MIRA INFORM REPORT

Report No. :	352889
Report Date :	05.12.2015

IDENTIFICATION DETAILS

Name :	TATA INDUSTRIES LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-66658282
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.04.1945
Com. Reg. No.:	11-004403
Capital Investment / Paid-up Capital :	Rs. 10795.460 Million
CIN No.: [Company Identification No.]	U44003MH1945PLC004403
IEC No.:	0392067412
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT4058L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Management Consultancy, E-learning/ Software Development and Investment Finance and Promotion Services. (Registered Documents)
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Aaa (90)

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

Status :	Excellent Company
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Tata Industries is one of the main investment vehicles of the Tata group, spearheads the group's investments in new business areas. Currently, the focus areas for these investments are in technology-intensive sectors and emerging businesses, such as e-commerce, life-sciences, alternative energy, advanced materials, emerging services and aerospace. Rating on Tata Industries Limited (Tata Industries) reflect the support that it receives from its parent, Tata Sons Limited and other Tata group companies, giving Tata Industries a strategic importance as the vehicle for the Tata group's investments in new business ventures. The rating also reflects on company’s debt-free status and strong liquidity-the company. Tata Industries remains strategically important to the Tata group by being a vehicle for developing new business ventures and a holding company for key manufacturing and service entities. The rating also factors in Tata Industries recent track record of low returns from and the inherent risks in its developing business ventures. Trade relations are reported as trustworthy. Payment terms are reported to be regular and as per commitment. In view of strong managerial and financial support extended from its parent, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Rs. 500 Million Short Term Debt Programme=A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	April, 2015

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-22-66658282)

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66658282
Fax No.:	91-22-66657974
E-Mail :	dbhagwagar@tata.com tataind@tata.com
Website :	http://www.tata.com

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Cyrus Pallonji Mistry
Designation :	Director
Address :	Sterling Bay, 103, Walkeshwar Road,, Walkeshwar,, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	04.07.1968
Date of Appointment :	29.11.2011
DIN No.:	00010178
Name :	Mr. Ramadorai Subramanian
Designation :	Director
Address :	Flat No.1, First Floor, Wyoming Little Gibbs Road, Malabar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	06.10.1944
Date of Appointment :	03.07.2001
DIN No.:	00000002
Name :	Mr. Ishaat Hussain
Designation :	Director
Address :	Flat 222, NCPA Residential, Sir Dorabjitata, Nariman Point, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	02.09.1947
Date of Appointment :	03.04.1998
DIN No.:	00027891
Name :	Mr. Prasad Raghava Menon
Designation :	Director
Address :	Lovedale, 50-F, Peddar Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	23.01.1946
Date of Appointment :	10.05.2005
DIN No.:	00005078
Name :	Mr. Nirmalya Kumar
Designation :	Director
Address :	28, North Park, Gerrards Cross, Sl9 8JN, United Kingdom, 000000, , United Kingdom
Date of Birth/Age :	08.03.1960
Date of Appointment :	05.08.2014
DIN No.:	00364637
Name :	Mr. Kanwar Rameshwar Singh Jamwal
Designation :	Whole-time director
Address :	181-B, Maker Towers CHS Limited., Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Date of Birth/Age :	11.10.1965
Date of Appointment :	01.07.2010
DIN No.:	03129908
Name :	Mr. Rajendra Ramdas Bhinge
Designation :	Whole-time director
Address :	Flat No.3501, Tower 2, Planet Godrej, Kheshavrao Khadye Road, Mahalaxmi East, Mumbai-400011, Maharashtra, India
Date of Birth/Age :	29.05.1952
Date of Appointment :	01.04.2012
DIN No.:	00036557

KEY EXECUTIVES

Name :	Sriram Sethuraman
Designation :	Vice President-Finance and Company Secretary
Address :	K-503, Dara Enclave, Army Colony, Sector-9, Nerul, Navi Mumbai-400706, Maharashtra, India
Date of Birth/Age :	12.01.1965
Date of Appointment :	26.06.2014
PAN No.:	ALPPS6570B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Tata Sons Limited, India	53521229
Ewart Investments Limited, India	297943
Tata Investment Corporation Limited, India	676790
Tata International Limited, India	3384486
Tata Steel Limited, India	9980436
Tata Motors Limited, India	10310242
Sheba Properties Limited, India	993753
The Tata Power Company Limited, India	5828126
Aftaab Investment Company Limited, India	1000543
Tata Chemicals Limited, India	9861303
Voltas Limited, India	1305720
Tata Global Beverages Limited, India	6519441
TIFCO Holdings Limited, India	4274590
Total	107954602

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Management Consultancy, E-learning/ Software Development and Investment Finance and Promotion Services. (Registered Documents)

Products :

ITC Code No.	Product Descriptions
99929200	Educational Support Services
99831329	Other IT Support Service n.e.c.

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	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:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Tower 3, 27^th-32^nd Floor, Indiabulls Finance Center, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400 013, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Solicitors :	· Mulla and Mulla · Craigie Blunt and Caroe
Memberships :	--
Collaborators :	--
Holding Company :	Tata Sons Limited (U99999MH1917PLC000478)
Associates :	· Indigene Pharmaceuticals Inc., USA · ITel Industries Limited · Oriental Floratech Limited · Oriental Seritech Limited
Joint Venture :	Drive India Enterprise Solutions Limited (also fellow subsidiary of the Company)
Subsidiaries :	· Apex Investments (Mauritius) Holding Private Limited · Tata Advanced Materials Limited · Tata Interactive Systems GmbH, Germany · Tata Interactive Systems AG, Zug, Switzerland · Tata Industrial Services Limited
Fellow Subsidiaries :	· Tata AutoComp Systems Limited (Also an associate of the Company) · E-NXT Financials Limited · Tata AIG General Insurance Company Limited · Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited · Tata Asset Management Limited · Tata Business Support Services Limited · TC Travel and Services Limited · Tata America International Corporation · Tata Housing Development Company Limited · Tata Ltd., UK · Tata International Limited · Tata Sky Limited · Tata Capital Limited · Tata West Asia FZE · Tata Capital Forex Limited · (formerly TT Holdings and Services Limited · Tata Capital Financial Services Limited · Tata Consultancy Services Limited · Advinus Therapeutics Limited · (Also an associate of the Company) · Tata Advanced Systems Limited · Panatone Finvest Limited · Infiniti Retail Limited · Aurora Integrated Systems Private Limited · CMC Limited · Mahaonline Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
111,000,000	Equity Shares	Rs. 100/- each	Rs. 11100.000 Million
5,000,000	Preference Shares	Rs. 100/- each	Rs. 500.000 Million
	Total		Rs. 11600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
107,954,602	Equity Shares	Rs. 100/- each	Rs. 10795.460 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10795.460	10795.460	10795.460
(b) Reserves & Surplus	21911.519	22787.198	22600.605
(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)	32706.979	33582.658	33396.065
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	2.198
(c) Other long term liabilities	20.695	19.965	18.780
(d) long-term provisions	175.064	151.534	143.675
Total Non-current Liabilities (3)	195.759	171.499	164.653
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	239.208	236.506	268.123
(c) Other current liabilities	331.132	268.262	304.404
(d) Short-term provisions	103.418	56.079	57.232
Total Current Liabilities (4)	673.758	560.847	629.759
TOTAL	33576.496	34315.004	34190.477
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	475.698	460.654	440.766
(ii) Intangible Assets	534.290	510.031	479.948
(iii) Capital work-in-progress	9.217	13.332	23.245
(iv) Intangible assets under development	0.000	166.898	162.138
(b) Non-current Investments	27992.249	28917.900	28417.925
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3263.310	3402.659	3242.363
(e) Other Non-current assets	2.004	2.655	4.252
Total Non-Current Assets	32276.768	33474.129	32770.637
(2) Current assets
(a) Current investments	83.000	228.000	47.925
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	378.468	313.629	304.858
(d) Cash and cash equivalents	75.367	71.550	835.030
(e) Short-term loans and advances	709.503	150.233	170.020
(f) Other current assets	53.390	77.463	62.007
Total Current Assets	1299.728	840.875	1419.840
TOTAL	33576.496	34315.004	34190.477

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	3050.319	2316.485	1898.136
		Other Income	91.980	147.349	301.658
		TOTAL	3142.299	2463.834	2199.794
Less	EXPENSES
		Purchases of Equipment	55.693	0.000	0.000
		Employees benefits expense	1127.444	1069.747	1091.158
		Other expenses	1066.933	999.168	829.066
		TOTAL	2250.070	2068.915	1920.224
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		892.229	394.919	279.570
Less/ Add	DEPRECIATION/ AMORTISATION		281.056	206.210	144.101
	EXCEPTIONAL ITEMS		(1483.165)	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(871.992)	188.709	135.469
Less	TAX		1.768	2.740	-3.055
	PROFIT/ (LOSS) AFTER TAX		(873.760)	185.969	138.524
	EARNINGS IN FOREIGN CURRENCY
		Fees for services	864.525	808.676	893.393
		Dividend received	768.326	341.841	0.000
	TOTAL EARNINGS		1632.851	1150.517	893.393
	IMPORTS
		Capital Goods	1.213	0.368	6.835
	TOTAL IMPORTS		1.213	0.368	6.835
	Earnings/ (Loss) Per Share (Rs.)		(8.09)	1.72	1.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	938.962	251.385	275.063
Net Cash Flow From Operating Activities	895.894	196.644	156.829

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(28.64)	8.03	7.30
Return on Total Assets (PBT/Total Assets}	(%)	(15.64)	3.62	2.42
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.01	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.93	1.50	2.25

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10795.460	10795.460	10795.460
Reserves & Surplus	22600.605	22787.198	21911.519
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	33396.065	33582.658	32706.979
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1898.136	2316.485	3050.319
		22.040	31.679

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1898.136	2316.485	3050.319
Profit	138.524	185.969	(873.760)
	7.30%	8.03%	(28.64%)

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	No
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	Yes
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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CASE DETAILS

BENCH BOMBAY

LODGING NO: ITXAL/1872/2009 FILLING DATE: 27.07.2009 REG. NO: ITXA/3094/2009 REG. DATE; 15.10.2009

PETITIONER: THE COMMISSIONER OF INCOME TAX – 21- RESPONDENT: TATA INDUSTRIES LIMITED

PETN. ADV: SURESH KUMAR (0) RESP ADV:- SHRIHARI M. IYER (0)

DISTRICT: MUMBAI

BENCH: DIVISION

STATUS: Admitted (Unready) CATEGORY: TAX APPEALS

LAST DATE: 12.09.2011 STAGE: FOR ADMISSION - FRESH

LAST CORAM: HON’BLE SHRI JUSTICE J.P DEVADHAR

HON’BLE SHRI JUSTICE K.K. TATED

ACT : INCOME TAX ACT, 1961

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONS OF THE COMPANY:

(a) A significant amount of the Company’s investments are in other Tata Group Companies along with long gestation projects /businesses, the benefits of which are expected to accrue to the Company in the long term.

(b) The gross Investments of the Company as at March 31, 2015 stood at Rs. 28075.200 Million (Previous Year: Rs. 29145.900 Million), including surplus funds invested in mutual funds. The Company holds significant investments in Tata Motors Limited, Apex Investments (Mauritius) Holding Private Limited The Tata Power Company Limited, Tata AutoComp Systems Limited, Tata Teleservices Limited and Tata Advanced Materials Limited.

(c) The Company holds a Certificate of Registration (CoR) No.N-13.02011 dated April 27, 2012 categorizing Tata Industries Limited as a Core Investment Company, which is systemically important (SI), and not permitted to accept public deposits.

(d) An internal project team is engaged in continuously scoping and identifying opportunities for investment and growth in areas such as Healthcare and Life Sciences, New materials, Alternate Energy, Aerospace and the Digital Economy. The team focuses on ideating / conceptualising and incubating new businesses, in these areas.

OPERATIONS OF THE DIVISIONS:

a. Tata Interactive Systems – E-learning Division (TIS-ELS)

TIS E-learning and Simulations Division (TIS-ELS):

TIS-ELS registered a revenue of Rs. 95.43 crores. The number of large orders (greater than Rs. 1 crore) dropped

from 30 in FY 2013-14 to 26 in FY 2014-15, which had an impact on revenue. By exercising a strict control on costs TIS-ELS was able to record a profit of Rs. 7 crores. For FY 2015-16, TIS-ELS has projected a higher revenue and an improvement in its profitability. It plans to focus on and leverage nine key trends of Mobility, Social Media, Gamification, Micro Learning, MOOCs,3D Animation, Video & 3D Printing, Analytics & Big Data, Hybrid Clouds & SAAS and Internet of Things. It also plans to accelerate orders from the TOPSIM and MarComm products business in India.

b. Tata Classedge Division (TCE)

TCE improved revenues from Rs.55.4 crores in FY 2013-14 to Rs.777.000 Million in FY 2014-15, while reducing the loss from Rs.399.600 Million to Rs.343.000 Million. Higher revenue along with reduction in costs led to EBIDTA margin improvement. Contracts worth Rs.742.000 Million for digitizing 3,276 classrooms were secured during the year. By focusing on progressive schools, the average number of classrooms per school across the entire base of ClassEdge schools was increased from 6.7 to 8.4. For the contracts secured in FY 2014-15, the average number of classrooms per school was 13.5. The total number of installed digital classrooms increased from 7,936 as on March 31, 2014 to 10,344 as on March 31, 2015. A number of pilots with state governments, NGOs and Tata companies were conducted, to evaluate the usefulness of ClassEdge content in government schools.

During FY 2015-16, TCE plans to invest in product development and expand its sales force with the objective of increasing the value of contracts secured. The focus on becoming a partner of choice for progressive schools, improving revenues and reducing loss will continue. Depending upon the outcome of the pilots being undertaken, 1 or 2 initiatives will be shortlisted for using ClassEdge content at scale to improve learning outcomes in government schools.

c. Tata Strategic Management Group (TSMG)

During FY 2014-15, TSMG made considerable progress in offering more complex solutions to clients. However, there has been a marginal drop in revenue compared to FY 2013-14, as traditional strategy consulting work continued to decline. Growing new capabilities and customer relationships has also taken more time than expected. The way forward for TSMG is to go beyond solutions and shift emphasis towards implementation and realization of benefits, particularly for medium sized companies. The first wave of such engagements has already been undertaken successfully. The intent is to build on this base during FY 2015-16. As TSMG completes this transition and covers its operating costs, further growth in revenue and profit will be pursued.

d. Digital Healthcare Platform Division

During the year under review, the Company established the Digital Healthcare Platform Division to undertake the business of Digital Healthcare Platform Services, integrating an analytics based electronic medical platform with clinical diagnostics and monitoring devices, home monitoring and mobile tracking of health and wellness parameters for preventive, predictive healthcare.

e. Consumer Analytics Division

During the year, the Company established the Consumer Analytics Division for building a common data analytics platform and help companies to generate unique consumer insight, delight consumers, reduce consumer acquisition costs, increase marketing efficiency, and improve consumer retention.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

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 records 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. 66.84
UK Pound	1	Rs. 101.04
Euro	1	Rs. 73.05

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	10
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILIRY	1~10	10
--LIQUIDITY	1~10	10
--LEVERAGE	1~10	10
--RESERVES	1~10	10
--CREDIT LINES	1~10	10
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		90

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.