MIRA INFORM REPORT

Report No. :	339694
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	TATA PROJECTS LIMITED
Registered Office :	“Mithona Towers-1, 1-7-80 to 87, Opposite Wesley Co-ed, Junior College, Prenderghast Road, Secunderabad - 500003, Telangana
Tel. No.:	91-22-4949112
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.02.1979
Com. Reg. No.:	01-057431
Capital Investment / Paid-up Capital :	Rs.202.500 Million
CIN No.: [Company Identification No.]	U45203TG1979PLC057431
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDT01767D
PAN No.: [Permanent Account No.]	AAACT4119L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service provider of Civil Engineering / Execution of Projects involve Procurement and Supply of Materials along with the Rendering of Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

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 20000000
Status :	Good
Payment Behaviour :	Excellent
Litigation :	Clear
Comments :	Subject is a part of “TATA Group”. It is a well-established company having excellent track. The company possesses a healthy financial profile marked by decent networth base, and comfortable liquidity characterized by conservative financial strategy, reflected in its low debt position. Management has reported a decent sales volume and net profitability during FY 2014. The ratings also take into consideration the moderate working capital intensive operations of the company. However, trade relations are trustworthy. Business is active. Payment terms are reported as regular and as per commitments. In view of potential to factor in support from the TATA Group based on its linkages with the subject, it can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Short Term Debt = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	02.01.2015

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 31-03-2013.

LOCATIONS

Registered Office :	“Mithona Towers-1, 1-7-80 to 87, Opposite Wesley Co-ed, Junior College, Prenderghast Road, Secunderabad - 500003, Telangana, India
Tel. No.:	91-40-66238801
Fax No.:	91-40-66172353
E-Mail :	tpl@tataprojects.com rajamogilia@tataprojects.com cstpl@tataprojects.com
Website :	http://www.tataprojects.com
Tower Manufacturing Unit :	Located at Umred, Nagpur, Maharashtra, India
Corporate Office:	Bombay House, 24 Homi Mody Street, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-4949112
Branch Office :	Located At: Mumbai Kolkata New Delhi Abu Dhabi

DIRECTORS

AS ON: 31.07.2014

Name :

Mr. Vinayak Kashinath Deshpande

Designation :

Managing Director

Address :

Samudra Mahal, 209, 9^th Floor, Dr. A. B. Road, Worli, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

21.07.1957

Qualification:

B. E. Chemical

Date of Appointment :

01.07.2014

PAN No:

AAUPD5917B

Din No.:

00036827

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	U29100PN2000PLC130290	TAL MANUFACTURING SOLUTIONS LIMITED	Director	17/05/2002	17/05/2002	15/03/2010	Active	NO
2	L32200MH1940PLC003164	NELCO LIMITED	Director	30/07/2004	30/07/2004	18/03/2015	Active	NO
3	U64200TG1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	30/06/2007	07/06/2007	19/09/2008	Active	NO
4	L27109KA1964PLC001546	KENNAMETAL INDIA LIMITED	Director	04/11/2014	06/09/2010	-	Active	NO
5	U45202MH2008PLC178890	HCC Concessions Limited	Director	07/06/2011	26/10/2010	10/06/2011	Active	NO
6	U45400MH2010PLC210944	HCC INFRASTRUCTURE COMPANY LIMITED	Director	13/12/2010	13/12/2010	10/06/2011	Active	NO
7	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Managing director	01/07/2014	01/07/2011	-	Active	NO
8	L27290MH1978PLC020644	ARTSON ENGINEERING LIMITED	Director	23/07/2012	01/02/2012	-	Active	NO
9	L29308MH1954PLC009371	VOLTAS LIMITED	Director	23/08/2012	14/02/2012	-	Active	NO
10	U45200TG2013PLC088608	Tata Projects Infrastructure Limited	Director	26/06/2013	26/06/2013	-	Active	NO
11	U31901TN1984PLC011107	HONEYWELL ELECTRICAL DEVICES AND SYSTEMS INDIA LIMITED	Director	30/03/2015	30/03/2015	-	Active	NO

Name :

Mr. Sowmyan Ramakrishanan

Designation :

Director

Address :

D-9, Income Tax Officer Colony, Pedddar Road, Mumbai – 400026, Maharashtra India

Date of Birth/Age :

19.02.1949

Date of Appointment :

28.09.2012

Din No.:

00005090

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	28/09/2012	14/07/1987	-	Active	NO
2	U99999MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	Director	25/03/1994	25/03/1994	13/09/2010	Active	NO
3	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Director	15/10/2001	15/10/2001	21/05/2011	Active	NO
4	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Whole-time director	01/10/2009	01/10/2004	28/02/2014	Active	NO
5	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Nominee director	03/12/2004	03/12/2004	25/09/2008	Active	NO
6	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	15/12/2004	15/12/2004	01/03/2014	Active	NO
7	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	28/12/2004	28/12/2004	-	Active	NO
8	L32200MH1940PLC003164	NELCO LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
9	U74899MH2000PLC267297	MAITHON POWER LIMITED	Director	23/09/2011	30/11/2005	28/02/2014	Active	NO
10	U40109DL2001PLC111526	Tata Power Delhi Distribution Limited	Director	23/07/2010	15/12/2005	21/10/2013	Active	NO
11	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	29/12/2005	29/12/2005	27/01/2010	Active	NO
12	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	07/02/2007	07/02/2007	23/05/2008	Active	NO
13	U74999MH2007PLC168291	INDUSTRIAL POWER UTILITY LIMITED	Director	03/08/2012	01/03/2007	24/03/2014	Active	NO
14	U40108MH2007PLC168314	Tata Power Renewable Energy Limited	Director	20/06/2011	02/03/2007	01/03/2014	Active	NO
15	U40102MH2006PLC182213	Coastal Gujarat Power Limited	Director	07/08/2007	22/04/2007	-	Active	NO
16	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	11/07/2012	28/07/2009	-	Active	NO
17	U40108MH2011PLC211851	TATA POWER GREEN ENERGY LIMITED	Director	05/01/2011	05/01/2011	25/05/2011	Active	NO

Name :

Mr. Prasad Raghava Menon

Designation :

Director

Address :

50-F, Lovedale, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

23.01.1946

Date of Appointment :

18.12.2002

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	U74899MH2000PLC267297	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	23/04/2015	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 :

Mr. Pradeep Nilkant Dhume

Designation :

Director

Address :

GSB Temple Trust Building, 257 Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

01.09.1948

Date of Appointment :

03.04.2002

Din No.:

00916804

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	03/04/2002	03/04/2002	-	Active	NO
2	U74210MH1983PLC030705	ROHINI INDUSTRIAL ELECTRICALS LIMITED	Nominee director	28/07/2009	04/09/2008	-	Active	NO

Name :

Neera Saggi

Designation :

Director

Address :

Flat No.1002, Atlantis Building, Raheja Acropolis-I CHSL, Deonarpada Road, Deonar Village, Chembur, Mumbai-400088, Maharashtra, India

Date of Appointment :

03.08.2015

Din No.:

00501029

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	U36912MH1978PTC020126	HINDUSTAN DIAMOND COMPANY PRIVATE LIMITED	Nominee director	01/08/2005	01/08/2005	28/09/2007	Active	NO
2	U70101CH2006PTC029576	CSJ INFRASTRUCTURE PRIVATE LIMITED	Director	13/09/2011	20/04/2010	30/06/2014	Active	NO
3	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	14/06/2011	14/06/2011	16/06/2014	Active	NO
4	U52520TG2001PLC037105	HYDERABAD INTERNATIONAL TRADE EXPOSITIONS LIMITED	Director	24/09/2012	22/03/2012	30/06/2014	Active	NO
5	U72200TG1997PLC026885	L AND T INFOCITY LIMITED	Director	03/09/2012	24/04/2012	30/06/2014	Active	NO
6	U65990MH1966PLC013459	SICOM LIMITED	Director	28/06/2012	24/05/2012	-	Active	NO
7	U85100DL2008NPL178133	CARE India Solutions For Sustainable Development	Director	05/12/2014	05/09/2014	-	Active	NO
8	L74210JH1962PLC000700	TRF LIMITED	Additional director	01/10/2014	01/10/2014	-	Active	NO
9	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Director	01/10/2014	01/10/2014	-	Active	NO
10	L50210PB1985PLC006473	SWARAJ ENGINES LIMITED	Director	01/10/2014	01/10/2014	-	Active	NO
11	L24232MH2007PLC169354	RPG Life Sciences Limited	Director	19/03/2015	20/10/2014	-	Active	NO
12	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	03/08/2015	05/12/2014	-	Active	NO
13	U74210MH1999PLC123010	Tata Consulting Engineers Limited	Director	13/07/2015	13/02/2015	-	Active	NO
14	U65990MH1995PLC093241	IL AND FS FINANCIAL SERVICES LIMITED	Director	29/06/2015	18/03/2015	-	Active	NO
15	U74899MH2000PLC267297	MAITHON POWER LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO
16	U70102MH2007PLC168300	Tata Realty and Infrastructure Limited.	Additional director	26/03/2015	26/03/2015	-	Active	NO
17	U35914MH2007PTC169753	Mahindra Heavy Engines Private Limited	Additional director	31/03/2015	27/03/2015	-	Active	NO

Name :

Mr. Samirkumar Barua

Designation :

Director

Address :

House No. 421, IIM Campus, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Appointment :

03.08.2015

Din No.:

00211077

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	U51900MH1994PLC078303	STCI Finance Limited	Director	24/06/1997	24/06/1997	22/09/2012	Active	NO
2	L23201MH1959GOI011388	INDIAN OIL CORPORATION LIMITED	Director	29/01/1999	29/01/1999	01/06/2008	Active	NO
3	U65991MH2003PTC138496	SBI MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	29/06/2004	29/06/2004	03/10/2007	Active	NO
4	U24231HR1980PTC044172	RECKITT BENCKISER HEALTHCARE INDIA Private Limited	Director	01/06/2006	01/06/2006	11/04/2011	Active	NO
5	L23109WB1973GOI028844	COAL INDIA LIMITED GOVT OF INDIA UNDERTAKING	Director	04/08/2010	24/08/2007	04/08/2013	Active	NO
6	L65990MH1978PLC020080	MARATHON NEXTGEN REALTY LIMITED	Director	28/01/2008	28/01/2008	03/06/2008	Active	NO
7	L31200GJ2004PLC044068	TORRENT POWER LIMITED	Director	28/07/2014	29/01/2008	-	Active	NO
8	L23220MH1952GOI008931	BHARAT PETROLEUM CORPORATION LIMITED	Director	22/09/2008	20/05/2008	23/11/2012	Active	NO
9	U64201GJ2008NPL054773	IIMA IDEA TELECOM CENTRE OF EXCELLENCE	Director	14/08/2008	14/08/2008	13/09/2010	Active	NO
10	U73100GJ2008NPL054284	CIIE INITIATIVES	Director	24/12/2008	24/12/2008	31/03/2010	Active	NO
11	U23200MH1996PLC102222	IOT INFRASTRUCTURE AND ENERGY SERVICES LIMITED	Director	21/09/2010	01/09/2010	-	Active	NO
12	U10102CT1985GOI003161	SOUTH EASTERN COALFIELDS LIMITED	Director	27/09/2010	27/09/2010	01/11/2011	Active	NO
13	L65110GJ1993PLC020769	Axis Bank Limited	Director	22/06/2012	22/07/2011	-	Active	NO
14	L74899DL1993GOI054155	OIL AND NATURAL GAS CORPORATION LIMITED	Director	24/09/2012	14/12/2011	14/12/2014	Active	NO
15	U51900MH2005PLC157853	Axis Capital Limited	Director	24/06/2015	14/01/2013	-	Active	NO
16	U40102GJ2008PLC052898	TORRENT ENERGY LIMITED	Director	25/07/2014	25/07/2014	-	Active	NO
17	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	03/08/2015	25/03/2015	-	Active	NO
18	U40108GJ2007PLC051822	TORRENT PIPAVAV GENERATION LIMITED	Director	23/06/2015	23/06/2015	-	Active	NO

Name :

Parashuram Ganesh Date

Designation :

Director

Address :

Flat No.7 Sankul High Rise, 58+13/1/1 Near Dinanath Hospital Erandwana, Pune-411004, Maharashtra, India

Date of Appointment :

03.08.2015

Din No.:

07133661

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	03/08/2015	25/03/2015	-	Active	NO

Name :

Padmanabh Sinha

Designation :

Director

Address :

1206, The Imperial, North Tower, M P Mills Compound, Tardeo, Mumbai-400034, Maharashtra, India

Date of Appointment :

03.08.2015

Din No.:

00101379

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	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Nominee director	02/04/2005	02/04/2005	09/08/2007	Active	NO
2	L92490MH1999PLC122381	Fame India Limited	Nominee director	02/08/2005	02/08/2005	10/07/2008	Amalgamated	NO
3	U67190MH2000PTC154942	TEMASEK HOLDINGS ADVISORS INDIA PRIVATE LIMITED	Director	15/10/2005	15/10/2005	24/01/2011	Active	NO
4	U92120MH2001PLC130365	TATA SKY LIMITED	Director	11/08/2015	02/08/2007	-	Active	NO
5	L64201DL2006PLC156038	Bharti Infratel Limited	Director	22/07/2008	31/03/2008	31/01/2011	Active	NO
6	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Director	18/03/2011	18/03/2011	-	Active	NO
7	U28920MH1988PTC047335	VARROC ENGINEERING PRIVATE LIMITED	Nominee director	27/03/2014	27/03/2014	-	Active	NO
8	U25209MH1995PTC090037	VARROC POLYMERS PRIVATE LIMITED	Nominee director	27/03/2014	27/03/2014	-	Active	NO
9	U72200TN2000PTC044560	SHRIRAM PROPERTIES Private Limited	Director	30/09/2014	11/07/2014	-	Active	NO
10	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	03/08/2015	03/08/2015	-	Active	NO

KEY EXECUTIVES

Name :	Dr. A Raja Mogli
Designation :	Company Secretary and Head Legal
Address :	12-13-691/4, Nagarjuna Nagar, Tarnaka, Secunderabad-500017, Telangana, India
Date of Birth/Age :	10.05.1957
Date of Appointment :	22.11.2007
PAN No. :	AAXPA5498B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.07.2014

Names of Shareholders	No. of Shares
Tata Sons Limited, India	135000
Tata Steel Limited, India	218250
The Indian Hotels Limited, India	90000
Tata International Limited, India	90000
The Tata Power Company Limited, India	967500
Tata Chemicals Limited, India	193500
Voltas Limited, India	135000
Tata Industries Limited, India	60750
Tata Motors Limited, India	135000
Total	2025000

Equity Share Break up (Percentage of Total Equity)

AS ON: 31.07.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of Civil Engineering / Execution of Projects involve Procurement and Supply of Materials along with the Rendering of Services.

Products :

PRODUCT DESCRIPTION	ITC CODE
Energy Sector	84011000
Services	84011000
Others	84011000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

• Bharat Corporation Limited
• Cairn Energy India Private Limited
• Nuclear Power corporation of India Limited
• Tata Power Limited
• Tata Chemicals
• Suzlon Energy Limited

No. of Employees :

Information declined by the management

Bankers :

• Bank of Baroda, Corporate Financial Services Hyderabad Branch, 3-6-262/6, Tirumala Estates, 1st Floor, Himayat Na, Hyderabad - 500029, Telangana, India
• State Bank of Hyderabad, Industrial Finance Branch, Panjagutta, Hyderabad - 500482, Tamil Nadu, India
• Axis Bank Limited, 6-3-879/B Greenlands, Begumpet, Hyderabad - 500016, Telangana, India
• Export-Import Bank of India, Centre One, World Trade Centre, Cuffe Pared, Mumbai-400005, Maharashtra, India
• Canara Bank, IFB, 5-10-194, Chakrapani Eastate, Kalanjali Building, Opposite police Control Room, Saifabad, Hyderebad-500004, Telangana, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable demand from banks	2554.887	382.935
Other Loans and advances	347.286	0.000
Total	2902.173	382.935

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	1-8-384 and 385, 3^rd Floor, Gowra Grand, S.P. Road, Secunderabad - 500003, Telangana, India
PAN No.:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Entity holding more than 20%:	The Tata Power Company Limited (CIN NO.: L28920MH1919PLC000567)
Subsidiaries :	Artson Engineering Limited (CIN NO. : L27290MH1978PLC020644) TPL-TQA Quality Services (Mauritius) Pty Limited, Mauritius TPL-TQA Quality Services South Africa (Proprietary) Limited, South Africa TQ Services Europe GmbH, Germany Tata Projects Infrastructure Limited (CIN NO. : U45200TG2013PLC088608)
Jointly controlled entities (JCE):	Al Tawleed for Energy and Power Company, Saudi Arabia TEIL Projects Limited (CIN NO. : U74140DL2008PLC18089)
Group Company:	TATA Chemicals Limited, Bombay House, 24 Homi Mody Street, Mumbai – 400001, Maharashtra, India
Associates :	Virendra Garments Manufacturers Private Limited (CIN NO. : U18100MH1993PTC072992)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2025000	Equity Shares	Rs.100/- each	Rs.202.500 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	202.500	202.500	202.500
(b) Reserves & Surplus	7670.298	6792.138	6061.834
(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)	7872.798	6994.638	6264.334
(3) Non-Current Liabilities
(a) long-term borrowings	4.125	4.885	6.070
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	104.154	88.355	89.406
(d) long-term provisions	181.688	164.332	84.584
Total Non-current Liabilities (3)	289.967	257.572	180.060
(4) Current Liabilities
(a) Short term borrowings	2902.173	382.935	11.734
(b) Trade payables	21840.143	22174.781	20300.067
(c) Other current liabilities	9992.114	9757.812	7356.549
(d) Short-term provisions	181.238	208.290	408.964
Total Current Liabilities (4)	34915.668	32523.818	28077.314
TOTAL	43078.433	39776.028	34521.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2316.929	2074.006	1424.076
(ii) Intangible Assets	102.228	16.991	28.410
(iii) Capital work-in-progress	55.912	147.431	80.373
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	89.742	81.494	109.790
(c) Deferred tax assets (net)	559.702	356.967	194.905
(d) Long-term Loan and Advances	794.790	653.439	232.810
(e) Other Non-current assets	184.647	136.326	127.470
Total Non-Current Assets	4103.950	3466.654	2197.834
(2) Current assets
(a) Current investments	0.000	407.027	1344.309
(b) Inventories	4488.292	2392.356	1059.600
(c) Trade receivables	22671.415	22801.116	19026.221
(d) Cash and cash equivalents	1654.577	907.256	4925.390
(e) Short-term loans and advances	8759.655	9425.600	5059.528
(f) Other current assets	1400.544	376.019	908.826
Total Current Assets	38974.483	36309.374	32323.874
TOTAL	43078.433	39776.028	34521.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	35983.766	34805.462	30179.665
		Other Income	449.406	610.976	522.529
		TOTAL (A)	36433.172	35416.438	30702.194
Less:	EXPENSES
		Cost of materials consumed	31180.180	30894.270	25011.998
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2069.860)	(1429.242)	(177.427)
		Employee benefit expense	2753.407	2420.045	2029.128
		Other	2281.487	1707.146	1100.320
		TOTAL (B)	34145.214	33592.219	27964.019
Less:	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2287.958	1824.219	2738.175
Less:	FINANCIAL EXPENSES (D)		346.689	301.675	220.701
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1941.269	1522.544	2517.474
Less:	DEPRECIATION/ AMORTISATION (F)		497.148	369.613	279.174
	PROFIT BEFORE TAX (E-F) (G)		1444.121	1152.931	2238.300
Less:	TAX (H)		464.711	304.170	691.259
	PROFIT AFTER TAX (G-H) (I)		979.410	848.761	1547.041
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5005.900	4276.000	3119.100
Less:	APPROPRIATIONS
		General Reserve	97.900	84.800	154.700
		Proposed Dividend and tax thereon	101.300	118.500	202.500
		Tax on Dividend	0.000	0.000	32.900
		Transfer from debenture redemption reserve	0.000	84.400	0.000
	BALANCE CARRIED TO THE B/S		5786.100	5005.900	4276.000
	EARNINGS IN FOREIGN CURRENCY		1567.200	591.200	2000.000
	Earnings Per Share (Rs.)		483.66	419.14	763.97

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.098	1.098	113.128
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	(1254.158)	(2440.648)	4223.493
Net cash flow from (used in) operating activities	(1951.740)	(3035.694)	3495.544

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.72	2.44	5.13
Operating Profit Margin (PBIDT/Sales)	(%)	6.36	5.24	9.07
Return on Total Assets (PBT/Total Assets}	(%)	3.41	2.94	6.56
Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.36
Debt Equity Ratio (Total Debt /Networth)		0.37	0.06	0.02
Current Ratio (Current Asset/Current Liability)		1.12	1.12	1.15

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	202.500	202.500	202.500
Reserves & Surplus	6061.834	6792.138	7670.298
Net worth	6264.334	6994.638	7872.798
long-term borrowings	6.070	4.885	4.125
Short term borrowings	11.734	382.935	2902.173
Current Maturities of Long-Term Debts	113.128	1.098	1.098
Total borrowings	130.932	388.918	2907.396
Debt/Equity ratio	0.021	0.056	0.369

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	30179.665	34805.462	35983.766
		15.328	3.385

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	30179.665	34805.462	35983.766
Profit	1547.041	848.761	979.410
	5.13%	2.44%	2.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN:

Particulars	31.03.2014 [Rs. in Million]	31.03.2013 [Rs. in Million]
LONG TERM BORROWINGS
Term Loan from Banks	4.125	4.885
Total	4.125	4.885

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555693	21/02/2015	18,465,800,000.00	State Bank of Hyderabad	INDUSTRIAL FINANCE BRANCH "TOPAZ" BUILDING, AMRUT  HA HILLS, PUNJAGUTTA, HYDERABAD, TELANGANA - 50008  2, INDIA	C47035324
2	10548428	02/01/2015	8,500,000,000.00	State Bank of India	6-3-1109/1, RAJBHAVAN ROAD, NAVABHARAT CHAMBERS,  SOMAJIGUDA, HYDERABAD, TELANGANA - 500082, INDIA	C42553180
3	10520609	21/07/2014	513,000,000.00	Indian Overseas Bank	1-2-61 AND 62, PARK LANE, SECUNDERABAD, TELANGANA - 500003, INDIA	C21169578
4	10507309	25/04/2014	2,000,000,000.00	Indusind Bank Limited	100, LAXMI, SARADAR PATEL ROAD, BEGUMPET, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA	C10055994
5	10476714	28/01/2014	1,090,000,000.00	Axis Bank Limited	6-3-879/B GREENLANDS, BEGUMPET, HYDERABAD, ANDHRA  PRADESH - 500016, INDIA	B95997292
6	10454727	23/09/2013	891,900,000.00	Bank of Baroda	CORPORATE FINANCIAL SERVICES HYDERABAD BRANCH, 3-6-262/6, TIRUMALA ESTATES, 1ST FLOOR, HIMAYATNA,  HYDERABAD, ANDHRA PRADESH - 500029, INDIA	B87427332
7	10246720	14/10/2010	1,073,000,000.00	Bank of Baroda	CORPORATE FINANCIAL SERVICES HYDERABAD BRANCH, 3-6-262/6, TIRUMALA ESTATES, 3FLOOR, HIMAYATNAGAR, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	A97272660
8	80002233	24/06/2015 *	76,379,000,000.00	State Bank of Hyderabad	INDUSTRIAL FINANCE BRANCH, PUNJAGUTTA, HYDERABAD,  TELANGANA - 500082, INDIA	C58753872
9	90162307	12/09/1989	50,000,000.00	EXPORT IMPORT BANK OF INDIA	MAKER CHAMBES IV, 8TH FLOR; 222; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400001, INDIA	-
10	90161682	24/04/1987 *	1,500,000.00	GRINDLAYS BANK	90 M G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	1740.817	494.317
Guarantees	36704.165	37266.418
Other money for which company is contingently liable	0.000	46.048

OPERATIONS:

The total income for the year aggregated to Rs. 36433.100 Million (PY: Rs. 35416.400 Million). The operating profit for the year was Rs.2287.900 Million (PY: Rs. 1824.200 Million) resulting in a Profit before Tax (PBT) of Rs. 1444.100 Million (PY: Rs.1152.900 Million).

BUSINESS OPERATIONS:

EPC and Industrial Infrastructure Business

This Industrial infrastructure business consists of 7 (Seven) Business Units (BUs) viz., Power Generation (PG); Transmission and Distribution (TandD); Railways; Metal and Minerals (MandM); Oil, Gas and Hydrocarbon (OGH); Water and Waste water (WandWW); and Construction Services

(CS).

The total revenue during the year from the BUs was Rs 35972.500 Million (PY: Rs 34996.000 Million).

Key projects completed:

The major projects completed by the Industrial infrastructure business units are listed below:

In Power Generation, The company had completed and synchronized (i) 2x80 MW captive power plant at Tuticorin and; (ii) the first unit of Balance of Plant (BoP) Project for Telangana Power Development Corporation Limited (2x800 MW Supercritical Thermal Power plant at Krishnapatnam), which is one of India?s largest BoP project. The work on gas based (1x388 MW) combined cycle power plant at Raigarh, Maharashtra is in advanced stage of completion.

In Transmission and Distribution, The company had completed 11 lines/work components during the year and received a special trophy formaximum capitalization during the year from Power Grid Corporation of India Limited.

In Water and Waste Water, The company completed the performance testing and handed over of Water Systems of Thin Slab caster and Rolling (TSCR) for Tata Steel Limited, Jamshedpur. Out of six projects, three projects namely Water System for SMS-2, Chilled Water Plant (CWP) and Piping Project of Vizag Steel Plant (VSP) of RashtriyaIspat Nigam Limited (RINL), Vishakhapattanam have received Preliminary Acceptance Certificate (PAC) / Virtual Completion Certificate (VCC). Water System for SMS-2 was first to receive PAC amongst all projects of VSP expansion zone.

In Oil, Gas and Hydrocarbons, The company had completed the execution of ONGC Uran (Fire Water Network) and Cairn Energy-Aishwarya Field Development Project, while Cairn Energy EPC-MPT is progressing as per schedule and is expected to be completed by 1 st quarter of financial year 2014-15.

In Railways, The company received PAC for 818 Track Kilometers (TKM) and also commissioned 173 TKM of Railway Lines.

In Metals and Minerals The company commissioned 2.5 MT per annum blast furnace at Rourkela Steel Plant of Steel Authority of India Limited (SAIL), 1.2 MT per annum pelletisation project of National Mineral Development Corporation Limited (NMDC) has reached commissioning stage; while the blast furnace of NMDC and interplant fuel gas and industrial gases piping project at Bhilai Steel Plant of SAIL are steadily progressing towards completion.

In Construction Services, The company had completed 5550 cum of blast furnace foundation at Jindal Steel and Power Limited (JSPL), in just 61 hours and also completed 173 M high Natural Draft Cooling Tower (NDCT) for Krishnapatnam thermal power project through in- house resources. This achievement has positioned the Company as one amongst a few construction companies in India, with the experience of constructing NDCT for super critical thermal power projects. Construction Services also had constructed an over-head water tank at Nagarnar without any scaffolding from ground and reduced the construction period by almost one year.

FUTURE OUTLOOK:

Indian Market: There has been economic slowdown in the Country and nearly insignificant progress in industrial infrastructure sector. However, the scenario is likely to improve in financial year 2014-15. The company is poised to grab new opportunities of growth in all areas of industrial infrastructure.

International market: To derisk the business, The company is aggressively looking at international markets. BU-Power Generation and Railways are contemplating to spread its footprints in Middle east, South east Asia and Africa. BU-Transmission and Distribution have secured two international projects from new clients in Zambia and Nepal and plans to venture further in Africa and Middle-East and North Africa region.

BU-Oil, Gas and Hydrocarbons has secured an EPC contract for chemical storage terminal at Sharjah by Hazel International, Free Zone Establishment and is also qualified and invited for other storage tanks and export EPC projects from clients in UAE.

Key Investment (TMU and Capex):

Tower Manufacturing Unit (TMU), Nagpur has proposed to enhance its manufacturing capacity from present 36,000 MT per annum to 76,000 MT per annum. For this purpose, the Company is in the process of acquiring more land adjacent to the present location of the factory.

2. Quality Services (QS):

This SBU is a leading Inspection and Certification agency with Pan India presence, offices in China, Korea and UAE. It is providing services in about 40 countries. The revenue during the year from this SBU was Rs 663. 000 Million (PY Rs 833.000 Million), the de-growth being mainly on account of slowdown in industrial investments.

In inspection segment, it received a prestigious order to provide project quality management in Highway sector, which is a new line of business. It also received orders for Quality Supervision for varius Government Infrastructure Projects.

In Certification and Training segments it received several orders for Emergency Response and Disaster Management Plan (ERDMP) Certification, Warehousing/Cold Storage Accreditation and Energy/Safety Audits of various establishments.

OUTLOOK:

This SBU has strong presence in Power Sector in India and OGH Sector in Middle East. Expected revival in capital expenditure in these sectors and also with planned geographic expansion overseas, SBU is optimistic to comeback to growth path in financial year 2014-15. SBU proposes to diversify its services in Operation and Maintenance sector, where it is negotiating contracts with RSP, SAIL. This SBU is also planning to enter new geographies in countries like Kingdom of Saudi Arabia, Oman and Vietnam for its traditional inspection services business.

CORPORATE INFORMATION:

Subject was established in 1979 as an Engineering, Procurement and Construction (EPC) Company.

TPL operates through seven Strategic Business Units (SBUs) - Power Generation, Transmission and Distribution, Railways, Water and Waste Water, Metals and Minerals, Quality Services and Oil, Gas and Hydrocarbon. The Company has set up its a tower manufacturing unit near Nagpur. The SBU-Quality Services provides third party inspection services.

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements

Intangible assets

• Goodwill
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.40
UK Pound	1	Rs. 101.19
Euro	1	Rs. 73.89

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		73

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.