MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	TATA INTERNATIONAL LIMITED
Registered Office :	7th Floor, Trent House, G -Block, Plot No. C-60, Beside Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.11.1962
Com. Reg. No.:	11-012528
Capital Investment / Paid-up Capital :	Rs.401.000 Millions
CIN No.: [Company Identification No.]	U51900MH1962PLC012528
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10815A
PAN No.: [Permanent Account No.]	AAACT3198F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and Seller of Leather and Leather Products, Trading in Commodities and Footwear Retail.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 19600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a Part of ‘TATA GROUP’. It is a well-established and reputed company having a good track record. The company has incurred a loss during 2013. However, financial position of the company seems to be strong. The company has strong percentage and investment portfolio which provide strong financial flexibility. The company has acquire premium exporter of leather products and has reputed international client which enhance the good business. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. In view of experience promoters, the company can be considered for normal business dealings 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Issuers Rating = IrA+ (Stable)
Rating Explanation	a. Adequate credit quality rating b. General credit worthiness of the rated entity and not specific to any particular debt instrument
Date	July 2013

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

Management Non-Cooperative (Tel No.: 91-22-66652200)

LOCATIONS

Registered Office :	7th Floor, Trent House, G -Block, Plot No. C-60, Beside Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-66652200-10
Fax No.:	91-22-66612836
E-Mail :	ajay.ponkse@tatainternational.com tintl@tatainternational.com corporate@telmumablk.globalnet.ems.vsnl.net.in mdeshmukh@tatainternational.com manoj.deshmukh@tatainternational.com til.post@tatainternational.com
Website :	www.tatainternational.com
Corporate Support Services:	Sterling Centre, 3^rd Floor, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-66652299
Fax No.:	91-22-66612836 / 37
Representative Office :	Tata Centre, 43, Chowringhee Road, Kolkata, West Bengal, India
Factory 1 / Leather and Leather Products Business Unit:	No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600077, Tamilnadu, India
Tel. No.:	91-44-66362500 / 10
Fax No.:	91-44-66362522
E-Mail :	okaul@tatainternational.com
Factory 2 :	Industrial Area, Agra Mumbai Road, Dewas - 455001, Madhya Pradesh, India
Tel. No.:	91-7272-258900 / 04 / 425500
Fax No. (Main Building) :	91-7272-258150 / 258271
Fax No. (LFB Marketing) :	91-7272-258914
Fax No. (LGB Marketing) :	91-7272-258574
Fax No. (Ladies FW Plant) :	91-7272-400161
Engineering Business Unit:	Located at · New Delhi · Kolkata · Mumbai
Overseas Offices:	Located at · China · Japan · Singapore · South Korea · Myanmar · Taiwan · Thailland · Cambodia and Lao PDR · UAE · Vietnam · South Africa · Zambia · Mozambique · Zimbabwe · Kenya · Uganda · Namibia · Ethiopia · Nigeria · Tanzania · Netherlands · Poland · Russia · Spain · UK · Brazil · Mexico · USA · Panama

DIRECTORS

As on 16.09.2013

Name :

Mr. Balasubramanian Muthuraman

Designation :

Chairman

Address :

111/A, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

26.09.1944

Qualification :

B. Tech (IIT), MBA (XLRI)

Date of Appointment :

12.08.2004

DIN No.:

00004757

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	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	13/08/2010	01/08/2000	-	Active	NO
2	L27102OR1982PLC001091	TATA SPONGE IRON LIMITED	Nominee director	19/01/2001	19/01/2001	23/07/2007	Active	NO
3	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LTD	Director	13/12/2001	13/12/2001	14/01/2010	Active	NO
4	U63090WB2002PLC094134	TM INTERNATIONAL LOGISTICS LIMITED	Nominee director	18/01/2002	18/01/2002	18/01/2008	Active	NO
5	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	12/08/2004	12/08/2004	-	Active	NO
6	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director	06/05/2005	06/05/2005	19/07/2007	Active	NO
7	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
8	L85110KA1951PLC000761	Bosch Limited	Director	07/06/2007	01/01/2007	01/07/2013	Active	NO
9	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	27/09/2010	15/12/2009	31/08/2013	Active	NO
10	U72900MH2006PTC163193	STRATEGIC ENERGY TECHNOLOGY SYSTEMS Private Limited	Director	20/09/2010	20/04/2010	-	Active	NO

Name :

Mr. Homiar Sorabji Vachha

Designation :

Director

Address :

Flat No. 9, Naoroji House, Naigaum Cross Road, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

23.04.1942

Qualification :

MA, Phd (Economics)

Date of Appointment :

28.11.2003

DIN No.:

00016610

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
2	U24100MH1980PTC022617	BO-CHEM PRIVATE LIMITED	Director	25/07/1997	25/07/1997	01/04/2010	Active	NO
3	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	08/02/1999	08/02/1999	-	Active	NO
4	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	25/11/1999	25/11/1999	-	Active	NO
5	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	30/03/2001	30/03/2001	-	Active	NO
6	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO
7	U40109DL2001PLC111526	Tata Power Delhi Distribution Limited	Director	20/05/2009	03/01/2009	28/11/2012	Active	NO
8	U51102TN1996PLC034121	GRAZIELLA SHOES LIMITED	Director	17/09/2010	30/03/2009	-	Amalgamated	NO
9	U18209TN1997PLC037515	BACHI SHOES LIMITED	Director	05/08/2011	24/12/2010	-	Active

Name :

Mr. Piyush G. Mankad

Designation :

Director

Address :

P-161, ATS Greens Village, Sector 93-A, Expressway Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

18.11.1941

Qualification :

MA, IAS (Retd)

Date of Appointment :

12.08.2004

DIN No.:

00005001

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	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	12/08/2004	12/08/2004	-	Active	NO
2	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO
3	U74140MH1996PTC099483	DSP BlackRock Investment Managers Private Limited	Director	21/10/2004	21/10/2004	-	Active	NO
4	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	29/01/2005	29/01/2005	06/09/2012	Active	NO
5	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
6	L45101UP1996PLC019759	NOIDA TOLL BRIDGE COMPANY LIMITED	Director	21/04/2005	21/04/2005	-	Active	NO
7	L85110KA1915PLC000740	UNITED BREWERIES (HOLDINGS) LIMITED	Director	30/12/2005	30/12/2005	19/02/2012	Active	NO
8	U62100KA2004PLC034399	KINGFISHER TRAINING AND AVIATION SERVICES LIMITED	Director	30/09/2006	31/01/2006	15/10/2008	Active	NO
9	L74999DL1991PLC042749	ICRA LIMITED	Director	12/06/2006	30/03/2006	-	Active	NO
10	L26942HR1958FLC042301	HeidelbergCement India Limited.	Director	14/06/2007	19/10/2006	-	Active	NO
11	L18101DL1970PLC005197	SRF LIMITED	Director	25/07/2008	25/10/2007	25/07/2012	Active	NO
12	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	10/09/2008	03/07/2008	-	Active	NO
13	L27100MH1999PLC121285	Mahindra CIE Automotive Limited	Director	29/07/2009	29/07/2008	02/08/2011	Active	NO
14	L85110KA1995PLC018045	Kingfisher Airlines Limited	Director	26/12/2008	15/10/2008	09/01/2012	Active	NO
15	L21090BR1918PLC000013	Hindustan Media Ventures Limited	Director	05/09/2012	19/12/2011	-	Active	NO

Name :

Mr. Arun Kumar Vora

Designation :

Director

Address :

S-2, 3rd Floor, Orchid Apartments, 161, 5th Main, Defence Colony, Indira Nagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

14.08.1941

Qualification :

BE (Mechanical), PG Industrial engineering (UK)

Date of Appointment :

04.09.2006

DIN No.:

00191774

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	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	27/03/1998	27/03/1998	-	Active	NO
2	U74210MH1999PLC123010	Tata Consulting Engineers Limited	Director	13/05/2003	13/05/2003	-	Active	NO
3	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	04/09/2006	04/09/2006	-	Active	NO
4	U34200MH2005PTC154348	TATA INTERNATIONAL DLT PRIVATE LIMITED	Director	06/09/2007	23/05/2007	-	Active	NO
5	U40101MH2010PTC205236	MAHINDRA SOLAR ONE PRIVATE LIMITED	Director	27/09/2012	03/01/2012	23/09/2013	Active	NO

Name :

Mr. Noel Naval Tata

Designation :

Managing Director

Address :

Windmere, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.11.1956

Qualification :

Graduate from Sussex (UK)

Date of Appointment :

12.08.2010

DIN No.:

00024713

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63040MH1993PTC070465	DKI TRAVEL SERVICES PVT LTD	Director	01/06/1994	01/06/1994	18/04/2011	Active	NO
2	L24240MH1952PLC008951	TRENT LIMITED	Director	05/08/2011	18/12/1997	-	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	27/01/2003	27/01/2003	-	Active	NO
4	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Nominee director	07/08/2003	07/08/2003	-	Active	NO
5	U70101MH2004PTC145888	LORIMAR PROPERTIES PRIVATE LIMITED	Director	23/04/2004	23/04/2004	29/10/2012	Active	NO
6	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	09/06/2004	09/06/2004	-	Active	NO
7	U70102MH1994PTC076582	SATNAM DEVELOPERS AND FINANCE PRIVATE LTD	Nominee director	21/08/2004	21/08/2004	-	Amalgamated	NO
8	U91990MH2005GAP151959	RETAILERS ASSOCIATION OF INDIA	Director	14/03/2005	14/03/2005	-	Active	NO
9	U74899DL1995PLC073520	TRENT BRANDS LIMITED	Nominee director	27/04/2005	27/04/2005	10/05/2010	Active	NO
10	U70109MH2006PLC160918	LANDMARK LIMITED (PART IX)	Nominee director	31/03/2006	31/03/2006	-	Active	NO
11	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	10/05/2007	10/05/2007	09/09/2010	Active	NO
12	U74140MH2007PTC172569	IL&FS MILESTONE REALTY ADVISORS PRIVATE LIMITED	Director	26/09/2008	14/08/2007	09/09/2010	Active	NO
13	U65991MH2007PTC169267	VIRTUOUS TRUSTEES PRIVATE LIMITED	Director	29/09/2008	21/09/2007	22/12/2009	Active	NO
14	U67100MH2007PTC169947	TREXA ADMC PRIVATE LIMITED	Director	11/10/2008	21/09/2007	29/05/2012	Active	NO
15	L24202MH1920PLC000825	KANSAI NEROLAC PAINTS LIMITED	Director	24/06/2008	27/10/2007	-	Active	NO
16	U51900MH2008PLC184184	Trent Hypermarket Limited	Director	30/09/2010	12/08/2008	-	Active	NO
17	U74900HR2009FTC043768	Inditex Trent Retail India Private Limited	Director	27/10/2009	27/10/2009	-	Active	NO
18	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Nominee director	09/04/2010	09/04/2010	-	Active	NO
19	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Managing director	26/08/2010	05/05/2010	-	Active	NO
20	U72900MH2000PLC126195	Drive India Enterprise Solutions Limited	Director	08/08/2011	01/11/2010	-	Active	NO
21	U18209TN1997PLC037515	BACHI SHOES LIMITED	Director	05/08/2011	24/12/2010	-	Active	NO
22	U52100HR2013FTC051280	MASSIMO DUTTI INDIA PRIVATE LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO

Name :

Mr. Ramakrishnan Mukundan

Designation :

Director

Address :

9, Swastik Building Plot 151 Major Parmesh Waran Road, Wadala, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

19.09.1966

Qualification :

BE (Electrical), MBA

Date of Appointment :

29.07.2010

DIN No.:

00778253

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	U74899DL1994GAT056812	ALKALI MANUFACTURERS ASSOCIATION OF INDIA(TRANSFER COMPANY FROM MAHARASHTRA TO	Director	30/09/2006	30/09/2006	04/06/2012	Active	NO
2	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Managing director	26/11/2013	26/11/2008	-	Active	NO
3	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	15/06/2010	03/12/2009	-	Active	NO
4	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	09/06/2010	09/06/2010	-	Active	NO
5	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	26/08/2010	29/07/2010	-	Active	NO
6	U01403DL2007PTC160357	H G CONSULTANCY AND AGROPRODUCE PRIVATE LIMITED	Director	27/09/2010	01/09/2010	19/12/2011	Active	NO
7	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	03/09/2010	03/09/2010	-	Active	NO
8	U05121KA2002PLC031204	DHAANYA SEEDS LIMITED	Director	28/09/2011	30/12/2010	-	Active	NO
9	U73100KA2000PLC028246	METAHELIX LIFE SCIENCES LIMITED	Director	21/09/2011	30/12/2010	-	Active	NO
10	U73100DL2011NPL228097	Global Innovation & Technology Alliance	Nominee director	05/07/2013	06/05/2013	-	Active	NO

Name :

Mr. Ravindra Narayan Pisharody

Designation :

Director

Address :

Hill Park Building No.-1, Flat No. 9, 2nd Floor, AG Bell Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.11.1955

Qualification :

B.Tech (Electronics IIT), PGDM IIM)

Date of Appointment :

29.07.2010

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

KEY EXECUTIVES

Name :	Mr. Ajay Murlidhar Ponkshe
Designation :	Company Secretary
Address :	Flat No. 3, 1^st Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, Maharashtra, India
Date of Birth/Age :	27.02.1960
Date of Appointment :	20.07.2007
PAN No.:	AAEPP6047Q

MAJOR SHAREHOLDERS

As on 16.09.2013

Names of Shareholders	No. of Shares
Tata Motors Limited, India	50000
Tata Chemicals Limited, India	48000
Voltas Limited, India	10000
Tata Sons Limited, India	167400
Tata Industries Limited, India	17122
Trent Limited, India	3000
Ewart Investments Limited, India	25000
Tifco Holdings Limited, India	8000
Tata Steel Limited, India	9480
Shapoor Pallonji Mistry	200
Cyrus Pallonji Mistry	200
Sheba Properties Limited, India	19350
Af-Taab Investment Company Limited, India	20500
Simone Naval Tata	112
Kalimati Investment Company Limited, India	19136
Chemical Terminal Trombay Limited, India	3500
Total	401000

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2013

Category	Percentage
Bodies corporate	99.87
Other	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Seller of Leather and Leather Products, Trading in Commodities and Footwear Retail.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Finished Leather	Million sq. ft.	78	57	67
Leather Garments	Numbers	200,000	200,000	106,386
Shoe Uppers	Pairs	2,100,000	2,100,000	1,447,489
Leather Footwear	Pairs	4,200,000	1,860,000	1,062,136

Notes:

(i) As certified by the Management and relied upon by the Auditors being technical matters.

(ii) Actual production of shoe uppers includes production for consumption in leather footwear.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· State Bank of Mysore, Corporate Accounts Branch, 224-C Mittal Court, 4th Floor, Nariman Branch, 224-C, Mittal Court, 4th Floor, Nariman Point, Mumbai-400021, Maharashtra, India

· State Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· ICICI Bank Limited, 9 Raffles Place, # 50-01, Republic Plaza, Singapore 048619

· FirstRand Bank Limited, 5th Floor, Mistry Bhawan, 122 Dinsha Vachha Road, Churchgate, Mumbai - 400020, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from bank	101.800	167.667
Other external commercial borrowings	342.925	332.517
Short Term Borrowings
Other loans and advances, others	1866.699	2769.413
Total	2311.424	3269.597

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Dr. Annie Besant Road, Shivsagar Estates, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN No.:	AACFD4815A
Holding Company :	Tata Sons Limited
Subsidiaries :	· Tata Africa Holdings (SA) (Proprietary) Limited · Tata South-East Asia Limited · Tata West Asia FZE · Tata Africa Holdings (Ghana) Limited · TATA Africa Holdings (Kenya) Limited · Tata Africa Holdings (Tanzania) Limited · Tata Africa Services (Nigeria) Limited · Tata Africa Steel Processors (Proprietary) Limited · Tata Automobile Corporation (SA) (Proprietary) Limited · Tata Holdings Mocambique Limitada · Tata De Mocambique, Limitada · Tata Namibia (Proprietary) limited · Tata Uganda Limited · Tata Zambia Limited · Tata Zimbabwe (Private) Limited · Blackwood Hodge Zimbabwe (Private) Limited · Cometal, S.A.R.L. · Pamodzi Hotels Plc · Tata Africa (Senegal) S.A.R.L. · TIL Leather Mauritius Limited · Bachi Shoes (India) Limited · Euro shoe components Limited · Move on Componentes e calcado,S.A. · Calsea Footwear Private Limited · Drive India Enterprise Solutions Limited (w.e.f 1st October, 2011) · Tata International Trading Brasil Ltda · Tata International Singapore Pte Limited · Monroa Portugal, Comércio E Serviços, Unipessoal Lda · Move On Retail Spain, S.L. · TAHL ( Mauritius) Power Projects Limited · TAHL ( Mauritius) Mining Projects Limited · Tata Africa Cote DIvoire SARL · M Pumalanga Mining Resources S.A · Tata Steel International (North America) Limited · Tata International Metals (Asia) Limited · Tata Steel International (UK) Limited · TAH Pharmaceuticals Ltd. · Alliance Motors Ghana Limited · Industrial Steels Limited · Tata South East Asia (Cambodia) Limited
Associates	Tata Ceramics Limited CIIN No.: U26933KL1991PLC006018
Joint Venture	· Tata International DLT Private Limited · Tata International Wolverine Brands Limited (Incorporated as on 18th April 2012) · Tata Precision Industries (India) Limited · Drive India Enterprise Solutions Limited (Up to 30th September, 2011)
Fellow Subsidiaries	· Tata AIG General Insurance Company Limited · Tata AIA Life Insurance Company Limited (formerly Tata AIG Life Insurance Company Limited) · Ewart Investment Private Limited · Tata Capital Limited · Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited) · Tata Consultancy Services Limited · Tata Teleservices Limited · Tata Realty and Infrastructure Limited · Tata Teleservices (Maharashtra) Limited · Tata Industries Limited · TC Travel And Services Limited · Tata Capital Pte. Limited

CAPITAL STRUCTURE

As on 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.1000/- each	Rs.700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
401000	Equity Shares	Rs.1000/- each	Rs.401.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	401.000	401.000	200.000
(b) Reserves & Surplus	4504.298	4565.579	2380.272
(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)	4905.298	4966.579	2580.272
(3) Non-Current Liabilities
(a) long-term borrowings	2894.725	2950.184	2715.625
(b) Deferred tax liabilities (Net)	44.540	0.000	0.000
(c) Other long term liabilities	146.979	139.030	21.162
(d) long-term provisions	59.319	55.054	57.684
Total Non-current Liabilities (3)	3145.563	3144.268	2794.471
(4) Current Liabilities
(a) Short term borrowings	2343.883	3132.172	2748.500
(b) Trade payables	1987.504	1707.192	1536.275
(c) Other current liabilities	187.497	476.773	452.403
(d) Short-term provisions	522.867	514.112	1154.087
Total Current Liabilities (4)	5,041.751	5,830.249	5891.265
TOTAL	13092.612	13941.096	11266.008
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1313.191	1239.114	1116.336
(ii) Intangible Assets	7.368	15.044	20.748
(iii) Capital work-in-progress	6.780	141.978	13.434
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6671.991	5267.432	5164.224
(c) Deferred tax assets (net)	0.000	7.467	30.163
(d) Long-term Loan and Advances	828.742	796.606	1319.794
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8,828.072	7,467.641	7664.699
(2) Current assets
(a) Current investments	133.989	2,071.092	50.427
(b) Inventories	1525.750	2003.286	1722.973
(c) Trade receivables	1584.052	1406.882	1116.923
(d) Cash and cash equivalents	109.357	329.052	58.719
(e) Short-term loans and advances	882.096	591.335	652.109
(f) Other current assets	29.296	71.808	0.158
Total Current Assets	4264.540	6473.455	3601.309
TOTAL	13092.612	13941.096	11266.008

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		11558.166	9,937.509	8640.210
		Other Income		595.718	251.978	213.756
		TOTAL (A)		12153.884	10,189.487	8853.966
Less	EXPENSES
		Cost of Materials Consumed		5181.938	3,919.240	3015.421
		Purchase of Stock-in-trade		3149.514	3237.432	3273.189
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		32.403	(12.355)	(181.389)
		Employee Benefits Expenses		784.487	651.359	555.684
		Other Expenses		(183.383)	(1373.897)
		Exceptional items		2774.968	2778.821	253.100
		TOTAL (B)		11739.927	9200.600	9158.827
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			413.957	988.887	(304.861)
Less	FINANCIAL EXPENSES (D)			292.979	402.055	241.307
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			120.978	586.832	(546.168)
Less	DEPRECIATION/ AMORTISATION (F)			182.049	181.630	159.897
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(61.071)	405.202	(706.065)
Less	TAX (H)			0.210	21.492	(3.424)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(61.281)	383.710	(702.641)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1493.979	1297.551	2000.192
Less	APPROPRIATIONS
			Dividends proposed to be distributed to equity Shareholders	0.000	20.606	0.000
			Tax on Dividend	0.000	3.343	0.000
			Debenture redemption reserve	0.000	163.333	0.000
	BALANCE CARRIED TO THE B/S			1432.698	1493.979	1297.551
	EARNINGS IN FOREIGN CURRENCY
			Export of goods calculated on FOB basis	7811.322	6704.396	6605.452
			Charges Recovered	0.000	0.000	13.745
			Interest	0.000	1.246	1.886
			Dividends	129.283	0.000	67.070
			Others	0.000	0.000	233.635
	TOTAL EARNINGS			7940.605	6705.642	6921.788
	IMPORTS
			Raw Materials	1064.486	1257.632	792.865
			Components, Stores and Spare Parts	170.529	130.915	125.492
			Capital Goods	364.098	34.620	93.298
			Trading Goods	0.000	624.134	541.106
	TOTAL IMPORTS			1599.113	2047.301	1552.761
	Earnings Per Share (Rs.)			(152.82)	1081.00	(2002.00)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.50)	3.77	(7.94)
Net Profit Margin (PBT/Sales)	(%)	(0.53)	4.08	(8.17)
Return on Total Assets (PBT/Total Assets}	(%)	(0.95)	4.75	(11.65)
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.08	(0.27)
Debt Equity Ratio (Total Debt /Networth)		1.07	1.22	2.12
Current Ratio (Current Asset/Current Liability)		0.85	1.11	0.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	200.000	401.000	401.000
Reserves & Surplus	2380.272	4565.579	4504.298
Net worth	2580.272	4966.579	4905.298
long-term borrowings	2715.625	2950.184	2894.725
Short term borrowings	2748.500	3132.172	2343.883
Total borrowings	5464.125	6082.356	5238.608
Debt/Equity ratio	2.118	1.225	1.068

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	8640.210	9,937.509	11558.166
		15.015	16.308

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	8640.210	9,937.509	11558.166
Profit	(702.641)	383.710	(61.281)
	(8.13%)	3.86%	(0.53%)

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	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:

Case Details

Bench:-Bombay

Lodging No.:-

ITXAL/1619/2012

Filing Date:-

19/10/2012

Reg. No.:-

ITXA/118/2013

Reg. Date:-

11/01/2013

Petitioner:-	THE COMMISSIONER OF INCOME TAX – 7,	Respondent:-	TATA INTERNATIONAL LIMITED
Petn.Adv.:-	D.K. KAMWAL (0)	Resp.Adv.:-	SHRIHARI M. IYER (0)

District:- MUMBAI

Bench:- DIVISION

Status:- Pre-Admission Category:- TAX APPEALS

Next Date:- 13/03/2014 Stage:- FOR ADMISSION – FRESH

Coram:- ACCORDING TO SITTING LIST

Act :- Income Tax Act, 1961 Under Section:- 260A

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Non-convertible debentures	2450.000	2450.000
Short Term Borrowings
Other loans and advances	477.184	362.759
Total	2927.184	2812.759

OPERATING PERFORMANCE

The year 2012-13 continued to be a year full of challenges and opportunities for the Company. While on the one hand, the Company on a stand-alone basis achieved an operating revenue of Rs.11560.000 Millions (previous year: Rs.9930.000 Millions) registering a growth of 16 %, the margins continued to be under pressure.

The Company continues to pursue various improvement initiatives identified and initiated. As a result, while the Company has made a loss for the year, the operating performance of the Company has improved substantially over the previous year. Given below is a detailed analysis of the operations of the Company during the year 2012-13

LEATHER & LEATHER PRODUCTS BUSINESS –

Finished Leather business achieved a turnover of Rs.3100.000 (2011-12: Rs.3340.000 Millions). During the year raw material prices increased substantially. Due to depressed economic situation in the markets in which it operates, the Company could not pass on the increase in raw material prices to its customers. As a result the margins were under severe pressure. The business continued to pursue various improvement initiatives in order to improve its operating performance.

Footwear business achieved a turnover of Rs.2290.000 Millions (2011-12: Rs.2440.000 Millions) with a focus on timely delivery and retention of key customers. Chennai unit has improved its performance over the previous year. Similarly, the production at its Dewas unit has also increased, resulting in increased utilization of capacity and improvement in operational efficiency.

ENGINEERING BUSINESS

The business achieved a turnover of Rs.3540.000 Millions (2011-12: Rs.3520.000 Millions). During the year the Company has entered into long term agreements with key vendors of repute for certain of their products for distribution in Africa and other regions. These initiatives would not only provide sustainability to the business, but would also increase the reach in the market and improve the overall performance.

FOOTWEAR RETAIL

The Company continues to pursue the corrective steps initiated in the previous year and identify new areas to reduce costs, and to improve the business model. The Company also critically evaluated the performance of various stores and exited from certain non-remunerative stores. As a result of the various initiatives and improvements, the Company managed to reduce the loss substantially during the year.

2013-14 WAY FORWARD

During the year the Company has finalised and adopted a five vertical strategy globally to be implemented from the current financial year. The various businesses are grouped into five verticals, viz. Leather and Leather Products, Distribution, Metals, Minerals and Agro-business. All businesses globally are being aligned to this strategy and are being integrated into these five global verticals. The necessary changes in the organisation structure, business structure, management reporting, compliance and governance are being effected to reflect this approach.

The Company would continue to focus on profitability and growth. The respective businesses have identified key profitability drivers and would monitor the performance with a thrust on profitability.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10410416	13/03/2013	1,728,000,000.00	ICICI BANK LIMITED	9 Raffles Place, # 50-01, Republic Plaza, Singapore, - 048619, Singapore	B70296835
2	10310769	13/01/2012 *	300,000,000.00	ICICI BANK LIMITED	Landmark, Race Course Circle, Vadodara, Gujarat - 390007, India	B30233704
3	10278701	18/04/2011 *	250,000,000.00	FirstRand Bank Limited	5th Floor, Mistry Bhawan, 122 Dinsha Vachha Road, Churchgate, Mumbai, Maharashtra - 400020, india	B10474450
4	10250870	08/12/2010 *	192,600,000.00	State Bank of India	Industrial Finance Branch, No.155, Anna Salai, Chennai, Tamil Nadu - 600002, INDIA	B02395317
5	90241691	16/12/2005	4,500,000,000.00	ICICI BANK LTD	ICICI TOWERS BANDRA KURLA COMPLEX, Mumbai, Maharashtra - 400051, INDIA	-
6	80055797	28/04/2011 *	5,100,000,000.00	STATE BANK OF INDIA	Corporate Accounts Group Branch, Neville House, Ballard Estate, J N Heredia Marg, Mumbai, Maharashtra - 400001, India	B12936837
7	90240961	20/10/2005 *	3,020,000,000.00	STATE BANK OF INDIA`	Overseas Br.; World Trade Centre Post Box No 16094, Cuffe Parade, Mumbai, Maharashtra - 400001, India	-
8	90282277	05/08/2000	9,000,000.00	Standard Chartered Bank	58; Armenian Street, Chennai, Tamil Nadu - 600001, India	-
9	90282216	22/07/2004 *	20,000,000.00	Standard Chartered Bank	19; Rajaji Salai, Chennai, Tamil Nadu - 600001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

TATA INTERNATIONAL TO LAUNCH NEW FOOTWEAR BRANDS IN INDIA

February 13, 2014 (India)

Tata International Limited., (TIL) would be entering into the world of footwear branding with the launch of three men’s footwear brands, one women’s footwear and a wide range of children's footwear collection in India, by sometime between April and June this year, reports Business Standard.

TIL is all set to distribute US-based women’s footwear brand Aerosoles for which it has the license to design, develop and sell the brand in Europe, Africa as well as India, through several retail outlets in select cities of the country by April 2014.

In June 2014, the company is planning to launch three men’s footwear brands catering to different segments namely—Aristos, in the formal wear category, S.C.T in the comfort wear segment and Arin, in the casual wear category. 

TIL has inked distribution tie-ups with retailers such as Mochi, Metro and Tata Group-owned Trent’s Westside retail chain where it would be retailing these products. For the men’s footwear brands also the firm would be initially retailing through these chains but eventually would likely open exclusive brand outlets.

TIL is also looking at reviving its own footwear retail venture Tashi, which was shut down by August last year within three years of its launch. The footwear label was launched in 2010 by the Noel Tata led Trent group, which operates the Westside stores and Star Bazaar hypermarkets.

Established in 1962, TIL of Tata Group, is a global trading and distribution company with a presence in manufacturing and supply chain integration in select businesses. The company is India’s leading manufacturer, exporter and supply chain integrator of leather and leather products working with the world’s largest brands.

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 governmen 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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		59

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.