MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	TATA MARCOPOLO MOTORS LIMITED
Registered Office :	C/O Tata Motors Limited, 24, Homi Mody Street, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.09.2006
Com. Reg. No.:	11-164771
Capital Investment / Paid-up Capital :	Rs. 1700.000 Millions
CIN No.: [Company Identification No.]	U34101MH2006PLC164771
PAN No.: [Permanent Account No.]	AACCT55471
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged to Manufacture Bus Bodies including Job Work.
No. of Employees :	1985 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 5780000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Tata Motors Limited. It is an established company having satisfactory track record. The company has incurred huge accumulated losses, which appears to be decreasing over a year. However, the rating takes in to consideration company’s improved operational performance during financial year 2013 and financial as well as managerial support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding support, the company can be considered for 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 – 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	FITCH
Rating	Long term rating = A
Rating Explanation	Low default risk and capacity for payment of financial commitments is considered strong.
Date	May 11, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non – Co-operative

Contact No.: 91-22-66658282

LOCATIONS

Registered Office :	C/O, Tata Motors Limited, 24, Homi Mody Street, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66658282
Fax No.:	91-22-66657799
E-Mail :	vinayp@tatamotors.com ashokkoyari@tatamotors.com hks@tatamotors.com
Website :	www.tatamotors.com
Factory :	Belur Industrial Area, Mummigatti Post Dharwad – 580007, Karnataka, India

DIRECTORS

AS ON 30.07.2013

Name :

Ravindra Pisharody

Designation :

Director

Address :

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

Date of Birth/Age :

24.11.1955

Date of Appointment :

03.07.2008

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 :

Mr. Lusuir Grochot

Designation :

Director

Address :

Rua Placido Decasttro 27, 3 APTO 902, Nossa SRA, DE Lourdes, Caxias Do, Caxias Do Sul – 52535720, Brazil

Date of Birth/Age :

24.02.1961

Date of Appointment :

30.07.2013

DIN No. :

06421490

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	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	30/07/2013	05/11/2012	-	Active	NO

Name :

Mr. Ramakrishnan Ramanathan

Designation :

Director

Address :

103/104 X Wing, 1^st Floor, Callalily, Nahar Amrt, Chandavali, Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

17.10.1963

Date of Appointment :

30.07.2013

DIN No. :

03394401

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	U50300MH1997PLC149349	TATA MOTORS INSURANCE BROKING AND ADVISORY SERVICES LIMITED	Director	30/06/2011	21/01/2011	-	Active	NO
2	U28900PN1997PLC130940	FIAT INDIA AUTOMOBILES LIMITED	Director	30/09/2011	24/01/2011	22/01/2013	Active	NO
3	U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	Director	24/06/2011	24/01/2011	23/01/2013	Active	NO
4	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/07/2011	31/01/2011	-	Active	NO
5	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	30/07/2013	29/01/2013	-	Active	NO
6	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	28/06/2013	20/06/2013	-	Active	NO

Name :

Mr. Asim Kumar Mukhopadhyay

Designation :

Director

Address :

2002, Burlington, Hiranandani Estate, Ghodbunder Road, Thane – 4010607, Maharashtra, India

Date of Birth/Age :

22.04.1960

Date of Appointment :

30.07.2013

DIN No. :

06520288

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	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	30/07/2013	03/04/2013	-	Active	NO
2	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Additional director	20/01/2014	20/01/2014	-	Active	NO

Name :

Carlos Alberto Casiraghi

Designation :

Nominee director

Address :

R Alfredo Chaves 1485, AP 801, ED Vlmurano, Centro Exposicao, Caxias Do Sul – 95020460, Brazil

Date of Birth/Age :

22.05.1955

Date of Appointment :

25.06.2007

DIN No.:

01326744

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	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	-	Active	NO

Name :

Jose Rubens De La Rosa

Designation :

Nominee director

Address :

R Antonio de Castro Alves 00385, AP 32, Cond, Gemminy Universitario, Caxias Do Sul – 950415401, Brazil

Date of Birth/Age :

28.10.1957

Date of Appointment :

25.06.2007

DIN No.:

01326694

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	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	-	Active	NO

Name :

Ruben Antonio Bisi

Designation :

Nominee director

Address :

R Gen Sampaio 00042 AP 801, ED Solar Da, Igreja Rio, Branco, Caxias Do Sul – 95097000, Brazil

Date of Birth/Age :

16.06.1956

Date of Appointment :

25.06.2007

DIN No.:

01326824

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	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	-	Active	NO

Name :

Mauro Gilberto Bellini

Designation :

Director

Address :

Rua Santo Inacio, 139, Ap, 602, Moinnos De Vento, Porto Alegre Porto Alegre – 90570150, Brazil

Date of Birth/Age :

28.02.1961

Date of Appointment :

09.08.2010

DIN No.:

02936653

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	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	09/08/2010	05/02/2010	-	Active	NO

Name :

Timothy Andrew Leverton

Designation :

Director

Address :

Flat No. 5, Marvel Mystic Boat Club Road, river Side Estates, Pune – 411001, Maharashtra, India

Date of Birth/Age :

07.03.1959

Date of Appointment :

25.07.2011

DIN No.:

03299159

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	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Director	25/07/2011	25/10/2010	-	Active	NO
2	U28900PN1997PLC130940	FIAT INDIA AUTOMOBILES LIMITED	Director	14/12/2012	06/12/2011	-	Active	NO

Name :

Mr. Satish Balkrishna Borwankar

Designation :

Director

Address :

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

Date of Birth/Age :

15.07.1952

Date of Appointment :

25.07.2011

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

KEY EXECUTIVES

Name :	Mr. Vinay Pathak
Designation :	Manager
Address :	Peerpur House No. 8, Butlar Road, Lucknow – 226001, Uttar Pradesh, India
Date of Birth/Age :	11.10.1968
Date of Appointment :	22.11.2007
PAN No. :	AAXPP6440L
Name :	Mr. Ashokkumar Bholanath Koyari
Designation :	Secretary
Address :	Row House No. 16, Shidivinayak Appartment, RM – 3, MIDC G Block, Shahunagar, Chinchwad, Pune – 411019, Maharashtra, India
Date of Birth/Age :	18.06.1963
Date of Appointment :	22.11.2007
PAN No. :	AFVPK6033P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2013

Names of Shareholders	No. of Shares
Tata Motors Limited, India	86699995
Tata Motors Limited Jointly With Ravi Kant, India	1
Tata Motors Limited Jointly With Pisharody Ravi, India	1
Tata Motors Limited Jointly With C Ramakrishnan, India	1
Tata Motors Limited Jointly With Sethna K H, India	1
Tata Motors Limited Jointly With Patel S Vispi, India	1
Marcopolo S. A., Brazil	83300000
Total	170000000

AS ON 30.07.2013

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	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged to Manufacture Bus Bodies including Job Work

Products :

ITC Code No.	Product or Services
8707	Bus Bodies

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	31.03.2010
Production and Installed Capacity (In No.)
Installed Capacity	15000
Actual Production	6399

GENERAL INFORMATION

No. of Employees :

1985 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (west), Mumbai – 400013, Maharashtra, India
• HDFC Bank Limited, Sri Ranga Arcade, 1st Floor, Opposite to Nttf, Dharwad - 580001, Karnataka, India

Facilities :

Secured Loan	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Long-term maturities of finance lease Obligations [Finance lease obligation is secured against plant and machinery taken on lease]	10.871	13.590
SHORT TERM BORROWINGS
Working capital loans from Bank [The Cash credit facility is secured by hypothecation of book debts, inventories, stores and spares both present and future.]	2.414	85.832
Total	13.285	99.422

Banking Relations :	--
Auditors :
Name :	Beloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai, Maharashtra, India
PAN.:	AACFD4815A
Holding Company :	Tata Motors Limited CIN No. : L28920MH1945PLC004520
Others :	Marcopolo S.A., Brazil (MP S.A.)
Fellow Subsidiary company :	Tata Technologies Limited [U72200PN1994PLC013313] T A L Manufacturing Solutions Limited ('TAL') TML Distribution Company Limited [U63000MH2008PLC180593] Sheba Properties Limited
Associate :	Automobile Corporation of Goa Limited [L35911GA1980PLC000400] Tata Hitachi Contruction Machinery Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
170000000	Equity Shares	Rs.10/- each	Rs. 1700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170000000	Equity Shares	Rs.10/- each	Rs. 1700.000 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	1,700.000	1,700.000	1,700.000
(b) Reserves & Surplus	(255.036)	(310.646)	(571.532)
(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)	1,444.964	1,389.354	1,128.468
(3) Non-Current Liabilities
(a) long-term borrowings	190.671	193.390	195.927
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.393	2.133	0.330
(d) long-term provisions	39.994	43.564	31.620
Total Non-current Liabilities (3)	231.058	239.087	227.877
(4) Current Liabilities
(a) Short term borrowings	225.082	135.832	958.492
(b) Trade payables	1,981.141	1,606.563	1,360.039
(c) Other current liabilities	128.318	504.792	63.983
(d) Short-term provisions	16.971	30.657	8.865
Total Current Liabilities (4)	2,351.512	2,277.844	2,391.379
TOTAL	4,027.534	3,906.285	3,747.724
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,076.512	1,958.721	2,049.984
(ii) Intangible Assets	294.486	353.705	423.505
(iii) Capital work-in-progress	207.715	125.786	18.381
(iv) Intangible assets under development	76.877	17.515	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	137.593	74.391	38.478
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2,793.193	2,530.128	2,530.358
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	360.074	400.398	410.242
(c) Trade receivables	389.763	513.601	249.645
(d) Cash and cash equivalents	2.820	12.672	125.380
(e) Short-term loans and advances	481.684	449.486	431.824
(f) Other current assets	0.000	0.000	0.275
Total Current Assets	1,234.341	1,376.157	1,217.366
TOTAL	4,027.534	3,906.285	3,747.724

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operation	5,859.272	5,647.757	4,690.341
	Other Income	1.900	2.617	1.799
	TOTAL (A)	5,861.172	5,650.374	4,692.140
Less	EXPENSES
	Cost of Materials Consumed	3,736.151	3,479.893	2,904.989
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(13.939)	(30.961)	130.426
	Employees benefits expense	637.447	519.402	377.315
	Other expenses	1,103.507	1,042.457	1,012.570
	TOTAL (B)	5,463.166	5,010.791	4,425.300
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	398.006	639.583	266.840
Less	FINANCIAL EXPENSES (D)	96.011	140.471	129.303
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	301.995	499.112	137.537
Less/ Add	DEPRECIATION/ AMORTISATION (F)	246.385	238.226	223.171
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	55.610	260.886	(85.634)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H)	55.610	260.886	(85.634)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(310.646)	(571.532)	(485.898)
	Balance Carried to the B/S	(255.036)	(310.646)	(571.532)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	2.900	0.000
	TOTAL EARNINGS	0.000	2.900	0.000
	IMPORTS
	Raw Materials	19.963	20.522	33.126
	Components and Stores parts	3.916	3.613	4.100
	Capital Goods	48.115	30.913	1.754
	TOTAL IMPORTS	71.994	55.048	38.980
	Earnings / (Loss) Per Share (Rs.)	0.33	1.53	(0.50)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.95	4.62	(1.83)
Net Profit Margin (PBT/Sales)	(%)	0.95	4.62	(1.83)
Return on Total Assets (PBT/Total Assets}	(%)	1.49	6.93	(2.30)
Return on Investment (ROI) (PBT/Networth)		0.04	0.19	(0.07)
Debt Equity Ratio (Total Debt /Networth)		0.28	0.23	1.02
Current Ratio (Current Asset/Current Liability)		0.52	0.60	0.51

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	1,700.000	1,700.000	1,700.000
Reserves & Surplus	(571.532)	(310.646)	(255.036)
Net worth	1,128.468	1,389.354	1,444.964
long-term borrowings	195.927	193.390	190.671
Short term borrowings	958.492	135.832	225.082
Total borrowings	1,154.419	329.222	415.753
Debt/Equity ratio	1.023	0.237	0.288

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)
Revenue from operation	4,690.341	5,647.757	5,859.272
		20.413	3.745

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operation	4,690.341	5,647.757	5,859.272
Profit After Tax	(85.634)	260.886	55.610
	(1.83%)	4.62%	0.95%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred payment liabilities	179.800	179.800
SHORT TERM BORROWINGS
Working capital loans from Bank	72.668	0.000
Intercorporate deposits	150.000	50.000
Total	402.468	229.800

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10496567	06/05/2014	930,000,000.00	HDFC BANK LIMITED	SRI RANGA ARCADE, 1ST FLOOR, OPPOSITE TO NTTF, DHARWAD - 580001, KARNATAKA, INDIA	C05122148
2	10127297	16/05/2014 *	1,000,000,000.00	HDFC BANK LIMITED	SRI RANGA ARCADE, 1ST FLOOR, OPPOSITE TO NTTF, DHARWAD - 580001, KARNATAKA, INDIA	C06005201

* Date of charge modification

FIXED ASSETES:

· Land and Improvements

· Free Hold Land

· Building

· Plant and Machinery

· Equipments

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 :	PLK
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--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		42

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.