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Tata Capital Prospectus Cover.Pmd C M Y K PROSPECTUS January 21, 2009 Registered and Corporate Office: One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400 001. (For details of changes in Name and Registered Office, see the section titled “History, Main Objects and Key Agreements” beginning on page 38) Tel. No.: (022) 6745 9000 Fax: (022) 66106722; Website: www.tatacapital.com Compliance Officer and Contact Person: Mr. Shailesh Rajadhyaksha; E-mail: [email protected] Public Issue by Tata Capital Limited (“Company” or “Issuer”) of Secured Non-Convertible Debentures (“NCDs”) aggregating Rs. 50,000 lakhs with an option to retain over-subscription of Rs. 1,00,000 lakhs for issuance of additional NCDs, hereinafter referred to as the “Issue”. GENERAL RISK Investors are advised to read the Risk Factors carefully before taking an investment decision in the Issue. For taking an investment decision, the investors must rely on their own examination of the Issuer and the Issue including the risks involved. Specific attention of the investors is invited to the Risk Factors on pages vii to xvi of this Prospectus. ISSUER’S ABSOLUTE RESPONSIBILITY The Issuer, having made all reasonable inquiries, accepts responsibility for, and confirms that this Prospectus contains all information with regard to the Issuer and the Issue, which is material in the context of the Issue, that the information contained in this Prospectus is true and correct in all material respects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. CREDIT RATING The NCDs have been rated ‘LAA+’ by ICRA and ‘CARE AA+’ by CARE. The rating of ‘LAA+’ by ICRA indicates high-credit-quality and low credit risk. The rating of ‘CARE AA+’ by CARE is considered to offer high safety for timely servicing of debt obligations. Such instruments carry very low credit risk. The ratings provided by ICRA and CARE may be suspended, withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation to buy, sell or hold securities and investors should take their own decisions. Please refer to page 5 for rationale for the above ratings. LISTING The NCDs offered through this Prospectus are proposed to be listed on the National Stock Exchange of India Limited (“NSE”). The NSE has given its ‘in-principle’ approval vide letter dated January 20, 2009. For the purposes of the Issue, NSE shall be the Designated Stock Exchange. LEAD MANAGERS TO THE ISSUE REGISTRAR TO THE ISSUE ICICI Securities Limited Citigroup Global Markets DSP Merrill Lynch Limited Karvy Computershare ICICI Centre, India Private Limited 10th Floor, Private Limited H.T. Parekh Marg, 12th Floor, Bakhtawar Mafatlal Centre, Karvy House, Churchgate, Nariman Point, Nariman Point, 46, Avenue 4 Mumbai 400 020. Mumbai 400 021. Mumbai 400 021. Street no.1, Tel: +91 22 2288 2460 Tel: +91 22 6631 9999 Tel: +91 22 6632 8000 Banjara Hills, Fax: +91 22 2288 6580 Fax: +91 22 6646 6056 Fax: +91 22 2204 8518 Hyderabad 500 034. Email:[email protected] Email: [email protected] Email: [email protected] Tel : +91 40 2342 0815 / 28 Investor Grievance Email: Investor Grievance Email : Investor Grievance Email: [email protected] Fax : +91 40 2343 1551 Website: www.icicisecurities.com [email protected] [email protected] E-mail: [email protected] Contact Person : Mr. Mrigesh Website www.citi.com/india Website: www.dspml.com Website: www.karvy.com Kejriwal Contact Person: Mr. Anuj Mithani Contact Person: Mr. N S Shekhar Contact Person: Mr. Murali Krishna Compliance Officer: Mr. Subir Saha Compliance Officer Mr. Vinod Patil Compliance Officer: Mr. Nehal Vora SEBI Registration No.INR000000221 SEBI Registration No.: INM000011179 SEBI Registration No. INM000010718 SEBI Registration No. INM000002236 ISSUE PROGRAMME ISSUE OPENS ON : FEBRUARY 2, 2009 ISSUE CLOSES ON : FEBRUARY 24, 2009 The subscription list for the public issue shall remain open for subscription at the commencement of banking hours and close at the close of banking hours on the dates indicated above or earlier or on such date as may be decided at the discretion of the Committee of Directors of the Company subject to necessary approvals C M Y K TABLE OF CONTENTS SECTION I : GENERAL ....................................................................................................................................................... i Definitions / Abbreviations ...................................................................................................................................................... i Forward Looking Statements ................................................................................................................................................... v Certain Conventions; Use of Market Data ............................................................................................................................. vi SECTION II : RISK FACTORS .......................................................................................................................................... vii SECTION III : INTRODUCTION ...................................................................................................................................... - 1 - General Information ................................................................................................................................................................. - 1 - Summary of Business, Strength & Strategy ............................................................................................................................ - 7 - The Issue .................................................................................................................................................................................. - 8 - Summary Financial Information .............................................................................................................................................. - 9 - Capital Structure ...................................................................................................................................................................... - 12 - Objects of The Issue ................................................................................................................................................................ - 17 - Statement of Tax Benefits ........................................................................................................................................................ - 18 - SECTION IV : ABOUT THE ISSUER COMPANY AND THE INDUSTRY .................................................................. - 21 - Industry ................................................................................................................................................................................... - 21 - Business ................................................................................................................................................................................... - 29 - History, Main Objects and Key Agreements .......................................................................................................................... - 38 - Our Management ..................................................................................................................................................................... - 40 - Our Promoter ........................................................................................................................................................................... - 49 - Our Subsidiaries ....................................................................................................................................................................... - 54 - SECTION V : FINANCIAL INFORMATION .................................................................................................................... - 56 - Auditors’ Report ...................................................................................................................................................................... - 56 - Disclosures on Existing Financial Indebtedness ...................................................................................................................... - 109 - Material Developments ........................................................................................................................................................... - 114 - SECTION VI : ISSUE RELATED INFORMATION ......................................................................................................... - 115 - Terms of the Issue ................................................................................................................................................................... - 115 - Issue Structure ......................................................................................................................................................................... - 118 - Issue Procedure ........................................................................................................................................................................ - 129 - SECTION
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