MIRA INFORM REPORT

Report No. :	320734
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	TATA TECHNOLOGIES LIMITED (w.e.f. 08.02.2001)

Formerly Known As :	TATA TECHNOLOGIES (INDIA) LIMITED

Registered Office :	Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi, Hinjawadi, Pune – 411127, Maharashtra
Tel No.:	91-20-66529090

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	22.08.1994

Com. Reg. No.:	11-013313

Capital Investment / Paid-up Capital :	Rs.430.200 Million

CIN No.: [Company Identification No.]	U72200PN1994PLC013313

TIN No.:	Not Available

IEC No.:	3196023320

TAN No.: [Tax Deduction & Collection Account No.]	PNET01082E PNET03780A

PAN No.: [Permanent Account No.]	AAACT3092N

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing and Designing of Automotive Focused Engineering Goods.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Tata Group. It is an established company having fine track. Financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = AA+
Rating Explanation	Have high degree of safety and carry very low credit risk
Date	11.11.2014

Rating Agency Name	CARE
Rating	Bank Facilities = A1+
Rating Explanation	Have very strong degree of safety carry lowest credit risk.
Date	11.11.2014

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 (91-20-66529090)

LOCATIONS

Registered Office :	Plot No. 25, Rajiv Gandhi Infotech Park, MIDC, Taluka – Mulshi, Hinjawadi, Pune – 411127, Maharashtra, India
Tel. No.:	91-20-66529090
Fax No.:	91-20-66529035
E-Mail :	corporate@tatatechnologies.com mshete@tatatechnologies.com vcs00869@tatatechnologies.com
Website :	www.tatatechnologies.com
Area :	10000 Sq. ft.
Location :	Owned

DIRECTORS

As on 31.03.2014

Name :	Mr. Ramadorai Subramanian
Designation :	Chairman
Address :	Flat No. 1, 1^st Floor, Wyoming Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	06.10.1944
Qualification :	Bachelor’s degree in Physics, B.E. E and TC, M.S. Computer, Attended the Sloan School of Management's highly acclaimed Senior Executive Development Programme
Date of Appointment :	08.03.2001
DIN No.:	00000002

Name :	Mr. Patrick Raymon Mcgoldrick
Designation :	Managing director
Address :	27, Balmoral Road, #04-27, Balmoral Tower, Singapore – 259808
Date of Birth/Age :	08.09.1949
Qualification :	M.S. Computer, completed the Harvard Business School Advanced Management Program (AMP 109)
Date of Appointment :	29.03.1996
PAN No.:	AFWPM3572Q
DIN No.:	00407203

Name :	Mr. Praveen Purushottam Kadle
Designation :	Director
Address :	224, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	21.01.1957
Qualification :	Honors Graduate in Commerce & Accountancy, C.A., C.W.A., C.S.
Date of Appointment :	04.02.1997
DIN No.:	00016814

Name :	Mr. Gopalakrishnan Ramabadran
Designation :	Director
Address :	Baug E Abbas, Flat No. 101, Captain Prakash Pethe Marg, 21/A, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	25.12.1945
Qualification :	B.Sc., B. Tech (Electronics)
Date of Appointment :	08.03.2001
DIN No.:	00027858

Name :	Mr. Chandrasekaran Ramakrishnan
Designation :	Director
Address :	322, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	27.06.1955
Qualification :	B.Com., C.A., C.W.A.
Date of Appointment :	08.03.2001
DIN No.:	00020076

MAJOR SHAREHOLDERS

As on 21.06.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 21.06.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.81
Bodies corporate	76.74
Directors or relatives of directors	2.18
Other top fifty shareholders	2.37
Other	2.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Designing of Automotive Focused Engineering Goods.

Products :	Automotive Focused Engineering Goods

Brand Names :	--

Agencies Held :	--

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

Information denied by management

Bankers :

Banker Name	The Hong Kong and Shanghai Banking Corporation Limited
Branch Address	520/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term loans from banks	0.000	0.400
Long-term maturities of finance lease obligations	0.500	1.300
Total	0.500	1.700


Auditors :
Name :	Deloitte Haskins & Sells LLP Chartered Accountants
Address :	12, Dr. Annie, Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN No.:	AACFD4815A

Memberships :	--

Collaborators :	--

Parent Company :	Tata Motors Limited

Subsidiary :	Tata Technologies Pte. Limited, Singapore

Indirect Subsidiaries :	Tata Technologies (Thailand) Limited INCAT International Plc. Tata Technologies Europe Limited INCAT GmbH Tata Technologies Inc Tata Technologies de Mexico, S.A. de C.V. Tata Technologies (Canada) Inc. Cambric Holdings Inc. Cambric Corporation, Delaware Cambric Limited, Bahama Cambric UK Limited Cambric Managed Services Inc, Utah Cambric GmbH Midwest Managed Services, Utah Cambric Consulting SRL, Romania Cambric Manufacturing Technologies (Shanghai) Co. Limited (incorporated w.e.f. March 10, 2014)

Fellow subsidiaries :	TAL Manufacturing Solutions Limited TML Driveline Limited Sheba Properties Limited Concorde Motors (India) Limited Tata Daewoo Commercial Vehicle Co. Limited Tata Motors Insurance Broking & Advisory Services Limited Tata Motors European Technical Centre Plc. Tata Motors Finance Limited Tata Marcopolo Motors Limited Tata Motors (Thailand) Limited TML Holdings Pte Limited TML Distribution Company Limited Tata Hispano Motors Carrocera S.A. PT Tata Motors Indonesia Tata Motors (SA) (Proprietary) Limited Jaguar Land Rover Automotive PLC (Erstwhile Jaguar Land Rover PLC name changed w.e.f. 28.12.2012 and the name changed from Jaguar Land Rover Limited on 06.04.11) Jaguar Land Rover Limited (JLR Limited acquired business and assets of Jaguar Land Rover Exports Limited on 1.4.2013 (other than its nominee shareholdings in Jaguar Land Rover Portugal, Jaguar Land Rover Brasil, Land Rover Belux S.A./N.V., Jaguar Belux N.V and membership in British Motor Industry Heritage Trust)) Jaguar Land Rover Austria GmbH Jaguar Land Rover Japan Limited JLR Nominee Company Limited (Business of Land Rover Exports Limited transferred w.e.f. 1.4.2012 to Jaguar Land Rover Exports Limited And name changed from Jaguar Land Rover Exports Limited w.e.f. 1.7.2013) Jaguar Cars South Africa (pty) Limited The Daimler Motor Company Limited The Jaguar Collection Limited Daimler Transport Vehicles Limited S.S. Cars Limited The Lanchester Motor Company Limited Jaguar Land Rover Deutschland GmbH Land Rover Group Limited Jaguar Land Rover North America LLC Jaguar Land Rover Belux (Land Rover Belux S.A./N.V merged with Jaguar Belux N.V. w.e.f. October 1, 2013 and name changed from Jaguar Belux to Jaguar Land Rover Belux w.e.f. November 12, 2013) Land Rover Ireland Limited Jaguar Land Rover Nederland BV Jaguar Land Rover Portugal - Veiculos e Pecas LDA Jaguar Land Rover Australia Pty Limited Jaguar Land Rover Italia SpA Jaguar Land Rover Espana SL (Jaguar Hispania SL was absorbed into Land Rover Eispana SL w.e.f. January 1, 2013 and the name was changed to Jaguar Land Rover Espana SL) Jaguar Land Rover Korea Company Limited Jaguar Land Rover Automotive Trading (Shanghai) Company Limited Jaguar Land Rover Canada ULC Jaguar Land Rover France, SAS Jaguar Land Rover (South Africa) (Pty) Limited Jaguar e Land Rover Brasil Importacao e Comercia de Veiculos Limiteda Limited Liability Company "Jaguar Land Rover" (Russia) Land Rover Parts Limited Jaguar Land Rover (South Africa) Holdings Limited Land Rover Exports Limited (Business transferred to Jaguar Land Rover Exports Limited on 1.4.2012) Jaguar Land Rover India Limited (incorporated w.e.f October 25, 2012) Jaguar Cars Limited Tata Hispano Motors Carrocera S.A. Tata Hispano Motors Carrocerries Maghreb S.A. Tata Daewoo Commercial Vehicle Sales and Distribution Co. Limited Tata Precision Industries Pte. Limited Trilix S.r.l. PT Tata Motors Distribusi Indonesia (Incorporated w.e.f February 11, 2013) Jaguar Land Rover Holdings Limited ( all business and assets of Land Rover were acquired by Jaguar Land Rover Limited Except Jaguar Land Rover Automotive Trading (Shangai) Company Limited On January 1, 2013 and name changed from Land Rover w.e.f. October 4, 2013)

Joint Venture	TATA HAL Technologies Limited

Associates and Joint Venture of Parent Company	Tata Cummins Limited Tata Precision Industries (India) Limited. Fiat India Automobiles Limited Spark44 (JV) Limited. Jaguar Cars Finance Limited. Automobile Corporation of Goa Limited Nita Co Limited Cherry Jaguar Land Rover Automotive Co. Limited Tata Hitachi Construction Machinery Company Limited (Erstwhile Telco Construction Equipment Co. Limited. name changed w.e.f November 23, 2012) Tata AutoComp Systems Limited Suzhou Chery Jaguar Land Rover Trading Co. Limited (Interim JV)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

60000000	Equity Shares	Rs.10/- each	Rs.600.000 Million
700000	Preference Shares	Rs.10/- each	Rs.7.000 Million
	Total		Rs.607.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

43024138	Equity Shares	Rs.10/- each	Rs.430.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	430.200	430.200	429.700
(b) Reserves & Surplus	7164.700	6652.900	5885.600
(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)	7594.900	7083.100	6315.300

(3) Non-Current Liabilities
(a) long-term borrowings	0.500	1.700	6.200
(b) Deferred tax liabilities (Net)	34.400	45.600	37.500
(c) Other long term liabilities	4.500	3.600	3.500
(d) long-term provisions	164.300	85.500	70.800
Total Non-current Liabilities (3)	203.700	136.400	118.000

(4) Current Liabilities
(a) Short term borrowings	898.400	542.800	559.600
(b) Trade payables	1294.700	1264.600	919.100
(c) Other current liabilities	88.900	100.000	87.000
(d) Short-term provisions	921.000	811.400	357.200
(e) Income tax liabilities (Net)	2.800	2.800	0.000
Total Current Liabilities (4)	3205.800	2721.600	1922.900

TOTAL	11004.400	9941.100	8356.200

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	740.800	598.500	610.100
(ii) Intangible Assets	393.900	361.200	332.600
(iii) Capital work-in-progress	4.900	136.700	15.400
(iv) Intangible assets under development	18.800	32.900	34.900
(b) Non-current Investments	2339.800	2464.800	2662.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	81.900	63.600	44.700
(e) Other Non-current assets	260.900	133.400	160.500
Total Non-Current Assets	3841.000	3791.100	3860.500

(2) Current assets
(a) Current investments	4929.000	2624.600	1470.700
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1149.200	1245.900	913.100
(d) Cash and cash equivalents	889.000	190.700	1149.600
(e) Short-term loans and advances	84.600	120.400	500.800
(f) Other current assets	111.600	1968.400	461.500
Total Current Assets	7163.400	6150.000	4495.700

TOTAL	11004.400	9941.100	8356.200

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		8861.800	7747.000	6440.000
		Other Income		431.600	433.300	242.600
		TOTAL (A)		9293.400	8180.300	6682.600

Less	EXPENSES
		Cost of Materials Consumed		982.300	830.200	647.000
		Purchases of Stock-in-Trade		608.000	406.800	544.700
		Employees benefits expense		3996.100	3451.800	2987.500
		Other expenses		738.200	584.700	511.600
		TOTAL (B)		6324.600	5273.500	4690.800

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			2968.800	2906.800	1991.800

Less	FINANCIAL EXPENSES (D)			14.300	16.200	15.400

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			2954.500	2890.600	1976.400

Less	DEPRECIATION/ AMORTISATION (F)			361.500	270.200	211.600

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			2593.000	2620.400	1764.800

Less	TAX (H)			565.800	608.200	457.700

	PROFIT/(LOSS) AFTER TAX (G-H) (I)			2027.200	2012.200	1307.100

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			2219.700	1667.300	1286.200

Less	APPROPRIATIONS
			Interim Divided	516.400	386.900	380.300
			Proposed Final Dividend	774.400	688.400	296.000
			Tax on Interim/Proposed Dividend	224.600	174.500	109.700
			General Reserve	210.000	210.000	140.000
	BALANCE CARRIED TO THE B/S			2521.500	2219.700	1667.300

	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	2564.400	2259.800	1798.600
	TOTAL EARNINGS			2564.400	2259.800	1798.600

	IMPORTS
			Capital Goods	76.400	84.800	130.600
			Revenue Items	22.400	24.200	11.400
	TOTAL IMPORTS			98.800	109.000	142.000

	Earnings / (Loss) Per Share (Rs.)
	Basic			47.12	46.77	30.91
	Diluted			47.10	46.76	30.86

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	22.88	25.97	20.30

Operating Profit Margin (PBDIT/Sales)	(%)	33.50	37.52	30.93

Return on Total Assets (PBT/Total Assets}	(%)	30.01	35.86	31.27

Return on Investment (ROI) (PBT/Networth)		0.34	0.37	0.28

Debt Equity Ratio (Total Debt /Networth)		0.12	0.08	0.09

Current Ratio (Current Asset/Current Liability)		2.23	2.26	2.34

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	429.700	430.200	430.200
Reserves & Surplus	5885.600	6652.900	7164.700
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6315.300	7083.100	7594.900

Long Term borrowings	6.200	1.700	0.500
Short Term borrowings	559.600	542.800	898.400
Total borrowings	565.800	544.500	898.900
Debt/Equity ratio	0.090	0.077	0.118

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	6,440.000	7,747.000	8,861.800
		20.295	14.390

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	6,440.000	7,747.000	8,861.800
Profit	1,307.100	2,012.200	2,027.200
	20.30%	25.97%	22.88%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Million

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current maturities of long term debt	0.200	3.700	4.300
Total	0.200	3.700	4.300

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	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Term loans from banks	898.400	542.800
Total	898.400	542.800

COMPANY OVERVIEW

Subject was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company's range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

REVIEW OF BUSINESS OPERATIONS

The Company recorded an overall revenue growth of approximately 13.61% with an increase of approximately 14.39% in revenue from sale of products and services, from Rs.7747.000 Million in 2012-13 to Rs.8861.800 Million in 2013-14. Due to efficient cost management, increased focus on operating efficiencies and offshoring, the operating profit registered an increase of approximately 2.13% over the last year, while profit before taxes (PBT), reduced at a rate of approximately 1.05% on a year-on year basis. Profit after taxes (PAT) grew by approximately 0.75% during the same period. During the period, services revenue increased by 13.60% and product sale increased by 19.42% over last year to reach figures of Rs.7628.900 Million and Rs.1221.200 Million respectively. Services revenue comprises:

Engineering Automation Group [EAG]:

EAG addresses the engineering and design needs of manufacturers through services for all stages of the product development and manufacturing process.

Enterprise Solutions Group [ESG]:

ESG addresses the Information Technology needs of manufacturers including business solutions, strategic consulting, ERP implementation, systems integration, IT networking and infrastructure solutions and program management.

Product Lifecycle Management [PLM]:

PLM addresses the product development technology solution requirements of manufacturers including end-to-end implementation of PLM technology, best practices and PLM consulting. PLM also includes the Company's proprietary applications iGETIT® and iCHECKIT®.

BUSINESS OUTLOOK

The Company is highly focused on delivery of value to its customers, marketing and sales and as such, it is seeing improved order bookings. The Company expects improved growth in revenue, EBITDA and profit after tax in the coming years. Please refer the section on Management Discussion and Analysis for more information.

MANAGEMENT DISCUSSION & ANALYSIS

Tata Technologies, a company of engineers, led by engineers, helps manufacturers design and build better products. Through the company's comprehensive portfolio of engineering/IT services and solutions, manufacturers can better manage product development throughout the full manufacturing cycle. With over 7,000 employees representing 17 nationalities, the company's delivery model is formulated specifically to offer a unique blend of deep, local expertise for global engineering and product development IT engagements. Tata Technologies currently serves clients in 25 countries. The company's eight global delivery centers are based in Detroit (U.S.), Coventry (U.K.), Pune and Bangalore (India), Brasov, Craiova, and Iasi (Romania), and Bangkok (Thailand). Operating in the aerospace, automotive and industrial machinery verticals, Tata Technologies covers every aspect of the value chain starting from product conceptualization to aftermarket Maintenance Repair and Operations.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Computer Equipments
Leasehold Improvements

Goodwill
Copyrights
Licenses and Franchise

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.63.57
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	RAS

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		66

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

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