MIRA INFORM REPORT

Report Date :

23.05.2014

IDENTIFICATION DETAILS

Name :	TAJ SATS AIR CATERING LIMITED (w.e.f. 09.01.2002)
Formerly Known As :	TAJ AIR CATERERS LIMITED
Registered Office :	Mandlik House, Mandlik Road, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.08.2001
Com. Reg. No.:	11-133177
Capital Investment / Paid-up Capital :	Rs. 174.000 Millions
CIN No.: [Company Identification No.]	U55204MH2001PLC133177
PAN No.: [Permanent Account No.]	AABCT4686P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing catering services in trains, flights, etc.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 8700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Company has incurred loss from its operation in the year 2013. However, fundamentals of the company is decent. Liquidity position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = AA
Rating Explanation	Higher degree of safety and very low credit risk
Date	14.11.2013
Rating Agency Name	CARE
Rating	Short term bank facilities = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	14.11.2013

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 DECLINED BY

Name :	Mr. Naren Maheshwari
Designation :	Accounts Manager
Contact No.:	91-22-67057021
Date :	14.05.2014

LOCATIONS

Registered Office :	Mandlik house, Mandlik road, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66395515
Fax No.:	91-22-22027442
E-Mail :	avinash.kinhikar@tajhotels.com
Website :	www.tajhotels.com www.tata.com www.sats.com.sa www.tajaironline.com
Corporate Office/ Unit 1 :	International Airport Approach Road, Sahar, Mumbai - 400 099, Maharashtra, India
Tel. No.:	91-22-67057005
Fax No.:	91-22-28393691
E-Mail :	meherwan.karanjia@tajhotels.com
Unit 2 :	Located at: Indira Gandhi International Airport Complex, Gurgaon Road, Delhi – 110 037, India
Tel. No.:	91-11-25660000/ 25653103/ 3104.
Fax No.:	91-11-565 2141
E-Mail :	sanjeev.gujral@tajhotels.com
Unit 3 :	Bengaluru International Airport Devanahalli, Bangalore - 560 300. Karnataka, India
Tel. No.:	91-80-66444000/ 66444011/ 4013
Fax No.:	91-80-66444004/ 66444040
E-Mail :	vishal.chauhan@tajhotels.com
Unit 4 :	6 Officers Line, 272 GST Road, Pallavaram, Chennai - 600 043, Tamilnadu, India
Tel. No.:	91-44-66221100.
Fax No.:	91-44-66221177
E-Mail :	radha.krishnan@tajhotels.com
Unit 5 :	Plot No 215, Opp. Naval Stores Depot, Dabolim, Goa – 403801, India
Tel. No.:	91-832-2555992 / 6688000
Fax No.:	91-832-2555993
E-Mail :	ashok.malhotra@tajhotels.com
Unit 6 :	Netaji Subhash Chandra Bose International Airport, Kolkata - 700 052, West Bengal, India
Tel. No.:	91-33-66522212
Fax No.:	91-33-25118479
E-Mail :	shekhar.mukherjee@tajhotels.com

DIRECTORS

As on: 20.09.2013

Name :

Mr. Raymond Naylon Bickson

Designation :

Nomine Director

Address :

Flat No- 10, Sea Land, 4^th Floor Cuffe Parade, Culaba Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

16.12.1955

Date of Appointment :

07.10.2004

DIN No.:

00050664

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	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Managing director	19-07-13	09-01-03	-	Active	NO
2	U60300MH1977PLC019952	TAJ TRADE AND TRANSPORT COMPANY LIMITED	Director	18-04-03	18-04-03	-	Active	NO
3	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	21-04-03	21-04-03	-	Active	NO
4	U99999MH1972PLC016047	INDIAN RESORTS HOTELS LIMITED	Director	05-06-03	05-06-03	-	Amalgamated	NO
5	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Managing director	29-07-13	26-09-03	-	Active	NO
6	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director	29-10-03	29-10-03	-	Active	NO
7	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Director	24-12-03	24-12-03	-	Active	NO
8	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	24-06-04	24-06-04	13-09-07	Active	NO
9	U74899DL1950PLC001861	UNITED HOTELS LIMITED	Director	07-07-06	16-09-04	-	Active	NO
10	U55200MH2004PLC149016	TAJ SAFARIS LIMITED	Nominee director	07-10-04	07-10-04	-	Active	NO
11	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Nominee director	07-10-04	07-10-04	-	Active	NO
12	L55101UP1971PLC003480	BENARES HOTELS LIMITED	Director	23-05-06	23-05-06	-	Active	NO
13	U74900MH2012PLC227486	TIFCO SECURITY SERVICES LIMITED	Director	29-02-12	29-02-12	20-03-12	Active	NO
14	U91990AP2001PTC036666	GREEN WOODS PALACES AND RESORTS PRIVATE LIMITED	Director	30-07-13	27-07-12	-	Active	NO

Name :

Mr. Mehernosh Sorab Kapadia

Designation :

Director

Address :

29, Wodehouse Apartment, NTS Wodehouse Road, Culaba, Mumbai– 400039, Maharashtra, India

Date of Birth/Age :

22.05.1953

Date of Appointment :

27.09.2011

DIN No.:

00050530

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	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Director	27-09-11	28-08-01	-	Active	NO
2	U63013MH1993PLC072760	TAJ AIR LIMITED	Director	13-06-03	13-06-03	-	Active	NO
3	U74999MH1922PLC001030	EWART INVESTMENTS LIMITED	Director	19-04-05	19-04-05	-	Active	NO
4	U70102MH2007PLC168300	Tata Realty and Infrastructure Limited.	Director	01-09-08	19-06-08	-	Active	NO
5	U63013TN2006PTC058758	BUSINESS JETS INDIA PRIVATE LIMITED	Director	17-11-10	14-09-10	-	Active	NO
6	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Whole-time director	10-08-11	10-08-11	-	Active	NO
7	U74120MH2012PLC239032	TAJ AIR METROJET AVIATION LIMITED	Director	21-12-12	21-12-12	-	Active	NO
8	U45200MH1921PLC000866	THE ASSOCIATED BUILDING COMPANY LIMITED	Director	24-09-13	24-09-13	-	Active	NO

Name :

Mr. Prabhat Kumar Pani

Designation :

Whole-time director

Address :

Flat B-1107 Hill Side Building- 12, Raheja Vihar, Powai Off Chandivali Farm Road, Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

30.07.1959

Qualification :

Bachelor of Engineering (Hons) - Birla Institute of Technology and Science, Pilani, PGDM – IIM, Ahemedabad

Experience :

31 Years

Date of Appointment :

20.09.2013

DIN No.:

01215627

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	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Whole-time director	26-10-11	26-10-06	31-12-12	Active	NO
2	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Whole-time director	20-09-13	01-01-13	-	Active	NO

Name :

Mr. Anil Pushkar Goel

Designation :

Nominee Director

Address :

93 – A, Maker Tower 9^th floor Cuffe Parade Mumbai- 400005, Maharashtra, India

Date of Birth/Age :

20.05.1957

Date of Appointment :

25.11.2004

DIN No.:

00050690

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	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Director	26-08-04	26-08-04	-	Active	NO
2	U55101KL1991PLC006056	TAJ KERALA HOTELS AND RESORTS LTD	Director	27-09-04	27-09-04	-	Active	NO
3	U65910MH1977PLC019873	TIFCO HOLDINGS LIMITED	Director	15-10-04	15-10-04	-	Active	NO
4	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	18-10-04	18-10-04	-	Active	NO
5	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director appointed in casual vacancy	06-08-13	20-10-04	-	Active	NO
6	U99999MH1972PLC016047	INDIAN RESORTS HOTELS LIMITED	Director	21-10-04	21-10-04	-	Amalgamated	NO
7	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	23-10-04	23-10-04	-	Active	NO
8	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Nominee director	25-11-04	25-11-04	-	Active	NO
9	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Whole-time director	17-03-13	17-03-08	-	Active	NO
10	U74900MH2012PLC227486	TIFCO SECURITY SERVICES LIMITED	Director	29-02-12	29-02-12	20-03-12	Active	NO
11	U55101TN2005PLC057903	KAVERI RETREATS AND RESORTS LIMITED	Director	06-08-13	06-03-13	-	Active	NO

Name :

Mr. Devender Kumar Beri

Designation :

Nominee Director

Address :

D II/ 2, Rao Tula Ram Marg, Taj Apartments, New Delhi – 110021, India

Date of Birth/Age :

28.01.1949

Date of Appointment :

17.08.2009

DIN No.:

00066042

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	U74899DL1950PLC001861	UNITED HOTELS LIMITED	Nominee director	16-04-05	16-04-05	-	Active	NO
2	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Nominee director	17-08-09	16-04-09	-	Active	NO

Name :

Mr. Chang Seow Kuay

Designation :

Director

Address :

7Chuan Link, Singapore - 554779

Date of Birth/Age :

12.03.1965

Date of Appointment :

27.09.2011

DIN No.:

01339216

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	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Director	27-09-11	21-12-10	-	Active	NO
2	U63090TN1995PTC030706	TAJ MADRAS FLIGHT KITCHEN PRIVATE LIMITED	Director	01-08-13	12-12-11	-	Active	NO
3	U63033MH2008PTC189146	SATS (India) Co. Private Limited	Nominee director	01-08-12	01-08-12	-	Active	NO
4	U55101MH2012PTC236508	FASSCO International (India) Private Limited	Director	05-10-12	05-10-12	15-11-13	Active	NO

Name :

Mr. Ferry Ging An Chung

Designation :

Director

Address :

941, Bukit Timah Road, # 06 – 46, Singapore - 589658

Date of Birth/Age :

14.12.1967

Date of Appointment :

24.09.2012

DIN No.:

05141054

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	U55204MH2001PLC133177	TAJ SATS AIR CATERING LIMITED	Director	24-09-12	24-02-12	-	Active	NO
2	U63033MH2008PTC189146	SATS (India) Co. Private Limited	Nominee director	15-10-12	15-10-12	21-03-14	Active	NO

KEY EXECUTIVES

Name :	Mr. Avinash Madhukar Kinhikar
Designation :	Secretary
Address :	711/ C Pavanputra CHS Shiv Vallabh Road, Ashokvan, Dahisar (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	21.05.1970
Date of Appointment :	18.08.2010
PAN No.:	ADMPK3419J
Name :	Chef. Satish Arora
Designation :	Director (Food production)
Name :	Mr. Foh Chi Dong
Designation :	Chief Operating Officer and Manager
Name :	Mr. Ranjiv Ramanathan
Designation :	Chief Operating Officer
Name :	Mr. Sagar Dighe
Designation :	Director Operations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.09.2013

Names of Shareholders	No. of Shares
The Indian Hotels Company Limited, India	8873997
The Indian Hotels Company Limited Jointly with (Mr. Atul Bhargava)	1
The Indian Hotels Company Limited Jointly with (Mr. Mehernosh Kapadia)	1
The Indian Hotels Company Limited Jointly with (Mr. Anil P Goel)	1
Sats Limited, Singapore	8525998
Sats Limited Jointly with Ferry Chung Qing AN	1
Sats Limited Jointly with Yacoob Bin Ahmed Piperd	1
Total	17400000

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 :

Providing catering services in trains, flights, etc

Products/ Services:

Product	ITC code
Food serving services	9963

GENERAL INFORMATION

Customers:

· Air China

· Air India

· Air India Express

· All Nippon Airways

· British Airways

· Cathay Pacific Airways

· China Airlines

· China Eastern Airlines

· China Southern

· Dragon Air

· Druk Air

· El Al Airlines

· Emirates

· Ethiopian Airlines

· Eva Air

· FINNAIR

· GMG Airlines

· Indian Airlines

· Iran Air

· Iraqi Airwa

· Japan Airlines

· Kam Air

· Kenya Airways

· Korean Air

· Kuwait Airways

· Malaysia Airlines

· Oman Air

· Pamir Airlines

· Philippine Airlines

· Qantas Airways

· Royal Jordanian Airlines

· Saudi Arabian Airlines

· Shanghai Airlines Cargo

· Singapore Airlines

· South African Airways

· Tajikistan Airlines

· United Parcel Services

· Uzbekistan Airways

· Yemenia Airways

No. of Employees :

Information dinned by the management

Bankers :

State Bank of Patiala, Atlanta, 1^st floor, Nariman Point, Mumbai- 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BOPRROWINGS
Loans repayable on demands from bank	0.113	60.236
Total	0.113	60.236
Note: Working capital loan represents cash credit facility secured by mortgage of land and building at Mumbai and Gao and Hypothecation of goods and assests.

Banking Relations :	---
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	India Bulls Finance Centre Tower 3, 27^th- 32^nd Floor, Senapati Bapat Marg, Elphinstone Road (W), Mumbai – 400013, Maharashtra, India
PAN No.:	AACFD4815A
Other Related Parties :	Ø Singapore Airport Terminal Services Limited (SATS), Singapore
Holding Company	Ø The Indian Hotels Company Limited, India, (CIN No. L74999MH1902PLC00013)
Fellow Subsidiary	Ø United Hotels Limited Ø Piem Hotels Limited, India, (CIN No. U55101MH1968PLC013960) Ø TIFCO Holdings Limited, India, (CIN No. U65910MH1977PLC019873)

CAPITAL STRUCTURE

As on: 20.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,400,000	Equity Shares	Rs.10/- each	Rs.174.000 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	174.000	174.000	174.000
(b) Reserves & Surplus	2001.095	2008.637	1967.425
(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)	2175.095	2182.637	2141.425
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	30.000
(b) Deferred tax liabilities (Net)	34.152	59.892	69.592
(c) Other long term liabilities	2.539	6.232	8.366
(d) long-term provisions	31.156	20.549	9.446
Total Non-current Liabilities (3)	67.847	86.673	117.404
(4) Current Liabilities
(a) Short term borrowings	0.113	162.324	36.365
(b) Trade payables	322.365	264.776	215.205
(c) Other current liabilities	122.041	219.873	218.336
(d) Short-term provisions	69.342	55.591	57.425
Total Current Liabilities (4)	513.861	702.564	527.331
TOTAL	2756.803	2971.874	2786.160
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1050.302	1105.674	1201.652
(ii) Intangible Assets	741.702	743.779	745.953
(iii) Capital work-in-progress	12.321	22.110	6.618
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.050	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	106.633	60.728	56.126
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1911.008	1932.341	2010.399
(2) Current assets
(a) Current investments	0.000	0.000	35.000
(b) Inventories	27.768	24.430	22.502
(c) Trade receivables	672.467	933.902	564.315
(d) Cash and cash equivalents	104.666	47.947	128.712
(e) Short-term loans and advances	40.270	32.301	24.813
(f) Other current assets	0.624	0.953	0.419
Total Current Assets	845.795	1039.533	775.761
TOTAL	2756.803	2971.874	2786.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2254.365	2405.455	2009.441
		Other Income	34.417	31.312	19.690
		TOTAL (A)	2288.782	2436.767	2029.131
Less	EXPENSES
		Cost of Materials Consumed	658.621	759.335	591.201
		Employees benefits expense	898.420	827.571	743.023
		Other expenses	629.656	650.846	526.372
		TOTAL (B)	2186.697	2237.752	1860.596
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		102.085	199.015	168.535
Less	FINANCIAL EXPENSES (D)		19.420	17.866	16.495
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		82.665	181.149	152.040
Less/ Add	DEPRECIATION/ AMORTISATION (F)		122.886	123.300	135.475
	PROFIT BEFORE TAX (E-F) (G)		(40.221)	57.849	16.565
Less	TAX (H)		(32.679)	16.700	6.472
	PROFIT AFTER TAX (G-H) (I)		(7.542)	41.149	10.093
	Earnings Per Share (Rs.)		(0.43)	2.36	0.58

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.33)	1.69	0.50
Net Profit Margin (PBT/Sales)	(%)	(1.78)	2.40	0.82
Return on Total Assets (PBT/Total Assets}	(%)	(1.47)	1.96	0.60
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.03	0.01
Debt Equity Ratio (Total Debt /Networth)		0.00	0.07	0.03
Current Ratio (Current Asset/Current Liability)		1.65	1.48	1.47

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	174.000	174.000	174.000
Reserves & Surplus	1967.425	2008.637	2001.095
Net worth	2141.425	2182.637	2175.095
long-term borrowings	30.000	0.000	0.000
Short term borrowings	36.365	162.324	0.113
Total borrowings	66.365	162.324	0.113
Debt/Equity ratio	0.031	0.074	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2009.441	2405.455	2254.365
		19.708	-6.281

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2009.441	2405.455	2254.365
Profit	10.093	41.149	-7.542
	0.50%	1.71%	-0.33%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10102289	07/10/2009 *	430,000,000.00	State Bank of Patiala	Atlanta, 1st Floor, Nariman Point, Mumbai, Maharas htra - 400021, INDIA	A72117021

* Date of charge modification

UNSECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Loans repayable on demands from bank	-	52.088
Loans repayable on demands from others	-	50.000
Total	-	102.088

WEBSITE Details

PROFILE:

Subject is a joint venture of the Indian Hotels Company, popularly known as the and SATS (formerly known as Singapore Airport Terminal Services).

The Taj Hotels Resorts and Palaces is part of the India’s largest business conglomerate. The Tata Group has 98 companies spread across 80 countries in 6 continents. 

Sats is a leader in airline catering and ground handling services in Asia.

Subject is the market leader in airline catering. The company provides in-flight catering at Mumbai, Delhi, Chennai, Kolkata, Amritsar, Goa and Bangalore and manages Airport Lounges in Mumbai and Chennai.

They have bagged the contract for Management of the lufthansa lounge (Star Alliance) and Emirates lounge in Mumbai International Airport.

The Taj Madras Flight Kitchen operates airport restaurants in Chennai. The company is a joint venture of the Indian Hotels, SATS and Malaysian Airlines.

All these facilities are equipped with state-of-the-art technology and advanced kitchen equipment for efficient and hygienic food production and handling.

At the heart of our offering is a commitment to be 'One with the Customer'. They are focused on creating affinity with our customers every single day. They believe in strengthening this relationship by delighting the customer in every interaction.

Subject is also looking at future expansion in cities Nagpur, Ahmedabad, Calicut and Cochin. They have kept pace with the developments that have taken place in the Indian aviation industry and they are geared to face whatever the future brings. While catering to the ever increasing needs of our demanding business, they have simultaneously expanded from an Indian catering service to an International one.

OPERATING RESULTS

2012/13 continued to be a challenging year for the air catering business. Domestic Airlines continued to increase number of Low Cost services leading to overall reduction in the catering budgets and off take of meals. Most of the domestic airlines continued to make losses which had its ripple effect on the airline catering business. Additionally, there remained a constant pressure on working capital due to delayed payments from the domestic airlines.

INCOME

Income for the year was at Rs 2288.800 Millions which was lower than the previous year by 6%. The drop in revenue was on account of reduction in business from certain airlines, cessation of business of an airline and prolonged employees? Strike in an airline. The foregoing was partially offset by increased business from institutional catering and Quick Services Restaurants (Starbucks, Costa Coffee etc.).

PROFIT / (LOSS)

The Profit before Tax of the Company for the year March 31, 2013 was Rs (40.200) Millions as against Rs 57.800 Millions in the previous year. In addition to lower income as explained above, the profits were also impacted due to a provision for doubtful debt of an airline which is not operational and an increase in employee benefit expenses. Depreciation and interest were in line with the previous year.

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.58.57
UK Pound	1	Rs.98.87
Euro	1	Rs.80.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SMT
Report Prepared by :	SBN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.