MIRA INFORM REPORT

Report Date :

18.03.2014

IDENTIFICATION DETAILS

Name :	TATA STEEL LIMITED

Registered Office :	Bombay House, 24 - Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	26.08.1907

Com. Reg. No.:	11-000260

Capital Investment / Paid-up Capital :	Rs. 9714.100 Millions

CIN No.: [Company Identification No.]	L27100MH1907PLC000260

TAN No.: [Tax Deduction & Collection Account No.]	MUMT00249E MUMT10796C

PAN No.: [Permanent Account No.]	AAACT2803M AAATT0188H

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturers of Saleable Steel, Ferro Manganese, Charge Chrome, Welded Steel Tubes, Cold Rolled Strips, Seamless Tubes, Carbon and Alloy Steel Bearing Rings, Annular Forgings and Flanges, Metallurgical Machinery, Ammonium Sulphate, Ordinary Cement, Fortland Blast Furnace Slag Cement, Alloy Steel Ball Bearing Rings and Bearings

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 2299380000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is among the group the top ten global steel companies and now the world’s second most geographically-diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries. It is an old and well-established and a reputed company having an excellent track record. There appears slight dip in profit of the company during the financial year 2013. However, the rating reflects strong financial risk profile supported by strong liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – December 1, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

India

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

INDIAN ECONOMIC OVERVIEW

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	October 22, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-66658282)

LOCATIONS

Registered Office :	Bombay House, 24 - Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22-66658282 / 66657279 / 66657306
Fax No.:	91-22-66657724 / 66657725 / 66658113
E-Mail :	tatasteelho@tata.com cosectisco@tata.com cosec@tatasteel.com p.sood@tatasteel.com
Website :	http://www.tata.com http://www.tatasteel.com

Corporate Office :	Design Call, 3^rd Floor, General Office, Tata Steel, Jamshedpur – 831 001, India
Websites:	www.tatasteel.com

Commercial Head Offices:	Tata Centre, 43 Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22887051/ 9251
Fax No.:	91-33-22882079

Sales Offices :	Located at: Jamshedpur Guwahati Mumbai Ahmedabad Indore Nagpur Pune Aurangabad Faridabad Chadigarh Kanpur Ludhiana Jaipur Chennai Bangalore Secunderabad 52, Jawaharlal Nehru Road, Kolkata-700071 Tel. No.: 91-33-22887051/ 9251 Fax. No.: 91-33-22882079

Factory 1 :	Company’s Steel Works and Tubes Division\ Jamshedpur, Jharkhand, India

Factory 2 :	Bearings Division Kharagpur, West Bengal, India

Factory 3 :	Ferro Manganese Plant Joda, Odisha, India

Factory 4 :	Charge Chrome Plant Bamnipal, Odisha, India

Factory 5 :	Cold Rolling Complex Tarapur, Maharashtra, India

Factory 6 :	Mines, Collieries and Quarries States of Jharkhand, India Odisha and Karnataka India

Factory 7 :	Wire Division Tarapur, Maharashtra, India Bengaluru, Karnataka, India

Factory 8 :	Agrico Plant Indore, Madhya Pradesh, India

Overseas Offices:	Port Talbot, UK Scunthorpe, UK Rotherham, UK IJmuiden, Netherlands

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Cyrus P. Mistry
Designation :	Chairman

Name :	Mr. B. Muthuraman
Designation :	Vice Chairman

Name :	Mr. Nusli N. Wadia
Designation :	Director

Name :	Mr. Jacobus Schraven
Designation :	Director

Name :	Mr. Andrew Robb
Designation :	Director

Name :	Mr. O. P. Bhatt
Designation :	Director

Name :	Mr. H. M. Nerurkar,
Designation :	Managing Director,

Name :	Mr. Ishaat Hussain
Designation :	Director

Name :	Mr. Subodh Bhargava
Designation :	Director

Name :	Mrs. Mallika Srinivasan
Designation :	Director

Name :	Mr. D. K. Mehrotra
Designation :	Director

Name :	Dr. Karl-Ulrich Koehler
Designation :	Managing Director and Chief Executive Officer

Name :	Mr. Koushik Chatterjee
Designation :	Executive Director and Group Chief Financial Officer

KEY EXECUTIVES

Name :	Mr. A. Anjeneyan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	303482902	32.21
Any Others (Specify)	1031460	0.11
Trusts	1031460	0.11
Sub Total	304514362	32.31
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	304514362	32.31
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	30554029	3.24
Financial Institutions / Banks	4202864	0.45
Central Government / State Government(s)	122659	0.01
Insurance Companies	211253141	22.42
Foreign Institutional Investors	156248500	16.58
Any Others (Specify)	162645	0.02
Foreign Bodies DR	16379	0.00
Foreign Institutional Investors - DR	142816	0.02
Foreign Nationals - DR	3450	0.00
Sub Total	402543838	42.72
(2) Non-Institutions
Bodies Corporate	24404480	2.59
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	183527723	19.48
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	27338340	2.90
Any Others (Specify)	5625	0.00
Foreign Corporate Bodies	5625	0.00
Sub Total	235276168	24.97
Total Public shareholding (B)	637820006	67.69
Total (A)+(B)	942334368	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	28880861	0.00
Sub Total	28880861	0.00
Total (A)+(B)+(C)	971215229	0.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Saleable Steel, Ferro Manganese, Charge Chrome, Welded Steel Tubes, Cold Rolled Strips, Seamless Tubes, Carbon and Alloy Steel Bearing Rings, Annular Forgings and Flanges, Metallurgical Machinery, Ammonium Sulphate, Ordinary Cement, Fortland Blast Furnace Slag Cement, Alloy Steel Ball Bearing Rings and Bearings.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of India

Ø Bank of America

Ø Central Bank of India

Ø Bank of Baroda

Ø Canara bank

Ø Central Bank of India

Ø Union Bank of India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan
Joint Plant Committee – Steel Development Fund	20360.200	19154.700

TOTAL	20360.200	19154.700

NOTE:

Additional information:

(1) Details of outstanding secured borrowings are as follows:

(a) Loan from Joint Plant Committee – Steel Development Fund which includes funded interest Rs. 4064.500 millions (31.03.2012: Rs. 3161.300 Millions). It is repayable in 16 equal semi-annual installments after completion of 4 years from the date of receipt of the last tranche.

It is secured by mortgages on the Company's immovable properties situated at Jamshedpur, Dhanbad / West Bokaro and Adityapur in the state of Bihar (currently the State of Jharkhand) together with all buildings and structures thereon to the extent permitted to be mortgaged and all plant and machinery attached to the earth or permanently fastened to the earth. The Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming waiver of the outstanding loan and interest and refund of the balance lying with Steel Development Fund and the matter is sub-judice. Loan from the Joint Plant Committee-Steel Development Fund includes Rs. 15170.700 millions (31.03.2012: Rs. 1,4118.400 Millions) representing repayments and interest on earlier loans for which applications of funding are awaiting sanction is not secured by charge on movable assets of the Company.

(2) Terms of repayment of outstanding unsecured borrowings are as follows:

(a) Bonds/Debentures

(i) 10.25% p.a. interest bearing 25,000 debentures of face value Rs. 1000000 each are redeemable at par in 3 equal annual installments commencing from 6th January, 2029.

(ii) 10.25% p.a. interest bearing 5,000 debentures of face value Rs. 1000000 each are redeemable at par in 3 equal annual installments commencing from 22nd December, 2028.

(iii) 2.00% p.a. interest bearing 15,000 debentures of face value Rs. 1000000 each are redeemable at a premium of 85.03% of the face value on 23rd April, 2022

(iv) 9.15% p.a. interest bearing 5,000 debentures of face value Rs. 1000000 each are redeemable at par on 24^th January, 2021.

(v) 11.00% p.a. interest bearing 15,000 debentures of face value Rs. 1000000 each are redeemable at par on 19^th May, 2019.

(vi) 10.40% p.a. interest bearing 6,509 debentures of face value Rs. 1000000 each are redeemable at par on 15^th May, 2019.

(vii) 9.15% p.a. interest bearing 5,000 debentures of face value Rs. 1000000 each are redeemable at par on 24^th January, 2019.

(viii) 10.20% p.a. interest bearing 6,200 debentures of face value Rs. 1000000 each are redeemable on 7th May, 2015.

(ix) 12.50% p.a. interest bearing 12,500 debentures of face value Rs. 1000000 each are redeemable in 3 equal annual installments commencing from 19th November, 2014.

(b) Term loans from banks

(i) USD 335.00 million equivalent to Rs. 18185.500 millions (31.03.2012: USD 335.000 million equivalent to Rs. 17044.800 Millions) loan is repayable on 10th June, 2015.

(ii) GBP 100.00 million equivalent to Rs. 8221.400 Millions (31.03.2012: GBP 100.00 million equivalent to Rs. 8150.500 Millions) loan is repayable on 4th April, 2015.

(iii) JPY 4.50 million equivalent to Rs. 2.600 millions (31.03.2012: Nil) loan is repayable in 20 equal semi-annual installments commencing from 27th July, 2014.

(iv) USD 19.59 million equivalent to Rs. 1063.600 millions (31.03.2012: Nil) loan is repayable on 4th June, 2014.

(v) Indian rupee loan amounting Rs. 15000.000 millions(31.03.2012: Rs. 1,5000.000 Millions) is repayable on 28th July, 2013.

(vi) Euro 48.63 million equivalent to Rs. 3384.600 millions (31.03.2012: Euro 54.04 million equivalent to Rs. 3670.300 Millions) loan is repayable in 18 equal semi-annual installments; the next installment is due on 6th July, 2013

(vii) Euro 28.16 million equivalent to Rs. 1959.500 millions (31.03.2012: Euro 32.85 million equivalent to Rs. 2231.100 Millions) loan is repayable in 12 equal semi-annual installments; the next installment is due on 1st July, 2013.

(viii) Euro 4.85 million equivalent to Rs. 337.500 Millions (31.03.2012: Euro 5.82 million equivalent to Rs. 395.200 Millions) loan is repayable in 10 equal semi-annual installments; the next installment is due on 2nd May, 2013.

(ix) Euro 181.50 million equivalent to Rs. 12631.500 millions (31.03.2012: Euro 183.01 million equivalent to Rs. 12430.300 Millions) loan is repayable in 19 equal semi-annual installments; the next installment is due on 30th April, 2013.

(x) Indian rupee loan amounting Rs. 20000.000 millions (31.03.2012: Rs. 5000.000 Millions) is repayable in 9 semi-annual installments commencing from 30th April, 2013.

(xi) JPY 35,799.00 million equivalent to Rs. 20613.000 millions (31.03.2012: JPY 71,598.00 million equivalent to Rs. 44376.400 Millions) syndicated loan is repayable in 2 equal semi-annual installments; the next installment is due on 11th April, 2013.

(c) Term loans from financial institutions and others

(i) Indian rupee loan amounting Rs. 6500.000 millions (31.03.2012: Rs. 6500.000 Millions) is repayable on 16th June, 2019.

(ii) Indian rupee loan amounting Rs. 1990.000 millions (31.03.2012: Rs. 1990.000 Millions) is repayable on 30th June, 2016.

Banking Relations :	--

Auditors :
Name :	Messrs Deloitte Haskin and Sells Chartered Accountants

Subsidiaries :	i) Adityapur Toll Bridge Company Limited India ii) Gopalpur Special Economic Zone Limited India iii) Jamshedpur Utilities and Services Company Limited India 1. Haldia Water Management Limited India 2. Naba Diganta Water Management Limited India 3. SEZ Adityapur Limited India iv) Kalimati Investment Company Limited India Bangla Steel and Mining Company Limited Bangladesh v) Lanka Special Steels Limited Sri Lanka vi) NatSteel Asia Pte. Limited Singapore 1. Tata Steel Asia (Hong Kong) Limited Hongkong S.A.R. 2. Tata Steel Resources Australia Pty. Limited Australia vii) Sila Eastern Limited * A Thailand viii) T S Alloys Limited India ix) Tata Incorporated USA x) Tata Korf Engineering Services Limited India xi) Tata Metaliks Limited India Tata Metaliks Kubota Pipes Limited India xii) Tayo Rolls Limited India xiii) Tata Steel (KZN) (Pty) Limited South Africa xiv) Tata Steel Holdings Pte. Limited Singapore Tata Steel Global Holdings Pte. Limited Singapore I. Orchid Netherlands (No.1) B.V. Netherlands II. NatSteel Holdings Pte. Limited Singapore 1. Best Bar Pty. Limited Australia 2. Best Bar (VIC) Pte. Limited Australia 3. Burwill Trading Pte. Limited Singapore 4. Easteel Construction Services Pte. Limited Singapore 5. Easteel Services (M) Sdn. Bhd. Malaysia 6. Eastern Steel Fabricators Philippines, Inc. Philippines 7. Eastern Steel Services Pte. Limited Singapore 8. Eastern Wire Pte. Limited Singapore 9. NatSteel (Xiamen) Limited China 10. NatSteel Asia (S) Pte. Limited Singapore 11. NatSteel Australia Pty. Limited Australia 12. NatSteel Equity IV Pte. Limited Singapore 13. NatSteel Recycling Pte Limited Singapore 14. NatSteel Trade International (Shanghai) Company Limited China 15. NatSteel Trade International Pte. Limited Singapore 16. NatSteel Vina Company Limited Vietnam 17. PT Material Recycling Indonesia Indonesia 18. The Siam Industrial Wire Company Limited Thailand 19. TSN Wires Company Limited* Thailand 20. Wuxi Jinyang Metal Products Company Limited* China III. Tata Steel Europe Limited UK 1. Almana Steel Dubai (Jersey) Limited Jersey 2. Apollo Metals Limited USA 3. Ashorne Hill Management College UK 4. Augusta Grundstucks GmbH Germany 5. Automotive Laser Technologies Limited UK 6. B S Pension Fund Trustee Limited UK 7. Bailey Steels Limited UK 8. Beheermaatschappij Industriele Produkten B.V. Netherlands 9. Belfin Beheermaatschappij B.V. Netherlands 10. Bell and Harwood Limited UK 11. Blastmega Limited UK 12. Blume Stahlservice GmbH Germany 13. Blume Stahlservice Polska Sp.Z.O.O Poland 14. Bore Samson Group Ltd UK 15. Bore Steel Limited UK 16. British Guide Rails Limited UK 17. British Steel Corporation Ltd UK 18. British Steel De Mexico S.A. de C.V. Mexico 19. British Steel Directors (Nominees) Limited UK 20. British Steel Employee Share Ownership Trustees Limited UK 21. British Steel Engineering Steels (Exports) Limited UK 22. British Steel Nederland International B.V. Netherlands 23. British Steel Samson Limited UK 24. British Steel Service Centres Limited UK 25. British Steel Tubes Exports Limited UK 26. British Tubes Stockholding Limited UK 27. Bs Quest Trustee Limited UK 28. Burgdorfer Grundstuecks GmbH Germany 29. C V Benine Netherlands 30. C Walker and Sons Limited UK 31. Catnic GmbH Germany 32. Catnic Limited UK 33. Cbs Investissements SAS France 34. Cladding and Decking (UK) Limited UK 35. Cogent Power Electrical Steels Limited UK 36. Cogent Power Inc. Canada 37. Cogent Power SA DE CV Mexico 38. Cogent Power Inc. USA 39. Cogent Power Limited UK 40. Cold drawn Tubes Limited* UK 41. Color Steels Limited UK 42. Corbeil Les Rives SCI France 43. Corby (Northants) and District Water Company UK 44. Cordor (Cand B) Limited UK 45. Corus Aerospace Service Centre Suzhou Co Limited China 46. Corus Aluminium Verwaltungsgesellschaft Mbh Germany 47. Corus Beteiligungs GmbH Germany 48. Corus Building Systems Bulgaria AD Bulgaria 49. Corus Building Systems N.V. Belgium 50. Corus Building Systems SAS France 51. Corus Byggsystem AB Sweden 52. Corus CNBV Investments UK 53. Corus Coatings Usa Inc. USA 54. Corus Cold drawn Tubes Limited UK 55. Corus Consulting B.V.* Netherlands 56. Corus Engineering Steels (UK) Limited UK 57. Corus Engineering Steels Holdings Limited UK 58. Corus Engineering Steels Limited UK 59. Corus Engineering Steels Overseas Holdings Limited UK 60. Corus Finance Limited* UK 61. Corus Group Limited UK 62. Corus Holdings Limited UK 63. Corus International (Overseas Holdings) Limited UK 64. Corus International Bulgaria Limited* Bulgaria 65. Corus International Limited UK 66. Corus International Romania SRL. Romania 67. Corus Investments Limited UK 68. Corus Ireland Limited Ireland 69. Corus Large Diameter Pipes Limited UK 70. Corus Liaison Services (India) Limited UK 71. Corus Management Limited UK 72. Corus Norge A/S* Norway 73. Corus Packaging Plus Norway AS Norway 74. Corus Primary Aluminium B.V. Netherlands 75. Corus Properties (Germany) Limited UK 76. Corus Property UK 77. Corus Republic Of Ireland Subsidiaries Pension Scheme Trustee Limited Ireland 78. Corus Service Center Milano Spa Italy 79. Corus Service Centre Limited N Ireland 80. Corus Sheet and Tube Inc. USA 81. Corus Steel Service STP LLC Russia 82. Corus Trico Holdings Inc. USA 83. Corus Tubes Poland Spolka Z.O.O Poland 84. Corus UK Healthcare Trustee Limited UK 85. Corus Ukraine LLC Ukraine 86. Cpn (85) Limited UK 87. Crucible Insurance Company Limited I of Man 88. Degels GmbH Germany 89. Demka B.V. Netherlands 90. Dsrm Group Plc. UK 91. Eric Olsson and Soner Forvaltnings AB Sweden 92. Esmil B.V. Netherlands 93. Euro-Laminations Limited UK 94. Europressings Limited UK 95. Firsteel Group Limited UK 96. Firsteel Holdings Limited UK 97. Firsteel Strip Mill Products Limited UK 98. Fischer Profil GmbH Germany 99. Gamble Simms Metals Limited Ireland 100. Grant Lyon Eagre Limited UK 101. H E Samson Limited UK 102. Hadfields Holdings Limited UK 103. Hammermega Limited UK 104. Harrowmills Properties Limited UK 105. Hille and Muller GmbH Germany 106. Hille and Muller Usa Inc. USA 107. Hoogovens (UK) Limited UK 108. Hoogovens Aluminium UK Limited UK 109. Hoogovens Finance B.V. Netherlands 110. Hoogovens Technical Services Mexico De S. De R.L. De C.V.* Mexico 111. Hoogovens Usa Inc. USA 112. Huizenbezit “Breesaap” B.V. Netherlands 113. Ickles Cottage Trust UK 114. Immobilliere De Construction De Maubeuge Et Louvroil SAS France 115. Industrial Steels Limited* UK 116. Inter Metal Distribution SAS France 117. Kalzip Asia Pte Limited Singapore 118. Kalzip FZE* UAE 119. Kalzip GmbH Germany 120. Kalzip GmbH Austria 121. Kalzip Guangzhou Limited China 122. Kalzip Inc USA 123. Kalzip India Private Limited India 124. Kalzip Italy SRL Italy 125. Kalzip Limited UK 126. Kalzip Spain S.L.U. Spain 127. Layde Steel S.L. Spain 128. Lister Tubes Limited Ireland 129. London Works Steel Company Limited UK 130. Midland Steel Supplies Limited UK 131. Mistbury Investments Limited UK 132. Montana Bausysteme AG Switzerland 133. Myriad Deutschland GmbH Germany 134. Myriad Espana Sl Spain 135. Myriad Nederland B.V. Netherlands 136. Namascor B.V. Netherlands 137. Nationwide Steelstock Limited UK 138. Oostflank B.V. Netherlands 139. Orb Electrical Steels Limited UK 140. Ore Carriers Limited UK 141. Oremco Inc. USA 142. Plated Strip International Limited UK 143. Precoat International Limited UK 144. Precoat Limited UK 145. Rafferty-Brown Steel Co Inc Of Conn. USA 146. Richard Thomas And Baldwins 1978 Limited New Zealand 147. Round Oak Steelworks Limited UK 148. Runblast Limited UK 149. Runmega Limited UK 150. S A B Profiel B.V. Netherlands 151. S A B Profil GmbH Germany 152. Scrap Processing Holding B.V. Netherlands 153. Seamless Tubes Limited UK 154. Service Center Gelsenkirchen GmbH Germany 155. Service Centre Maastricht B.V. Netherlands 156. SIA Corus Building Systems Latvia 157. Simiop Investments Limited UK 158. Simiop Limited UK 159. Skruv Erik AB Sweden 160. Societe Europeenne De Galvanisation (Segal) Sa Belgium 161. Staalverwerking En Handel B.V. Netherlands 162. Stainless Velsen-Noord BV Netherlands 163. Steel StockHoldings Limited UK 164. Steelstock Limited UK 165. Stewarts and Lloyds Of Ireland Limited Ireland 166. Stewarts And Lloyds (Overseas) Limited UK 167. Stocksbridge Works Cottage Trust Limited UK 168. Stuwadoorsbedrijf Velserkom B.V. Netherlands 169. Surahammar Bruks AB Sweden 170. Swinden Housing Association UK 171. Tata Steel Belgium Packaging Steels N.V. Belgium 172. Tata Steel Belgium Services N.V. Belgium 173. Tata Steel Denmark Byggsystemer A/S Denmark 174. Tata Steel Europe Distribution BV Netherlands 175. Tata Steel Europe Metals Trading BV Netherlands 176. Tata Steel France Batimentet Systemes SAS France 177. Tata Steel France Holdings SAS France 178. Tata Steel France Rail SA France 179. Tata Steel Germany GmbH Germany 180. Tata Steel Hungary LLC Hungary 181. Tata Steel Ijmuiden BV Netherlands 182. Tata Steel International (Americas) Holdings Inc USA 183. Tata Steel International (Americas) Inc USA 184. Tata Steel International (Australasia) Limited New Zealand 185. Tata Steel International (Benelux) BV Netherlands 186. Tata Steel International (Canada) Holdings Inc Canada 187. Tata Steel International Czech (Czech Republic) S.R.O Republic 188. Tata Steel International (Denmark) A/S Denmark 189. Tata Steel International (Finland) OY Finland 190. Tata Steel International (France) SAS France 191. Tata Steel International (Germany) GmbH Germany 192. Tata Steel International (South America) Representações LTDA Brazil 193. Tata Steel International Hellas SA Greece 194. Tata Steel International (Italia) SRL Italy 195. Tata Steel International (Middle East) FZE UAE 196. Tata Steel International (Nigeria) Limited Nigeria 197. Tata Steel International (North America) Limited* USA 198. Tata Steel International (Poland) sp Z.O.O. Poland 199. Tata Steel International (Schweiz) AG Switzerland 200. Tata Steel International (Sweden) AB Sweden 201. Tata Steel International (UK) Limited* UK 202. Tata Steel International (India) Limited India 203. Tata Steel International Iberica SA Spain 204. Tata Steel Istanbul Metal Sanayi ve Ticaret AS Turkey 205. Tata Steel Logistics and Shipping BV Netherlands 206. Tata Steel Maubeuge SAS France 207. Tata Steel Nederland BV Netherlands 208. Tata Steel Nederland Consulting and Technical Services BV Netherlands 209. Tata Steel Nederland Investment BV Netherlands 210. Tata Steel Nederland Perfo BV Netherlands 211. Tata Steel Nederland Services BV Netherlands 212. Tata Steel Nederland Star-Frame BV Netherlands 213. Tata Steel Nederland Technology BV Netherlands 214. Tata Steel Nederland Tubes BV Netherlands 215. Tata Steel Netherlands Holdings B.V. Netherlands 216. Tata Steel Norway Byggsystemer A/S Norway 217. Tata Steel Speciality Service Centre Xian Company Limited China 218. Tata Steel UK Consulting Limited UK 219. Tata Steel UK Holdings Limited UK 220. Tata Steel UK Limited UK 221. Tata Steel UK Rail Consultancy Limited UK 222. Tata Steel Usa Inc. USA 223. The Newport And South Wales Tube Company Limited UK 224. The Stanton Housing Company Limited UK 225. The Steel Company Of Ireland Limited Ireland 226. The Templeborough Rolling Mills Limited UK 227. Thomas Processing Company USA 228. Thomas Steel Strip Corp. USA 229. Tinsley Trailers Limited UK 230. Toronto Industrial Fabrications Limited UK 231. Trierer Walzwerk GmbH Germany 232. Tulip UK Holdings (No.2) Limited UK 233. Tulip UK Holdings (No.3) Limited UK 234. Tuscaloosa Steel Corporation USA 235. U.E.S. Bright Bar Limited UK 236. UK Steel Enterprise Limited UK 237. Ukse Fund Managers (General Partner) Limited UK 238. Ukse Fund Managers Limited UK 239. Unitol SAS France 240. Vlietjonge BV* Netherlands 241. Walker Manufacturing And Investments Limited UK 242. Walkersteelstock Ireland Limited Ireland 243. Walkersteelstock Limited UK 244. Westwood Steel Services Limited UK 245. Whitehead (Narrow Strip) Limited UK IV. Tata Steel Global Minerals Holdings Pte Limited Singapore 1. Al Rimal Mining LLC Oman 2. Black Ginger 461 (Proprietary) Ltd South Africa 3. Kalimati Coal Company Pty. Limited Australia 4. Sedibeng Iron Ore Pty. Limited South Africa 5. Tata Steel Cote D’ Ivoire S.A Ivory Coast 6. Tata Steel Minerals UK Limited UK 7. Tata Steel Minerals Canada Limited Canada 8. T S Canada Capital Ltd* Canada V. Tata Steel International (Singapore) Holdings Pte. Limited Singapore 1. TSIA Holdings (Thailand) Limited Thailand 2. Tata Steel International (Guangzhou) Limited* China 3. Tata Steel International (Shanghai) Limited China 4. Tata Steel International (Malaysia) Sdn. Bhd. Malaysia 5. Tata Steel International (Thailand) Limited Thailand 6. Tata Steel International (Singapore) Pte. Limited Singapore 7. Tata Steel International Hong Kong (Asia) Limited S.A.R 8. Tata Steel International Hong Kong (Hongkong) Limited* S.A.R VI. Tata Steel (Thailand) Public Company Limited Thailand 1. N.T.S Steel Group Plc. Thailand 2. The Siam Construction Steel Company Limited Thailand 3. The Siam Iron And Steel (2001) Company Limited Thailand VII. Tata Steel Global Procurement Company Pte. Limited Singapore 1. ProCo Issuer Pte. Limited Singapore xv) Tata Steel Processing and Distribution Limited India xvi) TM International Logistics Limited India 1. International Shipping Logistics FZE UAE 2. TKM Global China Limited China 3. TKM Global GmbH Germany 4. TKM Global Logistics Limited India 5. TM Harbour Services Private Limited India xvii) Indian Steel and Wire Products Limited India xviii) The Tata Pigments Limited India xix) T M Mining Company Limited India xx) Jamshedpur Continuous Annealing and Processing Company Private Limited India xxi) The Tinplate Company of India Limited India xxii) Tata Sponge Iron Limited # India 1. TSIL Energy Limited* India xxiii) Tata Steel Odisha Limited * India

Joint Venture Company :	i) Tata Steel Limited 1. Bhubaneshwar Power Private Limited India 2. Himalaya Steel Mill Services Private Limited India 3. mjunction services limited India 4. S and T Mining Company Private Limited India 5. Tata BlueScope Steel Limited India 6. Tata NYK Shipping Pte Limited Singapore 7. The Dhamra Port Company Limited India ii) Tata Steel Holdings Pte. Limited a) Tata Steel Global Holdings Pte Limited I. Tata Steel Europe Limited 1. Afon Tinplate Company Limited UK 2. Air Products Llanwern Limited UK 3. B V Ijzerleew* Netherlands 4. Bsr Pipeline Services Limited UK 5. Caparo Merchant Bar Plc UK 6. Corus Cogifer Switches And Crossings Limited* UK 7. Corus Kalpinis Simos Cladding Industry SA Greece 8. Danieli Corus Technical Services B.V. Netherlands 9. Fabsec Limited UK 10. Hks Scrap Metals B.V.* Netherlands 11. Ijzerhandel Geertsema Staal B.V.* Netherlands 12. Industrial Rail Services Ijmond B.V. Netherlands 13. Laura Metaal Holding B.V. Netherlands 14. Norsk Stal AS Norway 15. Norsk Stal Tynnplater AS Norway 16. Ravenscraig Limited UK 17. Redcar Bulk Terminal Limited UK 18. Tata Elastron Steel Service Center SA Greece 19. Tata Steel Ticaret AS Turkey 20. Texturing Technology Limited UK II. Tata Steel Global Minerals Holdings Pte. Limited 1. Rio Tinto Benga (Mauritius) Limited Mauritius

Associates Companies :	i) Kalimati Investment Company Limited 1. Rujuvalika Investments Limited India ii) NatSteel Asia Pte. Limited 1. SteelAsia Development and Management Corp. Philippines 2. SteelAsia Industries Inc. Philippines 3. SteelAsia Manufacturing Corporation Philippines iii) Tata Incorporated 1. TKM Overseas Limited UK iv) Tata Steel Limited Indian Steel Rolling Mills Limited* India 2. Industrial Energy Limited India 3. Jamipol Limited India 4. Kalinga Aquatics Limited India 5. Kumardhubi Fireclay and Silica Works Limited India 6. Kumardhubi Metal Casting and Engineering Limited India 7. Nicco Jubilee Park Limited India 8. Strategic Energy Technology Systems Private Limited India 9. Tata Construction and Projects Limited India 10. Tata Sponge Iron Limited# India 11. TRL Krosaki Refractories Limited India 12. TRF Limited India v) Tata Steel Holdings Pte. Limited a) Tata Steel Global Holdings Pte Limited I. Tata Steel International (Singapore) Holdings Pte. Limited 1. European Profiles (M) Sdn. Bhd. Malaysia II. Tata Steel Europe Limited 1. Ab Norskstal AS Norway 2. Albi Profils SRL France 3. Appleby Frodingham Cottage Trust Limited UK 4. Combulex B.V. Netherlands 5. Cv Gasexpansie Ijmond Netherlands 6. Danieli Corus Canada Inc. Canada 7. Danieli Corus Asia B.V. Netherlands 8. Danieli Corus B.V. Netherlands 9. Danieli Corus Braseq Ltda. Brazil 10. Danieli Corus Construction Services B.V. Netherlands 11. Danieli Corus Construction Services Usa Inc. USA 12. Danieli Corus Do Brasil Ltda. Brazi 13. Danieli Corus Inc. USA 14. Danieli Corus Services Usa Inc. USA 15. Danieli Corus India Private Limited India 16. European Profiles (Marketing) Sdn.Bhd. Malaysia 17. Galvpro LP. USA 18. Gietwalsonderhoudcombinatie B.V. Netherlands 19. Hoogovens Court Roll Service Technologies Vof: Netherlands 20. Hoogovens Gan Multimedia S.A. De C.V. Mexico 21. Isolation Du Sud SA France 22. Issb Limited UK 23. MDC Sublance Probe Technology Shanghai 24. Richard Lees Steel Decking Asia Snd. Bhd. Malaysia 25. Rsp Holding B.V.* Netherlands 26. Schreiner Fleischer AS Norway 27. Shanghai Bao Yi Beverage Can Making Company Limited* China 28. Thoresen and Thorvaldsen AS Norway 29. Trico LLC USA 30. Weirton/Hoogovens GP USA 31. Wupperman Staal Nederland B.V. Netherlands III. Tata Steel Global Minerals Holdings Pte Limited 1. New Millennium Iron Corp. Canada vi) Indian Steel and Wire Products Limited 1. Metal Corporation of India Limited India

Promoters holding together with its subsidiary is more than 20% :	Tata Sons Limited

NOTE:

* Part of the year.

# Earlier an associate, became subsidiary during the year.

A By virtue of management control.

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1750000000	Ordinary Shares	Rs.10/- each	Rs.17500.000 Millions
350000000	"A" Ordinary Shares	Rs.10/- each	Rs.3500.000 Millions
25000000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.2500.000 Millions
600000000	Cumulative Convertible Preference Shares	Rs.100/- each	Rs.60000.000 Millions

	Total		Rs.83500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

972126020	Ordinary Shares	Rs.10/- each	Rs.9721.300 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

971215229	Ordinary Shares	Rs.10/- each	Rs.9712.100 Millions
	Amount paid up on 3,89,516 Ordinary Shares forfeited		Rs. 2.000 Millions

	Total		Rs. 9714.100 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	9714.100	9714.100	9594.100
(b) Reserves & Surplus	542382.700	512450.500	458070.200
(c) Money received against share warrants	0.000	0.000	1782.000
(d) Hybrid perpetual securities	22750.000	22750.000	15000.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	574846.800	544914.600	484446.300

(3) Non-Current Liabilities
(a) long-term borrowings	235655.700	213532.000	244990.500
(b) Deferred tax liabilities (Net)	18437.400	9705.100	9368.000
(c) Other long term liabilities	3808.700	2980.300	3738.800
(d) long-term provisions	21134.200	18513.000	22014.700
Total Non-current Liabilities (3)	279036.000	244730.400	280112.000

(4) Current Liabilities
(a) Short term borrowings	709.400	656.200	1491.300
(b) Trade payables	63699.100	58839.200	44648.100
(c) Other current liabilities	85035.400	87165.700	62621.000
(d) Short-term provisions	15442.600	21723.800	22198.500
Total Current Liabilities (4)	164886.500	168384.900	130958.900

TOTAL	1018769.300	958029.900	895517.200

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	246505.400	111423.600	115325.800
(ii) Intangible Assets	2245.100	2239.000	56122.800
(iii) Capital work-in-progress	87222.900	160467.500	2725.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	499848.000	490783.500	435651.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	65741.500	63010.800	104534.100
(e) Other Non-current assets	1900.400	1909.800	27.600
Total Non-Current Assets	903463.300	829834.200	714387.000

(2) Current assets
(a) Current investments	4340.000	12041.700	29997.900
(b) Inventories	52579.400	48589.900	39537.600
(c) Trade receivables	7969.200	9040.800	4240.200
(d) Cash and cash equivalents	22181.100	39469.900	41387.800
(e) Short-term loans and advances	22078.300	18292.500	64589.400
(f) Other current assets	6158.000	760.900	1377.300
Total Current Assets	115306.000	128195.700	181130.200

TOTAL	1018769.300	958029.900	895517.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011

	SALES
	Income		381994.300	339334.600	293963.500
	Other Income		9020.400	8864.300	5283.600
	TOTAL (A)		391014.700	348198.900	299247.100

Less	EXPENSES
	Raw material consumed		98774.000	80143.700	62440.100
	Purchases of Stock-in-Trade		4533.400	2095.200	1802.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(4046.000)	(2207.200)	(1736.500)
	Employees benefits expense		36085.200	30472.600	28374.600
	Exceptional item		6745.300	(5110.100)	(6480.900)
	Expenditure (other than interest) transfer to capital and other accounts		(8761.300)	(4782.300)	(1987.800)
	Other expenses		144146.600	118244.900	90248.200
	TOTAL (B)		277477.200	218856.800	172659.700

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		113537.500	129342.100	126587.400

Less	FINANCIAL EXPENSES (D)		18767.700	19254.200	17357.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		94769.800	110087.900	109230.400

Less/ Add	DEPRECIATION/ AMORTISATION (F)		16403.800	11514.400	11461.900

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		78366.000	98573.500	97768.500

Less	TAX (I)		27736.300	31609.300	29111.600

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		50629.700	66964.200	68656.900

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		211450.400	166394.600	127726.500

Less	Balance of Centennial Steel Company Limited on amalgamation		0.000	8.700	0.000

Less	APPROPRIATIONS
		Transfer to General Reserve	5063.000	6696.400	6865.700
		Dividend	7769.700	11654.600	11510.600
		Tax on Dividend	1287.300	1815.700	1567.100
		Distribution on Hybrid Perpetual Securities	1798.400	1733.000	45.400
		Transfer to Debenture Redemption Reserve	0.000	0.000	10000.000
	BALANCE CARRIED TO THE B/S		246161.700	211450.400	166394.600

	EARNINGS IN FOREIGN CURRENCY
		Export of steel and other materials (F.O.B.)	23410.800	18048.700	22523.700
		Interest received	251.700	755.500	579.000
		Others	72.000	59.700	637.000
	TOTAL EARNINGS		23734.500	18863.900	23739.700

	IMPORTS
		Raw Materials	56895.600	59121.400	43695.400
		Semi-finished products	1328.000	358.500	235.500
		Components, stores and spare parts	8806.600	4663.400	3534.800
		Capital Goods	16544.600	14252.300	7124.500
	TOTAL IMPORTS		83574.800	78395.600	54590.200

	Earnings / (Loss) Per Share (Rs.)
	Basic		50.28	67.84	75.63
	Diluted		50.28	66.62	70.99

QUARTERLY RESULTS

Particulars	30.06.2013 Unaudited	30.09.2013 Unaudited	31.12.2013 Unaudited
Audited / UnAudited	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	94553.900	99210.400	101433.800
Total Expenditure	66210.600	69831.200	72075.000
PBIDT (Excl OI)	28343.300	29379.200	29358.800
Other Income	1442.100	3256.600	2648.200
Operating Profit	29785400	32635.800	32007.000
Interest	4664.400	4365.800	4529.200
Exceptional Items	0.000	0.000	0.000
PBDT	25121.000	28270.000	27477.800
Depreciation	4595.800	5510.300	4564.600
Profit Before Tax	20525.200	22759.700	22913.200
Tax	6964.100	7173.000	7725.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	13561.100	15586.700	15187.700
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	13561.100	15586.700	15187.700

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.95	19.23	22.94

Net Profit Margin (PBT/Sales)	(%)	20.51	29.05	33.26

Return on Total Assets (PBT/Total Assets}	(%)	18.15	32.13	21.39

Return on Investment (ROI) (PBT/Networth)		0.14	0.18	0.20

Debt Equity Ratio (Total Debt/Networth)		0.41	0.39	0.51

Current Ratio (Current Asset/Current Liability)		0.70	0.76	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	9594.100	9714.100	9714.100
Reserves & Surplus	458070.200	512450.500	542382.700
Money received against share warrants	1782.000	0.000	0.000
Hybrid perpetual securities	15000.000	22750.000	22750.000
Net worth	484,446.300	544,914.600	574,846.800

long-term borrowings	244990.500	213532.000	235655.700
Short term borrowings	1491.300	656.200	709.400
Total borrowings	246,481.800	214,188.200	236,365.100
Debt/Equity ratio	0.509	0.393	0.411

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	293963.500	339334.600	381994.300
		15.434	12.572

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	293963.500	339334.600	381994.300
Profit	68656.900	66964.200	50629.700
	23.36%	19.73%	13.25%

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

LITIGATION DETAILS

CASE DETAILS

BENCH: BOMBAY

Lodging No: CEXAL/101/2013 Filing Date: 15.04.2013 Reg. No.: CEXA/101/2013 Reg. Date: 01.07.2013

Petitioner: THE COMMISSIONER OF CENTRAL EXCIES, Respondent: M/S. TATA STEEL LIMITED

Petn. Adv: J.B. MISHRA (0) Resp. Adv.:- PDS LEGAL (0)

District: MUMBAI

Bench: DIVISION

Status: Pre-Admission Category:- CENTRAL EXCIES APPEAL (CEXA)

ACT: Central Excise and Salt Act UNDER SECTION: 35G

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Bonds/Debentures
Non-convertible debentures	114428.700	73284.000
4.5% Foreign Currency Convertible Bonds	29690.400	27828.100

Term loans
From banks	62686.400	84737.200
From financial institutions and others	8490.000	8490.000
Deferred payment liabilities	0.000	38.000

SHORT TERM BORROWINGS
Other loans	709.400	656.200

TOTAL	216004.900	195033.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10275985	22/03/2011	25,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B09107665
2	10284537	21/03/2011	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B09107228
3	10221539	23/03/2010	900,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIANCE HOUSE, 34 JAWAHARLAL NEHRU RD, KOLKATA, West Bengal - 700071, INDIA	A85590131
4	10162776	03/06/2009	15,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A64008121
5	10139603	22/01/2009	32,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A55101307
6	10087868	31/03/2008 *	2,250,000,000.00	STATE BANK OF INDIA - LEAD BANK	CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIANCE HOUSE, 34 JAWAHARLAL NEHRU RD, KOLKATA, West Bengal - 700071, INDIA	A35934983
7	10022079	15/06/2010 *	20,000,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAME CAMA ROAD, MUMBAI, Maharashtra - 400021, INDIA	A88501382
8	80032265	14/06/2007 *	3,370,000,000.00	STATE BANK OF INDIA (LEAD BANK)	CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIANCE HOUSE, 34 JAWAHARLAL NEHRU RD, KOLKATA, WEST BENGAL - 700071, INDIA	A18062745
9	90223392	21/03/2002 *	3,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIANCE HOUSE, 34 JAWAHARLAL NEHRU RD, KOLKATA, West Bengal - 700071, INDIA	-
10	90242384	16/10/2002	300,000,000.00	STATE BANK OF INDIA	S. & S. DIVISION, MUMBAI SAMACHAR MARG PO. NO. 13, MUMBAI, Maharashtra - 400023, INDIA	-
11	90240897	02/08/2002	400,000,000.00	BANK OF AMERICA	EXPRESS TOWERS, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
12	90223329	21/03/2002 *	2,000,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION, MULLA HOUSE; 51; M.G. ROAD, BOMBAY, Maharashtra - 400023, INDIA	-
13	90220420	06/12/2001	2,000,000,000.00	THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMITED	JAHANGIR WADIA BUILDING;, 51; MAHATMA GANDHUI ROA D, BOMBAY, Maharashtra - 400023, INDIA	-
14	90220412	31/08/2001	2,000,000,000.00	THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMITED	JAHANGIR WADIA BUILDING; 51; MAHATMA GANDHUI ROAD, BOMBAY, Maharashtra - 400023, INDIA	-
15	90223277	21/03/2002 *	1,000,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEES SECTION, JAHANGIR WADIA BLDG; 51; M.G. ROAD, BOMBAY, Maharashtra - 400023, INDIA	-
16	90220408	28/06/2001	2,000,000,000.00	THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMITED	JAHANGIR WADIA BUILDING;, 51; MAHATMA GANDHUI ROA D, BOMBAY, Maharashtra - 400023, INDIA	-
17	90240759	28/02/2001	400,000,000.00	JAMMU & KASHMIR BANK LTD	LAL BAUG, BARODA, Gujarat - 390011, INDIA	-
18	90223202	03/11/2000	3,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 20TH FLOOR; EXPRESS TOWERS; NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-
19	90223129	31/03/2000	6,000,000,000.00	JOINT PLANT COMMITTEE	ISPAT NIKETAN; 52/1A, BALLUGUNGE CIRCLE ROAD, CALCUTTA, West Bengal - 700019, INDIA	-
20	90223025	20/10/1999 *	315,100,000.00	CENTRAKL BANK OF INDIA	CORPORATE FINANCE BRANCH; CENTRAL BANK BUILDING, 1ST FLOOR; 51 M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
21	90223008	24/06/1999 *	500,000,000,000.00	INDUSTRAIL DEVELOPMENT BANK OF INDIA	IDBI TOWER; WTC COMPLEX, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
22	80013039	24/06/1999 *	5,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWER, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	-
23	90240550	01/03/1999	150,000,000.00	BANK OF BARODA	BARODA HOUSE; INDL FINANCE BRANCH, C. P. STREET, BOMBAY, MAHARASHTRA - 400001, INDIA	-
24	90222983	14/10/1999 *	50,000,000.00	CANARA BANK	TAMARIND LANE, CALCOT HOUSE; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-
25	90222960	15/04/1999 *	1,500,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
26	90222956	15/04/1999 *	500,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
27	90220313	25/09/1998 *	500,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
28	90222921	25/09/1998 *	500,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
29	90220303	30/07/1998 *	3,315,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
30	90222881	11/02/1999 *	4,250,000,000.00	JOINT PLANT COMMITTEE	VASUNDHARA; 8TH; 9TH; AND 10TH FLOOR, 2/7; SARAT BOSE ROAD, CALCUTTA, WEST BENGAL - 700020, INDIA	-
31	90220300	27/03/1998 *	3,315,000,000.00	INDUSTRAIL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	-
32	80013035	27/03/1998 *	2,678,200,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWER, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	-
33	90222870	19/03/1998	1,000,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
34	90240441	06/03/1998	100,000,000.00	STATE BANK OF INDIA	INDL. FINANCE BRANCH, MUMBAI, MAHARASHTRA - 400064, INDIA	-
35	90222816	19/10/1997	480,000,000.00	THE INDUSTRAIL CREDIT AND INVESTMENT CORPORATION OF INDIA LTD	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
36	80013025	18/10/1999 *	17,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BULIDING, M G ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA	-
37	90222728	21/03/1997 *	4,999,726,400.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
38	90220253	27/01/1997 *	2,500,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, Maharashtra - 400023, INDIA	-
39	90222708	08/12/1996	2,500,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
40	90240260	06/09/1996 *	1,333,500,000.00	BANK OF AMERCIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
41	90222662	05/08/1996	500,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION; JEHANGIR WADIA BUILDING, 51; M.G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
42	90240252	20/07/1996	50,000,000.00	ANZ GRINDLAYS BANK	90 MG ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
43	90240219	26/07/2001 *	528,334,900.00	ICICI LTD	BANDRA KURLA COMPLEX, BOMBAY, MAHARASHTRA - 400050 , INDIA	-
44	90242083	27/11/2001 *	10,000,000.00	ICICI LTD	BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400050, INDIA	-
45	90242081	03/05/1996	528,334,900.00	THE ICICI LTD	163; BACKBAY RECLAMATIOM, BOMBAY, MAHARASHTRA - 400028, INDIA	-
46	90240200	21/03/1996	79,000,000.00	UNION BANK OF INDIA	BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	-
47	90244248	26/12/1995	7,500,000.00	ANZ GRINDLAYS BANK	BOMBAY BRANCH, 90 M. G. ROAD, BOMBAY, MAHARASHTRA- 400001, INDIA	-
48	90240144	26/10/1995	26,450,000.00	BANK OF AMERCIA NATIONAL TRUST AND SAVING ASSOCIAT ION	EXPESS TOWERS, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
49	90240135	10/10/1995	16,500,000.00	ANDHRA BANK	18 HOMI MODY STREET, BOMBAY, MAHARASHTRA - 400021, INDIA	-
50	90240132	30/09/1995	24,500,000.00	UNION BANK OF INDIA	BOMBAY SAMACHAR MARG, OPP. BOMBAY STOCM EXCHAGE, BOMBAY, MAHARASHTRA - 400023, INDIA	-
51	90240128	26/09/1995	41,000,000.00	BANK OF MAHARASHTRA	BORIVLI WEST, BOMBAY, MAHARASHTRA - 400092, INDIA	-
52	90240116	04/09/1995	100,000,000.00	ANZ GRINDLAYS BANK	M. G. ROAD, BOMBAY, MAHARASHTRA, INDIA	-
53	90240107	08/08/1995	63,500,000.00	BANK OF BARODA	IF BRANCH; BARODA HOSUE, C. P. STREET; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-
54	90240101	01/02/1996 *	80,000,000.00	SCICI LTD	141; MAKET TOWER-F, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
55	90222499	28/06/1995 *	400,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
56	90240059	10/04/1995	40,000,000.00	BANK OF AMERCICA	EXPRESS TOWERS, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
57	90240055	31/03/1995	50,000,000.00	UCO BANK	D. N. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
58	90240038	28/02/1995	129,000,000.00	STATE BANK OF INDIA	BORIVLI EAST BRANCH; MONDAYA, D. K. ROAD; BORIVLI(E), BOMBAY, MAHARASHTRA - 400066, INDIA	-
59	90239986	24/10/1994	100,000,000.00	DEUTSCHE BANK	HAZARIMAL SOMANI MARG, BOMBAY, MAHARASHTRA - 400001, INDIA	-
60	90222376	21/10/1999 *	300,000,000.00	DEUTSCHE BANK AG	DB HOUSE; HAZARIMAL SOMANI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-
61	80015498	29/03/1994	163,534,000.00	STATE BANK OF INDIA	BHUBANESWAR, ORISSA, ORISSA - 751001, INDIA	-
62	90238257	22/03/1994	20,000,000.00	HDFC	RAMON HOUSE; 4TH FLOOR, 169; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
63	90239885	31/12/1993	103,500,000.00	STATE BANK OF INDIA	BORIVLI (E) BRANCH; MONODAY, D. K. ROAD; BORIVLI (E), BOMBAY, MAHARASHTRA - 400066, INDIA	-
64	90239884	29/12/1993	100,000,000.00	THE ICICI LTD	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-
65	90220175	20/12/1993	220,000,000.00	PUNJAB NATIONAL BANK	H.O.; 7; BHIKAJICAMA PLACE, AFRICA AVENUE, NEW DELHI, DELHI - 110066, INDIA	-
66	90239871	22/11/1993	31,500,000.00	BANK OF AMERICA	EXPRESS TOWERS, NARIMAN POINT, BOMBAY, MAHARASHTRA - 40021, INDIA	-
67	90239865	05/11/1993	41,000,000.00	BANK OF MAHARASHTRA	EXPRESS TOWERS, L. T. ROAD; BORIVALI (W), BOMBAY, MAHARAHTRA - 400092, INDIA	-
68	90239862	26/10/1993	79,500,000.00	BANK OF BARODA	IF BRANCH, BARODA HOUSE. C. P. STREET, BOMBAY, MAHARASHTRA - 400001, INDIA	-
69	90222224	06/09/1993 *	200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
70	80013033	06/09/1993	2,250,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA	-
71	80013034	06/09/1993	420,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA	-
72	80011832	26/07/1993	150,000,000.00	CANBANK INVESTMENT MANAGEMENT SERVICES LIMITED	WALCHAND HIRACHAND MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	-
73	80012490	28/02/1995 *	150,000,000.00	CANBANK INVESTMENT MANAGEMENT SERVICES LIMITED	WALCHAND HIRACHAND MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	-
74	90220168	22/07/1993	150,000,000.00	THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMI TED	JAHANGIR WADIA BUILDING;, 51; MAHATMA GANDHUI ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
75	90222196	15/10/1999 *	1,550,000,000.00	ANZ GRINDLAYS BANK LTD.	FORT BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
76	90222192	15/10/1993 *	470,400,000.00	THE INDUSTRAIL CREDIT AND INVESTMENT CORPORATION O F INDIA LT	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
77	80011841	15/10/1993 *	470,400,000.00	ICICI LTD	163 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
78	90239826	03/05/1993	63,500,000.00	DENA BANK	MAKER TOWERS F, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
79	90220165	29/04/1993	570,000,000.00	THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMI TED	JAHANGIR WADIA BUILDING;, 51; MAHATMA GANDHUI ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
80	90222176	14/06/1993 *	3,465,000,000.00	THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMI TED	JEHANGIR WADIA BUILDING, 51; M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	-
81	90239806	13/02/1993	74,000,000.00	STATE BANK OF INDIA	BORIVLI (E) BRANCH; MANODAYA, DATTAPARA KANDERI ROAD; BORIVLI (E), BOMBAY, MAHARASHTRA - 400066, IN DIA	-
82	90222145	20/10/1999 *	40,000,000.00	CITI BANK N.A	GLOBAL CORPORATE BANKING; 7TH FLOOR; PLOT C-61, BANDRA KURLA COMPLEX; G-BLOCK; BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	-
83	90222143	30/12/1993 *	50,000,000.00	CANARA BANK	TAMARIND LANE, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-
84	80017091	14/10/1999 *	24,500,000,000.00	CANARA BANK	TAMARIND LANE BRANCH, CALCOT HOUSE, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-
85	90220159	28/01/1993	500,000,000.00	THE INDUSTRAIL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
86	90222142	20/12/1993 *	500,000,000.00	THE INDUSTRAIL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
87	90222129	14/06/1993 *	200,000,000.00	THE INDUSTRAIL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
88	90239786	14/12/1992	12,500,000.00	ANDHRA BANK	NANAVATI MAHALAYA, 18; HOMI MODY STREET, BOMBAY, MAHARASHTRA - 400001, INDIA	-
89	80013026	18/11/1992	850,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA	-
90	90220150	19/10/1992	6,800,000,000.00	JOINT PLANT COMMITTEE	VASUNDHAA BUILDING, 2/7; SARAT BOSE ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA	-
91	90222103	14/06/1993 *	480,000,000.00	THE INDUSTRAIL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
92	90239760	18/10/1993 *	22,300,000.00	UCO BANK	D. N. ROAD, FORT, BOMBAY, MAHARASHTRA - 400023, INDIA	-
93	90239749	02/07/1992	50,000,000.00	IDBI	IBI TOWER, CUFFE PARADE; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
94	80011839	11/02/1999 *	1,000,000,000.00	IDBI	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
95	80013044	19/10/1992 *	1,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	MAKER TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
96	80011840	02/06/1992	39,000,000.00	ANDHRA BANK	BHUBANESWAR MAIN BRANCH, 84 BAPURJI NAGAR, BHUBAN ESWAR, ORISSA - 751009, INDIA	-
97	90220141	29/05/1992	200,000,000.00	THE CENTRAL BANK EXECUTOR AND TRUSTEE COMPANY LIMI TED	JAHANGIR WADIA BUILDING;, 51; MAHATMA GANDHUI ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
98	90220139	20/04/1992	400,000,000.00	BARCLAYS BANK PLC	54; LOMBORD STREET, LONDON, BOMBAY, MAHARASHTRA, INDIA	-
99	90239723	12/04/1992	300,000.00	ICICI LTD	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
100	80011838	30/03/1992	12,900,000.00	WEST BENGAL INDUSTRIAL DEVELOPMENT CORP LTD	5 COUNCIL HOUSE STREET, CULCUTTA, WEST BENGAL - 700001, INDIA	-

* Date of Charge Modification

GLOBAL ECONOMIC CONDITIONS

The world Gross Domestic Product (GDP), as reported by the International Monetary Fund, witnessed a moderate growth of 3.2% in 2012 as compared to a growth of 4.0% in 2011. While the growth in the advanced economies was 1.2% in 2012 in contrast to 1.6% in 2011, growth in the emerging and developing economies fell to 5.1% in 2012 compared to 6.4% in 2011. There was a noticeable slowdown in the emerging market and developing economies during 2012, a reflection of the sharp deceleration in demand from key advanced economies. Global prospects have improved but the road to recovery in the advanced economies is still uncertain and volatile.

The US GDP increased by 2.2% in 2012 reflecting significant legacy effects from the financial crisis, continued fiscal consolidation, a weak external environment and disruptions in the northeast following Superstorm Sandy. The recovery is beginning to show some bright spots as credit growth has picked up and bank lending conditions have been easing slowly from tight levels. However, the impact of recent recovery is yet to show material impact on the economy. In comparison to the US, the euro zone economy contracted by 0.6% in 2012 over 2011. Amongst the euro zone countries, Germany posted a marginal growth of 0.9% while Italy and Spain posted a decrease of 2.4% and 1.4% respectively. Decisive policy actions at the European level–including Outright Monetary Transactions, the completion of the European Stability Mechanism, the Greek debt relief programme and the agreement on the Single Supervisory Mechanism–have increased confidence in the viability of the Economic and Monetary Union. However, lower sovereign spreads and improved bank liquidity are yet to translate into either improved private sector borrowing conditions or stronger economic activity. Emerging economies of Eastern Europe experienced a sharp growth slowdown in 2012 reflecting spillover effect from the euro area crisis and domestic policy tightening in the larger economies. For 2012 as a whole, EU apparent steel consumption is estimated to have decreased by -9.7% to 140 million tonnes, with lower demand due to poor economic situation in the euro zone and reduced global trade. Output in the main EU27 steel using sectors declined in 2012 (Construction -5%, Automotive -4%, Mechanical Engineering -1%).

The GDP of Association of South East Asian Nation (ASEAN) (Indonesia, Malaysia, the Philippines, Thailand and Vietnam) grew at 6.1% reflecting resilient domestic demand. Thailand economy grew at 6.4% while that of Indonesia grew by 6.2% in 2012. It is estimated that the public spending by the Government especially in infrastructure and public reconstruction will sustain the growth in Thailand in the future. It is expected that continued remittance flows and low interest rates should continue to support the private consumption and investments in the region.

The domestic economy in India witnessed a significant slowdown during the year with certain sectors like automotive, capital goods showing a marked slowdown in demand. The moderation in the industrial growth particularly in the manufacturing sector is largely attributed to sluggish growth in investments and tighter monetary policy. Growth in services was 6.6% as compared to a growth of 8.2% in 2011-12. Amongst the key macro-economic indicators, the current account deficit is currently at a very high level which would put significant pressure on the economy especially on the currency.

In India the flat steel consumption grew by 4.3% in the fiscal, while long steel consumption grew by 4.7%. Amongst the main steel consuming sectors, the construction sector grew at around 5.9% and the consumer durables sector grew by 4.5% while the capital goods is expected to have declined significantly by around 10.1% and the automotive sector grew by 1.2%.

EXPANSION PROJECTS:

Brownfield Projects:

Jamshedpur expansion project (2.9 million tonnes)

Tata Steel India has completed implementation of the 2.9 mtpa expansion project at Jamshedpur Works to increase its crude steel capacity from 6.8 mtpa to 9.7 mtpa. The expansion project also entailed augmentation of Noamundi and Joda Iron Ore Mines and related facilities along with a By-Product Plant. Besides the main production units, the expansion project also included setting up the required support systems such as power, water, utilities, raw material handling and plant logistics. All the production facilities have been commissioned in phases. The facilities are currently in various stages of ramp up.

Continuous Annealing and Processing Line

Jamshedpur Continuous Annealing and Processing Company Private Limited (JCAPCPL), a joint venture company between Nippon Steel and Sumitomo Metal Corporation (NSSMC) andTata Steel was formed in early 2012 for producing high end cold rolled coils and sheets for the Indian automotive market. It is currently undertaking the construction of a 0.6 mtpa Continuous Annealing and Processing Line (CAPL). The construction of the CAPL and all other related facilities is progressing as per schedule.

Greenfield Project

The Greenfield project execution in Odisha to produce flat steel products with an ultimate capacity of 6 mtpa in two phases has made significant progress on all fronts during the year. Major orders for all zones of the phase 1 of the project have been placed and construction work is in full swing. The new facility coming up at Kalinganagar will augment Tata Steel’s product range to meet the changing customer needs in segments that the Company serves currently. These include Automotive, Packaging, Tubing, Construction, Appliances and Railways.

The Kalinganagar facility will also enable Tata Steel to enter and have a significant presence in segments such as Oil and Gas, Lifting and Excavation, Infrastructure, Defense, Shipbuilding, Energy, Power, etc. This will help Tata Steel to improve its market share in the domestic market in the future. The first phase is expected to be completed by 2015.

MANAGEMENT DISCUSSION AND ANALYSIS 2012-13

OVERVIEW

The following operating and financial review is intended to convey the management’s perspective on the financial condition and on the operating performance of the Company as at the end of the Financial Year 2012-13. The following discussion of the Company’s financial condition and result of operations should be read in conjunction with the Company’s financial statements, schedules and notes thereto and the other information included elsewhere in the Annual Report. The Company’s financial statements have been prepared in compliance with the requirements of the Companies Act, 1956, guidelines issued by the Securities and Exchange Board of India (SEBI) and the Generally Accepted Accounting Principles (GAAP) in India.

INDUSTRY STRUCTURE

Global Steel Industry:

While global industrial production in 2012 dropped to its lowest level since 2009, global steel production reached a record high of 1.55 billion tonnes, up by 1.2% as compared to 2011. The growth came mainly from Asia and North America while production in the European Union and South America decreased in 2012 compared to 2011. Global steelmakers continued to witness supply growth outpacing demand, with capacity utilisation rates remaining consistently below 80%. Subdued steel prices and a slowdown in demand growth from China continued to weigh on the global steel sector in the past year.

Production for Asia was 1.01 billion tonnes of crude steel in 2012, an increase of 2.6% as compared to 2011. China’s crude steel production in 2012 reached 716.5 million tonnes, an increase of 3.1% on 2011, resulting in a hike in the country’s share of world crude steel production from 45.4% in 2011 to 46.3% in 2012. The EU meanwhile recorded a decrease of 4.7% compared to 2011, producing 169.4 million tonnes of crude steel in 2012. Among specific countries, Germany produced 42.7 million tonnes of crude steel, a decrease of 3.7% on 2011. Italy produced 27.2 million tonnes, a 5.2% decrease over 2011. France’s crude steel production in 2012 was 15.6 million tonnes, a decrease of 1.1%. Spain produced 13.6 million tonnes of crude steel in 2012, a 12.1% decrease on 2011. In 2012, crude steel production in North America was 121.9 million tonnes, an increase of 2.5% on 2011 while that for South America was 46.9 million tonnes, a decrease of 3.0% on 2011. The US produced 88.6 million tonnes of crude steel, 2.5% higher than 2011.

The past year proved to be a challenge for the steel industry with apparent steel usage increasing at the slowest rate since 2009. The euro zone crisis persisted throughout 2012 and macro-economic pressures in major economies contributed significantly to the global slowdown. Lower industrial production and reduced investment in large scale infrastructure projects resulted in a marked decrease in the growth of steel demand from both the developed and emerging markets. Apparent global steel usage in 2012 had grown by only 1.2%. A modest pick-up in global steel demand is expected in 2013. Global apparent steel usage is forecasted to increase by 2.9% to 1.45 billion tonnes in 2013, following the slower-than-expected growth in 2012. Demand is likely to improve faster in emerging markets. Apparent steel use in China, the largest steel producer and consumer, is expected to grow by 3.5% in 2013 to 668.8 million tonnes following a 1.9% increase in 2012. There are trends of demand recovery in the property sector and the demand for infrastructure has also been strong since June, 2012. However, underlying demand in the EU is not expected to improve much in 2013 despite moderate restocking seen in the beginning of the year. Overall, steel demand is expected to remain weak due to the continuing economic crisis in the developed countries and the structural shift in the Chinese economy.

Steel Industry in India:

During 2012, India maintained its ranking as the 4th largest steel producing country in the world behind China, Japan and the US with a crude steel production of 76.7 million tonnes representing a 4.3% growth over 2011.

The Indian steel industry continued to showcase trends of higher consumption of finished steel and continued to be a net importer on account of increased demand for special grades of steel in the country.

As GDP growth weakened more than expected in 2012 on account of stalled investment against the backdrop of tightening policies, widening trade and fiscal deficit, high inflation and weak FDI inflows, the Financial Year 2012 13 was a year of subdued activity for steel using sectors in particular the auto segment; it is expected that 2013 will continue to remain a challenging year for the automotive sector as high interest rates and fuel expenses will continue to act as a drag on demand. However, the construction sector remained relatively resilient in 2012 and is expected to remain stable.

Steel demand has remained sluggish so far in 2013 amidst weak activity and poor sentiment; however, activity is expected to accelerate modestly in the coming months. Steel demand is expected to grow by 5.9% to 75.8 million tonnes in 2013 following 2.5% growth in 2012 as monetary easing is expected to support investment activities. Strengthening domestic consumption and improving external conditions will also help underpin the growth of steel using sectors.

UK and European Steel Industry:

With the debt crisis having weighed heavily on economic activity, especially during the last quarter of 2012 due to continued uncertainty, apparent steel use in EU 27 during 2012 fell by 9.3% with a widening gap seen at the country level. Economic growth remained uneven among major European countries, and steel demand continued to be depressed. Most of the countries in the EU witnessed contraction in steel usage during 2012. It was not only the debt-ridden countries such as Spain and Italy that experienced a decline in apparent steel consumption, but also resilient economies such as Germany that also faced demand pressure. In particular, in Italy and Spain, the apparent steel use contracted by over 18% in 2012. Slow domestic demand in the EU was characterized by a further drop in business sentiment and intensifying financing restraints resulting in a further decline in activity in the steel using sectors with automotive and construction showing the worst trend. Export demand had also come under pressure due to the slowdown in global economic growth. The outlook for 2013 remains bleak. Steel demand in EU 27 is expected to contract further by 0.5% in 2013, but is forecasted to return to a growth of 3.3% in 2014 to reach 144.1 million tonnes. Total activity in the steel using sectors is expected to register a decline in 2013 due to the continuation of difficult operating conditions across most sectors. Domestic demand is expected to remain sluggish due to austerity, weak confidence and difficult access to finance. However, stimulu packages in major global economies, measures from the European Central Bank to contain the debt crisis and signs of stabilization in the overall economic situation are expected to improve steel outlook by late 2013 but the sentiment of uncertainty continues to dominate the market.

South East Asian Steel Industry:

The South East Asian region continues to show signs of economic resilience, backed by strong domestic demand. All the ASEAN member countries of SEAISI (South East Asian Iron and Steel Institute), with the exception of Singapore, registered growth rates of more than 5% in 2012. Philippines headed the pack with a strong growth rate of 6.6%, followed by Thailand (6.4%), Indonesia (6.2%), Malaysia (5.6%) and Vietnam (5.1%). Singapore, the most advanced country in the region, recorded a slow growth rate of 1.3% in 2012.

Thailand’s economy had rebounded strongly from 0.1% in 2011 to register a growth rate of 6.4% last year. As a result of the strong economic recovery in the country, Thailand’s apparent steel consumption also surged significantly in 2012, rising by 13.9% year on year (y-o-y), the highest in the region followed by Vietnam at 9.9% and Indonesia at 8.8%. Malaysia and Philippines both registered marginal increases in steel demand of 1.7% and 2.2% respectively while steel demand in Singapore declined by 4.9% y-o-y. Thailand’s total steel consumption rose from 14.5 million tonnes in 2011 to 16.6 million tonnes in 2012, driven mainly by robust demand in the construction, automotive and appliance sectors. The country continued to remain one of the top 10 steel importing countries in the world having imported a total of 15 million tonnes of steel products in 2012 while exports stagnated at 1.2 million tonnes. Import of flat products was in excess of 8.8 million tonnes.

Production in the region is estimated to have declined slightly, by 2% y-o-y to 25.5 million tonnes in 2012 as a result of a decline in steel output in most of the countries in the region, except Philippines. Imports surged significantly, by 8% y-o-y to 36.9 million tonnes in 2012 while exports from the region are estimated to have declined by 22% y-o-y to 6 million tonnes in 2012. All countries in the region except Singapore registered a decline in the volume of exports.

OUTLOOK

Global economy continues on the recovery path although the macro-economic risks have remained. The major risks of euro area breakup and sharp fiscal consolidation in the US were averted with timely political intervention. While the unemployment still remains high in the US, growth is expected to continue on the back of stronger private demand and low policy rates. Forecasts for the euro area continue to remain depressing with weakening core countries apart from the already weak peripheries. Japan is expected to move on the growth path with strong monetary easing and fiscal stimulus. China is expected to have moderation in their growth as it continues to rebalance the economy in the near future. According to the forecasts of the International Monetary Fund, the World GDP is expected to grow by 3.3% in 2013 with advanced economies growing by 1.2% and the emerging and developing economies growing by a much faster rate of 5.3%; while the euro area continues to contract mildly by 0.3%.

Steel prices bottomed out around October 2012 and increased across regions until about February 2013 when overcapacity issues and weaker demand prospects dampened the sentiment. Indian domestic steel prices, however, did not improve due to slowing demand and gradually increasing production. Prices of iron ore in the seaborne market have stabilised in the recent months while there has been a downward trend for the coking coal prices. With the reopening of more iron ore mines in Karnataka, domestic supply of iron ore is expected to increase gradually and prices are expected to fall in the domestic market.

Steel demand growth globally is expected to continue due to growth in the emerging and developing economies. As per the forecasts from World Steel Association (WSA), worldwide apparent steel demand is expected to grow by 2.9% to 1,454 mt in 2013 and by 3.2% in 2014 to 1,500 mt (following the 1.2% growth in 2012). Steel demand in China is expected to grow by 3.5% and by 2.5% in 2013 and 2014 respectively as the country tries to rebalance the growth model and gradually focuses on the service sectors. Growth in the NAFTA region is expected to be slow following the strong growth in 2012, mainly due to fiscal consolidation measures in the US. Continuing worries concerning the euro zone may reduce the steel demand by 0.5% in 2013 before growth resumes in the next year. India’s steel demand growth is projected at 5.9% and 7.0% in 2013 and 2014 respectively with expected support from the reform measures and narrowing of fiscal deficits.

FINANCE

In the context of the difficult macro-economic environment, the Company adopted a financing strategy for the year focused on two key components – (a) maintenance of a liquidity buffer for continued global operations (the total liquidity headroom of the company was Rs. 166440.000 millions as of 31st March, 2013, comprising cash and cash equivalents and undrawn lines) and (b) sustenance of leverage pressures on account of increasing volumes and capital expenditure requirements in India. With this objective, a new unsecured rupee term loan facility of Rs. 20000.000 millions tied up in March 2012 was utilised through the year while two shortterm commercial papers for Rs. 9750.000 millions each were issued and repaid post September 2012. The Company also issued two series of debentures – (a) non-convertible debentures worth Rs. 1,500 crores carrying a coupon of 2% with redemption premium for a tenor of 10 years on a private placement basis in April 2012 and (b) non-convertible unsecured debentures worth Rs. 10000.000 millions carrying a coupon of 9.15% repayable in equal instalments in January 2019 and January 2021. The Company set up a buyer’s credit facility of Yen 1,198 mn (approx. US$15 mn) with Japan Bank for International Co-operation and The Bank of Tokyo- Mitsubishi UFJ Limited., in September 2012. Further, the Company has also raised Rs. 13000.000 millions (SGD 300 million) in April 2013 through 4.95% senior unsecured notes due in 2023 through its wholly owned subsidiary in Singapore, Abja Investments Pte Limited The bonds are listed on the Singapore stock exchange. The Company plans to utilise these amounts towards funding its capital expenditure requirements.

The financing initiatives of the Company have been closely linked as enablers of various operational and business requirements. This has been endorsed by multiple independent ratings agencies as reflected in their existing ratings of the Company being maintained for the year despite the declining external environment. In August 2012, Fitch reaffirmed Tata Steel Limited’s rating at BB+ while changing its outlook from “Stable” to “Negative”. The Domestic Rating of Tata Steel Limited and the loans availed from banks has been reaffirmed at AA. Short term facilities have also been reaffirmed at A+. Further, Moody’s Investors Service reaffirmed Tata Steel Limited’s Corporate Family Rating at Ba3 while changing its outlook from “Stable” to “Negative” while S and P revised Tata Steel Outlook to Negative from Stable and re-affirmed ‘BB’ Rating. The decline in the near term outlook across the agencies are due to a challenging external environment for the global steel industry. However, the Company remains geared to meet these challenges through an increase emphasis on deleveraging the balance sheet, reconfiguring capital expenditure requirements and adopting a flexible financing strategy. The full benefit of the 3 mtpa expansion in Jamshedpur is also expected to accrue in the future which will further strengthen the performance of the Company.

FIXED ASSETS

œ Freehold Land and Roads

œ Leasehold Land

œ Building

œ Leasehold Building

œ Plant and Machinery

œ Furniture and Fixture

œ Office Equipment

œ Vehicles

œ Railway Sidings

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.61.51
UK Pound	1	Rs.102.21
Euro	1	Rs.85.22

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
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	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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.

MIRA INFORM REPORT

12.95

20.51

18.15

0.14

0.41

0.70

Unit