MIRA INFORM REPORT

Report Date :

07.09.2013

IDENTIFICATION DETAILS

Name :	TATA CUMMINS LIMITED
Registered Office :	Telco Township Jamshedpur – 831004, Jharkhand
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.1993
Com. Reg. No.:	03-005546
Capital Investment / Paid-up Capital :	Rs.1800.000 Millions
CIN No.: [Company Identification No.]	U34101JH1993PLC005546
TAN No.: [Tax Deduction & Collection Account No.]	RCHT00119A
PAN No.: [Permanent Account No.]	AAACT6353L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of engines and its components, including trading of bought-out finished components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 21000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Tata Motors Limited and Cummins Inc of USA. Subject is having good track record. Financial performance seems good. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. In view of strong parentage and the operational support from its holdings the company can be considered for normal business dealing at usual trade terms and condition

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	Long term loans: AA
Rating Explanation	High degree of safety and very low credit risk.
Date	July 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Telco Township Jamshedpur – 831004, Jharkhand, India
Tel. No.:	91-657-3041200
Fax No.:	91-657-2258555
E-Mail :	Trivikram.guda@cummins.com revati.gokhale@cummins.com
Website :	www.tatacummins.com

DIRECTORS

As on 28.06.2012

Name :

Mr. Chandrashekaran Ramakrishnan

Designation :

Director

Address :

322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai-400108, Maharashtra, India

Date of Birth/Age :

27.06.1955

Qualification:

B.COM,CA,ICWA

Date of Appointment :

15.06.2006

DIN No.:

00020076

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	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	27/02/2001	27/02/2001	06/07/2010	Amalgamated	NO
2	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
3	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	08/10/2002	08/10/2002	21/01/2008	Active	NO
4	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
5	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
6	U45200MH1989PLC050444	SHEBA PROPERTIES LIMITED	Director	20/06/2008	18/09/2007	-	Active	NO
7	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	08/11/2007	08/11/2007	20/03/2013	Active	NO
8	U28900PN1997PLC130940	FIAT INDIA AUTOMOBILES LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
9	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	22/07/2008	23/01/2008	-	Active	NO
10	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	18/06/2008	28/03/2008	27/09/2010	Active	NO
11	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	30/07/2012	11/07/2008	26/02/2013	Active	NO
12	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	09/08/2010	01/07/2010	26/02/2013	Active	NO
13	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	05/08/2011	07/08/2010	26/02/2013	Active	NO
14	U34200MH2012FLC237194	JAGUAR LAND ROVER INDIA LIMITED	Director	30/07/2013	25/10/2012	-	Active	NO

Name :

Mr. Anant Jaivant Talaulicar

Designation :

Managing director

Address :

Flat No.2101, A and B, Sterling Tower, Goregaonkar Road, Mumbai – 400007, Maharashtra

Date of Birth/Age :

11.07.1961

Date of Appointment :

08.04.2009

DIN No.:

00031051

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	U51909MH1952PLC014972	CUMMINS SALES AND SERVICE INDIA LIMITED	Director	20/03/2003	20/03/2003	-	Amalgamated	NO
2	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Managing director	01/08/2013	25/04/2003	-	Active	NO
3	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	03/06/2003	03/06/2003	-	Active	NO
4	U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	Director	05/06/2003	05/06/2003	-	Amalgamated	NO
5	L72200PN1990PLC059594	KPIT TECHNOLOGIES LIMITED	Director	23/08/2003	23/08/2003	-	Active	NO
6	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
7	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
8	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Managing director	08/04/2009	08/04/2004	-	Active	NO
9	U31101PN1991PLC061456	CUMMINS GENERATOR TECHNOLOGIES INDIA LIMITED	Director	19/04/2004	19/04/2004	-	Active	NO
10	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	15/05/2006	15/05/2006	06/07/2009	Active	NO
11	U51900MH1996PTC102640	TRIHANS TRADING PRIVATE LIMITED	Director	28/09/2009	01/11/2008	-	Active	NO
12	U65990MH1996PTC102659	REMEX FINANCE PRIVATE LIMITED	Director	28/09/2009	01/11/2008	-	Active	NO

Name :

Mr. Rajiv Batra

Designation :

Director

Address :

Floor No. 5 and 6, The Iris Sangamwadi Northmain Road, Koregaon Park, Pune - 400001, Maharashtra

Date of Birth/Age :

30.09.1955

Qualification:

Bachelor in Economics, CFA

Date of Appointment :

19.08.2004

DIN No.:

00082866

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	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
2	U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	Director	19/08/2004	19/08/2004	-	Amalgamated	NO
3	U31101PN1991PLC061456	CUMMINS GENERATOR TECHNOLOGIES INDIA LIMITED	Director	07/09/2004	07/09/2004	-	Active	NO
4	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
5	U29112PN1999PTC013401	NELSON GLOBAL PRODUCTS INDIA PRIVATE LIMITED	Director	14/12/2004	14/12/2004	29/04/2011	Active	NO
6	U51909MH1952PLC014972	CUMMINS SALES AND SERVICE INDIA LIMITED	Whole-time director	24/04/2008	18/03/2005	-	Amalgamated	NO
7	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
8	U31101PN1997PLC019854	AVK-SEG (INDIA) POWER LIMITED	Director	26/06/2007	28/06/2006	-	Amalgamated	NO
9	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Whole-time director	01/10/2011	16/03/2007	-	Active	NO
10	U29197MH1987PTC042672	FLEETGUARD FILTERS PRIVATE LIMITED	Director	27/06/2011	06/06/2011	-	Active	NO
11	U29197PN1999PTC013628	FILTRUM FIBRETECHNOLOGIES PRIVATE LIMITED	Director	27/06/2011	06/06/2011	-	Active	NO
12	U29190DL2012PLC230162	CUMMINS SVAM SALES AND SERVICE LIMITED	Director	17/09/2012	17/01/2012	-	Active	NO

Name :

Mr. David John Crompton

Designation :

Director

Address :

6006, Leatherback CT, Columbus-47201, Indiana USA

Date of Birth/Age :

21.12.1965

Qualification:

MBA

Date of Appointment :

11.06.2008

DIN No.:

01680481

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	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	11/06/2008	23/07/2007	-	Active	NO

Name :

Mr. Rajendra Mahadeo Petkar

Designation :

Director

Address :

D4, Keyoor HSG Soc., Lane II, Krishna Colony, Opposite Vanaz Paud Road, Pune-411038, Maharashtra, India

Date of Birth/Age :

03.10.1966

Qualification:

M.Tech

Date of Appointment :

11.06.2008

DIN No.:

01693629

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	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	11/06/2008	23/07/2007	-	Active	NO

Name :

Mr. Satish Balkrishna Borwankar

Designation :

Director

Address :

Flat No. 22, Viola S No. 118 3 – 5, Warje Near Cipla HSP, Pune – 411052, Maharashtra, India

Date of Birth/Age :

15.07.1952

Qualification:

B.Tech(Hons)-Mech Engineering

Date of Appointment :

13.09.2010

DIN No.:

01793948

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	U34100MH2000PLC124874	TML DRIVELINES LIMITED	Director	22/05/2008	22/09/2007	-	Active	NO
2	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	22/05/2008	22/09/2007	-	Amalgamated	NO
3	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	13/09/2010	30/07/2010	-	Active	NO
4	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	25/07/2011	24/01/2011	-	Active	NO
5	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	10/08/2012	21/06/2012	-	Active	NO
6	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	28/06/2013	28/07/2012	-	Active	NO
7	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	06/07/2013	29/07/2012	-	Active	NO
8	U34200MH2012FLC237194	JAGUAR LAND ROVER INDIA LIMITED	Director	30/07/2013	25/10/2012	-	Active	NO

Name :

Mr. Ravindra Pisharody

Designation :

Director

Address :

Flat No. 9, Building I Hill Park AG Bell Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

24.11.1955

Qualification:

B.Tech (Elec)-IIT Kharagpur, PGDM (Mktg and Info Systems)-IIM Calcutta

Date of Appointment :

11.06.2008

DIN No.:

01875848

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	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	11/06/2008	26/10/2007	-	Active	NO
2	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	03/07/2008	22/11/2007	-	Active	NO
3	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/08/2009	28/03/2008	16/07/2012	Active	NO
4	U34100MH2000PLC124874	TML DRIVELINES LIMITED	Director	17/05/2010	06/08/2009	31/07/2012	Active	NO
5	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	17/05/2010	06/08/2009	-	Amalgamated	NO
6	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14/09/2009	14/09/2009	-	Active	NO
7	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	26/08/2010	29/07/2010	-	Active	NO
8	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	03/08/2011	03/08/2010	-	Active	NO
9	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	10/08/2012	21/06/2012	-	Active	NO

Name :

Walter James Fier

Designation :

Additional Director

Address :

1044 Lapwing Dr. Columbus 47223

Date of Birth/Age :

02.08.1964

Date of Appointment :

09.05.2013

DIN No.:

06573498

Name :

Paul Sowerby

Designation :

Alternate director

Address :

82, Bradford Crescent, DHI IHL, Durham, United Kingdom

Date of Birth/Age :

28.01.1959

Qualification:

Chartered Engineer,MBA

Date of Appointment :

19.07.2011

DIN No.:

03555887

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	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Managing director	08/09/2011	01/07/2011	-	Active	NO
2	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Alternate director	19/07/2011	19/07/2011	-	Active	NO

Name :

Mr. Mahesh Narang Manohar

Designation :

Additional Director

Address :

Building – 4, Clover Water Garden, PL – 69 Kalyani Nagar, Pune – 411014, Maharashtra, India

Date of Birth/Age :

21.07.1975

Date of Appointment :

03.08.2012

DIN No.:

05313892

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	U31101PN1991PLC061456	CUMMINS GENERATOR TECHNOLOGIES INDIA LIMITED	Director	12/08/2013	16/07/2012	-	Active	NO
2	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	21/09/2012	20/07/2012	-	Active	NO
3	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	05/08/2013	01/08/2012	-	Active	NO
4	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Additional director	03/08/2012	03/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Trivikram Guda
Designation :	Secretary
Address :	A 102, Golden Petal Aprtments Warje Naka, Karve Nagar, Pune – 411052, Maharashtra, India
Date of Birth/Age :	18.05.1981
Date of Appointment :	08.06.2012
PAN No.:	AIZPG7906Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.06.2012

Names of Shareholders	No. of Shares
Cummins INC, Columbus	90000000
Tata Motors Limited, India	89999995
Tata Motors Limited and Mr. Satish Borwankar	1
Tata Motors Limited and Mr. Chandrashekaran Ramakrishnan	1
Tata Motors Limited and Mr. Uttam Biswas	1
Tata Motors Limited and Mr. Ravindra Pisharody	1
Tata Motors Limited and Mr. Chobe P.	1
Total	180000000

Equity Share Break up (Percentage of Total Equity)

As on 28.06.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and sale of engines and its components, including trading of bought-out finished components.

Products :

ITC number of product	Description of product
84082020	Internal Combution Engine

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Internal Combustion Engines of different H.P.	(Nos)	N.A	1,80,000	153,376
Manufactured Components for sale	(Nos)	N.A	N.A	90,918

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Allahabad Bank, Main Branch, Bistupur, Jamshedpur – 831004, Jharkhand, India
• Axis Bank Limited, Sai Capital Building, 2nd Floor, Opposite International, Convention Centre, Senapati Bapat Marg, Pune - 411016, Maharashtra, India
• IDBI Bank Limited, Shantiniketan, Bistupur, Jamshedpur – 831004, Jharkhand, India
• Canara Bank, Bistupur, Jamshedpur, Jharkhand, India
• State Bank of India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune - 411003, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	250.000	0.000
Loans repayable on demand from banks	957.200	886.000
Total	1207.200	886.000

Banking Relations :
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Bengal Intelligent Park Building Alpha, 1st Floor Plot No, - A2, M2 and N2 Block - EP and GP, Sector – V, Salt Lake Electronics Complex Kolkata - 700 091, India
Tel. No.:	91-33-65121000
Fax No.:	91-33-65121001
PAN N Income-tax PAN of auditor or auditor's firm :	AADFD5357J
Joint Venture:	Tata Motors Limited, India CIN: L28920MH1945PLC004520 Cummins Inc, United States
Group Entity -Cummins Inc.:	Cummins Limited Cummins Asia Pacific PTE Limited, Singapore Cummins Diesel Sales Corp
Enterprise with common managerial personnel:	Cummins India Limited, India CIN: L29112PN1962PLC012276

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs.10/- Each	Rs.1800.000 Millions
70000000	Preference Shares	Rs.10/- Each	Rs.700.000 Millions
	Total		Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs.10/- Each	Rs.1800.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1800.000	1800.000
(b) Reserves & Surplus	3410.800	2556.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5210.800	4356.000
(3) Non-Current Liabilities
(a) long-term borrowings	1207.200	886.000
(b) Deferred tax liabilities (Net)	460.900	362.100
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	372.100	285.200
Total Non-current Liabilities (3)	2040.200	1533.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3037.700	3061.600
(c) Other current liabilities	1364.500	1215.100
(d) Short-term provisions	1496.700	1017.800
Total Current Liabilities (4)	5898.900	5294.500
TOTAL	13149.900	11183.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6272.500	5183.100
(ii) Intangible Assets	60.000	112.000
(iii) Capital work-in-progress	491.900	528.600
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1189.000	864.800
(e) Other Non-current assets	495.700	137.900
Total Non-Current Assets	8509.100	6826.400
(2) Current assets
(a) Current investments	503.400	905.900
(b) Inventories	2072.400	1986.000
(c) Trade receivables	1154.800	550.200
(d) Cash and cash equivalents	337.3000	198.100
(e) Short-term loans and advances	481.200	645.200
(f) Other current assets	91.700	72.000
Total Current Assets	4640.800	4357.400
TOTAL	13149.900	11183.800

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1800.000
2] Share Application Money		0.000
3] Reserves & Surplus		1975.982
4] (Accumulated Losses)		0.000
NETWORTH		3775.982
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		283.368
TOTAL		4059.350
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2944.634
Capital work-in-progress		1102.362
INVESTMENT		250.462
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1329.969
	Sundry Debtors	588.325
	Cash & Bank Balances	27.040
	Other Current Assets	0.000
	Loans & Advances	799.811
Total Current Assets		2745.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1984.346
	Other Current Liabilities	116.656
	Provisions	882.251
Total Current Liabilities		2983.253
Net Current Assets		(238.108)
MISCELLANEOUS EXPENSES		0.000
TOTAL		4059.350

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	32233.900	24495.200	17832.638
		Other Income	187.500	114.600	150.799
		TOTAL (A)	32421.400	24609.800	17983.437
Less	EXPENSES
		Cost of materials consumed	26375.900	19917.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	8.900	-51.300
		Employee benefit expense	842.100	746.000
		Other expenses	2795.400	1810.300
		TOTAL (B)	30022.300	22422.000	15916.996
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2399.100	2187.800	2066.441
Less	FINANCIAL EXPENSES (D)		111.600	4.800	42.279
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2287.500	2183.000	2024.162
Less/ Add	DEPRECIATION/ AMORTISATION (F)		633.800	408.800	418.937
	PROFIT BEFORE TAX (E-F) (G)		1653.700	1774.200	1605.225
Less	TAX (H)		488.900	564.500	556.396
	PROFIT AFTER TAX (G-H) (I)		1164.800	1209.700	1048.829
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	1535.231	1116.141
Less	APPROPRIATIONS
		Transfer to General Reserve	11.700	12.100	105.000
		Dividend	NA	NA	450.000
		Tax on Dividend	NA	NA	74.739
	BALANCE CARRIED TO THE B/S		NA	NA	1535.231
	EARNINGS IN FOREIGN CURRENCY		5.000	1.300	0.000
	Earnings Per Share (Rs.)		6.47	6.72	5.83

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.59	4.91	5.83
Net Profit Margin (PBT/Sales)	(%)	5.13	7.24	9.00
Return on Total Assets (PBT/Total Assets}	(%)	13.06	16.65	28.21
Return on Investment (ROI) (PBT/Networth)		0.32	0.41	0.43
Debt Equity Ratio (Total Debt /Networth)		0.23	0.20	0.00
Current Ratio (Current Asset/Current Liability)		0.79	0.82	0.92

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	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]	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

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER
TATA CUMMINS LIMITED	--	EPFO	EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS.213.08 LAKHS	AMONG OTHER ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE 31-MAR-2012

BUSINESS ENVIRONMENT

INDUSTRY

The overall sales of commercial vehicles in India grew by 20% in 2011-12 and stood at 809,507 units Vs 675,607 units in 2010-11. Sales of M and HCV posted a growth of 8 % in 2011-12 at 348,571 Vs 321,697 units in 2010-11.

After registering a strong growth over the past two fiscals, the growth in the Commercial Vehicle industry has slightly slowed down during the current year. Rising interest rates, reduced industrial output, foreign exchange impacts and a considerable increase in vehicle prices coupled with high-base effect of previous years are the main factors impacting growth. For the Bus market, as most of the State transport units had added capacities (supported through the JNNURM initiative) over the last 2 years, demand for buses during the current year has also been impacted.

Since this industry continues to be a key contributor to the Company’s turn-over, the company is keeping a close watch on all developments and every effort is aligned towards improving suppliers local capacity, improving operational efficiency, developing after-market propositions and offering advanced product portfolio to Indian and Export markets etc. in order to defend and improve the market share.

Although the current slowdown is contributing to the slow growth rates, the Long term outlook looks positive and it is strongly believed that the Indian commercial vehicle market will grow due to increase in infrastructure spend, stringent emission norms and regulations and rapid urbanization.

COMPANY:

OVERVIEW FOR THE YEAR:

Year 2011 was a record year for the Company in terms of production volumes. The Company’s growth curve for 2011-12 was in the upward direction. To add to it, during 2011-12 the Company set up a plant at Phaltan near Pune, India with a capacity of 90,000 units. Further expansion in capacity to 120,000 units will be established from 2012-13 onwards. The existing plant at Phaltan is a state of the art engineered unit set up on 25 acres of land and boasts of modern equipment, optimum ground space utilization, cleanliness and efficient machining and assembly lines.

During the coming year additional Investment to achieve capacity expansions and for setting up L series plant at Phaltan is also being made.

The presence of the Company in Phaltan has brought along numerous possibilities of development of the region, including infrastructural development, generation of employment opportunities and overall growth. In doing so, they have ensured that the company continues to follow and adhere to the green policies that the Company has proudly followed in the past. They have created a green building as per the norms of The Green Building Council.

The growth during the last year is evidenced by an increase in sales by 20 %. The production for the current financial year stood at 184,037 Engines and Long Blocks.

Profit Before Interest and Tax (PBIT) stood at Rs. 1766.000 Millions against Rs. 1774.000 Millions in the previous financial year.

While the company is dealing with the challenges, operational excellence, optimum cost, value driven systems, the support of their strong joint venture parents and technical support from Cummins continues to be its strongest forte. The company is a synergy of both the partners who are giants in the industry. The Company follows their footsteps on operating with zero tolerance as far as ethics and code of conduct are concerned.

Statutory compliance, green care, energy conservation are their way of life.

The new financial year beckons us to deliver more and the Company is excited to achieve new milestones and to report a great 2012-13 in their next annual report.

BUSINESS SEGMENTS

The company is engaged in a single segment business of manufacture and sale of engines and its components, including trading of bought-out finished components. It is managed as one entity for its various products and is governed by a similar set of risks and returns.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10404513	25/01/2013	1,622,700,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	AMAR AVINASH CORPORATE CITY, SHOP NO. 6-7-8, SUR VEY NO.11, BUND GARDEN ROAD, PUNE, MAHARASHTRA - 411011, INDIA	B68629708
2	10404554	24/01/2013	4,500,000,000.00	STATE BANK OF INDIA	TARA CHAMBERS, PUNE MUMBAI ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA	B68638543
3	10345341	06/03/2012	500,000,000.00	AXIS BANK LIMITED	214-215 CITY MALL, 2ND FLOOR, PLOT NO.1, S.NO.132, GANESHKHIND (UNIVERSITY ROAD), PUNE, MAHARASHTRA - 411007, INDIA	B36198141
4	10254749	26/11/2010	980,000,000.00	DBS BANK LIMITED	4A, NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	B01403484

CONTINGENT LIABILITIES: (As on 31.03.2012)

(A) Claims against the company not acknowledged as debts:

(a) Letters of Credit: Rs. 167.600 Millions (2011:- Rs. 103.400 Millions)

(b) Bills discounted: Rs 1939.500 Millions (2011:- Rs. 2882.700 Millions)

(B) Contingent liabilities not provided for :

(c) The Company (TCL) has been granted exemption from Sales Tax under Bihar Industrial Policy which was disputed by the Sales tax Department. TCL challenged the decision of the Sales Tax Department and the High Court of Jharkhand decided the case in favor of TCL, which was affirmed on appeal by the Supreme Court also vide its order dated March 24, 2006. However subsequently Department filed an interim application for modification of the order of the Supreme Court on the grounds that exemption was from Sales Tax and not Additional Sales tax and Surcharge and hence both i.e. additional sales tax and surcharge was payable by TCL. The Supreme Court vide its order dated 24-07-2007 stated that the instant question was not examined by it since the same was not argued earlier by the State. The Honourable Supreme Court specifically stated that the issue of exemption of additional tax and surcharge is open to arguments from both sides and should follow the normal judicial process. Following this order, Sales Tax Department issued a demand notice aggregating to Rs.384.600 Millions comprising of Rs.241.800 Millions towards additional tax and Rs.142.800 Millions as surcharge.

The Company filed a writ petition against this demand in the High Court of Jharkhand and the Honourable High Court granted a stay on the proceedings vide its order dated February 15, 2008. Subsequently, the Sales Tax Department had raised a revised demand of Rs.298.700 Millions wherein, it allowed exemption on Engine but disallowed it on other machined products - Machined in Works (MIW) and Long Block. Further, Additional Sales Tax and Surcharge was again demanded by the Sales Tax Department with the contention that stay order dated 15th Feb , 2008 by Ranchi High Court does not prevent the Revenue from raising the demand. TCL has filed a writ application with the Ranchi High Court to include the fact that until disposal of appeal neither demand should be raised nor any coercive action should be taken against the Company. TCL has also moved a modification application that exemption of Bihar Sales Tax should be applicable on Machined in Works and Long Block.

The Company is confident of winning the appeal and further should the additional tax ultimately become payable, the same would be recovered from the customer(s).

(d) Other Sales Tax matters Rs. 629.700 Millions (2011: 764.600 Millions)

(e) Electricity Duty Rs. 2.600 Millions (2011: Rs. 2.600 Millions)

(f) Income Tax matters in appeal:

Appeal by the Department 1.300 Millions (2011: Rs.1.300 Millions)

Appeal by the Entity 19.300 Millions (2011: Rs. 118.200 Millions)

(g) Appeal pending for excise & service tax matters Rs. 49.400 Millions (2011: Rs.41.500 Millions)

(h) In view of the rejection of the application for exemption of the Pension Ministry of Labour, Central Government, accumulation towards Employees Pension Scheme including interest was deposited by the Company with the Government Authorities. The RPFC has raised a demand of Rs. 21.300 Millions (2011: Rs. 21.300 Millions) towards damages. The Company has contested the claim at the Tribunal and the Jharkhand High Court. The High Court has granted a stay on the recovery of the penalty till further orders.

(C) The company has issued Bank Guarantee of Rs.279.200 Millions ( 2011: Rs. 856.000 Millions) in favour of Customs Authorities for import of machinery against licence granted under EPCG Scheme against which Company has to fulfill export obligation of Rs. 2334.600 Millions (2011: Rs 2334.600 Millions) by 2016, of Rs. 711.800 Millions by 2017 and of Rs 413.700 Millions by 2018.

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		60

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.