MIRA INFORM REPORT

Report No. :	302909
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	TATA STEEL LIMITED
Registered Office :	Bombay House, 24-Homi Mody Street, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.08.1907
Com. Reg. No.:	11-000260
Capital Investment / Paid-up Capital :	Rs. 9714.000 Millions
CIN No.: [Company Identification No.]	L27100MH1907PLC000260
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00249E MUMT10796C
PAN No.: [Permanent Account No.]	AAACT2803M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers of Saleable Steel, Ferro Manganese, Charge Chrome, Welded Steel Tubes, Cold Rolled Strips, Seamless Tubes, Carbon and Alloy Steel Bearing Rings, Annular Forgings and Flanges, Metallurgical Machinery, Ammonium Sulphate, Ordinary Cement, Fortland Blast Furnace Slag Cement, Alloy Steel Ball Bearing Rings and Bearings.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

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

Maximum Credit Limit :	USD 1813000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of TATA Group; it has a presence across the entire value chain of steel manufacturing, including producing and distributing finished products as well as mining and processing of iron ore and coal for its steel production. It is a well-established and reputed company having fine track record. Rating takes into account the financial flexibility enjoyed by TSL’s by virtue of being part of the Tata Group supported by its strong liquidity profile healthy financial base and favorable profitability indicators of the company. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	CARE
Rating	Long term bank facilities = AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	October 20, 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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative

Contact No.: 91-22-66658282

LOCATIONS

Registered Office :	Bombay House, 24 - Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22-66658282 / 66657279 / 66657306
Fax No.:	91-22-66657724 / 66657725 / 66658113
E-Mail :	tatasteelho@tata.com cosectisco@tata.com cosec@tatasteel.com p.sood@tatasteel.com
Website :	http://www.tata.com http://www.tatasteel.com
Corporate Office :	Design Call, 3^rd Floor, General Office, Tata Steel, Jamshedpur – 831 001, India
Websites:	www.tatasteel.com
Commercial Head Offices:	Tata Centre, 43 Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22887051/ 9251
Fax No.:	91-33-22882079
Sales Offices :	Located at: Jamshedpur Guwahati Mumbai Ahmedabad Indore Nagpur Pune Aurangabad Faridabad Chadigarh Kanpur Ludhiana Jaipur Chennai Bangalore Secunderabad 52, Jawaharlal Nehru Road, Kolkata-700071 Tel. No.: 91-33-22887051/ 9251 Fax. No.: 91-33-22882079
Factory 1 :	Company’s Steel Works and Tubes Division\ Jamshedpur, Jharkhand, India
Factory 2 :	Bearings Division Kharagpur, West Bengal, India
Factory 3 :	Ferro Manganese Plant Joda, Odisha, India
Factory 4 :	Charge Chrome Plant Bamnipal, Odisha, India
Factory 5 :	Cold Rolling Complex Tarapur, Maharashtra, India
Factory 6 :	Mines, Collieries and Quarries States of Jharkhand, India Odisha and Karnataka India
Factory 7 :	Wire Division Tarapur, Maharashtra, India Bengaluru, Karnataka, India
Factory 8:	Agrico Plant Indore, Madhya Pradesh, India
Factory 9 :	Tata Steel, Grouwth Shop, Aditya Pur Complex, P/o Ghamaria, Jharkhand – 832108, India
Tel. No.:	91-657-6511388 / 2387512
Overseas Offices:	Port Talbot, UK Scunthorpe, UK Rotherham, UK IJmuiden, Netherlands

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Cyrus P. Mistry
Designation :	Chairman
Name :	Mr. B. Muthuraman
Designation :	Vice Chairman
Name :	Mr. Nusli N. Wadia
Designation :	Director
Name :	Mr. Jacobus Schraven
Designation :	Director
Name :	Mr. Andrew Robb
Designation :	Director
Name :	Mr. O. P. Bhatt
Designation :	Director
Name :	Mr. H. M. Nerurkar,
Designation :	Managing Director,
Name :	Mr. Ishaat Hussain
Designation :	Director
Name :	Mr. Subodh Bhargava
Designation :	Director
Name :	Mrs. Mallika Srinivasan
Designation :	Director
Name :	Mr. D. K. Mehrotra
Designation :	Director
Name :	Dr. Karl-Ulrich Koehler
Designation :	Managing Director and Chief Executive Officer
Name :	Mr. Koushik Chatterjee
Designation :	Executive Director and Group Chief Financial Officer

Name :	Mr. T. V. Narendran
Designation :	Managing Director (Tata Steel India and South East Asia )

KEY EXECUTIVES

Name :	Mr. A. Anjeneyan
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	303482902	31.25
Any Others (Specify)	1031460	0.11
Trusts	1031460	0.11
Sub Total	304514362	31.35
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	304514362	31.35
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	32563331	3.35
Financial Institutions / Banks	3865464	0.40
Central Government / State Government(s)	121659	0.01
Insurance Companies	199634243	20.56
Foreign Institutional Investors	182485533	18.79
Any Others (Specify)	2333150	0.24
Foreign Bodies DR	2094465	0.22
Foreign Institutional Investors - DR	112224	0.01
Foreign Nationals - DR	3450	0.00
Foreign Portolio Investor ( Corporate)	123011	0.01
Sub Total	421003380	43.35
(2) Non-Institutions
Bodies Corporate	26152431	2.69
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	174618634	17.98
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	27555932	2.84
Any Others (Specify)	5625	0.00
Foreign Corporate Bodies	5625	0.00
Sub Total	228332622	23.51
Total Public shareholding (B)	649336002	66.86
Total (A)+(B)	953850364	98.21
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	17365041	1.79
Sub Total	17365041	1.79
Total (A)+(B)+(C)	971215405	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Saleable Steel, Ferro Manganese, Charge Chrome, Welded Steel Tubes, Cold Rolled Strips, Seamless Tubes, Carbon and Alloy Steel Bearing Rings, Annular Forgings and Flanges, Metallurgical Machinery, Ammonium Sulphate, Ordinary Cement, Fortland Blast Furnace Slag Cement, Alloy Steel Ball Bearing Rings and Bearings.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

• State Bank of India
• Bank of America
• Central Bank of India
• Bank of Baroda
• Canara bank
• Central Bank of India
• Union Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan
Joint Plant Committee – Steel Development Fund	21255.500	20360.200
TOTAL		20360.200
NOTE: Additional information: Details of outstanding secured borrowings are as follows: Loan from Joint Plant Committee – Steel Development Fund which includes funded interest Rs. 4883.200 millions (31.03.2012: Rs. 4064.500 Millions). It is repayable in 16 equal semi-annual installments after completion of 4 years from the date of receipt of the last tranche. It is secured by mortgages on, all present and future immovable properties wherever situated and hypothecation of movable assets, excluding land and building mortgaged in favour of Government of India under the deed of mortgage dated 13^th April, 1967 and in favour of Government of Bihar under two deeds of mortgage dated 11th May, 1963, immovable properties and movable assets of the Tube Division, Bearing Division, Ferro Alloys Division and Cold Rolling Complex (West) at Tarapur and all investments and book debts of the Company subject to the prior charges created and/or to be created in favour of the bankers for securing borrowing for the working capital requirement and charges created and/or to be created on specific items of machinery and equipment procured/to be procured under Deferred Payment schemes/Bill Re-discounting schemes/Asset Credit schemes. The Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming waiver of the outstanding loan and interest and refund of the balance lying with Steel Development Fund and the matter is sub-judice. Loan from the Joint Plant Committee-Steel Development Fund includes Rs.15997.300 millions (31.03.2013: Rs. 15170.700 millions) representing repayments and interest on earlier loans for which applications of funding are awaiting sanction is not secured by charge on movable assets of the Company.

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

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000000	Ordinary Shares	Rs.10/- each	Rs.17500.000 Millions
350000000	"A" Ordinary Shares	Rs.10/- each	Rs.3500.000 Millions
25000000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.2500.000 Millions
600000000	Cumulative Convertible Preference Shares	Rs.100/- each	Rs.60000.000 Millions
	Total		Rs.83500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
972126020	Ordinary Shares	Rs.10/- each	Rs.9721.300 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
971215229	Ordinary Shares	Rs.10/- each	Rs.9712.100 Millions
	Amount paid up on 3,89,516 Ordinary Shares forfeited		Rs. 2.000 Millions
	Total		Rs. 9714.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9,714.100	9714.100	9714.100
(b) Reserves & Surplus	601,765.800	542382.700	512450.500
(c) Money received against share warrants	0.000	0.000	0.000
(d) Hybrid perpetual securities	22,750.000	22750.000	22750.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	634,229.900	574846.800	544914.600
(3) Non-Current Liabilities
(a) long-term borrowings	238,080.900	235655.700	213532.000
(b) Deferred tax liabilities (Net)	20,389.800	18437.400	9705.100
(c) Other long term liabilities	9,835.200	3808.700	2980.300
(d) long-term provisions	19,050.500	21134.200	18513.000
Total Non-current Liabilities (3)	287,356.400	279036.000	244730.400
(4) Current Liabilities
(a) Short term borrowings	436.900	709.400	656.200
(b) Trade payables	82,721.100	63699.100	58839.200
(c) Other current liabilities	86,631.700	85035.400	87165.700
(d) Short-term provisions	19,028.100	15442.600	21723.800
Total Current Liabilities (4)	188,817.800	164886.500	168384.900
TOTAL	1,110,404.100	1018769.300	958029.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	427,751.500	246505.400	111423.600
(ii) Intangible Assets	0.000	2245.100	2239.000
(iii) Capital work-in-progress	0.000	87222.900	160467.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	523,185.600	499848.000	490783.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40,800.700	65741.500	63010.800
(e) Other Non-current assets	3,020.300	1900.400	1909.800
Total Non-Current Assets	994,758.100	903463.300	829834.200
(2) Current assets
(a) Current investments	23,432.400	4340.000	12041.700
(b) Inventories	60,078.100	52579.400	48589.900
(c) Trade receivables	7,708.100	7969.200	9040.800
(d) Cash and cash equivalents	9,611.600	22181.100	39469.900
(e) Short-term loans and advances	12,992.000	22078.300	18292.500
(f) Other current assets	1,823.800	6158.000	760.900
Total Current Assets	115,646.000	115306.000	128195.700
TOTAL	1,110,404.100	1018769.300	958029.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations		412712.400	381994.300	339334.600
	Other Income		12274.300	9020.400	8864.300
	TOTAL (A)		424986.700	391014.700	348198.900
Less	EXPENSES
	Raw material consumed		96777.100	98774.000	80143.700
	Purchases of Stock-in-Trade		3526.300	4533.400	2095.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(1551.800)	(4046.000)	(2207.200)
	Employees benefits expense		36815.800	36085.200	30472.600
	Exceptional item		1417.600	6745.300	(5110.100)
	Purchase of power		25646.100	0.000	0.000
	Freight and handling charges		27550.800	0.000	0.000
	Expenditure (other than interest) transfer to capital and other accounts		0.000	(8761.300)	(4782.300)
	Other expenses		100177.000	144146.600	118244.900
	TOTAL (B)		290358.900	277477.200	218856.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		134627.800	113537.500	129342.100
Less	FINANCIAL EXPENSES (D)		18205.800	18767.700	19254.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116422.000	94769.800	110087.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19287.000	16403.800	11514.400
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		97135.000	78366.000	98573.500
Less	TAX (I)		33013.100	27736.300	31609.300
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		64121.900	50629.700	66964.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		246161.700	211450.400	166394.600
	Balance of Centennial Steel Company Limited on amalgamation		0.000	0.000	8.700
	Profit and loss account balance relating to acquisition		339.700	0.000	0.000
	APPROPRIATIONS
		Transfer to General Reserve	6412.200	5063.000	6696.400
		Dividend	9712.100	7769.700	11654.600
		Tax on Dividend	661.900	1287.300	1815.700
		Distribution on Hybrid Perpetual Securities	16786.2	1798.400	1733.000
		Transfer to Debenture Redemption Reserve		0.000	0.000
	BALANCE CARRIED TO THE B/S		292081.000	246161.700	211450.400
	EARNINGS IN FOREIGN CURRENCY
		Export of steel and other materials (F.O.B.)	20105.300	23410.800	18048.700
		Interest received	250.300	251.700	755.500
		Others	3434.300	72.000	59.700
	TOTAL EARNINGS		23789.900	23734.500	18863.900
	IMPORTS
		Raw Materials	60111.700	56895.600	59121.400
		Semi-finished products	915.500	1328.000	358.500
		Components, stores and spare parts	8695.900	8806.600	4663.400
		Capital Goods	28712.400	16544.600	14252.300
	TOTAL IMPORTS		98435.500	83574.800	78395.600
	Earnings / (Loss) Per Share (Rs.)
	Basic		64.21	50.28	67.84
	Diluted		64.21	50.28	66.62

QUARTERELY RESULT

Particulars	30.09.2014	30.06.2014
Audited / UnAudited	UnAudited	UnAudited
Net Sales	107850.700	104682.600
Total Expenditure	76909.400	72124.000
PBIDT (Excl OI)	30941.300	32558.600
Other Income	2623.900	1435.000
Operating Profit	3,3565.200	33993.600
Interest	4888.000	4923.400
Exceptional Items	11468.600	7879.600
PBDT	40145.800	36949.800
Depreciation	4745.700	4932.600
Profit Before Tax	3,5400.100	32017.200
Tax	10636.000	9337.400
Provisions and contingencies	0.000	0.000
Profit After Tax	24764.100	22679.800
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	24764.100	22679.800

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	15.54	13.25	19.73
Operating Profit Margins (PBTIT / Sales)	(%)	32.62	29.72	38.12
Return on Total Assets (PBT/Total Assets}	(%)	16.54	18.15	32.13
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.18
Debt Equity Ratio (Total Debt/Networth)		0.37	0.41	0.39
Current Ratio (Current Asset/Current Liability)		0.61	0.70	0.76

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	9714.100	9714.100	9714.100
Reserves & Surplus	512450.500	542382.700	601765.800
Hybrid perpetual securities	22750.000	22750.000	22750.000
Net worth	544,914.600	574,846.800	634,229.900
long-term borrowings	213532.000	235655.700	238080.900
Short term borrowings	656.200	709.400	436.900
Total borrowings	214,188.200	236,365.100	238,517.800
Debt/Equity ratio	0.393	0.411	0.376

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	339,334.600	381,994.300	412,712.400
		12.572	8.042

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	339,334.600	381,994.300	412,712.400
Profit/(Loss) After Tax	66,964.200	50,629.700	64,121.900
	19.73%	13.25%	15.54%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

CASE DETAILS BENCH: BOMBAY
Presentation Date : - 25.07.2013
Lodging No: CEXAL/225/2013 Filing Date: 25.07.2013 Reg. No.: CEXA/195/2013 Reg. Date: 09.10.2013
Petitioner:	THE COMMISSIONER OF CENTRAL EXCIES			Respondent:		M/S. TATA STEEL LIMITED (Wire Division)
Petn. Adv:	J.B. MISHRA (0)			Resp. Adv.:-		PDS LEGAL (0)
District: MUMBAI
Bench: DIVISION
Status:		Admitted (Unready)	Category:-		CENTRAL EXCIES APPLICATION (CEXA)
Last Date :-		21/07/2014	Stage : -		FRESH ADMISSION
Last Coram:- HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE B.P. COLABAWALLA
ACT: Central Excise and Salt Act UNDER SECTION: 35G

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Bonds/Debentures
Non-convertible debentures	113999.700	114428.700
4.5% Foreign Currency Convertible Bonds	0.000	29690.400
Term loans
From banks	94335.700	62686.400
From financial institutions and others	8490.000	8490.000
Deferred payment liabilities	0.000	0.000
SHORT TERM BORROWINGS
Other loans	436.900	709.400
TOTAL	217262.300	216004.900
Terms of repayment of outstanding unsecured borrowings are as follows: Bonds/Debentures 10.25% p.a. interest bearing 25,000 debentures of face value Rs. 1000000 each are redeemable at par in 3 equal annual installments commencing from 6th January, 2029. 10.25% p.a. interest bearing 5,000 debentures of face value Rs. 1000000 each are redeemable at par in 3 equal annual installments commencing from 22nd December, 2028. 2.00% p.a. interest bearing 15,000 debentures of face value Rs. 1000000 each are redeemable at a premium of 85.03% of the face value on 23rd April, 2022 9.15% p.a. interest bearing 5,000 debentures of face value Rs. 1000000 each are redeemable at par on 24^th January, 2021. 11.00% p.a. interest bearing 15,000 debentures of face value Rs. 1000000 each are redeemable at par on 19^th May, 2019. 10.40% p.a. interest bearing 6,509 debentures of face value Rs. 1000000 each are redeemable at par on 15^th May, 2019. 9.15% p.a. interest bearing 5,000 debentures of face value Rs. 1000000 each are redeemable at par on 24^th January, 2019. 10.20% p.a. interest bearing 6,200 debentures of face value Rs. 1000000 each are redeemable on 7th May, 2015. 12.50% p.a. interest bearing 12,500 debentures of face value Rs. 1000000 each are redeemable in 3 equal annual installments commencing from 19th November, 2014. Term loans from banks USD 200.00 million equivalent to Rs. 11980.000 millions (31.03.2013: Nil) loan is repayable in 3 equal annual installments commencing from 11th March, 2018. Indian rupee loan amounting Rs.20000.000 millions (31.03.2013: Nil) is repayable in 34 quarterly installments commencing from 31st December, 2016 subject to achievement of financial closure of Kalinganagar project debt within 12 months from the date of first disbursement. USD 335.00 million equivalent to Rs. 2,0066.500 millions (31.03.2013: USD 335 million equivalent to Rs. 18185.500 millions) loan is repayable on 10th June, 2015. Indian rupee loan amounting Rs. 1,50000.000 millions (31.03.2013: Rs. 20000.000 millions) is repayable in 5 semi-annual installments commencing from 30th April, 2015. GBP 100.00 million equivalent to Rs. 9983.500 millions (31.03.2013: GBP 100 million equivalent to Rs.8221.400 millions) loan is repayable on 4th April, 2015. JPY 1,097.90 million equivalent to Rs. 637.100 millions (31.03.2013: JPY 4.5 million equivalent to Rs.2.600 millions) loan is repayable in 20 equal semi-annual installments commencing from 27th July, 2014. Euro 43.23 million equivalent to Rs. 3566.800 millions (31.03.2013: Euro 48.63 million equivalent to Rs.3384.600 millions) loan is repayable in 16 equal semi-annual installments; the next installment is due on 6th July, 2014. Euro 23.46 million equivalent to Rs.1935.900 millions (31.03.2013: Euro 28.16 million equivalent to Rs.1959.500 millions) loan is repayable in 10 equal semi-annual installments; the next installment is due on 1st July, 2014. USD 19.59 million equivalent to Rs. 1173.600 millions (31.03.2013: USD 19.59 million equivalent to Rs.1063.600 millions) loan is repayable on 4th June, 2014. Euro 3.88 million equivalent to Rs. 320.100 millions (31.03.2013: Euro 4.85 million equivalent to Rs.337.500 millions) loan is repayable in 8 equal semi-annual installments; the next installment is due on 2nd May, 2014. Euro 162.40 million equivalent to Rs.13398.900 millions (31.03.2013: Euro 181.50 million equivalent to Rs. 12631.500 millions) loan is repayable in 17 equal semi-annual installments; the next installment is due on 30th April, 2014. Term loans from financial institutions and others Indian rupee loan amounting Rs. 6500.000 millions (31.03.2012: Rs. 6500.000 Millions) is repayable on 16th June, 2019. Indian rupee loan amounting Rs. 1990.000 millions (31.03.2012: Rs. 1990.000 Millions) is repayable on 30th June, 2016.

INDEX OF CHARGES

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

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
(a) Claims not acknowledged by the Company
(i) Excise and Service Tax	4152.700	4662.100
(ii) Customs	137.100	137.000
(iii) Sales Tax and VAT	2832.500	3868.500
(iv) State Levies	2717.300	2681.400
(v) Suppliers and Service Contract	803.800	775.200
(vi) Labour Related	488.500	452.300
(vii) Income Tax	1075.500	81.100
(viii) Royalty	140.100	140.100
(b) The Company has given guarantees aggregating Rs.22243.800 Millions (31.03.2013: Rs. 5799.100 Millions) on behalf of others. As at 31st March, 2014, the contingent liabilities under these guarantees amounts to Rs.22243.800 Millions (31.03.2013: Rs. 5799.100 Millions). (c) Claim by a party arising out of conversion arrangement - Rs.1958.200 Millions (31.03.2013: Rs.1958.200 Millions). The Company has not acknowledged this claim and has instead filed a claim of Rs.1396.500 Millions (31.03.2013: Rs.1396.500 Millions) on the party. The matter is pending before the Calcutta High Court. (d) The State Government of Odisha introduced "Orissa Rural Infrastructure and Socio Economic Development Act, 2004" with effect from February 2005 levying tax on mineral bearing land computed on the basis of value of minerals produced from the mineral bearing land. The Company had filed a Writ Petition in the High Court of Orissa challenging the validity of the Act. Orissa High Court held in November 2005 that State does not have authority to levy tax on minerals. The State Government of Odisha moved to the Supreme Court against the order of Orissa High Court and the case is pending with Supreme Court. The potential liability, as of 31st March, 2014 would be approximately Rs. 39466.500 Millions (31.03.2013: Rs.30064.600 Millions). (e) Interest expenditure on loans taken and deployed for Corus acquisition has been disallowed in assessments with tax demand raised for Rs. 4530.000 Millions. Company has deposited Rs. 3000.000 Millions as a precondition to prefer appeals and is reasonably confident of succeeding in litigation, on due consideration of facts and legal position. (f) The Company has been paying royalty on coal extracted from its quarries pursuant to the judgement and order dated 23rd July, 2002 passed by the Jharkhand High Court. However, the State Government demanded royalty at rates applicable to processed coal. Though the Company has contested the above demand, it has started paying, under protest, royalty on processed coal from November 2008. The demand of the state mining authority has been confirmed by High Court vide its Judgment dated 12th March, 2014. High Court has concluded that the State cannot claim interest till the Hon’ble Supreme Court decides the pending SLP’s filed by State and Company in the year 2004. Company has filed SLP before Supreme Court against the order of the High Court dated 12th March, 2014. In the hearing held on 2nd May, 2014, the case has been referred to the Larger Bench of the Supreme Court. Principal demand amount have been provided in the books. Interest amount of Rs. 3018.300 Millions (31.03.2013: Rs.4539.100 Millions including principal demand of Rs.1900.000 Millions) has been considered as contingent liability. (g) The Company pays royalty on ore on the basis of quantity removed from the leased area at the rates based on notification by the Ministry of Mines, Government of India and the price published by India Bureau of Mines (IBM) on a monthly basis. An additional demand of Rs. 1481.500 Millions has been raised by Deputy Director of Mines, Joda, claiming royalty at sized ore rates on dispatches of ore fines. The Company has filed a revision petition on 14th November, 2013 before the Mines Tribunal, Government of India, Ministry of Mines, New Delhi, challenging the legality and validity of the demand raised and also to grant refund of royalty excess paid by the Company. Accordingly, the demand of Rs. 1481.500 Millions (31.03.2013: Rs. 790.800 Millions) has been considered as a contingent liability. (h) In terms of Agreements entered into in 2008-09 between Tata Teleservices Ltd. (TTSL), Tata Sons Limited (TSL) and NTT DoCoMo, Inc. of Japan (Strategic Partner-SP), the Company sold to the SP, 52,46,590 equity shares of Tata Teleservices Ltd. (“TTSL”) at Rs.116.09 per share which resulted in a profit of Rs. 497.700 Millions in the same year. Tata Sons Limited is party to a Shareholders Agreement with NTT DoCoMo, Inc. of Japan (Strategic Partner – SP) dated 25th March, 2009 and amended on 21st May, 2010. The Company has an “inter se” agreement with Tata Sons Limited and other Tata Group companies. Tata Sons Limited has informed the Company as follows: (i) Under the terms of the Shareholders Agreement if certain performance parameters and other conditions are not met by TTSL by 31st March, 2014 the SP has an option to divest its entire shareholdings in TTSL at a price being the higher of fair value or Rs. 58.05 per share (i.e. 50 percent of the subscription price) (“Sale Price”), subject to compliance with applicable law and regulations (“Sale Option”). (ii) Tata Sons Limited had offered other shareholders of TTSL, including the Company, the option in 2008-09 to sell to the SP. If Tata Sons Limited becomes obliged to acquire the Sale Shares under the Sale Option the Company can be nominated by it to acquire pro-rated proportions of the Sale Shares based on the number of shares sold by the Company to the SP. On a pro-rated bases the number of shares would be 2,58,83,846 shares out of the Sale Shares. The Company has further agreed to reimburse Tata Sons Limited for any other indemnification claim made on Tata Sons Limited by SP on a similar proportionate basis. (iii) In the wake of recent regulatory developments in India, Tata Sons Limited has considered its position relating to the possible exercise of the Sale Option under the Shareholders Agreement. (iv) The Shareholders Agreement obliges Tata Sons Limited to find a buyer for the shares at the Sale Price. (v) If there is no buyer at the Sale Price, then Tata Sons Limited is obliged to acquire or procure the acquisition of such shares. These obligations are subject to compliance with applicable law and regulations. (vi) No notice of exercise of the Sale Option has been received although the SP has communicated its board decision to exercise the Sale Option. (vii) Pending receipt of a notice exercising the Sale Option and in view of applicable law and regulations, the exposure of the Company (if any) cannot be ascertained. The aforementioned agreements are governed by Indian Law. (i) Bills discounted Rs.3695.900 Millions (31.03.2013: Rs. 4695.800 Millions).

GLOBAL STEEL OUTLOOK

Tata Steel is the world’s second most geographically diversified steel company with significant exposure in India and Europe.

As per the World Steel Association, the global apparent steel use is likely to grow by 3.1% in 2014 to 1,527 million tonnes and by 3.3% to 1,576 million tonnes in 2015 as opposed 3.6% growth in 2013. In India, steel demand is expected to grow by 3.3% to 76.2 million tonnes in 2014 and by 4.5% to 79.6 million tonnes in 2015, following a marginal 1.8% growth in 2013. Similarly, the apparent steel use for EU (28) is expected to grow by 3.1% in 2014 to 143.3 million tonnes and 3% to 147.6 million tonnes in 2015 as compared to a de-growth of-0.2% in 2013. This will help to recoup the demand in construction and automotive segments, which have almost bottomed out.

Growth of the Chinese economy, which in recent years has been one of the main demand drivers in the global mining and steel industries, has continued to slow down in the last 12-18 months, along with other emerging economies. A slow economic recovery in North America, continued stagnation in Europe and a continued slowdown in emerging economies including India and China would impact the global manufacturing and metals industry like Steel.

A recent release (April 2014) of quantitative risk assessment in the World Economic and Financial Survey by the International Monetary Fund (IMF) suggests that recession risks have decreased slightly for the major economies and have remained broadly unchanged for other economies. However, the risk of Eurozone crisis and a hard landing for China cannot be ruled out.

MANAGEMENT DISCUSSION AND ANALYSIS 2013-14

Overview

The following operating and financial review is intended to convey the management’s perspective on the financial condition and operating performance of the Company at the end of Financial Year 2013-14. The following discussion of the Company’s financial condition and results of operations should be read in conjunction with the Company’s financial statements, the schedules and notes thereto and the other information included elsewhere in the Annual Report.

The Company’s financial statements have been prepared in compliance with the requirements of the Companies Act, 1956, guidelines issued by the Securities and Exchange Board of India (SEBI) and the Generally Accepted Accounting Principles (GAAP) in India. The statistical data provided in the analysis represents changes during the calendar year.

INDUSTRY STRUCTURE

Global steel industry and the outlook Steel Demand

After a period of 5 years, since the break out of the global financial crisis and with significant liquidity injection by several large economies, the macro data from the developed economies started showing trends of slow improvement during 2013 even though several structural weaknesses still needs to be addressed before these trends can be considered sustainable. Global growth remains below pre-crisis levels and much weaker than during the rebound that took place in 2010 and 2011.

In 2013, global steel demand grew by 3.6% to 1.48 billion tonnes due to improved performance in the developed economies especially in North America and Euro Zone in the second half of the year. However, growth in emerging markets slowed down in 2013 due to weak demand especially in developed countries and tighter financial conditions.

The World crude steel production rose by 3.5% to 1.607 billion vtonnes in the year 2013.

The following table shows the crude steel production volume of the top 10 steel producing nations:

in million tonnes

Rank Country 2013 2012 Change %

1 China 779.0 716.5 8.7

2 Japan 110.6 107.2 3.2

3 United States 87.0 88.7 (1.9)

4 India 81.2 77.6 4.6

5 Russia 69.4 70.4 (1.4)

6 South Korea 66.0 69.1 (4.5)

7 Germany 42.6 42.7 (0.1)

8 Turkey 34.7 35.9 (3.4)

9 Brazil 34.2 34.5 (0.9)

10 Ukraine 32.8 33.0 (0.5)

Source: World Steel Association

It would be important to note that while China has been one of the key engines of global growth in the last decade, it is now looking at a more sustainable model of growth in the next decade rather than pursuing absolute growth. The impact of the above shift will be felt across regions especially those economies that are dependent on commodities and exports to China for sustenance. The economic recovery therefore remains fragile due to divergent underlying supply demand conditions across different regions. Despite some signs of recovery in global steel demand, continued volatility and uncertainty make it a challenging environment for steel companies.

STEEL INDUSTRY IN INDIA

In 2013, India remained the 4th largest steel producing country in the world, behind China, Japan and the US. Crude steel production grew by 4.6% to 81.2 million tonnes and steel demand grew by 1.8%.

India’s GDP growth has slowed down to 5% in 2013 on account of rising inflation and tight monetary controls. This has led to weak domestic steel demand, which grew by 3.3% in 2013 inspite of rise in demand in the last quarter. This has resulted in India becoming the net exporter of steel in Financial Year 2013-14 after a gap of six years. Total steel exports by India during the Financial Year stood at 5.59 million tonnes, as against imports of 5.44 million tonnes as per the report issued by Joint Plant Committee (JPC), a unit of the steel ministry.

India's GDP is expected to grow by 5% and steel demand is expected to growth by 3.3% in 2014. The automotive sector (passenger vehicles and commercial vehicles), which grew by -6% in the Financial Year 2013-14, is expected to grow by about 3%-4% in Financial Year 2014-15. Similarly, the construction sector growth isexpected to grow by 5% in the next year compared to growth of 1.9% in the Financial Year 2013-14.

EUROPEAN UNION (EU) STEEL INDUSTRY

The adverse impact of harsh weather conditions and overall weak demand fundamentals in the EU during the first half were swept aside by the gradual recovery in activity of the EU’s steel using sectors especially in automotive during 2013. Further, the export demand from emerging economies boosted activity for the premium segment manufacturers.

Apparent steel use in the EU (28) is expected to grow by 3.1% in 2014 to 143.3 million tonnes and 3% in 2015 to reach 147.55 million tonnes led by the growth of construction sector, which has almost bottomed out.

STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED ON 30.09.2014

Particulars	Quarter Ended		Six Months Ended
	30.09.2014	30.06.2014	30.09.2014
	Audited	Audited	Audited
Net Sales / Income from Operations
Other Operating Income	840.900	103777.300	210787.100
Net Sales / Income from operations ( Net of Excise Duty)	1,07,009.800	905.300	1746.200
Total	1,07,850.700	104682.600	212533.300
Expenditure
Freight & Handling Expenses	6,939.700	6909.200	13848.900
Other Expenses	25,823.900	23814.900	49638.800
Raw Material Consumed	27,217.100	25639.900	52857.000
Purchase of Power	6,774.500	7212.800	13987.300
Employee Benefit Expenses	11,433.300	11302.600	22735.900
Changes in inventories of finished goods, wip and Stock-in-trade	(3,041.800)	(3434.600)	(6476.400)
Depreciation and Amortisation expense	4,745.700	4932.600	9678.300
Purchases of Finished, Semi-finished Steel & Other Products	1,762.700	679.200	2441.900
Total	81,655.100	77056.600	158711.700
Profit from Operations before Other Income, Interest and Exceptional Items	26,195.600	27626.000	53821.600
Other Income	2,623.900	1435.000	4058.900
Profit before Interest and Exceptional Items	28,819.500	29061.000	57880.500
Interest	4,888.000	4923.400	9811.400
Profit after Interest but before Exceptional Items	23,931.500	24137.600	48069.100
Exceptional Items
Profit on sale of non current Investment	0.000	7879.600	7879.600
Profit on sale of non current assets	11,468.600	0.000	11468.600
Profit (+)/ Loss (-) from Ordinary Activities before Tax	35,400.100	32017.200	67417.300
Tax
Current Tax	10,357.000	8932.700	19289.700
Deferred Tax	279.000	404.700	683.700
Total	10,636.000	9337.400	19973.400
Net Profit (+)/ Loss (-) from Ordinary Activities after Tax	24,764.100	22679.800	47443.900
Extraordinary Items	0.000	0.000	0.000
Net Profit	24,764.100	22679.800	47443.900
Equity Capital	9,714.100	9,714.100	9,714.100
Face Value (in Rs10/-)
Reserves	0.000	0.000	0.000
EPS before Extraordinary items (in Rs)
EPS after Extraordinary items (in Rs)
Basic & Diluted EPS after Extraordinary items	25.04	22.90	47.94
Net Debt Equity Ratio			0.36
Debt Service Coverage Ratio			5.62
Interest Service Coverage Ratio			7.99
Number of Public Shareholding	64,93,36,002	643273897	64,93,36,002
Percentage of Public Shareholding	68.07	67.87	68.07
Promoters and Promoter Group Shareholding
Pledged / Encumbered
Number of Shares	2,74,00,000	2,74,00,000	2,74,00,000
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	9.00	9.00	9.00
Percentage of Shares (as a% of the total share capital of the company)	2.82	2.82	2.82
Non-encumbered
Number of Shares	27,71,14,362	27,71,14,362	27,71,14,362
Percentage of Shares (as a% of the total shareholding of promoter & prom group)	91.00	91.00	91.00
Percentage of Shares (as a % of the total share capital of the company)	28.53	28.53	28.53

Particulars	Quarter ended on 30.09.2014
Preceding at the beginning of the quarter	4
Received during the quarter	43
Disposed off during the quarter	32
Remaining unresolved at the end of the quarter	15

STANDALONE SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED

Sr. No.	Particular	Quarter Ended		Six months ended
		30.09.2014	30.06.2014	30.09.2014
		Audited	Audited	Audited
1.	Segment Revenue
	Steel business	103881.300	99670.600	203551.900
	Ferro alloys and minerals	2994.400	4473.500	7467.900
	Others	6183.700	5892.600	12076.300
	TOTAL	113059.400	110036.700	223096.100
	Less: Inter Segment Revenue	5208.700	5354.100	10562.800
	Net Sales/Income From Operations	107850.700	104682.600	212533.300
1.	Segment Revenue
	Steel business	27858.300	28016.900	55875.200
	Ferro alloys and minerals	556.800	1060.100	1616.900
	Others	116.700	164.400	281.100
	Unallocated	287.700	(180.400)	107.300
	TOTAL	28819.500	29061.000	57880.500
	Less:
	Finance cost	4888.000	4923.400	9811.400
	Profit / Loss before Exceptional Items	23931.500	24137.600	48069.100
	Profit on sale of non current Investment	0.000	7879.600	7879.600
	Profit on sale of non current assets	11468.600	0.000	11468.600
	TOTAL PROFIT BEFORE TAX	35400.100	32017.200	67417.300
3.	CAPITAL EMPLOYED
	(Segment Assets-Segment Liabilities)
	Steel business	432122.100	407323.200	432122.100
	Ferro alloys and minerals	2888.600	3239.100	2888.600
	Others	1414.500	1425.500	1414.500
	Unallocated	6655.700	(16448.400)	6655.700
	TOTAL	443080.900	395539.400	443080.900

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.09.2014
	Audited
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9714.100
(b) Reserves & Surplus	648685.600
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	658399.700
Hybrid Perpetual Securities	22750.000
(3) Non-Current Liabilities
(a) long-term borrowings	229636.000
(b) Deferred tax liabilities (Net)	20502.200
(c) Other long term liabilities	11756.600
(d) long-term provisions	24668.200
Total Non-current Liabilities (3)	286563.000
(4) Current Liabilities
(a) Short term borrowings	724.500
(b) Trade payables	63500.500
(c) Other current liabilities	124473.700
(d) Short-term provisions	15431.400
Total Current Liabilities (4)	204130.100
TOTAL	1171842.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	456985.200
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	522667.100
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	28127.700
(e) Other Non-current assets	2155.500
Total Non-Current Assets	1009935.500
(2) Current assets
(a) Current investments	48512.000
(b) Inventories	71415.100
(c) Trade receivables	5341.300
(d) Cash and cash equivalents	19562.500
(e) Short-term loans and advances	16332.700
(f) Other current assets	743.700
Total Current Assets	161907.300
TOTAL	1171842.800

Note :

• The results have been reviewed by the Audit Committee in its meeting held on November 11, 2014 and approved by the Board of Directors in its meeting of date.

• Tata Steel UK Holdings Limited, a 100% indirect subsidiary of the Company has signed a non-binding memorandum of understanding with Klesch Group on October 15, 2014 to undertake detailed due diligence and negotiations for the potential sale of its Long Products Europe business and associated distribution activities.

• The actuarial gains and losses on funds for employee benefits (pension plans) of Tata Steel Europe Limited for the period from April 1, 2008 have been accounted in "Reserves and Surplus" in the consolidated financial statements in accordance with IFRS/IND AS principles and as permitted by Accounting Standard 21. Had the Company recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the statement of profit and loss, the consolidated profit after taxes, minority interest and share of profit of associates for the six months ended September 30, 2014 would have been lower by Rs.10388.200 Millions (Rs.5863.600 Millions for the quarter) and the consolidated profit after taxes, minority interest and share of profit of associates for the six months ended September 30, 2013 would have been lower by Rs.3753.800 Millions (Rs.12303.700 Millions for the quarter).

• Tata Steel UK Holdings Limited, a 100% indirect subsidiary of the Company has executed agreements on October 16, 2014 for the refinancing of its bank debt through term loan and revolving credit facilities of €3.05 billion. The debt was originally incurred in relation with the acquisition of Corus Group pic in 2007. The new financing structure consists of a 5 year loan of €370 million, a 6 year revolving credit facility for working capital purposes of £700 million and a 7 year loan of €1.8 billion.

• Tata Steel Global Holdings Pte Ltd., another 100% indirect subsidiary of the Company incorporated in Singapore has also executed agreements on October 16, 2014 for loan facilities of US$1.5 billion comprising of a 5 year loan of US$700 million and a 7 year loan of US$800 million. The proceeds of this loan will be used to repay term debts, term out working capital and fund investment needs of the Tata Steel Group outside India.

• The Company has been operating its mining activities in Odisha and Jharkhand with all statutory clearances such as environmental clearances, forest clearances, consent to operate etc. The Company had also submitted the applications for renewal of its mines well before the expiry of the leases as stipulated under the law.

• In Odisha, the State Government of Odisha has issued Express Order under Section 8(3) of the M&M(D&R) Act, 1957 on May 31, 2014 for Joda East Iron Mine, Katamati, Bamebari and Joda West Mines based on which these mines are currently operating and the procedures for the renewal of the lease execution are currently underway However, the Express Orders for Sukinda Chromite Mine and Khondbond Iron Mine are still pending with the State Government of Odisha. Consequently, the mining operations and the expansion of mining capacity in Khondbond have been suspended since May 2014. Further the suspension of mining operations at Sukinda Chromite Mine has led to stoppage of operations of the company's Ferro Alloys Plants at Bamnipal and the wholly owned subsidiary TS Alloys since first week of August 2014.

• In Jharkhand, the applications for the renewal of the mining leases were made much ahead of its renewal date in compliance to law, However, the state government has issued stop mining order in September 2014 following its interpretation of the gazette notification of the Ministry of Mines, Government of India on July 18, 2014. In response to the Company's petition to the Honourable High Court of Jharkhand, the Government of Jharkhand has informed the Court on November 7, 2014 that it has taken the decision to renew the leases of the Company. The above matter is pending before the High Court of Jharkhand.

• During the quarter, the company completed the sale of a land at Borivali, Mumbai. Exceptional item 8(b) represents the profit on sale of the land.

• The consolidated financial results have been subjected to limited review and the stand-alone financial results have been audited by the statutory auditors.

· Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.

PRESS RELEASES

TATA STEEL CONFERRED THE IEI INDUSTRY EXCELLENCE AWARDS, 2014

Tata Steel was conferred the IEI Industry Excellence award in the category of Business Excellence and Industry Practices in Manufacturing & Processing (Category - Turnover of Rs. 10000.000 Millions and above) at the inaugural function of 29th Indian Engineering Congress held on 19th December' 2014 at Hyderabad. The ceremony was organised by The Institution of Engineers, India.

The award was received by Mr B K Das, Vice President, Coke Sinter & Iron, Tata Steel on behalf of the company from His Excellency, Mr E S L Narsimhan, Honorable Governor, State of Andhra Pradesh and Telengana.

ABOUT IEI INDUSTRY EXCELLENCE

The IEI Industry Excellence Award has been instituted to recognize industry leaders for their innovation, excellence in engineering operations and thereby to lead their industry in competitive manner. Realizing that such industries can provide the leadership to a large number of other industries in the country, it has been considered appropriate by the IEI Council to launch the IEI Industry Excellence Awards in the year 2008.

ABOUT TATA STEEL

Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is among the top global steel companies with an annual crude steel capacity of nearly 30 million tonnes per annum (MnTPA). It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of US$ 24.81 billion in FY 14, has over 80,000 employees across five continents and is a Fortune 500 company. The Group's vision is to be the world's steel industry benchmark in "Value Creation" and "Corporate Citizenship" through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. In 2008, Tata Steel India became the first integrated steel plant in the world, outside Japan, t.o be awarded the Deming Application Prize 2008 for excellence in Total Quality Management. In 2012, Tata Steel became the first integrated steel company in the world, outside Japan, to win the Deming Grand Prize 2012 instituted by the Japanese Union of Scientists and Engineers.

FIXED ASSETS

• Freehold Land and Roads
• Leasehold Land
• Building
• Leasehold Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Vehicles
• Railway Sidings

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.16
UK Pound	1	Rs. 94.28
Euro	1	Rs. 77.73

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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