :	Director
Address :	The peregrine, Flat No.10-A, 10^th Floor, 400 Veer Savarkar Marg, Prabhadevi, Mumbai-400 025, Maharashtra, India
Date of Birth/Age :	21.06.1944
Qualification:	M.Sc.Bio-Chemistry / IRS
Date of Appointment :	10.02.2008
Din No.:	02229822
Name :	Mr. Sumit Ratnakar Guha
Designation :	Managing Director
Address :	Flat No.51, Sainara Apartment, 5^th Floor, Cuffe Parade, Mumbai-400 005, Maharashtra, India
Date of Birth/Age :	29.09.1966
Qualification:	IIT, PGDM
Date of Appointment :	24.06.2010
Din No.:	00492245
Name :	Mr. Jimmy Sorabh Bilimoria
Designation :	Director
Address :	5, Battery House, 74, Bhulabhai Desia road, Mumbai, Maharashtra, India
Date of Birth/Age :	27.01.1947
Qualification:	Fellow Member of the Institute of Chartered Accountants from England and Wales and Bachelor's degree in Commerce
Date of Appointment :	24.06.2010
Din No.:	00112654
Name :	Mr. Santhanakrishnan Sankaran
Designation :	Director
Address :	24,Unnamalai Ammal Street T Nagar Chennai, TamilNadu, India
Date of Birth/Age :	01.01.1951
Qualification:	Graduate in Science, Degree in Law and Fellow Member of the Institute of Chartered Accountants
Date of Appointment :	07.12.2010
Din No.:	00032049

KEY EXECUTIVES

Name :	Mr. Vinay Sadanand Gaokar
Designation :	Secretary
Address :	E -5, Sarswat Colony Sitlaladevi Temple Road, Mahim, Mumabi, Maharashtra, India
Date of Birth/Age :	09.11.1959
Date of Appointment :	10.12.2008
Pan No.:	AADPG7587K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.07.2012

Names of Equity Shareholders	No. of Shares
Tata Sons Limited, India	724999994
Tata Sons Limited, India Jointly with Bhagat R. Kersi	01
Tata Sons Limited, India Jointly with Manoj Kumar CV	01
Tata Sons Limited, India Jointly with Girish Valecha	01
Tata Sons Limited, India Jointly with Nikhil Kumar	01
Tata Sons Limited, India Jointly with A. P. Charna	01
Tata Sons Limited, India Jointly with E. N. Kapadia	01
Total	725000000

Names of Preference Shareholders	No. of Shares
Tata Sons Limited, India	200000000

Equity Share Break up (Percentage of Total Equity)

As on 04.07.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of Investment Advisory Services, Project Management Consultancy Services and Real Estate Development.

Products :

Item Code No.	Product Description
9983	Engineering services

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Axis Bank Limited, Nariman Point Branch, 309, Atlanta, Nariman Point,, Mumbai – 400 021, Maharashtra, India · ICICI Bank, Nariman Point Branch · HDFC Bank

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai-400 013, Maharashtra, India
Pan No.:	AADFB6889R
Name :	PKF Sridhar and Santhanam Chartered Accountants
Address :	406, Madhava Building, Bandra Kurla Complex, Bandra (East), Mumbai-400 051, Maharashtra, India
Pan No.:	AAOFS2783G
Holding Company (As on 31.03.2011) :	· TATA SONS LIMITED CIN no.:U99999MH1917PLC000478
Subsidiaries (As on 31.03.2011) :	· Acme Living Solutions Private Limited CIN no.: U45209DL2008PTC178023 · Ahinsa Realtors Private Limited CIN no: U45202MH2007PTC177140 · TRIL Urban Transport Private Limited CIN no: U45400DL2007PTC163100 · Ardent Properties Private Limited · Arrow Infrastructure Private Limited · Gurgaon Constructwell Private Limited · Gurgaon Infratech Private Limited CIN no.:U45200DL2007PTC157572 · Gurgaon Realtech Limited · Landscape Structure Private Limited CIN no.: U70109DL2006PTC156034 · TRIL Roads Private Limited CIN no.: U45400MH2007PTC174567 · Pioneer Infratech Private Limited · TRIF Gandhinagar Infrastructure Private Limited · TRIF Hyderabad Projects Private Limited · TRIF Kolkata Projects Private Limited CIN no.:U45201MH2007PLC171985 · TRIF Property Development Private Limited · TRIF Realty Projects Private Limited · TRIF Trivandrum Projects Private Limited · TRIL Constructions Limited · TRIL Developers Limited CIN no.:U45400MH2007PLC171654 · TRIL Logistics Private Limited · TRIF Structures and Builders Private Limited · TRIF Gurgaon Housing Projects Private Limited CIN no.:U74900DL2009PTC188404 · TRIL Roads Private Limited (formerly known as Navinya Buildcon Private Limited) · TRIF Infrastructure Private Limited · TRIL Highway Projects Limited (earlier known as TRIL Airport Developers Limited) CIN no.:U45200MH2007PLC171687
Associates (As on 31.03.2011) :	· TRIL Infopark Limited CIN no.:U45200TN2008PLC066931
Fellow Subsidiaries (As on 31.03.2011) :	· Tata Tele Services (Maharashtra) Limited · Tata Housing Development Company Limited CIN no.: U99999MH1942PLC003573 · Ewart Investments Limited · TRIF Investment Management Limited · Tata AIG General Insurance Limited CIN NO.: U85110MH2000PLC128425 · Tata AIG Life Insurance Limited · Tata Consultancy Services Limited CIN no.L22210MH1995PLC084781 · TCS E-Serve Limited CIN no.: U65990MH1984PLC033929 · TC Travel and Services Limited CIN no.:U63040MH2008PLC187559 · Tata Investment Corporation Limited CIN no.: L67200MH1937PLC002622 · Infiniti Retail Limited · TATA TELESERVICES (MAHARASHTRA) LIMITED CIN no.: L64200MH1995PLC086354 · EWART INVESTMENTS LIMITED CIN no.:U74999MH1922PLC001030
Others (As on 31.03.2011) :	· Tata Advanced Systems Limited CIN no.:U72900MH2006PLC164730

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Rs.10/- Each	Rs.20000.000 millions
1000000000	Preference Shares	Rs.10/- Each	Rs.10000.000 millions
	Total		Rs.30000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
725000000	Equity Shares	Rs.10/- Each	Rs.7250.000 millions
200000000	Preference Shares	Rs.10/- Each	Rs.2000.000 millions
	Total		Rs.9250 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9250.000	9250.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		653.801	653.326
4] (Accumulated Losses)		0.000	0.000
NETWORTH		9903.801	9903.326
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		3700.000	2250.000
TOTAL BORROWING		3700.000	2250.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		13603.801	12153.326
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.933	15.610
Capital work-in-progress		0.000	0.000
INVESTMENT
DEFERREX TAX ASSETS		9780.270	9630.079
		26.009	18.722
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		0.000
	Sundry Debtors	10.588	35.345
	Cash & Bank Balances	510.623	227.041
	Other Current Assets	188.741	0.000
	Loans & Advances	4149.298	3279.581
Total Current Assets		4859.250	3541.967
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	90.486	38.265
	Other Current Liabilities	834.426	756.803
	Provisions	174.749	257.984
Total Current Liabilities		1099.661	1053.052
Net Current Assets		3759.589	2488.915
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		13603.801	12153.326

NOTE:

Balance sheet for the year 2012 is not available only profit and loss a/c is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	638.427	625.959	405.653
		Other Income	458.840	274.610	431.968
		TOTAL (A)	1097.267	900.569	837.621
Less	EXPENSES
		Employee benefit expense	283.490	290.255
		Other expenses	163.076	172.173
		TOTAL (B)	446.566	462.429	300.814
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		650.701	438.140	536.807
Less	FINANCIAL EXPENSES (D)		375.081	269.075	182.388
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		275.620	169.065	354.419
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.652	5.655	15.913
	PROFIT BEFORE TAX (E-F) (G)		258.968	163.410	338.506
Less	TAX (H)		41.594	46.713	117.321
	PROFIT AFTER TAX (G-H) (I)		217.374	116.697	221.185
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		653.801	653.326	633.291
Less	APPROPRIATIONS
		Dividend on Preferences Shores		100.000	100.000
		Dividend on Equity Shares	NA	0.000	72.500
		Tax on Dividend		16.222	28.650
	BALANCE CARRIED TO THE B/S		NA	653.801	653.326
	EARNINGS IN FOREIGN CURRENCY
		Advisory fees	116.382	196.374	250.654
	TOTAL EARNINGS		116.382	312.756	447.028
	Earnings Per Share (Rs.)		0.14	0.00	0.14

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	19.81	12.96	26.41
Net Profit Margin (PBT/Sales)	(%)	40.56	26.11	83.45
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.36	9.56
Return on Investment (ROI) (PBT/Networth)		NA	0.02	0.03
Debt Equity Ratio (Total Debt /Networth)		NA	0.37	0.23
Current Ratio (Current Asset/Current Liability)		NA	4.42	3.36

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITIORS DETAILS:

Rs. in Millions

Particular	31.03.2011	31.03.2010
Creditors due to others	90.486	38.265
Due to micro small and medium enterprises	0.000	0.000
Total	90.486	38.265

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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

UNSECURED LOAN

Rs. in Millions

PARTICULARS	31.03.2011
Working capital loans banks unsecured	2100.000
Working capital loans others unsecured	1600.000
Total	3700.000

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.54.24
UK Pound	1	Rs.84.29
Euro	1	Rs.71.36

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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.