MIRA INFORM REPORT

Report No. :	322239
Report Date :	14.05.2015

IDENTIFICATION DETAILS

Name :	TATA SONS LIMITED (w.e.f. 19.03.2015)
Formerly known as :	TRUSTEESHIP SERVICES LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai – 400001, Maharashtra
Tel No :	91-22-66658282
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.11.1917
Com. Reg. No.:	11-000478
Capital Investment / Paid-up Capital :	Rs. 42109.346 Million
CIN No.: [Company Identification No.]	U99999MH1917PLC000478
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07803F
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject act as a promoter and investor of the major operating Tata companies and holds significant shareholdings in these companies.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aaa (86)

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject us an old, well-established and reputed company of Tata Group having excellent track. The company has diversified activities. Available information indicates high financial responsibility of the company. Financial position of the company is healthy. Fundamentals are strong and healthy. Performance capability is very high. Trade relations are praiseworthy. Payments are always correct 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 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA RATING
Rating	Long Term rating AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	March 2015

Rating Agency Name	ICRA RATING
Rating	Short term rating A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	March 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Management non co-operative (91-22-22049131)

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66658282
Fax No.:	91-22-66658080
E-Mail :	rpwadia@tata.com tatasons@tata.com
Website :	http://www.tata.com http://www.tcs.com

DIRECTORS

As on : 09.07.2014

Name :

Mr. Cyrus Pallonji Mistry

Designation :

Director

Address :

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

Date of Birth/Age :

04.07.1968

Date of Appointment :

29.09.2012

DIN No.:

00010178

Passport No.:

P349742

Income-tax Pan :

AERPM9037N

Voter’s Identify No.:

MH/04/024/078725

Email:

cyrus@shapoorji.com

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 & 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 :

Mr. Ramabadran Gopalakrishnan

Designation :

Director

Address :

101 Baug E Abbas, Capt Prakash Pethe Marg, 21-A, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

25.12.1945

Date of Appointment :

29.07.2011

Election Commission ID No :

HHJ0784694

DIN No.:

00027858

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	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	30/10/1998	30/10/1998	-	Active	NO
2	U99999MH1917PLC000478	TATA SONS LIMITED	Director	29/07/2011	24/11/1998	-	Active	NO
3	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	22/12/1998	22/12/1998	01/09/2010	Active	NO
4	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	15/01/1999	15/01/1999	-	Active	NO
5	L24292WB1954PLC021516	Akzo Nobel India Limited	Director	19/05/1999	19/05/1999	-	Active	NO
6	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	28/06/1999	28/06/1999	-	Active	NO
7	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Nominee director	29/09/1999	29/09/1999	23/03/2009	Active	NO
8	L23200MH1979PLC021359	CASTROL INDIA LIMITED	Director	17/10/2000	17/10/2000	-	Active	NO
9	U72200PN1994PLC013313	TATA TECHNOLOGIES LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
10	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	27/06/2001	27/06/2001	-	Active	NO
11	U83000MH1926PLC001231	THE ANGLO SCOTTISH EDUCATION SOCIETY	Director	12/09/2001	12/09/2001	-	Active	NO
12	U22219WB1922PTC004503	ABP PRIVATE LIMITED	Director	15/12/2003	15/12/2003	-	Active	NO
13	U24117KA2005PLC036126	ADVINUS THERAPEUTICS LIMITED	Director	30/04/2005	30/04/2005	-	Active	NO
14	U05121KA2002PLC031204	DHAANYA SEEDS LIMITED	Director	28/09/2011	30/12/2010	-	Amalgamated	NO
15	U73100KA2000PLC028246	METAHELIX LIFE SCIENCES LIMITED	Director	21/09/2011	30/12/2010	-	Active	NO
16	L67120MH2008PLC181833	L&T FINANCE HOLDINGS LIMITED	Additional director	29/01/2013	29/01/2013	01/08/2013	Active	NO

Name :

Mr. Ishaat Raysat Hussain

Designation :

Director

Address :

222-A, 22^nd Floor, NCPA Apartments, Tata Road, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

02.09.1947

Date of Appointment :

30.09.2013

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	20/03/2015	Active	NO
2	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	03/04/1998	03/04/1998	30/03/2015	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	12/09/2014	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	20/03/2015	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	20/03/2015	Active	NO
23	U80101MH2002NPL136300	Pratham Education Foundation	Additional director	13/03/2014	13/03/2014	-	Active	NO

Name :

Mr. Vijay Lallan Singh

Designation :

Director

Address :

H No. 20, Poorvi marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

13.07.1948

Date of Appointment :

30.09.2013

DIN No.:

06610802

Name :

Mr. Nitin Kewal Nohria

Designation :

Director

Address :

2 Hampton Road, Lexington 024218038, United States, Lexington - 024218038

Date of Birth/Age :

09.02.1962

Date of Appointment :

30.09.2013

DIN No.:

01759558

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	U65923MH2007PTC169323	PIRAMAL CAPITAL PRIVATE LIMITED	Director	29/09/2009	29/09/2009	-	Amalgamated	NO
2	U99999MH1917PLC000478	TATA SONS LIMITED	Director	30/09/2013	06/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Farokh Nariman Subedar
Designation :	Company Secretary
Address :	1, Wadia Building, Ground Floor, 6, Babulnath Road, Mumbai – 400 007, Maharashtra, India
Date of Birth/Age :	24.09.1955
Date of Appointment :	01.01.1996
Email:	fnsubedar@tata.com
Election Commission ID No:	MT/04/024/024859
PAN No :	AAGPS8433B
Name :	Mr. Cyrus Pallonji Mistry
Designation :	Executive Chairman

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 09.07.2015

Names of Shareholders	No. of Shares
The Trustees M K Tata Trust, India	2421
Mistry Shapoor Pallon	108
Sterling Investment Corporation Limited, India	37122
Cyrus Investments Limited, India	37122
Tata Naval Ratan	3368
HH Mah Virendra Singh n Chauhan of Chhota Udepur	1
Tata Investment Corporation Limited, India	326
Tata Naval Simone	2011
Tata Naval Jimmy	3262
Tata Naval Noel	2055
The Trustees Sir Dorab Tata Trust, India	113067
The Trustees Sir Ratan Tata Trust, India	95211
The Trustees Sarvajanik Seva Trust, India	396
The Trustees R D Tata Trust, India	8838
The Trustees Tata Education Trust, India	15075
The Trustees Tata Social Welfare Trust, India	15075
The Trustees J R D Tata Trust, India	16200
Tata Minocher Piloo	487
Choksey Farhad Vera	157
Tata Minocher Jimmy	157
Tata Motors Limited, India	12375
Tata Power Company Limited, India	6673
Tata Global Beverages Limited, India	1755
The Indian Hotels Company Limited, India	4500
Tata Industries Limited, India	2295
Tata Chemicals Limited, India	10237
Tata Steel Limited	12375
Tata International Limited, India	1477
Total	404146

Names of Shareholders	No. of Preferences Shares
Tata Naval Ratan	780000
Soonawala Adi Noshir	380200
Tata Naval Simone	15000
Gandhi Ramanlal Arunkumar	20000
Kant Rajni Ravi	61600
Irani Jiji Jamshed	50000
Kadle Purushuttam Praveen	10000
Farrokh Kaikhushru Kavarana	20000
Ramabadran Gopalakrishnan	70000
Jamsetji Tata Trust	24500000
Navajbai Ratan Tata Trust, India	15015000
Ishaat Hussain Shazmeen Hussain	75000
Tata Noel Aloo	150000
S. Ramadorai	10000
Gupta Syamal	10000
Ashok Soni	25000
Subendar Nariman Farokh	20000
Narotam S. Sekhsaria	250000
Caukar Kishor	5000
Mistry Pallonji Cyrus	10000
Setna Jamshed Fareeda	5000
Vasani Damodar Bharat	5000
Setutaman Mahalingam	5000
	41491800

As on : 09.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	31.24
Directors or relatives of Directors	0.03
Other top fifty shareholders	68.73
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject act as a promoter and investor of the major operating Tata companies and holds significant shareholdings in these companies.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	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	Central Bank of India
Branch Address	Debenture Tustees Section, Central Bank Building, 55, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
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
Banker Name	Centbank Financial Services Limited
Branch Address	15-16, Bajaj Bhawan, 1^st Floor, Opp. Inox Muiliplex, Nariman Point, Mumbai – 400021, Maharashtra, India
Banker Name	Standard Chartered Bank
Branch Address	90 M.G. Road, Mumbai, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Non-convertible debentures others	40495.000	28000.000
SHORT TERM BORROWING
Loans repayable on demand from banks	90.300	29.500
Total	40585.300	28029.500
NOTE: Equitable mortgage of specified properties and pledge of shares · Secured by pledge of bank deposits

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN No.:	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Associates:	The Indian Hotels Company Limited Tata Chemical Limited Tata Communications Limited Tata Elxsi Limited Tata Steel Limited Tata Motors Limited Tata Motors Limited - A Ordinary Shares The Tata Power Company Limited Tata Global Beverages Limited Tata Teleservices (Maharashtra) Limited Trent Limited Voltas Limited
Subsidiaries :	Singapore Airlines Limited SIA Airlines Limited Tata Consultancy Services Limited Tata Investment Corporation Limited

CAPITAL STRUCTURE

As on : 09.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.1000/- each	Rs.3000.000 Million
55000000	Preference Shares	Rs.1000/- each	Rs.55000.000 Million
	Total		Rs.58000.000 Million

Issued Capital

No. of Shares	Type	Value	Amount
404146	Equity Shares	Rs.1000/- each	Rs.404.146 Million
14805000	Preference Shares	Rs.1000/- each	Rs.14805.000 Million
	Total		Rs.15209.146 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
404146	Equity Shares	Rs.1000/- each	Rs.404.146 Million
41491800	Preference Shares	Rs.1000/- each	Rs.41491.800 Million
	Total		Rs.41895.946 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	41895.900	41600.900	41870.900
(b) Reserves & Surplus	294214.800	270318.300	239823.400
(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)	336110.700	311919.200	281694.300
(3) Non-Current Liabilities
(a) long-term borrowings	145055.500	132700.000	106494.200
(b) Deferred tax liabilities (Net)	0.000	0.000	4.400
(c) Other long term liabilities	94.800	58.500	1508.800
(d) long-term provisions	526.500	581.500	478.700
Total Non-current Liabilities (3)	145676.800	133340.000	108486.100
(4) Current Liabilities
(a) Short term borrowings	213.500	152.300	1054.700
(b) Trade payables	957.300	857.400	646.300
(c) Other current liabilities	32112.000	60968.300	28821.700
(d) Short-term provisions	9040.200	2205.800	10075.000
Total Current Liabilities (4)	42323.000	64183.800	40597.700
TOTAL	524110.500	509443.000	430778.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1062.500	1072.800	539.000
(ii) Intangible Assets	17.800	8.600	10.200
(iii) Capital work-in-progress	0.000	0.000	547.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	449319.900	419426.600	395199.400
(c) Deferred tax assets (net)	46.800	16.400	0.000
(d) Long-term Loan and Advances	5123.200	5476.000	7335.100
(e) Other Non-current assets	771.200	1530.000	0.000
Total Non-Current Assets	456341.400	427530.400	403630.700
(2) Current assets
(a) Current investments	4749.700	4340.900	127.500
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	5375.100	3716.100	4026.600
(d) Cash and cash equivalents	55996.000	71447.200	20901.600
(e) Short-term loans and advances	385.300	327.200	514.900
(f) Other current assets	1263.000	2081.200	1576.800
Total Current Assets	67769.100	81912.600	27147.400
TOTAL	524110.500	509443.000	430778.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	48583.100	51287.100	37981.800
	Other Income	5708.800	6239.500	9280.300
	TOTAL (A)	54291.900	57526.600	47262.100
Less	EXPENSES
	Employees benefits expense	1123.800	869.400	595.200
	Other expenses	6972.900	4109.500	1997.900
	TOTAL (B)	8096.700	4978.900	2593.100
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	46195.200	52547.700	44669.000
Less	FINANCIAL EXPENSES (D)	15340.600	14762.400	11512.500
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	30854.600	37785.300	33156.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)	53.300	70.700	56.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	30801.300	37714.600	33100.300
Less	TAX (I)	269.600	579.200	1637.300
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	30531.700	37135.400	31463.000
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1683.700	904.700	2637.000
	TOTAL EARNINGS	1683.700	904.700	2637.000
	Earnings / (Loss) Per Share (Rs.)	67.13	83.46	69.31

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	62.84	72.41	82.84
Operating Profit Margin (PBDIT / Sales)	(%)	95.08	102.46	117.61
Return on Total Assets (PBT/Total Assets}	(%)	41.21	41.91	94.49
Return on Investment (ROI) (PBT/Networth)		0.09	0.12	0.12
Debt Equity Ratio (Total Debt /Networth)		0.43	0.43	0.38
Current Ratio (Current Asset/Current Liability)		1.60	1.28	0.67

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	41870.900	41600.900	41895.900
Reserves & Surplus	239823.400	270318.300	294214.800
Net worth	281694.300	311919.200	336110.700
long-term borrowings	106494.200	132700.000	145055.500
Short term borrowings	1054.700	152.300	213.500
Total borrowings	107548.900	132852.300	145269.000
Debt/Equity ratio	0.382	0.426	0.432

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	37981.800	51287.100	48583.100
		35.031	(5.272)

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	37981.800	51287.100	48583.100
Profit	31463.000	37135.400	30531.700
	82.84%	72.41%	62.84%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE:

The income of the Company during the financial year 2013-14 amounted to Rs. 54291.900 Million (Previous Year: Rs. 57526.600 Million) which included dividend earned from its investments amounting to Rs. 43871.900 Million (Previous Year: Rs. 46697.500 Million) and Brand Equity subscriptions of Rs. 4532.900 Million (Previous Year: Rs. 3656.900 Million). The dividend income is primarily utilised to augment the resources of the Company to make long term investments in promoted companies. Investments of the Company, as at March 31, 2014 stood at Rs. 454069.600 Million as compared to Rs. 423767.500 Million as at March 31, 2013.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Non-convertible debentures others	95250.000	104700.000
Term loans from banks	9310.500	0.000
SHORT TERM BORROWING
Loans repayable on demand from banks	123.200	122.800
Total	104683.700	104822.800

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555387	23/02/2015	260,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, Ballard Estate, Mumbai- 400005, Maharashtra INDIA	C46857033
2	10545509	17/09/2014 *	2,450,000.00	BNP Paribas	French Bank Building, 62, Homji Street, Fort,, Mumbai- 400001, Maharashtra INDIA	C42451732
3	10457310	20/01/2015 *	56,000,000,000.00	Centbank Financial Services Limited	Central Bank of India-MMO Bldg, 3rd Flr (East), 55 Mahatma Gandhi Road, Fort,, Mumbai- 400001, Maharashtra, INDIA	C43268440
4	10409601	18/02/2013	10,000,000,000.00	Centbank Financial Services Limited	CENTRALBANK MMO BLDG6TH FLOOR 55 MAHATMA, GANDHI  RD FORT, MUMBAI - 400023, Maharashtra INDIA	B69930063
5	10298793	22/07/2011	5,000,000,000.00	Centbank Financial Services Limited	CENTRALBANK MMO BLDG6TH FLOOR 55 MAHATMA, GANDHI  RD FORT, MUMBAI, Maharashtra - 400023, INDIA	B17369190
6	10055690	24/05/2007	3,000,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE BUILDING, 6TH FLOOR, MAHATMA G  ANDHI ROAD, MUMBAI, Maharashtra - 400001, INDIA	A16313025

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Motor Vehicles
• Office equipment
• Computers equipment
• Leasehold improvement

TATA GROUP TO ENHANCE PRESENCE IN DEFENCE AND AEROSPACE

The group expects revenues of over Rs25 billion in FY2015 from its defence and aerospace business

The Tata group is poised to take its presence in the defence and aerospace sector to a new plane, with revenues from the sector expected to cross Rs25000.000 Million (USD$ 400 million) in the 2014-15 financial year. At a media interaction ahead of Aero India 2015 in Bengaluru, the group unveiled its plans for the sector, including the investments and efforts that Tata companies have made in defence and aerospace, and the potential for growth ahead.

It may be pointed out that, at the Annual Group Leadership Conference held in July 2014, Chairman Cyrus P Mistry had identified defence and aerospace as one of the four key clusters with significant growth opportunities for the Tata group.

Currently, 14 Tata companies operate in this sector: Tata Power Strategic Electronics Division (SED), Tata Advanced Systems, TAL Manufacturing Solutions, Tata Technologies, Tata Motors, Tata Advanced Materials, Tata Consultancy Services, Tata Steel UK, Tata Elxsi, Titan Company (Precision Engineering Division), Avana Integrated Systems, Nova Integrated Systems, CMC and Tata Industrial Services. Several of these companies work collaboratively to provide convergent defence solutions and, thus, meet multiple requirements of their customers.

“Private sector involvement in the defence and aerospace sector is clearly a critical need for India today. The Indian private sector still contributes relatively little to India’s total defence spend, significantly less than what is seen in many countries that have similar or bigger defence spends. There is thus great scope to increase the contribution of private players in the sector in India,” said Dr. Mukund Rajan, brand custodian and member, Group Executive Council, Tata Sons. Tata companies had invested over Rs320 crore (over US$50 million) in the defence and aerospace sector in 2013-14. The current order book size of the Tata group in the sector is in excess of Rs100000.000 Million (over US$1.6 billion), he added.

Dr. Rajan also revealed how Tata companies have enhanced their manufacturing processes and capabilities by acquiring global standards and certifications. “In our manufacturing endeavours, we have achieved the necessary global certification standards, and successfully passed several audits by federal authorities and OEMs including the Federal Aviation Administration (FAA) and the Defense Contracts Management Agency (DCMA) and Boeing. Equally, we have contributed significantly to building the capability of a number of Indian MSMEs, equipping them with the skills and access to become a part of the global supply chain.”

The Tata group has had a long association with the Indian aerospace sector dating back to the year 1932 when Tata Airlines was launched by former Chairman JRD Tata. This involvement has continued over the years and Tata companies have built a substantial presence by addressing the country’s needs in the defence and aerospace sector, and becoming a supplier to global partners.

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.64.18
UK Pound	1	Rs.100.57
Euro	1	Rs.72.07

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	10
--LEVERAGE	1~10	10
--RESERVES	1~10	9
--CREDIT LINES	1~10	10
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		86

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.