MIRA INFORM REPORT

Report No. :	318291
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	TATA SIKORSKY AEROSPACE LIMITED (w.e.f. 26.08.2014)
Formerly Known As :	TARA AEROSPACE SYSTEMS LIMITED (w.e.f. 12.09.2008) SUPER SYSTEMS AND TECHNOLOGIES LIMITED
Registered Office :	Survey No.64, Unit No.1, Building No.9, 6^th Floor, Raheja Mindspace, Madhapur, Hyderabad – 500 081, Telangana
Tel. No.:	91-40-66120050
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.06.2008
Com. Reg. No.:	36-077969
Capital Investment / Paid-up Capital :	Rs.513.514 million
CIN No.: [Company Identification No.]	U74990TG2008PLC077969
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAMCS1225J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of helicopter cabin kits or parts forming thereof.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 354000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Tata Advanced Systems Limited”. It is an established company having satisfactory track record. The company has incurred some accumulated losses. However, the company has shown a significant growth in its turnover during FY 2014. The rating takes into consideration extensive experience of promoters backed by support from its holding company. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of strong holding support, the company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Shridhar
Designation :	Accounts Department
Contact No.:	91-40-66120050
Date :	22.04.2015

LOCATIONS

Registered Office :	Survey No.64, Unit No.1, Building No.9, 6^th Floor, Raheja Mindspace, Madhapur, Hyderabad – 500 081, Telangana, India
Tel. No. :	91-40-66120050/ 66448238
Fax No. :	91-40-66120090/ 66448242
E-Mail :	srven@tataadvancedsystems.com
Website :	www.tataadvancedsystems.com
Factory :	Sy. No.255, Aditya Nagar, Adibatla Village, Ibrahimpatnam (M), District Ranga Reddy – 501 510, Telangana, India

DIRECTORS

AS ON 12.08.2014

Name :

Mr. Ramadorai Subramanian

Designation :

Director

Address :

Flat No.1, First Floor, Wyoming, Little Gibbs Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

06.10.1944

Date of Appointment :

20.09.2011

DIN No.:

00000002

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	U29309MH1987PLC257475	WTI ADVANCED TECHNOLOGY LIMITED	Director	10/10/1991	10/10/1991	13/11/2009	Active	NO
2	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	26/06/1995	26/06/1995	06/10/2014	Active	NO
3	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
4	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	03/07/2001	03/07/2001	06/10/2014	Active	NO
5	L72200TG1975PLC001970	CMC LIMITED	Director	16/10/2001	16/10/2001	17/10/2014	Active	NO
6	L15140MH1933PLC002030	HINDUSTAN UNILEVER LIMITED	Director	30/06/2014	20/05/2002	-	Active	NO
7	L24110MH1947PLC005719	PIRAMAL ENTERPRISES LIMITED	Director	24/10/2002	24/10/2002	-	Active	NO
8	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	02/07/2010	05/05/2004	06/10/2014	Active	NO
9	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	11/10/2004	11/10/2004	23/03/2009	Active	NO
10	U72900MH2006PLC159038	C-EDGE TECHNOLOGIES LIMITED	Nominee director	19/01/2006	19/01/2006	13/11/2009	Active	NO
11	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	10/08/2006	10/08/2006	06/10/2014	Active	NO
12	U51900MH2006PLC159776	COMPUTATIONAL RESEARCH LABORATORIES LIMITED	Director	06/08/2007	17/11/2006	28/08/2012	Amalgamated	NO
13	U85310KA2006NPL040052	ACCION TECHNICAL ADVISORS INDIA	Director	27/12/2007	04/01/2007	07/10/2011	Active	NO
14	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	02/08/2007	28/06/2007	06/10/2014	Active	NO
15	U72900TG2006PLC077939	TATA ADVANCED SYSTEMS LIMITED	Director	13/11/2009	29/07/2009	-	Active	NO
16	L24220MH1945PLC004598	ASIAN PAINTS LIMITED	Director	16/07/2010	16/09/2009	-	Active	NO
17	U67120MH2005PLC155188	BSE LIMITED	Director	29/05/2010	08/03/2010	-	Active	NO
18	U93000TG2009PTC062441	IKP INVESTMENT MANAGEMENT COMPANY PRIVATE LIMITED	Director	03/07/2010	22/03/2010	07/10/2011	Active	NO
19	U29268TG2010PLC077940	TATA LOCKHEED MARTIN AEROSTRUCTURES LIMITED	Director	20/09/2011	13/07/2011	-	Active	NO
20	U85100MH1946GAT005082	BREACH CANDY HOSPITAL TRUST	Director	30/08/2011	30/08/2011	-	Active	NO
21	U74990TG2008PLC077969	TATA SIKORSKY AEROSPACE LIMITED	Director	20/09/2011	01/09/2011	-	Active	NO
22	U85300DL2008NPL181612	NATIONAL SKILL DEVELOPMENT CORPORATION	Director	27/06/2013	06/05/2013	-	Active	NO
23	U62200MH2013PTC241447	AIRASIA (INDIA) PRIVATE LIMITED	Director	11/06/2013	11/06/2013	-	Active	NO

Name :

Mr. Prakash Manjanath Telang

Designation :

Director

Address :

Paradise Towers, D-211/212, Baner Road, Pune – 411 045, Maharashtra, India

Date of Birth/Age :

21.06.1947

Date of Appointment :

20.09.2011

DIN No.:

00012562

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	U34101JH1993PTC005546	TATA CUMMINS PRIVATE LIMITED	Director	01/09/2000	01/09/2000	16/07/2012	Active	NO
2	U29113PN1994FTC139153	CUMMINS TECHNOLOGIES INDIA PRIVATE LIMITED	Director	07/03/2001	07/03/2001	27/02/2007	Active	NO
3	L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	Director	30/07/2002	30/07/2002	28/07/2012	Active	NO
4	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	17/07/2006	26/04/2004	16/07/2012	Active	NO
5	U85110KA1998PTC024588	TATA HITACHI CONSTRUCTION MACHINERY COMPANY PRIVATE LIMITED	Nominee director	25/01/2012	30/06/2006	-	Active	NO
6	U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	Nominee director	25/06/2007	20/09/2006	16/07/2012	Active	NO
7	L28920MH1945PLC004520	TATA MOTORS LIMITED	Managing director	02/06/2009	18/05/2007	21/06/2012	Active	NO
8	U29130MH2000PLC124872	HV TRANSMISSIONS LIMITED	Director	22/05/2008	22/08/2007	15/07/2009	Amalgamated	NO
9	U34100MH2000PLC124874	TML DRIVELINES LIMITED	Director	22/05/2008	22/08/2007	14/07/2009	Active	NO
10	U28900PN1997PTC130940	FIAT INDIA AUTOMOBILES PRIVATE LIMITED	Director	20/12/2011	19/03/2008	03/10/2012	Active	NO
11	U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	Director	25/08/2009	11/07/2008	16/07/2012	Active	NO
12	U72900TG2006PLC077939	TATA ADVANCED SYSTEMS LIMITED	Director	16/09/2009	29/07/2009	-	Active	NO
13	L72300PN1990PLC056696	PERSISTENT SYSTEMS LIMITED	Director	18/07/2011	19/08/2010	-	Active	NO
14	U85300DL2008NPL181612	NATIONAL SKILL DEVELOPMENT CORPORATION	Director	26/09/2011	29/07/2011	06/07/2012	Active	NO
15	U29268TG2010PLC077940	TATA LOCKHEED MARTIN AEROSTRUCTURES LIMITED	Director	20/09/2011	10/08/2011	-	Active	NO
16	U74990TG2008PLC077969	TATA SIKORSKY AEROSPACE LIMITED	Director	20/09/2011	01/09/2011	-	Active	NO
17	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	30/04/2013	23/10/2012	-	Active	NO
18	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	01/08/2014	31/01/2013	-	Active	NO
19	U29192MH1984PLC034861	TEMA INDIA LIMITED	Nominee director	06/05/2014	01/11/2013	-	Active	NO
20	U85190PN2009PTC134052	LOKMANYA HOSPITALS PRIVATE LIMITED	Director	18/03/2014	18/03/2014	-	Active	NO
21	L27109KA1964PLC001546	KENNAMETAL INDIA LIMITED	Additional director	04/11/2014	04/11/2014	-	Active	NO
22	U31909PB1987PTC007303	KAPSONS INDUSTRIES PRIVATE LIMITED	Additional director	31/01/2015	31/01/2015	-	Active	NO

Name :

Mr. Sukaran Singh

Designation :

Director

Address :

Flat No.101, Gitanjali Gardens, 1^st Floor, 68 E Nepean Sea Road, Rungta Lane, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

14.05.1969

Date of Appointment :

12.06.2008

DIN No.:

01485745

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	U32109DL1996PTC082215	TVLIVE INDIA PRIVATE LIMITED	Director	25/09/1996	25/09/1996	-	Active	NO
2	U72901DL2006PTC148713	INFORMNET MEDIA PRIVATE LIMITED	Director	09/05/2006	09/05/2006	-	Active	NO
3	U72900TG2006PLC077939	TATA ADVANCED SYSTEMS LIMITED	Managing director	01/12/2014	28/09/2006	-	Active	NO
4	U72900MH2006PTC163193	STRATEGIC ENERGY TECHNOLOGY SYSTEMS PRIVATE LIMITED	Director	11/07/2007	05/05/2007	-	Active	NO
5	U74990MH2008PLC183426	NOVA INTEGRATED SYSTEMS LIMITED	Director	11/06/2008	11/06/2008	-	Active	NO
6	U74990TG2008PLC077969	TATA SIKORSKY AEROSPACE LIMITED	Director	12/06/2008	12/06/2008	-	Active	NO
7	U29119MH2008PTC187825	TASL AEROSTRUCTURES PRIVATE LIMITED	Director	24/09/2010	24/02/2010	-	Active	NO
8	U72900MH2008PLC188713	TAS-AGT SYSTEMS LIMITED	Director	24/09/2010	24/02/2010	-	Active	NO
9	U29268TG2010PLC077940	TATA LOCKHEED MARTIN AEROSTRUCTURES LIMITED	Director	05/04/2010	05/04/2010	-	Active	NO
10	U31909TG2004PTC042753	HELA SYSTEMS PRIVATE LIMITED	Director	03/11/2010	03/11/2010	-	Active	NO
11	U74120UP2006PTC032566	AURORA INTEGRATED SYSTEMS PRIVATE LIMITED	Nominee director	12/11/2012	12/11/2012	-	Active	NO

Name :

Shane Gordon Eddy

Designation :

Director

Address :

101, Stony Creek Road, Branford, 06405, United States of America

Date of Birth/Age :

03.10.1964

Date of Appointment :

21.09.2012

DIN No.:

05320621

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	U74990TG2008PLC077969	TATA SIKORSKY AEROSPACE LIMITED	Director	21/09/2012	31/05/2012	-	Active	NO

Name :

Mr. Samir Bharat Mehta

Designation :

Director

Address :

650, Main Street, Middlefield, Connecticut, 06453, United States of America

Date of Birth/Age :

26.09.1972

Date of Appointment :

22.08.2013

DIN No.:

06598890

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	U74990TG2008PLC077969	TATA SIKORSKY AEROSPACE LIMITED	Director	22/08/2013	04/06/2013	-	Active	NO

Name :

Ms. Radhika Govind Rajan

Designation :

Additional Director

Address :

310 E 70^th Street, APT#7M, New York, NY-10021, New York, 10021, United States of America

Date of Appointment :

23.03.2015

DIN No.:

00499485

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	U74140MH2003PTC139713	TCG ADVISORY SERVICES PRIVATE LIMITED	Director	30/05/2005	30/05/2005	03/05/2010	Active	NO
2	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Additional director	12/08/2014	12/08/2014	-	Active	NO
3	U72900TG2006PLC077939	TATA ADVANCED SYSTEMS LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO
4	U74990MH2008PLC183426	NOVA INTEGRATED SYSTEMS LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO
5	U29268TG2010PLC077940	TATA LOCKHEED MARTIN AEROSTRUCTURES LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO
6	U74990TG2008PLC077969	TATA SIKORSKY AEROSPACE LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO

Name :

Ms. Indira Seshukutty Rajaraman

Designation :

Additional Director

Address :

2395, Sector B-2 Vasant Kunj, Green Glade Appartment, New Delhi – 110 070, India

Date of Appointment :

23.03.2015

DIN No.:

07143307

KEY EXECUTIVES

Name :	Jayaraman Subramanian
Designation :	Manager
Address :	Flat No.808, 8^th Floor, Aparna Towers, Kothaguda, Hyderabad – 500 084, Telangana, India
Date of Appointment :	17.03.2012
PAN No.:	AOWPS0852C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.08.2014

Names of Shareholders	No. of Shares
Tata Advanced Systems Limited, India	37999993
Tata Advanced Systems Limited, India jointly with Sukran Singh	1
United Technologies International Corporation Asia Private Limited (UTIC-Asia), Singapore	13351351
Tata Advanced Systems Limited, India jointly with Masood Hussainy	1
Tata Advanced Systems Limited, India jointly with AVS Prasad	1
Tata Advanced Systems Limited, India jointly with Tapas Mitra	1
Tata Advanced Systems Limited, India jointly with S.R. Venkatesan	1
Tata Advanced Systems Limited, India jointly with Praveen Kumar	1
Total	51351350

AS ON 12.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	26.00
Bodies corporate	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of helicopter cabin kits or parts forming thereof.

Products :

Item Code No. (ITC Code)	Product Description
88033000	Helicopter Cabin Kits and Design, Development and manufacturing of parts and accessories for civilian aircraft

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	State Bank of Mysore
Branch Address	Industrial Finance Branch, No.6-3-865, My Home Jupally, Ameerpet, Hyderabad – 500 016, Telangana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Kotak Mahindra Bank Limited, 6-3-1109/1/P202, 2^nd Floor, Jewel Pavani Tower, Rajbhavan Road, Somajiguda, Hyderabad – 500 082, Telangana, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	240.000	160.000
SHORT TERM BORROWINGS
Rupee term loans from banks	30.000	65.580
Foreign currency term loans from banks	285.592	216.633
Total	555.592	442.213

Banking Relations :	--
Auditors :
Name :	M.A. Parikh and Company Chartered Accountants
Address :	43, Yusuf Building, II Floor, Mahatma Gandhi Road, Flora Fountain, Fort, Mumbai – 400 023, Maharashtra, India
PAN No.:	AAAFM1433H
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Tata Advanced Systems Limited, India (CIN No.: U72900TG2006PLC077939)
Associates :	United Technologies International Corporation-Asia Private Limited, Singapore
Fellow Subsidiary Companies :	Tata Lockheed Martin Aerostructures Limited, India (CIN No.: U29268AP2010PLC077940) Tata Consulting Engineers Limited, India (CIN No.: U74210MH1999PLC123010) Tata AIG General Insurance Company Limited, India (CIN No.: U85110MH2000PLC128425) Tata Teleservices Limited, India (CIN No.: U74899DL1995PLC066685) Tata Industrial Services Limited, India (CIN No.: U93090MH2007PLC173035) Nova Integrated Systems Limited, India (CIN No.: U74990MH2008PLC183426)
Other Related Parties :	Sikorsky Aircraft Corporation, United States Helicopter Services Inc.

CAPITAL STRUCTURE

AS ON 12.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51351350	Equity Shares	Rs.10/- each	Rs.513.514 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	513.514	513.514	513.514
(b) Reserves & Surplus	(389.645)	(304.807)	(131.164)
(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)	123.869	208.707	382.350
(3) Non-Current Liabilities
(a) Long-term borrowings	240.000	160.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	44.072	0.000	0.000
(d) Long-term provisions	8.170	13.460	5.207
Total Non-current Liabilities (3)	292.242	173.460	5.207
(4) Current Liabilities
(a) Short term borrowings	315.592	282.213	0.000
(b) Trade payables	286.821	85.013	26.563
(c) Other current liabilities	170.419	69.537	63.671
(d) Short-term provisions	14.675	0.227	0.093
Total Current Liabilities (4)	787.507	436.990	90.327
TOTAL	1203.618	819.157	477.884
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	455.907	489.679	43.337
(ii) Intangible Assets	8.865	11.763	0.000
(iii) Capital work-in-progress	3.673	0.035	355.168
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	7.456	0.000	0.000
(d) Long-term Loan and Advances	14.020	0.298	2.805
(e) Other Non-current assets	0.600	0.600	0.600
Total Non-Current Assets	490.521	502.375	401.910
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	338.743	230.217	40.223
(c) Trade receivables	244.785	52.845	0.000
(d) Cash and cash equivalents	7.818	0.744	17.543
(e) Short-term loans and advances	91.394	32.899	18.188
(f) Other current assets	30.357	0.077	0.020
Total Current Assets	713.097	316.782	75.974
TOTAL	1203.618	819.157	477.884

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1078.579	52.467	0.000
		Other Income	1.207	0.874	3.650
		TOTAL	1079.786	53.341	3.650
Less	EXPENSES
		Cost of materials consumed	530.030	60.639	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	30.922	(155.883)	0.000
		Employee benefit expense	212.869	142.657	83.534
		Other expenses	269.569	111.396	28.330
		TOTAL	1043.390	158.809	111.864
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		36.396	(105.468)	(108.214)
Less	FINANCIAL EXPENSES		60.934	20.777	0.241
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(24.538)	(126.245)	(108.455)
Less/ Add	DEPRECIATION/ AMORTISATION		67.756	47.398	0.373
	PROFIT/ (LOSS) BEFORE TAX		(92.294)	(173.643)	(108.828)
Less	TAX		(7.456)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(84.838)	(173.643)	(108.828)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(304.807)	(131.164)	(22.336)
	BALANCE CARRIED TO THE B/S		(389.645)	(304.807)	(131.164)
	EARNINGS IN FOREIGN CURRENCY		1075.239	52.467	1.681
	VALUE OF IMPORTS CALCULATED ON CIF BASIS		583.595	104.081	30.074
	Earnings / (Loss) Per Share (Rs.)		(1.65)	(3.38)	(4.21)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(7.87)	(330.96)	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	3.37	(201.02)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(7.74)	(21.20)	(88.68)
Return on Investment (ROI) (PBT/Networth)		(0.75)	(0.83)	(0.28)
Debt Equity Ratio (Total Debt/Networth)		4.49	2.12	0.00
Current Ratio (Current Asset/Current Liability)		0.91	0.72	0.84

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	513.514	513.514	513.514
Reserves & Surplus	(131.164)	(304.807)	(389.645)
Net worth	382.350	208.707	123.869
Long Term borrowings	0.000	160.000	240.000
Short Term borrowings	0.000	282.213	315.592
Total borrowings	0.000	442.213	555.592
Debt/Equity ratio	0.000	2.119	4.485

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	0.000	52.467	1078.579
			1955.728

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	0.000	52.467	1078.579
Profit	(108.828)	(173.643)	(84.838)
		(330.96%)	(7.87%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from Plot No.21, 22 and 23, Pragathi Industrial Area, Kushaiguda, ECIL Post, Hyderabad – 500 062, Andhra Pradesh to the present address w.e.f. 18.12.2013.

CORPORATE INFORMATION

The Company is a joint venture company formed by TATA ADVANCED SYSTEMS LIMITED (TASL) and SIKORSKY AIRCRAFT CORPORATION (SIKORSKY), wherein TASL and SIKORSKY (through United Technologies International Corporation Asia Private Limited) hold 74% and 26% of the Capital respectively, with its main object to manufacture helicopter cabin kits and supply thereof to TASL, who in turn shall use the same to assemble helicopter cabins and supply thereof to SIKORSKY. The manufacturing unit is at Adibatla Village, Hyderabad and the commercial operations had commenced from 1^st August, 2012.

For setting up the aforesaid unit, the Company has been provided by SIKORSKY on no cost basis Equipments, Machineries, Tooling and IT (loaned assets), for which it has executed an Equipment Loan Agreement. The title to Equipments, Machineries, Tooling and IT shall get transferred to the Company on completion of 10 years from the effective commencement of commercial Operations

BUSINESS OPERATIONS AND ACTIVITIES DURING THE YEAR

The Company's target was to achieve 27 cabin kits during the year as compared to 24 cabin kits as against the Business plan. The company had manufactured 30 partial cabin kits as against 30 complete cabin kits to be completed as per Annual Operating Plan (AOP). The Company was not able to manufacture the complete cabin during this financial year due to delay in the receipt of the composites. The Company was successfully able to manufacture all in house parts with the exception of 4 C frames.

Also the Company supplied 5 Ti beam cabins which were outsourced. The sale value of all the manufactured parts is Rs.1075.600 million as against Rs.52.500 million in the previous year.

Sikorsky provided 3 Equipment's to manufacture the frames which was successfully installed. Out of 17 frames, the company's operations produced 6 forged frames and balance was outsourced at a cost of Rs.75.000 million as against AOP value of Rs.92.000 million.

The Company constituted a Total Operating Performance (TOP) department facilitating in the manufacture of 1.4 cabin kits to 3.0 cabin kits in machine shop. This increased productivity resulted in higher sales and revenue.

During the Year, the Company received certifications for Safety: OHSAS 18001 and ISO 14001 for environment. Company successfully completed NADCAP certificate for welding. The systematic approach in production and resolving technical issues using established quality tools has helped to improve the quality performance substantially by reducing DR's (Deviation report) and rejections.

The Company is setting up an additional capability in manufacturing Titanium beam in house.

During the year, many potential customers had visited the factory to assess the capability and the results are likely to emerge in the next year provided the Company supplements special process capabilities for global OEMS.

The Company during the year executed supply contract with Tata Advanced Systems Limited.

The Company during the year obtained sanction for an additional corporate loan from State Bank of Mysore for Rs.130.000 million for catering to its long term capital requirements.

OUTLOOK

The Company continues to witness positive momentum in Business in the Financial Year 2014 as the new businesses are expected from both UTC and other Global OEM's viz., Ruag, Cobham etc.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10409495	22/11/2013 *	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	6-3-1109/1/P202, 2ND FLOOR, JEWEL PAVANI TOWER, RAJBHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	B94184397
2	10358861	09/10/2014 *	870,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, NO.6-3-865, MY HOME JUPALLY, AMEERPET, HYDERABAD, TELANGANA - 500016, INDIA	C31851207

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computer Equipments

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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		41

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.