MIRA INFORM REPORT

Report No. :	305087
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	TATA INDUSTRIES LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.04.1945
Com. Reg. No.:	11-004403
Capital Investment / Paid-up Capital :	Rs.10795.460 millions
CIN No.: [Company Identification No.]	U44003MH1945PLC004403
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08994G
PAN No.: [Permanent Account No.]	AAACT4058L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject’s operations predominantly relate to financing, investing and promotion of new ventures.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

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 95950000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an investment company of Tata Group having excellent track. Available information indicates high financial responsibility of the company. Financial position is good. Trade relations are fair Business is active. Payments are regular and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long-run.

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

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-66657940/ 7897/ 22867101/ 22049131/ 22021464/ 66658282
Fax No.:	91-22-22047996/ 66657974
E-Mail :	dbhagwagar@tata.com tataind@tata.com sharajadhyaksha@tata.com nrsrinivasan@tata.com
Website :	http://www.tata.com

DIRECTORS

AS ON 29.09.2014

Name :

Cyrus Pallonji Mistry

Designation :

Director

Address :

Sterling Bay, 103, Walkeshwar Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

04.07.1968

Date of Appointment :

29.12.2012

DIN No. :

00010178

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	16/01/1990	16/01/1990	26/10/2009	Active	NO
2	U45200MH1943PTC003812	SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED	Managing director	29/09/2009	27/03/1991	21/03/2012	Active	NO
3	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	03/07/1991	03/07/1991	27/11/2009	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04/04/1994	04/04/1994	14/12/2009	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	28/01/2008	Active	NO
6	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
7	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	08/12/2011	Active	NO
8	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U27203MH1995PTC095322	SP ALUMINIUM SYSTEMS PRIVATE LIMITED	Director	11/03/1996	11/03/1996	16/11/2010	Active	NO
11	U65990MH1997PTC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY PRIVATE LIMITED	Director	06/11/1997	06/11/1997	08/12/2011	Active	NO
12	U72200MH1999PTC122642	BUILDBAZAAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	12/11/1999	12/11/1999	25/11/2011	Active	NO
13	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	04/12/1999	04/12/1999	29/01/2008	Active	NO
14	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	26/04/2000	31/03/2012	Active	NO
15	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	23/06/2003	23/06/2003	09/12/2011	Active	NO
16	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	31/07/2006	19/08/2005	15/12/2009	Active	NO
17	U99999MH1917PLC000478	TATA SONS LIMITED	Managing director	29/12/2012	10/08/2006	-	Active	NO
18	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	07/07/2008	Active	NO
19	U80904MH2007PLC167754	IMPERIAL COLLEGE INDIA FOUNDATION	Director	10/02/2007	10/02/2007	01/12/2014	Active	NO
20	U85100MH1946GAT005082	BREACH CANDY HOSPITAL TRUST	Director	04/09/2008	03/04/2008	20/03/2012	Active	NO
21	U45200MH2008NPL188263	INSTITUTE FOR LEAN CONSTRUCTION EXCELLENCE	Director	17/11/2008	17/11/2008	17/11/2011	Active	NO
22	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	29/12/2012	29/11/2011	-	Active	NO
23	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	08/11/2012	23/12/2011	-	Active	NO
24	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	29/10/2012	24/02/2012	-	Active	NO
25	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	28/12/2012	02/04/2012	-	Active	NO
26	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	28/12/2012	21/05/2012	-	Active	NO
27	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	28/12/2012	29/05/2012	-	Active	NO
28	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	28/12/2012	30/05/2012	-	Active	NO
29	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	31/08/2012	22/06/2012	-	Active	NO
30	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	02/08/2013	28/12/2012	-	Active	NO

Name :

Ishaat Hussain

Designation :

Director

Address :

222-A, NCPA Apartments, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

02.09.1947

Date of Appointment :

03.04.1998

DIN No. :

00027891

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Nominee director	17/07/1989	17/07/1989	-	Active	NO
2	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	03/04/1998	03/04/1998	-	Active	NO
3	U99999MH1917PLC000478	TATA SONS LIMITED	Director	30/09/2013	24/11/1998	-	Active	NO
4	L29308MH1954PLC009371	VOLTAS LIMITED	Director	26/04/1999	26/04/1999	-	Active	NO
5	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	15/07/1999	15/07/1999	-	Active	NO
6	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Nominee director	29/09/1999	29/09/1999	-	Active	NO
7	U65991MH1995PLC087722	TATA TRUSTEE COMPANY LIMITED	Director	16/06/2000	16/06/2000	17/03/2011	Active	NO
8	U66010MH2000PLC128403	TATA AIA LIFE INSURANCE COMPANY LIMITED	Director	23/08/2000	23/08/2000	-	Active	NO
9	U85110MH2000PLC128425	TATA AIG GENERAL INSURANCE COMPANY LIMITED	Nominee director	24/08/2000	24/08/2000	-	Active	NO
10	L72200TG1975PLC001970	CMC LIMITED	Director	16/10/2001	16/10/2001	04/01/2010	Active	NO
11	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	01/07/2002	01/07/2002	26/06/2007	Active	NO
12	U72200TN2003PTC050510	SPEECH AND SOFTWARE TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	13/03/2003	13/03/2003	-	Active	NO
13	U92120MH2001PLC130365	TATA SKY LIMITED	Director	06/02/2004	06/02/2004	-	Active	NO
14	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	02/03/2005	02/03/2005	26/09/2011	Active	NO
15	U67120MH2005PLC155188	BSE LIMITED	Director	14/09/2007	09/11/2006	29/05/2010	Active	NO
16	U65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	17/07/2007	13/04/2007	-	Active	NO
17	L99999MH1863PLC000002	BOMBAY BURMAH TRADING CORPORATION LIMITED	Director	30/05/2007	30/05/2007	14/01/2011	Active	NO
18	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	02/07/2010	05/01/2010	-	Active	NO
19	L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	Director	08/08/2014	01/06/2010	-	Active	NO
20	U72200DL2004PLC228400	VIOM NETWORKS LIMITED	Director	29/09/2011	18/03/2011	-	Active	NO
21	U63013DL2004PLC217305	GO AIRLINES (INDIA) LIMITED	Director	21/06/2011	21/06/2011	16/09/2013	Active	NO
22	U67100MH2010PLC210201	TATA CAPITAL FINANCIAL SERVICES LIMITED	Director	19/07/2012	15/03/2012	-	Active	NO
23	U80101MH2002NPL136300	PRATHAM EDUCATION FOUNDATION	Additional director	13/03/2014	13/03/2014	-	Active	NO

Name :

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	06/12/2000	06/12/2000	19/11/2007	Active	NO
2	U63020MH1970PLC014572	CHEMICAL TERMINAL TROMBAY LIMITED	Director	01/11/2002	01/11/2002	25/07/2008	Active	NO
3	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	18/12/2002	18/12/2002	-	Active	NO
4	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	24/03/2003	24/03/2003	26/05/2007	Active	NO
5	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
6	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	08/08/2007	16/10/2006	31/01/2011	Active	NO
7	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	27/07/2007	30/10/2006	-	Active	NO
8	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	18/06/2007	23/11/2006	31/01/2011	Active	NO
9	U74899DL2000PLC106999	MAITHON POWER LIMITED	Nominee director	08/12/2006	08/12/2006	01/09/2008	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	13/09/2007	03/02/2007	05/03/2012	Active	NO
11	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Additional director	19/02/2007	19/02/2007	25/09/2008	Active	NO
12	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Director	24/08/2007	14/03/2007	03/02/2011	Active	NO
13	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	07/08/2007	22/04/2007	29/01/2011	Active	NO
14	L32200MH1940PLC003164	NELCO LIMITED	Director	20/07/2007	20/07/2007	05/06/2013	Active	NO
15	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	23/07/2007	23/07/2007	24/03/2014	Active	NO
16	L65110GJ1993PLC020769	AXIS BANK LIMITED	Director	17/06/2011	09/10/2010	-	Active	NO
17	U74210MH1999PLC123010	TATA CONSULTING ENGINEERS LIMITED	Director	30/06/2011	01/02/2011	-	Active	NO
18	L29130MH1961PLC011980	SKF INDIA LIMITED	Director appointed in casual vacancy	08/03/2011	08/03/2011	-	Active	NO
19	U11100MH1993PLC134095	TATA PETRODYNE LIMITED	Director	13/07/2012	01/04/2012	13/03/2013	Active	NO
20	L74210JH1962PLC000700	TRF LIMITED	Director	02/08/2014	02/08/2013	-	Active	NO
21	U62200DL2013PLC259904	TATA SIA AIRLINES LIMITED	Director	21/11/2013	05/11/2013	-	Active	NO
22	U85191MH2014NPL253500	TATA FOUNDATION	Director	21/02/2014	21/02/2014	-	Active	NO

Name :

Nirmalya Narendra Kumar

Designation :

Director

Address :

Taj Wellington Mews, 33, Nathalal Parekh Marg, Colaba, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

08.03.1960

Date of Appointment :

29.09.2014

DIN No. :

00364637

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L72200PN1963PLC012621	ZENSAR TECHNOLOGIES LIMITED	Director	29/01/2002	29/01/2002	16/07/2007	Active	NO
2	L26940MH1936PLC002515	ACC LIMITED	Director	24/01/2006	24/01/2006	09/01/2009	Active	NO
3	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Nominee director	26/03/2007	03/05/2006	01/01/2009	Active	NO
4	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	09/09/2011	16/02/2011	01/07/2013	Active	NO
5	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	29/09/2014	05/08/2014	-	Active	NO
6	U74999MH2007PLC173035	TATA INDUSTRIAL SERVICES LIMITED	Additional director	04/09/2014	04/09/2014	-	Active	NO
7	U65990MH1991PLC060670	TATA CAPITAL LIMITED	Additional director	28/10/2014	28/10/2014	-	Active	NO

Name :

Kanwar Rameshwar Singh Jamwal

Designation :

Whole-time Director

Address :

181-B, Maker Towers CHS Limited, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

11.10.1965

Date of Appointment :

17.09.2010

DIN No. :

03129908

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Whole-time director	17/09/2010	01/07/2010	-	Active	NO
2	U74999MH2007PLC173035	TATA INDUSTRIAL SERVICES LIMITED	Director	12/08/2011	13/09/2010	-	Active	NO
3	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	18/08/2011	20/09/2010	-	Active	NO
4	U72900MH2000PLC126195	DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED	Director	08/08/2011	30/09/2010	-	Active	NO

Name :

Mr. Rajendra Ramdas Bhinge

Designation :

Whole-time Director

Address :

Flat No.3501, Tower 2, Planet Godrej, Kheshavrao Khadye Road, Mahalaxmi (East), Mumbai, 400 011, Maharashtra, India

Date of Birth/Age :

29.05.1952

Date of Appointment :

05.09.2012

DIN No. :

00036557

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01110MH1990PLC057600	ORIENTAL FLORATECH INDIA LIMITED	Director	16/04/1991	16/04/1991	26/05/2009	Active	NO
2	U84200MH1992PLC066138	ITEL INDUSTRIES LIMITED	Director	27/03/1992	27/03/1992	28/08/2008	Active	NO
3	U74999MH1993PLC072118	ORIENTAL SERITECH LIMITED	Director	25/05/1993	25/05/1993	07/08/2009	Active	NO
4	U34300PN1996PLC015038	JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	25/07/1996	25/07/1996	25/03/2013	Active	NO
5	L32200MH1940PLC003164	NELCO LIMITED	Director	06/06/2013	29/08/2003	-	Active	NO
6	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
7	U31900MH2005PLC158120	INFINITI RETAIL LIMITED	Director	13/09/2013	16/12/2005	-	Active	NO
8	U51900MH2006PLC159776	COMPUTATIONAL RESEARCH LABORATORIES LIMITED	Director	06/08/2007	14/07/2006	28/08/2012	Amalgamated	NO
9	U67120MH1987PLC044351	TATANET SERVICES LIMITED	Director	14/09/2011	14/09/2011	-	Active	NO
10	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Whole-time director	05/09/2012	01/04/2012	-	Active	NO
11	U85191MH2014NPL253500	TATA FOUNDATION	Director	21/02/2014	21/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	S. Sriram
Designation :	Vice President – Finance and Company Secretary
Name :	Singh Sukaran
Designation :	Vice President - Group Chairman’s Office
Name :	Driver N. J.
Designation :	Vice President Finance and Accounts
Name :	Gilder D. J.
Designation :	Personal Assistant to the Chairman Emeritus

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

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

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Subject’s operations predominantly relate to financing, investing and promotion of new ventures.
Products/ Services :	Management Consulting Services Custom E-Learning Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

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
PAN No.:	AACFD4815A
Solicitors :	Mulla and Mulla and Craigie Blunt and Caroe
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Tata Sons Limited (CIN No.: U99999MH1917PLC000478)
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
Associates :	Aurora Integrated Systems Limited Indigene Pharmaceuticals Inc., USA ITel Industries Limited Oriental Floratech Limited Oriental Seritech Limited
Fellow Subsidiaries with whom transactions have been made :	Advinus Therapeutics Limited (Also an associate of the Company) Tata Autocomp Systems Limited (Also an associate of the Company) Tata AIG General Insurance Company Limited Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited) Tata Consultancy Services Limited Tata Capital Forex Limited (formerly TT Holdings and Services Limited) Tata AIG Life Insurance Company Limited Tata America International Corporation Tata Asset Management Limited Infiniti Retail Limited Tata Business Support Services Limited Ewart Investments Limited TC Travel and Services Limited Panatone Finvest Limited Tata Housing Development Company Limited Tata Capital Financial Services Limited Tata International Limited CMC Limited Tata Capital Limited Tata Consultancy Services Denmark ApS Tata Realty and Infrastructure Limited E-NXT Financials Limited Tata Advanced Systems Limited Tata Limited TCS UK Tata Teleservices Limited (upto 26.03.2013) Tata Teleservices (Maharashtra) Limited (upto 26.03.2013)
Joint Venture :	Drive India Enterprise Solutions Limited (also fellow subsidiary of the Company)

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
111000000	Equity Shares	Rs.100/- each	Rs.11100.000 millions
5000000	Preference Shares	Rs100/- each	Rs.500.000 millions
	Total		Rs.11600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
107954602	Equity Shares	Rs.100/- each	Rs.10795.460 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	10795.460	10795.460	10795.460
(b) Reserves & Surplus	22787.198	22600.605	22449.771
(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)	33582.658	33396.065	33245.231
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	2.198	0.000
(c) Other long term liabilities	19.965	18.780	17.530
(d) Long-term provisions	151.534	143.675	72.449
Total Non-current Liabilities (3)	171.499	164.653	89.979
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	236.506	268.123	279.498
(c) Other current liabilities	268.262	304.404	225.789
(d) Short-term provisions	56.079	57.232	52.201
Total Current Liabilities (4)	560.847	629.759	557.488
TOTAL	34315.004	34190.477	33892.698
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	460.654	440.766	412.175
(ii) Intangible Assets	510.031	479.948	218.602
(iii) Capital work-in-progress	13.332	23.245	0.000
(iv) Intangible assets under development	166.898	162.138	76.424
(b) Non-current Investments	28917.900	28417.925	28037.593
(c) Deferred tax assets (net)	0.000	0.000	43.240
(d) Long-term Loan and Advances	3402.659	3242.363	3376.104
(e) Other Non-current assets	2.655	4.252	10.763
Total Non-Current Assets	33474.129	32770.637	32174.901
(2) Current assets
(a) Current investments	228.000	47.925	1153.820
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	313.629	304.858	180.449
(d) Cash and cash equivalents	71.550	835.030	44.117
(e) Short-term loans and advances	150.233	170.020	272.147
(f) Other current assets	77.463	62.007	67.264
Total Current Assets	840.875	1419.840	1717.797
TOTAL	34315.004	34190.477	33892.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2316.485	1898.136	1585.649
		Other Income	147.349	301.658	187.424
		TOTAL	2463.834	2199.794	1773.073
Less	EXPENSES
		Employee benefits expense	1069.747	1091.158	910.294
		Other expenses	999.168	829.066	732.817
		TOTAL	2068.915	1920.224	1643.111
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION, IMPAIRMENT AND AMORTISATION		394.919	279.570	129.952
Less/ Add	DEPRECIATION, IMPAIRMENT AND AMORTISATION		206.210	144.101	74.351
	PROFIT/ (LOSS) BEFORE TAX		188.709	135.469	55.611
Less	TAX		2.740	(3.055)	(3.286)
	PROFIT/ (LOSS) AFTER TAX		185.969	138.524	58.897
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10500.362	10393.838	10346.721
Less	APPROPRIATIONS
		Transfer to Reserve Fund	37.194	32.000	11.780
	BALANCE CARRIED TO THE B/S		10649.137	10500.362	10393.838
	EARNINGS IN FOREIGN CURRENCY
		Fees for services	808.676	893.393	853.947
		Dividend received	341.841	0.000	51.700
	TOTAL EARNINGS		1150.517	893.393	905.647
	IMPORTS
		Capital Goods	0.368	6.835	7.572
	TOTAL IMPORTS		0.368	6.835	7.572
	Earnings / (Loss) Per Share (Rs.)		1.72	1.28	0.55

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.03	7.30	3.71
Return on Total Assets (PBT/Total Assets}	(%)	3.62	2.42	0.97
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.50	2.25	3.08

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	10795.460	10795.460	10795.460
Reserves & Surplus	22449.771	22600.605	22787.198
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	33245.231	33396.065	33582.658
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	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1,585.649	1,898.136	2,316.485
		19.707	22.040

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1,585.649	1,898.136	2,316.485
Profit	58.897	138.524	185.969
	3.71%	7.30%	8.03%

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS OF THE COMPANY:

(a) A significant amount of the Company’s investments are in long gestation projects/ businesses, the benefits of which would accrue to the Company in the long term.

(b) The gross Investments of the Company as at March 31, 2014 stood at Rs.29836.900 millions (Previous Year: Rs.29156.800 millions) which include surplus funds invested in mutual funds. The Company holds significant investments in Tata AutoComp Systems Limited, Tata Teleservices Limited, Tata Advanced Materials Limited, Tata Motors Limited and The Tata Power Company 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) The Project team is scoping and identifying opportunities for investment and growth in areas such as Life Sciences and Healthcare Devices, New materials, Alternate Energy, E-retailing and Emerging Services. The team focuses on developing and incubating new businesses with high technology intensity in these areas.

OPERATIONS OF THE DIVISIONS:

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

TIS-ELS registered a revenue of Rs.910.000 millions compared to the previous year revenue of Rs.914.100 millions, due to lower orders by its customers, primarily in the US, where corporate training spend on external product and services went down significantly. Also the number of large accounts greater than US $ 0.5 million had dropped from an average of 8.5 accounts to only 5 accounts, which had an impact on the revenue. By keeping a tight rein on the cost, it was able to record a marginal profit of Rs.33.000 millions.

For FY 2014-15, TIS-ELS has projected a higher revenue and an improvement in its profitability and plans to focus on major trends such as portable devices (mobile / tablets), gamification, corporate massive open online courses (MOOCs) etc. It also plans to target in FY 2014-15, US Government and Defense business, learning and development outsourcing and cyber security. It also plans to improve the revenue from TOPSIM in India to Rs.40.000 millions from Rs.15.000 millions the previous year.

b. Tata Classedge Division

TIS Schools Division, which was renamed as “Tata ClassEdge” from March 2014, improved the revenues from Rs.199.000 millions in FY 2012-13 to Rs.554.000 millions in FY 2013-14 and also reduced its losses from Rs.560.000 millions to around Rs.420.000 millions. ClassEdge has also improved its efficiency in terms of reducing the gap significantly between the schools gone live and billed.

For FY 2014-15, ClassEdge plans to improve the average revenue per school and change its approach from ‘retail’ to “institutional”. It plans to grow its revenue without comprising customer quality, increase average number of classrooms per school, lower the breakeven point and build a ecosystem of education tech partners.

c. Tata Strategic Management Group (TSMG)

TSMG improved its revenue by more than 11% as compared to FY 2012-13. TSMG made progress in some of the major initiatives such as shifting to more complex solutions and entering into long term multistage engagements covering solutioning, implementation and realization of benefits linked with success fee. The pursuit of mid-size companies continued along with support to Group initiatives in specific areas. Some of the multistage end-to-end projects it has undertaken include TGBL, SI Group, Jindal India Thermal, PI Industries etc.

For 2014-15, TSMG is planning to pursue end-to-end offerings and play a major role in the six Group initiatives launched by Group Chairman’s office. It plans to reach a marginal profit at the end of the year.

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

Tangible Assets

· Office Premises/ Ownership Flats

· Motor Vehicles

· Furniture - At schools for Class Edge

· Furniture - for offices

· Office Equipment

· Leasehold Improvements

· Class Edge

· Implementation and Installation

Intangible Assets

· Software

· Class Edge Content (internally generated)

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.