MIRA INFORM REPORT

Report No. :	490497
Report Date :	07.02.2018

IDENTIFICATION DETAILS

Name :	TATA CONSULTANCY SERVICES LIMITED
Registered Office :	9^th Floor, Nirmal Building, Nariman Point, Mumbai - 400021, Maharashtra
Tel. No.:	91-22-67789595
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.01.1995
Com. Reg. No.:	11-084781
Capital Investment / Paid-up Capital :	INR 1970.000 Million
CIN No.: [Company Identification No.]	L22210MH1995PLC084781
IEC No.:	0388031964
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTIN/UIN :	Not Divulged
PAN No.: [Permanent Account No.]	AAACR4849R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject provides consulting-led integrated portfolio of information technology (IT) and IT-enabled services delivered through a network of multiple locations around the globe. [Registered Activity]
No. of Employees :	387223 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Tata Consultancy Services Limited (TCS) is amongst the largest Indian IT services companies. The company was incorporated in the year 1995 and is based in Mumbai, Maharashtra. It is a well- established and reputed company. It is engaged in providing consulting-led portfolio of Information Technology (IT) and IT- enabled services delivered through a network of multiple location around the Globe. For the financial year ended 2017, the company has achieved 7.95% growth in its revenue as compared to previous year revenue and has maintained healthy profitability margin of 25.52% during the year under review. The robust financial profile of the company marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has decent earning per share (EPS) of INR 120.04 against the face value (FV) of INR 01. The company has its share price trading at around INR 3015.90 against the face value (FV) of INR 01 on BSE as on 6th February, 2018. Rating also derives strength from company’s established track record of business. However, rating strengths are partially offset by TCS’s large scale of operations, diversified customer base across geographies and long presence in the IT services business and unfavourable gap between trade payables and trade receivables. Business is active. Payments seems to be regular. In view of aforesaid, 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	ICRA
Rating	Fund Based = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	21.12.2017

Rating Agency Name	ICRA
Rating	Non Fund Based = AAA
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	21.12.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 07.02.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Not Divulged
Designation :	Office Executive
Contact No.:	91-22-67786565
Name :	Mr. Ritesh Pawar
Designation :	Chief Executive Officer
Contact No.:	91-9821276763
Date :	10.07.2017

MANAGEMENT NON-COOPERATIVE (Tel No.:91-91-22-67789595)

LOCATIONS

Registered Office :	9^th Floor, Nirmal Building, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-67789595
Mobile No.:	91-9821276763 (Mr. Ritesh Pawar)
Fax No.:	91-22-67509333 / 67789660
E-Mail :	suprakash.mukhopadhyay@tcs.com investor.relations@tcs.com sh.rajadhyaksha@tcs.com tcs@tata.com suprakash.mukhopadhay@tcs.com vivek.agarwal@cmcltd.com
Website :	http://www.tcs.com
Branch Office :	4 & 5 Floors, PTI building No.4, Sansad Marg, New Delhi - 110001, India
Corporate Office / Regional Office 1 :	TCS House, Raveline Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-67789999
Fax No.:	91-22-67789000
E-Mail :	investor.relations@tcs.com
Regional Office 2 :	Vidyasagar Building, Raheja Township, Near Sai Baba Mandir, Malad (East),  Mumbai - 400 097, Maharashtra, India
Tel. No.:	91-22-6779 8585
Fax No.:	91-22-6779 8546
Lead - Talent Acquisition (Mumbai Office):	Gateway Park, Akruti Business Port, Ground Floor, Road No. 13 MIDC, Andheri (East), Mumbai - 400 093, Maharashtra, India
Regional Offices 3:	Tata Consultancy Services, 165/1A, Velachery – Taramani, 100 Feet Road, Velachery, Chennai – 600042, Tamilnadu, India
Regional Offices :	Also Located at: · Ahmedabad · Bangalore · Vadodara · Bhubaneswar · Chennai · Coimbatore · Delhi PTI · Gandhinagar · Goa · Gurugram · Hyderabad · Jamshedpur · Kochi (Cochin) · Kolkata · Lucknow · Mumbai · Nagpur · Noida · Pune · Thiruvananthapuram

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Rajesh Gopinathan
Designation :	Managing Director
Address :	B 405, Golden Rays, Raheja Vihar, Chandivali Powai, Mumbai – 400072, Maharashtra, India
Date of Birth/Age :	13.08.1971
Qualifications:	Mba - Iim, Ahmedabad Engineer, Regional Engg. College, Trichy
Date of Appointment :	21.02.2017
DIN No.:	06365813
Name :	Mr. Ganapathy Subramaniam Natarajan
Designation :	Director
Address :	No-171, Adarsh Vista, Vibhutipura, Basava Nagar, Bangalore – 560037, Karnataka, India
Date of Birth/Age :	20.05.1959
Qualifications:	Master's Degree In Mathematics
Date of Appointment :	21.02.2017
DIN No.:	07006215
Name :	Ms. Aarthi Subramanian
Designation :	Director
Address :	No. 21-D, 54th Street, 9th Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India
Date of Birth/Age :	26.06.1967
Qualifications:	B. Tech In Computer Science Master's Degree In Engineering Management
Date of Appointment :	12.03.2015
DIN No.:	07121802
Name :	Mr. Ron Sommer
Designation :	Director
Address :	Florastr. 7 Meerbusch 40667
Date of Appointment :	05.06.2006
DIN No.:	00621387
Name :	Mr. Om Prakash Bhatt
Designation :	Director
Address :	03, Ground Floor, Seagull, M L Dahanukar Marg, Mumbai – 400026, Maharashtra, India
Date of Appointment :	02.04.2012
DIN No.:	00548091
Name :	Mr. Chandrasekaran Natarajan
Designation :	Additional Director
Address :	201/202 Sagar Darshan 8, Worli Seaface, Mumbai – 400030, Maharashtra, India
Date of Birth/Age :	02.06.1963
Qualifications:	Bachelor's Degree - Applied Science Master's Degree- Computers Application
Date of Appointment :	06.09.2007
DIN No.:	00121863
Name :	Mr. Ishaat Hussain
Designation :	Director
Address :	222-A, Ncpa Apartments, Nariman Point, Mumbai – 400021, Maharashtra, India
Date of Appointment :	05.01.2010
DIN No.:	00027891
Name :	Mr. Clayton Magleby Christensen
Designation :	Director
Address :	114, Fletcher Road, Belmont, Ma 02478, Usa, Belmont 02478 , United States
Date of Appointment :	12.01.2006
DIN No.:	00020111
Name :	Mr. Thyagarajan Venkatraman
Designation :	Director
Address :	11f, Mount Sinai Lane, 05-23, Glentrees Singapore 277055 SG
Date of Appointment :	05.09.2005
DIN No.:	00017541
Name :	Mr. Cyrus Pallonji Mistry
Designation :	Director
Address :	Sterling Bay, 103, Walkeshwar Road, Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Appointment :	02.04.2012
DIN No.:	00010178
Name :	Mr. Aman Mehta
Designation :	Director
Address :	115a, Jor Bagh, New Delhi – 110003, India
Date of Appointment :	05.05.2004
DIN No.:	00009364

KEY EXECUTIVES

Name :	Mr. Ramakrishnan Venkataraman
Designation :	Chief Finance Officer (KMP)
Address :	C 153 Sobha Sunflower, 173, Basavanagar Main Road Marathahalli Post, Vibhutipura, Bangalore – 560037, Karnataka, India
Date of Appointment :	21.02.2017
PAN No.:	AAQPV5980Q
Name :	Mr. Rajendra Chandrakantrao Moholkar
Designation :	Company Secretary
Address :	B-8, Samata , Srinagar Wagle Estate, Thane – 400604, Maharashtra, India
Date of Appointment :	24.04.2017
PAN No.:	AABPM6837C

SHAREHOLDING PATTERN

AS ON December 2017

Category of shareholder	Total Nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a %
(A) Promoter & Promoter Group	1408353432	73.57
(B) Public	505934159	26.43
Grand Total	1914287591	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total Nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR 1957)As a %
A1) Indian
Any Other (specify)	1408353432	73.57
TATA SONS LIMITED	1407387911	73.52
AF-TAAB INVESTMENT COMPANY LIMITED	410614	0.02
TATA INVESTMENT CORPORATION LTD	527110	0.03
TATA INDUSTRIES LIMITED	3610	0.00
TATA STEEL LIMITED	23804	0.00
THE TATA POWER COMPANY LIMITED	383	0.00
Sub Total A1	1408353432	73.57
A2) Foreign		0.00
A=A1+A2	1408353432	73.57

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total No. shares held	Shareholding % calculated as per SCRR 1957 As a %
B1) Institutions
Mutual Funds/	24245748	1.27
Alternate Investment Funds	360000	0.02
Foreign Portfolio Investors	311302218	16.26
Financial Institutions/ Banks	698086	0.04
Insurance Companies	90940609	4.75
Life Insurance Corporation of India	79864200	4.17
Sub Total B1	427546661	22.33
B2) Central Government/ State Government(s)/ President of India		0.00
Central Government/ State Government(s)/ President of India	894812	0.05
Sub Total B2	894812	0.05
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	56559611	2.95
Individual share capital in excess of INR 0.200 Million	12407963	0.65
NBFCs registered with RBI	49367	0.00
Any Other (specify)	8475745	0.44
Trusts	2636222	0.14
Foreign Companies	28	0.00
Bodies Corporate	3943141	0.21
Clearing Members	1737319	0.09
Limited Liability Partnership-LLP	54004	0.00
IEPF A/c	105031	0.01
Sub Total B3	77492686	4.05
B=B1+B2+B3	505934159	26.43

BUSINESS DETAILS

Line of Business :

Subject provides consulting-led integrated portfolio of information technology (IT) and IT-enabled services delivered through a network of multiple locations around the globe. [Registered Activity]

Products / Services :

NIC Code	Product Description
620	Computer Programming, Consultancy and Related Activities

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

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

No. of Employees :

387223 (Approximately)

Bankers :

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

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Long-term maturities of obligations under finance lease	440.000	500.000
SHORT TERM BORROWINGS
Overdraft from banks	0.000	1120.000
Total	440.000	1620.000

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Indiabulls Finance Centre Tower 3, 27^th – 32^nd Floor, Senapati Bapat Marg, Elphinstone Road, (west), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No.:	91-22-61854501/ 4601
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Tata Sons, India [CIN NO.: U99999MH1917PLC000478]
Subsidiaries Companies:	APTOnline Limited (formerly known as APOnline Limited), India [CIN NO.: U75142TG2002PLC039671] C-Edge Technologies Limited, India [CIN NO.: U72900MH2006PLC159038] MP Online Limited, India [CIN NO.: U72400MP2006PLC018777] TCS e-Serve International Limited, India [CIN NO.: U72300MH2007PLC240002] MahaOnline Limited, India [CIN NO.: U72900MH2010PLC206026] TCS Foundation, India [CIN NO.: U74999MH2015NPL262710] Tata Consultancy Services (Africa) (PTY) Limited, South Africa Tata Consultancy Services (South Africa) (PTY) Limited, South Africa Tata Consultancy Services Qatar S. S. C, State of Qatar Tata Consultancy Services Saudi Arabia, Kingdom of Saudi Arabia Tata Consultancy Services Asia Pacific Pte Limited, Singapore Tata Consultancy Services Malaysia SDN BHD, Malaysia. Tata Consultancy Services (China) Co., Limited, China PT Tata Consultancy Services Indonesia Tata Consultancy Services (Thailand) Limited, Bangkok Tata Consultancy Services (Philippines) Inc. Tata Consultancy Services Japan, Limited, Japan Tata Consultancy Services Canada Inc., Canada Tata Consultancy Services De Espana S.A, Spain Tata Consultancy Services Deutschland GmbH, Germany Tata Consultancy Services Netherlands BV, The Netherlands Tata Consultancy Services Sverige AB, Sweden Tata Consultancy Services Belgium S.A., Belgium TCS Italia SRL , Italy Diligenta Limited, United Kingdom Tata Consultancy Services Portugal Unipessoal Limitada, Algés Portugal Tata Consultancy Services Luxembourg S.A., Luxembourg Tata Consultancy Services Switzerland Limited, Switzerland Tata Consultancy Services France S.A.S., France Tata Consultancy Services Osterreich GmbH, Austria Tata Consultancy Services Danmark ApS, Denmark Alti S.A., France Planaxis Technologies Inc., Canada ALTI HR S.A.S., France Alti Infrastructures Systemes and Reseaux S.A.S., France ALTI NV, Belgium Tescom (France) Software Systems Testing S.A.R.L., France ALTI Switzerland S.A., Suisse Teamlink, Belgium TCS FNS Pty Limited, Australia TCS Financial Solutions Australia Holdings Pty Limited, Australia TCS Financial Solutions Australia Pty Limited, Australia TCS Financial Solutions Beijing Co., Limited, Republic of China TCS Iberoamerica SA, Uruguay TCS Solution Center S.A., Uruguay Tata Consultancy Services Argentina S.A, Argentina Tata Consultancy Services De Mexico S.A., De C.V., México TCS Inversiones Chile Limitada, Chile Tata Consultancy Services Do Brasil Limited, Brazil TATASOLUTION CENTER S.A, TCS Uruguay S.A. Technology Outsourcing S.A.C. MGDC S.C., México Tata America International Corporation, United States of America CMC Americas Inc., United States of America TCS e-Serve America, Inc., United States of America CMC eBiz Inc, United States of America

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
4600500000	Equity Shares	INR 1/- each	INR 4600.000 Million
1050250000	Redeemable Preference Shares	INR 1/- each	INR 1050.000 Million
	Total		INR 5650.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1970427941	Equity Shares	INR 1/- each	INR 1970.000 Million

The Authorised Equity Share Capital was increased to 4600500000 equity shares of INR 1 each pursuant to the amalgamation of its subsidiaries, WTI Advanced Technology Limited vide the Order dated March 27, 2015 of the High Court of Judicature at Bombay and CMC Limited, vide the Order dated August 14, 2015 of the High Court of Judicature at Bombay and vide the Order dated July 20, 2015 of the High Court of Judicature at Hyderabad.

The Borad of Directors of the company, at its meeting held on February 20, 2017 has approved a proposal to buy-back up to 56140351 equity shares (Five crore sixty one lakh thousand three hundred and fifty one only) of the Company for an aggregate amount not exceeding INR 160000.000 million, being 2.85% of the total paid up equity share capital at INR 2850 per equity share. The shareholders of the Company have approved the scheme of buyback of shares though postal ballot on April 17, 2017.

(a) Reconciliation of number of shares

	As at March 31, 2017
Particulars	Number of shares	INR In Million
Equity shares
Opening balance	1970427941	1970.000
Issued during the year	--	--
Closing balance	1970427941	1970.000

(b) Rights, preferences and restrictions attached to shares

Equity shares

The Company has one class of equity shares having a par value of INR 1 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(c) Shares held by Holding company, its Subsidiaries and Associates

Particulars	31.03.2017	31.03.2016
Equity shares
Holding company
1443451698 equity shares (March 31, 2016: 1443451698 equity shares) are held by Tata Sons Limited	1440.000	1440.000
Total	1440.000	1440.000

(d) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Particulars	31.03.2017
Equity shares
Tata Sons Limited, the Holding company	1443451698
Issued during the year	73.26%

(e) Equity shares allotted as fully paid-up (during 5 years preceding March 31, 2016) including equity shares issued pursuant to contract without payment being received in cash 11699962 equity shares issued to the shareholders of CMC Limited in terms of the scheme of amalgamation (‘the Scheme’) sanctioned by the High Court of Judicature at Bombay vide its Order dated August 14, 2015 and the High Court of Judicature at Hyderabad vide its Order dated July 20, 2015.

1506983 equity shares of INR 1 each have been issued to the shareholders of TCS e-Serve Limited in terms of the composite scheme of amalgamation sanctioned by the High Court of Judicature at Bombay vide its Order dated September 6, 2013.

(f) The company’s objective for capital management is to maximize shareholder value, safeguard business continuity and support the growth of the Company. The Company determines the capital requirement based on annual plans and long term and other strategic investment plans. The funding requirements are met through equity and operating cash flows generated. The Company is not subject to any externally imposed capital requirements.

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1970.000	1970.000	1958.700
(b) Reserves & Surplus	778250.000	648160.000	452205.700
(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)	780220.000	650130.000	454164.400
(3) Non-Current Liabilities
(a) long-term borrowings	440.000	500.000	647.100
(b) Deferred tax liabilities (Net)	3140.000	3660.000	2714.600
(c) Other long term liabilities	6380.000	6390.000	7221.500
(d) long-term provisions	390.000	400.000	1269.100
Total Non-current Liabilities (3)	10350.000	10950.000	11852.300
(4) Current Liabilities
(a) Short term borrowings	2000.000	1130.000	1855.600
(b) Trade payables	48740.000	53700.000	67672.500
(c) Other current liabilities	55610.000	57110.000	24914.700
(d) Short-term provisions	660.000	1150.000	70193.500
Total Current Liabilities (4)	107010.000	113090.000	164636.300
TOTAL	897580.000	774170.000	630653.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92140.000	90560.000	107032.300
(ii) Intangible Assets	170.000	240.000	0.000
(iii) Capital work-in-progress	14770.000	16400.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	22010.000	22290.000	26512.300
(c) Deferred tax assets (net)	24470.000	25300.000	3034.700
(d) Long-term Loan and Advances	60.000	24320.000	84525.500
(e) Other Non-current assets	57770.000	61290.000	5246.800
Total Non-Current Assets	211390.000	240400.000	226351.600
(2) Current assets
(a) Current investments	407290.000	219300.000	7474.700
(b) Inventories	210.000	90.000	123.400
(c) Trade receivables	166490.000	190580.000	170367.600
(d) Cash and cash equivalents	13160.000	48060.000	165025.000
(e) Short-term loans and advances	27040.000	25230.000	33521.800
(f) Other current assets	72000.000	50510.000	27788.900
Total Current Assets	686190.000	533770.000	404301.400
TOTAL	897580.000	774170.000	630653.000

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	926930.000	858640.000	735780.600
	Other Income	45680.000	37570.000	44667.300
	TOTAL	972610.000	896210.000	780447.900
Less	EXPENSES
	Exceptional items	0.000	0.000	(5283.800)
	Employees benefits expense	481160.000	424200.000	273683.200
	Other expenses	174880.000	163900.000	251815.400
	TOTAL	656040.000	588100.000	520214.800
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	316570.000	308110.000	260233.100
Less	FINANCIAL EXPENSES	160.000	130.000	795.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	316410.000	307980.000	259437.400
Less	DEPRECIATION/ AMORTISATION	15750.000	14590.000	13937.700
	PROFIT/ (LOSS) BEFORE TAX	300660.000	293390.000	245499.700
Less	TAX	64130.000	62640.000	52930.100
	PROFIT/ (LOSS) AFTER TAX	236530.000	230750.000	192569.600
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	535760.000	423700.000	364204.500
	Adjustment with other equity	590.000	(1020.000)	717.800
	APPROPRIATIONS
	Dividend on equity shares	91620.000	79930.000	107729.200
	Proposed dividend on equity shares (excluding tax)	0.000	0.000	47009.500
	Tax on Dividend	17850.000	14860.000	25915.400
	General Reserve	0.000	22880.000	19256.900
	Write back of tax on dividends of prior year	0.000	0.000	(209.700)
	special Economic Zone re-investment reserve	3760.000	0.000	0.000
	Balance Carried to the B/S	659650.000	535760.000	357790.600
	Earnings / (Loss) Per Share (INR)	120.04	117.11	98.31

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	4.700
Cash generated from operations	295980.000	24450.000	226404.600
Net Cash Provided by Operating Activities	231320.000	179860.000	163198.900

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	30.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net sales	234760.000	240320.000	242780.000
Total Expenditure	171900.000	171190.000	171610.000
PBIDT (Excluding Other Income)	62860.000	69130.000	71170.000
Other income	24140.000	8070.000	10430.000
Operating Profit	87000.000	77200.000	81600.000
Interest	210.000	40.000	20.000
Exceptional Items	NA	NA	NA
PBDT	86790.000	77160.000	81580.000
Depreciation	3960.000	4120.000	4190.000
Profit Before Tax	82830.000	73040.000	77390.000
Tax	16130.000	15580.000	16700.000
Provisions and contingencies	NA	NA	NA
Profit after tax	66700.000	57460.000	60690.000
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	66700.000	57460.000	60690.000

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.56	81.01	84.51
Account Receivables Turnover (Income / Sundry Debtors)	5.57	4.51	4.32
Inventory Turnover (Operating Income / Inventories)	1507.48	3423.44	2108.86
Asset Turnover (Operating Income / Net Fixed Assets)	2.96	2.87	2.43

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.12	0.15	0.26
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.01
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.14	0.17	0.36
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.14	0.16	0.24
Interest Coverage Ratio (PBIT / Financial Charges)	1978.56	2370.08	327.05

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	25.52	26.87	26.17
Return on Total Assets ((PAT / Total Assets) * 100)	%	26.35	29.81	30.53
Return on Investment (ROI) ((PAT / Networth) * 100)	%	30.32	35.49	42.40

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	6.41	4.72	2.46
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	6.41	4.72	2.45
G-Score Ratio Financial (Networth / Total Assets)	0.87	0.84	0.72
G-Score Ratio Debt (Debts / Equity Capital)	1.24	0.83	1.28
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	6.41	4.72	2.46

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 01/-
Market Value	INR 3015.90/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	1958.700	1970.000	1970.000
Reserves & Surplus	452205.700	648160.000	778250.000
Net worth	454164.400	650130.000	780220.000
Long Term borrowings	647.100	500.000	440.000
Short Term borrowings	1855.600	1130.000	2000.000
Total borrowings	2502.700	1630.000	2440.000
Debt/Equity ratio	0.006	0.003	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	735780.600	858640.000	926930.000
		16.698	7.953

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	735780.600	858640.000	926930.000
Profit	192569.600	230750.000	236530.000
	26.17%	26.87%	25.52%

LEGAL CASE

Case Details

Bench:-Bombay

Presentation Date:-				12/09/2017
Lodging No.:-	ITXAL/2278/2017	Filing Date:-	12/09/2017

Petitioner:-

COMMISSIONER IF INCOME TAX-LTU-

Respondent:-

TATA CONSULTANCY SERVICES LIMITED

Petn.Adv.:-

SURESH KUMAR (I2100)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	TAX APPEALS

Last Date:-

14/12/2017

Stage:-

FOR REJECTION [ORIGINAL SIDE MATTERS]

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Income Tax Act, 1961

Under Section:-

260A

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1970.000	1970.000
(b) Reserves & Surplus	860170.000	708750.000
(c) Money received against share warrants	0.000	0.000
(2) Non-controlling Interest	3660.000	3550.000
Total Shareholders’ Funds (1) + (2)	865800.000	714270.000
(3) Non-Current Liabilities
(a) long-term borrowings	710.000	830.000
(b) Deferred tax liabilities (Net)	9190.000	8050.000
(c) Other long term liabilities	11310.000	11720.000
(d) long-term provisions	390.000	400.000
Total Non-current Liabilities (3)	21600.000	21000.000
(4) Current Liabilities
(a) Short term borrowings	2000.000	1130.000
(b) Trade payables	62790.000	75410.000
(c) Other current liabilities	79670.000	78000.000
(d) Short-term provisions	660.000	1150.000
Total Current Liabilities (4)	145120.000	155690.000
TOTAL	1032520.000	890960.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100570.000	99710.000
(ii) Intangible Assets	470.000	1340.000
(iii) Capital work-in-progress	15410.000	16700.000
(iv) Goodwill	15970.000	16690.000
(b) Non-current Investments	3440.000	3430.000
(c) Deferred tax assets (net)	28280.000	29080.000
(d) Long-term Loan and Advances	90.000	24720.000
(e) Other Non-current assets	63030.000	67160.000
Total Non-Current Assets	227260.000	258830.000
(2) Current assets
(a) Current investments	416360.000	224790.000
(b) Inventories	210.000	160.000
(c) Trade receivables	226840.000	240730.000
(d) Cash and cash equivalents	41490.000	67880.000
(e) Short-term loans and advances	29090.000	27430.000
(f) Other current assets	91270.000	71140.000
Total Current Assets	805260.000	632130.000
TOTAL	1032520.000	890960.000

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	1179660.000	1086460.000
	Other Income	42210.000	30840.000
	TOTAL	1221870.000	1117300.000
Less	EXPENSES
	Employees benefits expense	616210.000	553480.000
	Other expenses	240340.000	226210.000
	TOTAL	856550.000	779690.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	365320.000	337610.000
Less	FINANCIAL EXPENSES	320.000	330.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	365000.000	337280.000
Less	DEPRECIATION/ AMORTISATION	19870.000	18880.000
	PROFIT/ (LOSS) BEFORE TAX	345130.000	318400.000
Less	TAX	81560.000	75020.000
	PROFIT/ (LOSS) AFTER TAX	263570.000	243380.000
	Earnings / (Loss) Per Share (INR)	120.04	117.11

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Tata Consultancy Services Limited provides consulting-led integrated portfolio of information technology (IT) and IT-enabled services delivered through a network of multiple locations around the globe. The Company’s full services portfolio consists of IT and Assurance Services, Business Intelligence and Performance Management, Business Process Services, Cloud Services, Connected Marketing Solutions, Consulting, Eco-sustainability Services, Engineering and Industrial Services, Enterprise Security and Risk Management, Enterprise Solutions, ION-Small and Medium Businesses, IT Infrastructure Services, Mobility Products and Services and Platform Solutions.

The Company is a public limited company incorporated and domiciled in India. The address of its corporate office is TCS house, Raveline Street, Fort Mumbai – 400001. As at March, 2017, Tata Sons Limited, the holding company owned 73.26% of the Company’s equity share capital.

The financial statements for the year ended March 31, 2017 were approved by the Board of Directors and authorised for issue on April 18, 2017.

COMPANY’S PERFORMANCE:

The revenue from operations for FY 2017 at INR 926930.000 million, was higher by 8.0% over the last year (INR 858640.000 million in FY 2016). The profit for the year was INR 236530.000 million, registering a growth of 2.5% over the PAT of INR 230750.000 million in FY 2016.

OVERVIEW OF THE INDUSTRY:

IT services	IT Infrastructure Services	Business Process Services
Digital transformation	Cloud adoption	Robotic and cognitive automation
Core system renovation	IT infrastructure rationalization	Analytics
Simplification, Automation, Efficiency	Market penetration	Regulatory and compliance

UNSECURED LOANS:

Unsecured Loan	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT-TERM BORROWINGS
Overdraft from banks	2000.000	10.000
Total	2000.000	10.000

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 2017

(INR in Million)

Particulars	Quarter Ended	Quarter Ended	Six Months Ended
	30.09.2017	30.06.2017	30.09.2017
	[Unaudited]	[Unaudited]	[Unaudited]
INCOME FROM OPERATIONS
Net Sales	240320.000	234760.000	475080.000
Other Operating Income	8070.000	24140.000	32210.000
Total Income from Operations	248390.000	258900.000	507290.000
EXPENSES
Employee benefits expense	128960.000	127400.000	256360.000
Fees to external consultants	15610.000	15400.000	31010.000
Depreciation and Amortization expenses	4120.000	3960.000	8080.000
Other Expenditure	26620.000	29100.000	55720.000
Total Expenses	175310.000	175860.000	351170.000
Profit before finance costs and tax	73080.000	83040.000	156120.000
Finance costs	40.000	210.000	250.000
Profit / (Loss) from ordinary activities before Exceptional items	73040.000	82830.000	155870.000
Exceptional items	--	--	--
Profit / (Loss) before Tax	73040.000	82830.000	155870.000
Tax Expense	17441.200	16130.000	31710.000
Profit / (Loss) after Tax	15580.000	16130.000	31710.000
Other comprehensive income/ (Losses)	(2450.000)	20.000	(2430.000)
Total comprehensive income	55010.000	66720.000	121730.000
Paid-up Equity Share Capital (Face value INR 1/- per share)	1910.000	1910.000	1910.000
Reserves (excluding Revaluation Reserve)
Earnings per Share (EPS) – INR	30.02	34.11	64.17

STANDALONE STATEMENT OF ASSTES AND LIABILITIES

INR In Million

SOURCES OF FUNDS	30.09.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1910.000
(b) Reserves & Surplus	663040.000
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	664950.000
(3) Non-Current Liabilities
(a) long-term borrowings	420.000
(b) Deferred tax liabilities (Net)	3960.000
(c) Other long term liabilities	6290.000
(d) long-term provisions	390.000
Total Non-current Liabilities (3)	11060.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	46550.000
(c) Other current liabilities	75590.000
(d) Short-term provisions	1480.000
Total Current Liabilities (4)	123620.000
TOTAL	799630.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	95000.000
(ii) Intangible Assets	140.000
(iii) Capital work-in-progress	12880.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	22030.000
(c) Deferred tax assets (net)	28730.000
(d) Long-term Loan and Advances	40.000
(e) Other Non-current assets	55790.000
Total Non-Current Assets	214610.000
(2) Current assets
(a) Current investments	283360.000
(b) Inventories	280.000
(c) Trade receivables	192580.000
(d) Cash and cash equivalents	11160.000
(e) Short-term loans and advances	22930.000
(f) Other current assets	74710.000
Total Current Assets	585020.000
TOTAL	799630.000

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	Y10260404	90160634	STATE BANK OF INDIA	30/08/2004	-	-	10000000000.0	CORPORATE ACCOUNT GROUP BRANCHVOLTAS HOUSE;J N HEREDIA MARG; BALLARD ESTATE, MUMBAI – 400001, MAHARASHTRA, INDIA
2	Y10260408	90160638	THE HONGKONG AND SHANGHAI BANKING CO.LIMITED	08/04/2004	-	-	3000000000.0	52/60; MAHATMA GANDHI ROAD, FORT, MUMBAI -400001, MAHARASHTRA, INDIA
3	Y10315981	90214082	THE HONG KONG AND SHANGHAI BANKING CORP. LIMITED;	08/04/2004	-	-	3000000000.0	MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA
4	Y10370391	90262305	ICICI BANK LIMITED	13/05/2003	13/10/2003	-	200000000.0	ICICI BANK TOWERS; BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA, INDIA
5	Y10260407	90160637	STANDERD CHARTERED BANK	02/05/2003	-	-	3500000000.0	23;25; M.G. ROAD, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA
6	A85014686	90213963	STANDARD CHARTERED BANK	02/05/2003	15/03/2010	-	4200000000.0	90, M G ROAD, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA
7	B39026745	90214923	STATE BANK OF INDIA	17/02/2003	16/04/2012	-	20000000000.0	NEVILLE HOUSE, 3RD FLOOR,J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI 400 001, MUMBAI – 400001, MAHARASHTRA, INDIA
8	Y10300138	90198239	STANDARAD CHARTERED BANK	27/01/2003	-	-	5000000.0	NO. 14; GENEVA HOUSECHINIGHAM ROAD, BANGALORE – 560052, KARNATAKA, INDIA
9	Y10301502	90199603	STANDERD CHARTED BANK	27/01/2003	-	-	50000000.0	NO.14; GNEVA HOUSE, CUNNINGHAM ROAD, BANGALORE, , KARNATAKA, INDIA
10	Y10315816	90213917	ABN AMRO BANK	15/01/2003	-	-	2800000000.0	14; VER NARIMAN ROAD, MUMBAI – 400023, MAHARASHTRA, INDIA

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Freehold Buildings
• Factory Buildings
• Leasehold Buildings
• Plant and Machineries
• Computer Equipment’s
• Vehicles
• Office Equipment
• Electrical Installations
• Furniture and fixtures

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 records 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	INR
US Dollar	1	INR 64.27
UK Pound	1	INR 79.52
Euro	1	INR 89.72

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	VRS
Report Prepared by :	GEET

SCORE FACTORS

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	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.