MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	TATA CUMMINS LIMITED
Registered Office :	Telco Township Jamshedpur – 831004, Jharkhand
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.10.1993
Com. Reg. No.:	03-005546
Capital Investment / Paid-up Capital :	Rs.1800.000 Millions
CIN No.: [Company Identification No.]	U34101JH1993PLC005546
TAN No.: [Tax Deduction & Collection Account No.]	RCHT00119A
PAN No.: [Permanent Account No.]	AAACT6353L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of engines and its components, including trading of bought-out finished components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 23500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Tata motors limited and Cummins INC USA. It is an established company having good track record. there seems sharp dip in the turnover and profits of the company during financial year 2013 however financial position of the company is sound. The rating also takes into consideration the strong parentage and the operational support it derives from its close association. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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	ICRA
Rating	Long term loans: AA
Rating Explanation	High degree of safety and very low credit risk.
Date	November 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 DENI

Management non co-operative. (91-657-3041200)

LOCATIONS

Registered Office :	Telco Township Jamshedpur – 831004, Jharkhand, India
Tel. No.:	91-657-3041200
Fax No.:	91-657-2258555
E-Mail :	Trivikram.guda@cummins.com revati.gokhale@cummins.com hemiksha.bhojwani@cummins.com
Website :	www.tatacummins.com
Corporate Office :	Cummins India Office, CampusTower A, Survey No. 21, Balewadi, Pune–411045, Maharashtra India
Tel. No.:	91- 20- 6706 7000
Head Office :	35 A/1/2, Erandwane, Pune 411 038, Maharashtra, India
Tel. No.:	91-20-30278000 / 25431234
Fax No.:	91-20-25439490

DIRECTORS

As on: 24.09.2013

Name :

Mr. Chandrashekaran Ramakrishnan

Designation :

Director

Address :

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

Date of Birth/Age :

27.06.1955

Qualification:

B.COM,CA,ICWA

Date of Appointment :

15.06.2006

DIN No.:

00020076

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	27/02/2001	27/02/2001	06/07/2010	Amalgamated	NO
2	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
3	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	08/10/2002	08/10/2002	21/01/2008	Active	NO
4	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	21/10/2004	21/10/2004	21/01/2008	Active	NO
5	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
6	U45200MH1989PLC050444	SHEBA PROPERTIES LIMITED	Director	20/06/2008	18/09/2007	-	Active	NO
7	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	08/11/2007	08/11/2007	20/03/2013	Active	NO
8	U28900PN1997PLC130940	FIAT INDIA AUTOMOBILES LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
9	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	22/07/2008	23/01/2008	-	Active	NO
10	U29120MP1995PLC009773	TATA PRECISION INDUSTRIES (INDIA) LIMITED	Director	18/06/2008	28/03/2008	27/09/2010	Active	NO
11	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	30/07/2012	11/07/2008	26/02/2013	Active	NO
12	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	09/08/2010	01/07/2010	26/02/2013	Active	NO
13	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	05/08/2011	07/08/2010	26/02/2013	Active	NO
14	U34200MH2012FLC237194	Jaguar Land Rover India Limited	Director	30/07/2013	25/10/2012	-	Active	NO

Name :

Mr. Anant Jaivant Talaulicar

Designation :

Managing director

Address :

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

Date of Birth/Age :

11.07.1961

Date of Appointment :

08.04.2009

DIN No.:

00031051

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH1952PLC014972	CUMMINS SALES AND SERVICE INDIA LIMITED	Director	20/03/2003	20/03/2003	-	Amalgamated	NO
2	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Managing director	01/08/2013	25/04/2003	-	Active	NO
3	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	03/06/2003	03/06/2003	-	Active	NO
4	U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	Director	05/06/2003	05/06/2003	-	Amalgamated	NO
5	L72200PN1990PLC059594	KPIT Technologies Limited	Director	23/08/2003	23/08/2003	-	Active	NO
6	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
7	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
8	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Managing director	08/04/2014	08/04/2004	-	Active	NO
9	U31101PN1991PLC061456	Cummins Generator Technologies India Limited	Director	19/04/2004	19/04/2004	-	Active	NO
10	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	15/05/2006	15/05/2006	06/07/2009	Active	NO
11	U51900MH1996PTC102640	TRIHANS TRADING PRIVATE LIMITED	Director	28/09/2009	01/11/2008	-	Active	NO
12	U65990MH1996PTC102659	REMEX FINANCE PRIVATE LIMITED	Director	28/09/2009	01/11/2008	-	Active	NO

Name :

Mr. Rajiv Batra

Designation :

Director

Address :

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

Date of Birth/Age :

30.09.1955

Qualification:

Bachelor in Economics, CFA

Date of Appointment :

19.08.2004

DIN No.:

00082866

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
2	U50300PN2000PLC014889	CUMMINS AUTO SERVICES LIMITED	Director	19/08/2004	19/08/2004	-	Amalgamated	NO
3	U31101PN1991PLC061456	Cummins Generator Technologies India Limited	Director	07/09/2004	07/09/2004	-	Active	NO
4	U74899DL1994PLC062425	VALVOLINE CUMMINS LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
5	U29112PN1999PTC013401	Nelson Global Products India Private Limited	Director	14/12/2004	14/12/2004	29/04/2011	Active	NO
6	U51909MH1952PLC014972	CUMMINS SALES AND SERVICE INDIA LIMITED	Whole-time director	24/04/2008	18/03/2005	-	Amalgamated	NO
7	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
8	U31101PN1997PLC019854	AVK-SEG (INDIA) POWER LIMITED	Director	26/06/2007	28/06/2006	-	Amalgamated	NO
9	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Whole-time director	01/10/2011	16/03/2007	-	Active	NO
10	U29197MH1987PTC042672	FLEETGUARD FILTERS PRIVATE LIMITED	Director	27/06/2011	06/06/2011	-	Active	NO
11	U29197PN1999PTC013628	FILTRUM FIBRETECHNOLOGIES PRIVATE LIMITED	Director	27/06/2011	06/06/2011	-	Active	NO
12	U29190DL2012PLC230162	CUMMINS SVAM SALES & SERVICE LIMITED	Director	17/09/2012	17/01/2012	-	Active	NO

Name :

Mr. David John Crompton

Designation :

Director

Address :

6006, Leatherback CT, Columbus-47201, Indiana USA

Date of Birth/Age :

21.12.1965

Qualification:

MBA

Date of Appointment :

11.06.2008

DIN No.:

01680481

Name :

Mr. Rajendra Mahadeo Petkar

Designation :

Director

Address :

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

Date of Birth/Age :

03.10.1966

Qualification:

M.Tech

Date of Appointment :

11.06.2008

DIN No.:

01693629

Name :

Mr. Satish Balkrishna Borwankar

Designation :

Director

Address :

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

Date of Birth/Age :

15.07.1952

Qualification:

B.Tech(Hons)-Mech Engineering

Date of Appointment :

13.09.2010

DIN No.:

01793948

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34100MH2000PLC124874	TML Drivelines Limited	Director	22/05/2008	22/09/2007	-	Active	NO
2	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	22/05/2008	22/09/2007	-	Amalgamated	NO
3	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	13/09/2010	30/07/2010	-	Active	NO
4	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	25/07/2011	24/01/2011	-	Active	NO
5	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	10/08/2012	21/06/2012	-	Active	NO
6	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	28/06/2013	28/07/2012	04/06/2014	Active	NO
7	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	06/07/2013	29/07/2012	-	Active	NO
8	U34200MH2012FLC237194	Jaguar Land Rover India Limited	Director	30/07/2013	25/10/2012	-	Active	NO

Name :

Mr. Ravindra Pisharody

Designation :

Director

Address :

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

Date of Birth/Age :

24.11.1955

Qualification:

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

Date of Appointment :

11.06.2008

DIN No.:

01875848

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	11/06/2008	26/10/2007	-	Active	NO
2	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	03/07/2008	22/11/2007	-	Active	NO
3	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/08/2009	28/03/2008	16/07/2012	Active	NO
4	U34100MH2000PLC124874	TML Drivelines Limited	Director	17/05/2010	06/08/2009	31/07/2012	Active	NO
5	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	17/05/2010	06/08/2009	-	Amalgamated	NO
6	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14/09/2009	14/09/2009	-	Active	NO
7	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	26/08/2010	29/07/2010	-	Active	NO
8	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	03/08/2011	03/08/2010	-	Active	NO
9	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	10/08/2012	21/06/2012	-	Active	NO

Name :

Walter James Fier

Designation :

Additional Director

Address :

1044 Lapwing Dr. Columbus 47223

Date of Birth/Age :

02.08.1964

Date of Appointment :

09.05.2013

DIN No.:

06573498

Name :

Paul Sowerby

Designation :

Alternate director

Address :

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

Date of Birth/Age :

28.01.1959

Qualification:

Chartered Engineer,MBA

Date of Appointment :

19.07.2011

DIN No.:

03555887

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Managing director	08/09/2011	01/07/2011	-	Active	NO
2	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Alternate director	19/07/2011	19/07/2011	-	Active	NO

Name :

Mr. Mahesh Narang Manohar

Designation :

Additional Director

Address :

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

Date of Birth/Age :

21.07.1975

Date of Appointment :

03.08.2012

DIN No.:

05313892

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31101PN1991PLC061456	Cummins Generator Technologies India Limited	Director	12/08/2013	16/07/2012	-	Active	NO
2	U29113PN1994FLC139153	CUMMINS TECHNOLOGIES INDIA LIMITED	Director	21/09/2012	20/07/2012	-	Active	NO
3	U73100PN2003PLC018025	CUMMINS RESEARCH AND TECHNOLOGY INDIA LIMITED	Director	05/08/2013	01/08/2012	-	Active	NO
4	U34101JH1993PLC005546	TATA CUMMINS LIMITED	Director	24/09/2013	03/08/2012	-	Active	NO

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS

As on: 24.09.2013

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

As on: 24.09.2013

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :

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

Products :

ITC number of product	Description of product
84082020	Internal Combution Engine

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited, Sai Capital Building, 2nd Floor, Opposite International, Convention Centre, Senapati Bapat Marg, Pune - 411016, Maharashtra, India
• State Bank of India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune - 411003, Maharashtra, India
• The Hongkong And Shanghai Banking Corporation Limited, Amar Avinash Corporate City, Shop No. 6-7-8,Survey No.11, Bund Garden Road,, Pune, Maharashtra - 411011, India

Facilities :

(Rs. In Millions)

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	904.300	250.000
Loans repayable on demand from banks	160.000	957.200
Total	1064.300	1207.200

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

CAPITAL STRUCTURE

As on: 31.03.2013

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

Issued, Subscribed & Paid-up Capital:

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1800.000	1800.000	1800.000
(b) Reserves & Surplus	4091.100	3410.800	2556.000
(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)	5891.100	5210.800	4356.000
(3) Non-Current Liabilities
(a) long-term borrowings	904.300	1207.200	886
(b) Deferred tax liabilities (Net)	574.400	460.900	362.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	367.300	372.100	285.200
Total Non-current Liabilities (3)	1846.000	2040.200	1533.300
(4) Current Liabilities
(a) Short term borrowings	160.000	0.000	0.000
(b) Trade payables	3007.200	3037.700	3061.600
(c) Other current liabilities	1679.800	1364.500	1215.100
(d) Short-term provisions	711.300	1496.700	1017.800
Total Current Liabilities (4)	5558.300	5898.900	5294.500
TOTAL	13295.400	13149.900	11183.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6863.700	6272.500	5183.100
(ii) Intangible Assets	5.300	60.000	112.000
(iii) Capital work-in-progress	716.900	491.900	528.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2211.100	1189.000	864.800
(e) Other Non-current assets	162.000	495.700	137.900
Total Non-Current Assets	9959.000	8509.100	6826.400
(2) Current assets
(a) Current investments	0.000	503.400	905.900
(b) Inventories	1356.100	2072.400	1986.000
(c) Trade receivables	707.500	1154.800	550.200
(d) Cash and cash equivalents	43.100	337.300	198.100
(e) Short-term loans and advances	389.600	481.200	645.200
(f) Other current assets	840.100	91.700	72.00
Total Current Assets	3336.400	4640.800	4357.400
TOTAL	13295.400	13149.900	11183.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	22490.100	32233.900	24495.200
		Other Income	81.100	187.500	114.600
		TOTAL (A)	22571.200	32421.400	24609.800
Less	EXPENSES
		Cost of materials consumed	18252.900	26375.900	19917.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	42.800	8.900	-51.300
		Employee benefit expense	962.800	842.100	746.000
		Other expenses	2225.500	2795.400	1810.300
		TOTAL (B)	21484.000	30022.300	22422.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1087.200	2399.100	2187.800
Less	FINANCIAL EXPENSES (D)		138.100	111.600	4.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		949.100	2287.500	2183.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		639.500	633.800	408.800
	PROFIT BEFORE TAX (E-F) (G)		309.600	1653.700	1774.200
Less	TAX (H)		113.500	488.900	564.500
	PROFIT AFTER TAX (G-H) (I)		196.100	1164.800	1209.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	1535.231
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	11.700	12.100
		Dividend	NA	NA	NA
		Tax on Dividend	NA	NA	NA
	BALANCE CARRIED TO THE B/S		NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY		NA	5.000	1.300
	Earnings Per Share (Rs.)		1.09	6.47	6.72

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.87	3.59	4.92
Net Profit Margin (PBT/Sales)	(%)	1.38	5.13	7.24
Return on Total Assets (PBT/Total Assets}	(%)	2.46	13.06	16.65
Return on Investment (ROI) (PBT/Networth)		0.05	0.32	0.41
Debt Equity Ratio (Total Debt /Networth)		0.18	0.23	0.20
Current Ratio (Current Asset/Current Liability)		0.60	0.79	0.82

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	1800.000	1800.000	1800.000
Reserves & Surplus	2556.000	3410.800	4091.100
Net worth	4356.000	5210.800	5891.100
long-term borrowings	886.000	1207.200	904.300
Short term borrowings	0.000	0.000	160.000
Total borrowings	886.000	1207.200	1064.300
Debt/Equity ratio	0.203	0.232	0.181

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	24495.200	32233.900	22490.100
		31.593	(30.228)

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	24495.200	32233.900	22490.100
Profit	1209.700	1164.800	196.100
	4.94%	3.61%	0.87%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10404513	25/01/2013	1,622,700,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	AMAR AVINASH CORPORATE CITY, SHOP NO. 6-7-8,, SUR  VEY NO.11, BUND GARDEN ROAD,, PUNE, MAHARASHTRA -  411011, INDIA	B68629708
2	10404554	24/01/2013	4,500,000,000.00	STATE BANK OF INDIA	TARA CHAMBERS, PUNE MUMBAI ROAD, WAKDEWADI, PUNE,  MAHARASHTRA - 411003, INDIA	B68638543
3	10345341	06/03/2012	500,000,000.00	AXIS BANK LIMITED	214-215 CITY MALL, 2ND FLOOR, PLOT NO.1,, S.NO.13  2, GANESHKHIND (UNIVERSITY ROAD), PUNE, MAHARASHTR  A - 411007, INDIA	B36198141

* Date of charge modification

FIXED ASSETS

Tangible assets

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

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	DIV
Analysis Done by :	SVA
Report Prepared by :	YOG

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	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		61

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.