MIRA INFORM REPORT

Report No. :	508444
Report Date :	12.05.2018

IDENTIFICATION DETAILS

Name :	SIR DORABJI TATA TRUST AND ALLIED TRUSTS
Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai -400 001, Maharashtra
Tel. No.:	91-22-66658282
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	1932
Trust Fund :	INR 2669.500 Million
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TIN No.:	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Trust
Line of Business :	The trusts offer monetary assistance to students, and economically disadvantaged patients make financial contributions to institutions and provide financial support to non-government organization in the country. [From Indirect Sources]
No. of Employees :	Information declined by the management

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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 14000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

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 12.05.2018

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

MANAGEMENT NON-COOPERATIVE (Tel No.:91-22-66658282)

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Mumbai -400 001, Maharashtra, Indai
Tel. No.:	91-22-66658282
Fax No.:	91-22-66658013
E-Mail :	talktous@tatatrusts.org
Website :	http://www.tatatrusts.org
Area:	1200 Sq. Ft. (At site visit)
Locality:	Commercial (At site visit)
Support Office:	World Trade Center – 1, 26^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

MANAGEMENT

BOARD OF TRUSTEES
Name :	Mr. R. N. Tata
Designation :	Chairperson
Name :	Mr. N. A. Soonawala
Designation :	Trustee
Name :	Dr. (Ms.) A. Patel
Designation :	Trustee
Name :	Mr. R. K. Krishna Kumar
Designation :	Trustee
Name :	Mr. V. R. Mehta
Designation :	Trustee
Name :	Mr. V. Srinivasan (with effect from October 24, 2016)
Designation :	Trustee
Name :	Mr. Darius Khambata (resigned on October 25, 2016)
Designation :	Trustee
Name :	Mr. R. Venkataramanan (Managing Trustee)
Designation :	Trustee
Name :	Mr. R. Venkataramanan (with effect from August 2016)
Designation :	Managing Trustee

THE ALLIED TRUSTS (MANAGEMENT)

JAMSETJI TATA TRUST

Mr. R. N. Tata

Mr. N. A. Soonawala

Mr. R. K. Krishna Kumar

Mr. A. Chandra

Mr. R. Venkataramanan

TATA EDUCATION TRUST

Mr. R. N. Tata

Mr. R. K. Krishna Kumar

Mr. R. Venkataramanan

TATA SOCIAL WELFARE TRUST

Mr. R. N. Tata

Mr. R. K. Krishna Kumar

Mr. R. Venkataramanan

R. D. TATA TRUST

Mr. R. N. Tata

Mr. R. K. Krishna Kumar

Mr. R. Venkataramanan

LADY TATA MEMORIAL TRUST

Mr. F. K. Kavarana

Dr. P. B. Desai

Mr. S. N. Batliwalla

Dr. M. Chandy

Mr. R. Venkataramanan

J. N. TATA ENDOWMENT

Prof. S. M. Chitre

Mr. S. N. Batliwalla

Mr. R. Venkataramanan

THE J. R. D. AND THELMA J. TATA TRUST

Mr. R. N. Tata

Dr. (Mrs.) S. Chitnis

Dr. (Ms.) A. Desai

Mr. F. N. Petit

Mr. R. Venkataramanan

THE J. R. D. TATA TRUST

Mr. R. N. Tata

Mr. N. A. Soonawala

Mr. R. Venkataramanan (Managing Trustee)

KEY EXECUTIVES

Name :	Mrs. R. F. Savaksha
Designation :	Secretary and Chief Financial Office
Name :	Director (J. N. Tata Endowment)
Designation :	Mr. T. J. Ravishankar

BUSINESS DETAILS

Line of Business :	The trusts offer monetary assistance to students, and economically disadvantaged patients make financial contributions to institutions and provide financial support to non-government organization in the country. [From Indirect Sources]
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information denied by the management

Bankers :

• ICICI Bank Limited, Mumbai, Maharashtra, India
• HDFC Bank Limited, Mumbai, Maharashtra, India
• Kotak Mahindra Bank Limited, Mumbai, Maharashtra, India
• State Bank of India, Mumbai, Maharashtra, India
• Standard Chartered Bank, Mumbai, Maharashtra, India
• YES Bank Limited, Mumbai, Maharashtra, India

Statutory Auditors:
Name :	Jayantilal Thakkar and Company Chartered Accountants
Address:	Mumbai, Maharashtra, India
Internal Auditors:
Name :	Aneja Associates Chartered Accountants
Address:	Mumbai, Maharashtra, India
Legal Advisors:	Mulla and Mulla and Craigie Blunt and Caroe
Address:	Mumbai, Maharashtra, India
Collaborators :	Not Available
Membership :	Not Available
Associates:	The Centre for Microfinance & Livelihood (CML)

CAPITAL STRUCTURE

AS ON 31.03.2017

Trust Fund :

INR 2011.120 Million

FINANCIAL DATA

[all figures are INR Million]

FINANCIAL HIGHLIGHTS

SIR DORABJI TATA TRUST

SOURCES OF FUNDS

As on 31.03.2016		Particulars	As on 31.03.2017
IN Million	%		IN Million	%
2011.120	33.80	Trust Fund	2011.120	41.45
-	-	Earmarked Funds	658.380	13.57
3915.660	65.81	Reserves and other Funds	2147.100	44.24
23.090	0.39	Current Liabilities & Provisions	35.780	0.74
5949.870	100.00	Total	4852.380	100.00

APPLICATION OF FUNDS

As on 31.03.2016		Particulars	As on 31.03.2017
IN Million	%		IN Million	%
61.890	1.04	Immovable Properties	56.070	1.16
10.940	0.18	Movable Assets	9.770	0.20
4511.210	75.82	Investments	4008.260	82.60
1365.830	22.96	Current Assets	778.280	16.04
5949.870	100.00	Total	4852.380	100.00

INCOME

For the year ended 31.03.2016		Particulars	For the year ended 31.03.2017
IN Million	%		IN Million	%
*2724.340	83.23	Dividend	25.310	0.87
512.560	15.66	Interest	394.870	13.60
30.350	0.92	Donations / Grants	693.210	23.88
6.210	0.19	Sundries	3.530	0.12
-	-	Amount transferred from Earmarked Funds	47.480	1.64
-	-	Excess of Expenditure over Income	1738.280	59.89
3273.460	100.00	Total	2902.680	100.0

*Includes interim dividend received from Tata Sons Limited in the last week of March 2016

EXPENDITURE

For the year ended 31.03.2016		Particulars	For the year ended 31.03.2017
IN Million	%		IN Million	%
2189.280	66.88	Expenditure on Objects of the Trust (including grant related expenses)	1960.780	67.55
109.280	3.34	Administration Expenses	266.320	9.18
-	-	Amount transferred from Earmarked Funds	675.580	23.27
974.900	29.78	Excess of Income over Expenditure	-	-
3273.460	100.00	Total	2902.680	100.00

ALLIED TRUSTS

SOURCES OF FUNDS

As on 31.03.2016		Particulars	As on 31.03.2017
IN Million	%		IN Million	%
18337.810	51.59	Trust Fund and Endowment Fund	2253.680	57.77
-	-	Earmarked Funds	41.600	1.07
17062.240	48.00	Reserves and other Funds	1531.890	39.26
147.070	0.41	Current Liabilities & Provisions	74.200	1.90
35547.120	100.00	Total	3901.37	100.00

APPLICATION OF FUNDS

As on 31.03.2016		Particulars	As on 31.03.2017
IN Million	%		IN Million	%
375.030	1.06	Immovable Properties	363.310	9.31
25.420	0.07	Movable Assets	22.920	0.59
31293.440	88.03	Investments	2283.140	58.52
3853.230	10.84	Current Assets	1232.000	31.58
35547.120	100.00	Total	3901.370	100.00

INCOME

For the year ended 31.03.2016		Particulars	For the year ended 31.03.2017
IN Million	%		IN Million	%
*5417.240	86.30	Dividend	306.560	0.84
721.330	11.49	Interest	435.290	1.19
78.460	1.25	Donations / Grants	3.330	0.01
3.850	0.06	Tax Refunds	0.270	-
35.430	0.56	Repayments from Scholars	37.810	0.10
21.080	0.34	Sundries	38.360	0.11
-	-	Amount transferred from Earmarked Funds	30.430	0.08
-	-	Excess of Expenditure over Income	35637.750	97.67
6277.390	100.00	Total	36489.800	100.00

*Includes interim dividend received from Tata Sons Limited in the last week of March 2016

EXPENDITURE

For the year ended 31.03.2016		Particulars	For the year ended 31.03.2017
IN Million	%		IN Million	%
3553.410	56.61	Expenditure on Objects of the Trust (including grant related expenses)	36001.140	98.66
72.850	1.16	Administration Expenses	78.680	0.22
202.940	3.23	Tax Paid	405.130	1.11
-	-	Amount transferred from Earmarked Funds	4.850	0.01
2448.190	39.00	Excess of Income over Expenditure	-	-
6277.390	100.00	Total	36489.800	100.00

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	Yes
5	Buyer visit details	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OBSERVATION POINTS

Name of Company :	SIR DORABJI TATA TRUST AND ALLIED TRUSTS
Address :	Bombay House, 24, Homi Mody Street, Mumbai -400 001, Maharashtra, India
Contact No.:	91-22-66658282
Person to whom we met:	Receptionist (Name not Divulged)
Name Board :	Not Sighted (Instead, name board of Tata Services Limited)
Location:	Easy
Landmark (If Any):	Opposite Central Bank of India
Total Floors of the building:	4floors
Subject situated on:	Whole premise belongs to the subject.
Locality:	Commercial
Area of Premises:	1200 Sq. Ft.
Area :	Upmarket
Visibility of Items:	· Telephone · Fax machine · Telex · Computers · Air Conditioner · Office Equipment · Xerox Machine
Furniture items sighted :	Yes
Proof of visit:	Photographs

WEBSITE DETAILS

PROFILE

SIR DORABJI TATA TRUST AND THE ALLIED TRUSTS

Sir Dorabji Tata Trust, one of India’s oldest and non-sectarian philanthropic organisations, was established in 1932 by Sir Dorabji Tata (the elder son of Tata group Founder, Jamsetji Tata), to catalyse development across the nation through initiatives which have contemporary relevance. During his lifetime, Sir Dorabji bestowed his entire fortune (of an estimated value of INR 10.000 million at the time) upon the Trust. The funds were to be directed towards the advancement of learning and research, relief work and other charitable purposes, “without any distinction of place, nationality or creed”.

Sir Dorabji Tata Trust and the Allied Trusts (SDTT), have been responsible for the establishment of several leading national institutions — Indian Institute of Science, Tata Institute of Social Sciences, Tata Memorial Centre, Tata Medical Center, Tata Institute of Fundamental Research, National Centre for Performing Arts, among others. 

SDTT’s allied trusts are J. N. Tata Endowment, J. R. D. Tata Trust, Jamsetji Tata Trust, J. R. D. and Thelma J. Tata Trust, Tata Education Trust, Tata Social Welfare Trust, R. D. Tata Trust and Lady Tata Memorial Trust. The first of the Tata Trusts to be set up was the J. N. Tata Endowment, in 1892, for the higher education of Indians. 

Today, the mainstay of the Trusts' income is from investments forming part of the Trusts corpus as well as accretions over the years. These largely comprise securities issued by Tata Sons and other companies in the Tata group. The income arises from dividends declared by the respective companies, and the interest gained from bank deposits. 

The Trusts’ operations broadly cover developmental issues -health, education and livelihoods. The initiatives and interventions are based on providing support to institutions (especially those set up by the Trusts), non-profit organisations and civil society institutions, as well as providing assistance to individuals in need. 

The Trusts constantly realign their focus in accordance with the changing needs of society. Their deep understanding of India’s development sector is what ensures a consistent, creditable track record.

ABOUT SIR DORABJI TATA

Born on August 27, 1859, Sir Dorabji Tata was the firstborn of the visionary Jamsetji Tata, the Tata group Founder. Sir Dorabji Tata not only inherited his father’s business acumen, but also his spirit of selflessness and giving back to the society.

In 1897, Sir Dorabji Tata married Meherbai, daughter of H. J. Bhabha, who was a spirited and sensitive woman with a penchant for English literature and playing the piano. Like her husband, she also strived for social causes during her lifetime, working for issues like higher education for women, and against the purdah system and untouchability. She also introduced India to the International Council of Women.

On May 27, 1909, Sir Dorabji Tata established the Indian Institute of Science, Bangalore, and made a donation to the institute in 1912. A handsome donation to the University of Cambridge and the constitution of a chair for Sanskrit studies at the Bhandarkar Oriental Research Institute, Pune, include some of his other notable contributions. 

Sir Dorabji Tata’s love for sports reflected through his philanthropic activities. In 1919, he facilitated four athletes and two wrestlers to participate in the Antwerp Games. As president of the Indian Olympic Council, he financed the Indian contingent to the 1924 Paris Olympiad.

Sir Dorabji Tata believed in the constructive application of his wealth and bestowed his entire fortune to the newly founded Sir Dorabji Tata Trust in 1932. This comprised substantial shareholdings in Tata Sons, Indian Hotels and the allied companies, landed properties, and 21 pieces of his wife’s jewellery, including the famous Jubilee Diamond. The value of his donation was estimated at INR 10 million at the time. 

The funds were to be directed towards the advancement of learning and research, relief work and other charitable purposes, “without any distinction of place, nationality or creed”. He also donated his collection of paintings, statuary and other art objects to the Prince of Wales Museum in Mumbai.

Sir Dorabji Tata passed away at Bad Kissingen, Germany, on June 03, 1932.

RATAN N TATA

CHAIRMAN, TATA TRUSTS

Mr Ratan N Tata is the Chairman of the Tata Trusts (comprising Sir Ratan Tata Trust and Allied Trusts, and the Sir Dorabji Tata Trust and Allied Trusts). Under his guidance and leadership, the Trusts have metamorphosed from being reactive charities to India's premier philanthropic foundations, striving to transform lives of millions of individuals, through meaningful partnerships with like-minded non-profit organisations, communities, governments (state and central), corporates and foreign funding organisations.

Mr Ratan N Tata was the Chairman of Tata Sons, the holding company of the Tata group, from 1991 till his retirement on December 28, 2012. During his tenure, the group’s revenues grew manifold, totalling over $100 billion in 2011-12. After retirement, Mr. Tata has been conferred the honorary title of Chairman Emeritus of Tata Sons, Tata Industries, Tata Motors, Tata Steel and Tata Chemicals.

Mr Tata was the chairman of major Tata companies, including Tata Motors, Tata Steel, Tata Consultancy Services, Tata Power, Tata Global Beverages, Tata Chemicals, Indian Hotels and Tata Teleservices. He is also associated with various organisations in India and overseas. Mr Tata serves on the board of directors of Alcoa and is also on the international advisory boards of Mitsubishi Corporation, JP Morgan Chase, Rolls-Royce and the Monetary Authority of Singapore.

He is the Chairman of the Sir Ratan Tata Trust and Allied Trusts, and the Sir Dorabji Tata Trust and the Allied Trusts. He is the Chairman of the Council of Management of the Tata Institute of Fundamental Research. He also serves on the board of trustees of Cornell University and the University of Southern California.

Mr Tata joined the Tata group in 1962. After serving in various companies, he was appointed Director-in-Charge of the National Radio and Electronics Company in 1971. In 1981, he was named Chairman of Tata Industries, the group’s other holding company, where he was responsible for transforming it into a group strategy think tank and a promoter of new ventures in high-technology businesses.

Mr Tata received his bachelor of architecture degree from Cornell University in 1962. He worked briefly with Jones and Emmons in Los Angeles before returning to India in late 1962. He completed the Advanced Management Programme at Harvard Business School in 1975.

The Government of India honoured Mr. Tata with its second-highest civilian award, the Padma Vibhushan, in 2008. He has also received honorary doctorates from several universities in India and overseas.

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	INR
US Dollar	1	INR 67.38
UK Pound	1	INR 91.39
Euro	1	INR 79.89

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	PSD
Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

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.