MIRA INFORM REPORT

Report No. :	335813
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	TATA AUTOCOMP SYSTEMS LIMITED (w.e.f.25.04.1996)

Formerly Known As :	TATA AUTOCOMP SYSTEMS PRIVATE LIMITED

Registered Office :	Bombay House, 24, Homi Mody Street, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-22049131/ 66658282/ 66657352

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.10.1995

Com. Reg. No.:	11-093733

Capital Investment / Paid-up Capital :	Rs.2012.814 Million

IEC No.:	3196022064

CIN No.: [Company Identification No.]	U34100MH1995PLC093733

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACT1848E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is Engaged mainly in the Business of Manufacturing and Trading of Automobile Components, Design and Engineering Services.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Tata Group, a highly reputed industrial house. It is a well – established and reputed company having fine track record. There seems dip in the sales turnover as well as profit of the company during 2014. However, general financial position of the company seems to be decent. Directors are reported to be experienced and respectable industrialist. Trade relations are trustworthy. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating AA-
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	30.07.2014

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 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON- CO-OPERATIVE (91-20-66658282/66085000)

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22049131/ 66658282/ 66657352
Fax No.:	91-22-22845523/ 66658160
E-Mail :	taco@tacogroup.com carees.dewanji@tacogroup.com shvetal.dewanji@tacogroup.com
Website :	http://www.tacogroup.com
Area:	3000 sq. ft.
Location :	Owned

Corporate Office :	Taco House, Damle Path, Off Law College Road, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-66085000
Fax No.:	91-20-20-66085034/66085102
E-Mail :	taco@tacogroup.com

Corporate Office 2:	Taco Technical Centre, Rajiv Gandhi IT Park, Hinjewadi, Phase 2, S No 280 and 281, Pune – 411057, Maharashtra, India

Factory 1 :	Muttha Chambers, 3^rd Floor, Senapati Bapat Road, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-25672782/ 25660691
Fax No.:	91-20-25660699

Factory 2 :	Plot 28, Bidadi Industrial Area, Ramnagar, Bangalore – 562109, Karnataka, India

Overseas Office :	35488 Crescent Court, Farmington Hills, MI 48335, United States of America
Tel. No.:	1-248-4744607
Fax No.:	1-248-4744668

Branches :	Located at:- Lucknow, Uttar Pradesh Vadodara, Gujarat Mumbai, Maharashtra Pune, Maharashtra Jamshedpur Bangalore, Karnataka Chennai, Tamilnadu

DIRECTORS

As on 12.09.2014

Name :	Mr. Ramabadran Gopalkrishnan
Designation :	Director
Address :	Baug – E, Abbas Flat No. 101, Captain Prakash Peth Marg, 21/A, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	25.12.1945
Date of Appointment :	27.06.2001
DIN No.:	00027858

Name :	Mr. Kishor Anant Chaukar
Designation :	Director
Address :	Anant, B43, Abhimansh Ree Co –operative HSG Society, Off Pashan Road, Pune – 411016, Maharashtra, India
Date of Birth/Age :	01.08.1947
Date of Appointment :	30.03.1999
DIN No.:	00033830

Name :	Mr. Rajendra Ramdas Bhinge
Designation :	Director
Address :	Flat No.3051, Tower 2 Planet Godrej, Keshav Rao Khadye Road, Mahalaxmi Road, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	29.05.1952
Date of Appointment :	30.07.2004
DIN No.:	00036557

Name :	Mr. Satish Bhaskar Pradhan
Designation :	Director
Address :	191/194, Clover Water Gardens, Plot No. 69, Kalyan Nagar, Pune – 411014, Maharashtra, India
Date of Birth/Age :	04.01.1955
Date of Appointment :	03.05.2002
DIN No.:	00175969

Name :	Mr. Praveen Purushottam Kadle
Designation :	Director
Address :	224, NCPA, Apartments, Nariman Point, Mumbai- 400021, Maharashtra, India.
Date of Birth/Age :	21.01.1957
Date of Appointment :	29.09.2009
DIN No.:	00016814

Name :	Mr. Ramesh Amrut Savoor
Designation :	Director
Address :	A-61, Twin Towers, Off Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	26.10.1949
Date of Appointment :	12.09.2011
DIN No.:	00287029

Name :	Mr. Ram Nath Mukhija
Designation :	Director
Address :	301 CTS No. 275, Ciraj Building, NS Road 10, JVPD Scheme, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	05.02.1944
Date of Appointment :	09.12.2010
DIN No.:	00001653

Name :	Mr. Ajay Hari Tandon
Designation :	Chairman cum – Managing Director
Address :	S. No.130/132, Roseland 11, Pimple Saudanagar, Raw House 9, Pune – 411027, Maharashtra, India
Date of Birth/Age :	07.01.1959
Date of Appointment :	06.09.2013
DIN No.:	06.09.2013

Name :	Ms.Vedika Bhandarkar
Designation :	Additional Director
Address :	B-8, Floor-3, Plot-50, B, Sea Face Park, Bhulabhai Desai Road, Cumballa Hill, Mumbai, 400026, Maharashtra, India
Date of Appointment :	12.02.2015
DIN No.:	00033808

Name :	Mr. Gopichand Katragadda
Designation :	Additional director
Address :	Villa 254, Palm Meadows, 1st Phase, Ramagondanahalli, Airport Road, Whitefield Road, Bangalore, 560066, Karnataka, India
Date of Appointment :	22.05.2015
DIN No.:	02475721

KEY EXECUTIVES

Name :	Mr. Deepak Rastogi
Designation :	CFO

Name :	Mr. Ashish Madhav Boradkar
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2014

Names of Shareholders		No. of Shares
Tata Industries Limited, India		69244903
Tata Motors Limited, India		52333170
Tata Capital Limited, India		48307333
Tata Sons Limited, India		28675598
Tata Investment Corporation Limited, India		2720054
Tata Industries Limited, India Jointly with Mr. R R Shastri		150
Tata Industries Limited, India Jointly with Mr. K A Chaukar		50
Tata Industries Limited, India Jointly with Mr. N J Driver		50
Dilip S. Pendse		50

Total		201281358

Equity Share Break up (Percentage of Total Equity)

As on 12.09.2014

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is Engaged mainly in the Business of Manufacturing and Trading of Automobile Components, Design and Engineering Services.

Products :

Products Description

Item Code No.

Parts and Accessories of the Motors

Vehicles of heading

87089900

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	DBS Bank Limited
Branch	Elbee House, Siddharth Path, Off Dhole Patil Road, Pune – 411001, Maharashtra, 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

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Corporation Bank, No.14, Mumbai-Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India

State Bank of India, Industrial Finance Branch, 2nd Floor, Tara Chambers, Pune-Mumbai Highway, Near Mariaai Mandir, Wakdewadi, Pune - 411003, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Non-convertible debentures others First pari-passu charge on the moveable and immoveable assets (including land and building) of a Division of the Company.)	350.000	350.000

Short-term borrowings
Loans repayable on demand from banks	123.048	0.000

Total	473.048	350.000


Financial Institution:	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai- 400001, Maharashtra, India

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No.8, Off Airport Road, Yerwada, Pune 411006, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP3641G

Memberships :	Not Available

Collaborators :	Not Available

Promoters/ Promoter Group	Tata Sons Limited (Ultimate holding company) Tata Industries Limited Tata Motors Limited Tata Capital Limited

Subsidiaries	Tata Toyo Radiator Limited Taco Sasken Automotive Electronics Limited Taco Holdings (Mauritius) Limited Taco Kunststofftechnik GmbH Taco Grundstuckverwaltungs GmbH Nanjing Tata Auto Comp Systems Limited Automotive Stampings and Assemblies Limited Taco Engineering (UK) Limited, UK TACO Engineering Services, Germany GMBH (From May 15, 2013) Automotive Skills Training Foundation (From August 1, 2013)

Fellow Subsidiaries	Tata AIG General Insurance Company Limited E- Nxt Financials Limited Tata Teleservices Limited (upto March 26, 2013) Tata Teleservices (Maharahstra) Limited (upto March 26, 2013) Tata Consultancy Services Limited Infiniti Retail Limited Computational Research Laboratories Limited Tata Investment Corporation Limited Tata Sky Limited TCS e-Serve Limited

Joint Venture:	Tata Johnson Controls Automotive Limited (Upto March 25, 2013) Tata Ficosa Automotive Systems Limited Tata Yazaki Autocomp Limited (Upto January 11, 2013) Tata Autocomp GY Batteries Limited Taco Hendrickson Suspensions Private Limited

CAPITAL STRUCTURE

As on 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount


410000000	Equity Shares	Rs.10/- each	Rs.4100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

201281358	Equity Shares	Rs.10/- each	Rs.2012.814 Million

As on 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

329600000	Equity Shares	Rs.10/- each	Rs.3296.000 Million
70000000	Preference shares	Rs.10/- each	Rs.700.000 Million
2400000	Preference shares	Rs.10/- each	Rs.24.000 Million
8000000	Preference shares	Rs.10/- each	Rs.80.000 Million

			Rs.410.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

201281358	Equity Shares	Rs.10/- each	Rs.2012.814 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	2012.814	2012.814	2547.814
(b) Reserves & Surplus	5727.419	5847.156	483.075
(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)	7740.233	7859.970	3030.889

(3) Non-Current Liabilities
(a) long-term borrowings	1350.000	1350.000	1762.764
(b) Deferred tax liabilities (Net)	7.079	0.000	0.000
(c) Other long term liabilities	0.000	0.000	8.032
(d) long-term provisions	429.124	440.291	49.389
Total Non-current Liabilities (3)	1786.203	1790.291	1820.185

(4) Current Liabilities
(a) Short term borrowings	123.048	187.463	968.931
(b) Trade payables	1173.171	1225.008	1599.924
(c) Other current liabilities	788.370	476.826	979.416
(d) Short-term provisions	495.524	494.231	296.489
Total Current Liabilities (4)	2580.113	2383.528	3844.760

TOTAL	12106.549	12033.789	8695.834

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2153.191	2351.232	2086.552
(ii) Intangible Assets	65.559	106.135	146.028
(iii) Capital work-in-progress	41.110	29.849	56.561
(iv) Intangible assets under development	0.000	0.000	5.317
(b) Non-current Investments	2263.490	2255.375	3385.255
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1364.306	579.281	381.871
(e) Other Non-current assets	2.578	3.358	0.000
Total Non-Current Assets	5890.234	5325.230	6061.584

(2) Current assets
(a) Current investments	3806.931	4530.696	302.301
(b) Inventories	632.214	617.151	519.610
(c) Trade receivables	818.971	714.794	1128.856
(d) Cash and cash equivalents	467.227	222.814	73.522
(e) Short-term loans and advances	435.121	568.446	487.087
(f) Other current assets	55.851	54.658	122.874
Total Current Assets	6216.315	6708.559	2634.250

TOTAL	12106.549	12033.789	8695.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	7378.155	9718.729	9136.162
		Other Income	528.394	275.326	800.770
		TOTAL (A)	7906.549	9994.055	9936.932

Less	EXPENSES
		Cost Material Consumed	3546.052	4968.650	5334.260
		Purchases of Stock In Trade	948.160	933.840	940.605
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(21.844)	67.502	(38.527)
		Employee benefit expense	1039.504	1105.761	832.143
		Exceptional Items	0.000	(6646.930)	0.000
		Other expenses	1373.803	1524.362	1242.486
		TOTAL (B)	6885.675	1953.185	8310.967

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1020.874	8040.870	1625.965

Less	FINANCIAL EXPENSES (D)		168.126	302.698	395.854

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		852.748	7738.172	1230.111

Less/ Add	DEPRECIATION/ AMORTISATION (F)		351.198	405.971	355.068

	PROFIT BEFORE TAX (E-F) (G)		501.550	7332.201	875.043

Less	TAX (H)		152.389	1291.166	2.636

	PROFIT AFTER TAX (G-H) (I)		349.161	6041.035	872.407

	Earnings Per Share (Rs.)		1.73	29.90	4.11

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	435.112
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	631.857	(536.867)	994.416

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.73	62.16	9.55

Operating Profit Margin (PBIDT/Sales)	(%)	13.84	82.74	17.80

Return on Total Assets (PBT/Total Assets}	(%)	5.12	75.21	16.67

Return on Investment (ROI) (PBT/Networth)		0.06	0.93	0.29

Debt Equity Ratio (Total Debt /Networth)		0.19	0.20	1.04

Current Ratio (Current Asset/Current Liability)		2.41	2.81	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2547.814	2012.814	2012.814
Reserves & Surplus	483.075	5847.156	5727.419
Net worth	3030.889	7859.970	7740.233
long-term borrowings	1762.764	1350.000	1350.000
Short term borrowings	968.931	187.463	123.048
Total borrowings	2731.695	1537.463	1473.048
Debt/Equity ratio	0.901	0.196	0.190

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	9136.162	9718.729	7378.155
		6.376	(24.083)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	9136.162	9718.729	7378.155
Profit	872.407	6041.035	349.161
	9.55%	62.16%	4.73%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company provides products and services in the automotive industry to Indian and Global customers. The Company designs, manufactures and supplies a variety of components, assemblies to automotive original equipment manufacturers ("OEM") and other customers. The Company’s debentures are listed on the Wholesale Debt Market of the National Stock Exchange. The Company caters to its customers through its five operating divisions, ten subsidiaries and three joint ventures with leading companies in the global auto component industry (together known as the TACO Group). Three subsidiaries of the above are under liquidation. Pursuant to a Scheme of Amalgamation approved by the High Court of Judicature at Bombay vide its Order dated August 3, 2012, TACO Composites Limited (TaCL), the wholly owned subsidiary of the Company, was merged with the Company in the previous year 2012- 2013.

AMALGAMATION OF TATA AUTOCOMP SYSTEMS LIMITED AND TACO COMPOSITES LIMITED

a) Pursuant to the Order of the High Court of Judicature at Bombay passed on August 3, 2012 approving the Scheme of Amalgamation (the Scheme") of its wholly owned subsidiary, TACO Composites Limited ("TaCL") with the Company, the assets and liabilities of TaCL were transferred to and vested in the Company with effect from April 1, 2011 (Appointed date) as per the Scheme. The Company completed the process of amalgamation on September 7, 2012 by filing the aforesaid Order with the Registrar of Companies in accordance with section 391 and other applicable provisions of the Companies Act, 1956, thereby giving effect to the Scheme in the previous year 2012-13.

b) Since all assets and liabilities of TaCL have been transferred to and vested in the Company with effect from April 1, 2011, the balances as per the audited financial statements of TaCL as at March 31, 2012, duly adopted by its shareholders, had been considered at the respective book values for the purposes of accounting for amalgamation under the Pooling of Interests method as prescribed under notified Accounting Standard (AS) 14 Accounting for Amalgamations and the Scheme. There were no differences in the accounting policies followed by TaCL.

c) In accordance with the Scheme, the balances appearing as Investments in Equity shares of TACO Composites Limited and Investments in Preference shares of TACO Composites Limited in the books of the Company had been cancelled/extinguished against the Equity Share Capital and "Preference Share Capital" appearing in the books of TaCL. The excess amount of the Investments in Equity shares of TACO Composites Limited over the "Share Capital" of TaCL aggregating Rs.650.600 Million had been adjusted against the surplus in Statement of Profit and Loss as at April 1, 2012. The book values of assets and liabilities of TaCL added on amalgamation were as follows:

	As at March 31, 2012	As at March 31, 2011
Non-current assets	4,15.685	277.562
Long term loans and advances	41.029	40.137
Other non-current assets	2.800	28.00
	459.514	3,20.499
Current assets
Current investments	107.974	25.081
Inventories	180.713	1,35.147
Trade receivables	62.174	63.087
Cash and bank balances	16.245	8.478
Short-term loans and advances	40.209	25.840
Other current assets	0.771	0.129
	408.086	257.762
Total assets	8,676.00	5,782.61
Non-current Liabilities
Deferred Tax Liabilities (net)	7.100	5.300
Long Term Provisions	3.813	3.454
	10.913	8.754
Current Liabilities
Short Term Borrowings	-	26.003
Trade payables	1,38.701	109.989
Other current liabilities	1,29.029	97.136
Short-term provisions	28.582	9.918
	2,96.312	2,43.046
Total liabilities	307.225	2,51.800
Reserves and Surplus	291.549	57.635

d) Provision for current tax of Rs.62.200 Million for financial year 2011-2012 recorded by TaCL as at March 31, 2012 had been reversed consequent to the aforesaid merger.

UNSECURED LOAN

Particular	As on 31.03.2014	As on 31.03.2013
Long-term borrowings
Non-convertible debentures others	1000.000	1000.000
Short-term borrowings
Loans repayable on demand from banks	0.000	187.463
Total	1000.000	1187.463

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435151	07/06/2013	300,000,000.00	ICICI BANK LIMITED	"A" WING, SHANGRILA GARDEN, 3RD FLOOR, BUND GARDEN ROAD, PUNE, MAHARASHTRA - 411001, INDIA	B78891397
2	10167377	19/11/2009 *	550,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 14, WAKDEWADI, MUMBAI PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA	A73281412
3	10155945	13/05/2009	350,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI- 400001, MAHARASHTRA -400001, INDIA	A61769683
4	10035083	02/08/2013 *	2,580,000,000.00	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH	TARA CHAMBERS, 2ND FLOOR, PUNE-MUMBAI HIGHWAY, NEAR MARI AAI POLICE STATION,WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA	B83254771

FIXED ASSETS

Freehold Land
Buildings
Plant Equipment
Furniture and Fixture
Office Equipment
Plant and Machinery
Vehicles
Leasehold improvements
Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.70

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	RAS

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		59

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

INDEX OF CHARGES

Unit