MIRA INFORM REPORT

Report Date :

09.06.2014

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, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.02.1979
Com. Reg. No.:	01-57431
Capital Investment / Paid-up Capital :	Rs.202.500 Millions
CIN No.: [Company Identification No.]	U45203AP1979PLC057431
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 :	Civil Engineering / Execution of Projects involve Procurement and Supply of Materials along with the Rendering of Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

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 19000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of “TATA Group”. It is a well established company having excellent track record. 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 an increases in its sales volume, but has seen a dip in its net profitability during FY 2013. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	India Ratings and Research
Rating	Long term rating AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	December 11, 2013

Rating Agency Name	India Ratings and Research
Rating	Short term rating A1+
Rating Explanation	Very strong degree of safety and very lowest credit risk.
Date	December 11, 2013

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 CO-OPERATIVE (91-22-67402900)

LOCATIONS

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

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Farrokh Kaikhushru Kavarana

Designation :

Chairman cum Managing Director

Address :

CCI Chembers, Flat 9, 5^th Floor, Dinshaw Vachha Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

17.03.1944

Date of Appointment :

20.02.1979

Din No.:

00027689

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	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	01/04/1975	01/04/1975	17/03/2014	Active	NO
2	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	20/02/1979	20/02/1979	31/03/2014	Active	NO
3	U99999MH1917PLC000478	TATA SONS LIMITED	Director	01/02/1991	01/02/1991	18/03/2014	Active	NO
4	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Nominee director	27/01/1993	27/01/1993	31/03/2009	Active	NO
5	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	15/06/1994	15/06/1994	26/03/2014	Active	NO
6	U91110MH1999NPL122154	CENTRE FOR PROMOTION OF ENTREPRENURSHIP	Director	11/10/1999	11/10/1999	-	Active	NO
7	U85110MH2000PLC128425	TATA AIG GENERAL INSURANCE COMPANY LIMITED	Director	24/08/2000	24/08/2000	-	Active	NO
8	U66010MH2000PLC128403	Tata AIA Life Insurance Company Limited	Director	30/01/2001	30/01/2001	-	Active	NO
9	U24222KA1994PTC024968	AKZO NOBEL COATINGS INDIA PRIVATE LIMITED	Director	01/10/2001	01/10/2001	17/12/2010	Amalgamated	NO
10	U65990MH1994PLC077090	TATA ASSET MANAGEMENT LIMITED	Director	06/08/2009	29/03/2002	-	Active	NO
11	U64200MH2000PLC129407	SITEL INDIA LIMITED	Director	17/12/2002	17/12/2002	11/04/2007	Active	NO
12	U70100MH1990PTC057554	SIKA PROPERTIES PRIVATE LIMITED	Director	20/12/2002	20/12/2002	-	Active	NO
13	L24240MH1952PLC008951	TRENT LIMITED	Director	30/10/2006	01/11/2004	30/03/2014	Active	NO
14	U74899DL1995PLC073520	TRENT BRANDS LIMITED	Director	28/09/2007	14/11/2006	28/04/2010	Active	NO
15	U65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	17/07/2007	13/04/2007	-	Active	NO
16	U67100MH2010PLC210201	TATA CAPITAL FINANCIAL SERVICES LIMITED	Director	05/09/2011	26/03/2011	-	Active	NO
17	L26940MH1936PLC002515	ACC Limited	Director	09/04/2014	03/05/2013	-	Active	NO

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, Andhra Pradesh, India
Date of Birth/Age :	10.05.1957
Date of Appointment :	22.11.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Names of Shareholders	No. of Shares	%age
Tata Sons Limited, India	135000	6.67
Tata Steel Limited, India	90000	4.44
The Indian Hotels Limited, India	90000	4.44
Tata International Limited, India	90000	4.44
The Tata Power Company Limited, India	967500	47.78
Tata Chemicals Limited, India	193500	9.56
Voltas Limited, India	135000	6.67
TRF Limited, India	67500	3.33
Tata Industries Limited, India	60750	3.00
Tata Motors Limited, India	135000	6.67
Kalimati Investments Company Limited, India	60750	3.00
Total	2025000	100.00

AS ON 26.09.2013

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

BUSINESS DETAILS

Line of Business :

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

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Bank of Baroda, Corporate Financial Services Hyderabad Branch, 3-6-262/6, Tirumala Estates, 1st Floor, Himayat Na, Hyderabad - 500029, Andhra Pradesh, India
• State Bank of Hyderabad, Industrial Finance Branch, Panjagutta, Hyderabad - 500482, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2013 [Rs. in Millions]	31.03.2012 [Rs. in Millions]
SHORT TERM BORROWINGS
Loans repayable demand from banks	382.935	11.734
Total	382.935	11.734

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, Andhra Pradesh, India
Pan No.:	AACFD3771D
Entity holding more than 20%:	The Tata Power Company Limited
Subsidiaries :	Artson Engineering Limited TPL-TQA Quality Services (Mauritius) Pty Limited TPL-TQA Quality Services South Africa (Proprietary) Limited TQ Services Europe GmbH
Jointly controlled entities (JCE):	Al Tawleed for Energy and Power Company TEIL Projects Limited
Associates :	Virendra Garments Manufacturers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	202.500	202.500	202.500
(b) Reserves & Surplus	6792.138	6061.834	4750.144
(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)	6994.638	6264.334	4952.644
(3) Non-Current Liabilities
(a) long-term borrowings	4.885	6.070	118.503
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	88.355	89.406	5328.429
(d) long-term provisions	164.332	84.584	54.448
Total Non-current Liabilities (3)	257.572	180.060	5501.380
(4) Current Liabilities
(a) Short term borrowings	382.935	11.734	0.000
(b) Trade payables	22174.781	20300.067	16195.846
(c) Other current liabilities	9757.812	7356.549	3691.436
(d) Short-term provisions	208.290	408.964	366.986
Total Current Liabilities (4)	32523.818	28077.314	20254.268
TOTAL	39776.028	34521.708	30708.292
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	2074.006	1424.076	1198.190
(i) Tangible assets	16.991	28.410	44.116
(ii) Intangible Assets	147.431	80.373	95.891
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	111.499	109.790	89.814
(c) Deferred tax assets (net)	356.967	194.905	149.750
(d) Long-term Loan and Advances	592.439	232.810	894.353
(e) Other Non-current assets	136.326	127.470	8036.184
Total Non-Current Assets	3435.659	2197.834	10508.298
(2) Current assets
(a) Current investments	377.022	1344.309	2343.741
(b) Inventories	2392.356	1059.600	818.416
(c) Trade receivables	22801.116	19026.221	11139.235
(d) Cash and cash equivalents	907.256	4925.390	1517.314
(e) Short-term loans and advances	9486.600	5059.528	3894.835
(f) Other current assets	376.019	908.826	486.453
Total Current Assets	36340.369	32323.874	20199.994
TOTAL	39776.028	34521.708	30708.292

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	34805.462	30179.665	30250.145
		Other Income	610.976	522.529	277.001
		TOTAL (A)	35416.438	30702.194	30527.146
Less	EXPENSES
		Cost of materials consumed	30894.270	25011.998	932.138
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1429.242)	(177.427)	10.174
		Employee benefit expense	2420.045	2029.128	1704.289
		Other	1707.146	1100.320	24846.263
		TOTAL (B)	33592.219	27964.019	27492.864
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1824.219	2738.175	3034.282
Less	FINANCIAL EXPENSES (D)		301.675	220.701	147.217
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1522.544	2517.474	2887.065
Less/ Add	DEPRECIATION/ AMORTISATION (F)		369.613	279.174	230.706
	PROFIT BEFORE TAX (E-F) (G)		1152.931	2238.300	2656.359
Less	TAX (H)		304.170	691.259	861.284
	PROFIT AFTER TAX (G-H) (I)		848.761	1547.041	1795.075
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4276.000	3119.100	1808.802
Less	APPROPRIATIONS
		Transfer to General Reserve	84.800	154.700	250.000
		Proposed Dividend	101.300	202.500	202.500
		Tax on Dividend	17.200	32.900	32.900
		Debenture Redemption Reserves	(84.400)	0.000	(0.600)
	BALANCE CARRIED TO THE B/S		5005.861	4276.041	3119.077
	Earnings Per Share (Rs.)		419.14	763.97	886.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.40	5.04	5.88
Net Profit Margin (PBT/Sales)	(%)	3.31	7.42	8.78
Return on Total Assets (PBT/Total Assets}	(%)	2.99	6.65	9.48
Return on Investment (ROI) (PBT/Networth)		0.16	0.36	0.54
Debt Equity Ratio (Total Debt/Networth)		0.05	0.00	5.20
Current Ratio (Current Asset/Current Liability)		1.12	1.15	1.05

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	202.500	202.500	202.500
Reserves & Surplus	4750.144	6061.834	6792.138
Net worth	4952.644	6264.334	6994.638
long-term borrowings	118.503	6.070	4.885
Short term borrowings	0.000	11.734	382.935
Total borrowings	118.503	17.804	387.820
Debt/Equity ratio	0.024	0.003	0.055

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	30250.145	30179.665	34805.462
		(0.233)	15.328

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	30250.145	30179.665	34805.462
Profit	1795.075	1547.041	848.761
	5.93%	5.13%	2.44%

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	Yes
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	No

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
Error: String Index out of Range: 8

UNSECURED LOAN

Particulars	31.03.2013 [Rs. in Millions]	31.03.2012 [Rs. in Millions]
LONG TERM BORROWINGS
Term Loan from Banks	4.885	6.070
Total	4.885	6.070

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, Andhra Pradesh - 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, Andhra Pradesh - 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, Andhra Pradesh - 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, Andhra Pradesh - 500029, INDIA	A97272660
5	80002233	28/03/2012 *	45,900,000,000.00	State Bank of Hyderabad	Industrial Finance Branch, Panjagutta, Hyderabad, Andhra Pradesh - 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 Rs. 35416.400 Millions (PY: Rs. 30702.200 Millions). The operating profit for the year was Rs.1824.200 Millions (PY:Rs. 2738.200 Millions) resulting in a Profit before Tax (PBT) of Rs.1152.900 Millions (PY: Rs. 2238.300 Millions). The reduction in profit is mainly attributable to cost overruns in some projects, claims not materializing and change in the provisioning policy for old receivables.

EPC - Strategic Business Units (SBUs)

1. Power Generation (PG)

Order Booking: Despite sluggish growth in the power generation sector, the power generation SBU booked fresh orders worth Rs. 65120.000 Millions during the year. With this the SBU order backlog at the end of year stands Rs. 69690.000 Millions.

NSL Nagapatnam Power and Infratech Private Limited (NPIPL) awarded a contract for execution of total thermal plant (2x660MW at Angul District, Odisha) on EPC basis. It marks the entry of the Company into total EPC of Thermal Power Plant. NPIPL also awarded a contract for development of infrastructure and external works for this project.

Another new contract has been received from Industrial Energy Limited (IEL), a Joint Venture of Tata Power Company Limited and Tata Steel Limited for execution of blast furnace gas based power plant (3x67.5MW at Kalinganagar, Odisha) on EPC basis. The project is taken up for execution and progressing as per schedule.

Project Operations: India's largest BoP project for Andhra Pradesh Power Development Corporation Limited (2x800 MW Supercritical Thermal Power Plant, Krishnapatnam) is progressing well and is due for commissioning in the year 2013-14.

The work on the gas based (1x388 MW) Combined Cycle Power Plant, Raigarh, Maharashtra on EPC basis for Pioneer Gas Power Limited (PGPL) commenced in February 2012 and is scheduled to be completed in 24 months. The works are progressing well as per schedule.

Works for BoP [2x80MW Captive Power Plant, Tuticorin] have been successfully completed. One unit is under commercial operation while the 2nd unit is getting ready for synchronization.

2. Transmission and Distribution (TandD)

Order Booking: This business unit started the financial year 2012-13 with a healthy order backlog position of Rs. 35400.000 Millions. Due to very high order intake in the previous year based on certain criteria introduced by Power Grid Corporation of India Limited (PGCIL), to limit the number of projects being awarded to a single contractor, several bids submitted during the year by the Company were not opened. The Company has therefore, decided to execute the works in an accelerated manner and reduce the order backlog rapidly to PGCIL threshold value. The Company has also started bidding TandD projects in Africa in line with the SBU Strategic plan. To this effect tenders are submitted for Egyptian Electricity Transmission Company (EETC), Egypt, International Pre-Qualification tenders for Electricity Authority of Burundi and for Electricity Authority of Mozambique.

The Company also entered into an alliance Agreement with Balfour Beatty Group, United Kingdom to explore business opportunities in Urban Infrastructure Sector.

Project Operations: During the year, this SBU achieved the highest ever turnover of Rs. 16000.000 Millions (PY: Rs. 8880.000 Millions) and commissioned a very critical LILO line [400 kV Simhapuri-Nellore (7.2 kms)] in a record time of one month enabling PGCIL to capitalize Rs. 8000.000 Millions by end of the financial year. The Company is also executing 39 projects involving more than 6118 circuit kms of extra high-voltage transmission lines.

The Tower Manufacturing Unit (TMU) at Nagpur produced tower parts for TandD project achieving 99% of its rated capacity.

3. Water and Waste Water (WandWW)

The recirculation water system for Thin Slab Caster and Rolling (TSCR) mill for Tata Steel Limited, Jamshedpur was successfully completed and has been handed over to the client. The SBU also made substantial progress on implementation of process water systems for HSM plant of Kalinganagar.

The Company also submitted various bids in the segments of process water treatment, desalination and effluent treatment, which are at various stages of evaluation. With growing industrialization, urbanization and environmental consciousness, water projects are poised to grow and the Company is optimistic to be part of this growth.

4. Oil, Gas and Hydrocarbon (OGandH)

Order Booking: The Company secured an EPC contract from Cairn India Limited (for establishment of Storage Tanks and Export System, Mangala Processing Terminal, Barmer) during the year. This business unit has entered into project specific technology tie ups for the Central Polymer Facility project of Cairn India Limited. Also association with Saipem SpA, Italy has been entered into for the Babrala II Fertilizer Complex Expansion project of Tata Chemicals.

Project Operations: Execution of first ever Well Pads' contract, for Cairn Aishwarya field development, is progressing well despite local issues and hindrances. The major milestone of first oil extraction was achieved on 23 rd March 2012. Execution of other two contracts viz., fire water network project at ONGC, Uran plant and storage tanks and export system at Cairn Mangala processing terminal, are also progressing as per schedule.

5. Railways

Order Booking: This Business Unit has secured 2 major contracts i.e., one from Central Organization of Railway Electrification (CORE) between Chhapra Kacheri-Gorakhpur and the other from Alwar-Rewari section for railway electrification including traction substation and Supervisory Control and Data Acquisition (SCADA) works.

The Company in partnership with ALDESA Construcciones, Spain bagged the prestigious order for first three lots of World Bank funded, Eastern Dedicated Freight Corridor from Dedicated Freight Corridor Corporation of India Limited (DFCCIL) under Ministry of Indian Railways this is a spectacular and land mark success for the SBU and enables the Company with a new and unique pre-qualification to bid for such projects in India. The SBU is bidding for similar lots in the Western Corridor.

Project Operation: The 14 projects in the area of railway electrification, railway composite infrastructure projects involving civil, electrical and signal and telecommunication are progressing as per schedule.

During the year, the Company commissioned 73 Track Kilometers (TKM) between Tadipatri-Kondapuram section for Rail Vikas Nigam Limited (RVNL) and 109 TKM between Khurja-Meerut section and 64 TKM between Nagarcoil to Sengulam for CORE.

6. Metals and Minerals (MandM)

Order Booking: Due to slowdown in economy, the project award in the MandM industry during the year was very poor as several high value bids are under evaluation and would fructify during the year to build a healthy business backlog. With increasing project execution experience and technology tie-ups in several new areas, the company is now better poised to make fresh in-roads in the entire value chain of the iron and steel making industry. New relationships were entered into with Bateman for crushing, screening, washing and beneficiation plant, Kobeleco for re-bar mill, Nippon for rebuilding of blast furnace, acre for coke oven by-product plant and coke dry quenching system and METSO for pellet plant of straight grate technology .

Project Operations: The 2.5 MT Per Annum blast furnaces at Rourkela Steel Plant of Steel Authority of India Limited (SAIL) has reached commissioning stage, while the blast furnace and pellet plants of National Mineral Development Corporation Limited., (NMDC) are steadily progressing towards completion.

Subsidiaries and Joint Venture Companies

A Subsidiaries

Artson Engineering Limited (AEL)

AEL reported a total income of Rs. 589.900 Millions for the financial year ended 31 st March 2013 (previous year Rs. 608.800 Millions) and a loss of Rs.394.000 Millions (previous year loss of Rs.133.000 Millions). Performance of this subsidiary was severely affected as (a) the clients who awarded the contracts to AEL have subsequently either suspended these projects indefinitely or terminated them owing to their financial difficulties and (b) AEL was not able to book any major order during the year under review. Head of OGH operations of the Company was inducted as a Director in AEL with a view to synergize AEL’s operations with those of the Company’s business. Under the guidance of the Company’s management, AEL is completely revamping/ restructuring its operations and has finalised a strategy and business plan to overcome the difficulties in operations.

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

These two subsidiary companies are growing as per planned projections. The client had expressed satisfaction with the services provided by both the companies. This year the subsidiary at South Africa was awarded the contract for construction management services at client’s 6x800MW Medupi Thermal Power Plant site.

Both these subsidiaries are generating adequate return on the investments made and have again reported profits for the year.

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.

B Joint Venture Companies

Al-Tawleed for Energy and Power Company LLC

This Joint Venture (JV) Company with M/s Abdullah Ibrahim Al-Towaijiri and 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 considered appropriate to wind up the JV, which is in process.

TEIL Projects Limited

TEIL Projects Limited., (TEIL), the joint venture Company with Engineers India Limited, participated as an EPC contractor in bidding for projects in power and refinery sectors. During the year, the JV posted a turnover of Rs. 33.400 Millions with closing order book of Rs. 29.400 Millions. Though it posted a loss of Rs.1.18 Crore during the year (previous year Rs.21.300 Millions), it reported a positive profit before tax in the fourth quarter.

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 crore 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.

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	ANK

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	NO
--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.