MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	TATA PROJECTS LIMITED
Registered Office :	“Mithona Towers-1, 1-7-80 to 87, Opposite Wesley Co-ed, Junior College, Prenderghast Road, Secunderabad, Hyderabad - 500003, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.02.1979
Com. Reg. No.:	01-057431
Capital Investment / Paid-up Capital :	Rs.202.500 Millions
CIN No.: [Company Identification No.]	U45203TG1979PLC057431
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDT01767D
PAN No.: [Permanent Account No.]	AAACT4119L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service provider of Civil Engineering / Execution of Projects involve Procurement and Supply of Materials along with the Rendering of Services.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

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 22000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of “TATA Group”. It is a well-established company having excellent track. The company possesses a healthy financial profile marked by decent networth base, and comfortable liquidity characterized by conservative financial strategy, reflected in its low debt position. Management has reported a decent sales volume and net profitability during FY 2014. The ratings also take into consideration the moderate working capital intensive operations of the company. However, trade relations are trustworthy. Business is active. Payment terms are reported as regular and as per commitments. In view of potential to factor in support from the TATA Group based on its linkages with the subject, it can be considered 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short Term Debt = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	18.08.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shankar
Designation :	Deputy General Manager
Contact No.:	91-40-66238801
Date :	22.12.2014

LOCATIONS

Registered Office :	“Mithona Towers-1, 1-7-80 to 87, Opposite Wesley Co-ed, Junior College, Prenderghast Road, Secunderabad, Hyderabad - 500003, Telangana
Tel. No.:	91-40-66238801
Fax No.:	91-40-66172353
E-Mail :	tpl@tataprojects.com rajamogilia@tataprojects.com cstpl@tataprojects.com
Website :	http://www.tataprojects.com
Tower Manufacturing Unit :	Located at Umred, Nagpur, Maharashtra, India
Branch Office :	Located At: Ø Mumbai Ø Kolkata Ø New Delhi Ø Abu Dhabi

DIRECTORS

As on 31.07.2014

Name :

Mr. Vinayak Kashinath Deshpande

Designation :

Managing Director

Address :

Samudra Mahal, 209, 9^th Floor, Dr. A. B. Road, Worli, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

21.07.1957

Date of Appointment :

16.08.2011

Din No.:

00036827

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	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	17/05/2002	17/05/2002	15/03/2010	Active	NO
2	L32200MH1940PLC003164	NELCO LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
3	U64200AP1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	30/06/2007	07/06/2007	19/09/2008	Active	NO
4	L27109KA1964PLC001546	KENNAMETAL INDIA LIMITED	Director	26/10/2010	06/09/2010	-	Active	NO
5	U45202MH2008PLC178890	HCC CONCESSIONS LIMITED	Director	07/06/2011	26/10/2010	10/06/2011	Active	NO
6	U45400MH2010PLC210944	HCC INFRASTRUCTURE COMPANY LIMITED	Director	13/12/2010	13/12/2010	10/06/2011	Active	NO
7	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Managing director	16/08/2011	01/07/2011	-	Active	NO
8	L27290MH1978PLC020644	ARTSON ENGINEERING LIMITED	Director	23/07/2012	01/02/2012	-	Active	NO
9	L29308MH1954PLC009371	VOLTAS LIMITED	Director	23/08/2012	14/02/2012	-	Active	NO
10	U45200TG2013PLC088608	TATA PROJECTS INFRASTRUCTURE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO

Name :

Mr. Sowmyan Ramakrishanan

Designation :

Director

Address :

D-9, Income Tax Officer Colony, Pedddar Road, Mumbai – 400026, Maharashtra India

Date of Birth/Age :

19.02.1949

Date of Appointment :

27.01.2012

Name :

Mr. Prasad Raghava Menon

Designation :

Director

Address :

50-F, Lovedale, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

23.01.1946

Date of Appointment :

18.12.2002

Din No.:

00005078

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	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	06/12/2000	06/12/2000	19/11/2007	Active	NO
2	U63020MH1970PLC014572	CHEMICAL TERMINAL TROMBAY LIMITED	Director	01/11/2002	01/11/2002	25/07/2008	Active	NO
3	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	18/12/2002	18/12/2002	-	Active	NO
4	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	24/03/2003	24/03/2003	26/05/2007	Active	NO
5	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
6	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	08/08/2007	16/10/2006	31/01/2011	Active	NO
7	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	27/07/2007	30/10/2006	-	Active	NO
8	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	18/06/2007	23/11/2006	31/01/2011	Active	NO
9	U74899DL2000PLC106999	MAITHON POWER LIMITED	Nominee director	08/12/2006	08/12/2006	01/09/2008	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	13/09/2007	03/02/2007	05/03/2012	Active	NO
11	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Additional director	19/02/2007	19/02/2007	25/09/2008	Active	NO
12	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Director	24/08/2007	14/03/2007	03/02/2011	Active	NO
13	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	07/08/2007	22/04/2007	29/01/2011	Active	NO
14	L32200MH1940PLC003164	NELCO LIMITED	Director	20/07/2007	20/07/2007	05/06/2013	Active	NO
15	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	23/07/2007	23/07/2007	24/03/2014	Active	NO
16	L65110GJ1993PLC020769	AXIS BANK LIMITED	Director	17/06/2011	09/10/2010	-	Active	NO
17	U74210MH1999PLC123010	TATA CONSULTING ENGINEERS LIMITED	Director	30/06/2011	01/02/2011	-	Active	NO
18	L29130MH1961PLC011980	SKF INDIA LIMITED	Director appointed in casual vacancy	08/03/2011	08/03/2011	-	Active	NO
19	U11100MH1993PLC134095	TATA PETRODYNE LIMITED	Director	13/07/2012	01/04/2012	13/03/2013	Active	NO
20	L74210JH1962PLC000700	TRF LIMITED.	Additional director	02/08/2013	02/08/2013	-	Active	NO
21	U62200DL2013PLC259904	TATA SIA AIRLINES LIMITED	Director	21/11/2013	05/11/2013	-	Active	NO
22	U85191MH2014NPL253500	TATA FOUNDATION	Director	21/02/2014	21/02/2014	-	Active	NO

Name :

Mr. Pradeep Nilkant Dhume

Designation :

Director

Address :

GSB Temple Trust Building, 257 Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

01.09.1948

Date of Appointment :

03.04.2002

Din No.:

00916804

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	03/04/2002	03/04/2002	-	Active	NO
2	U74210MH1983PLC030705	ROHINI INDUSTRIAL ELECTRICALS LIMITED	Nominee director	28/07/2009	04/09/2008	-	Active	NO

KEY EXECUTIVES

Name :	Dr. A Raja Mogli
Designation :	Company Secretary and Head Legal
Address :	12-13-691/4, Nagarjuna Nagar, Tarnaka, Secunderabad-500017, Telangana, India
Date of Birth/Age :	10.05.1957
Date of Appointment :	22.11.2007
PAN No. :	AAXPA5498B

MAJOR SHAREHOLDERS

As on 31.07.2014

Names of Shareholders	No. of Shares
Tata Sons Limited, India	135000
Tata Steel Limited, India	218250
The Indian Hotels Limited, India	90000
Tata International Limited, India	90000
The Tata Power Company Limited, India	967500
Tata Chemicals Limited, India	193500
Voltas Limited, India	135000
Tata Industries Limited, India	60750
Tata Motors Limited, India	135000
Total	2025000

As on 31.07.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of Civil Engineering / Execution of Projects involve Procurement and Supply of Materials along with the Rendering of Services.

Products :

PRODUCT DESCRIPTION	ITC CODE
Energy Sector	84011000
Services	84011000
Others	84011000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Projects

Countries :

• Kenia
• UAE

Imports :

Products :

Material and Equipment for projects

Countries :

• US
• Netherlands

Terms :

Selling :

Cash, Advance Payment, L/C, Credit

Purchasing :

Cash, Advance Payment, L/C, Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Steel authority of India Limited, Hyderabad, Telangana, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and Others

Reference :	Andra Pradesh Power Development Company, Hyderabad, Telangana, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

2500 (Approximately)

Bankers :

• Bank of Baroda, Corporate Financial Services Hyderabad Branch, 3-6-262/6, Tirumala Estates, 1st Floor, Himayat Na, Hyderabad - 500029, Telangana, India
• State Bank of Hyderabad, Industrial Finance Branch, Panjagutta, Hyderabad - 500482, Tamil Nadu, India
• Axis Bank Limited, 6-3-879/B Greenlands, Begumpet, Hyderabad - 500016, Telangana, India
• Export-Import Bank of India, Centre One, World Trade Centre, Cuffe Pared, Mumbai-400005, Maharashtra, India
• Canara Bank, IFB, 5-10-194, Chakrapani Eastate, Kalanjali Building, Opposite police Control Room, Saifabad, Hyderebad-500004, Telangana, India

Facilities :

Secured Loan	31.03.2014 [Rs. in Millions]	31.03.2013 [Rs. in Millions]
SHORT TERM BORROWINGS
Loans repayable demand from banks	2554.887	382.935
Other Loans and advances	347.286	0.000
Total	2902.173	382.935

Banking Relations :	---
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	1-8-384 and 385, 3^rd Floor, Gowra Grand, S.P. Road, Secunderabad - 500003, Telangana, India
Pan No.:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Entity holding more than 20%:	The Tata Power Company Limited (CIN NO.: L28920MH1919PLC000567)
Subsidiaries :	Artson Engineering Limited (CIN NO. : L27290MH1978PLC020644) TPL-TQA Quality Services (Mauritius) Pty Limited, Mauritius TPL-TQA Quality Services South Africa (Proprietary) Limited, South Africa TQ Services Europe GmbH, Germany Tata Projects Infrastructure Limited (CIN NO. : U45200TG2013PLC088608)
Jointly controlled entities (JCE):	Al Tawleed for Energy and Power Company, Saudi Arabia TEIL Projects Limited (CIN NO. : U74140DL2008PLC18089)
Associates :	Virendra Garments Manufacturers Private Limited (CIN NO. : U18100MH1993PTC072992)

CAPITAL STRUCTURE

As on 31.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2025000	Equity Shares	Rs.100/- each	Rs.202.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	202.500	202.500	202.500
(b) Reserves & Surplus	7670.298	6792.138	6061.834
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7872.798	6994.638	6264.334
(3) Non-Current Liabilities
(a) long-term borrowings	4.125	4.885	6.070
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	104.154	88.355	89.406
(d) long-term provisions	181.688	164.332	84.584
Total Non-current Liabilities (3)	289.967	257.572	180.060
(4) Current Liabilities
(a) Short term borrowings	2902.173	382.935	11.734
(b) Trade payables	21840.143	22174.781	20300.067
(c) Other current liabilities	9992.114	9757.812	7356.549
(d) Short-term provisions	181.238	208.290	408.964
Total Current Liabilities (4)	34915.668	32523.818	28077.314
TOTAL	43078.433	39776.028	34521.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2316.929	2074.006	1424.076
(ii) Intangible Assets	102.228	16.991	28.410
(iii) Capital work-in-progress	55.912	147.431	80.373
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	89.742	81.494	109.790
(c) Deferred tax assets (net)	559.702	356.967	194.905
(d) Long-term Loan and Advances	794.790	653.439	232.810
(e) Other Non-current assets	184.647	136.326	127.470
Total Non-Current Assets	4103.950	3466.654	2197.834
(2) Current assets
(a) Current investments	0.000	407.027	1344.309
(b) Inventories	4488.292	2392.356	1059.600
(c) Trade receivables	22671.415	22801.116	19026.221
(d) Cash and cash equivalents	1654.577	907.256	4925.390
(e) Short-term loans and advances	8759.655	9425.600	5059.528
(f) Other current assets	1400.544	376.019	908.826
Total Current Assets	38974.483	36309.374	32323.874
TOTAL	43078.433	39776.028	34521.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	35983.766	34805.462	30179.665
		Other Income	449.406	610.976	522.529
		TOTAL (A)	36433.172	35416.438	30702.194
Less	EXPENSES
		Cost of materials consumed	31180.180	30894.270	25011.998
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2069.860)	(1429.242)	(177.427)
		Employee benefit expense	2753.407	2420.045	2029.128
		Other	2281.487	1707.146	1100.320
		TOTAL (B)	34145.214	33592.219	27964.019
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2287.958	1824.219	2738.175
Less	FINANCIAL EXPENSES (D)		346.689	301.675	220.701
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1941.269	1522.544	2517.474
Less/ Add	DEPRECIATION/ AMORTISATION (F)		497.148	369.613	279.174
	PROFIT BEFORE TAX (E-F) (G)		1444.121	1152.931	2238.300
Less	TAX (H)		464.711	304.170	691.259
	PROFIT AFTER TAX (G-H) (I)		979.410	848.761	1547.041
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5005.861	4276.000	3119.100
Less	APPROPRIATIONS
		Transfer to General Reserve	97.900	84.800	154.700
		Proposed Dividend	101.300	101.300	202.500
		Tax on Dividend	0.000	17.200	32.900
		Debenture Redemption Reserves	0.000	(84.400)	0.000
	BALANCE CARRIED TO THE B/S		5786.100	5005.861	4276.041
	Earnings Per Share (Rs.)		483.66	419.14	763.97

Expected Sales (2014-15) : Rs. 35000.000 Millions.

The above information has been parted by Mr. Shankar (Deputy General Manager Finance).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.72	2.44	5.13
Operating Profit Margin (PBIDT/Sales)	(%)	6.36	5.24	9.07
Return on Total Assets (PBT/Total Assets}	(%)	3.41	2.94	6.56
Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.36
Debt Equity Ratio (Total Debt /Networth)		0.37	0.06	0.00
Current Ratio (Current Asset/Current Liability)		1.12	1.12	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	202.500	202.500	202.500
Reserves & Surplus	6061.834	6792.138	7670.298
Net worth	6264.334	6994.638	7872.798
long-term borrowings	6.070	4.885	4.125
Short term borrowings	11.734	382.935	2902.173
Total borrowings	17.804	387.820	2906.298
Debt/Equity ratio	0.003	0.055	0.369

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	30179.665	34805.462	35983.766
		15.328	3.385

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	30179.665	34805.462	35983.766
Profit	1547.041	848.761	979.410
	5.13%	2.44%	2.72%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

APPLSR 1101 / 2009	CASE IS:PENDING
PETITIONER	RESPONDENT
M/S. DELKON ( INDIA ) PRIVATE LIMITED VS	M/S. TATA PROJECTS LIMITED
PET.ADV. : VARAHA GIRI	RESP.ADV. :
SUBJECT: ARBITRATION APLICATION	DISTRICT:  HYDERABAD
FILLING DATE : POSTING STAGE : FOR DIRECTION STATUS :------- REG. DATE : LISTING DATE : 30-11-2011
HON’BLE JUDGE(S): N.R.L.NAGESWARA RAO

UNSECURED LOAN

Particulars	31.03.2014 [Rs. in Millions]	31.03.2013 [Rs. in Millions]
LONG TERM BORROWINGS
Term Loan from Banks	4.125	4.885
Total	4.125	4.885

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10476714	28/01/2014	1,090,000,000.00	AXIS BANK LIMITED	6-3-879/B GREENLANDS, BEGUMPET, HYDERABAD, TELANGANA - 500016, INDIA	B95997292
2	10454727	23/09/2013	891,900,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES HYDERABAD BRANCH, 3-6-262/6, TIRUMALA ESTATES, 1ST FLOOR, HIMAYAT NA, HYDERABAD, TELANGANA - 500029, INDIA	B87427332
3	10443877	26/07/2013	7,500,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, TELANGANA - 500082, INDIA	B82513383
4	10246720	14/10/2010	1,073,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES HYDERABAD BRANCH, 3-6-262/6, TIRUMALA ESTATES, 1ST FLOOR, HIMAYAT NA, HYDERABAD, TELANGANA - 500029, INDIA	A97272660
5	80002233	28/03/2012 *	45,900,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH, PANJAGUTTA, HYDERABAD, TELANGANA - 500082, INDIA	B37832086
6	90162307	12/09/1989	50,000,000.00	EXPORT IMPORT BANK OF INDIA	MAKER CHAMBES IV, 8TH FLOR; 222; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400001, INDIA	-
7	90161682	24/04/1987 *	1,500,000.00	GRINDLAYS BANK	90 M G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-

* Date of charge modification

OPERATIONS

The total income for the year aggregated to Rs. 36433.100 Millions (PY: Rs. 35416.400 Millions). The operating profit for the year was Rs.2287.900 Millions (PY: Rs. 1824.200 Millions) resulting in a Profit before Tax (PBT) of Rs. 1444.100 Millions (PY: Rs.1152.900 Millions).

BUSINESS OPERATIONS

EPC and Industrial Infrastructure Business

This Industrial infrastructure business consists of 7 (Seven) Business Units (BUs) viz., Power Generation (PG); Transmission and Distribution (T&D); Railways; Metal & Minerals (M&M); Oil, Gas and Hydrocarbon (OGH); Water and Waste water (W&WW); and Construction Services

(CS).

The total revenue during the year from the BUs was Rs 35972.500 Millions (PY: Rs 34996.000 Millions).

Key projects completed

The major projects completed by the Industrial infrastructure business units are listed below:

In Power Generation, The company had completed and synchronized (i) 2x80 MW captive power plant at Tuticorin and; (ii) the first unit of Balance of Plant (BoP) Project for Telangana Power Development Corporation Limited (2x800 MW Supercritical Thermal Power plant at Krishnapatnam), which is one of India?s largest BoP project. The work on gas based (1x388 MW) combined cycle power plant at Raigarh, Maharashtra is in advanced stage of completion.

In Transmission & Distribution, The company had completed 11 lines/work components during the year and received a special trophy formaximum capitalization during the year from Power Grid Corporation of India Limited.

In Water and Waste Water, The company completed the performance testing and handed over of Water Systems of Thin Slab caster & Rolling (TSCR) for Tata Steel Limited, Jamshedpur. Out of six projects, three projects namely Water System for SMS-2, Chilled Water Plant (CWP) and Piping Project of Vizag Steel Plant (VSP) of RashtriyaIspat Nigam Limited (RINL), Vishakhapattanam have received Preliminary Acceptance Certificate (PAC) / Virtual Completion Certificate (VCC). Water System for SMS-2 was first to receive PAC amongst all projects of VSP expansion zone.

In Oil, Gas & Hydrocarbons, The company had completed the execution of ONGC Uran (Fire Water Network) & Cairn Energy-Aishwarya Field Development Project, while Cairn Energy EPC-MPT is progressing as per schedule and is expected to be completed by 1 st quarter of financial year 2014-15.

In Railways, The company received PAC for 818 Track Kilometers (TKM) and also commissioned 173 TKM of Railway Lines.

In Metals & Minerals The company commissioned 2.5 MT per annum blast furnace at Rourkela Steel Plant of Steel Authority of India Limited (SAIL), 1.2 MT per annum pelletisation project of National Mineral Development Corporation Limited (NMDC) has reached commissioning stage; while the blast furnace of NMDC and interplant fuel gas and industrial gases piping project at Bhilai Steel Plant of SAIL are steadily progressing towards completion.

In Construction Services, The company had completed 5550 cum of blast furnace foundation at Jindal Steel and Power Limited (JSPL), in just 61 hours and also completed 173 M high Natural Draft Cooling Tower (NDCT) for Krishnapatnam thermal power project through in- house resources. This achievement has positioned the Company as one amongst a few construction companies in India, with the experience of constructing NDCT for super critical thermal power projects.Construction Services also had constructed an over-head water tank at Nagarnar without any scaffolding from ground and reduced the construction period by almost one year.

FUTURE OUTLOOK

Indian Market: There has been economic slowdown in the Country and nearly insignificant progress in industrial infrastructure sector. However, the scenario is likely to improve in financial year 2014-15. The company is poised to grab new opportunities of growth in all areas of industrial infrastructure.

International market: To derisk the business, The company is aggressively looking at international markets. BU-Power Generation and Railways are contemplating to spread its footprints in Middle east, South east Asia and Africa. BU-Transmission and Distribution have secured two international projects from new clients in Zambia and Nepal and plans to venture further in Africa and Middle-East and North Africa region.

BU-Oil, Gas & Hydrocarbons has secured an EPC contract for chemical storage terminal at Sharjah by Hazel International, Free Zone Establishment and is also qualified and invited for other storage tanks and export EPC projects from clients in UAE.

Key Investment (TMU and Capex)

Tower Manufacturing Unit (TMU), Nagpur has proposed to enhance its manufacturing capacity from present 36,000 MT per annum to 76,000 MT per annum. For this purpose, the Company is in the process of acquiring more land adjacent to the present location of the factory.

2. Quality Services (QS)

This SBU is a leading Inspection and Certification agency with Pan India presence, offices in China, Korea and UAE. It is providing services in about 40 countries. The revenue during the year from this SBU was Rs 663. 000 Millions (PY Rs 833.000 Millions), the de-growth being mainly on account of slowdown in industrial investments.

In inspection segment, it received a prestigious order to provide project quality management in Highway sector, which is a new line of business. It also received orders for Quality Supervision for varius Government Infrastructure Projects.

In Certification and Training segments it received several orders for Emergency Response and Disaster Management Plan (ERDMP) Certification, Warehousing/Cold Storage Accreditation and Energy/Safety Audits of various establishments.

OUTLOOK

This SBU has strong presence in Power Sector in India and OGH Sector in Middle East. Expected revival in capital expenditure in these sectors and also with planned geographic expansion overseas, SBU is optimistic to comeback to growth path in financial year 2014-15. SBU proposes to diversify its services in Operation and Maintenance sector, where it is negotiating contracts with RSP, SAIL. This SBU is also planning to enter new geographies in countries like Kingdom of Saudi Arabia, Oman and Vietnam for its traditional inspection services business.

SUBSIDIARIES AND JOINT VENTURE COMPANIES

A SUBSIDIARIES

Artson Engineering Limited (AEL)

AEL reported a total income of Rs. 790.300 Millions for the financial year ended 31 st March 2014 (previous year Rs. 589.900 Millions) and a loss of Rs. 83.300 Millions (previous year Rs. 393.900 Millions). The clients who had awarded contract to AEL either reduced the contract value or the scope of work. Moreover, since the market conditions were not conducive, few of the orders did not materialize. As a result, the turnover of AEL was below the expectations. With a view to bring stability in operations, AELs Management plans to concentrate more on contract manufacturing instead of EPC related projects activities. It is perceived that the strategy to take orders for fabrication work from Tata Companies will help to further stabilise the operations and also with the support of The holding Company, AEL is hopeful of reporting improved performance in the years to come.

TPL-TQA Quality Services South Africa (Proprietary) Limited; and TPL-TQA Quality Services (Mauritius) Pty. Limited

These two subsidiary companies performed well during the year as per business projections with Turnover of Rs 883.400 Millionss (previous year: Rs 834.400 Millionss) and PBT: Rs 342.300 Millionss (previous year: Rs 345.400 Millionss). The current contract with the client viz., Eskom in South Africa concluded in October 2013 and is due for renewal. In the interim period, services are continuing with the client with revised but lower rates. Eskom has ambitious growth plan and the Company is hopeful of winning the award during contract renewal.

TQ-Services Europe GmbH, Germany

To enable the global inspection agency with substantial presence in all continents by the year 2025, a Limited Liability Company (TQ Services Europe GmbH) was registered in Germany, being the geographic and economic center of Europe.

Tata Projects Infrastructure Limited (TPIL)

This Company was incorporated as a wholly owned subsidiary during the year to support The Companys foray into development projects in select sectors. Development projects won under the Public Private Partnerships (PPP) or Build, Own and Operate (BOO) format in future will be executed through this subsidiary.

JOINT VENTURE COMPANIES

Al-Tawleed for Energy and Power Company LLC

This Joint Venture (JV) Company with M/s Abdullah Ibrahim Al-Towaijiri & Partners Co (Al Mashrik Contracting Company) formed in 2006 for execution of power, infrastructure and industrial projects in the Kingdom of Saudi Arabia (KSA) proved to be no longer viable and hence its considered appropriate to wind up which is in progress.

TEIL Projects Limited

This joint venture Company with Engineers India Limited (EIL) participated in contracts for providing engineering consultancy services such as design and engineering, procurement assistance and construction supervision besides EPC projects in the power and oil and gas sectors. During the year, the JV posted a turnover of Rs 23.400 Millions (loss of Rs 9.100 Millions) with a closing order book of Rs 24.300 Millions.

FIXED ASSETS:

œ Land Improvements

œ Building

œ Plant Machinery

œ Office Equipments

œ Computer Equipments

œ Motor Vehicles

œ Leasehold Improvements

PRESS RELEASE

TATA PROJECTS AIMS TO TRIPLE TURNOVER TO RS.100000.000 MILLIONS

Tata Projects says it’s started work on the railway ministry’s eastern dedicated freight corridor project

March 07, 2013

Mumbai: Tata Projects Limited, an engineering, procurement and construction (EPC) company focused on industrial infrastructure, aims to triple turnover to Rs.100000.000 millions in three-four years by focusing on complex projects that require advanced technology rather than bidding for projects across the segment.

The projects that the company is engaged in are heavily engineering-focused EPC contracts, said Vinayak Deshpande, managing director of Tata Projects. The company currently has a turnover of Rs.38000.000 millions.

“Now, our focus would be on hi-tech and complex projects. And we would simplify them for customers in addition to executing those projects ahead of time at a competitive price,” Deshpande said.

Tata Projects will be competing for projects with companies such as Larsen and Toubro Ltd, Punj Lloyd Limited and Leighton Contractors (India) Private. Limited.

TATAS COMMENCE WORK ON RAIL PROJECT

March 07, 2013

In the midst of all the noise about its joint venture with AirAsia, one interesting development involving the Tata Group has gone unnoticed.

It involves trains, not planes.

The Tata group has begun work on its first major contract from the ministry of Railways. The contract was awarded in January 2013. Group subsidiary Tata Projects Ltd, through a joint venture formed with the 800-million-euro Spanish civil construction company Aldesa Grupo, started work on the eastern Dedicated Freight Corridor Project in March 2013. Specifically, it is working on the 337 kilometre Khurja-Bhaupur stretch of the corridor, entirely in Uttar Pradesh.

The eastern Dedicated Freight Corridor stretches from Ludhiana in Punjab to Dankuni in West Bengal. The project's remaining tenders and contracts will be awarded later.

Jorge Ferrandiz Perez: Aldesa will be working with Tata Projects in other parts of the eastern freight corridor as well as in other freight corridors being planned in the country.

"Around 82 per cent of the land has been acquired. Around 65 per cent of the new track will be along existing tracks," said Vinayak Deshpande, Managing Director of Tata Projects, speaking at a press conference to announce the commencement of work.

The Khurja-Bhaupur project is a Rs 3,300 Millions order. Tata Projects, a Rs 3,0000.000 millions company, has a Rs 14,0000.000 millions order book of engineering, procurement and construction (EPC) contracts. The company does not get into public-private partnership projects.

"Railways is our newest business segment. Our biggest is power generation. We do not have plans to do development projects, which will be done by Tata Realty. Our focus will continue to be on EPC," said S.A.A. Irfan, Business Head, Railways, at Tata Projects, speaking to Business Today.

Aldesa's Jorge Ferrandiz Perez, who is the project director, says the Tatas have been working with Aldesa on the freight corridor stretch for the last two and a half years. The company will be working with Tata Projects in other parts of the eastern freight corridor as well as in other freight corridors being planned in the country, he added. "Aldesa is present in markets like Mexico, Poland, Romania, Guatemala and Peru apart from Spain, which is our home country. We are also involved in developing high-speed trains in Spain," said Perez, who has been in India for the last year or so.

While its projects are predominantly in India, Tata Projects is also focusing on Middle East and Africa. It is looking at opportunities in power, transmission, mining, railways, chemicals and fertilizers in Africa. In Middle East, it is eyeing projects in oil and gas and gas based power projects.

TATA PROJECTS UNVEILS NEW STRATEGY TO ACCELERATE GROWTH

IANS  |  Hyderabad  August 22, 2013 Last Updated at 19:28 IST

Tata Projects Ltd, an engineering procurement construction (EPC) services provider for the infrastructure sector, Thursday unveiled a new strategy to accelerate its growth by focusing on public-private partnership (PPP) and build, own and transfer (BOT) mode projects.

While continuing its focus on power, transmission, metals and railway, the company is looking at urban infrastructure, partnerships in different segments and also participation in PPP and BOT projects, said Manzoor Ameen, chief strategy officer, Tata Projects Ltd.

The company had revenues of Rs.4,000 Millions during 2012-13 with a growth of 10 percent. "This year, the revenues will be at little over Rs.4,000 Millions," he told reporters adding that the impact of the new strategic direction will not be felt during the current year.

Tata Projects currently has an orderbook of Rs.15,000 Millions with projects predominantly in power, transmission and metals and minerals. Water, railways and oil, gas and hydrocarbons are the smaller sectors.

Under the new strategy, aimed at multiplying the topline, the company is actively looking at urban infrastructure including metro rail projects, Special Economic Zones and water management.

A part of Tata Group, it grew at 25-26 percent CAGR during last four to five years. The zero-debt and cash rich company is doing well despite the problems in infrastructure sector and the overall challenging conditions in the economy.

"Even in a bad year last year, we did reasonably good. This year has been very good. We almost doubled the orderbook," Ameen said.

"We are making decent profits and want to push up further the trajectory of growth but we will not madly bid. We will continue to be very prudent," he said.

Ameen said they would increasingly leverage verticals and also the partnerships. For Kochi Metro, it has tied up with Britain-based Balfour Beatty.

It also won the Eastern Freight Corridor Project jointly with Aldesa of Spain. It involves construction of a 337 km double track line, and 14 km of single line - between Bhaupur and Khurja in Uttar Pradesh. The World Bank has sanctioned $975 million for the project.

Ameen said through such partnerships, they will actively work on opportunities and bring in world-class infrastructure international practices, especially in urban infrastructure.

"We are looking at developing projects ourselves. So far we were playing EPC role but now looking at playing PPP and BOT role," he said

PRESS RELEASE - 2014

TATA PROJECTS BAGS 2ND PLACE IN CONSTRUCTION WEEK - INDIA AWARDS FOR INFRASTRUCTURE COMPANY OF THE YEAR & WATER PROJECT OF THE YEAR 2014

Construction Week in association with United Technologies awarded Tata Projects the “Infrastructure Company of the Year” and “Water Project of the Year ‘’ (Fire Water Network, Uran) awards for 2014.

PRESS RELEASE - 2013

TATA PROJECTS BAGS DUN & BRADSTREET INFRASTRUCTURE AWARD FOR THE INDUSTRIAL INFRASTRUCTURE PROJECT OF THE YEAR 2013

Tata Projects won the “Industrial Infrastructure Project of the year award” at the 'Dun and Bradstreet Infra Awards 2013' . Its project – Rourkela Steel Plant blast furnace, which is the largest `Blast Furnace’ in India was adjudged the best in this category for 2013. This project was selected by an independent jury comprising of Mr. Amitabh Kant, CEO & MD Delhi Mumbai Industrial Corridor, Mr. N. Salecha, Joint Secretary Govt of India, Ministry of Urban Development and Professor Ashok Gupta, Dean `Infrastructure’ at IIT Delhi.

The award was received by Mr. Manzoor Ameen (Chief Strategy Officer ) on behalf of Tata Projects Limited from Mr. N. Salecha, Joint Secretary (Govt of India) & Mr. Kaushal Sampat, President & CEO D&B.

On this occasion D&B also released its annual, much sought out publication - `India’s Leading Infrastructure Companies 2013’. Tata Projects Limited has featured in the same too.

TATA PROJECTS WINS THE "OUTSTANDING PERFORMANCE IN SPECIALISED PROJECTS" AWARD 2013 FROM EPC WORLD

EPC World in association with Ernst & Young awarded Tata Projects the "Outstanding Performance in Specialised Projects" award for its Rourkela Steel plant - Blast Furnace. It's currently the largest 'Blast furnace' in India.

TATA PROJECTS WINS INDIA'S MOST ADMIRED CONSTRUCTION COMPANY AWARD

At the recently concluded `Construction World – India Construction Festival’ held at New Delhi - Tata Projects won the prestigious “India’s Most Admired Construction Company Award”

About 200 construction companies were jostling for the award, out of which 10 were declared as winners by an eminent jury consisting of eminent bureaucrats and industry experts, based on a stringent criteria taking into account projects won + financial performance + market share.

TATA PROJECTS BEGINS WORK ON RS.3300 CR EASTERN DEDICATED FREIGHT CORRIDOR PROJECT

Mumbai March 7, 2013: Tata Projects Limited, one of India's fastest growing and most admired Infrastructure companies today announced, that it has commenced work on the Eastern Dedicated Freight Corridor project which the company has recently won in partnership with Aldesa of Spain.

This is the first major contract awarded for the Eastern DFCC through an international competitive bidding process and involves construction of a 337 kilometers double track line, and 14 KMs of single line - between Bhaupur and Khurja in Uttar Pradesh. The World Bank has sanctioned $975 million for this complete project. This will be a Design-Build Lump sum contract and will be executed within a time frame of 4 years.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 67.17
UK Pound	1	Rs. 98.85
Euro	1	Rs. 77.41

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		73

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.