Contents
Board of Directors Summarised Balance Sheet and Profit and Loss Account Chairman’s Statement Financial Statistics Director’s Report Management Discussion and Analysis Report on Corporate Governance Subsidiary Companies - Financial Highlights Fund Flow Statement Standalone Accounts - Auditors’ Report - Balance Sheet - Profit and Loss Account - Cash Flow Statement - Schedules to Accounts - Significant Accounting Policies - Notes to Accounts Balance Sheet Abstract and Company’s General Business Profile Consolidated Accounts - Auditor’s Report - Balance Sheet - Profit and Loss Account - Cash Flow Statement - Schedules to Accounts - Significant Accounting Policies - Notes to Accounts 2 3 4 8 9 23 34 50 52 53 56 57 58 59 73 76 92 93 94 95 96 97 105 110

Annual General Meeting Date Time : : Tuesday, August 25, 2009 3.00 p.m. Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai 400 020.

Venue :

Rs. 1 crore = Rs. 10 million

Sixty-fourth Board of Directorsannual report 2008-09 Management Team
Tata Motors Limited

Ratan N Tata
Chairman

Ravi Kant
Vice-Chairman

N A Soonawala J J Irani R Gopalakrishnan N N Wadia S M Palia

P M Telang, Managing Director-India Operations Rajiv Dube, President (Passenger Cars) C Ramakrishnan, Chief Financial Officer R Pisharody, President (Commercial Vehicles Business Unit) S N Ambardekar, Head (Manufacturing Operations – CVBU) S B Borwankar, Head (Jamshedpur – Plant) A M Mankad, Head (Car Plant) B B Parekh, Chief (Strategic Sourcing) U K Mishra, Vice President (ADD and Materials-CVBU) S Krishnan, Vice President (Commercial – PCBU) P Y Gurav, Vice President (Corp. Finance – A/c and Taxation) S J Tambe, Vice President (Human Resources) A Gajendragadkar, Vice President (Corp. Finance – Business Planning) N Pinge, Chief Internal Auditor R Bagga, Vice President (Legal)

Company Secretary
H K Sethna

Share Registrars
R A Mashelkar S Bhargava N Munjee V K Jairath P M Telang
Managing Director- India Operations
TSR Darashaw Limited 6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai 400 011 Tel: 91-22-6656 8484 Fax: +91-22-6656 8494 Email: csg-unit@tsrdarashaw.com

Solicitors
Mulla & Mulla & Craigie, Blunt & Caroe; AZB & Partners

Auditors
Deloitte Haskins & Sells

Works Registered Office
Bombay House 24, Homi Mody Street Mumbai 400 001 Tel: +91-22-6665 8282 Fax: +91-22-6665 7799 Email: inv_rel@tatamotors.com Website: www.tatamotors.com 2
Jamshedpur, Pune, Lucknow, Dharwad, Pantnagar

Bankers
Bank of America, Bank of Baroda, Bank of India, Bank of Maharashtra, Central Bank of India, Citibank N.A., Corporation Bank, Deutsche Bank, HDFC Bank Limited, ICICI Bank Limited, Standard Chartered Bank, State Bank of India, The Hongkong & Shanghai Banking Corporation Limited, Union Bank of India

Corporate Identity Number (CIN)
L28920MH1945PLC004520

99 2399. EXPENDITURE RAW MATERIALS / COMPONENTS.48 25660.00 1013.12 2576. 5. 7453. 2008 10452.01) (401.00) 2.52 7839.81 26425.02 26425. 4. 2. 5.76 22356.64 975. 164.76 (15.43 81. 3 . 4.75 578.05 crores (Previous Year Rs.05 15095.25 1000.26 1383.62 311.41 483.13 1685.54 crores) Reserves Rs.93 4354.15 As at March 31.Summarised Balance Sheet (Rs.12 865.18 29222.09 267.80 100.13 (1143. DEPOSITS AND LOANS GIVEN TOTAL EXPENDITURE PROFIT BEFORE TAX TAX : (i) CURRENT (ii) DEFERRED PROFIT AFTER TAX BALANCE BROUGHT FORWARD FROM PREVIOUS YEAR CREDIT TAKEN FOR DIVIDEND DISTRIBUTION TAX FOR PREVIOUS YEAR APPROPRIATIONS (i) Proposed Dividend (ii) Tax on Proposed Dividend (iii) Debenture Redemption Reserve (iv) General Reserve (v) Balance carried to Balance Sheet 28599.61 34. 1.25 1544.29 2399. 5.82) 2.73) 26646.54 673.85) 6.75 3.39 51.07 3042. 11716.74 Summarised Profit and Loss Account (Rs.27 (272. 514.00 1383.64 13165. 2009 14599.97 26586.83 3042.92 1013.50 1001. in crores) 2008-2009 1.74 6280.10 crores (Previous Year Rs. 385.37 (160. MANUFACTURING AND OTHER EXPENSES EMPLOYEE COST PRODUCT DEVELOPMENT EXPENDITURE DEPRECIATION INTEREST NOTIONAL EXCHANGE LOSS / (GAIN) (NET) ON REVALUATION OF FOREIGN CURRENCY BORROWINGS.50 1. 8. INCOME SALE OF PRODUCTS AND OTHER INCOME FROM OPERATIONS LESS : EXCISE DUTY DIVIDEND AND OTHER INCOME 2.68 65.31 282. 2. NET FIXED ASSETS INVESTMENTS NET CURRENT ASSETS MISCELLANEOUS EXPENDITURE TOTAL ASSETS (NET) LOANS NET WORTH Represented by : Share Capital Rs.59 24263. 3. 7. 4.57 64.35 652.72 15095.62 2007-2008 33093.07 15.52 28739.54) 2028.79 925.47 (146.26 25573.31 12968.27 2938.96 crores) Foreign Currency Monetary Item Translation Difference Account (net) DEFERRED TAX LIABILITY (NET) TOTAL FUNDS EMPLOYED WHAT THE COMPANY OWED 3.17 874. 6.96 1551.56 12230.27 4910. in crores) WHAT THE COMPANY OWNED As at March 31.

has.The automobile industry the world over is rationalizing production facilities. awaiting better times. Worldwide car sales are down 5% as compared to the previous year. The most visible disruption in the industry was. one of the major foundations of these nations' industrial base has been de-established. The crisis goes beyond the car makers in both directions . consolidating brands and dropping model lines and deferring R&D projects to conserve funds. it affects steel producers and downstream.S. the Chinese domestic car market has grown by 7%. without doubt. it affects thousands of suppliers and small technology companies. However. Thankfully. Sales of Medium and Heavy commercial vehicles have declined by 33% while the demand for LCVs has actually increased. along with the meteoric rise in commodities and fossil fuel prices. but it will still be a long and arduous road to recovery. car makers that filed for bankruptcy and have emerged as new companies with sizeable Federal funds and with substantial equity held either by the U. the collapse of two of the three major U.S.S. Thus.Sixty-fourth annual report 2008-09 Tata Motors Limited Chairman’s Statement Dear Shareholder. construction and general road transport. The collapse of the global financial sector. the consequent lack of access to credit and working capital. where sales of new cars have declined by 16% in the second half of the year and where stimulus packages designed to rekindle demand have only been partially successful.upstream. 4 . Countless jobs will have been lost this year and major projects will probably be put on hold. Europe and Japan. have collectively had an unprecedentedly devastating effect on the global automotive sector. The passenger car and utility vehicle segments have been particularly hard hit and almost all automobile companies have been facing operating losses in at least the second half of the year under review. seriously affected the commercial vehicle sector. in turn. The Chinese and Indian domestic market for cars have been exceptions. Russia has also seen major declines in the demand for cars. government or the unions. reducing costs wherever possible. The worst-hit are automobile companies in the U. there are signs of a revival in the commercial vehicle sector. While China has witnessed a significant reduction in its automotive-related exports and supplies to automobile companies. The sales of new cars in these countries have slumped by 24% in the quarter of October to December 2008 as compared to the corresponding period of the previous year. the economic downturn in India which has affected spending in infrastructure. In India the passenger car market has remained more or less flat compared to the previous year.

This of course reflects a strong first half year. which received rave reviews in the marketplace and which has tremendously bolstered the Company's image.While Tata Motors' standalone Indian operations' profits declined by 51% over the previous year.26 crores (US$ 218 million). JLR is also planning to have all its future cars constructed with light weight aluminum bodies resulting in considerable savings in weight. Important new technology development programs at JLR include the development of a hybrid powertrain which will be introduced in future models of Jaguar and Land Rover. Jaguar and Land Rover. needed to retain their identity. During the year Jaguar began deliveries on its new XF sedan. Tata Motors recognized that these two global brands. Sales of the Jaguar and Land Rover brands declined by 20% and 51% respectively from October 2008 . which many people still consider unbeatable.March 2009 as compared to the corresponding period in the previous year as the demand for premium vehicles declined. The global slowdown also had a significant impact on the Jaguar Land Rover company which Tata Motors acquired in June 2008. and a lower second half year with a particularly difficult third quarter. and find synergies in the capabilities and facilities between the two companies. All the new cars meet that goal in terms of high performance. o Jaguar Jaguar has a history of producing "beautiful fast cars". while at the same time integrate with the management of Tata Motors. recognizing engineering and Computer Aided Design capabilities within Tata Motors and marketing synergies in various geographies. design and technical independence as also their image in the marketplace. 1001. The Year in Review Jaguar Land Rover (JLR) This has been the first year since the acquisition of the Company by Tata Motors and the working relationship has been evolving continuously. This has been followed by the introduction of new petrol and diesel engines which have also been 5 . and reduction in CO2 emissions. This heritage transcended into road cars and the last iconic roadster made was the XK E-type. Jaguar also has a sporting heritage and has produced winning racing cars at major sports car endurance races for some time. when the full impact of the collapse of the commercial vehicle sector was felt. Our collective aim is to create the next iconic sports car in Jaguar to rekindle the glory of this venerable brand. great road handling and reliability. Considerable progress has been made in identifying sources of components from India. the Company still posted a net profit of Rs. Tata Motors on the other hand has recognized the high level of technology and skills embedded in JLR which could be of great value to both companies. namely.

the gold standard in off-road vehicles. whether it be on the highway or over rough terrain. Tata Motors o Cars During the year under review Tata Motors launched several new products. After facing continuous agitation. The main challenge in JLR will be to sustain operations through this difficult period arising from the global financial meltdown. It will however call for a change from some of the traditional practices and a commitment to encourage change and to major cost reduction and reduction of development and productionising time. which will be the premier passenger sedan in the Jaguar range. There is good reason to believe that the Company's new products and more aggressive marketing will see the Company through this period. The response to the first showing of this model has been very encouraging.Sixty-fourth annual report 2008-09 Tata Motors Limited extremely well received in the marketplace. The State of Gujarat was decided upon. Amongst other products introduced in the market are the Indigo CS. powerful vehicle. In early July. 6 . The new plant is expected to be completed in the last quarter of this financial year. the Company launched the new XJ. Tata Motors came to the conclusion that the only option would be to move out of West Bengal and relocate the Nano manufacturing facilities in another state. Land Rover/Range Rover Land Rover/Range Rover vehicles are. was dismantled and is being transported to Gujarat. The second generation of Indigo is expected to be launched in the latter part of this year. Several new models are under development and will be released in the market in the coming years. The second generation Indica Vista was launched in August 2008 and has been receiving very high ratings from customers and automotive magazines. and have successfully merged luxury with ruggedness to produce a formidable. They have been the mainstay of army and police vehicles in many countries. and in an impressive display of leadership and pragmatism by the Chief Minister and the State officials. citing injustice done to the residents of the area by the state government in the acquisition of land for the project. which was 95 % complete. and even periodic violence by this particular party and its supporters. Xenon Pickup truck and the new variant of the Safari. all approvals were received in a scant three days. In the meantime. The equipment from the plant in West Bengal. without doubt. These will widen the project range and re-energise the range. The Company's plans of spearheading industrial investment in West Bengal by locating the manufacturing plant for the Nano in the state was thwarted by a local political party.

To some. I feel confident that if we can sustain our operations through this difficult period.000 cars to be available to customers over the next twelve months until the main new facility in Gujarat comes on line. commitment and dedication of the whole Tata Motors team at all its locations and across all levels is truly phenomenal and this continues to be the company's greatest asset.S. But to many in the Company this is yet another year of challenges with the excitement of meeting such challenges head-on. and be faced with a major collapse in vehicle demand in Western Europe and the U. Chairman Mumbai. we could overcome all the obstacles in our path.000. the Company's new “sub” 1 tonne Ace has been a runaway success.the Nano is being produced in other plant facilities so as to enable around 50. I would also like to express our appreciation of the support that we have always received from our shareholders and for the faith and confidence they have reposed in us throughout difficult periods. cooperation and understanding. o Commercial Vehicles The deferment of infrastructure projects and the slowdown in the mining sector have resulted in a tremendous drop in demand for medium and heavy vehicles. the market for these vehicles declined by 33%. 2009 7 . I do hope that we will be able to reward our shareholders for this show of faith at this time in the years to come. it must bear the burden of the major acquisition of JLR. The spirit. July 18. the Company has increased its market share in trucks. the year under review would be viewed with great despondency. The Board joins me in expressing our deep appreciation to all the employees. taking whatever steps we need to take to see the year through. The Company faces a major decline in demand across its product range. I feel strongly that in later years we can look back on the JLR acquisition and say to ourselves that this was a very worthwhile strategic acquisition and one which has brought us considerable technology and global presence. However. the Unions and the management team for their support.60. It has also been able to gain market share in the bus segment with newly developed vehicles from its facilities in Goa and its joint venture facility at Dharwad. During the downturn. As stated earlier.

80 0.00+ 2. On increased capital base due to issue of Bonus Shares.20 2.8% 4.76 52.38 5.3% 3.00 1.0% 2.69 12.50! 13.11 0.80 2.30 2.45 1.10/.7% 3.6% 6.27 10.87 3.7% 3.40 11.in lakhs) REVENUE ACCOUNTS (Rs.00 4. 8 .35 1.4% 2.7% 4.98) 9.7% 5.8% 3.90 1.60 5.50 3.00 2.) Ordinary Share 0.25 1.64 1.) 1945-46 1949-50 1953-54 1954-55 1955-56 1956-57 1957-58 1958-59 1959-60 1960-61 1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70 1970-71 1971-72 1972-73 1973-74 1974-75 1975-76 1976-77 1977-78 1978-79 1979-80 1980-81 1981-82 1982-83 1983-84 1984-85 1985-86 1986-87 1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 Notes @ $ * # + ! ++ : 100 200 500 627 658 700 700 1000 1000 1000 1000 1000 1198 1297 1640 1845 1845 1845 1845 1845 1949 1949 1949 1949 2013 2328 2118 3151 3151 3151 4320 4226 5421 5442 5452 5452 6431 10501 10444 10387 11765 12510 12867 13694 24182 25588 25588 25590 25590 25590 31982 31983 35683 36179 38287 38541 38554 51405 1 11 27 27 120 149 117 206 282 367 432 450 630 787 995 1027 1121 1295 1333 1516 2020 2194 2394 2827 3691 3833 4721 5106 6263 8095 10275 12458 14103 15188 16551 15886 17491 30740 37870 47921 61863 64207 70745 128338 217400 339169 349930 350505 349822 299788 214524 227733 323677 374960 515420 648434 745396 1171610 94 412 481 812 1382 1551 1245 1014 1263 1471 1758 2470 3275 3541 4299 5350 5856 6543 6048 6019 5324 6434 9196 9399 11816 11986 11033 17739 15773 25476 23361 25473 30226 44651 53476 44406 32396 48883 48323 105168 144145 141320 115569 128097 253717 330874 344523 300426 299888 230772 145831 125977 249542 293684 400914 628052 1316556 31 233 731 792 1010 1352 1675 2050 2201 2593 2954 3281 3920 4789 5432 6841 7697 8584 9242 10060 10931 12227 13497 15838 18642 20709 22430 24900 28405 33055 38819 43191 46838 52819 61943 68352 75712 83455 91488 100894 123100 153612 177824 217084 294239 385116 487073 569865 581233 591427 591006 608114 627149 715079 892274 1128912 1589579 2085921 2 44 270 303 407 474 668 780 940 1118 1336 1550 1802 2144 2540 3039 3608 4236 4886 5620 6487 7491 8471 9593 10625 11685 12723 13895 15099 16496 18244 20219 23078 26826 29030 30914 34620 38460 43070 48219 54609 61710 70285 81595 96980 117009 141899 165334 182818 209067 243172 271307 302369 345428 440151 489454 544352 625990 29 189 461 489 603 878 1007 1270 1261 1475 1618 1731 2118 2645 2892 3802 4089 4348 4356 4440 4444 4736 5026 6245 8017 9024 9707 11005 13306 16559 20575 22972 23760 25993 32913 37438 41092 44995 48418 52675 68491 91902 107539 135489 197259 268107 345174 404531 398415 382360 347834 336807 324780 369651 452123 639458 1045227 1459931 12 167 321 445 1198 2145 2694 2645 2825 3735 4164 4364 5151 6613 7938 9065 9499 10590 9935 13624 15849 15653 16290 22510 27003 28250 28105 37486 44827 60965 79244 86522 85624 93353 102597 119689 140255 167642 196910 259599 317965 309156 374786 568312 790967 1012843 736279 659395 896114 816422 891806 1085874 1555242 2064866 2429052 3206467 3357711 2952524 2 15 97 35 105 70 129 113 161 180 220 223 260 345 398 505 572 630 662 749 758 820 902 1134 1054 1145 1101 1200 1300 1616 1993 2187 2923 3895 3399 2157 3822 4315 4891 5426 6475 7456 9410 11967 16444 20924 25924 28132 34261 34737 35468 36213 38260 45016 52094 58629 65231 87454 1 11 3 0 125 116 99 155 222 313 378 327 404 479 477 620 395 582 274 673 885 832 1007 677 855 1056 1044 1514 1762 2437 4188 3481 2163 2703 1832 293 3205 8513 14829 23455 20884 3030 10195 45141 76072 100046 32880 10716 7520 (50034) (10921) 51037 129234 165190 205338 257318 257647 101376 0 5 0 0 32 27 6 13 93 122 188 185 200 208 189 192 66 173 0 270 379 360 450 136 91 0 0 0 0 0 0 460 235 390 215 0 510 1510 4575 9250 7800 26 20 13246 23070 23810 3414 970 400 0 (5548) 21026 48200 41495 52450 65972 54755 1250 1 6 3 0 93 89 93 142 129 191 190 142 204 271 288 428 329 409 274 403 506 472 557 541 764 1056 1044 1514 1762 2437 4188 3021 1928 2313 1617 293 2695 7003 10254 14205 13084 3004 10175 31895 53002 76236 29466 9746 7120 (50034) (5373) 30011 81034 123695 152888 191346 202892 100126 0 0 0 0 59 44 52 56 108 126 124 124 144 157 191 235 235 235 221 251 273 266 180 266 276 323 313 467 605 605 839 827 923 1241 1243 552 1356 2444 3126 4154 4389 3642 5020 8068 14300 22067 15484 8520 7803 0 0 14430 31825 51715 56778 67639 65968 34570 8.04 2.2% 3.3% 3.0% 4.0% 3.74 9.5% 4.45 2.00 3. Equivalent to a face value of Rs.0% 3.00 'A' Ordinary Share 6. 2.70 23.00 2.00 6.00 2.0% 5.47 7.0% 7.per share.87 13.90 0.78 (18.00 2.18 7.45 1. Net Worth excludes ordinary dividends.81 2.28 1. Includes a special dividend of Rs.Net Block Turnover DepreProfit/ Taxes Profit/ Dividend and Block ciation ciation (Loss) (Loss) including Surplus including Before After tax CWIP Taxes Taxes PAT to Sales Earnings Per Share (Basic)* (Rs.00 6.9% 4.68 1.) RATIOS Dividend Per Share*# (Rs.2% 5.64 22.00 2.0% 1.00 15.45 1.38 40.00 5.45 1.00 12.20 10 10 11 11 12 13 12 12 13 14 15 15 16 17 18 17 18 19 19 20 23 24 26 28 33 30 35 27 31 38 35 $ 40 37 @ 39 41 40 38 @ 40 @ 47 56 67 @ 63 65 104 100 143 147 147 147 127 77 @ 81 102 @ 114 @ 145 @ 178 @ 203 @ 238 ++ On increased capital base due to conversion of Bonds / Convertible Debentures / Warrants / FCCN into shares.45 1.00 0.4% Ordinary 'A' Share Ordinary Share 0.6% 4.92 30.45 1.1% 1.5% 1.1% 3.8% 2.97 2.4% 4.37 5.29 21.03 0.5% 0.50 1.50 3.00 6.6% 0.36 5.93 1.30 1.9% 2.3% 6.32 4.50 1.50 2.00 15.1% 4.30 2.72 2.5% 4.9% 4.50 4.60+ 2.Sixty-fourth annual report 2008-09 Tata Motors Limited FINANCIAL STATISTICS Year Capital CAPITAL ACCOUNTS (Rs.68 34.51 3.0% 3.00 4.49 3.0% 6.38 24.61 4.50 0.25 6.6% 0.2% 5.51 4.2% 6.10 2.45 1.2% 1.50+ 1.32 3. Including on Bonus Shares issued during the year.72 1.68 1. On increased capital base due to Rights issue and conversion of FCCN into shares.60 0.3% 2.34 3.26 2.00 4.5% 2.45) (1.45 1. Includes Interim Dividend where applicable.00 8.91 23.96 8.50 1.39 2.66 1.50 1.3% 4.5% 3.6% 3.5% 5.8% 3.32 1.50 Net Worth Per Share* (Rs.0% 3.57 49.7% 7.07 0.00 2.45 1.43 3.9% 0.00 8.in lakhs) Reserves Borrowings Gross Depre.1% 3.4% 2.50 per share for the Diamond Jubilee Year.45+ 1.6% 5.8% 5.0% 6.

655 'A' Ordinary Shares of Rs.35 652.76 12.47 547. 9 .659 Ordinary Shares of Rs.44 2931.19) 282.27 33093.18 2678.26 1383.Rs. 3.10 (399.56 (259.80 100.50 per share on 6. FINANCIAL RESULTS Financial Year (Rs.6.75. DIVIDEND Considering the Company's financial performance.41.55 2028.26) 1013. Despite the challenges.75 1000. the Company successfully completed the acquisition of Jaguar and Land Rover and launched the Tata Nano.59 925.35 25807. OPERATING RESULTS AND PROFITS 2008-09 was a difficult year faced by the automotive sector globally.37 64. the Directors have recommended a reduced dividend of Rs.82 1752.32.41 23908.93 25660.41 3414.29 2399.77 1073.per share) and Rs.DIRECTORS' REPORT TO THE MEMBERS OF TATA MOTORS LIMITED The Directors present their Sixty-Fourth Annual Report and the Audited Statement of Accounts for the year ended March 31. 1.15/.31 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) (a) (b) (c) (d) Gross Revenue Net Revenue (excluding excise duty) Total Expenditure Operating Profit Other Income Profit before Interest.79 28739.97 483. in Crores) 2008-09 2007-08 28599.13 345.07 2.NIL per share) fully paid-up for the Financial Year 2008-09.54 541.50 1001.17 874.73 2576.6/.99 160. The Company faced significant pressure in its domestic and overseas markets. Deposits and Loan Given Profit Before Tax Tax Expenses Profit After Tax Balance Brought Forward from Previous Year Credit taken for Dividend Distribution Tax for previous year Amount Available for Appropriations APPROPRIATIONS Debenture Redemption Reserve General Reserve Dividend (including tax) Balance carried to Balance Sheet (65.Notional Exchange (loss) / gain (net) on Revaluation of Foreign Currency Borrowings.per share on the increased capital of 44.68 51. overcoming serious impediments of a last minute plant dislocation amidst much political turmoil.83 3042.68 1383.70 1685.07 15. Exceptional items & Tax Interest and Discounting Charges (a) Gross Interest and Discounting Charges (b) Adjustment/Transfer to Capital Account (c) Net Interest and Discounting Charges Product Development Expenses Depreciation Exceptional item .42) 673.92 1013.each (previous year .62 267.10/.each (previous year . Depreciation.00 659.10/. 2009.98. The spread of the economic downturn of the Western world significantly affected business environment in India as well.

the Company crossed sales of four lacs units of the Sumo range since its launch.428 vehicles (including Fiat cars) in the domestic and overseas markets. CNG variants of the Ace. COMMERCIAL VEHICLES The Company reported sales of 291.599 crores. Lower volumes and high input prices for major part of the year caused EBITDA margin to fall to 6.2200 crores. Magic and Xenon.373 vehicles. The Company paved the way to strengthen its presence in the domestic passenger vehicles market with a series of launches during the year. the Company launched the Tata Nano. With the addition of Sumo Grande in utility vehicles in the year. M&HCV volumes declined by 31. 1014 crores.The Company also made an entry into the upper mid-size segment through the distribution of the Fiat Linea in the last quarter of the year followed by the Fiat Grande Punto in June 2010.6% to Rs.512 vehicles.03 lacs fully paid bookings being received in a 17 day period.2% in the last Fiscal.1% (only Tata cars).2% to 26.0% during the year. While LCV volumes grew by 3. In March 2009. Currency volatility and high interest cost resulted in a PBT of Rs. a decline of 60.001 crores.8% during the year. while exports declined by 33.8% in FY 09 compared with 10. New products offer better features and fuel efficiency.7% over the last year. 28.7% over the last Fiscal. It has also bagged a second order of 1625 similar buses from DTC to be executed in financial year 2009-10.a truck with lift axle. a decline of 17. The Company 5.2% over the last fiscal. The contribution of new products to total sales volumes has been increasing steadily. thereby lowering the total cost of ownership for the users. The launch generated tremendous excitement in the media and the automobile industry worldwide with over 2. The Company however continues to be the largest automobile Company in India in revenue. in the transportation sector. The Profit After Tax was Rs. a lifestyle pick-up. The Company also completed the execution of its first order of 650 low floor buses to Delhi Transport Corporation (DTC).The Company was also awarded the Wall Street Journal Technology Innovation Award for the Tata Nano.6% growth in volumes in the entry mid. due to the impact of slowdown in industrial activity. The Company gained considerable market share in both the M&HCV as well as LCV segments in the domestic market. in the domestic market. the total order value of which is over Rs. A snapshot is given below. The Company expects to launch application specific variants at appropriate times.The Indica Vista received the Jury Award at the Business Standard Motoring Car of the Year Awards and the Best Value for Money Car at the UTVi Autocar Awards. 4. The continued success of the Compact Sedan Indigo CS helped the Company achieve a 56. driven primarily by the new products launched in the last year. The sales are expected to start in the first half of the current financial year.2% to 63. the Company was able to consolidate its position as a market leader in the domestic market and improve its market share from 62. a decline of 4. new range of LCV buses manufactured by Tata Marcopolo Motors and the ICV 909 bus. the Company's turnover for the year declined by 13.4%. However. PASSENGER VEHICLES The Company achieved a sales volume of 214. were LPT 3118 . the Company continued to be amongst the top three players in the Indian passenger vehicle market with a market share of 13. These products are also relatively less affected by the overall economic downturn.2% to 265.8% over the previous year. 1. Domestic sales declined by 15. Among the new products launched in 2008-09.993 commercial vehicles in the domestic and international markets.620 vehicles as a result of the recessionary trends in most markets. The Company has also unveiled the World Truck range of its next generation heavy trucks in May 2009. Performance of the Company in both the Commercial and the Passenger Vehicles segments is discussed in detail in the Management Discussion and Analysis which forms a part of this Annual Report.Sixty-fourth annual report 2008-09 Tata Motors Limited In view of the fall in demand in the domestic and international markets.size segment. 10 . The Company launched 28 new commercial vehicles during the year. It launched the second generation Indica Vista and the Fiat 500 as a CBU import as well as the Xenon XT. Despite the tough operating environment. a decline of 50. Sales in the domestic market were 207. Ace and Magic volumes continue to increase and their contribution to the total sales volumes is increasing.

stampings and other components on a long term basis for its business as also for transition support in areas of auto financing. which had availed a short term bridge loan facility of US$ 3 billion from a syndication of banks and guaranteed by the Company. 6. 3 major manufacturing facilities. improve working capital.3 billion (on a cash free. The purchase consideration included the ownership by Jaguar and Land Rover of necessary Intellectual Property Rights. IT.4. manufacture and marketing of Jaguar luxury performance cars and Land Rover premium all-terrain vehicles. 10MY Range Rover Sports. will help in further enhancement of the brand as will Jaguar’s achievement of number one position in the JD Power vehicle dependability survey. U. Jaguar XF. aggregating Rs. received a lot of media attention. witnessed an excellent response in the market during the year. The Company and its vehicle brands continue to be recognized among the 'Most Trusted Brands' in the industry. Similarly the new XJ. which will be launched in the next financial year. which was launched in 2008. Jaguar and Land Rover are global premium automotive businesses encompassing engineering. The Tata Nano Europa which would be launched in the European markets. debt free basis) in an all cash transaction out of the purchase consideration. including Jaguar Land Rover. The new models which were launched during the year included Jaguar 10MY XFR. the Company completed the acquisition of Jaguar Land Rover from Ford Motor Company of U. 2008. The global meltdown and high fuel prices. especially after September 2008 with vehicle financing and demand drying up..1 billion for future tax set-offs. a worldwide network of 20 national sales companies and a minimum assured capital allowance of approximately US$ 1.02 billion. IT and related infrastructure.3% over the previous year mainly due to the economic meltdown in most international markets.. JAGUAR LAND ROVER On June 2. The Company also presented the Pr1ma concept. by extending the final maturity upto December 2010. design. The Jaguar Land Rover acquisition was routed through the Company’s 100% subsidiary. (Ford) for a net consideration of US$ 2. so did the Tata Indica Vista EV.10MY Range Rover. In response Jaguar Land Rover has taken prompt action to reduce inventory. The Company's passenger vehicle exports at 6. which would be launched in select European countries in the current year.a plug-in electric Indica Vista with a 215 km range between charges.K. having tenors upto 7 years. Jaguar Land Rover also tied up with Ford for supply of engines. The volumes over the 10 months post acquisition reduced by 32% as compared to the comparable period in the previous year resulting in a Loss before tax of GB £ 281 million. Jaguar 10MY XKR and addition to Land Rover’s range of finest all-terrain vehicles were.K. It would offer reliable and high quality certified pre-owned Tata cars with service and warranty support. the Company in May 2009 raised resources through further divestments and issued Secured Non-Convertible Credit Enhanced Rupee Debentures in four tranches. This initiative should support the growth of new car sales over a period of time for the Company and also help protect the residual value of its cars. impacted auto industry worldwide. The Company prepaid part of the said facility out of proceeds of a Rights Issue and certain divestments and the balance outstanding as on March 31. customer financing support. Ford also contributed about US$ 600 million to the Jaguar Land Rover pension plans. 2 advanced design and engineering centres in U. accounting and access to Ford's test facilities. 11 . For repayment of the said amount. 2009 was US$ 2. Jaguar Land Rover Limited. The Jaguar brand strategy of offering "Beautiful Fast Cars" is being enhanced continuously through introduction of new products like XF and the new XJ. a premium sedan based on the New Indigo platform. The Company continued to improve its quality and customer satisfaction ratings of its first generation vehicles and expects even more significant improvements with the next generation cars.showcased its future product offerings at the Geneva Motor Show 2009.200 crores on a private placement basis.916 vehicles declined by 53. The balance facility of US$ 1 billion was rolled over and guaranteed by the Company. reduce investments and payroll costs including more than 2000 job losses. The Company entered the certified pre-owned car business under the brand name Tata Motors Assured.S. Discovery4 and Freelander2-'Stop-Start' besides other product upgrades. Transition initiatives are progressing as per plan in areas of marketing.

The report is based on the ten principles of Global Compact in areas of Human Rights.8% over 1.9% of the total domestic sales.2. 1807 crores (previous year Rs. Uttarakhand and Lucknow were certified with OHSAS 18001 2007.5. Environment. The Company's plants at Pune and Jamshedpur were certified with SA-8000. a decline of 22. 12 . a decline of 13. Pune.9. with total disbursements of Rs.200 crores (previous year Rs.53. In June 2009.1457. thus widening the reach of the Company.08:1. Jamshedpur and Lucknow. recording a decline of 17.CUSTOMER FINANCING INITIATIVES Tata Motors Finance Limited and the Vehicle financing division of the Company which operate under the brand name "Tata Motorfinance (TMF)" financed 1. 7. the Company repurchased and cancelled US$ 17 Million of 0% CARS (Due 2012) and ¥ 300 Million of 0% FCCN (Due 2011).228 crores). a decline of 11. Jaguar Land Rover have begun sales of its range of premium performance saloon cars and sports utility vehicles in the Indian market from a state-of-the-art exclusive showroom in Mumbai with the Company as its distributor. Recruitment across all levels. For borrowing in local currency the rating was revised to A (Stable) by Crisil and to LA+ by ICRA. under IFRS.882 units. the Company's capital expenditure programme and the growing business requirement.125 units. 8. TMF achieved a market share of 29%. During the year. This treatment is consistent with the accounting principles followed by Jaguar Cars Ltd and Land Rover. In the Commercial vehicle financing. The actuarial losses (net) of Rs. 50.8%.9% over the previous year.UK.Sixty-fourth annual report 2008-09 Tata Motors Limited Land Rover received a grant offer of £ 27 million to build a new small Range Rover at its Halewood plant.7.74 crores.620 crores in the previous year.56 crores at a Debt: Equity ratio of 1. The extensive network of TMF will also complement the dealer network of vehicles sales. Due to the tough market conditions necessary steps to reduce overall wage costs. This flagship facility will offer a range of Jaguar and Land Rover vehicles and aims to establish a benchmark experience in luxury car sales in India.165. Towards Organizational Health and Safety. extensive training and skill enhancement activities were carried out at new locations in line with the Company's expansion and growth plans.437 in the previous year. The permanent employee's strength of the Company as on March 31. The actuarial losses significantly represent short term valuation impact on the plan assets. TMF is on course to become a strong captive financing arm to support the vehicle sales business as well as to de-risk the cyclical revenue stream of the vehicle business.6% in the previous year. a global social accountability standard for working conditions.007 new vehicles. compared to 33.9% decline and financed 58.77.Total profit on this buyback is Rs. a decrease of 16. The Company observed block closures which were supported by its employees and unions at Pune. HUMAN RESOURCES & INDUSTRIAL RELATIONS During the year the Company entered into a 3 year wage settlement with its Union at Lucknow through amicable process of negotiations. 9.9% over Rs. The Communication on Progress 2007-08 was submitted to the United Nations Global Compact. Early correction efforts undertaken by the Management helped to lower inventory levels significantly. Labour and Anti-corruption. FINANCE With significant pressure on liquidity mainly towards the second half of the year. The Company has also taken and will continue to implement suitable steps for raising long term resources to match the Company's fund requirement with its loan maturity profile. certifying labour practices in their facilities and those of their suppliers and vendors. have been accounted in “Reserves and Surplus” in accordance with IFRS principles and permitted by AS21 in the consolidated financial statements. recording a 18. the overall borrowings of the Company stood at Rs.415 crores.13. TMF achieved a market share of 35. including hiring freeze were taken in the second half of the year.UK.7% over the previous year.300 crores).6. TATA MOTOR FINANCE . the plants at Jamshedpur.4% and financed 94. TMF extended support to the Company's vehicle sale by financing 32. In the passenger vehicle financing segment. The Company's industrial relations were cordial at all plants. During the year. with total disbursements at Rs. The Company's rating for foreign currency borrowings was revised by Standard & Poor to B+ (Credit Watch with Negative Implications) and by Moodys’ to B3 (Negative Outlook). TMF disbursed Rs.21 crores of pension plans of Jaguar Cars Ltd and Land Rover.638. 2009 was 23.

10. RIGHTS ISSUES In October 2008, the Company raised an aggregate of Rs.4139.33 crores through a simultaneous but unlinked Rights Issue of Ordinary Shares and 'A' Ordinary Shares of 64,276,164 Ordinary Shares of Rs.10 each at a premium of Rs.330/- per share aggregating Rs.2185.39 crores in the ratio of one Ordinary Share for every six Ordinary Shares; and 64,276,164 'A' Ordinary Shares of Rs.10 each at a premium of Rs.295/- per 'A' Ordinary Share aggregating Rs.1960.42 crores in the ratio of one 'A' Ordinary Share for every six Ordinary Shares. The Company was one of the first in India to issue differential voting shares.The 'A' Ordinary Shareholders enjoy all rights and privileges that are enjoyed by Ordinary Shareholders in law and under the Articles of Association, except as to dividend and voting, viz. the right to receive dividend for any financial year at five percentage points more than the aggregate rate of dividend declared on Ordinary Shares for that financial year and the right to vote any resolution on a poll or by postal ballot, by one vote for every ten 'A' Ordinary Shares held. The difficult market conditions at the time of issuance resulted in the issue receiving a poor response. The Rights Issue was fully subscribed after taking into consideration subscription by Promoters and Underwriters to the extent of the undersubscribed portion. The Net Proceeds have been utilized to prepay part of the Short Term Bridge Loan availed by it for the acquisition of Jaguar and Land Rover from Ford Motor Company. 11. INFORMATION TECHNOLOGY INITIATIVES The Company continued to strengthen its IT capabilities in all areas of its business, particularly in the design, manufacturing and customer interface functions.The Company uses Digital Product Development, Digital Manufacturing Solutions and better integration with vendors in order to improve significantly its product development processes and capabilities. During the year, the ERP system - SAP was also deployed on the NANO project and the Company’s subsidiary TML Distribution Company Limited. The NANO website has been launched which facilitates online booking along with exhibiting all other product details. Launch of a web based supplier portal fulfills the business requirement of capturing potential supplier's information, communication platform for suppliers and news about supply chain. The Company made significant developments in the Customer Relationship Management and Dealer Management Systems area. The Company has instituted an online Dealer Management System for the channel partners that has helped the dealerships keep a step ahead of the increasing challenges of the automotive industry. It is supplemented with a robust analytical tool to help the dealerships and Tata Motors take decisions. The Company today has multiple touch points for the customer, including portals and a call center to voice their inquiries and concerns. The Company is leveraging its connected dealer network for communication and training. 12. OTHER TECHNOLOGY INITIATIVES The Company has continued its endeavor to absorb the best of available technologies for its product range to meet the requirements of globally competitive markets. All of the Company's vehicles and engines are compliant with the prevalent regulatory norms in India and in other countries to which the vehicles are exported. The Company has also undertaken programs for development of vehicles which would run on alternate fuels like LPG, CNG, Bio-Diesel, Electric traction etc. The Company, in its constant endeavor to upgrade and improve the product development methods and processes and has acquired capabilities in the area of digital product development such as Modeling of Airbag systems, Introduction of new working methods (Concurrent Engineering with Digital Mockup, Digital Manufacturing along with the NPI process) Knowledge Based Engineering tools to capture and enhance knowledge and incorporate design rules to improve productivity, quality and efficiency in design process. During the year, the Company has filed 195 Patent applications, 29 Design applications and 90 Copyright applications. 6 Patents were granted, 73 Designs and 3 copyrights were registered to the Company for applications filed in earlier years. 13. CONSOLIDATED FINANCIALS In accordance with the Statement of Accounting Standard on Consolidated Financial Statements (AS 21) and the Accounting Standard on Accounting for Investments in Associates (AS 23) and Accounting

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Sixty-fourth annual report 2008-09
Tata Motors Limited

Standard on Accounting for Joint Ventures (AS 27), issued by the Institute of Chartered Accountants of India (ICAI), the subsidiary companies, associate companies and joint venture have been considered in the Consolidated Financial Statements of the Company. As may be seen from the consolidated statements, the consolidated gross revenues was Rs. 74,151.21 crores. The consolidated financial performance of the Company is not comparable to 2007-08 on account of the acquisition of Jaguar and Land Rover business in June 2008. In 2007-08, the consolidated gross revenue was Rs. 40,340.79 crores. The consolidated revenues (net of excise) in 2008-09 amounted to Rs. 70,938.85 crores (2007-08: Rs. 35,660.07 crores). On a consolidated basis, the Company reported a Loss after Tax, after adjustment for share of minority interest and profit/(loss) in respect of associate companies in 2008-09 of Rs. 2,505.25 crores; in 2007-08, the Company had reported a Profit after Tax, after adjustment for share of minority interest and profit/(loss) in respect of associate companies of Rs. 2,167.70 crores. SUBSIDIARY AND ASSOCIATE COMPANIES a. Subsidiary Companies At the beginning of the year, the Company had 30 Subsidiary companies. During the year the following changes have taken place:Subsidiary Companies formed / acquired:Telco Construction Equipment Co. Ltd. (TELCON), the Company’s subsidiary on April 2, 2008, completed the acquisition of Serviplem, S. A., Zaragoza, Spain (Serviplem) by acquiring 79% of its share capital. Serviplem is in the business of manufacturing Concrete Transit Mixers, Dry Bulk Tanks and Pumps with the brand name 'Baryval'. With about 60% market share in Spain, Serviplem is ranked among the top six manufacturers in the world. Baryval Assistencia Tecnica S.L. is a 60% subsidiary of Serviplem S.A. engaged in the business of assembling transit mixers on trucks. Inner Mongolia North Baryval Engineering Special Vehicle Corporation Ltd (NBSV), a 56% subsidiary of Serviplem, has a manufacturing base in Baotou, China. On April 9, 2008, TELCON completed the acquisition of Comoplesa Lebrero, S. A., Zaragoza, Spain (Lebrero) by acquiring 60% of its share capital. Lebrero with whom TELCON was associated since 2002, as its technology partners, is in the business of manufacturing Compactors and Tandem Rollers. Eurl Lebrero France is a 100% subsidiary of Comoplesa Lebrero S.A( Lebrero) and is functioning as a trading office of Compactors manufactured by Lebrero. During the year, the Company acquired JaguarLandRover Limited (JLR). As on March 31, 2009, JLR had 34 subsidiary companies. Tata Motors European Technical Centre Plc, the Company's wholly owned subsidiary in the U.K. acquired a 71.69% shareholding in Miljobil Grenland, A S, a Norwegian company specialising in the development and manufacture of electric vehicles. Electric vehicles form a significant part of the ongoing strategy for the company. Miljo Innovasjon A S a wholly owned subsidiary of Miljobil Grenland, A S specializes in the development and manufacture of lithium ion batteries.This investment was made in order to secure a route to market for batteries for electric vehicles and enables the Company to develop convenient and sustainable solutions for electric and hybrid vehicles. Subsidiary Companies merged:Tata Technologies iKS was merged with INCAT Systems INC. Name changed:Tata Motors Insurance Broking & Advisory Services Ltd from Tata Motors Insurance Services Ltd. Tata Technologies (Thailand) Ltd. from INCAT (Thailand) Ltd. Tata Technologies Europe Ltd. from INCAT Ltd. Consequently, the Company has 70 subsidiary companies as on March 31, 2009. Other than the above there has been no material change in the nature of the business of the subsidiary Companies. The main financial parameters of the Subsidiary Companies for FY 2008-09 are provided under 'Subsidiary Companies: Financial Highlights - 2008-09' on page nos. 50 & 51 of the Annual Report. As required under the Listing agreement with the Stock Exchanges, the Company is mandatorily required to prepare the Consolidated Financial Statements, according to the applicable Indian Accounting Standards and reflects the financial position of all the subsidiary Companies of the Company.

14

On an application made by the Company under Section 212(8) of the Companies Act, 1956, the Central Government exempted the Company from attaching a copy of the Balance Sheet and the Profit and Loss Account of the subsidiary companies and other documents to be attached under Section 212(1) of the Act to the Annual Report of the Company. Accordingly, the said documents are not being attached with the Balance Sheet of the Company. A gist of the financial performance of the subsidiary companies is contained in the report. The Annual Accounts of the subsidiary companies are open for inspection by any member/investor and the Company will make available these documents/ details upon request by any Investor of the Company or its subsidiary companies who may be interested in obtaining the same. Further, the annual accounts of the subsidiary companies will also be kept for inspection by any investor at its Registered Office of the Company and at the Head Offices of the subsidiary company concerned. b. Associate Companies As on March 31, 2009, the Company had the following associate companies: Tata Cummins Limited (TCL), in which the Company has a 50% shareholding, with Cummins Engine Co. Inc., USA holding the balance. TCL is engaged in the manufacture and sale of high horse power engines used in the Company's range of M & HCVs. Tata AutoComp Systems Limited (TACO) is a holding company for promoting domestic and foreign Joint Ventures in auto components and systems and is also engaged in engineering services, supply chain management and after market operations for the auto industry. The Company's shareholding in TACO is 26%. Tata Precision Industries Pte. Ltd., Singapore, in which the Company has a 49.99% shareholding is engaged in the manufacture and sale of high precision tooling and equipment for the computer and electronics industry. Nita Co. Ltd., Bangladesh, in which the Company holds 40% equity, is engaged in the assembly of TATA vehicles for the Bangladesh market. Hispano Carrocera S.A. (HC), a well-known Spanish bus manufacturing company, in which the Company had acquired a 21% stake in March 2005 was another major step in the Company's plans for globalization. Hispano has two manufacturing units, one in Spain which caters to the European market and the other one in Casablanca through its subsidiary, Carrosseries Hispano Maghreb, Morocco which caters to the Moroccan and other North African markets. HC is present in both the 'city bus' and 'coach market' segment in both the geographies. Fiat India Automobiles Limited, a 50: 50 joint venture company between Tata Motors Limited and Fiat Company located in Ranjangaon, Maharashtra is engaged in the manufacture of Tata and Fiat branded products as well as engines and transmissions for use by both the partners. Automobile Corporation of Goa Ltd. (ACGL), a Company in which Tata Motors Limited has a 42.37% shareholding, was incorporated in 1980, jointly with EDC Limited (a Goa government enterprise). ACGL is a listed company engaged in manufacturing sheet metal components, assemblies and bus coaches and is the largest supplier of buses (mainly for exports) to the Company. 14. FIXED DEPOSITS In December 2008 the Company launched a public fixed deposit scheme to meet a part of the funding requirements of the Company. The scheme has received an overwhelming response and the management of the Company is thankful to all the investors for participating in the scheme and the faith reposed in the Company. The aggregate amount collected under fixed deposit scheme as on March 31, 2009 was Rs.1,232.47 crores from1,44,000 depositors. The Company has no overdue deposits other than unclaimed deposits. 15. ENERGY, TECHNOLOGY & FOREIGN EXCHANGE Details of energy conservation and research and development activities undertaken by the Company along with the information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, are given as an Annexure to the Directors' Report.

15

Mr Kant holds office up to the date of the forthcoming Annual General Meeting of the Company and is eligible for appointment. 2009 as per the Company's Retirement Policy and the terms of his appointment. is also given as an Annexure to this Report. and forming part of the Directors' Report for the year ended March 31. Cost Audit As per the requirement of the Central Government and pursuant to Section 233B of the Companies Act. 1956 has been sent to the members of the Company. as per the 'Policy for Retirement Age of Non-Executive Directors' adopted by the Company. M/s S Bhargava. Mr Ravi Kant superannuated on June 1. 2009. Munjee and Jairath in their capacity as Additional Directors. who had been on the Board of the Company since 1998 as an Institutional Nominee of Unit Trust of India and was appointed in his individual capacity in 2005. AUDIT M/s Deloitte Haskins & Sells (DHS). In accordance with the provisions of the Companies Act. Mr P M Telang.Taking into consideration the contribution made by Mr Kant during his tenure and the critical phase through which the Company was passing. 2009. furnished a certificate of their eligibility for re-appointment. 1956 and the Articles of Association of the Company. An abstract and memorandum of interest Under Section 302 of the Companies Act. 1956. the Company has appointed M/s Mani & Co. 2009 upon completion of the age of 75 years. DIRECTORS Mr V R Mehta. 1956. under Section 224(1) of the Companies Act. M/s N N Wadia and S M Palia are liable to retire by rotation and are eligible for re-appointment. Attention of the Members is invited to the relevant items in the Notice of the Annual General Meeting and the Explanatory Statement thereto. in accordance with Article 132 of the Articles of Association of the Company and Section 260 of the Companies Act. N Munjee and V K Jairath were appointed as Additional Directors. As an Additional Director. 2009 respectively. CORPORATE GOVERNANCE A separate section on Corporate Governance forming part of the Directors' Report and the certificate from the Company's auditors confirming compliance of Corporate Governance norms as stipulated in Clause 49 of the Listing Agreement with the Indian Stock Exchanges is included in the Annual Report. to audit the cost accounts relating to motor vehicles for the Financial Year 2009-10. who are the Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting. Mr Mehta was on the Board for more than 10 years and was the Chairman of the Audit Committee and Member of the Remuneration Committee. the Board decided to continue availing the benefit of Mr Kant’s counsel and have appointed him as the Non-Executive Vice-Chairman on the Board of Directors of the Company with effect from June 2. with effect from July 25. January 30. PARTICULARS OF EMPLOYEES Information in accordance with sub-section (2A) of Section 217 of the Companies Act. Executve Director (Commercial Vehicles Business Unit) was appointed as the Managing Director . DHS have. 18. 16 . It is proposed to re-appoint them to examine and audit the accounts of the Company for the Financial Year 2009-10. retired from the Board of Directors w. the Company carries out an audit of cost accounts relating to motor vehicles every year. 1956. 2008.India Operations with effect from June 2. 1975. read with the Companies (Particulars of Employees) Rules. M/s Bhargava. 17. Notice under Section 257 of the Act has been received from a Member signifying his intention to propose his appointment as a Director.Sixty-fourth annual report 2008-09 Tata Motors Limited 16. Mr Mehta had by his counsel and guidance significantly contributed to deliberation at the Board and Committee meetings. will cease to hold office at the forthcoming Annual General Meeting and are eligible for appointment.e. July 25. 2009. 2008 and March 31. Subject to the approval of the Central Government. The Directors place on record their appreciation of the contributions made by Mr Mehta during his tenure as Director of the Company. 19.f. Notices under Section 257 of the Act have been received from a Member signifying his intention to propose their appointment as Directors. 1956.

dealers. the applicable accounting standards have been followed and that there are no material departures. Solar water Heating System. Compressor Cooling water system improvement. confirm that:in the preparation of the annual accounts. June 26. Wind Solar Hybrid System. Energy conservation measures have been implemented at all the plants and offices of the Company and special efforts are being put on undertaking specific energy conservation projects like Installation of Variable Frequency Drives. the Directors. customers.ER Energy Conservation (ENCON) Award 2008 contest.The Company's endeavour for tapping wind energy has also made significant contributions. These changes have resulted in cost savings for the Company aggregating around Rs. 1956. Polycarbonate transparent sheets. to the best of their knowledge and ability. shareholders. they have. they have prepared the annual accounts on a going concern basis. suppliers. consulted the Statutory Auditors and have applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period. in the selection of the accounting policies. 21. for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to Section 217 (2AA) of the Companies Act. based on the representation received from the Operating Management. The Company's Pune plant won the CII . downsizing of motors. Energy Efficient Blowers & Pumps. Bio-diesel.national Award for "Excellence in Energy Management . fixed deposit holders. 2009 ANNEXURE TO THE DIRECTORS' REPORT (Additional information given in terms of Notification 1029 of 31-12-1988 issued by the Department of Company Affairs) A. B.18. Wind Ventilators. Electric traction etc.8 lakh units and this resulted in savings in electricity charges of Rs. 17 .1 crores. government and all the other business associates for the continuous support given by them to the Company and their confidence in its management. bankers.20. Total energy produced by wind power for this year was 583.2008" and has been declared an Excellent Energy Efficient Unit. On behalf of the Board of Directors RATAN N TATA Chairman Mumbai. The Company's Jamshedpur plant was awarded a Trophy and Certificate for outstanding performance by CII . ACKNOWLEDGEMENTS The Directors wish to convey their appreciation to all of the Company's employees for their enormous personal efforts as well as their collective contribution to the Company's performance. CNG. they have taken proper and sufficient care.74 crores. The Directors would also like to thank the employee unions. for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. The Company has also undertaken programs for development of vehicles which would run on alternate fuels like LPG. 1956. Technology Absorption The Company has continued its endeavor to absorb the best of technologies for its product range to meet the requirements of a globally competitive market. switching off of street lights and High Mast Lights in select areas etc. Conservation of Energy The Company has always been conscious of the need for conservation of energy and has been steadily making progress towards this end. Energy Efficient Motors. commissioning of Medium Frequency induction Furnace. All of the Company's vehicles and engines are compliant with the prevalent regulatory norms in India and also in the countries to which they are exported. LED & CFL lamps.18.

1.A Italy MIRA Ltd UK Ricardo UK Ltd AVL List GMBH Austria Delphi Diesel systems France Torotrack ( Holding ) Ltd UK Wagon SAS France Year of Import 2004-05 2004-05 Status Implemented Implemented Safety and NVH Integration in passenger vehicles Design and Development of New Generation engine Design and Development of New Generation engine for ICV / MCV Design and Development of Infinitely variable transmission Design and Development of flush sliding window plug in window 2004-05 2006-07 2007-08 Implemented Under Implementation 2007-08 2007-08 During the year the Company spent Rs.53 18 . the Company has filed 195 Patent applications. Door system integration and development of master body side Body and trim design on mini truck Styling Development of exteriors and interiors of new goods and people carrier Trim design and development of new LCV Technology Provider INTEDIS. gravimetric particulate measurement system. Korea Trilix. Bi-Natural Head Acoustics measurement device. The Company has also added to its facility a variety of testing equipment such as high frequency testing machine for Elastomers. 29 design applications and 90 copyright applications. Germany IDIADA-NSI.61 crores on Research and Development activities including expenditure on capital assets purchased for Research and Development which was 5. etc. The Company has developed and is in the Implementation phase of the following new technologies for Its passenger cars and commercial vehicles: a) FATC system Econ mode for optimizing energy consumption on HVAC systems b) In-vehicle navigation and infotainment system c) Rain light sensor for automatic activation of windscreen wiper d) Rear air-conditioner blower control system and e) Pantograph wiper system for Nano. 73 design and 3 copyrights were granted to the Company for applications filed earlier this year. etc. the Company has added facilities such as 220KWTransient Dynamometer with state-of-the-art CVS emission measurement facility for particle number counting system. During the year. Full vehicle environmental test facility to simulate extreme climatic conditions for operation of vehicles and rapid metal casting facility for non-ferrous prototype castings etc.75% of the turnover. in crores 2436.p. Spain LG-Vens.476. 6 Patents. Korea Status Completed Completed In Progress In Progress In Progress In Progress In keeping with the requirement of technological upgradation of its engines development facility. C. Foreign Exchange Earning and Outgoing Earning in Foreign Exchange Expenditure in foreign currency (including dividend remittance) Rs. Spain IDIADA-NSI. Italy NESC. Technology For Direct injection common rail E IV engines for passenger vehicles Design and Development of passenger vehicles Imported From AVL GMBH Austria & Delphi Diesel systems France Institute of development in Automotive engineering S.57 2957.Sixty-fourth annual report 2008-09 Tata Motors Limited Major Technology absorption projects undertaken during the last year include: Technology For Vehicle Electrical and Electronic Architecture Development methodology Vehicle Mechatronics Reliability Validation process. Surface Microphones for wind noise measurement.

589 274.996.530.Sourcing .693 3. Diploma(Matl Mgmt) Senior Manager (Training) Manager (Treasury) Assistant General Manager (Finance) Divisional Manager (Technical Services) Senior Manager (Human Resource) Assistant General Manager (NPI) Deputy General Manager (Electronics) Senior Manager (Planning) Assistant.015 1. Diploma (Mech) BE (Mech) B Tech (Mech).591 2.645.164 3.045 2. NAC/NCVT/ITI (Milling) ME(Mech). P S B J Hospital.475.705.125 2.279 1.885 1.951 1. Other experience 17 Yrs. R K Nag Pvt Limited.591 2.113 1.519.FTA (Millwright Mechanic) 42 M Tech (Mech) 33 BE (Mech) 6 BE (Mech).185 1. -Program Attribute Team Leader -3 Yrs.447. Executive MBA (Mgmt) SSC FTA. University of Pune.707 700.080.892. Ford Motors Ltd.371. Diploma (Mech) BE (Mech).634 2. (Other Experi-8 Yrs.027.768. General Manager (Paint & TCF) Assistant General Manager (Q A) Manager (Manufacturing) Deputy General Manager (Dev) Asst Gen Manager (Corp Human Resources) Divisional Manager (TQM) Assistant General Manager (CPED) Manager (Maintenance) Senior Manager (Finishing Shop) Head (PCBU International Business) Deputy General Manager (Electronics) Asst General Manager (PSD & Recruitment) Gen Manager(Quality Systems&Reliability) Deputy General Manager (Planning) Asst General Manager (Q A-Reliability) Assistant General Manager (Materials) Assistant General Manager (NPI) President (Passenger Cars) Head (Marketing) .880.049. B Sc Engg (Prodn) M Tech (Mech) BE (Civil) B Com.999 2. 3.863 1.729.Mumbai.6 Yrs.7 Yrs.824 4. Diploma (International Busi)..4 Yrs.587 1. Hindustan Steel Ltd.314 1.300 1.716 3.809 194.676.920.Engineer-4 Yrs.25 Yrs..962 3.606.914 2.351 2.141. Phd (Statistics) B Sc Engg (Mech) BE (Electrical) BE (Mech).178 2.5 Yrs. Mahindra & Mahindra.381 1. Atlas Copco (India) Ltd.001.744 197.896 2. Diploma (Busi Mgmt).041. PG Diploma in Mgmt (Busi Mgmt) B Tech (Aeronautical) BE (Mech).392.372. Diploma (Marketing).218. Diploma (Mech) M Tech (Industrial & Mgmt.2 Yrs. B Tech 17 BE (Mech) 15 Diploma (Mgmt).PE Assistant General Manager (Tool Engg) Manager (Civil) Asst General Manager (Internal Audit) Dy General Manager (Cust.658 502. MIE(I) AIE (Mech).556 2.758 1.198 459.020 2. for 1 Yrs. L & T Ltd.231 3.326.611. Regional Manager-2Yrs.381.494.565 1.846 1.046.335 416.596.058.185 1.687.371 1.434 6. Accounts Officer 1 Yrs. (Electronics & Telecom) B Tech (Chemical).165 1.209.CVBU General Manager(Surgical Services) Head(Supply Chn & Demd Fulflmt-Ind & IB) Deputy General Manager(Vehicle Cert.789 2.269 3.083 6.682.453.964.158 3.898 2.Design.703.159.779.603. CS 22 BE (Mech) 7 BE. CS (inter) 26 BE (Electronics) 24 MBBS (Medicine).733.799. FRC (Surgery) 31 BE (Mech) 27 BTech (Mech).917. PG Diploma in Mgmt (Mech) 6 B Tech (Mech) 23 MBBS (Medicine).18 Yrs. Executive (Vendor Development).327.289 1.881. Designation & Period IDL Cemicals Limited.620.725 2.302 2.Spare Parts.379.010 374.433.092. Delhi Transport Corporation.247 1.575.CVBU. MBA(Mgmt) 35 BE (Electrical) 37 B Tech (Mech) 35 BE.742 1.668 6.500.159 15.882 2.843 2.2 Yrs.030.607 307.Manager (Mgmt Services) -7 Yrs.770.590.425.699.308 1.464 6.231 992.734 2. North Devon District Hospital .416 2.649.247.564.2 Yrs.. AMIE (Mech) 38 BE( Civil).388 290.422 2. CA B Tech (Mech) BE (Electrical).114.631 3.799 2.454 2.129 2. Ministry of Defence.800 1.197 1.966 293.519 967.893 2.497.827 433.683.842. DMS BE (Metallurgy).363.Care-IB.591 2.011 3.822 1.856 2.799.541 2.906 3.860 1.073.897.290 613.051.021.921.491 2. 2.261.448. Maruti Udyog Ltd 19 .088.530 3.802.980. CA. Davy Ashmore India Ltd.089 4.3 Months Delphi Automotive.931 2. MFM B Com. 1975 and forming a part of the Directors Report for the year ended March 31.-PC)ERC Assistant General Manager (Proj Mgmt) General Manager (Export Finance) Head . Diploma (Busi Mgmt) B Com.784 2.178 Net Remuneration Rs.Jamshedpur Plant Head (ERM & Project Audits) Deputy General Manager (Auto Prodn) Asst General Manager(Strategic Sourcing) Senior Manager (Growth) Senior Manager(Arch Environ Plng ) DGM (BIW & Paint Shop) General Manager (Q A) Assistant Manager (Design) Head.471 208.870 1. CA 30 BE (Mech).21 Yrs.) Cummins Auto Service.809 4. Bharat Forge Ltd.Design.8 Yrs.886 2.8 Yrs.803. MD(Medicine) 25 BE (Mech) 37 BE (Mech) 22 B Sc Engg (Electrical). MTech (Mech) 19 B Sc (Mathematics) 35 B Tech (Mech.261 1.445.199 289.687. FTA (Electrical) BE (Mech) M Tech (Electrical). FTA (Motor Mechanic Vehicle) B Com.280 1.5 Yrs.Asst Engineer-2Yrs.215 2.325 2.IIT.431 850.Financial Controller . CS Inter BE (Mech) BE (Electrical).735. M/s.696.062 2.667 1.428. Jet Airways .118 2.677.492.138 731.494.033.ANNEXURE TO DIRECTORS’ REPORT Information as per Section 217(2A) of the Companies Act 1956 and the Companies (Particulars of Employees) Rules.005 3.Small Car Project Head (Marketing Services) Assistant General Manager (Materials) General Manager (Auto Services) Acharya Mukesh Afale Avinash* Agarwala Bishnu* Ahir Prashant Aidoor Rajesh Ajay O V Ali Mullah Ambardekar Shrikrishna Angadi Mohan Ansari Haider* Arora Gyan Avachat Prakash Avari Delna Badshah Vishal Balakamatchi Arunbalachandar* Balakumar S Balamurugan Janarthanam* Balasubramanian M R Bandyopadhyay Amitabha* Banerjee Amit Banerjee Prashant Kumar Banerjee Subrato* Banerji Shyama Bapat S Bapna Mahendra Barage Vishnu* Bawale Abhay* Behera Rajesh* Behra Mahesh* Belwal J Bhakat Ashutosh* Bhandwale Ashok Bharadwaj Sandeep Bhargava Ashok Bhasin Satinder Bhaskar Ramchandran Bhate Atul Bhatt Dilip* Bhatt Siddharth* Bhide Prasannakumar* Bhingurde Amit* Bhosale Jayaram* Bhosale Ranjit Binani Govind Biswas Raja* Biswas Uttam Bohari Jakir Bongale Umakant Borkar P* Borwankar Satish Bramhe D K Buddhisagar Vijay* Chakraborty Chiranjit Chakraborty Samiran* Chakraborty Tapan* Chandra Mukesh Chandrasekhar Krishnan Chasia Kantilal* Chatterjee Anurup Chatterjee Bimal* Chatterjee Ranen* Chinoy R* Chitrao Vishwas Chobe Prasann Choudhary D* Chouthai Abhay Chuttar Jaykumar D Souza C* Dabke Ghansham* Dalvi Bhakti* Dani Dinesh Das Madhu Das Pratap* Das Ramiqbal Datar Surendra Date Sandeep* Daundkar T Desai A* Desai Abhay* Desai Jaydeep Desai Mukundrai* Deshmukh Kishor* Deshpande Abhay Deshpande Deepak Deshpande Hareesh* Deshpande Uday Devpura Sunilkumar* Dey Ranjit* Dhagat Atul Dhaneshwar Shashank Dhar Ranjit Dharmadhikari Avinash Dhawan Satish Divekar Nilkanth* Dixit Uday Dube Narendra Dube Rajiv Dubey Anurag Dutt Nabendu Dwivedi Vivek E Balasubramoniam* Fadnavis P G Ramasamy Gadgil Surendra Gross Remuneration Rs. Kalyani Steel Ltd.003 2.1 Yrs.828.4 Yrs.500 559.287 1.688. Cummins India Ltd .7 Yrs. 34 B Com.757 3.726 4.443 1.378 1.261 1.563.299.533 2.420 2.043 3. Voltas Ltd .1 Yrs.797 1.Executive(Accounts) . Mahindra & Mahindra.Business Development IB CVBU Divisional Manager (Development) Head (Purchase) Senior General Manager (Customer Care) CEO (South Africa Project) Plant Head (Pantnagar) Junior Officer Asst Genl Manager (Vehicle Integration) Asst Gen Manager (Vendor Development) Manager (Body Bldg) CVBU Intl.649. Diploma (Comp) 37 BE (Mech) 34 B Com.6 Yrs.313. PG Diploma in Mgmt (Marketing) B Com. Cummins .258.052 1.405.5 Yrs.604.663. PG Diploma in Mgmt 7 BE (Mech). ME (Mech) 29 BE (Mech) 32 BA (Economics).506 210.444.2 Yrs.701.169.657 1.297.5 Yrs. CA M.063 2.248 241.2 Yrs.386 1. PG Diploma in Mgmt (Busi Mgmt) B Tech (Mech) SSC. M S (Surgery).539 2. PG Diploma in Mgmt (Mgmt) BE (Mech).551. Business Master Craftsman Manager (Corp.206 900.961. B.553.088.). Diploma (Mech) 10 BE (Electrical).167 200.382.066 397. General Manager(TMML.797 2. CVBU) Asst General Manager (Mfg) New Projects Asst.476.616 2.595 5.1 Yrs.009 2.467..702.090.2 Yrs. Renokined Auto.2 Yrs.2 Months Guest Keen Williams ltd. ICWA PG Diploma in Engg (Automobile).491 257. PG Diploma in Mgmt (HR Mgmt) B Tech (Mech) 36 5 28 14 35 18 33 12 18 29 28 37 35 35 38 21 43 34 24 35 40 23 38 34 38 29 31 42 24 23 43 40 6 27 31 41 14 33 12 14 40 39 19 37 5 22 35 17 31 4 36 24 34 20 29 35 36 36 31 26 19 36 18 25 15 30 33 CSIR.232 291.626 2.495.542 4.113 307. Diploma (Electrical) BE (Mech) Diploma (Mech).315 3.454 1.523.848 2.Design.280.441. LLB.762 3. Grindwell Norton Ltd.227.Design.352.East Assistant General Manager (Q A) General Manager (Foundry) Sr General Manager (Auto Manufacturing) Deputy General Manager (Proj Mgmt) (Modern languages).049 2..573.580 1. LML Ltd.582.745 1. PG Diploma in Engg (Industrial). New Holland Tractors-Head Mfg & Engg .Engineer-5 Yrs. PG Diploma in Engg (Industrial) B Sc Engg (Mech). CVRDE. Brooke Bond India Ltd.614.753. CA BE (Prodn) SSC BE (Mech).583 690. MDBA (Busi Admn).696 1.363 1.661 6. Diploma (Mech) Diploma (Mech) BE (Mech) BE (Mech).812 2. M/s S B Billimoria & Co. as Research Associate.654 3.361. Southern Industrial Corp Ltd.648 5.607 2.976 2.633 3.600.198.483.910 6. NAC/NCVT/ITI MA (Psychology) BE (Mech) B Sc Engg (Mech).969. Diploma (Matl Mgmt). FICWA.713 3. ICSI.3 Yrs. Noduron Founders Maharashtra Ltd-GM. The Premier Automobiles Limited.660 1.326 4.775.406.277. FTA(Tool & Die) Diploma (Mech) M Tech (Paints) B Tech (Metallurgy) FTA (Tool & Die) B Sc Engg (Agriculture) Diploma (Electronics).Tata Motors (Thailand) Ltd Asst Gen Manager (Production) Manager Deputy Gen Manager(Shipping & Excise-IB) Manager (Development) Head (Sales Planning & Logistics) . Ammunation Factory.558.11 Yrs.Asst. PG Diploma in Mgmt (Busi Mgmt) Diploma (Mgmt).E.068 716.213 4. PG Diploma in Mgmt (Busi Mgmt) BE (Mech) BE(Mech). Fiat India Ltd. MBA (Mgmt) 32 BE (Automobile).423.233 2.979.Medical Services.518 209.142 2.9 Months International Computers Indian Manufacture Ltd.909.140 4. DGM( R&D)-19 Yrs.Sc.027.714 1.1 Yrs. Pune Assistant General Manager (ADD) Assistant Manager (Town Electrical) Deputy General Manager(Vehicle Perf )-ERC Dy Genl Manager(Auto Prodn Plng&Control) Vice President .331 1. Manager. Diploma (Finance) B Sc Engg (Mech).696.269.563.A.685.850.2 Yrs.470 2.133. Kirloskar Tractors Limited.-LCV) ERC General Manager (Internal Audit) Divisional Manager (Plant Engg) Deputy General Manager (Planning). B Sc. Diploma (Elec) BE (Mech).5 Months.Sr Resident .956.VP (HR) 4 Yrs.4 Yrs. Thermax Ltd .5 Yrs.341 9. Diploma (Mech).854 499.150 2. Munjal Auto.702.490. FTA (Electrical) 36 Phd (Tech Sc).223 1.5 Yrs.824. EMBA (Busi Admn) 17 B Tech (Automobile) 7 B Com.262 2.665. R & D.891.195 425.656. Diploma 17 Diploma (Mech).897.Corporate Finance .036 5.177. 210 MW Bhusaval Thermal Power Station.Bus General Manager (Admin & Tech Training) Asst Genl Manager(Heavy Comm.488 1.001 937.909.267.760 1.Area Incharge .230 990.822. MBA (Busi Mgmt) BE (Electrical) BE (Prodn) B Com.450.876.073.555 1. Asia Foundations & Constructions Ltd.Diploma (Mech).839.)ERC Assistant Manager (Materials) Head-Internal Audit (Supply Chain & Mfg) Assistant General Manager (Finance) Chief Executive Officer ( HVAL & HVTL ) Divisional Manager (Design) Asst Gen Manager (Accounts & Taxation) Area Service Manager (Bhubaneshwar) Divisional Manager (SQIG) Chief Information Officer Senior Manager (Vehicle Preparation) Dy General Manager (Transmission)-ERC Regional Manager (Customer Care) .876.701 309.322 350. Engeeneer .832 3. B Sc M Sc (Statistics). B Tech (Mech) BE (Mech).966 1.460 3. Department of Atomic Energy.1 Yrs.3. Daewoo Motors Ltd.587 246. ICWA 17 BE (Mech).011 1.912 4.499 1.-General Manager-1Yrs.520 965.761 2.685. (Mech).278 3.716 2. Compton Greaves Limited.Fresh Graduate. Bajaj Tempo Ltd. AICWA .513.166 934.976.327 Qualifications Experience in years Date of Joining 6-Feb-81 10-Dec-03 9-Jul-71 2-May-06 4-Jan-93 5-Aug-85 16-Aug-95 5-Sep-72 1-Jul-87 7-Aug-72 1-Sep-82 25-Jul-82 1-Jul-02 26-Mar-92 15-Jul-01 1-Aug-80 21-Apr-04 4-Aug-86 1-Jul-87 15-Feb-05 17-Jul-02 14-Apr-73 1-Mar-82 2-Jan-92 1-Sep-01 6-Apr-79 4-Sep-06 15-Jul-01 22-Jul-91 1-Jul-94 1-Jan-66 17-Dec-76 15-Jan-03 2-Nov-79 21-Jul-90 2-Aug-74 15-Jul-92 16-Aug-72 6-Nov-03 13-Mar-82 16-Sep-94 10-Mar-73 3-Jun-94 15-Sep-99 10-Oct-96 2-Nov-92 2-Dec-03 2-Jan-81 6-Jan-72 2-Aug-74 2-Apr-80 15-Dec-71 1-Jul-88 1-Jan-66 1-Jun-81 5-Aug-85 2-Aug-74 23-Mar-68 2-Dec-96 2-Sep-74 12-Mar-05 23-Aug-71 16-Apr-80 1-Jul-78 12-May-66 27-Jun-06 16-May-94 1-Nov-65 20-Aug-68 24-Jul-02 2-Jul-82 7-Feb-78 9-Mar-67 2-Jan-95 2-May-78 3-Aug-96 31-Aug-95 16-Oct-69 18-Aug-69 6-Jul-90 25-Aug-71 13-Jan-03 17-Aug-05 12-Aug-74 22-Jul-91 27-Feb-81 17-Sep-04 8-Jun-72 3-Dec-85 15-Feb-76 16-Jan-89 11-Jan-05 30-May-80 1-Mar-72 23-Aug-74 1-Jan-80 1-Jul-83 14-Aug-01 22-Jul-74 17-Jun-05 21-Sep-05 3-Oct-94 1-Aug-79 2-Jul-76 Last Employment. Hindustan Motors Limited.854 3.567 1.409.393 8. Diploma (Mech).) Mahindra & Mahindra Ltd .044 428.Asst Accountant .728 2. Scientific Officer.232 1. Radar Project Centre.Finance) Dy General Manager(Vehicle Integ. MBA (Finance) B Com.676.911. Engg).604 3.128 4.146 9.641.786 2. 4 Yrs.165 2. PG Diploma in Busi Mgmt BE (Mech) AMIE (Electrical).226 4.484. Human Resources) Asst Gen Manager (Veh Intgratn. PG Diploma in Mgmt (HR Mgmt) 20 B Com.055 542. Diploma (Busi Mgmt) BE (Indl).599. 2009 Sr No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 Name Age in Years 59 32 60 44 52 46 51 58 44 60 59 53 31 38 30 57 27 46 60 48 42 60 59 41 59 60 47 30 39 36 60 56 40 59 59 57 38 60 29 51 40 60 41 55 37 43 53 52 60 56 58 60 43 60 60 48 57 60 44 60 60 60 51 51 60 46 41 60 57 29 47 58 60 38 56 38 45 60 60 40 60 31 45 56 38 54 29 60 47 58 46 51 57 60 56 57 47 39 59 39 47 41 52 54 Designation / Nature of duties Deputy Genl Manager (Strategic Sourcing) Manager (Dev) Gen Manager (Cab & Cowl Factory) General Manager (Human Resource) General Manager (Corporate Finance) Deputy General Manager (CEM) Chief Consultant (Medicine) Plant Head . Vehicles) Head . ( Others Experi-2.499. Development Engineer.5 Yrs.583 2. Tata IndustriesLtd.710. FCA.096 284. Forbes Gokak Ltd.5 Yrs.

042 2.361.351 3.276. Diploma (Labour Law).8 Months Crescent Iron & Steel Corpn . B Tech (Automobile) MBBS (Medicine) BE (Electrical) BE (Mech).778 3. Gen Mgr .507 1.303 5.758.069.884 2.Director-1Yrs.459 529.395 2.821 3.762 2..871 3.4 Months Bharat Forge Co.958.Fin . ICWA B Sc (Chemistry). Mahindra & Mahindra 6 Yrs. Diploma (Busi Mgmt) B Tech (Mech) B Tech (Electrical) B Com. CA BE(Mech).588.638 816.060 1.855 346.396 1.425. 2 Yrs.314.883 189.3 Yrs. PG Diploma in Mktng Mgmnt BE (Mech) B Sc (Chemistry).836. Tech-Univ.781.653. CA.823. Diploma (Electrical) B Tech (Electrical) B Sc Engg (Mech) BE (Electronics & Telecommunications) BE (Mechanical).774 3.769.055 3.624.General Manager (Fin & Accts) .1 Yrs.563.Car Plant Asst General Manager (Matls) Foundry Senior General Manager (Auto Prodn) Vice President (Commercial .778.896 1.143.Associate Partner -16 Yrs.985. Acquisition & Dev) .432 3. Kirloskar Oil Engines Ltd Pune .394.390 1. MMS (Marketing) B Com.331 698.226 1. CPED. NAC/NCVT/ITI (Draughtsman) BE (Mech) BE (Mech) BE (Mech).330 2.784 2.949. MBA (Mgmt).1 Yrs. Diploma (Matl Mgmt) BE (Mech) B Sc.296.903.886 1.253 2. Hindustan Motors Ltd-Asst. Pune-18mths ( Other Experi-31 Yrs.333.241.318.Area Manager-10 Yrs.Manuf/Prodn/Operations.837. ACA ICWA NAC/NCVT/ITI (Fitting) B Com.927 2.000. MMS (Busi Mgmt).532 748.437 3. 3Yrs. Ford India Ltd.)ERC Assistant General Manager (Engines) Senior Manager (Manufacturing) Assistant General Manager (Adv Engg) General Manager (Plng & Srvs) P E Senior General Manager (Electronics) Senior General Manager (Auto Projects) Head (Customer Service Office) Pune Regional Manager (PCBU) .645. PG Diploma in Mgmt (Marketing) BE (Mech) B Sc (Chemistry).-Shared Services) GM(Finance) Manager (Maintenance) Manager (Internal Audit) Head (Quality Assurance) Deputy General Manager (Engines) . M Tech (Mech) B Com.2½ Yrs.709 272.734 5.926 3. Diploma(Busi Mgmt).Dy.919.343 382.403.426 9. Bajaj Auto Limited.030 3. MA (Economics). M Sc(Economics) ME(Mech) BE(Mech) BA.Manager 18 Yrs. PG Diploma in Mgmt (Mgmt) B Sc. BE (Mech).6 Yrs.148 1.828.553 6.689 2.414 3.405.369.236 3.122 2.771 6. Phd (Mech) B. PGDM NAC/NCVT/ITI (Milling) B Tech (Prodn).587 1.Sales & Marketing (LCVs and SCVs) Head . PG Diploma in Mgmt(Marketing) BE(Mech).066 1.480.230 3.895.2 Yrs.260.119 2.615 5.Area Sales Manager .212 3.310 248.438 5.064. PGDM (Personnel) BE (Mech). Kulkarni Foundaries Limited.583. International Tractor Company of India Limited. FCA ME (Metallurgy) BE (Electrical) B Sc Engg (Electrical).2 Yrs. Sr Engineer.625.019 3.Diploma(Mech) BE(Prodn) ME(Civil). Tata Finance Ltd .ERC Assistant General Manager (QA) Divisional Manager (Materials) Deputy General Manager (Foundry) Assistant General Manager(Spare Parts) Manager (Bus Sales) Head Engg (Com Veh) ERC. PG Diploma in Mgmt(Mgmt) BE(Electrical) B Tech(Mech).909 724.232. Philips India.810 5. CA BE (Mech).429.205 2. Walchandnagar Industries Limited.191. Central Water Power Research Station.779. Advani Oerlikon Ltd.524. New Holland Tractors..651. ACA M Tech (Metallurgy) M Sc (Chemistry).6 Yrs.118.DBM BE (Electrical). Diploma(Busi Admn) BE(Mech).749 483. Sr Manager (HR). Associated Bearings Co Ltd.515..261 6. Mercedes Benz India Ltd Team Manager .972.Legal Officer .647 1.576 905.072 2.240.442 2. Gen Mgr Mfg.2 Yrs.General Manager-4Yrs.512 924. Whirlpool India.612. Goetze(India) Ltd. Walchandnagar Industries .714.600.634. Cooper Engg. F. Praga Tools Ltd.152 1.697. SIMCO Meters Ltd.971 3. Diploma in Busi.111 1.932.C.801 2. Diploma (Mech) MBBS. PG Diploma in Mgmt BE (Metallurgy).689.221.157 2. 3 Yrs.Research Asst.290 1.897.518.384 1.808 1. Diploma (Busi Mgmt) B Sc Engg (Mech) BE (Mech) Diploma (Mech) SSC BE (Mech).279 256.205 2.789 2.391.583. PG Diploma in Mgmt(Marketing) BE(Mech). Diploma (Busi Mgmt).245.553 1.9 Yrs.650. Diploma (Electronics & Radio Engg) BE (Electronics).1 Yrs.629 2.General Manager (Legal) . Diploma (Busi Mgmt) BE (Mech).1 Yrs.DGM(Tech. B Tech (Hons) Metallurgical BE (Mech).053.694 255. MBA (Mgmt) B Sc Engg (Electrical). LLB. ECCG.766 2.15 Yrs.747.759 2.933.841 2.3 Yrs.762 32..793.088.736.638 3. MBA (Mgmt).3 Yrs.400 2.978 1..949.445 4.077 2. MMS (Finance).669.229 1. Rallis India Ltd.294.267 3.715.545.555 3.817 2.847.Sc-Mgmt.797 1.598.Marketing (M & HCV Trucks) General Manager (Auto Projects) Senior Manager (Maintenance) Deputy General Manager (Systems) Deputy General Manager(Transmission) ERC Assistant General Manager (Dev) Head (Human Resource) .Sc.620 3. Ltd. PG Diploma in Mgmt (Busi Mgmt) B Com..880.108.386 2.767.911 2.834. 5 Yrs. LLB BE(Mech). Bharati Telecom .4 Yrs. PG Diploma in Mgmt (Busi Admn) BE (Mech) BE (Electronics) B Com. (Prodn.084 887.896.787.469 1. PricewaterhouseCoopers . PG Diploma in Mgmt (Foreign Trade) BE (Mech).LCVs Deputy General Manager (Health Services) Deputy General Manager (Maint).081 2.096.Sr Officer (Mktng) .1 Yrs. Diploma(Busi Mgmt). LLM BE (Mech) BE (Prodn). 2 Months Daimler Chrysler .019 2.682.253 1.034 507.745 2.045. Diploma (Busi Mgmt) M Tech.5 Yrs.North Chief Information Officer Divl Manager(Prod Mgt-Car Prod Grp)North Dy General Manager(Sales & Mktg) PCBU IB Head International Business-Business Planning General Manager (Strategic Sourcing) Vice President(Corp. Environment-CQH) Head (Corporate Planning) Asst General Manager (Auto Production) Assistant General Manager (Projects) Head (Vehicle Parts & Aggregates) Senior Manager (Production) General Manager (Proj Mgmt) Deputy General Manager (Korea Project) Dy General Manager (Services Marketing) Sr Manager (Prodn Scheduling) Deputy General Manager (Market Research) Head-Sales & Mktg(Buses & SCV Passenger) Assistant General Manager (NPI) Asst Gen Manager (Engine) Head (Finance & Business Development) Divisional Manager (Production) 1.736.588 2.751 3.237. MMS.Section Engg.696. AMBLM (London) Diploma (Mech) BE (Civil). M & M .651 1. BG Shirke Construction Technology Pvt Ltd .700.PCBU) Deputy General Manager ( Auto Prodn ) Assistant General Manager (Planning) Deputy General Manager(Materials) Senior Manager (Finance) Deputy General Manager (Axle Factory) Divisional Manager (Planning) Dy Genl Manager (Manufacturing-Transaxle) Sr GM(Construction.7 Yrs.1 Yrs.489 2.698 3.14 Yrs. Electralloy Spicial Steel Castings Pvt Ltd.890 201.F.Junior Engineer . Diploma(Mech) BE(Mech).434.840.329 5.736 3.775 2.450.Product Officer . Diploma (Busi Mgmt) B Com.402. Jr Assistant.174.431.101 3.Sixty-fourth annual report 2008-09 Tata Motors Limited 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 Gaikaivari Ramchandra* Gajendragadkar Abhijit Galgali Bhimsen Gandhi Aniruddha Gandhi Vadlapatla Gangopadhyay Sobhan Gangrade V Gare Milind Ghose Ashok Ghosh Subhaskumar Ghule Nandakumar Ghule Sandeep* Goel Ashok* Gogula Venkata Gokhale Uday Gokhale Uday* Gole Ganpatrao* Gondhalekar Ravi* Gopalakrishna Kapila* Gore Suryakant Gosavi Avinash* Govindarajan Srinivasan Goyal Pankaj* Gujrathi Vasudeo* Gupta Ashok* Gupta Avinash Gupta J Gupta Manish* Gupta Mudit* Gupta R Gupta S Gurav Arvind Gurav Prakash Haridas Jayant* Hassan M Hegde Jagdish Hodiwalla Cyrus Inani Ram Awtar Israni Yugesh Iyer Nagasubramanian L J Krishnaswamy* Jadhav Dinkar* Jagdale Sachin* Jain Anupkumar Jain Narendra Jajodia Shanti* Jamalpure Subhash* Jha Hemant Jha Tek Narayan Jha Vivekanand* Jindal Ajit Jindal Subhash Kumar* Jogalekar S Joghee K Joglekar Dilip Joshi Diwakar Joshi Mahesh Joshi Pralhad* Joshi Shridhar Joshi Shrikant Joshi Yashwant Julka Rajnish K Mohan Kadam Sarjerao* Kale Sambhaji* Kalhe Ganesh* Kamat Santosh Kambli M* Kanekar P* Kangude Ashok Kannan Chakravarthy Kant Ravi Kapoor Devraj Kapoor Sangeet Kapur Anil Kapur Ravinder Karmarkar Anant Kartik V* Karve Satish* Kathuria Anuj Kaul Rajesh Kaul Rajinder Kavade Ajay* Kayarkar Vinodkumar* Kher Mohan Khokar Randeep Khursigara Jamshed Koparkar Suresh* Krishnamurthy V Krishnan S Krishnan Vallaiputur* Kshirsagar Priyadarshan Kulal R Kulkarni Anil* Kulkarni Chandrakant Kulkarni Hanamant* Kulkarni Hemant Kulkarni Mohan Kulkarni N Kulkarni Padmakar Kulkarni Rajan Kulkarni V Kulkarni Vijay* Kulkarni Vikram Kumar Akhilesh Kumar G Kumar Rajeev* Kumar Rajesh Kumar Sandeep Kumar Subramanian Kundu Ashok Kuriyan Vikram K Kutwal Sandeep* 60 46 52 45 55 52 45 48 57 58 49 37 42 58 58 60 60 35 60 57 40 53 60 60 60 47 36 38 37 50 52 54 55 60 48 51 57 51 52 49 58 60 27 52 56 60 52 52 59 30 51 60 54 47 59 55 55 60 56 56 47 40 48 60 60 47 45 38 44 52 42 64 55 44 51 47 57 37 58 41 40 56 39 60 51 39 59 60 59 54 60 45 55 60 51 60 52 56 52 50 52 46 60 51 43 53 35 56 44 42 47 56 37 Manager (Materials) Vice President (Corp Fin-Business Plng) Deputy General Manager ( Q A ) Assistant General Manager(Auto Projects) General Manager (Vehicle Factory) Assistant General Manager (Finance) Asst General Manager(Serv Mktg CustSupp) Deputy General Manager (Matls) Deputy General Manager (Human Resource) General Manager (Manufacturing) Deputy General Manager (Auto Matls) Senior Manager (NPI) Div Manager (Sourcing-World Truck) Dy General Manager(Productivity Systems) Asst General Manager (Health Services) Manager (Tool Engineering) Deputy General Manager (Maint) Manager (Production) Deputy General Manager(Vehicle Test. 5 Yrs.574 10.110.779. MBA (Corp Strategy) M.297 1.111 2.160 2. Diploma in Mktng Mgmnt BE (Mech). MS (Ind Engg). MMS (Marketing) BE (Metallurgy) AMIE. FinolexCablesLtd.695.658 740.028 1.326.Legal) Divisional Manager (ACGL Goa) Divisional Manager (Law) Deputy General Manager(Customer Support) Sr General Manager (Project Management) Managing Director (Tata Motors) Asst General Manager (Central Materials) Technical Chief .507 3.2 Yrs.8 Months Armament R & D Establishment. Kirloskar Oil Engines Ltd.457 5.998 2.450. 20 .610.200.318 763.649.137 2.541 728.436 SSC BE.422 2.614 354.604.201 656.649 1. Diploma (Marketing) M Tech (Metallurgy) ME (Mech). Diploma (Civil) B Com.440.446.909. Mahindra Ugine Steel Co Ltd.210 2.526 2.510 2.182 2.717. Bharat Forge Ltd.415 654.592.573.517 3.999 3.438 2.660.164 1. Acro Seruices.986 941.696.727.081 3. DBM..2 Yrs.067 4.068.821.796.103 3.356.A/C &Taxation) Deputy General Manager ( Matls ) ERC Assistant General Manager (PC Sp Parts) General Manager (Matls) Deputy General Manager (Maval Foundry) In-Charge Purchase General Manager (N P I) Asst Genl Manager (Fin.339.780.) B Sc (Mathematics) BE(Mech) Diploma(Busi Mgmt).541 1.128 267.Admn. Tata Finance Ltd .262 2. Diploma (Busi Mgmt) M Tech (Mech) B Tech (Mech) BE (Mech) AMIE (Mech).579 6.903 1.668.961. AFIH FTA BE (Mech) BE (Metallurgy) ME (Mech). Foundry Deputy General Manager(Manfrg)Press Shop Divisional Manager (Design) Head (Customer Service) Assistant General Manager (Tool Engg) Deputy General Manager (NPI-Pick-Ups) Deputy General Manager (Auto Projects) Deputy General Manager (ADD) Senior Manager (Materials) Assistant Manager (Quality Assurance) General Manager (Dev) Head (International Business .931 2.707.095 468.533.010 2. LLB. PG Diploma in Mgmt(Marketing) Diploma(Mech) B Tech(Mech) B Sc Engg(Mech) B Sc Engg(Mech)..Non TMF Business Asst General Manager (Project Mgmt) Product Account Manager (CV Sales) Divisional Manager (Design) GM (World Truck Fact & Prog Mgmt-M&HCV) Head .877 2.096 1.885 590.423.699 3.435 2.682.421.8 Yrs.796.567. CS B Com.610. Batliboi & Purohit .1 Yrs.616.809 10.471 3.948 2.179 1.701. Larsen & Toubro Ltd.9 Yrs.897.310 5.Climate Control Head .Internal Audit / Material .939 1.198 2.424 2.QC/Assurance/Inspection.Sr Enginer.737.704.356 2. A.780.765.448.398 1. MBA(International Busi) BE (Mech).630 2.344 852.534 2.948.844.615. Life Insurance Corporation of India Ogale Glass Works Ltd.Management Trainee .4 Yrs.946.681 3. LLB. M Tech (Ind & Mgmt Engg) BE (Mech).078 1.844 964.6 Yrs. Tata International Limited.292 3.Sales Officer.148 1.K. Asea Brown Bovery Ltd.913 807.810.557 3.888.377.151.154.454 2.777.529.646 1.409.508.6 Months Ruston & Hornsby india Ltd.051 4.262. ICWA.910 981.2 Yrs.325.441. Eicher Motors Ltd.120 3.561 806.066 1.695 2.249 1. DGO. ICWA BE (Mech) M Com.435.099 2. Diploma in Business Mgmt. Allwyn Nisson Ltd.3 Yrs. of Aston U. MMS (Science) BE (Metallurgy).4 Months Ford Motors Ltd. MMS B Tech (Mech).765 550.649.299 3.913 1. Accenture India Pvt Ltd. Ferguson & Co 3 Yrs.802.556 1. M Tech (Polymer) BE (Mech).605 1.216.854.809 2. Grasim Industries (Cement Divn) .282 824. Graduate Trainee Engineer . PG Diploma in Mgmt (Busi Mgmt) Diploma (Mech).2 Yrs.969.305.649.088 2.799.678 2.541.950.6 Yrs. PG Diploma in Mgmt (Busi Mgmt) BE (Mech).525.Officer-Internal Audit .634 2.O.711 2.243 844. PG Diploma in Mgmt (Marketing) BE (Industrial).905 1.879 1.218. Bajaj Auto Ltd. Ltd.639 1.110 390.3 Yrs.464 1.734 2.) Siernens India Ltd ..5 Months Bajaj Auto Ltd .662 261.214.267 2.484.454. Kirloskar Oil Engines Ltd . 6 Months Dagger Forest Tools Limited.031.806.733 1.479 20.969 2.998 606.095 4.1 Yrs. Delhi Transport Corporation .504.896 3.446. Mahindra&MahindraLtd.846 1.320 2.772..692 2.370 2. Talegaon General Hospital.988 1.-1Yrs.320 523.780 996.6 Yrs.642 2.1 Yrs. Bajaj Auto Fincnace Ltd.667. 8 Yrs.032.666.588 3.822 2.284. JCB India.630.110 1.823 2. CA BE (Mech).3 Yrs. Voltas Ltd .693 846.961 3.127 2.652.107. MBA BE(Mech) 35 23 30 24 31 24 24 27 33 36 14 12 19 35 33 44 39 5 33 34 11 32 39 38 37 26 14 13 13 28 29 32 30 37 24 28 35 30 31 24 38 37 5 30 27 39 23 29 37 7 30 31 30 24 35 34 33 41 35 33 26 20 26 29 32 21 23 11 20 30 23 42 32 21 27 25 30 12 40 17 18 35 9 33 30 18 36 36 37 33 38 23 35 27 29 41 30 34 31 25 30 26 33 31 22 31 10 32 22 17 25 35 16 5-Nov-73 21-Jul-04 8-Oct-79 1-Jul-85 23-Aug-78 19-Dec-88 18-Nov-85 5-Mar-82 19-Sep-96 1-Oct-75 4-Apr-06 27-Jul-96 26-Jul-07 6-Jul-74 15-Jan-77 16-Jun-64 12-Oct-70 1-Mar-03 1-Mar-77 17-Mar-78 14-Jun-97 1-Jul-77 13-Apr-70 16-Oct-91 8-Dec-72 14-Jul-83 19-Jun-95 17-Jun-96 5-Dec-01 2-Nov-81 2-Jun-80 9-Nov-80 1-Nov-01 14-Nov-72 4-Jul-88 1-Feb-81 2-Aug-74 1-Jul-79 1-Jul-78 25-Dec-00 10-Nov-08 5-Mar-71 8-Sep-06 18-Aug-79 26-Jul-88 30-Sep-69 4-Nov-85 7-Jul-80 20-Nov-72 15-Jul-01 22-Jul-05 28-Apr-80 15-Jun-79 5-Aug-85 16-Sep-74 21-Nov-75 1-Feb-76 1-Sep-67 1-Mar-74 22-May-78 5-Aug-83 2-Jun-06 14-Jul-83 2-Mar-79 1-Aug-76 7-Mar-05 18-Jan-99 11-Aug-98 12-Jun-95 8-Jul-79 16-Jun-04 1-Feb-99 1-Jul-77 1-Jul-02 12-Jul-82 1-Nov-90 18-Mar-79 1-Nov-01 21-Mar-68 3-Mar-92 15-Apr-03 5-Mar-79 2-Jul-99 1-Oct-75 1-Jul-79 2-Jan-05 7-Oct-73 1-Apr-75 17-Aug-74 15-Jul-96 11-Jan-71 4-Mar-91 16-Oct-72 11-Nov-81 2-Aug-80 18-Aug-69 1-Jul-79 20-Feb-78 1-Jul-78 10-Jan-86 2-Aug-97 1-Jun-89 15-Jun-75 1-Jul-78 4-Aug-87 16-Aug-78 1-Jul-98 4-Jul-86 4-Aug-87 1-Jul-95 15-Feb-95 26-Nov-74 15-Jul-92 Technical Institute Fergussion College .1 Yrs. DGP Hinoday Industries Ltd . PG Diploma in Mgmt (Busi Mgmt) B Tech (Agriculture Engineering ) BE (Mech) AMIE (Radiology).560.GET.636 2. Pune CVBU Manager (Customer Support) General Manager(PCBU-Spare Parts) Head (Marketing) .081 4. Program Attribute Team Leader.641.402.

260.Corp Comm Manager -15 Yrs.14 Yrs.889 2.985.North General Manager (Cab Design) Regional Manager (Australia & China) Deputy General Manager (B E S ) Chief (Strategic Sourcing) Deputy General Manager (Auto Prodn) Dy General Manager (Finance) CVBU Pune Dy General Manager (Mfg) .787.733 4.362 3. 12-Jul-82 12-Jul-82 1-Jul-79 1-Nov-77 Tisco.433.669.494.792.576. Hyundai .552. Diploma(Mech). Telephone Bhavan.991.860 1.352.251.2 Yrs.214 5.925.535 1.319 3.429.101 2.161 2.498. Central institute Road Transport.597. Directorate of Health Services.990. ICWA. CA.212 3.989 331.889 2.271 2.904.798 4.Divl Manager .109 2.124 1.400 2.Internal Audit Vice President (Commercial .947.Tech(Automobile) BE(Mech) BE(Mech).104 2.008 5.952 3.646.1 Yrs.942 3. PG Diploma in Mgmt Diploma (Mech).593.253 870. Hindustan Lever Ltd.015. Diploma(Busi Mgmt). Ltd.640 3.) Assistant General Manager (PTP & A) Manager (Technical Services) Sr General Manager (PP.244.409 2.4 Yrs.North Divisional Manager(Sourcing-World Truck) Head (UV Product Group) 521.302 3.115. MBBS(Paediatrician).967.639.129 8.345 3.934 4. CA.909 2. 21-Aug-68 1-Mar-77 SICOM.301 2.ERC Sr General Manager (Engg Systems.27 Yrs. Pune . PG Diploma in Management B Com.803 4. 7-Jul-02 1-Sep-05 1-Sep-67 1-Mar-84 ENT Surgeon. New Standard Engg. B Tech (Automobile) B Sc Engg (Metallurgy).GET-6 mth Vehicle Research & Development. CA.748.110 320.794 2.659.910.2 Yrs.800. Hindustan Motots Limited.728 1.171 2.263 3.310 2.077. BE (Mech) BSc (Physics).826 1.865 3.624 2.756 2.ERC Assistant General Manager (ADD) Head (Organisation & Dealer Development) Manager (Purchase) Vice President (ADD and Materials-CVBU) President .743. Gen.677 2.490 2.MBA(Marketing). PG Diploma(Operations Mgmt) BE(Mech).667.647 2.158 3.439.463 401.869 1. Kanubhai Engineers Pvt Ltd.034. Consolidated Pnematic Tool Company. PG Diploma in Mgmt(Busi Mgmt) BE (Mech) B Sc. Lko.165.2 Yrs.4 Yrs.260 499.453 1.926.Manager (Industrial Sales-West) . 12-Jan-07 Maruti Udyog Limited .456 2.1 Yrs.082. Accurate Engineering. Jeep Division.-DGM-7 Yrs.Medical Services.379 3.271.1 Yrs.4 Yrs.997 3.796 4.426.037.831.676.997 2.5 Yrs.569.Sc.700 2.930 284. MG Institute of Medical Science.189 747. CA B Tech (Electronics).921 4.894 14.1. MD (Paediatrician) BE (Electrical) B Tech (Mech). Other Experience-25Yrs. CA B Sc.947 1.585 236.Concorde Motors (India) Ltd Manager (ADD) Manager (ERC-Design) Master Craftsman Chief Consultant (ENT) Head (CVBU Business Planning) Senior Manager ( ADD ) Head (PCBU Business Planning) Asst General Manager (Auto Materials) Asst Genl Manager (PPC(A). Volvo .159 2.945. Div Manager ( Finance) .256 2.864. Sundaram Motors . LLB B Tech (Electrical) B Com.595 3.565 4.687 3.524 2.732 2. Diploma (Busi Mgmt).792 2.401 2.103 213.811.807.416 1.659.885 1.085.304.840 206. Diploma(Mech) Diploma(Mech Engg). M/S Sah & Sanghi . Diploma (Busi Mgmt) BE (Mech).471 716. M S(ENT) M Com. Diploma(Busi Mgmt) BE(Mech) BE(Mech). Master’s Equivalent (Labour & Welfare) Diploma (Busi Mgmt).Cab & Cowl) DGM (Goods Appl.725.562.548.906 1.3 Yrs. Qualified Assistant . Engg) B Sc (Hons Botany).236 842.3 Yrs.749 3. Diploma (Busi Admin).Inspector .626.902.398 4.Sales & Mktng(Med & Heavy Trucks) Senior Manager (Customer Support) Assistant General Manager (CPED) Head (Customer Care .485. PG Diploma in Engg(Tool Design) BE (Prodn) B Com.250.391 2.015. Kirloskar Cummins.196.199.554. FRC (Medicine) BE (Mech).609.1 Yrs. Coventry Area Health Authority-4 Months(Other Experi-11 Yrs. Limited.331.987.749 3.404.735 945.504.074.991 2.371.753 3. B.727.198.)PCBU-IB Head (Defence Business) Senior Matron (Telco Main Hospital) Dy. MBA (Busi Admn) BE (Mech).053 1. PG Diploma in Mgmt (Busi Admn).076.832.941 1. Manager (South Africa Proj.156 1.208 859.498 8.8 Yrs. Mahindra & Mahindra Limited.077 3.4 Yrs. MBA (Marketing) B Sc Engg (Mech) B Sc (Physics).233. PG Diploma in Mgmt B Tech (Mech) M Com (Taxation Law).Asst Engineer .074 3. NAC/NCVT/ITI B Sc (Physics).460 2.711 2.778 2.632. M & M Ltd. B.949 2.165.3 Yrs.251 3.164 1. ERC Asst General Manager (Auto Projects) General Manager (NPI . MBA (Mkt Mgmt) BE (Metallurgy).Parts Manager .. Bokaro Steel Plant.172.956. Hyderabad .262 1.352 2.522 3.139 3.583 2.275.333 2.131.283 7. 1-May-81 Bajaj Tempo Limited.678 277.790.951 3.470. FTA(Fitting) B.484 3. Diploma (Mgmt) BE (Mech)..171 2.743 3.258.395. Precision Fasteners Ltd.356.545 2. CS M Sc(Physics) B Sc.753 1.P R/ Mass Comm.431 1.911.772 3. PG Diploma in Busi Mgmt BE(Mech) BE(Mech).2 Yrs. ICWA B Sc.644. Scooters India Ltd.520 2. ACA BE (Mech).501 1.Light Trucks) Manager (Customer Support) Assistant General Manager (Dev) .5 Yrs.458 6.540.073 5.729.7 Yrs.677. 10-Apr-74 Swastik Rubber Products Ltd.921.859.Design. PG Diploma in Mgmt(Busi Mgmt) MBA(Busi Admn). Diploma (Mech) BE (Mech).418 243.2 Yrs. PG Diploma in Mgmt (Busi Mgmt) BE (Mech) B Tech.873 3.082 1.22 Yrs.646.819 1.134 298.306.907 2.801 937.947 2.289.FTA(Millwright Mechanic) M Sc Engg(Mech) BE(Mech).11 Yrs.161 536.129 1.762.5 Yrs. MS (Mech).089. MDBA(Fin & Mktg) BE(Electrical) B Sc(Physics). PG Diploma in Mgmt(Busi Mgmt) BE(Electrical).271 7.625.964.) Assistant General Manager (Q A) Asst General Manager (Customer Support) Master Craftsman Deputy General Manager (PCBU IB) Deputy General Manager(QA) Head (Purchase) Regional Service Manager (South) Deputy General Manager (Human Resource) Assistant General Manager (Tool Engg.3 Yrs.935 1.East Divisional Manager (Human Resource) Head-CVBU Finance Deputy General Manager (Proto Mfg) . Balmer Lawie & Co.156 2.605.329 2. MDBA(Busi Admn) BE (Mech).850.427. Other experience .165 1.747.780.203. BP Singapore Pte Ltd .701 2.303 2.039.923 1.062.342.429 2.629.688 3.Personal Secretary to Director .138. ME (Metallurgy) B Sc. 1-Sep-78 1-Aug-92 5-Aug-85 1-Jan-66 16-Aug-01 Gulf Oil Corporation .400 FTA(Electrical) Diploma(Mgmt).771 296.906 2.530.444.14 Yrs.279.621.830. 1-Jul-80 19-Apr-05 Mahindra & Mahindra.986.469.18 Yrs. MMS (Finance) BE (Mech) B Tech (Metallurgy) BE (Electronics & Telecommunications) B Sc.5 Yrs. M Tech (Industrial & Mgmt. Pune . Asst.775.SCV & Aggregates) Deputy General Manager (Cab Design-ERC) Head (Tata Motors Assured Cars) Officer Asst Genl Manager (Sectorial Initiatives Asst General Manager (Steel & Imports) Assistant General Manager (Dev) ERC Head(Organisation & Dealer Devmnt)-North Dy General Manager(Sales & Mktg. ERC) Head (Corporate Communications) General Manager( Medical Services ) General Manager (Auto Prodn-Powertrain) Deputy General Manager (HR & PSD) General Manager (Finance) Deputy General Manager (Auto Production) Asst General Manager (Car Product Group) Asst General Manager (Chassis Assembly) Regional Manager (CVBU) .857.936 2. FTA(Fitting) BE(Mech).461 5. 15-Dec-02 Maruti Udyog limited.6 Yrs. 21 .CVBU) General Manager (Auto Production) CFO (Concorde Motors) Asst Gen Manager (Cab & Cowl Factory) Head . PG Diploma in Mgmt (Finance) 42 43 28 24 34 26 37 35 10 8 24 29 37 31 17 24 42 18 40 33 37 25 18 5 34 21 6 3 41 32 26 10 28 38 38 25 28 37 29 18 16 36 21 28 35 27 27 30 37 40 39 4 38 34 35 31 39 28 18 32 33 30 40 30 20 35 17 13 31 42 29 39 40 39 30 36 26 30 35 18 18 20 18 30 34 13 30 32 37 30 26 35 27 33 39 28 29 24 38 38 35 42 42 33 24 30 18 28 30 32 16 32 11 15 29 1-Jan-66 1-Jan-65 2-Sep-81 5-Aug-85 2-Jun-78 Bajaj Auto Ltd. Diploma (Mech) ICWA . 2.) Dy Genl Manager (Fiat Customer Support) Manager (Maintenance) Sr General Manager ( Technical) Regional Head (Eastern Europe & Russia) Divl Manager (Sales & Marketing)-PCBU IB Asst Gen Manager (Productivity Systems) Head (Finance) Head (Car Plant) Dy General Manager (Institutional Sales) Deputy General Manager (Proj Mgmt) Country Head (Fiat Product Group) Divisional Manager (Truck-III) Regional Sales Manager (LCV) .629.3 Yrs.PG Diploma in Mgmt(Matl Mgmt) NCVT(Tool Maker) BE(Electrical). Trainee-1Yrs. Co.549.. PG Diploma in Mgmt(Business Mgmt) BE(Electrical). 2-Aug-74 1-Sep-01 Voltas Ltd .122.181 2.098.612.369 515.886 556.226 2.249 2.461 1.622 10.274.Tech(Automobile).124 2. Serv Purch &ICR) Dy G M (Hosp Admn.880.490. CA Inter. Diploma (Electrical) BE(Metallurgy). Cooper Engg.3 Yrs.160 2.11 Yrs. Collectorate of Central Excise & Customs.Senior Fitter .347.407.927 1.003 7. PG Diploma in Mgmt(Busi Mgmt) BE(Mech) B Sc Engg(Mech).462 1.922 2..446.760 216.3 Yrs.462. Diploma(Finance).600 2.853 3.579.240 1.Engg.519.328.973 2.508 3.189 1.026 2.480.470. 18-Aug-69 10-Jun-74 Sanes Varicon Pvt Ltd. CA.West Bengal . JSW Energy Limited-1 Yrs.158.207.868 2.384 3. PG Diploma in Mgmt ME(Mech) Doctoral Fellowship In Industrial Engg.854.3 Yrs.881 3.128 2.281 5.639 1.036. 17-May-93 16-Aug-72 8-Sep-87 22-Sep-81 1-Sep-76 Madura Mills. PG Diploma in Mgmt (Mgmt) BE (Mech).902 8.078.644 226. 1-Jul-81 1-Dec-75 Cooper Engineering Limited.218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 Lal Harmesh* Lal Vishwa Mohan* Lalit Kumar Lall Ajoy Lohiya C Machale V Mahajan Ravindra* Mahtha Pradeep Maitra Rudrarup Majumdar Santanu* Mandaogane Shrihari Mane Ravindra Mankad Akshaykumar Manoj R Mantri Rohit Marathe Subodh Mazumdar Manas* Mehra Rajeev Mendonca Dominic* Mene Ashok Mirasdar Keshav Mishra Deepak Mishra Sanjay Mishra Suneet* Mishra Uday Misra Anupam Mitra Subhrangsu* Mittal Gaurav* Mudliar Arvind* Mukherjee Tapan Mukhopadhyay Asim Mukhopadhyay Jaydip* Mukhopadhyay Tapan Mulay Mohan* Murarka Atma* Nadgouda Gangadhar Nagbhushan Gubbi Naik Ashok Naik Dileep Naik Raj Nair Rajesh Nandi Shankar* Narasimha Rao Jupudi* Narayana Babu Vedula Navajeevan G* Nigam Rajiv Nijhawan S Noronha V P Rajeshwari* Pable Ramesh Padliya Suresh Pajnoo Arun* Pal Amitabha* Pancholi Rajendra Pande Harish Pandey M C Pandit Vijay Panigrahy Simanchala Pant Rajiv Pant Ravindra Parasharami Anil Parekh Bharatkumar Pargaonkar Digambar Parnaik Ajay Patankar Deepak Patel Ashok Pathak Vinay Patravali Praveen* Paul Amit Pavgi Ajit* Pawar Sambhaji Pereira L* Phadke Mohan* Phadnis Pratap* Phalke Abhay Phulambrikar Shekhar Pinge Nagesh* Pisharody Ravindra Prasad Arun Prasad M Prasad P V S Prasad V G Pujari Shripad* Pundlik S Puri A Quraishi N Radhakrishnan K Ragavan J Raghavan Murikkoli* Ragunathan S Raina Sunil Raipurkar Anil* Rajagopalan V Raje Suhas Rajguru Sudhakar* Rajurkar Nitin Ramakrishnan C Ramakrishnan R Ramani B* Ramchandra Madhugiri* Ranade Deepak Rao K* Rao S* Ravishankar S Ray Debasis Ray Manitosh* Renavikar Atul Routray Sushant Roy Samaresh Ruikar Arvind Sagar Amit* Saggu Joga* Sahay Vinod Sahoo Arun* Saksena S 60 60 50 47 56 48 60 59 33 33 47 51 58 52 39 44 60 42 60 57 58 46 40 33 57 44 29 27 60 57 48 34 55 60 60 50 49 58 52 39 40 60 44 51 60 47 48 52 60 59 58 29 60 59 56 58 59 52 47 59 56 53 59 54 41 59 40 41 58 60 53 58 60 60 52 57 50 53 55 53 41 43 39 49 54 43 54 54 60 52 49 60 48 56 60 47 53 45 60 60 57 60 60 55 44 60 38 49 56 55 38 56 34 38 50 Senior Officer Div Manager (Prodn Control .339 3.Accounts Officer . M Tech(Matl Mgmt) M Tech(Mech) BE(Mech) B Sc Engg(Mech) BE(Mech) Diploma(Nursing) AMIE. PG Diploma in Mgmt (Busi Mgmt) Diploma (Mech) B Com.856..Medical Services.901.872 1.926.791.898. PG Diploma in Mgmt (Mgmt) B Com.641.3Yrs. 7-Jun-00 18-Nov-85 Ruston Hornsby. MBA(Marketing) Diploma(Mech).404 2.621.738.567 882.2 Yrs.758 384.436 2.151.7 Yrs.916 1.275.1 Yrs. 9-Jul-74 Hindustan Motors Ltd .930 2.Dev Officer-1 Yrs. Chief Internal Auditor.) Lovelock & Lewes -Jr.473 5.Weld Shop Dy General Manager (Utility Services) Chief Operating Officer (TMML) Divisional Manager (Manfuacturing) General Manager (Corporate Finance) Asst Genl Manager (Chassis System-CV)ERC Assistant General Manager ( AL Foundry ) Divisional Manager (Defence) Senior Manager (Production) Assistant General Manager (Stds-I & SAP) Head (Shared Services) Assistant General Manager (Electronics) Vice President . B Tech (Automobile) BE(Mech).833 1. 11-Feb-05 18-May-71 26-Oct-79 2-Aug-74 21-Mar-78 12-Oct-70 2-Jan-81 21-Jun-05 2-May-77 1-Sep-76 10-May-80 13-Oct-73 26-Mar-82 1-Jul-89 23-Jun-80 1-Jul-92 1-Sep-95 1-Jan-81 16-Jan-74 4-Jan-80 19-Mar-86 1-Apr-68 1-Oct-76 25-Jul-79 22-Oct-77 27-Jan-09 17-Sep-07 2-Aug-74 15-Apr-91 24-May-91 4-Jul-89 22-Oct-90 4-Jan-83 1-Aug-75 5-Dec-96 5-Dec-84 6-Aug-04 1-Sep-71 15-Nov-79 14-Jul-83 1-Oct-74 20-Jul-82 2-Jan-81 10-Aug-76 1-Nov-02 27-Nov-80 8-Nov-85 29-Jun-77 7-Oct-81 29-Jan-79 1-Jan-66 1-Jan-66 2-Jul-76 1-Jul-05 1-Oct-86 22-Jul-91 20-Jul-81 28-Nov-79 1-Jul-77 10-Nov-08 2-Jul-76 3-Jun-98 24-May-06 15-Nov-80 Sharda Motors.Sales & Marketing.648 2.071.409.110.Plant Enginer.641. Britannia Industries Ltd .913.993.893 738.646.Asst Engineer. 7-Jun-01 SAIL. MMS(Marketing) Diploma(Mech).3 weeks Ford Motor Company.883 1. Diploma(Busi Mgmt).494 4.339. PG Diploma in Mgmt(Busi Mgmt) M Tech(Metallurgy) B Tech(Mech) BE(Mech) BE(Mech).478 1.Global Marketing Manager .031.400 2..263 1. Dy Chief Finance Manager .705 5. ICWA BA.102.060 2. MBA (International Busi) B Sc Engg (Prodn) B Tech (Mech).008. Diploma(Mech) NAC/NCVT/ITI(Fitting) BE(Electrical) BSc (Hons) Zoology. & Bus Operations) FBV Deputy General Manager (Operations) Dy General Manager (Information Techn.765 2.448 2.132 2.614.698 2. Hindustan Lever Ltd.142 3. ABK (Japan) B Tech (Mech).206 1.450. Engineer. Diploma(Busi Mgmt) B Tech(Mech).3 Yrs.532. Tata Iron & Steel Co Ltd.681.308 1.244 1.387.9 Months Maruti Suzuki Ind Ltd. Masters Diploma (Busi Admin) BE(Mech) BE (Mech).972. 1-Jul-98 1-Dec-81 A Kar & Assosiates.627.232 2.) General Manager (Tech & Prod Services) Chief Financial Officer Head .256 2. E&CKD Desp) Deputy General Manager (A D D) Head Engineering (Passenger Cars).996 2.000.832 3.Manager (Mktng Opns) .20 Yrs.685.684.5 Yrs.253.566 2.Jr Engr -1 Yrs. Paediatrics& Diag Srv) General Manager (Prodn Engg) General Manager (Planning & Projects) Deputy General Manager (Prodn) PE Regional Manager (Customer Care) .Sr.425 3.1 Yrs. MBA(Mgmt) BE(Mech) M Sc Engg(Prodn).057 2.328 1.663 641. BE (Mech) BE (Mech) B Com.468. Diploma (Busi Mgmt) Diploma BE (Mech).FBV Assistant General Manager (Prodn) Deputy General Manager (Legal) Sr Genl Manager (Govt Affairs & Collab) Asst Genl Manager (Information Tech.885 1.574 1.864.Dy GM.797.638 930. FTA (Tool Maker) B Tech (Mech) MA MBBS (Medicine).355 1.408 1.444. Diploma (Mech) B Com.961. Diploma(Busi Mgmt).009 2.5 Yrs. ICWA BE (Mech) Diploma (Automobile Engg) Diploma (Mech) BE (Mech) FTA (Motor Mechanic Vehicle) M Sc Engg (Mech).197.343 388.506.585 5.178.3 Yrs.854. Kirloskar Oil Engines Ltd.914 3.144.841 449.821 2. Pune . 14-Jul-84 1-Jul-91 2-Jun-03 6-Nov-74 19-Apr-02 Bajaj Tempo Pune . 19-Dec-77 Varanz Engineers Pvt Ltd .3 Yrs. BE(Mech)..170 2. 14-Jul-83 13-Mar-71 Shree Sajjon Mills Ltd .131 2.764.640 3.286 479.181.179 1.832.808. BA(Economics) BE(Mech) BE(Mech) NAC/NCVT/ITI MBBS(Medicine). LLB.400 398.055 368.915. B Tech.285. K S Dieseals Ltd.338 1.481.120 1.002 3.968.857.654 177.349 2.039.432. AMIE (Mech).

010 3. 415 Tembhekar Deodatta* 49 Assistant General Manager (Auto Prodn) 1.539 2. PE Asst General Manager (Auto Projects) Regional Manager (Customer Care) .467 2.493 2.Goods.1 Yr 413 Tawade Jaywant 59 General Manager (New Projects) 3.723 2.5 Yrs.956 2.153 1.061 5.878. Diploma (Mgmt).Diploma(Bus.940 FTA (Grinding) 40 23-Aug-68 401 Sonthalia Suresh 49 Asst Genl Manager(ICR.693 945.828 BE (Prodn)..Sr Manager 10 Yrs. superannuation fund and the monetary value of non-cash perquisites.673 SSC 42 8-Feb-66 398 Somaiya V 49 General Manager ( Treasury) 3.430 727.197. (3) The net remuneration is arrived at by deducting from the gross remuneration.923. CS 24 3-Jul-95 Tata Oil Mills Co. 426 Vas Eric* 42 Head (Corporate Planning) 9.296 917.014 3.10 Yrs. 404 Srinivasaraghavan R* 56 Asst General Manager (Internal Audit) 2. Diploma (Others) 39 3-Nov-69 SSC.810 1.572.) 1.141 2.915 7.554. General Manager SEA Engineering Operations 409 Suri Rohit* 45 Head (Premier Car Division) 656. Bangalore . M Tech (Mech) 14 21-Mar-04 Bajaj Auto Ltd.370 1.Dy Manager .096 BE (Mech) 23 10-Dec-94 Lucas Indian Service Ltd.800 1. VP . BE (Mech) 31 11-May-81 Bajaj Tempo Limited-Jr Ind Engr -3 Yrs.081. 397 Sinkar Surendra* 60 Divisional Manager (Production Control) 1.272 BE (Mech) 27 2-Jul-82 407 Sudhakara Rao 58 Deputy General Manager (Auto Projects) 2.200.820.2 Yrs.520.492 B Tech (Mech).131 BE (Industrial).671.470.103 B Tech (Mech).826 1.565.623 5.866 BE (Mech).PCBU 8.993.841.314.425.548 3.130.792.827.658. 432 Vikram S* 60 Sr General Manager(HCV & Jamshedpur ERC) 1. PGDBM 18 15-Oct-90 BE (Mech) 8 1-Jul-00 BE (Mech). LatAm & Africa) 4..736 1.694.751. (4) The remuneration as disclosed above.234 1. VE & Fixed Cost) 2.616 2. CA. PG Diploma in Mgmt (Busi Mgmt) 33 12-Nov-76 SSLC 43 1-Mar-65 Diploma (Mech).National Sales Manager.935.485 2..151. PG Diploma in Mgmt (Busi Mgmt) 34 7-Nov-75 B Sc. 5.776 609.152 BE (Electronics) 35 2-Aug-74 430 Verma Prem 51 CEO . PG Diploma in Mgmt (Personnel).647.652.717. Ltd.160 3.444.947 1.471 3. (2) In addition to the above remuneration.907 1.821 B Sc (Statistics).351 1.245 2.901.123 1.648 NAC/NCVT/ITI (Draughtsman) 40 3-Sep-68 Saurashtra Engineering Corporation Pvt Ltd .683 1.844.Sales & Marketing.814 2.7Yrs.018.864.492.121 2.monetary value of perquisites as per Income-tax rules and Company’s contribution to provident fund and superannuation fund.318.906. MBA (Marketing) 20 21-Jun-04 Tata Sons Limited.624.East Asst Gen Manager (Defence Contract Admn) Divl Manager (Prod Mgt-Body Bld)CVBU IB Head .269 4.687. BE (Mech).*2 Yrs.798.354.683 1. Diploma (Marketing Management & Advertising) 31 25-Oct-00 Philips IndiaLtd.2 Yrs.196 3.5Yrs.676. Diploma (Marketing) 32 1-Jul-77 BE (Mech).830.045 M Sc (Mech). B Com.241.106 BE (Mech).185 1.533.489.709 2.P. PG Diploma in Manufacturing Mgmt 17 15-Jul-92 435 Wasan R 43 Head (SAARC. CFA 27 12-Jul-82 399 Soman Madhav* 60 Divisional Manager (Training) 2.146. Forge & Foundry) DGM (Administration) Divl Manager (Rural & Community Dev) Asst General Manager(Cent Maint&Pl Serv) Asstt General Manager (Internal Audit) A G M (PE.180 3.520 B Sc.574 2. in accordance with the Company’s rules.402 2. MBA.274.323 2. LLB. HSC 38 6-Jul-74 Escorts Limited.950 1.858 22 .863.655.950.311 1. BE (Mech).904 4.133. Diploma(Busi Mgmt) 19 14-May-01 Philips India Ltd.706 2.614 1.561 1.437.3 Yrs.867 968.Head HR .472 3.898.663.796. PG Diploma in Mgmt (Mgmt) 25 19-Apr-04 Eicher Goodearth Ltd.205.334.Mgmt).010 2.683 1.371.871.881 3.731.662.374.957.197 481.170. B Tech (Automobile) 31 15-Dec-78 403 Srinivasan L 45 Technical Chief .726 4.824 1. FTA (Grinding) 42 1-Jul-66 NAC/NCVT/ITI 40 21-Mar-68 NAC/NCVT/ITI 37 23-Nov-71 BE (Electrical) 33 1-Nov-00 Kores (India) Limited.612 1.Sales & Mktg .499.890 484.908 621.756 1. PG Diploma in Mgmt (IR) 34 1-Jul-00 HINDUSTAN MOTORS LTD.831 1. PG Diploma in Mgmt (Busi Mgmt) 40 27-Jun-01 Mahindra & Mahindra Limited. medical benefits. Diploma (Modern languages) 37 6-Sep-72 B Tech (Mech).1 Yrs. BE (Mech) 23 5-Aug-86 B Sc Engg (Mech).734.358.848.463.008. Business).655 1.961 2.729 1.12Yrs.155 4. BE (Mech). 412 Tanksale Shrikant* 60 Senior Manager (Development) 1.2 Yrs.198.11 Yrs.South Divisional Manager (QA) AGM (Matls & Supply Chain-TMML.119. LLB. 400 Sonawane Haribhau* 60 Manager (Training) 914. Diploma (Mech) 31 18-Nov-78 B Com.197 2.673 1. 18 Yrs.846.(1) The Gross remuneration shown above is subject to tax and comprises of salary.580 3.212 BE (Mech) 33 1-Aug-76 Hindustan Fasteners Pvt.Diploma(Electrical) 24 1-Jul-85 421 Trivedi Anilkumar 55 Deputy General Manager (Auto Prodn) 3.612 BE (Prodn) 26 20-Mar-82 416 Thakur Diwa* 60 General Manager ( Finance) 3. Saxena Prashant Sayed Jabbar* Seethapathi V Sehgal Rohit* Sehgal S Sekhar S Sen Keshab Sengupta B Sengupta Dilip Seshadri M Seth Jawahar Seth N Sethna H Shankar P Shankar R Sharma Amit* Sharma Ashish Sharma Ashok Sharma Budhdev* Sharma Manoj* Sharma Narnarain Sharma Prakash Sharma Rajeev* Sharma Shailesh* Sharma Shyam Sharma Srinath Sharma Vijaykumar* Shende Prakash Shet V Sheth Vijay* Shinde Anil* Shinde Gopal* Shinde Uday Shingnapurkar Vidyadhar* Sidhaye Avinash* Singh Anal Vijay Singh Anil Singh Ashok* Singh Daljit* Singh Manoj* Singh Mohan Singh Perminder Singh Prabhakar* Singh Sudhakar Singh Yatneshwar Singha Amiya Singhal Yogendra* Sinha A Sinha Prabhat Sinha Pravin Sinha Sumant 43 58 60 43 58 44 46 54 56 54 45 52 52 60 46 40 48 40 46 39 57 52 42 41 45 59 46 37 47 58 60 37 57 52 40 32 59 44 60 53 44 60 60 60 55 60 60 44 55 60 60 36 56 54 60 48 44 48 56 56 58 56 52 Regional Manager (CVBU) .469.912. FTA (Fitting) 42 1-Jan-66 B Sc.658.398.423 1. PG Diploma in Mgmt (IIMA) 40 1-Jun-72 Larsen & Toubro Ltd.738 901. Draughtsman.8 Yrs.119 593.686 2.785.040 1.Consultant .595 BE (Mech).339 BE (Mech).Company Secretaray-1.798 BE (Mech) 27 10-Mar-82 438 Woodman R 59 General Manager (Administration) 3. BE (Mech) 35 11-May-81 Business Combine Limited. 24 17-Aug-05 Mahindra & Mahindra Ltd.5 Yrs.TML Distribution Company Ltd 7.897.805 1. M. NAC/NCVT/ITI (Milling) 34 31-Oct-76 Ammunation Factory BE (Mech).050.793 568.Dy Director (Admn) .T.080 831. 405 Srivastava N 40 Regional Manager (CVBU) . Welfare & CS) 2.Marketing Engineer .581 B Tech (Mech).992.535. BE (Metallurgy) 13 1-Jul-95 BE (Mech) 25 1-Jun-94 Hindustan Motors .064 1. (5) All the employees have adequate experie$nce to discharge the responsibilities assigned to them.910. Company’s contribution to provident fund.431. Business 2.824 BE (Mech).Manuf/Prodn/ Operations. includes performance linked payments for employees for the previous year. 5 Yrs. MMS (Mgmt) 34 7-Aug-06 Tata Precision Industries Pvt Ltd.977 1.Dy Gen Mgr(Auto Parts & Spares) .370 4. PGDBM 33 17-Mar-76 422 Uchil Ravi 51 Head (Mktg.101 2.Human Resources Deputy General Manager (Auto Production) Assistant General Manager (P. allowances.966 2.507.565.Finance / Price Panel.980 2.794 3. NAC/NCVT/ITI 43 15-Jul-65 BE (Mech).196.648. PG Diploma in Mgmt (Busi Mgmt) 17 29-Jul-04 Euro RSCG India.557 5. Mett & Labs) Dy General Manager(Intl Busi.495.073 3.426 B Sc (Physics). DIC (Mgmt).252 Diploma (Mech) 39 1-Jan-73 Ruston & Hornsby India Ltd. New Delhi .992. 3 Yrs. 429 Venkatraman Chittur 58 Genl Manager (Elect. (Others experi-2 Yrs.125 3. SSC 43 15-Jul-65 BE (Electrical) 39 12-Oct-70 B Tech (Prodn) 20 1-Jul-89 B Sc Engg (Electrical).021 521.10 Yrs. MBA (Marketing & Finance) 21 9-Feb-09 Oman Trading Establishment -General Motors Auto Division .526.380 2.2 Yrs. BE (Metallurgy) 29 1-Jul-80 B Com.180 824. ICWA 16 1-Jun-93 BE Hons (Mech).511.3 Yrs.057. ICWA 33 2-Jul-76 B Sc (Mathematics).Dharwad) Assistant General Manager (Design) Divisional Manager (Trouble Shooting) Senior Manager (Development) Assistant General Manager (Design).377 1. PG Diploma in Mgmt (Busi Mgmt) 39 24-Nov-70 BE (Mech) 24 12-Aug-95 Eisher Tractors limited.528 3.427 2. BE (Mech) 28 2-Nov-81 B Sc Engg (Mech) 19 2-Jul-90 26 14-Jul-83 BE (Mechanical).) Genl Manager (Strategic & Business Plng) Deputy General Manager (Finance) Chief Operating Officer Assistant General Manager (Prodn).969 838.877 BE (Mech) 13 12-Jul-95 418 Thorat Pundlik* 60 Assistant General Manager (Auto Prodn) 1.041.8 Yrs.795 3.917. Diploma (Automobile) 17 27-Aug-92 ISRO Satellite Centre.412.625.644 217. MBA (Marketing). 424 Umrajkar Girish* 37 Senior Manager (Planning) 450. PG Diploma in Engg (Comp) 16 3-May-93 J N Marshall .959 BE (Mech) 18 1-Jul-91 406 Subhedar Uday 48 Assistant General Manager (Materials) 2.Vice President1 Yrs.189.3 Yrs.058 B Sc Engg (Mech) 25 14-Jul-84 402 Sreeraman S 54 Dy Genl Manager(Customer Care & DQCTC) 3.732.PCBU IB) Regional Parts Manager (North) Head (TSS Delhi) Regional Manager (North & West Africa) Head (Customer Care-CVBU Intl Business) Regional Manager (South Asia) Head (Human Resources& Admin) Asst General Manager(Export Operations) Asst Gen Manager (Credit Control & Rec) Head (Car Product Group) Company Secretary Head (CVBU International Busines) Regional Manager (CVBU) .152. FTA 42 1-Jan-66 BE (Mech).866.274 BA. LLB.248 MS (Mech).312. which were approved by the management during the year.083 1. PG Diploma in Mgmt (Busi Mgmt) 33 2-Aug-76 TELCON..859.734 2. MBA (Mgmt) 17 6-Jan-09 Chysler LLC.876 3. Diploma (Busi Mgmt) 38 15-Dec-71 414 Telang Prakash 61 Executive Director(Commercial Vehicles) 22.892 B Tech (Prodn) 19 20-May-94 RACL Gajraula .504 1. LLB.013. XLRI) 27 14-Jul-82 BE (Mech).Lucknow General Manager (Small Car Sourcing) Senior Manager (Production) Head (Customer Support .7 Yrs.918 689.3 Yrs. 411 Tambe Sangram 51 Vice President (Human Resources) 9.558 1.070.160 3.754 1.274 1.167. Melting Shop. MMS (Operations Mgmt) 20 25-Apr-96 Mahindra & Mahindra Ltd.285 236.289 540.893 2.765 3.) 417 Thete Rahul* 35 Divisional Manager (Powertrain Mfg. etc.838.031.652. MBA(Busi Mgmt).ERC 2. income-tax.384. 419 Tilak Chandrashekhar 52 Assistant General Manager(Auto Projects) 2. NCTVT 40 21-Mar-68 PGHRM 23 6-Apr-05 MINDA .576.918 3. PGDM (Fin & Mktg) 19 1-Jun-91 Tata Industries Ltd .027.350 2. ICWA 32 19-Mar-81 BE (Mech). Diploma (Industrial Mgmt) 34 17-Sep-84 Tata Infotech Ltd .317 1.HR & Engine Appl.663 5.982 1. MMS (Marketing) 19 1-Jun-90 B Com. MBA (Finance) 7 5-Jan-04 A.Services) PCBU Intl.127 3.278.Design.648 1.9 Yrs.473.046 2.430.109 1. 433 Virkar Sanket* 34 Senior Manager (Planning) 523.005.210 BE (Mech) 31 1-Jul-78 420 Tilak Nitin 45 Assistant General Manager (Maintenance) 2. BE (Mech) 11 25-Oct-97 425 Uppalapati Tilothama 43 Head (Marketing Communications) .) 36 15-Dec-75 Larsen & Toubro Limited.505.154 M Com.387.729.20 Yrs.639.449 3.940. CA 36 1-Aug-00 TISCO. Mumbai .954 14.802 2. 431 Verma Shiv Narayan 43 ASST. PGDIE 31 18-Jul-06 Tata International .583. PGDBM (Busi Mgmt.475 3.806.520 2.527.173.981.892 2. CA 30 13-Dec-93 Tata Finance Ltd .North Manager(Customer Support) Gen Manager(Spl Projects-CVBU Cust Supp) Assistant General Manager (Auto Prodn) Manager (Development) Head (Intl Business Supply Chain) Asst Genl Mgr (Coll.460.702.330.Tata Motors (Thailand) Ltd 3.210 2.3 Yrs.943 BE (Electrical) 35 2-Aug-74 408 Surampudi Ravi* 41 Deputy General Manager (Dev) 631.039 1.936.563 2.014.Ltd .906 1.422.033 742.460 731. (8) Asterisk against a name indicates that the employee was in service only for a part of the year. M Tech (Science) 11 2-Aug-97 M Tech (Systems).423.Sixty-fourth annual report 2008-09 Tata Motors Limited M Com.881.192.927 2.808.818 Diploma (Electrical).068.007.418 BE (Mech).936.368.593. 410 Swaminathan Lingam* 60 Deputy General Manager (Q A) 5. PG Diploma in Mgmt (Busi Mgmt) 30 13-Oct-83 Indian Army ( Ministry of Defence ).810. (6) The nature of employment in all cases is contractual. MBA (Mgmt) 33 2-Jul-76 M Tech (Aircraft production engineering).DGM.7 Yrs.875 1.918 Fellow Programme in Mgmt (IIMA).685 1. Diploma (Mech) 6 16-Sep-02 434 Wagh Girish 38 Head (Small Car Project) 4..214 4.130.Manuf/Prodn/Operations. PE Deputy General Manager (Logistics) Plant Head .082.717..911 3.689 414.378 6.337 M Sc Engg (Mech).548.135 2.Asst.131.439 BA..732 222.19 Yrs.663 212. B Tech(Mech).638 B Com.6 Yrs. wherever applicable. (7) None of the employees mentioned above is relative of any Director of the Company.558. PG Diploma 30 5-Nov-79 in Mgmt (Busi Mgmt) 396 Sinha Vikram 55 Head (Customer Support) .& Electronics) ERC 3.Sr Engineer 4 Yrs.113.3 Yrs.Mgr QC -1 Yrs. B Com. B Sc Engg (Mech) 20 1-Jul-89 BE (Metallurgy).. FTA (Fitting) 43 1-Jan-65 BE (Electrical) 27 25-Sep-97 International Tobacco co.646 2.627.094. 427 Venkatachalam S 59 Head (Customer Care .802 2. B Sc Engg ( Mechanical) 33 1-Dec-76 B Sc Engg (Prodn) 35 1-Nov-74 B Sc Engg (Mech).718 1.240 524.328.038 2.826 4.840.Section Engineer . GENERAL MANAGER (Mfg -Veh Factory) 2.672.040.467.189 1. Spares) D M (FBV.A.2 Yrs. Notes:.100 587. B Sc (Mathematics).10 Yrs. 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 Saleh Habibus Salian U Samant G* Samanta Lalitendu Sanghavi Kishor Sarkhel Bani Sastabhavan Jyotindran Sastry Praturi Sathe Shreeram Savant Deepak Savarkar Mohan Saxena A. PG Diploma in Mgmt (Mgmt) 28 1-Jun-81 423 Ulabhaje Aniruddha 41 Assistant General Manager (Pricing) 2. BA.039 2.508 B Tech (Mech).927 2.Supply Chain & Costing) General Manager(Engine.375 3.552 2. Kearney.909 2. employees are entiltled to gratuity.878 2.T.407.15 Yrs.290.835 2.904. B Tech (Metallurgy).640 1.838. AGM(Accounts) .087.756 2. Supdt (Prodn) 2 Yrs.Head Sp Projects. B Sc Engg (Mech) 34 5-Sep-79 Hindustan Steel Works Construction Ltd.721 2.002 1.CVBU 3.935.West 3.476 1.481 2. B Sc (Bot). ADD & SQIG) Senior Manager Manager (M/C & Eqpt.703.2 Yrs.157 Diploma (Mech) 28 26-Sep-80 437 Wilson Jayakaran 49 Dy Genl Manager (Manufacturing-Engines) 3.415.423 696.HR / PSD / Safety/IR.678. NAC/NCVT/ITI 38 6-Jul-74 Escorts Ltd.807 1.860.003 BE(Electronics&Power).424. & Imports-PCBU&ERC) Senior Manager (Productivity Services) Master Craftsman TOOL MAKER Asst General Manager (Maval Foundry) Manager (Production) Deputy General Manager (Auto Prodn) A G M (Foundry Maintenance & HPML Prodn) General Manager (Materials.012 2.430.777.539.679.619. LLB (Gen) 26 1-Jul-83 B Com.289 5.694.517.110 6.Tech (Mechanical) BE (Mechanical) 17 1-Jul-92 B Sc.3 Yrs.765.734.M & HCV Trucks) 3. Pune-Manager (works and operations)-3 Yrs. B Tech (Mech) 17 16-Apr-01 Kirloskar Oil Engines Ltd . BE (Mech) 25 21-Oct-94 Profiloforms. Diploma (Electronics & Telecomm.591.356 BE (Mech) 35 25-May-77 Kattabomman Transport Corporation Limited .059 3.648.690. 436 Widhate Dnyanesh* 50 Manager (Materials) 528. 428 Venkataraman Ajit 39 CEO .408.-Sp Parts) Head (Fleet Sales) Dy Gen Manager (Truck Fact & Veh Desp) Sr General Manager (Manufacturing) Deputy General Manager(IR.General Manager (Projects) .

2% lower than the previous year. The Company tried to mitigate the impact on margins by cost reduction measures and tight control on working capital.268 -0. The domestic industry performance during FY 2008-09 and the Company’s share is tabulated below:Domestic Industry Sales (Nos.6% growth achieved in the last fiscal.525.5% Total 1.5%.The slowdown in the economy resulted in a drop in industrial production.935 -15. All these factors eroded the bottomline of the companies in the automotive sector.373 23 .425 1.090 229.486 -4. Both the commercial and passenger domestic vehicles industry came under tremendous pressure as a result of these market conditions. The industry performance in the domestic market during FY08-09 and the Company’s share is given below:Category Industry Sales (Nos.7% Company Sales (Nos. In such trying times. Industry volumes were impacted by the steep increase in consumer interest rates and vehicle prices.885 530.MANAGEMENT DISCUSSION AND ANALYSIS 1.1 Source: Society of Indian Automobile Manufacturers report and Company Analysis * including Magic and Winger sales # including Fiat branded cars 2.652 503.316 3. Supported by stimulus measures undertaken by the government and the RBI.6% growth in FY 0708.940.4% Company Sales (Nos.373 312.793 -33.8 62.3% in the previous fiscal went into negative zone with a decline of 0. Even though domestic commercial vehicles volumes declined by 15.2%. Both turnover and profitability of the automotive sector came under tremendous pressure.055 -4. the Company’s sales of 506.993 vehicles.4 265. at 291.4% compared to the 7.6 14. unavailability of finance. The focus on new product development remained and the Company introduced various new products in the marketplace.) Category 2008-09 2007-08 Growth LCV* 232.652 503. The passenger vehicle industry.676 147.218 -17.4 26.619 -31. due to the meltdown in major international markets and the consequent swings in foreign exchange rates.935 -15.0% 65.) Company Market Share (%) 2008-09 2007-08 Growth 2008-09 2007-08 151.2% M&HCV 183. higher cost of financing and uncertainty in the overall economic conditions impacted demand to a great extent. While the slowdown in the Indian economy was less compared to other world economies. which had showed a growth of 11. it did have a severe impact on most sectors.4% 61.512 218.421 vehicles were 13.2% 63.5% lower than last year volumes. unavailability of finance for majority of the segments and a considerable decline in industrial activity compared to the last year. were 17.533. The Company reported domestic sales of 265. Double digit inflation and high material cost in the first half of the year leading to higher vehicle prices.036.4% compared to the over 7.990 -10.697 165. higher fuel prices. GDP growth slowed down considerably from 9% in FY 07-08 to 6. which reached new lows in the second half of the year.6% during the year.373 312.313 1.2 472.9 60.965 2. demand showed some signs of revival towards the end of the year.4 64. Industry Structure and Developments Commercial Vehicles The domestic commercial vehicle industry witnessed a decline of 17.4 113. Business Overview The automobile sector in India was severly impacted by the disruption in the Indian and global business environment.8 62.8% in the domestic market.9% 24. The Company’s exports declined by 38.2 Source: Society of Indian Automobile Manufacturers report and Company Analysis * including Magic & Winger sales The Company’s commercial vehicle sales in the domestic and international markets.8% 13.4% Passenger Vehicles # 1. declined by 17.2% 63.0% Total CV 415. a.562 273.) Company Market Share (%) 2008-09 2007-08 Growth 2008-09 2007-08 265. the Company consolidated its leadership position in the domestic market by introducing new products to complement its existing product portfolio.) 2008-09 2007-08 Growth Commercial Vehicles * 415.218 -17.2 207. The passenger vehicles volumes declined by 4.7% in FY 0809. The commercial vehicle industry which had already started showing signs of slowing down last year. primarily due to the phasing in of the new Indica Vista in the second half of the year and sluggishness of the UV segment.

24 . the Company continued to strengthen its product portfolio in this segment by introducing multi-axle and heavy duty trucks. helped to register 2.916 31. During the year. the industry declined by 0.7 17. the M&HCV segment contracted drastically during the year. helped the Company in gaining considerable market share in the last year.5% Company Sales (Nos. A strong product portfolio.7% 9.500 245.8% -17. at 111.034 238.650 223. and broke the long standing monopoly of the incumbent in this segment.4% to 61.525. Volumes of Indica.9% -6.254 declined by 18% due to the phasing out of the old Indica in the first half and the introduction of the second generation Indica Vista in the second half. and declined by 33. coupled with the support from the Company’s financing arm Tata Motors Finance.6% -4.our Spanish associate Company.238 1.3 21. Despite the new launches and heavy promotion spends by players in the industry. is tabulated below:Domestic Category Small car (Mini + Compact) Midsize Car Utility Vehicle / SUV Total Passenger Vehicles# Industry Sales (Nos. The Company launched Winger Ambulance. the bus manufacturing facility of Tata Marcopolo Motors Limited at Dharwad began commercial production. Passenger Vehicles The falling growth rate of the industry for the last two years slipped into negative territory marginally this year. The Company continued to be amongst the top three players in the Indian passenger vehicle market with a market share of 13.512 138.Sixty-fourth annual report 2008-09 Tata Motors Limited vehicles. quality and safety of international standard.057 39.4% during the year. The overall slowdown in the economy also accentuated the negative sentiments with the consumers.) 2008-09 2007-08 Growth 936. tippers and tip trailers to its existing offerings. as well as an increase in market share from 64. Going forward.8% Company Market Share (%)* 2008-09 2007-08 12.015 223.6 14.5% -0. The Company’s market share in the M & HCV category improved from 60. Exports came under tremendous pressure as a result of the meltdown in most international markets.1% 68. the Company recorded sales of 207.313 929. and shrunk to almost two-thirds of its size last year. The Company also strengthened its M&HCV passenger range by launching its Super Milo range of buses with superior operating economics.055 -17.160 53.2%.7% growth in volumes. and the Hi Deck Coaches in association with Hispano. Despite the adversities. b.0 14.Ace. The manufacturing prowess of the joint venture was proven in the execution of the 650 buses order it had received from DTC in 2007. the strong performance of the products introduced by the Company in the previous years.295 207.705 1.268 0. The Company share has been rising since the launch of the Indica Vista in August 2008. The LCV segment also faced pressure as a result of the slowdown and the unavailability of finance for a large part of the year. this plant will cater to India’s growing need for world class fully built buses for intra-city and inter-city transportation with comfort. exiting in March 2009 with a market share of 14. The tightening liquidity and the drastic increase in interest rates.2% over the previous year.7% during the year despite new launches. However.5%.9 14.2 Source: Society of Indian Automobile Manufacturers report and Company Analysis # including all segments * including Fiat branded cars In a challenging year for the industry.)* 2008-09 2007-08 Growth 115.439 47. In the domestic market.9%. it remained amongst the top 3 selling cars in the country. in most product segments. coupled with high fuel prices for a major part of the year suppressed demand to a considerable extent. The small car segment which contributes to over 60% of the market and has been the major driver of growth in the Indian market in the recent past it witnessed a marginal growth of 0.1% (only Tata cars).512 vehicles (including Fiat cars) in the domestic and overseas markets. Magic and Winger.5% during the year.533.700 218.1 20.4% to 65. Based upon the performance of these vehicles. Despite this. The Industry performance and the Company’s performance in the segments that it operates in.6 13. the Company received another order of 1625 buses to be supplied to DTC in a phased manner over the next financial year. which was a decline of 15.

3) 4.6% and ended the year with a market share of 17.5 3.990 units in FY 2007-08. Percentage of Turnover 2008-09 2007-08 100 100 75. The segment is set to see the inclusion of 6 more models to its current strength of 19. in the first half of the year. net of excise duties reduced by 10. The Utility Vehicle market went through difficult times due to the hike in fuel prices and the additional excise duty imposed by the Government on vehicles with higher engine displacements.6 10. 28.885 units from 530. The Company’s sales declined by 17. the margins were under pressure mainly due to the rising input costs.41 crores in FY 2007-08. Besides this.9%.6 93.5 1.9 2. the Company launched an LPG version of the Indica V2 Xeta.92 crores in the previous year. deposits and loans given Profit before Tax Turnover.5 6.000 Indicas and a total of nearly 1. The much awaited 'Tata Nano' was launched in March 2009. The Fiat 500 was launched in the market as a CBU and has done well to shore up the brand image of Fiat prior to the launch of its locally manufactured new products.6%. the segment declined by 6.4 11.0 73. Despite a number of new product launches.8 1.6 (0.7% to Rs.1 89. compared to the previous year. the Company enabled Fiat to acquire a position amongst the top ten car companies in the country.649 units in FY 2007-08.3 5.6% to 33. The domestic volumes reduced by 10.001. 2.421 units from 585.660. most of them towards the premium end. while export volumes reduced by 38. Interest and Tax Depreciation (including product development expenditure) Interest and Discounting Charges (Net) Notional Exchange (Loss) / Gain (Net) on revaluation of foreign currency borrowings. 1.6% during the year. the Company’s profit after tax decreased to Rs. The Indigo CS launched towards the end of last year.03 lakhs fully paid bookings received by the company. Palio and the Linea. The Company entered the upper mid size segment through the distribution of the Fiat Linea in January 2009. 25 .739.6 2. during which close to 940. Financial Performance as a measure of Operational Performance In view of the slump in the domestic and international markets. The total number of vehicles sold during the year decreased by 13. lower volume growth and high interest cost.028. being new product from its joint venture with Fiat.The Company launched a Limited Edition of the Indica Vista on December 30.0 11.5% to 506.8% in the year. Indica’s share climbed up post the new Vista launch with a March exit share of 13. The Company launched the Xenon XT . Indica’s market share at 11.1 3. The product received a good response from the market and became the second highest seller in the segment in the three months of launch in the fiscal. 2008 in order to commemorate 10 years since the launch of the Indica.6%. The following table sets forth the breakup of the Company’s expenses as part of the net revenue.7 11.0 Turnover net of excise duty Expenditure: Material (including change in stock and processing charges) Employee Cost Manufacturing and other expenses (net) Total Expenditure Other Income Profit before Exceptional Item. although it regained its No. received an encouraging response from the market and helped the Company increase its volumes in the entry mid. 25. Depreciation.26 crores from Rs.79 crores from Rs.2 million cars have been produced from the platform. There was an overwhelming response with over 2.4% in the segment.6 9.0 0.size segment by 56.a lifestyle pick up vehicle in its effort to develop a new segment.9% was augmented by Fiat Palio and Fiat 500’s share of 0. The entry mid size segment witnessed new product launches and grew by 54.536 units in FY 2008-09 from 54. Between the Fiat 500.5% this year.9% to 472. 3. 2 position in the segment this year.659 units in FY 2007-08. The Company increased its market share to 32.

095. 115 crores was made in TML Distribution Company Ltd which would work towards further strengthening the Distribution and Sales network of the Company.10.2. 2008. 15.63 crores in FY 2007-08.4% from 11.64 last year for Ordinary Shares. Manufacturing and Other Expenses reduced by 6.57 crores registered in the previous year mainly inline with trends in industry and economy.0% to Rs. The manpower increased marginally to 23. Singapore which in turn acquired the business of Jaguar Land Rover. 22.970.2% to Rs.3% for the last year. 23.425.910.74 crores as at March 2009. With the global crisis in the financial markets the rates at which funds were available to the company had drastically increased. 12.617. 673.8% to Rs. Net interest cost increased to Rs.6% of net turnover for the year as compared to 11. Profit Before Tax (PBT) of the Company reduced to Rs.76 crores from Rs.638 from 23. 282. 449. Gross debt (total of secured and unsecured loans) increased to Rs.678.117. interest and tax decreased by 21.028. 13.50 crores as on March 31.452.280. 3.33 crores in FY 2008-09 from Rs.68 crores in FY 2008-09 from Rs.6% of net turnover as compared to 2. Fixed Assets including Capital Work in Progress increased to Rs. Employee Cost reduced increased marginally by 0. 26. 8.37 crores in FY 2007-08. the Company managed to lower the impact through its on going cost reduction programme with initiatives like global sourcing. 52.Sixty-fourth annual report 2008-09 Tata Motors Limited Net Raw Material consumption inclusive of processing charges decreased by 8.47 crores in FY 2007-08. 2008 as a consequence of higher capital expenditure and strategic investments. 6.9% in FY 2007-08. Material Cost as a % of net turnover has increased to 75. aluminum. 2. 385. The Company has also made further investments of Rs. copper and natural rubber.001. 14. 1. vendor rationalization and value engineering.5% from 73.63 crores in FY 2008-09. Depreciation (including product development expenditure) for 2008-09 increased by 29. The company required external funds to manage its capital expenditure programme and also to manage working capital requirements.26 crores from Rs. 2009 as compared to Rs. raised during the year by Rights Issue.414. Net debt (gross debt reduced by available cash and bank balances and in mutual fund investments) stood at Rs.39 crores from Rs. 4.18 crores. As on March 31.83 crores as compared to Rs.66 crores as on March 31. Basic EPS for ‘A’ Ordinary Shares is Rs.5% for FY 2007-08.66 crores in FY 2007-08 on account of increase in fixed assets.013.64 crores as at March 2009 from Rs. This was mainly on account of decrease in turnover. due to higher sales and marketing expenses.62 crores in FY 2007-08.27 crores in FY 2007-08.968. Balance Sheet size of the Company increased to Rs.. During the year an additional investment of Rs. Investments increased to Rs.52 crores as on March 31. the Ordinary Share Capital of the Company stood at Rs.20. 2009 as compared to Rs.1. nickel.7% to Rs.551.19.599.074. exceptional item.1.41 crores from Rs. to further strengthen the vehicle financing activity of the Company. 1. Profit before depreciation.6% to Rs.13 crores in FY 2008-09 from Rs. 2. 12. from Rs.165. 2008 and ‘A’ Ordinary Share Capital of Rs.230 with increases also in flexible manpower.330 crores in equity and preference shares of TML Holding (Pte) Ltd.77 crores in FY 2007-08. It represents 3. 100 crores in Tata Motors Finance Ltd. However. 3. 64.70 as compared to Rs.188. During the year.71 crores from Rs.27 crores in FY 2007-08.56 crores as on March 31. The margin decreased to 10.386. the Company continued to make additional long term and strategic investments. Basic Earning Per Share (EPS) decreased to Rs. These were 11.4% during the year to Rs.95 crores was made in Fiat India 26 .544. 716. 2009. Profit After Tax (PAT) decreased by 50.01 crores as on March 31.3.486. due to slump in domestic and international markets. This increase is attributed to significant capital expenditure incurred by the Company on new products and programmes and strategic investments.31 crores in FY 2008-09 from Rs. This was largely a result of increase in prices of steel. 925.1% for the previous year.21.576. 2. The Company invested a total of Rs.92 crores in FY 200708. An investment of Rs.

The cash generated from operations before working capital changes and before considering the deployment in the vehicle financing business was Rs. moderation in income tax rates and the recently announced increase in compensation for government employees.40 crores for making investments in the year 2008-09. After considering the impact of working capital changes and inflows on account of securitisation of financing loan portfolio (net of deployment).762. as it has a wide range of goods and passenger transportation vehicles ranging from 0. 6. 4. (1. 2008. 2008.82) crores as at March 31.70 crores as compared to Rs.4 million two wheelers. India’s manufacturing base will benefit from these scale economies and technology/quality improvements. both in terms of personal transportation requirements as well as freight movement. 1. The Company.77 crores in the previous year. The Golden Quadrilateral road project was 98% complete as on March 31. where surplus cash was parked last year. all augur well for the automotive industry. The Company has opportunities to increase its exports significantly. the Company had parked Rs. rise in their average income levels. The Company is poised to benefit from the same. Growing consumer culture: The demand for a better lifestyle has enhanced consumption levels and rapid growth in several areas like retail chains. due to higher year end sale The Current liabilities and provisions have increased marginally by Rs. both for vehicles and components.49 crores.255. with its wide portfolio is expected to benefit from improvement in lifestyle and higher aspiration levels in passenger cars and potential growth in freight movement. The company also sold off its investments in Mutual Funds.41 crores. 202. 355. (272.Automobiles Ltd. 2008 from Rs. 1. The Current assets. International Business: India continues to be a cost effective source for the automotive industry globally.47 crores in the previous year.This growing consumerism is expected to lead to an increase in car penetration from the current levels of 8 per thousand towards the 500+ levels witnessed in the developing countries. It is hoped that the TATA Nano would address this huge potential in demand. The Company believes that the gap between two wheeler prices and the current entry level car prices offer a huge opportunity for an affordable. particularly with the new and contemporary product offerings in commercial vehicles and passenger cars. The Company is also setting up / exploring manufacturing footprint overseas that would combine these advantages with local operations and sourcing in these markets. cellular phones and cable and satellite television.23 crores as compared as at March 31. The North South East West (NSEW) road corridors are expected to be completed by December 2009. reliable and faster vehicles. Net Current Assets decreased to Rs. loans and advances have decreased by Rs. As at March 31.85) crores as at March 31. Increase in income levels: A growing middle income level population.556.143. Large two wheeler market: India has a 65 million two wheeler population and an annual sale of over 7. Rural connectivity is expected to correspondingly improve which would expand significantly the population/markets/supply sources participating in the overall economic growth. the net cash generated from operations was Rs. The increase in Sundry debtors. a. and would in turn create demand for safer. 2.179. Opportunities and Threats Opportunities Road development: Continued improvement in road infrastructure in coming years is expected to have a positive effect on automobile sales. 27 . 2008.122. for meeting the requirements. Improvement in road infrastructure will facilitate faster transportation of goods and passengers.02 crores as compared to Rs.295. 1. 2009. The cash and bank balances have reduced by Rs.75 Ton load carrier to large haulage tractors (49T) for goods movement. buses and coaches for public transportation and passenger cars and utility vehicles for personal transportation. 1. safe and comfortable small car with appealing design and features.

Fuel prices: Increase in fuel prices has an adverse impact on automobile demand as consumers think of alternative solutions and postpone purchases. increase in price of input materials. This was evident last year when the credit crunch was felt not just by the consumers. Railways: The renewed focus of Railways on cement. Though the captive vehicle financing has been strengthened by the Company.1% of the turnover and imports constitute 5. Threats Credit unavailability: Tightening of liquidity position and reduction in exposure to vehicle financing by banks/NBFCs. Free Trade Agreements and other similar policies could make the market more competitive for local manufacturers. Whilst the Company continues to pursue cost reduction initiatives. it is expected that with the growth in road infrastructure and increase 5. as was seen last year when oil prices reached a peak of US$ 145 per barrel. it would be a challenge for the Company to fully offset the decrease in credit availability from outside sources. Movements in exchange rates and volatility in the foreign exchange markets could significantly impact profits. Growth in Mass Transit systems: The domestic passenger vehicle demand could be impacted by the growth of road and rail based mass transit systems. Tightening of the liquidity position. Growing consumer awareness: Growing awareness amongst consumers is driving up expectations from automobile companies in terms of providing world class features and technology for which adequate price realization is not always possible. Government regulations: Stringent emission norms and safety regulations could bring new complexities and cost increases for automotive industry. non-availability of vehicle finance and firming up of interest rates would affect vehicle demand. Input costs: Prices of commodity items like steel. Further. non-ferrous and precious metals and rubber witnessed unprecedented increases in short period last year. However. the Company has planned to bridge the quality gap between its products and foreign offerings. have been expanding their product portfolio and enhancing their production capacities. Exchange rates: The Company’s exports constitute 9. the Company would benefit from the road based mass transit system due to its wide range of commercial passenger carriers. slowdown in freight movement and increase in fuel price would adversely impact vehicle operators’ margins to the extent not recovered through increase in freight rates. Increase in inflation could also have a negative impact on automobile sales in the domestic market. This would have an adverse impact on commercial vehicle demand. WTO. However. would have an adverse impact on the automotive industry. the Company has large foreign currency borrowings in the form of foreign currency convertible securities. which could only be partially offset by the Company’s cost reduction initiatives. Freight Rates: Moderation in industrial activity. impacting the Company’s business. Global competition: India continues to be an attractive destination for the global automotive players. which could impact the Company’s revenues and profits.8% of material consumption. but the companies as well. could have a negative impact on the demand in the domestic market and/or could severely impact the Company’s profitability to the extent that these cost escalations are not absorbed by the market through price realization. while maintaining its low cost product development/sourcing advantage. To counter the threat of growing global competition. Hardening of interest rates and other inflationary trends: Hardening of consumer interest rates could have an adverse impact on the automotive industry. The global automotive manufacturers present in India. Risks and concerns Interest rates and credit availability: Consumer interest rates witnessed an upward movement in the second half of FY 08-09. steel and container movement and planned nationwide rail freight corridor connecting major cities could impact the demand of commercial vehicles for goods transportation.Sixty-fourth annual report 2008-09 Tata Motors Limited b. 28 .

in vehicle penetration and with product offerings suitable for different applications, road transport would continue to have a dominant role and offer flexible, speedy and point-to-point service. Cyclicality: The commercial vehicle industry due to its strong linkages with the economy would be impacted by slowdown in economic growth.The Company has strengthened its less cyclical businesses like passenger carriers, small and light trucks and passenger cars as well as its spare parts and other service offerings to counter moderation in demand. The increasing trend of offering price discounts in the market could also affect the Company’s margins. Competition and Regulation in Overseas markets: In the overseas markets, many of which have stricter norms of vehicle regulations related to emission, safety, noise, technology, etc., the Company competes with international players which have global brand image, larger financial capability and multiple product platforms. These factors may impact the demand of the Company’s products in overseas markets. Manufacturing: The Company manufactures its products at multiple locations and its operations could be affected by disruption in its supply chain due to any natural calamities and work stoppages at its suppliers’ end due to load shedding, labour problems, etc. New Competition: Intensity of competition has increased in almost all the segments of the Indian automotive market due to entry of new players and expansion plans of existing ones. The Company is aware of the increasing competition and is taking measures to remain competitive in the market place. New projects: The Company is undertaking a variety of new projects ranging from the launch of a small car to the development of a new truck model. These projects are in various stages of execution. Though the Company employs sophisticated techniques and processes to forecast the demand of new products, yet the same is subject to margin of error. Timely introduction of new products, their acceptability in the market place and managing complexity of operations across various manufacturing locations would be the key to sustain competitiveness. 6. Outlook FY 2008-09 was an extraordinary year for economies across the world. The financial turmoil of the western world had far reaching implications on the business environment. While the impact on developing economies like India was less severe, the GDP growth slowed down to 6.7% compared with the 9% growth achieved last year. While the trend in the last quarter of the year indicates that things might be improving, the situation would continue to remain tough for sometime. Interest rates have relatively declined, liquidity has improved and customer confidence seems to be slowly improving. This would positively impact the market for passenger vehicles and the small commercial vehicles to some extent. However, the market for heavy commercial vehicles is expected to remain sluggish for sometime before the economy starts to show revival. In this scenario, the Company will continue to focus on introducing new products in the market to target new customer segments. The Company will further strengthen the in-house vehicle financing arm to make up for the lack of finance from external sources. The Company has also planned various cost reduction measures, which in addition to the softening of raw material prices will help the Company in improving the competitiveness of the products in the marketplace. Internal Control Systems and their adequacy The Company has in place adequate system of internal control. It has documented procedures covering all financial and operating functions. These controls have been designed to provide a reasonable assurance with regard to maintaining of proper accounting controls, monitoring of operations, protecting assets from unauthorized use or losses, compliances with regulations and for ensuring reliability of financial reporting. The Company has continued its efforts to align all its processes and controls with global best practices in these areas as well.

7.

29

Sixty-fourth annual report 2008-09
Tata Motors Limited

Some significant features of the internal control systems are: Corporate policies on accounting and major processes; Well-defined processes for formulating and reviewing annual and long term business plans; Preparation and monitoring of annual budgets for all operating and service functions; State-of-the-art ERP, Supplier Relations Management and Customer Relations Management, connect its different locations, dealers and vendors for efficient and seamless information exchange; • An on-going program for reinforcement of the Tata Code of Conduct. The Code covers integrity of financial reporting, ethical conduct, regulatory compliance, conflict of interests review and reporting of concerns. All employees of the Company are regularly exposed to communications under this program; • Bi-monthly meeting of the management committee at apex level to review operations and plans in key business areas; • A well established multidisciplinary Internal Audit team, which reviews and reports to management and the Audit Committee about the compliance with internal controls and the efficiency and effectiveness of operations and the key process risks; • Audit Committee of the Board of Directors, comprising independent directors, which is functional since August 1988, regularly reviews the audit plans, significant audit findings, adequacy of internal controls, compliance with Accounting Standards as well as reasons for changes in accounting policies and practices, if any; • A comprehensive information security policy and continuous upgrades to IT system; • Documenting major business processes and testing thereof including financial closing, computer controls and entity level controls as part of compliance with Sarbanes-Oxley Act; • Anti-fraud programme. During the year, the Internal Audit department initiated a Quality Assurance and Improvement Program (QAIP) with the objective of appraising the efficiency and effectiveness of the Internal Audit activity and rating the Internal Audit activity’s compliance with its Audit Charter and the Institute of Internal Auditors’ (IIA) International Standards for the professional practice of Internal Auditing. As part of this program, A team of external assessors constituted by IIA, USA visited the company and engaged with the Audit Committee, members of Senior Management and the Internal Audit staff. IIA conferred upon the company the Top Rating namely “Generally Conforms” which indicates that the Internal , Audit activity’s relevant structure, policies, procedures and processes conform with the majority of the elements of the standards and the code of ethics. The Board takes responsibility for the total process of risk management in the organisation. The Audit Committee reviews reports covering operational, financial and other business risk areas. Through an Enterprise Risk Management programme, each Business Unit addresses opportunities and the attendant risks through an institutionalized approach that is aligned to the Company’s objectives. This is also facilitated by internal audit. The business risks is managed through cross functional involvement and intense communication across businesses. Results of the risk assessment and residual risks are presented to the senior management. 8. Material Developments in Human Resources/Industrial Relations A cordial industrial relations environment prevailed at all the manufacturing units of the Company during the year. The Company entered into a three year wage settlement with its Union at Lucknow through amicable process of negotiations. The permanent employee’s strength of the Company as on March 31, 2009 was 23638. Overview of the Consolidated Performance and Financial Results of the Company The following table sets forth selected consolidated financial information for the Company, including as a percentage of turnover net of excise duty, for the years ended March 31, 2009 and 2008. For information we have given the results of Jaguar Land Rover for the period June 1, 2008 to March 31, 2009.

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Turnover net of excise duty Material (incl. change in stock & processing charges) Employee cost Manufacturing and other expenses (net) Total Expenditure Other income Profit before Depreciation, Interest, Amortisation, Exceptional item and Tax Depreciation (incl. product development expenditure) Amortisation of miscellaneous expenditure in subsidiaries Profit before Interest, Exceptional item and Tax Interest and Discounting charges (net) Notional Exchange (gain) / loss (net) on revaluation of foreign currency borrowings, deposits and loans given Profit before Tax * Denotes less than 0.05%

For the year ended March 31, 2009 2008 (Rs in (Rs in crores) % crores) % 70,938.85 100.0 35,660.07 100.0 48,556.55 68.4 24,846.37 69.7 7,297.42 10.3 2,745.16 7.7 12,887.48 18.2 3,818.42 10.7 68,741.45 96.9 31,409.95 88.1 798.96 1.1 267.48 0.8 2,996.36 4.2 4,517.60 12.7 2,854.52 4.0 848.02 2.4 *0.0 0.96 *0.0 0.9 140.94 0.2 3,668.62 10.3 1,930.90 2.7 743.06 2.1 339.29 (2,129.25) 0.5 (3.0) (160.73) 3,086.29 (0.5) 8.7

Comments on the performance of major subsidiaries The consolidated financial results for fiscal year 2008-09 include Jaguar and Land Rover business (JLR) acquired in June 2008. The consolidated operations were significantly driven by JLR. Following is the brief overview of the performance of major subsidiaries. Jaguar and Land Rover Business : Jaguar and Land Rover Business, acquired on June 2, 2008 comprised three major manufacturing facilities in U.K., two advanced design and engineering facilities, National Sales Companies in several regions across the World and significant Intellectual Property Rights. In fiscal 2009, the global financial crisis impacted the whole of the automotive industry. The effect on the premium market has been particularly evident with industry volumes falling between 25% and 30%. Nearly all the key participants in the luxury segment witnessed a fall in volumes mainly due to the general lack of consumer credit. As compared to corresponding period of the previous year, during the period June’08 to March’09, JLR volumes witnessed a decline of 32%. While Land Rover fell by 39%, decline in Jaguar volumes were contained at 4% mainly supported by the success of the new XF launched in January 2008. JLR retail sales in North America declined by 37% mainly due to higher fuel prices which affected demand for both new and used vehicles with larger capacity engines. The resultant sharp reduction in residual values, coupled with the reduced availability of credit, made leasing deals both more expensive and less readily available. Jaguar retail volumes for the period June 2008 to March 2009 were 10.9% down compared to the same period in the previous year. Relatively better performance compared to the relevant segment trends was largely due to the positive market reaction to the new Jaguar XF. Land Rover retail volumes for the period June 2008 to March 2009 were down by 45% compared to the same period in the previous year. In the United Kingdom and Europe (excluding Russia) sales were also driven by favourable market reaction to the new Jaguar XF. Jaguar retail volumes for the period June 2008 to March 2009 were flat and up 3% respectively versus the same period in previous year. Land Rover retail volumes for this period were down by 43% and 45% respectively, compared to the same period in the year 2007-08. Retail volumes had been particularly strong in Russia and China, where volumes grew by 41% and 40% for Jaguar and 10% and -2% for Land Rover. However demand in recent months in Russia has been weakening and future trading conditions appear to remain challenging. Whilst the downturn has slowed Land Rover’s expansion plans, Land Rover maintains its position as the number one premium brand in Russia, outselling BMW and Mercedes Benz. In February 2009, JLR signed a memorandum of understanding to supply one of its Chinese importers with 13,000 vehicles over three years. This is a significant order, particularly welcome at this challenging time. The order is for both Jaguar and Land Rover vehicles. China was the company’s fifth largest market last year when it sold 2,000 Jaguars and almost 11,000 Land Rovers there. In response to the magnitude of the adverse market conditions and the resulting deterioration in the company’s position, JLR implemented decisive actions to realign production with the lower levels of demand.

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Jaguar customers are also provided with a mechanism for them to offset their vehicle usage.137 units a decline of 23. the Construction Equipment sector witnessed sharp downturn especially after Sep08 due to credit squeeze and tight money market situation. JLR has now transitioned to financing arrangements with FGA Capital (JV between Fiat Auto and Credit Agricole) in UK / Europe and Chase Auto Finance in the US and local providers in certain other key markets. drawing global praise for its engineering and dynamic qualities. Korean commercial vehicle industry declined by 31. Key was the introduction of an intelligent stopstart system. In April 2009. In January 2009 Jaguar revealed the upgraded XF and XK models. compared with 33. However. The company was able to improve its sales mix through large excavator segment catering to the mining industry which was still showing positive 32 . the company was able to withstand the pressure due to its product range and established spares and service network. All markets except Singapore have now transitioned. the Freelander 2 TD4_e. This transition is progressing to plan with fifteen markets successfully being transitioned since acquisition.000 miles of customer vehicle use in the UK and other countries. Tata Daewoo Commercial Vehicles (TDCV) : During FY 2008-09. fuel economy and emissions. (TELCON) : During the year. Ford Credit provided dealer / customer financing support for the first 12 months following acquisition. JLR has implemented significant cost reduction initiatives across the business. Land Rover.Sixty-fourth annual report 2008-09 Tata Motors Limited In addition.280 units in FY 2008-09 compared to 3. Jaguar joined the programme with all manufacturing generated emissions from Castle Bromwich and Halewood being offset. The new 3.1% in FY 2008-09. Fixed marketing and selling costs have been reduced in line with sales volumes and headcount reductions implemented across all functions of more than 2000. Land Rover’s most fuel efficient to date featuring a new intelligent Stop/Start system.899 units in the corresponding period last year. in conjunction with Jaguar. Transition from Ford. Telco Construction Equipment Co.2% compared to 11. South Africa. Ltd. In addition JLR continues to work with Ford to separate its IT infrastructure and support systems. Lack of sufficient funds for vehicle financing and higher interest rates in the second half of the year due to global financial crisis.5 % in FY 200708. Land Rover revealed the upgraded Range Rover. Despite the economic climate JLR has successfully launched product upgrades over the past ten months.0 liter Diesel has also been acclaimed and is already regarded as the standard against which all other diesel-powered cars are being measured. a wider range of models and external styling and interior trim enhancements. The new models are intended to go on sale in the second half of 2009. announced a £800 million (over five years) programme specifically aimed at reducing carbon dioxide emissions. featuring powertrain changes giving significantly improved performance and fuel economy. In early 2009. Higher base effect which was a result of pre-purchases by the customers prior to switch over from Euro III to Euro IV. Brazil and China. Total sales of TDCV in FY 2008-09 stood at 9. Land Rover is pushing into emerging markets. which will be fitted as standard to all diesel manual Freelander 2s and effects a 7% improvement in CO2 emissions. Jaguar continued the theme of ‘beautiful fast cars’ established by the XK. France. Range Rover Sport and Discovery 4 models which feature a range of powertrain changes together with exterior and interior modification. Major markets transitioned to date include USA. went on sale giving up to a 20% improvement in fuel economy in real world test. Canada. In May 2009. demand saw a steep decline. The XFR has quickly established itself as the benchmark luxury sports saloon. remains true to its core values (it has only ever produced authentic and tremendously capable 4x4 vehicles) and is working very hard to improve quality. The loss of market share was mainly on account of vendor constraints.JLR is currently in the process of establishing operations in markets where we have previously operated as part of Ford legal entities. The customers were unable to source finance at reasonable rates and coupled with uncertainty in the economy. performance and capabilities – underlined by winning a number of comparison tests against significant opposition. effective January 1. which is supported by an industry leading carbon offset programme balancing emissions from the manufacture of all Land Rover vehicles as well as the first 45. 2008. However.312 units in FY 2007-08 last year helped TDCV to partially offset the decline of sales in the domestic market. Market share of TDCV in MHCV segment stood at 27. higher exports at 4.7% compared to FY 2007-08. particularly from BMW and Mercedes.

7. TTL is a top-3 solutions and software provider of leading Engineering and PLM products in all major economic geographies. 33 .79 crores as compared to Rs. combined disbursals for FY 2008-09 were Rs. 19. Exceptional items and Tax has declined from Rs. Thus the company was able to restrict its topline decline to 20%. projections. 140. TTL doubled its Profit after Tax with sustained focus highmargin business and streamlining of cost base with Growth in share of offshore business High utilization of manpower Tight cost management During the year. estimates. PLM and IT support services from a major Global Auto OEM.94 crores in 2008-09.m) (a technology from the Spanish acquisition).92% from Rs 9.6%. i) JLR business recorded a loss mainly due to lower volumes. among others. changes in the Government regulations. expectations may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Consequently. higher selling expenses and fixed costs /employee cost/depreciation which lower volumes could not fully absorb. ( A reference may be made to review of TML performance discussed and subsidiary performance discussed above). The book size at the end of March’09 for TMFL stood at Rs. while market share in CV segment stood at 35. It expanded presence in aerospace design and aero structures market with the help of strategic group alliances and enhanced capability and won several projects in the PLM consulting arena.62 crores in 2007-08 to Rs. ii) The notional foreign exchange valuation loss (net) on borrowing/deposits/loans given of Rs 339. d) The Consolidated Capital Employed of the Company as on March 31.415 crores a decline of 22. c) The PBT has decreased from Rs 3086. This also enabled the company to maintain its market share of its excavators and backhoe loaders segments while improving on the wheel loader segment. economic conditions affecting demand /supply and price conditions in the domestic and overseas markets in which the Company operates. NIM of vehicle financing business was ~ 4. In addition to factors mentioned in (b) .607. tax laws and other statutes and incidental factors. TTL won a multi-year multi-million dollar contract to provide Engineering Design. have recorded a negative growth of 11% during the current year mainly due to a significant downturn in the automotive volumes and general economic slowdown.29 crores in 2007-08 to Loss before tax of Rs 2129. Actual results could differ materially from those expressed or implied. contributing factors arei) Increase in financing cost due to acquisition debt. Tata Technologies Ltd (TTL) : During FY 2008-09. In passenger car financing.29 crores in 2008-09 as compared to net gain of Rs. the volumes financed by TMF in FY 2008-09 also witnessed a decline. which continue to be more conservative than as per the norms of Reserve Bank of India. Comments on Financial Performance on a Consolidated basis a) The sales net of excise duty on a consolidated basis excluding JLR sales.620 crore in FY 2007-08. CAUTIONARY STATEMENT Statements in the Management Discussion and Analysis describing the Company’s objectives. increased working capital requirements and capex for capacity and new product plan. 37. Important factors that could make a difference to the Company’s operations include. During the year.647. b) Profit before Interest. 160. 54 billion. FY 2008-09 market share stood at 29.67 crores was mainly due to inclusion of Jaguar and Land Rover Group in financial statements.growth.25 crores in the current year. Tata Motors Finance Ltd (TMFL) : Tata Motors undertakes its Vehicle Financing business through TMFL.8%.0%. TML (Vehicle Financing) and Tata Capital under the brand Tata Motor Finance (TMF).254. ii) TML and other subsidiaries recorded a negative growth in volumes which coupled with higher input costs lowered the operating profits. 2008. Key investments in its Kharagpur project was sustained in spite of slow down and commercial production is planned in October 2009. The significant negative variation is mainly attributable to the following major factors. Financial performance of TMFL was impacted by higher provisions for NPAs. The increase of Rs 17.12 crores as on March 31. In line with the volume performance of Tata Motors. 3668.73 crores in 2007-08. the company manufactured its first Indigenous 'Tata-Hitachi ZAXIS 75' and 'Tata-Hitachi ZAXIS 370' Hydraulic Excavators and TM06 Transit Mixer (6 cu. 2009 was at Rs.

As part of the Tata group. 2008 . 2009. Risk management and internal control functions have been geared up to meet the progressive governance standards. 1. out of the Board composition of 12 Directors.2. January 30.33%) were Non-Executive Directors. many of which were in place even before they were mandated by adopting highest standards of professionalism. The Board would therefore have a fiduciary relationship and a corresponding duty to all its stakeholders to ensure that their rights are protected. the Company's philosophy on Corporate Governance is founded upon a rich legacy of fair. onerous responsibilities to improve the Company's operating efficiencies. 2009 in the Company are as follows: 34 . The Company has a Non-Executive Chairman and the 6 Independent Directors comprise of half of the total strength of the Board. 2008. a few years ago.4. The Board of Directors along with its Committees provide leadership and guidance to the Company’s management and directs. Through the Governance mechanism in the Company. The appointment of the Managing Director and the Executive Director(s). being elected by the shareholders. community and the Government (of countries in which the Company operates) are of paramount significance to the Company and its shareholders. memberships/chairmanships in public companies (including the Company) and their shareholding as on March 31.1. 2. August 20. the Board along with its Committees endeavours to strike the right balance with its various stakeholders. October 8. its subsidiaries. vendors. 2008. employees. All Non Executive Directors are liable to retire by rotation.3. 2009. 2008. 2009. 2. Since shareholders are residual claimants.The Company is in full compliance with the requirements of Corporate Governance under Clause 49 of the Listing Agreement with the Indian Stock Exchanges (“the Listing Agreement”). The required information as enumerated in Annexure IA to Clause 49 of the Listing Agreement is made available to the Board of Directors for discussions and consideration at Board Meetings. December 15. The Board reviews the declaration made by the Managing Director and the Executive Director regarding compliance with all applicable laws on a quarterly basis as also step taken to remediate instances of non compliance. During the year under review. directors and employees.1. number of directorships. 2009 and March 25. August 5. The maximum time-gap between any 2 consecutive meetings did not exceed 4 months. attendance at Board Meetings held during the Financial Year under review and at the last Annual General Meeting. including the tenure and terms of remuneration are also approved by the members. customers.Sixty-fourth annual report 2008-09 Tata Motors Limited REPORT ON CORPORATE GOVERNANCE 1. integrity and ethical behaviour. 9 Board Meetings were held on May 28. The Company's Depository Programme being listed on the New York Stock Exchange. the value creation and sustainability of all the other stakeholders viz. 11 Directors (91. COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE 1.2. All the Directors have made necessary disclosures regarding Committee positions held by them in other companies and do not hold the office of Director in more than 15 public companies. The composition of the Board. 2008. The Corporate Governance philosophy has been further strengthened with the implementation. the Company also complies with US regulations as applicable to Foreign Private Issuers (non-US listed companies) which cast upon the Board of Directors and the Audit Committee. As on March 31. out of which 10 (83. the Board of Directors comprised of 12 Directors. As of date. creditors. is their representative and a bridge between them and the executive management. the Tata Code of Conduct applicable to the Company.67%) comprises of Non-Executive Directors. honesty. The Board. The Managing Director (CEO) and the Chief Financial Officer (CFO) have certified to the Board in accordance with Clause 49 (V) of the Listing Agreement pertaining to CEO and CFO certification for the Financial Year ended March 31. October 31. 2008. by the Company of the Tata Business Excellence Model. THE BOARD OF DIRECTORS 2. None of the Directors of the Company are related to each other. July 30. ethical and transparent governance practices. supervises and controls the performance of the Company. 2008. None of the Directors on the Company’s Board is a Member of more than 10 Committees and Chairman of more than 5 Committees (Committees being. 2. 2. Audit Committee and Investors’ Grievance Committee) across all the companies in which he is a Director. All the Independent Directors have confirmed that they meet the ‘independence’ criteria as mentioned under Clause 49 of the Listing Agreement.

Promoter Non-Executive. given below is a gist of the responsibilities of the Audit Committee: 35 . 2009 have affirmed compliance with their respective Codes of Conduct. Independent Non-Executive.e. Yes Yes 10 1 3 2 3 2 1 5 3 1 5 7 5 8 5 7 8 10 12 2 4 7 3 3 3 4 4 4 2 2 5 4 2 5 6 1 187346 0 4815 0 3750 0 300 0 0 0 0 0 3180 21836 0 1300 0 0 0 0 0 0 0 0 0 500 Non-Executive Chairman. 2009 (4) (8) upto and as on January 30. 2009 (3) (7) Tata Steel Representative Appointed as the non-executive Vice-Chairman w. Whilst. 2009 2.f. Responsibility and Reporting functions in accordance with the Companies Act 1956. Authority. Promoter Non-Executive. Independent Non-Executive. Independent Non-Executive.Name of the Director Ratan N Tata N A Soonawala J J Irani (3) V R Mehta (4) N N Wadia S M Palia R A Mashelkar S Bhargava(5) N Munjee(5) V K Jairath(6) Ravi Kant (7) P M Telang (8) (1) (2) Category No. The Committees operate as empowered agents of the Board as per their Charter/ terms of reference. 2009 Appointment as the Managing Director-India Operations w.Targets set by them as agreed with the management are reviewed periodically and mid-course corrections are also carried out.f. The minutes of the meetings of all Committees of the Board are placed before the Board for discussions / noting. 2008 (6) includes only Audit and Investors’ Grievance Committees Appointed as an Additional Director w.A. All the Board members and senior management of the Company as on March 31. the full Charter is available on the Company’s website.e. the Committees and the senior management functions is illustrated alongside. Promoter excludes Directorships in private companies. N. THE COMMITTEES OF THE BOARD To focus effectively on the issues and ensure expedient resolution of diverse matters. Independent Non-Executive. Independent Non-Executive. 3.f March 31. Independent Managing Director Executive Director R Gopalakrishnan Non-Executive.1.f July 25. Promoter Non-Executive. Code of Conduct: Whilst the Tata Code of Conduct is applicable to all Whole-time Directors and employees of the Company. the Board has also adopted a Code of Conduct for Non-Executive Directors. A Declaration to this effect. June 2.A. the Board has constituted a set of Committees with specific terms of reference/scope. N. of Board Meetings in the year 8 9 7 8 7 7 8 8 5 7 0 9 8 Attendance Directorships (1) Committee positions (2) Shareholding at the last Chairman Member Chairman Member Ordinary ‘A’ Ordinary AGM Shares Shares Yes Yes Yes Yes Yes No No Yes N. The relationship between the Board. listing requirements and US regulations applicable to the Company and is reviewed from time to time.5. AUDIT COMMITTEE 4.e. The Audit Committee functions according to its Charter that defines its Composition.e. both of which are available on the Company’s web-site. duly signed by the Managing Director (CEO) is annexed hereto. Independent Non-Executive. 4.A. June 2. foreign companies and associations (5) Appointed as an Additional Director w.

Analysis of the effects of alternative GAAP methods on the financial statements. The Committee comprises of 3 Independent Directors. j. Discussing with the external auditor before the audit commences. Reviewing the functioning of the Whistle-Blower and the legal compliance mechanism. evaluating auditors’ performance.4. • Overseeing the Company’s financial reporting process and the disclosure of its financial information. Compliance with listing and other legal requirements concerning financial statements.Sixty-fourth annual report 2008-09 Tata Motors Limited a. h. removal. Reviewing the findings of any internal investigation by the internal auditor into matters involving suspected fraud or irregularity or a failure of internal control systems of a material nature and report the matter to the Board. 4. Mr S M Palia is the financial expert. rights issue. results of Operations and the Directors’ Responsibility Statement. Recommending the appointment/removal of the statutory auditor. d. all of whom are financially literate and have relevant finance and/or audit exposure. Review Reports on the Management Discussion and Analysis of financial condition. • Disclosures made under the CEO and CFO certification and related party transactions to the Board and Shareholders. m. and making appropriate recommendations to the Board to take up steps in this matter. e. the Committee reviewed over 105 audit reports covering operational. k. shareholders (in case of non-payment of declared dividend) and creditors. performance and terms of remuneration of the chief internal auditor. focusing primarily on: Compliance with accounting standards and changes in accounting policies and practices. coverage and frequency of internal audit. the statement of uses / application of funds raised through an issue (public issue. the statement of funds utilized for purposes other than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue. • • • • • • b. sufficient and credible.). Discussing with the internal auditor and senior management significant internal audit findings and follow-up thereon. Audit Qualifications and significant adjustments arising out of audit.3. 36 . l. Reviewing the Company’s financial and risk management policies. including earnings press release. Reviewing. The quorum of the Committee is two members or one-third of its members. appointment. external auditor and internal auditor. g. fixing audit fees and approving non-audit/ consulting services provided by the statutory auditors’ firms to the Company and its subsidiaries. whichever is higher. Reviewing the effectiveness of the system for monitoring compliance with laws and regulations. the nature and scope of audit. During the year. Reviewing the financial statements and investments made by subsidiary companies. as well as conduct post-audit discussions to ascertain any area of concern. Key Management personnel presented their risk mitigation plan to the Committee. financial and compliance areas. c. The Chairman of the Audit Committee briefs the Board members about the significant discussions at Audit Committee meetings. i. to ensure that the financial statements are correct. It also reviewed the internal control system in subsidiary companies. status on compliance of its obligations under the Charter and confirmed that it fulfilled its duties and responsibilities. Major accounting entries involving estimates based on exercise of judgment by Management. adequacy of internal control systems and recommending improvements to the management. debentureholders. Reviewing with the management. qualifications and independence. preferential issue.The Committee through self-assessment evaluates its performance. Reviewing the quarterly financial statements before submission to the Board. Reviewing the adequacy of internal audit function. Look into the reasons for any substantial defaults in payment to the depositors. f. 4. etc. if any. with the management. 4.2.

Management is responsible for the preparation. 2009. During the year under review. 5. The Committee relies on the expertise and knowledge of management. 2008. performance/track record. July 14. It also uses external expertise. 2008. August 20.4. Chairman retired on Jan 30. the Executive Director. 5.4. Management is also responsible for internal control over financial reporting and all procedures are designed to ensure compliance with accounting standards. 2008. November 21.3. The Company pays remuneration by way of salary. The Business and Operation Heads are invited to the meetings. is responsible for performing an independent audit of the Financial Statements and expressing an opinion on the conformity of those financial statements with accounting principles generally accepted in India. effectiveness and quality of the Company’s system of internal control.e. perquisites and allowances (fixed component). macro economic review on remuneration packages of heads of other organisations and is decided by the Board of Directors. Remuneration Policy a. 2008. The Chairman of the Remuneration Committee was not present at the last Annual General Meeting due to some prior urgent commitments. 2009. 4.2008. The Committee meetings are held at the Company’s Corporate Headquarters or at its plant locations and are usually attended by the Managing Director. July 29. The remuneration of the Managing and the Executive Directors is recommended by the Remuneration Committee based on criteria such as industry benchmarks. 1 Remuneration Committee meeting was held on May 28. REMUNERATION COMMITTEE 5.5. if required. During the period under review. January 29.2. The Remuneration Committee of the Company is empowered to review the remuneration of the Managing Director and the Executive Director. the Company’s performance vis-à-vis the industry. March 26. the Statutory Auditor and the Cost Auditor. the internal auditors and the independent Statutory Auditor in carrying out its oversight responsibilities. 4. 5. 2009 and Mr N Munjee was appointed as the Chairman of the Audit Committee w. 10 Audit Committee meetings were held on May 27.8. The Remuneration Committee comprises of 2 Independent Directors (including the Chairman of the Committee) and 2 Non-Executive Directors. June 30. The Internal Audit function headed by the Chief Internal Auditor. incentive remuneration and/or commission (variable components) to its Managing and Executive Directors. accounting and financial reporting principles.f. applicable laws and regulations as well as for objectively reviewing and evaluating the adequacy. 2009. 37 . The Company Secretary acts as the Secretary of the Audit Committee. responsibilities shouldered. The composition of the Audit Committee and attendance at its meetings is as follows: Composition Meetings attended V R Mehta(1) 9 N Munjee(1) (Chairman) 0 S M Palia 9 R A Mashelkar 9 (1) Mr V R Mehta. 2008. The Chairman of the Audit Committee also attended the last Annual General Meeting of the Company.6. The composition of the Remuneration Committee and attendance at its meeting is as follows:Composition Meetings attended (1) part of the year N N Wadia (Chairman) Ratan N Tata N A Soonawala V R Mehta(1) S Bhargava (1) 1 1 1 1 0 5.7. 4. and February 24. the Company’s independent Statutory Auditor. retirement benefits to be paid to them under the Retirement Benefit Guidelines approved by the Board and deal with matters pertaining to Employees’ Stock Option Scheme. presentation and integrity of the Company’s financial statements including consolidated statements.1. 2008. reports to the Audit Committee to ensure its independence. 2008. Deloitte Haskins & Sells (Deloitte). August 25. annually. 2008. the Chief Internal Auditor. Annual increments are decided by the Remuneration Committee within the salary scale approved by the Members and are effective from April 1. as required. October 30.

80 2.17 11.2.01 40. 2012 The Contract may be terminated by either party giving the other party six months’ notice or the Company paying six months’ salary in lieu thereof.45 - Taking into consideration the performance and plans of the Company on a stand alone basis. Service Contracts.5.The sitting fees paid/payable to the non-Whole-time Directors is excluded whilst calculating the above limits of remuneration in accordance with Section 198 of the Act. 5. Executive Committee.40 Name S Bhargava (1) N Munjee (1) V K Jairath (1) (Rs. The Presidents and the Vice Presidents took a voluntary cut of 10% on thier basic salary for the period January to March 2009 due to the economic downturn.34 (1) Payable in FY 09-10 (2) Excludes provision for encashable leave and gratuity as separate actuarial valuation is not available The Whole-time Directors also took a voluntary cut of 10% on their basic salary for the period January to March 2009 due to the economic downturn. in Lacs) Retirement Benefits (2) 17.00 200. 5. 38 . 2005 to June 1.for Investors’ Grievance Committee.3.2 crores (Previous Year: Rs. Executive Director(2) July 29.Sixty-fourth annual report 2008-09 Tata Motors Limited A sitting fee of Rs. The Company also reimburses out-of-pocket expenses to Directors attending meetings held at a city other than the one in which the Directors reside. his individual performances.60 4. 2009. c. approved the payment of remuneration by way of commission to the non-Whole-time directors of the Company. Please see Notice of Annual General Meeting for details. The Directors’ remuneration and sitting fees paid/payable in respect of the Financial Year 2008-09 is given below:5.5.45 2. (2) Appointed as Managing Director-India Operations w. 2009 May 18. The annual variable pay of senior managers is linked to the Company’s performance in general and their individual performance for the relevant year is measured against specific major performance areas which are closely aligned to the Company’s objectives. for a period of 5 years commencing April 1. June 2.30 33.45 3. allowances and performance incentives. Remuneration of employees largely consists of basic remuneration. Severance Fees and Notice Period Terms of Agreement Period of Contract Severance fees Mr Ravi Kant.e. The Company has not issued any stock options to its Directors/employees.05 3.000/. Sitting Fees 3.60 Name R Gopalakrishnan N N Wadia S M Palia R A Mashelkar Sitting Fees 2. 2009 approved of a commission of Rs.2. Ethics & Compliance Committee and Rights Committee is paid to its Members (excluding Managing and Executive Director).for attendance at each meeting of the Board.5. Non-Executive Directors Name Ratan N Tata N A Soonawala J J Irani V R Mehta (1) (1) part of the year b. etc.95 Perquisites & Allowances 42.5. (1) Appointed as Vice Chairman in Non-Executive capacity w.5 crores) to be distributed amongst the Non-Executive Directors for the Financial Year 2008-09. calculated in accordance with the provisions of the Act. On a review of the Company's consolidated performance. The components of the total remuneration vary for different employee grades and are governed by industry patterns. 2008. the Board at its meeting held on May 29. 2008.e. of a sum not exceeding 1% per annum of the net profits of the Company. June 2. Managing Director(1) Mr P M Telang. Remuneration Committee and Nominations Committee and Rs. 2009. The Members had.3.6. perquisites. at the Board Meeting held on June 26.60 3.1.f.5. at the Annual General Meeting held on July 24. The remuneration by way of commission to the non-executive directors is decided by the Board of Directors and distributed to them based on their contribution and attendance at the Board and certain Committee meetings as well as time spent on operational matters other than at the meetings. responsibilities handled by him.65 Commission 310. 2009 the Board unanimously decided to rescind the earlier resolution on payment of commission to Non-Executive Directors. in Lacs) Sitting Fees 1. Audit Committee.00 1.20. 5.000/. 2007 to May 17. d.f. No commission is therefore paid / payable and the Non-Executive Directors would not be entitled to any commission for the Financial Year 2008-09. Whole-time Directors Name Mr Ravi Kant Mr P M Telang Salary 62. 5.00 (1) (Rs. qualifications and experience of the employee.

6.com Complaints or queries relating to the shares can be forwarded to the Company’s Registrar and Transfer Agents – M/s TSR Darashaw Ltd. 2008 and November 21.3. the retiring Managing Director is entitled to residential accommodation or compensation in lieu of accommodation on retirement. Compliance Officer Mr H K Sethna.2.. Retirement Policy for Directors On the recommendation of Tata Sons Ltd. non-receipt of annual reports. who is the Compliance Officer. interest/dividend payments.2009 Other Queries received from shareholders and replied Equity Shares 1867 22 1889 Nil 10447 All letters received from the investors are generally replied to within 15 days. 2 Investors’ Grievance Committee meetings were held on July 24. offering special retirement benefits including pension. Mr R Gopalakrishnan. 24. INVESTORS’ GRIEVANCE COMMITTEE 6. In addition to the above. Independent Director as the Chairman. Homi Mody Street.85 0.in. can be contacted at:Tata Motors Limited. co-ordination with the Company Advocate etc. The quantum and payment of the said benefits are subject to an eligibility criteria of the retiring director and is payable at the discretion of the Board in each individual case on the recommendation of the Remuneration Committee. Managing Director (now Vice Chairman).18 9. During the year under review.5. issue of duplicate certificates. Mumbai – 400 001. Bombay House. India Tel: 91 22 6665 8282. The Investors’ Grievance Committee comprises of Mr S M Palia. 2008 which were attended by all the members. The response time for attending to investors’ correspondence during 2008-09 is shown in the following table : Total number of correspondence received during 2008-09 Replied within 1 to 4 days of receipt Replied within 5 to 7 days of receipt Replied within 8 to 15 days of receipt Replied after 15 days of receipt(1) Received in last week of March 2009 and replied in April 2009 Number 12336 7235 3846 1141 105 9 % 100. is as follows:Complaints regarding non-receipt of dividend/interest.com. The status on the total number of complaints received during the FY 2008-09.co. 91 22 6665 7824 / Fax: 91 22 6665 7260 / Email: inv_rel@tatamotors. 39 . the Company has adopted the Guidelines for retirement age wherein Managing and Executive Directors retire at the age of 65 years whilst all the Non-Executive Directors retire at the age of 75 years. ex-gratia. shares lodged for transfer Complaints received from the shareholders through SEBI and other Statutory Bodies and resolved Complaints redressed out of the above Pending complaints as on 31. at csg-unit@tsrdarashaw.3. whereas complaints or queries relating to the public fixed deposits can be forwarded to Registrars to the Fixed Deposits Scheme – M/s Link Intime India Private Limited at tmlfd@linkintime.65 31. Executed documents received for issue of duplicate certificates and transmission of shares without legal representation which involved checking of documents. Non-Executive Director and Mr Ravi Kant.25 0. sending notices to Stock Exchanges and issuing duplicate certificates/ transmission of shares after approval from the Company. medical and other benefits. transmission (with and without legal representation) of shares and debentures and other miscellaneous complaints.1.00 58. Company Secretary. 6. Registration of legal documents which involved checking of documents/retrieval of old records prior to registration. 6.07 (1) These correspondence pertained to: Court cases which involved retrieval of case files from records. The Company has also adopted a Retirement Policy for Managing and Executive Directors which has also been approved by the Members of the Company. The Investors’ Grievance Committee of the Board is empowered to oversee the redressal of investors’ complaints pertaining to share/debenture transfers.7.

68 complaints pertained to letters received through Statutory/ Regulatory bodies and those related to Court/ Consumer forum matters.3. During the year. the organizational structure of the Company. On recommendations of the Investors’ Grievance Committee. 2009. fraudulent encashment and non-receipt of dividend amounts. Out of the above. During the year under review. 40 . 2008. 2008. the Company has taken various investor friendly initiatives like sending reminders to investors who have not claimed their dues. the Board of Directors also constitutes Committee(s) of directors with specific terms of reference. The composition of the Nominations Committee and attendance at its meetings is given hereunder:Composition Meetings attended N N Wadia (Chairman) 1 Ratan N Tata 2 N A Soonawala 2 S M Palia 2 7. 2009. the Donations Committee passed 4 Circular Resolutions. February 9. long-term business strategies and plans. 2 Nominations Committee Meetings were held on May 28. 7. acts as the Compliance Officer under the said Code.1.4. 2009. 2008 which were attended by all the members. 6. The Ethics and Compliance Committee comprises of Mr S M Palia. March 10. 2009. sending nominations forms. The composition of the Executive Committee of Board and attendance at meetings. launching an odd lot scheme. allotment of shares and/or debentures. 2008 and November 21. launching a shareholders discount scheme. complaints and suggestions received from investors are considered and addressed appropriately. 2008 and March 25. Apart from the above. Chief Financial Officer. OTHER COMMITTEES 7. comprising of the Managing Director and the Senior Management which meets from time to time to fulfill the community and social responsibilities of its stakeholders. 7. July 8.Sixty-fourth annual report 2008-09 Tata Motors Limited 6. Non-Executive Director. During the year under review. The Executive Committee of Board reviews capital and revenue budgets. The Executive Committee of the Board formed a Donations Committee in September 2003 and a Corporate Social Responsibility (CSR) Committee in January 2006. acquisitions and divestment. real estate and investment transactions.The Committee also discusses the matters pertaining to legal cases.5. 6 Committee meetings were held on April 30. as it may deem fit. etc.5 7. new business forays and donations. Consequent upon amendments made by SEBI under Insider Trading Regulations SEBI (Prohibition of Insider Trading) Regulations 1992 and based on recommendations made by Tata Sons Limited. The Nominations Committee of the Board was constituted with the objective of identifying independent directors to be inducted on the Board from time to time and to take steps to refresh the constitution of the Board from time to time. There were no pending share transfers and complaints pertaining to the Financial Year ended March 31. take on record the monthly reports on dealings in securities by the “Specified Persons” and decide penal action in respect of violations of the applicable regulations / the Code. borrowing and other routine matters. November 24. 2008. Critical feedback.4. 2009 and March 31. arranging factory visits.7 The Ethics and Compliance Committee was constituted to formulate policies relating to the implementation of the Tata Code of Conduct for Prevention of Insider Trading (the Code).6 7. During the year under review.2. Mr C Ramakrishnan. 2 meetings of the Committee were held on July 24. Independent Director as the Chairman and Mr R Gopalakrishnan. 7. is given hereunder:Composition Meetings attended (1) part of the year Ratan N Tata (Chairman) 6 NA Soonawala 5 J J Irani 6 R N N Gopalakrishnan Wadia 6 4 Ravi Kant 6 PM Telang(1) 1 7. the Company has revised the said code during the year.

The Company does not have any material non-listed Indian subsidiary company and hence. 9. (ii) Special Resolution: Alteration of the Articles of Association of the Company. 2008.32 2. as the Scrutinizer for conducting the postal ballot voting process. of No.05 2. Mumbai – 400 020 Time 3:00 p.69 97. SUBSIDIARY COMPANIES 8.000 crores. pertaining to:(i) Ordinary Resolution: Increase in the Authorised Share Capital and the alteration of the Capital Clause in the Memorandum of Association of the Company. (iv) Ordinary Resolution: Increase in borrowing limits up to Rs.1.95 2. of Ballot Invalid Papers Votes 1230 1657 1658 1696 1751 1570830 1655534 1655732 1658673 1671523 Total No of Shares 287665661 287716556 287236773 287660128 287694872 97. (iii) All postal ballot forms received/receivable up to the close of working hours on July 9.2 No.300 crores. 2008.4 No.4. etc. had not been considered for her scrutiny. Thackersey Marg. of Votes against 6608488 6626562 6613710 5868619 5871851 % Invalid Votes No.2.1 No.1.2. 2006 Year 2007-2008 2006-2007 2005-2006 Type Annual General Meeting Venue Birla Matushri Sabhagar. Shirin Bharucha. of Votes in favour 279486343 279434460 278967331 280132836 280151498 % No. Sir Vithaldas. The Audit Committee also has a meeting wherein the CEO and CFO of the subsidiary companies make a presentation on significant issues in audit. (ii) The Postal Ballot process was carried out in a fair and transparent manner. The postal ballot forms had been kept under her safe custody in sealed and tamper proof ballot boxes before commencing the scrutiny of such postal ballot forms.31 2.95 97. internal control. of Ballot Papers Resolution Resolution Resolution Resolution Resolution No. 19.2 Voting Pattern and Procedure for Postal Ballot: (i) The Board of Directors of the Company had. 2008. (iii) Special Resolution: Raising of additional long term resources up to Rs.m.5 11665 11140 11197 10959 10891 In favour No.000 crores. Location and time of General Meetings in the past 3 years: Date July 24. it is not required to have an Independent Director of the Company on the Board of such subsidiary company. Apart from disclosures made in the Director’s Report there were no strategic investments made by the Company’s non-listed subsidiaries during the year under review. GENERAL BODY MEETINGS 9. risk management.32 2.2.05 41 . 9.20.8.1 The Company had successfully completed the process of obtaining the approval of its Members under Section 192A of the Companies Act. 1956. (v) The results of the Postal Ballot were announced on July 14. appointed Ms.20. The minutes of all the subsidiaries are placed before the Board of Directors of the Company and the attention of the Directors is drawn to significant transactions and arrangements entered into by the subsidiary companies. Postal Ballot: 9.2. 8. at its meeting held on March 11. (v) Ordinary Resolution: Creation of Charges up to Rs. 2008. 9. 2008 July 9. had been considered by her in her scrutiny. (iv) Envelopes containing postal ballot forms received on/after July 9. the last date and time fixed by the Company for receipt of the forms. 2008 at the Registered Office of the Company as per the Scrutinizer’s Report as under : Particulars No. 2007 July 11. of Ballot Papers 209 307 249 449 462 Against No. The results were announced on July 14.68 97.68 97.3 No. Legal Consultant.

42 .3. on the merit and contribution of each Director. Training of Board Members: The Directors interact with the management in a very free and open manner on information that may be required by them.www. there were no other materially significant related party transactions that may have potential conflict with the interests of the Company at large. At its meeting held on July 25.1. The Quarterly / Annual Financial Results are also put up on the Company’s website. the Company does not reimburse expenses incurred by him for maintenance of a separate Chairman’s office. 10. All resolutions moved at the last Annual General Meeting were passed by a show of hands by the requisite majority of members attending the meeting. The disclosures reported are addressed in the manner and within the time frames prescribed in the Policy. the Board of Directors has adopted the Revised Guidelines (2006) regarding the retirement age of Directors.Sixty-fourth annual report 2008-09 Tata Motors Limited 9.2. None of the items to be transacted at the ensuing meeting is required to be passed by postal ballot. The Independent Directors are encouraged to attend training programmes that may be of relevance and interest to the Directors in discharging their responsibilities to the Company’s stakeholders.nic / Corporate Filing And Dissemination System (CFDS). The Nomination Committee takes into consideration the above and other criteria such qualifications and expertise whilst recommending inductions on the Board.4.3. No penalties or strictures have been imposed by them on the Company. The Audit Committee and the Board have adopted a Whistle-Blower Policy which provides a formal mechanism for all employees of the Company to approach the Management of the Company (Audit Committee in case where the concern involves the Senior Management) and make protective disclosures to the Management about unethical behaviour.3000 crores or its equivalent of incremental funds of the Company. including summary of significant events in the last six months. Remuneration Committee: Details are given under the heading ‘Remuneration Committee’. 9. The Company has complied with various rules and regulations prescribed by Stock Exchanges. there was no audit qualification in the Company’s financial statements. The Company continues to adopt best practices to ensure a regime of unqualified financial statements. an Independent Director has completed a tenure of 9 years on the Company’s Board. Besides the transactions mentioned elsewhere in the Annual Report. The status of compliance in respect of non-mandatory requirements of Clause 49 of Listing Agreement is as follows:Chairman of the Board: As the Chairman has a separate office. 10. Audit Qualifications: During the year under review. 2006. Orientation and factory visits are arranged for new Directors. 10. The Company affirms that no employee of the Company has been denied access to the Audit Committee. DISCLOSURES 10. the Board is encouraged to seek a balance between change and continuity. 2008 July 9.sebiedifar. Shareholder Rights: A half yearly declaration of financial performance. Securities and Exchange Board of India or any other statutory authority relating to the capital markets during the last 3 years. 2007 July 11. A tenure of nine years may be considered a threshold for granting further tenure/s based. 10. In line with best practice to continuously refresh the Board’s membership. inter alia. Mr N N Wadia. besides being available on the SEBI’s website. is sent to all the shareholders. actual or suspected fraud or violation of the Company’s Code of Conduct or ethics policy. 2006 Summary Commission to non Whole-time Directors Change in place of keeping registers/records Raising of additional long term resources not exceeding Rs.4. The following are the Special Resolutions passed at General Meetings held in the past 3 years: Date of meeting July 24.

2. Financial Calendar Financial Year Date of Book Closure Dividend Payment Date Ending March 31 August 5. Shareholding Pattern. The Dividend warrants will be posted on or after August 26. 2009 12. Financial Results.1. 2004 through the conversion of its existing International Global Depositary Shares (GDSs) into American Depositary Shares (ADSs). Please also refer to the section on ‘Outstanding Securities’ for details pertaining to international listing of Foreign Currency Convertible Notes. 2009 (both days inclusive) August 26. Shareholding Pattern of the Company are posted through Corporate Filing and Dissemination System (CFDS). 12. MEANS OF COMMUNICATION The Quarterly. 11. Mumbai 400 020 12. BSE INE155A01014 IN 9155A01012 500570 570001 Stock Code NSE TATAMOTORS TATAMTRDVR b) ADRs Type ADR Ticker Symbol TTM Description Common Shares CURRENCY INR ISIN US8765685024 CUSIP 876568502 SEDOL B02ZP96US 43 . The Annual Report. Half Yearly and Annual results are regularly submitted to the Stock Exchanges in accordance with the Listing Agreement and are generally published in Indian Express. August 25. 12.3. Listing The Company’s securities are listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE). a portal which is a single source to view information filed by listed companies. Annual General Meeting 12.tatamotors. These results are simultaneously posted on the Company’s web-site www. Sir Vithaldas Thackersey Marg.f September 27. Annual Reports.4.m. GENERAL INFORMATION FOR MEMBERS Date and Time Venue Tuesday. 12. 19. 2009 to August 25.Mechanism for evaluating non-executive Board members: The performance evaluation of nonexecutive members is done by the Board annually based on criteria of attendance and contributions at Board/Committee Meetings as also for the role played other than at Meetings.com and the website is updated with the latest information.The information regarding the performance of the Company is shared with the shareholders every six months through a half yearly communiqué and the Annual Report. presentations made to Analysts etc. The ‘Investor Relations’ section serves to inform the investors by providing key and timely information like details of Directors. Whistle Blower Mechanism: The Company has a Whistle-Blower Policy and the appropriate mechanism in place. Members also have the facility of raising their queries/complaints on share related matters through a facility provided on the ‘Investor Relations’ section. 2009.5. Hard copies of the said disclosures and correspondence are also filed with the Stock Exchanges. International Listing The Company’s Depositary Receipts Programme was listed on the New York Stock Exchange (NYSE) w. Financial Express and Loksatta (Marathi). The official news releases and presentations made to institutional investors / analysts are also posted on the Company’s website. 2009 at 3:00 p. Quarterly Results. Please refer to ‘DISCLOSURES’ given above. The following are the listed details of the Company shares/ADRs a) Shares Type Ordinary Shares ‘A’ Ordinary Shares ISIN No. Birla Matushri Sabhagar.e.

00 280.90 140. of Shares 662.35 396. 12. Two-way Fungibility of Depositary Receipts The Company offers foreign investors the facility for conversion of Ordinary Shares and ‘A’ Ordinary Shares into American Depositary Receipts within the limits permissible for two-way Fungibility.) Low (Rs.35 158.Sixty-fourth annual report 2008-09 Tata Motors Limited 12.60 447.30 439.monthly high/low and trading volumes on BSE/NSE depicting liquidity of the Company’s Ordinary Shares and ‘A’ Ordinary Shares on the said exchanges is given hereunder:a) Ordinary Shares Month Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Bombay Stock Exchange Limited High (Rs.85 186.20 690.25 343.70 131.00 293.00 158.20 140.00 172.25 147. The Performance of the Company’s Stock Price vis-à-vis Sensex and Auto Index and ADR: Index 120 Total Auto Index Tata Motors BSE Sensex 120 100 100 80 80 60 60 40 40 31 20 20 0 1-April-08 16-May-08 30-June-08 11-Aug-08 24-Sep-08 10-Nov-08 26-Dec-08 10-Feb-09 0 27-Mar-09 Note: All figures rebased to April 1.90 612.50 691. as announced by the Reserve Bank of India vide its circular dated February 13.20 128.80 613.60 134.) No. of Shares 250.45 149.60 198. High (Rs. of Shares 664.00 126.95 188.) No.70 426.00 8372 70 171 30 70 12.70 2869661 3191905 3129367 3501557 4482564 5331649 12408908 14773970 17047001 11494736 13536232 30438555 National Stock Exchange of India Ltd. of Shares 278.95 437.25 576.) No.90 130.) No.00 257.30 267.) Low (Rs.60 395.6.25 344.45 570.25 193.05 377.00 182. Market Information Market price data .50 376.05 126.85 447.60 132.45 440.50 4649 17 60 11 64 National Stock Exchange of India Ltd.45 128.70 575.40 132.85 188.50 136.00 164.40 164.8.10 185.20 437. 2008 = 100 44 .70 150.00 188.7.90 426.65 14208393 16482216 17883829 15102821 15629326 21842164 32993823 49664949 49731302 40019663 43546205 104344704 b) ‘A’ Ordinary Shares Month Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Bombay Stock Exchange Limited High (Rs. 2002.75 339.65 193.55 570.) Low (Rs. High (Rs.) Low (Rs.35 113.80 136.00 136.90 175.95 187.80 339.40 255.00 208.

Senior Executives of the Company are empowered to approve transfer of shares and debentures and other investor related matters. Mumbai – 400 011. Fort.33 4. Fax : 033 – 22883062.com Agent: Shah Consultancy Services Limited: 3-Sumathinath Complex. etc.co.2594 -6960.2/42. Unit: Tata Motors Limited. LBS Marg.380 006 Tel: 079–2657 6038. e-mail : csg-unit@tsrdarashaw.com 3 Tata Centre. 5th Floor. 197/199 D N Road. The audit confirms that the total issued/paid up capital is in agreement with the aggregate of the total number of shares in physical form and the total number of shares in dematerialised form (held with NSDL and CDSL).12. are processed by the Registrars within 15 days.51 9.15 13.com 2 Bungalow No.41 5. The monthly high and low of the Company’s ADRs is given below: Month Apr-08 May-08 Jun-08 High 16. Share Transfer System Securities lodged for transfer at the Registrar’s address are normally processed within 15 days from the date of lodgement. Mahalaxmi. Opp.75 Month Jan-09 Feb-09 Mar-09 High 5.15 13. if the documents are clear in all respects. Ellisbridge.com ii. Daryaganj. Davar House. Bistupur. 84. For the convenience of investors based in the following cities.84 Low 8. Fax : 011 – 23271802. Email: shahconsultancy8154@gmail.01 3. Mumbai 400 001. 43.85 3. website:www.560 001 Tel : 080– 25320321. Registrar and Transfer Agents:For Share related matters. Tel 022-22694127.32 Low 15.64 3. Northern Town.10 4. Haji Moosa Patrawala Industrial Estate. Fax: 022. Dr. email : tmlfd@linkintime. Secretarial Audit Pursuant to Clause 47(c) of the Listing Agreement with the Stock Exchanges. Pannalal Silk Mills Compound. Jamshedpur – 831 001 Tel: 0657 – 2426616. delivery and correspondence: TSR Darashaw Limited. 45 .85 9. mandates. Mahatma Gandhi Road.97 Month Jul-08 Aug-08 Sept-08 High 10. e-mail : tsrdlcal@tsrdarashaw.9. Pritamnagar Akhada Road.1. Email : tsrdljsr@tsrdarashaw. Sant Vihar. “E” Road.29 Month Oct-08 Nov-08 Dec-08 High 7. 12. Bhandup(West). New Delhi – 110 002 Tel : 011 – 23271805. e-mail : tsrdlbang@tsrdarashaw.10.93 Low 3.6656 8494.10 (in US $) Low 4.14 12.26 7. e-mail : tsrdldel@tsrdarashaw. on halfyearly basis. Members are requested to correspond with the Company’s Registrar and Transfer Agents – M/s TSR Darashaw Limited quoting their folio no. Fort Unit : 203.com. at the following addresses:i. 20. Bhandup Unit : C 13. Ahmedabad . All requests for dematerialization of securities are processed and the confirmation is given to the depositories within 15 days.in 12. Next to Central Camera Building. A qualified Practicing Company Secretary carried out a Secretarial Audit to reconcile the total admitted capital with NSDL and CDSL and the total issued and listed capital. Tel: 022-6656 8484. have been issued by a Company Secretary-in-Practice for due compliance of share transfer formalities by the Company.12. Kolkata – 700 071 Tel : 033 – 22883087.com For Fixed Deposits. Fax: 0657 – 2426937. Grievances received from investors and other miscellaneous correspondence on change of address.11. For transfer lodgement. 1st Floor. Mumbai 400 078 Tel: 022. transfer documents and letters will also be accepted at the following branches/agencies of TSR Darashaw Limited:1 503. 6-10. certificates. E Moses Road. Ansari Road. Jawaharlal Nehru Road.com 4 Plot No.05 5. the investors are requested to correspond with the Registrars to the Fixed Deposits Scheme – M/s Link Intime India Private Limited at the following addresses:I.75 10.54 17.90 9. Fax : 080-25580019.4 Fax: 022-2594 6969 II. Barton Centre.tsrdarashaw.25 3. Bangalore . Kothawala Flats.

09 5. of Holders % to Electronic Holders 20. IFCI Ltd. Financial Institutions.69 Name of Shareholder b) ‘A’ Ordinary Shares Name of Shareholder Tata Sons Ltd. Ltd.04 0.02 0.56 0.00 0.53 0.73 128819405 12335785 2.20 0. 09 No.38 0.16 0.13.Distribution of shareholding as on March 31.60 2.81 4. 4866610 1.88 0.13 65388543 87440974 19. of shares % ‘A’ Ordinary Shares(2) %Variance As on 31.10 0.14.00 1.68 0.10 The New India Assurance Co. 09 09 V/s 08 No.55 1.04 0.500 501 .39 2.00 22.3.87 JM Financial Consultants Pvt Ltd 1406255 2.00 0.000 shares aggregating to 13.07 0.03 Daimler Chrysler AG 25596476 5.49 0.89 0. 08 No.11 81.04 0.02 0.27 0 0.77 55450 11155 1829568 64175655 0.83 Physical 1555 154 4 2 0 1 1716 No. 4611322 1.74 10160944 69376399 15.63 46 .Name of Shareholder No.54 0. of shares % As on 31.08 Tata Steel Ltd.62% of the paid-up capital have been pledged by the Promoters/Promoter Group.05 0.15 Electronic Capital 8239387 13507839 7202861 11402784 2706861 370133155 413192887 % to Capital 1.74 14.53 44987440 449832659 100 385503954 (1) Out of the above.85 100 32077806 7.44 79068379 60868100 13. of % to paid.15 Top shareholders (holding in excess of 1% of capital) as on March 31.86 0 54082644 84. of % to paid.03 0. 37916139 8.07) 1.67 100 8.17 143777 103741 25793 27326 24658 63739009 64064304 % to Capital 0.00 8196838 12..27 FID Funds (Mauritius) Ltd.3. Ltd.00 18. of Holders % to Holders 12.1000 1001 .77 Tata Industries Limited 1289042 2. Tata Steel Ltd.42 2.81 16.1000 1001 .09 Life Insurance Corporation of India 46179388 10.01 5537729 8. Foreign cos.500 501 .50 0.28 91.62 (9. 612.02 2.10000 Above 10000 Total Physical 1683215 3994650 1850853 2269148 404115 26437791 36639772 % to Capital 0. and ADRs Others Total (1) 187733595 41.20 77.05 0.50.51 12.Sixty-fourth annual report 2008-09 Tata Motors Limited 12.49 5316 525 37 15 3 15 5911 % to Holders 69. (2) Corresponding figures for the previous year are not available as the ‘A’ Ordinary Shares were issued and listed during the year.60 82. 2009 a) Ordinary Shares No.Name of Shareholder No. No. 2009 a) Ordinary Shares Shares held in Range of Shares 1 – 100 101 .39 Electronic 245913 57147 9991 6004 388 420 319863 % to Holders 62. of shares % Promoters and Promoter Group Mutual Funds and Unit Trust of India Government cos.51 11. of % to paidShares held up capital Shares held up capital Tata Sons Ltd.32 99.01 Citibank N.31 0.09 0.A. 9023297 2.23 0. Depository 58924441 13.10000 Above 10000 Total Physical 42918 30389 3096 2161 0.3.5000 5001 . New York.94 Tata Industries Ltd. 130168939 28. 12.11 0.00 0.61 b) ‘A’ Ordinary Shares Range of Shares 1 – 100 101 .83 3.32 0. of % to paidShares held up capital Shares held up capital 46762030 72.41 0.5000 5001 . 4895505 1.43 Bajaj Allianz Life Insurance Co.19 8196720 12.88 8.96 20.00 0. Shareholding Pattern of Ordinary Shares and ‘A’ Ordinary Shares Category Ordinary Shares As on 31.58 2.85 Physical 50226 17866 2673 1254 60 27 72106 No.43 57079243 33. Banks and Insurance cos.04 99.70 6.05 0.63 14.83) (1. Foreign Institutional Investors NRIs.00 32787 111351 Shares held in % to Electronic Capital Capital 0.

40% 8.400 001.200 crores on a private placement basis in the following tranches:ISIN Number INE155A07169 INE155A07177 INE155A07185 INE155A07193 Tranche Rs.55 crores Rs. Dist.each aggregating to Rs. the Company issued Secured. 12.79% NSDL 2008 88. 12.580007 Revenue Survey No. 12. Mummigatti Post. 2009 2.12.00. 96. 658.96 crores Rs.000 -1% Convertible Notes (due 2011) of US $ 1000 each.90% N. Premium Redemption.20. Chikhali.000/. 1146 .Address for correspondence Tata Motors Limited. Dharwad . 1.17.16% 0. 1. Mumbai .000 each aggregating US$ 473 million issued in July 2007.69% 99. Homi Mody Street. Light Commercial Vehicles (LCVs).Zero Coupon Convertible Notes (due 2009) of US$ 1000 each.23 crores Yield to Maturity 6. 2410 .05 crores Rs.16.I. Belur Industrial Area. aggregating US$ 300 million issued in April 2004. 350 crores Rs. debenture interest and interest on deposits as well as principal amount of debentures and deposits pertaining to the Company and erstwhile Tata Finance Limited (TFL) remaining unpaid or unclaimed for a period of 7 years from the date they became due for payment. 2009 Foreign Currency Convertible Notes 3.A. India. Credit enhanced.460. Uttarakhand–263145 KIADB Block II.Zero Coupon Convertible Alternative Reference Securities (due 2012) of US$ 100. 919.250 crores Redemption Premium Rs.000. Non-Convertible Debentures of face value of Rs.000 (equivalent US$ 100 million) issued in March 2006. 4730 . Pantnagar. Tal.10. 1.00. Pune – 411 033 Jamshedpur.47% N.Action required regarding non-receipt of dividends.04% CDSL 2008 1. 71. aggregating US$ 100 million issued in April 2004. all unclaimed/unpaid dividend.Zero Coupon Convertible Notes (due 2011) of JP¥ 10. Pune – 410 501 Chinchwad. I. 1. Ahmedabad .75% 8. Sanand.19. proceeds of matured deposits and redeemed debentures and interest thereon:(i) Pursuant to Sections 205A and 205C of the Act. Jamshedpur – 831 010 Chinhat Industrial Area. Bombay House. Outstanding securities as at March 31.E. Lucknow – 226 019 Plot No.Plant Locations Plant Location Pimpri.45% 10. 47 . District Udhamsingh Nagar.380 015 Range of Products Produced Medium and Heavy Commercial Vehicles (M&HCVs). Non cumulative 2% Coupon. Pune – 411 018 .000.800 crores Rs. Village Northkotpura. Section 11. USY8548TAE11 USY8548TAF85 XS0245217889 XS0307881762 Listing at Singapore Stock Exchange In May 2009.03% Maturity 23 months 47 months 59 months 83 months The said debentures are listed on the Wholesale Debt Market segment of the National Stock Exchange of India. Utility Vehicles (Uvs) and Cars M&HCVs M&HCVs and LCVs LCVs & Cars Project under construction / Implementation 12.A. 2009 through NSDL and CDSL are as follows:Particulars Ordinary Shares ‘A’ Ordinary Shares 2009 89. 800 crores Rs.. 24.18.4.000 each aggregating JP¥ 11.Dematerialisation of shares The electronic holding of the shares as on March 31. application money. have been transferred to the Investors Education and Protection Fund (IEPF) established by the Central Government. The following are the relevant details of the notes: Type Zero Coupon Notes (due 2009) 1% Notes (due 2011) Zero Coupon Notes (due 2011) Zero Coupon Notes (due 2012) Description Reg S Reg S Reg S Reg S Currency US$ US$ JP ¥ US$ Cusip Y8548TAE1 Y8548TAF8 024521788 030788176 ISIN Nos.

61.00 12.Government) Rules. (iv) Following amounts have been transferred to IEPF:(in Rs.45.00 2.04. 2016 * Indicative dates.990.) Particulars As on 31. as mentioned hereunder: Dividend for 2002-03 to 2007-08 2000-01 and 2001-02 1995-96 to 1999-2000 1978-79 to 1994-95 Whether it can Contact Office be claimed Yes TSR Darashaw Limited N.036.351. Unpaid Dividend (Transfer to General ‘A’ Wing.145. 2006 July 10.21. 2013 August 20. 2012 August 20.809.10 Total 11. Any change in their address/mandate/bank details. Next to RBI.34 75. 12. 2nd floor. Actual dates may vary. Particulars of the bank account in which they wish their dividend to be credited. (vi) Investors of the Company and of the erstwhile TFL who have not yet encashed their unclaimed/ unpaid amounts are requested to do so at the earliest.520.80.14.33. Not Applicable due to non declaration of dividend.605. in case they have not been furnished earlier.08 During FY 08-09 As at 31. may submit to the Registrars and Transfer Agents.64 Interest accrued on Matured debentures with companies 2.47. the prescribed Form 2B.84.53 NIL 3.10 NIL 2.01.Sixty-fourth annual report 2008-09 Tata Motors Limited (ii) In case of non receipt/non encashment of the dividend warrants. 2015 September 2.30.3.67.140.140.351. 2007 July 25.99 Application moneys received for allotment of 31.53 Interest accrued on Matured deposits with companies 69.95.99 NIL 2.84.605. Navi Mumbai.34 While the Company’s Registrar has already written to the Members.33. • Bank details: Shareholders are requested to notify/send the following to the Company’s Registrars and Share Transfer Agents to facilitate better services:1.04. 400614.145.00 63. 2010 March 20.64 11. 2004 July 8.585. Revenue Account of the Central CBD – Belapur. (v) 48 . CGO Complex. TSR Darashaw Limited None.776.00 Unpaid matured debentures with the Company 3. 2003 February 20.30.A.95. II of the Companies Companies. Debenture holders and Depositors informing them about the due dates of transfer to IEPF for these payments. Other facilities of interest to shareholders holding shares in physical form • Nomination facility: Shareholders who hold shares in single name and wish to make/change the nomination in respect of their shares as permitted under Section 109A of the Act.48.711. 2004 July 12.33.76. Office of the Registrar of Claim in Form No. 2005 July 12.08 NIL 31.00 81. Shareholders are advised that respective bank details and address as furnished by them to the Company will be printed on their dividend warrants as a measure of protection against fraudulent encashment. 2014 August 18.09 Unpaid Dividend accounts of the Company 2.08.04. 2008 Proposed Date for transfer to IEPF * August 18. Already transferred to IEPF.08 any securities and due for refund Unpaid matured deposit with the Company 2. Members are requested to correspond with the Company’s Registrars/the Registrar of Companies.812. Maharashtra : 91 22 2757 6802 (iii) Following table gives information relating to outstanding dividend accounts and dates when due for transfer to IEPF:Financial Year 2002-03 2003-04 (Interim) 2003-04 (Final) 2004-05 2005-06 2006-07 2007-08 Dividend / Payment Date July 22. attention of the stakeholders is again drawn to this matter through the Annual Report.60.3. and 2. No Yes Action to be taken Letter on plain paper.575. 2011 August 16.60. 1978.68.

2009 49 . I hereby confirm that. 2009 AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE TO THE MEMBERS OF TATA MOTORS LIMITED We have examined the compliance of the conditions of Corporate Governance by Tata Motors Limited for the year ended on March 31. 2009. June 26. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company. In our opinion and to the best of our information and according to the explanations given to us.: 30802 Mumbai : June 26. It is neither an audit nor an expression of opinion on the financial statements of the Company.DECLARATION BY THE CEO UNDER CLAUSE 49 OF THE LISTING AGREEMENT REGARDING ADHERENCE TO THE CODE OF CONDUCT In accordance with Clause 49 sub-clause I(D) of the Listing Agreement with the Stock Exchanges. The compliance of the conditions of Corporate Governance is the responsibility of the Management. and the representations made by the Directors and the Management. 2009. adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. For DELOITTE HASKINS & SELLS Chartered Accountants M S Dharmadhikari Partner Membership No. For Tata Motors Limited P M Telang Managing Director . we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement. Our examination was limited to procedures and implementations thereof.India Operations Mumbai. as applicable to them for the Financial Year ended March 31. as stipulated in Clause 49 of the Listing Agreement of the said Company with the stock exchanges. all the Directors and the Senior Management personnel of the Company have affirmed compliance to their respective Codes of Conduct.

16 15.32) 58.29) 4.14 4.12 (6.489.14 16.50) 3.20 0.39 301.28 219.38 2.75) 57.19 1. TML Distribution Company Ltd Tata Motors (SA) (Proprietary) Ltd Tata Motors Finance Ltd Tata Marcopolo Motors Ltd Tata Motors (Thailand) Ltd TML Holdings Pte Ltd.09 6.19 (9.38) (1.35) (0.44 22.48 0.89 21.19 (150.70 (0.00 55.01) 850.90 3.21 4.84 19.44 3.38 196.83 21.19 327.44 3.90 (1.13) 1.02 7.695.05 37.43 225.44 371.112.28 9.68 261.69 6.84 0.15 (6.23 149.77 (8.99 8.82 38.60 (0.93 69.58 186.06 21.882.23 110.08 47.51) 12.50 SUBSIDIARY COMPANIES : FINANCIAL HIGHLIGHTS .86 3.71 11.47 82. LLC.02 (0.95 17. on a consolidated basis including their respective subsidiaries.83 178.75) 1.32 (3.158.62 8.86 373.86 139.85 580.35 (1.56) (9.48 13.12 77.05 17.32 525.71 8.65) 2.09 27.16 200.87 0.59 0.16) 192.93 1.92 287.91) (36.729.70 85.06) 8.07 10.84 92.12 - 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Details of major subsidiaries TAL Manufacturing Solutions Ltd HV Axles Ltd HV Transmissions Ltd Concorde Motors (India) Ltd Sheba Properties Ltd Tata Daewoo Commercial Vehicle Co.370.34) (1.32) 799.30 51.04 (6.30 834.540.00 26.237.01) (120.00 40.36 .222.36) 0.89) (2.85 (31.61 130.50 0.00 37.42) 147.61 293.22 132.270.71) (36.14 423.79 (8.35 208.07 212.52 27.47 142.12 25.51) 83.35) (0.08) (1.19) 25.74 121.17 - (0.47 288.22 870.97 780.03) (0.32) (2.66 304.96 0. Jaguar Hispania Sociedad Jaguar Deutschland GmbH Jaguar Belux N.28 68.39 13.486.50) 3.237.71) 0.89 0.20 13.63 8.92) 3.07 107. Lda.260. Singapore (Note D.63 211.30 (0.34 5.260.592.52 567.03 8.88) 38.80 (9.430.784.94 (2.75 68.065.50 22.58 7.10 27.81 16.07 2. Page 51) Tata Motors European Technical Centre Plc.03 8.70 80.62 243.885.06 (33.49 10.54 137.52 27.84 905.72 178.56 145.56 110.170. No Subsidiary I 1 2 3 4 5 6 7 8 9 10 11 12 India India India India India South Korea India Spain India Singapore UK INR INR INR INR INR KRW INR EURO INR SGD GBP 65.27 14.83 1.71 61.381.65 10.71 (13.14 India UK India South Africa India India Thailand Singapore UK UK UK USA Spain Germany Belgium Austria UK Jersey Australia Spain Germany Holland Japan South Korea Canada France UK INR GBP INR ZA R INR INR THB USD USD GBP GBP USD EURO EURO EURO EURO GBP GBP Aus $ EURO EURO EURO Yen KRW CAN $ EURO GBP 0.14) 237.75 355. Ltd Telco Construction Equipment Co Ltd Serviplem S.82) (89.98 0.08 202.67 7.35 2.46 220.75 225.16 318.48 66.72 178.78 1.94 11.79 (9.42) 30.70) (7.06 2.01 (18.08 268. advances towards capital where applicable) Reserves and Surplus Minority Interest Foreign Currency Monetary Translation Difference Account Asset/ (Liabilitiy) Total Assets Total Liabilities Turnover Profit / (Loss) Before Tax Tax Expenses/ (Credit) Profit/ Profit/ (Loss) (Loss) after for tax the period/ year* Proposed dividend and tax thereon Invest ments (except in case of investment in the subsidiaries 9.108.059.45 11.17 5.64 31.06) 20.843.77 2.27 (6.23) 161.22 1.96) 52.22) 0.08) (1.337.46) (31.77) (1.323.54 65.00 40.40 2.76) (10.55 86.87 (8.17 2.34) (0.89 84. Jaguar Land Rover Austria GmbH Jaguar Cars Overseas Holdings Ltd Land Rover Group Ltd Jaguar Land Rover Australia Pty Ltd Land Rover Espana SL Land Rover Deutschland GmbH Jaguar Land Rover Portuga Veiculos e Pecas.40 174.30 493.02 1.99) 8.77) (1.67) 5.75 33.95 69.A.61 (107.77 147.310.89 3.90 2.80 75.11) (1.90 (2.97 66.570.836.843.67) 135.229.239.93 25.24) 341.85 - 2.01 (10. Page 51) Tata Technologies Ltd (Note B.86 11. some of which are also included in I above.14 16.44 2.943. Page 51) 100.04) 61.14) .72 158.143.85 (2.221.50 627.72 480.882.2008-09 (Rs.77 378.31) 5.82) (89.03 65.85 85.18 25. Telco Construction Equipment Co Ltd (Note A.00 0.06 1.57 563. Singapore JaguarLandRover Ltd Jaguar Cars Ltd Land Rover Jaguar Land Rover North America.222.64 1.54 910.64 56.34 27.50 (41.65) 5.55 13.35 262.65 6.39 81.318.01 (8.64 158.11 167.23 (6.44) (89.76) 8.71 8. Jaguar Land Rover Japan Ltd Jaguar Land Rover Korea Co Ltd Jaguar Land Rover Canada ULC Jaguar Land Rover France SAS The Daimler Motor Company Ltd (0.04 2.69) 20.058.00 1.49 168.00 (8.28 1.653.22) (150.78 5.86 (4.82 6.93 37.19 136.V.09 (2.327.980.00 - Tata Motors Limited Sixty-fourth annual report 2008-09 Sr.19 3.22) (149.84 19.33 7.44 271.08) (1.29 32.04 1.979.95) (240.44 16.09 2.58 39.27 9.00 436.39 61.44 0.37 49.95 7.58 2.51 (38.56 1.56 110.143.34) 16.06 329.18 301.22 252.32 (347.80 232.52 (265.04 59.23 7.95 2.69 - 1.584.70 413.26 70.01 5.10 5.06 17.31) 7. in crores) Country of Incorporation Reporting currency# Share capital (incl.01) (41.09 113.50 129.23 188.09) 71.89 4.00 2.20) (120.71 (25.61 115.96) 186. Tata Technologies Ltd Tata Technologies Pte Ltd Tata Technologies Europe Ltd (Formerly known as INCAT Ltd) Tata Motors Insurance Broking & Advisory Services Ltd (Formerly known as Tata Motors Insurance Services Ltd) Tata Motors European Technical Centre Plc.71) (9.96 100.38 (36.46 (39.28 2.367.31 1.250.111.32) 58.30 0.00 45.01) (161.69 39.48 (12.14) (240.42) 8.32 0.87 2.53) 7.96 3.28 59.30 0.23 5.87 (166.33 - II 1 2 3 4 Details of direct subsidiaries.71 36.31) 7.41 (93.82 0.44 2.96 65.883.276.67) 6.(240.69 23.70 (0.52 10.32) 69.80 60. (Note C.17 - - 1. Page 51) TML Holdings Pte Ltd.41 203.06) 6.09 258.07 10.44 8.31 472.24 (0.44 128.89 84.96 6.84 147.02 1.71) 1.845.

A Baryval Assistencia Tecnica S.V. UK) Jaguar Cars Overseas Holdings Ltd Jaguar Land Rover Austria GmbH Jaguar Belux NV Jaguar Cars Ltd Jaguar Land Rover Japan Ltd Jaguar Cars South Africa (pty) Ltd Jaguar Italia SpA Jaguar Cars Exports Ltd The Daimler Motor Company Ltd The Jaguar Collection Ltd Daimler Transport Vehicles Ltd S.A Eurl Lebrero France Comoplesa Lebrero S.S. de C.K. SAS (incorporated on February 1. INCAT (Thailand) Ltd INCAT GmbH INCAT Holdings B.Veiculos e Pecas. Cars Ltd The Lanchester Motor Company Ltd Jaguar Hispania Sociedad Jaguar Deutschland GmbH Land Rover Land Rover Group Ltd Jaguar Land Rover North America LLC Land Rover Belux SA/NV Land Rover Ireland Ltd Land Rover Nederland BV Jaguar Land Rover Portgual . 2009) Jaguar Land Rover South Africa (pty) Ltd (incorporated on February 2. Singapore that have been consolidated JaguarLandRover Ltd (Formerly known as TML Holdings Ltd. 51 . Ltd) Jaguar Land Rover Canada ULC Jaguar Land Rover France. Ltd Jaguar Land Rover Automotive Trading (Shanghai) Co.Notes : (A) 1 2 3 4 5 (B) 1 2 3 4 5 6 7 8 9 10 11 12 13 (C) 1 2 (D) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 List of Subsidiaries of Telco Construction Equipment Co. INCAT SAS Tata Technologies Pte Ltd Tata Technologies Europe Ltd (FormerlyI known as INCAT Ltd) Tata Technologies iKs Inc. 2009) Country of Incorporation Spain France Spain Spain China USA Canada Mexico Thailand Germany Netherlands UK Japan France Singapore UK USA Netherlands Norwey Norwey UK UK Austria Belgium UK Japan South Africa Italy UK UK UK UK UK UK Spain Germany UK Jersey USA Belgium Ireland Netherlands Portugal Australia UK Italy Spain Germany Thailand Mexico South Korea China Canada France South Africa #The financial statements of subsidiaries whose reporting currency are other than INR are converted into Indian Rupees on the basis of appropriate exchange rates. INCAT International Plc. (Merged into INCAT Systems Inc.L Inner Mongolia North Baryval Engineering Special Vehicle Corporation Ltd List of Subsidiaries of Tata Technologies Ltd that have been consolidated INCAT Systems Inc INCAT Solutions of Canada Inc Integrated Systems Technologies de Mexico.) Lemmerpoort BV (filed for bankruptcy during FY 2006-07 and continus to be under bankruptcy proceedings) List of Subsidiaries of Tata Motors European Technical Centre Plc. S. LDA Jaguar Land Rover Australia Pty Ltd Land Rover Exports Ltd Land Rover Italia SpA Land Rover Espana SL Land Rover Deutschland GmbH Jaguar Land Rover Asia Pacific Company Ltd Jaguar Land Rover Maxico SA de CV Jaguar Land Rover Korea Co. Ltd that have been consolidated Serviplem S. INCAT K. that have been consolidated Miljobil Grenland AS Miljo Innovasjan AS List of Subsidiaries of TML Holdings Pte Ltd. *Profit for the year is after share of minority interest and share of profit / (loss) in respect of investment in associate companies.A. Ltd (Name change to Jaguar Land Rover Brand Management Consulting (Shanghai) Co.V.

19 * 0.85 14376.82 1747.19 * 15. 16 Deferred Tax Assets (net) taken over on amalgamation 17 Miscellaneous Expenditure (to the extent not written off or adjusted) and utilisation of Securities Premium Account [Note (a) below] Notes : (a) Utilisation of Securities Premium Account includes FCCN / CARS / Rights issue expenses and premium on redemption of Debentures (b) The Sources and Application of funds does not include (i) Provision for premium on redemption of CARS / FCCN (ii) Exchange gain (net) and depreciation thereon adjusted from General Reserve to Fixed Assets relating to FY 2007-08 consequent to amendment to AS11 (iii) Exchange gain (net) adjusted from General Reserve to Foreign Currency Monetary Item Translation Difference Account relating to FY 2007-08 consequent to amendment to AS11 (iv) Exchange loss (net) on forward contracts adjusted to General Reserve on adoption of principles of hedge accounting under AS30 (v) Deferred Tax on account of item 1(E) and 1(H) * net of deferred tax (c) Figures for the previous years have been regrouped wherever necessary.63 288.Sixty-fourth annual report 2008-09 Tata Motors Limited FUNDS FLOW . 2007-08 2006-07 2005-06 2004-05 1001.69) 142.06 588.40 659.29 906.07 30.04 1081.52 406.65 135.56 2456.90 830.72 4324. TDDL and SCFL (2004-05 : spare parts division of TMISL) Application of Funds 9 Capital Expenditure (net) 10 Investments made (net of sales) 12 Increase in short term deposits with banks 13 (a) Increase in Working Capital (b) Increase in Finance receivables 14 Dividends (including tax thereon) 15 Arrears of preference dividend (including tax) pertaining to erstwhile Tata Finance Ltd.48 (9.39 (3.93 - - 52 . Credit for Dividend Distribution Tax of Subsidiary Companies G.16 2183.61 676.12) - 1528.78 19.57) 1855.09 * - - - - 57.96) (2.50 2791.LAST FIVE YEARS (Rs.54 - 1913.38 1072. Net deferred tax charge E.26 4.05 (1.26 870.42 1075.38 8869.46 582.67 51.34 4705.30 508. Exchange gain (net) on Long term Foreign currency monetary items deferred consequent to amendment to AS-11 [Note b(iii)] H.98 567.89 6. In crores) 2008-09 Sources of Funds 1 Funds generated from operations A.48 3840. (Reversal) / Provision for diminution in value of investments (net) D.04 0.93) 401.69 1041.80 4139.76 3015. Profit/(Loss) after tax B.35 2647.89 1.56 14376.15 - 1236.95 450.30 2227.25 5.59 835.88 522.60 123.87 * 45.07 898. Warrants and Convertible Debentures converted into Ordinary Shares and premium thereon 4 (a) Decrease in Working Capital (b) Decrease in Finance receivables 5 Increase in Borrowings (net of repayments) 6 Decrease in short term deposits with banks 7 Investments sold (net of purchases and adjustment for diminution in value of investments) 8 Effect of amalgamation of TFL.39 441.87 1343.06 - 12.68 10.51 1. Adjustment in General Reserve for difference in opening liability for Employee Benefits [Note b(v)] F.33 8. Depreciation (including Lease Equalisation) C.76 5118.97 8869.82 (62.45 3840.09 177.22 6885.58 5102.94 728.92 647.30 462.22 (27.41 298. Marked to Market Exchange loss on Forward contracts transferred to Hedging Reserve Account on adoption of principles of hedge accounting under AS30 [Note b(v)] Total 2 Proceeds from Rights issue of Ordinary shares and 'A' Ordinary shares 3 Proceeds from FCCN.93 1235.16 9.09 284.70 26.48 293.94) 4324.10 1347.20 42.91 517.56 371.10 132.38 5102.94 84.23 2028.91 6.01 675.50) 15.13 8055.47 345.34 1122.95 2370.60 85.29 106.34 96.90 1348.15 38.13 - (132.41 2271.

proper books of account as required by law have been kept by the Company so far as appears from our examination of those books. and (c) in the case of the Cash Flow Statement. of the state of affairs of the Company as at March 31. and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date both annexed thereto. we report that none of the directors is disqualified as on March 31. the Balance Sheet. We believe that our audit provides a reasonable basis for our opinion. as on March 31. (b) in the case of the Profit and Loss Account. We have audited the attached Balance Sheet of TATA MOTORS LIMITED as at March 31. An audit includes examining. 4. 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act.AUDITORS’ REPORT TO THE MEMBERS OF TATA MOTORS LIMITED 1. as well as evaluating the overall financial statement presentation.: 30802 Mumbai: May 29. which to the best of our knowledge and belief were necessary for the purposes of our audit. of the cash flows for the year ended on that date. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Our responsibility is to express an opinion on these financial statements based on our audit. 2009. 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act. evidence supporting the amounts and disclosures in the financial statements. the said accounts give the information required by the Companies Act. We conducted our audit in accordance with auditing standards generally accepted in India. (iv) in our opinion. An audit also includes assessing the accounting principles used and significant estimates made by the Management. and taken on record by the Board of Directors. (v) On the basis of written representations received from the directors. 3. 1956. Further to our comments in the Annexure referred to in paragraph 3 above. we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. As required by the Companies (Auditor’s Report) Order. For DELOITTE HASKINS & SELLS Chartered Accountants M S Dharmadhikari Partner Membership No. Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act. (iii) the Balance Sheet. 2. 1956. These financial statements are the responsibility of the Company’s Management. 1956. 2009. 2009 53 . in our opinion. and (vi) in our opinion and to the best of our information and according to the explanations given to us. in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet. 2009. we report that: (i) (ii) we have obtained all the information and explanations. 1956. on a test basis. of the profit for the year ended on that date.

1976 (the Scheme). we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act.6 crores.6 crores and the year-end balance of the loans taken from such parties was Rs. To the best of our knowledge and according to the information and explanations given to us. the stocks of finished goods (other than a significant part of the spare parts held for sale) and work in progress in the Company’s custody have been physically verified by the Management as at the end of the financial year. the Company is maintaining proper records of inventory. there is a perpetual inventory system and a substantial portion of the stocks have been verified during the year. 2003 are not applicable to the Company. excise duty. (ix) (a) According to the information and explanations given to us. since the Central Government has till date not prescribed the amount of cess payable under Section 441A of the Companies Act.13.Sixty-fourth annual report 2008-09 Tata Motors Limited ANNEXURE TO THE AUDITORS’ REPORT (Referred to in paragraph 3 of our report of even date) (i) (a) (b) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act. however. Having regard to the size of the operations of the Company and on the basis of explanations received. the net discrepancies found on physical verification were not material. With regard to the contribution under the Employees’ Deposit Linked Insurance Scheme. investor education and protection fund. prima facie. the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund. The Company has not granted any loans. made a detailed examination of the records with a view to determining whether they are accurate or complete. the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act. We have not. sales tax. the Company has complied with the provisions of Sections 58A. 1956 for any other products of the Company. wealth tax. 1956 are not. not affected the going concern status of the Company. we are informed that the Company has its own Life Cover Scheme. During the course of our audit. an application has been made seeking an extension of exemption from contribution to the Scheme. Further. and in respect of stocks of stores and spares. In our opinion the rate of interest and other terms and conditions on which loans have been taken from the parties listed in the register maintained under Section 301 of the Companies Act. The Company has taken loan from two parties covered in the register maintained under Section 301 of the Companies Act. The fixed assets disposed off during the year. (vii) (viii) We have broadly reviewed the books of account relating to the manufacture of motor vehicles pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1)(d) of the Companies Act. employees’ state insurance. To the best of our knowledge and according to the information and explanations given to us. The maximum amount involved during the year was Rs. The principal amount is not due for repayment and the Company has been regular in payment of interest. income tax. 58AA and other relevant provisions of the Companies Act. no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal. before the year-end or after the year-end. in our opinion. In our opinion. (v) (b) (vi) In our opinion and according to the information and explanations given to us. clauses (iii) (b). 1956 and are of the opinion that prima facie. As explained to us. 54 . and raw materials in the Company’s custody. In our opinion and according to the information and explanations given to us. 1956. the Company has a programme for physical verification of fixed assets in accordance with which the fixed assets have been physically verified during the year by the Management. the frequency of physical verification is reasonable. the procedures of physical verification of inventories followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business. 1956. 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. We are informed by the Company that the Employees’ State Insurance Act. in our opinion. secured or unsecured to companies. the frequency of verification is reasonable. having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources do not exist for obtaining comparable quotations. (a) To the best of our knowledge and belief and according to the information and explanations given to us. there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and with regard to the sale of goods and services. prejudicial to the interest of the Company. we have not observed any major weakness in the internal control system of the Company. the aforesaid spare parts held for sale. 1956 have been so entered. (iii) (c) and (iii) (d) of Paragraph 4 of the Companies (Auditor’s Report) Order. we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same. 1956. In our opinion. In our opinion. cess and other material statutory dues applicable to it. certificates confirming stocks have been received in respect of a substantial portion of the stocks held during the year or at the year-end. firms or other parties covered in the register maintained under Section 301 of the Companies Act. As explained to us. In our opinion and according to the information and explanations given to us. and consequently. which is awaited. customs duty. the prescribed accounts and records have been made and maintained. (c) (ii) (a) (b) (c) (iii) (a) (b) (c) (d) (iv) In our opinion and according to the information and explanations given to us. In the case of materials and spare parts held for sale lying with third parties. 1956 and the Companies (Acceptance of Deposits) Rules. In our opinion and according to the information and explanations given to us. in our opinion. 1975 with regard to the deposits accepted from the public. The discrepancies noticed on verification between the physical stocks and the book records were not material having regard to the size of the operations of the Company. 1948 is applicable only to certain locations of the Company. do not constitute substantial part of the fixed assets of the Company and such disposal has. service tax. the Company has an internal audit system commensurate with the size and nature of its business. As the Company has not granted any loans.13.

2006-07. 2002-03. as at March 31. 2009.74. (xvii) Based on an overall examination of Balance Sheet of the Company. 1991-92. the Company is not a chit fund or a nidhi/mutual benefit fund/society. 1985-86. 1973. 1991-92. 1966-67. 1999-2000. 2005-06 Commissioner (Appeals) 0.54 Excise duty 1993-94.50 1964-65. details of dues of income tax. 1988-89. 1992-93. (xvi) In our opinion and according to the information and explanations given to us. 2000-01. 2005-06 Deputy Commissioner 40. 1991-92. 1993-94. 1972-73. 1998-99. 1992-93. the provisions of clause (xiii) of Paragraph 4 of the Companies (Auditor’s Report) Order. 1999-00.06 High Court 147.80 1986-87. excise duty and cess which have not been deposited on account of any dispute are given below: Particulars Income tax Financial years to which the matter pertains Forum where dispute is pending Appellate Tribunal Commissioner Amount (Rs. 1995-96. 1995-96. 2004-05. (xiv) In our opinion and according to the information and explanations given to us. 1990-91. 2001-02. 1997-98. the provisions of clause (xiv) of Paragraph 4 of the Companies (Auditor’s Report) Order. no material fraud on or by the Company has been noticed or reported during the course of our audit. 2002-03. 1999-00. 2000 . 2006-07. investor education and protection fund. 1965-66. 1971-72. 2006-07. 1995-96.09 1986-87. Accordingly. 1992-93. 1997-98. 1987-88. 2005-06. 1991-92. the Company has not granted any loans and advances on the basis of security by way of pledge of shares. 2004-05. 2003-04. 1996-97. the Company has issued debentures and the security or charge has been created in respect of debentures issued. 2004-05 Appellate Tribunal 25. the term loans have been applied for the purpose for which they were raised. 1989-90. 1975-76. 1987-88. (xii) Based on our examination of the records and the information and explanations given to us. 1984-85. income tax. 2003-04. 2007-08. custom duty. 1992-93. during the period covered by our audit report.(b) According to the information and explanations given to us. 2002-03 Trade Tax Officer 0. (xv) In our opinion and according to the information and explanations given to us. 1993-94. 2001–02 Additional Commissioner 21.01. 1994-95. (xiii) In our opinion. (xx) We have verified the end use of money raised by the rights issue from the Letter of Offer filed with Securities Exchange Board of India and as disclosed in the Directors’ Report. 1979-80. 2008-09 Joint Commissioner 249. no undisputed amounts payable in respect of statutory dues including provident fund. 2004-05. 2009 for a period of more than six months from the date they became payable. customs duty. employees’ state insurance. 1986-87. As per the information and explanation given to us. 1989-90. sales tax.22 165. 1988-89. in crores) 0.59 1987-88. 2000-01. 1974-75. 2008-09 Commissioner (Appeals) 0. 1998-99. bank or debenture holder. 1995-96. sales tax. 1985-86.95. 2000-01. excise duty. 1988-89. wealth tax. 1996-97. 1990-91. wealth tax. 1992-93. 1982-83. service tax.2007-08.93. the Company is not dealing in or trading in shares. 1995-96. securities. 2004-05 and 2005-06 Sales tax 1984-85. 1990-91. 1986-87. According to the information and explanations given to us.1997-98. (xi) In our opinion and according to the information and explanations given to us. debentures and other securities.76 1988-89.76 (x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.61 1984-85. 1994-95. cess and other material statutory dues applicable to the Company were in arrears. Further the Company has explained that steps are being taken to augment long term funds.57 2004-05. 2001-02. 1992 . 1956. 1999-00. 2009 55 . 2003 are not applicable to the Company. 2003-04. xxi) To the best of our knowledge and belief and according to the information and explanations given to us. 1999-00. Therefore. 1993-94. 2003 are not applicable to the Company. the same is attributable to the economic scenario affecting the volumes and funding plans. service tax.1994-95. 1988-89. 2005-06. 2008-09 Appellate Tribunal 90.: 30802 Mumbai: May 29. 1994 . the Company has not defaulted in repayment of dues to a financial institution. 2005 . (xviii) According to the information and explanations given to us. 1996-97. the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act. For DELOITTE HASKINS & SELLS Chartered Accountants M S Dharmadhikari Partner Membership No.10 (c) 1998-99 1998-99.1990-91. as at March 31. 1997-98. 1997-98. (xix) In our opinion and according to the information and explanations given to us. 1999-00 Assistant Commissioner 0. 2001-02. debentures and other investments. short term funds of Rs 6129 crores have been utilized for long term application.18 1989-90. the terms and conditions of the guarantees given by the Company for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interest of the Company. 1996-97.

69 8958.05 15095.83 1130.74 (Rs.02 26425.27 6954.54 7453.52 5387.73 2397. Page 75] DEFERRED TAX LIABILITY (NET) [Note A(3)(a). NOTES TO BALANCE SHEET As per our report attached For DELOITTE HASKINS & SELLS Chartered Accountants 13 72 M S DHARMADHIKARI Partner For and on behalf of the Board RATAN N TATA Chairman RAVI KANT N A SOONAWALA Managing Director J J IRANI R GOPALAKRISHNAN P M TELANG N N WADIA Executive Director R A MASHELKAR N MUNJEE C RAMAKRISHNAN S BHARGAVA Chief Financial Officer V K JAIRATH Directors H K SETHNA Company Secretary Mumbai.72 15095.52 975.81 26425. SHAREHOLDERS’ FUNDS (a) Share Capital (b) Reserves and Surplus 2. INVESTMENTS CURRENT ASSETS. FIXED ASSETS (a) Gross Block (b) Less .50 2461.43 10633.20 1141.65 7913. 164.74 4.11 2229.82 4764.64 5 65 13905.64 14 73 76 14599. TOTAL FUNDS EMPLOYED APPLICATION OF FUNDS 6.85) 6.12 865.25 8643.13 10830.52 10360.51 (1143.04 6 7 8 9 10 11 12 66 70 70 70 71 72 72 0.31 12968. May 29. May 29. LOAN FUNDS (a) Secured (b) Unsecured FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT (NET) [Note A(9).Depreciation (c) Net Block (d) Capital Work-in-Progress 7. 8.27 4910.56 3.83 5443. MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted) 12.82) 2. 2009 Schedule SOURCES OF FUNDS 1.26 10835.81 1555.99 3818.25 1877.31 5064.90 7645. 2009 56 .96 10452.15 5251. 5. 2009 Mumbai. 2008 385. page 77] 1 2 3 4 Page 63 63 64 64 514. 10. NET CURRENT ASSETS [(8) .05 11716.17 6259.10 (272.96 7839. LOANS AND ADVANCES (a) Interest accrued on investments (b) Inventories (c) Sundry Debtors (d) Cash and Bank Balances (e) Loans and Advances CURRENT LIABILITIES AND PROVISIONS (a) Current Liabilities (b) Provisions 9.27 0.(9)] 11.53 6280. in crores) As at March 31.10 12230.86 2421. TOTAL ASSETS (NET) 13. SIGNIFICANT ACCOUNTING POLICIES 14.67 1989. page 82 and Note P(i).91 13165.75 9691.31 4409.Sixty-fourth annual report 2008-09 Tata Motors Limited Balance Sheet as at March 31.

SIGNIFICANT ACCOUNTING POLICIES 14.70 20.02) 23908.41 51. May 29. NOTIONAL EXCHANGE (LOSS) / GAIN (NET) ON REVALUATION OF FOREIGN CURRENCY BORROWINGS.54 673.47 (547.13 1685. INTEREST.04 - EXPENDITURE 3. EARNINGS PER SHARE [Note B (7).00 1383.64 48.76 33093. NOTES TO PROFIT AND LOSS ACCOUNT As per our report attached to the Balance sheet For DELOITTE HASKINS & SELLS Chartered Accountants 2007-2008 28599. DIVIDEND AND OTHER INCOME A (1) A (2) B Page 59 59 60 24824.17 874. BALANCE BROUGHT FORWARD FROM PREVIOUS YEAR Add : Credit taken for Dividend Distribution Tax for previous year AMOUNT AVAILABLE FOR APPROPRIATION 11.76 (12.75 52.37 2415.50) 1001. 2009 Mumbai. EXCEPTIONAL ITEMS AND TAX 5.74 160.62 22.79 925.99 2399.83 3042.80 100.48 25660.26 1383. DEPOSITS AND LOANS GIVEN PROFIT BEFORE TAX 9.23) 25807.61 34.26) 1013. page 85] I. MANUFACTURING AND OTHER EXPENSES 4.07 15.02 (65.41 483. EXPENDITURE TRANSFERRED TO CAPITAL AND OTHER ACCOUNTS 65 2678.35 PROFIT BEFORE DEPRECIATION.83 23.Profit and Loss Account for the year ended March 31.62 311.97 26586. ‘A’ Ordinary Shares a) Basic b) Diluted 13. 2009 (Rs.68 1079.20 21.18 29222.43 81. page 77] PROFIT AFTER TAX 10.82 3414.27 2938. page 83] PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 8.77 64.73 2576.35 652.93 4354. INTEREST AND DISCOUNTING CHARGES [Note B(4). 2009 57 .05 (744.52 28739.25 1000. Ordinary Shares a) Basic b) Diluted II. DEPRECIATION 5 7.31 282.75 578.59 26552. SALE OF PRODUCTS AND OTHER INCOME FROM OPERATIONS LESS : EXCISE DUTY 2.07 3042. TAX EXPENSE [Note A(3)(c). PRODUCT DEVELOPMENT EXPENDITURE 6.33 Rupees Rupees Rupees Rupees 14 to 18 73 83 M S DHARMADHIKARI Partner For and on behalf of the Board RATAN N TATA Chairman RAVI KANT N A SOONAWALA Managing Director J J IRANI R GOPALAKRISHNAN P M TELANG N N WADIA Executive Director R A MASHELKAR N MUNJEE C RAMAKRISHNAN S BHARGAVA Chief Financial Officer V K JAIRATH Directors H K SETHNA Company Secretary Mumbai.55) 2028. May 29.37 (916.09 267. in crores) Schedule INCOME 1.92 1013.29 2399. APPROPRIATIONS (a) Proposed Dividend (b) Tax on Proposed Dividend (c) Debenture Redemption Reserve (d) General Reserve (e) Balance carried to Balance Sheet 12.

26 870.02) 6179.91) (566. 1122. in crores) 2007-2008 2028.26) (682. RATAN N TATA Chairman N A SOONAWALA J J IRANI R GOPALAKRISHNAN N N WADIA R A MASHELKAR N MUNJEE S BHARGAVA V K JAIRATH Directors As per our report attached to the Balance Sheet For DELOITTE HASKINS & SELLS Chartered Accountants For and on behalf of the Board RAVI KANT Managing Director P M TELANG Executive Director C RAMAKRISHNAN Chief Financial Officer H K SETHNA Company Secretary Mumbai. 2009 58 . 2008 Rs.70 (1244.34) 4.48 (674.70 (662.77) (30.30 crores (2007-2008 Rs. C. Nil (as at March 31.52) (8046. 290.34 125. 15.42 (10644.99) 1461.22 (94.01) 1969.77 (488.49 (297.95) 2397.21 162.65) (0.55 33.53 (265.93) (0. as at March 31.70 (2831.92 crores (as at March 31.56) (138.25 18.05 (13.72) 14.05) (0.56) (168. 462.44) (91.15 (3178.36 (46.41) (1111.42 (642. Rs.99 2827.00 crores (as at March 31. 524.85 2762.26 164.17) 8104.18 458.83) (50.10 826.Sixty-fourth annual report 2008-09 Tata Motors Limited Cash Flow Statement for the year ended March 31.82 (20.91) (601.69 126.80 3713.52) 79.others Investments in Mutual Fund sold / (made) (net) Decrease in Investments in retained interests in securitisation transactions Sale of investments in subsidiary companies Sale of investments in associate companies Sale / redemption of investments .76) (33.50 (5724.92 182.40) 192.94 0.83) (501. to conform to this year’s classification.37 26.03 (138.01) (0.03 555.97) 0.67) (0. Cash flow from Operating Activities Profit after tax Adjustments for: Depreciation (including Lease Equalisation adjusted in income) Profit on sale of assets (net) Profit on sale of investments (net) Income from transfer of Technology Gain on buyback of Foreign Currency Convertible Notes (FCCN) and Convertible Alternative Reference Securities (CARS) Reversal of provision for diminution in value of investments (net) Reversal of provision for inter corporate deposits (net) Gain on transfer of activity relating to financing of Construction Equipment Wealth tax Tax expense Interest / Dividend (net) Exchange differences Employee Separation Cost Operating Profit before Working Capital changes Adjustments for: Trade and other receivables Inventories Trade and other payables Vehicle loans and hire purchase receivables 1001.31 * B. wherever necessary.02 (4029.02 (30. Cash generated from operations Direct taxes paid (net) Net Cash from Operating Activities Cash Flow from Investing Activities Purchase of fixed assets Sale of fixed assets Proceeds from transfer of Technology Proceeds from transfer of activity relating to financing of Construction Equipment Loans to associates and subsidiaries Advance against investments in subsidiary companies and joint venture Investments in subsidiary companies Investments in associate companies Investments in joint venture Investments .76 * (14.32 1666.40 210.70 603.55) 2397. 276. May 29.82 * (Rs.59) (421.21) 406.74) (1.05) (664.40) (62.22) (117.24) 405.00) (0.54) 1141.96) (5.69) 1295. 2008 Rs. (Opening Balance) Less : Exchange fluctuation on FCCN / CARS proceeds kept outside India and on foreign currency bank balances Cash and cash equivalents as at March 31.07) (518.50 270. 2009 M S DHARMADHIKARI Partner Mumbai. 2009 2008-2009 A. May 29.30) 547.40 4.09 crores)] Net Cash from Financing Activities Net (Decrease) / Increase in Cash and cash equivalents Cash and cash equivalents as at March 31.72 6476.44 1556.95) 795.06) 17.47 6146. 2008 Rs.39 106.40 crores) @ Includes restricted deposit of Rs.76 103.34) (0. Nil) Previous year’s figures have been restated.04 733.92 647.73) 1130.27 8.53) (385.28 1585. (Closing Balance) # @ * Includes Cash Collateral of Rs.71 (166.66 1232.31 * (10.92 2046.33 136.others Placement of Long Term Inter-corporate deposits Receipt of Long Term Inter-corporate deposits Decrease in short term Inter-corporate deposits Interest received Preacquisition dividend received Dividend / Income on investments received Net Cash used in Investing Activities Cash Flow from Financing Activities Stamp duty on Foreign Currency Convertible Notes (FCCN) conversion Premium on redemption of FCCN (including tax) Brokerage on Non-Convertible Debentures Proceeds from issue of Convertible Alternative Reference Securities (CARS) (net of issue expenses) Proceeds from Rights issue of shares (net of issue expenses) Proceeds from Fixed Deposits Proceeds from long term borrowings Repayment of long term borrowings Increase in short term loans (net) Dividend paid (including Dividend tax) Interest paid [including discounting charges paid.56 144.61 (53.90 12. 2007 Rs.80 crores) # Includes unutilised proceeds from CARS issue (including interest thereon) of Rs.90) 4109.00) 85.32 169. 345.59 crores.26) 39.46) 1549.62) (169.12 2076.47 (4411.

66 358.18 Notes : (1) (2) Includes exchange (loss) / gain (net) Includes : (i) (loss) / gain on securitisation of Loan contracts (net) 2008-2009 (439.74 crores)] (ii) Gain on transfer of activity relating to financing of Construction Equipment (iii) Gain on buyback of Foreign Currency Convertible Notes (FCCN) and Convertible Alternative Reference Securities (CARS) (4) (iv) Income from Infrastructural Services provided in vendor park Includes : (i) Dividend from subsidiary companies [including tax deducted at source of Rs.27 400.75 18.63 2.17 306.31 113.43 2007-2008 87.71 28599.04 0.68 0. 1 and 2] 2008-2009 SALE OF PRODUCTS AND OTHER INCOME 1.06 138.29 7.00 - 307.32) (54.44 (ii) interest income from Loan contracts (net) (3) Includes : Profit on sale of assets (net) [includes Capital Profits of Rs.63 crores (2007-08 Rs. Dividend and other income (a) Trade investments (long term) [Note 4 below] (b) Other investments (long term) [Note 5 below] (c) Other investments (current) [Note 6 below] (d) Profit on sale of investments (net) (trade.84 13.25 925.48 518.18) 304.97 32521. page 88) (Note 1 below) (b) Income from Hire purchase / Loan contracts (Note 2 below) (c) Miscellaneous income (Note 3 below) 2.83 363.81 47.79 crores)] (ii) Reversal of provision for diminution in value of investment (i) 13.57 20.34 0.80 - 131.74 56.60 1.39 275.93 264.56 483. 8.15 306.13 155. 4.33 1. long term) [Notes 7 and 8 below] 2007-2008 28017. Sale of products and other income from operations (a) Sale of Products / Services (Schedule 15. 3.56 50. in crores) “A” [Item no.61 4.28 1.20 208.56 crores (2007-08 Rs.24 (5) Includes : (i) Reversal of provision for diminution in value of investment (ii) Tax deducted at source Includes profit on sale of current investments (net) Includes profit on sale of investments in subsidiary companies Includes profit on sale of stakes in : (i) Tata AutoComp Systems Ltd (ii) Tata Steel Ltd (iii) Tata Teleservices Ltd (iv) Tata Securities Ltd (6) (7) (8) 59 .20 56.Schedules forming part of the Profit and Loss Account (Rs. 11.81 30.89 61.05 27.90 33093.

page 84) (a) Salaries.64 46.06 304.48) 1208.39 5.05 301.86 1363.95 879. Purchase of products for sale etc.43 2008-2009 2007-2008 (b) Freight.11 18592.11 1786. 4.77 131.52 25. page 91) Processing charges Payments to and provisions for employees : (Refer Note B(5).86 (7.71 31.22 171.86 B (i) (ii) Closing Stock Work-in-progress Stock-in-trade 245. 3] MANUFACTURING AND OTHER EXPENSES 1.20 165.95) 465.37 296. page 61] 1227.87 16.87 1125. 3.32 16218. Expenses for manufacture.62 810. etc.86 40. spare parts and tools consumed 402.22 44.82 1551. [Note B(iii).86 1363.29 419.60 1598. machinery. 2. Excise Duty on change in Stock-in-trade Changes in Stock-in-trade and Work-in-progress : A (i) (ii) Opening Stock Work-in-progress Stock-in-trade 296.77 347. 7.34 (60. [Note B(1).94 46. administration and selling : (a) Stores.82 238.15 1544.02 1404.04 24824. port charges.48 286. transportation.43 479. page 83] Consumption of raw materials and components (Schedule 18. etc.49 3932.87 53.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Profit and Loss Account (Rs. page 61] 60 . wages and bonus (b) Contribution to provident and other funds (c) Workmen and staff welfare expenses [Note B(i). page 61] (e) (f) Power and fuel Rent (g) Rates and taxes (h) Insurance (j) Publicity (k) Incentive / Commission to dealers (l) Works operation and other expenses [Note B(iv).32 1103.19 41.15 56. page 61] (d) Repairs to plant.08 851.00 1067.35 6.52 325. (c) Repairs to buildings [Note B(ii).80 191.57 2180.14 321.00 1067.48 26552.40 537.76 1764. in crores) “B” [Item no.10 3886.55 16.

Schedules forming part of the Profit and Loss Account (Rs.33 14.25 2.96 (2) Commission and Brokerage on sales (3) Provisions and write off for sundry debtors. machinery.49 3.28 9.95 - (4) Securitisation expenses for Hire purchase / Loan contracts (5) Lease rentals in respect of plant and machinery 61 .21 31.86 45. etc. exclude amounts charged to other revenue accounts (iv) Item 5 (l) : Works operation and other expenses include : (1) Loss on assets scrapped / written off 0.06 0. 3] (contd.40 2007-2008 24.16 133.08 8.39 0. in crores) “B” [Item no.18 362. vehicle loans and advances (net) 228.) 2008-2009 NOTES : (i) Item 4 (c) : Workmen and staff welfare expenses include provisions for other employee benefit schemes (ii) Item 5 (c) : Repairs to buildings exclude amounts charged to other revenue accounts (iii) Item 5 (d) : Repairs to plant.44 142.

26 11.) 2008-2009 MANAGERIAL REMUNERATION : 1. Remuneration to directors : (a) Profit after tax as per profit and loss account (b) Add: (i) Managerial remuneration (ii) Directors’ sitting fees (iii) Tax expense (iv) Depreciation as per books 2007-2008 11.93) (652. Managerial remuneration for directors (excluding provision for encashable leave and gratuity as separate actuarial valuation for whole-time directors is not available) [Note below] 2.46 21.84 0.24 31.84 9.90 0.29 12.54) (1589.00) 2146.94 214. The above is inclusive of : (a) Estimated expenditure on perquisites (b) Contribution to provident / superannuation funds (c) Commission to directors 3.92 9.96 0. 1956 (d) Limit on remuneration to whole-time directors .00) (169.10 crores (2007-08 Rs.96) (874.27 0.27 7. 5.20 0.62) (30.50 874.55 652. 3] (contd.54 899.50 62 .83) (50.40) (62.43 6.31) (1092.69 (c) Less: (i) Capital profit : (a) Sale of assets (b) Sale of investments (c) Gain on transfer of activity relating to financing of Construction Equipment (d) Income from transfer of Technology (e) Gain on buyback of FCCN / CARS (ii) Write back of provision for diminution in value of investments (iii) Depreciation as per Section 350 of the Companies Act.10% of net profit Remuneration to whole-time directors [includes commission payable to whole-time directors Rs.74) (1.56) (138.56) (518.20 2028. 4.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Profit and Loss Account (Rs.94 (8.40 crores)] (e) Limit on commission to non-whole-time directors .17 1900.30 0.47 3.31 1210.29 1001.43 0.24 0.74) (168. in crores) “B” [Item no.11 2.02 3238.96 0.64 3. Directors’ sitting fees 4.29 7.50 0.19) Net Profit as per Section 349 / 350 of the Companies Act.20 547. 1956 (4.1% of net profit Commission payable to non-whole-time directors Note : Excludes retirement benefits / accruals thereof 311.12 9.

000 Convertible Cumulative Preference shares of Rs.00 3900.55.59 178.40 4037.Ordinary shares Share Forfeiture .24 crores (2007-08 Rs.18 514.37 4010. 0.00 0. 56.44 0.67 0.03 crore Changes in Securities Premium Account (a) Premium on shares issued on conversion of Foreign Currency Convertible Notes (FCCN) and on shares issued which were held in abeyance out of Rights issue of shares (b) Premium on Rights issue of shares [Note A(1)(I)(e).77 34. Nil (2007-08 Rs.07 25.41.00.00.05 25. 2009 SHARE CAPITAL [Note (A) 1.00. page 75] [Note (iv). page 64] [Note (i) and (ii) below] 1537.32.05 55.00 200.55 15.05 55.40 2.51 (87.659 Ordinary shares of Rs.13 1000.11 6070. 9.00 449.00.43 10030.51 Additions Deductions As at March 31.77 0.00.83 64. page 76] Authorised: 70.54 “2” [Item No. 10 each (as at March 31. 2008: Nil) 30. 2009 5366.31 crore (2007-08 Rs.51) 100.50 0.99 1383.05 450.85 358. 2007-2008 Additions Deductions 8.01 0. 2008: Nil) Issued and subscribed: 44. 2.35 334. 1(b)] As at March 31.96 4037.15 334.87 crores)] (k) Reversal of provision for premium on redemption of CARS [net of tax of Rs.03.43 6070.07 11716.05 0.655 ‘A’ Ordinary shares of Rs. in crores) “1” [Item No.02 18.05 385.38 267.28 334. 215. Nil)] (l) Stamp Duty charges on conversion of FCCN contd.00 450.00 (j) Profit and Loss Account Notes:2008-2009 Additions Deductions (i) (ii) The opening and closing balances of Securities Premium Account are net of calls in arrears of Rs 0.10 7453.00.000 Ordinary shares of Rs. page 64] [Note (p) (ii).51) 4066. 10 each (as at March 31.05 55. 1(a)] As at March 31.40 0.75. 100 each (as at March 31.52 crores)] (d) Tax paid on premium on redemption of FCCN (e) Tax impact on premium paid on redemption of FCCN (f) CARS issue expenses [net of tax of Rs.05 55.19 1034.00.Ordinary shares As at March 31.28 2.38 208. Nil (2007-08 Rs.00 0.89 1685. 10 each (as at March 31.01 514.89 5470.50 385.31 1537.28 2.38 418.68 6.954 shares) 6.97 434.01 208. page 76] (c) Provision for premium on redemption of Convertible Alternative Reference Securities (CARS) [net of tax of Rs.68 433.05 0.47 crores (2007-08 Rs.22 2.35 0. 7.00.56 0.51 25.01 385.01 29.80 (87.98.56 63 . 2008: 38.77 27. 10 each (as at March 31.71 4116. 2008: 45.72 crores)] (g) Rights issue expenses (h) Brokerage on Non-Convertible Debentures [net of tax of Rs.28 602.61 34.00 4318.000 shares) 20.000 ‘A’ Ordinary shares of Rs. 2008: Nil) Less: Calls in arrears .00 3000.49 0. Nil)] (j) Exchange difference on provision for premium on redemption of FCCN / CARS [net of tax of Rs.05 514.05 25.22 1936.35 0.98 0.95 4116. 2008 700.01 433. 2008 RESERVES AND SURPLUS (a) Securities Premium Account (b) (c) (d) (e) (f ) (g) (h) Capital Redemption Reserve Debenture Redemption Reserve Amalgamation Reserve Special Reserve Revaluation Reserve Hedging Reserve Account General Reserve [Note (iii).00 385.44 149.43 3116.Schedules forming part of the Balance Sheet (Rs.

page 77] From Banks : (i) (ii) Buyers line of credit [Note 2(i)(c) and 2(i)(d).65 70.44 (iv) 100. page 76 and 77] 300. Nil)] (b) Impact on account of adoption of Notification amending AS 11 [net of tax of Rs.26 3956.50 3818. 2008 Sales Tax Deferment Loan [Note 2(i)(b).94 1215.82 5251.44 0.Unsecured (a) (b) Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) [Note (C) (i).44 0.53 As at March 31. 2685 crores (2007-08 : Rs.05 50. 2008 (c) (d) 64 .24 2461. Cash Credit and Overdrafts Accounts [Note 2(i)(d).91 * Includes from Directors 13.Secured [Note (A) 2. 3.00 44.60 3661. page 77] Loans.03 100.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet (Rs in crores) “2” [Item No. page 77] “4” [Item no.13 6. 1450 crores)] Short term loans : (i) From Banks (ii) From Subsidiaries (iii) From Others 4522.53 crores (2007-08 Rs.00 850.57 986. page 76] (a) Privately placed Non-Convertible Debentures : (i) (ii) (b) (c) 14. 15.87 142.75% Non-Convertible Debentures (2008) Secured Rated Redeemable Non-Convertible Debentures [Notes 2(i)(a) and 2(ii). 2(b)] As at March 31.13 100.00 57. Nil)] (Note (p)(i).53 291. 2(a)] As at March 31. page 75) (c) Amount transferred from Profit and Loss Account 2007-2008 Additions Deductions - 0.99 As at March 31. 2009 LOANS .00 1000.00 - - “3” [Item no.45 849.50 crores (2007-08 Rs.98 149. page 86] Fixed Deposits : (i) From Public (ii) From Shareholders * Commercial papers [Maximum balance outstanding during the year Rs.85 1000.50 100.39 940.00 48.) 2008-2009 Additions Deductions (iii) Change in Revaluation Reserve : Depreciation on revalued portion of assets taken over on amalgamation of Telco Dadajee Dhackjee Ltd Changes in General Reserve : (a) Difference in fair value of forward contracts on application of principles of Hedge Accounting under Accounting Standard (AS) 30 [net of tax of Rs. 1(b)] (contd.00 8.00 7913.44 - 0.80 1393. 2009 LOANS .

88 280. (b) advances for capital expenditure of Rs.86 6.28 407. 4. (b) lease equalisation of Rs. (vi) Depreciation for the year includes loss of Rs.11 72. (c) depreciation of Rs. 8.80 179.97 52.36 34.10 72. 668.09 42.15 crores.91 crores) on assets held for disposal.92 4352.86 4.86 7645. 0. 7.26 18. 457.15 25. (vii) Capital Work-in-Progress includes : (a) Product Development Cost Rs. in crores) “5”[Item no. 2008 net loss of Rs.72 8.67 839.51 110.77 269.631 (as at March 31.11 1209.90 crore and Rs. 6. (ii) (a) Buildings.02 crore and Rs.31 10452.10 5.10 52.23 135. Fixtures and Office Appliances and Vehicles and Transport having Gross Block of Rs.42 crore and Rs.09 29.72 667.35 131.11 897.04 14. 6.27 10643. 2009 Depreciation for the year 2008-2009 [Note (vi) and (ix)] 31.98 crores.94 211. 1705.11 crore (as at March 31.92 1669.76 crores (as at March 31. Rs. 0.31 2.76 crores) and Net Block Rs.17 10830.97 252.17 16.24 crores (as at March 31.66 29.34 749.11 119.92 crores).96 14. and Net Block of Rs.87 crores (as at March 31.97 407.75 29.45 0.34 crore respectively (as at March 31. (ix) Depreciation for the year and Accumulated Depreciation includes amortisation. 2009 [Note (v) and (ix)] 311.28 407. 4.10 6.81 119.08 crore.19 crore) respectively. 2008 Rs.44 crore) on revalued portion of gross block transferred to Revaluation Reserve.65 17.83 530.16 4974. diminution in value of assets and write down of assets net of reversals.85 102.19 1.54 crores (as at March 31.08 crore.52 Net Book Value as at March 31.40 crores).05 crores.Schedules forming part of the Balance Sheet (Rs.86 crores).30 86.19 11. Rs.30 14. (d) reversal of depreciation of Rs. 0.93 5.10 150. (b) premises acquired in satisfaction of debts amounting to Rs.83 8317.96 211.67 34. 3.66 736.49 4. 1.34 crore) in respect of expenditure incurred on capital assets.84 45.42 34. 2008 Rs.32 41.06 crores (as at March 31.42 137.27 Notes : (i) Buildings include Rs.34 crore (as at March 31.25 29. 4.57 71.59 41.51 106.44 67.31 6.31 Accumulated depreciation up to March 31.97 crores (2007-08 Rs.45 24.15 91.27 8317.54 652.64 2281. Furniture.27 72.48 29.00 41.31 1029. Nil and Rs.17 crores) (v) Accumulated Depreciation includes : (a) an adjustment of Rs. 2008 Rs. 1.72 0. Nil).67 77.54 106.76 crores. (viii) The assets are under renewable secondary lease.51 34.83 8775.65 34.37 6259. net loss of Rs.28 11.59 31. (iv) Additions / Adjustments include : (a) exchange differences and net premiums on derivative contracts. 2009 119. 3. Nil) on exchange gain adjusted in the carrying cost of assets in 2008-09 pertaining to 2007-08 has been transferred to general reserve in line with the notification issued by the Ministry of Corporate Affairs.44 crore (2007-08 Rs 0.12 150.98 29. 2008 Rs.69 119.77 0.36 3.99 41. 0. 0.83 2367.36 10.39 40. Fixtures and Office Appliances [Note (iii)] (g) Technical Know-how (h) Vehicles and Transport [Note (iii)] (j) (k) (l) Plant taken on Lease [Note (viii)] IT Assets taken on lease Leased Premises (m) Assets given on lease (n) Software (o) Product Development Cost GRAND TOTAL (p) Capital Work-in-Progress [Note (vii)] 65 .80 87.14 29.631) being value of investments in shares of Co-operative Housing Societies.76 crores.94 23. 2460. 6.10 42. [Note (i) and (ii)(a)] (c) Leasehold Land [Note (ii)(b)] 119.97 442. 6] FIXED ASSETS Cost as at April 1. 2008 Rs.35 47.09 0.36 73.72 22. 2008 Rs. 33.65 197.62 20.49 crores) adjusted in lease rental income. 2008 Rs.87 58.80 6707.48 10830. 3.82 crores).47 92. 2008 Rs.13 crores and Rs.51 34. 99. 0.50 crores and Rs.35 54. 0.78 25. 8. 2008 Rs.83 4.96 11.54 133. 0.60 17.48 390.89 58. Nil (as at March 31.30 226.66 125.06 3.83 (d) Plant & Machinery and Equipment [Note (ii)(a) and (iii)] (e) Water System and Sanitation [Note (ii)(a)] (f ) Furniture.99 51. (a) Land (b) Buildings.82 74.09 102.49 crores (2007-08 Rs.51 63.28 31.49 17. Rs. 150.51 34.80 113.15 67. (iii) Includes Plant & Machinery and Equipment.68 390. 2008 Rs.60 512.31 6954.83 0.08 crore and Rs. 2008 Additions / Deductions / Adjustments Adjustments [Note (iv)] Cost as at March 31.14 0.22 1029.08 0. Rs.28 crores) on assets transferred / sold / discarded during the year. 1. 145.26 42.69 47. Rs. Water System and Sanitation and Plant and Machinery include Gross Block Rs.19 59. 47.83 206. (b) The registration of Leasehold Land of Rs. Rs. 0.19 19.89 108. 0.06 874. 4.11 5.84 33. ownership of which does not vest in the Company.91 3965.55 4. etc.75 3126.45 2.90 5443.04 5064. 0.19 100. Rs.59 31.65 crores.19 55.23 13905.38 92.53 crores acquired in the year 2006-07 is in process. 106. 0.11 5668. held for disposal.67 crores (as at March 31.76 crores (as at March 31.08 4. Rs.96 14599.56 269.10 467.03 12.1.27 5387.05 27.93 crores and Rs.11 119.28 31. 2008 Rs.16 19. 3. 318. 1.32 58. (c) exchange loss of Rs.17 67.

00.249 10 10 10 Long Term Investments (at Cost) (A) Trade Investments (1) Fully paid Ordinary / Equity shares (Quoted) Automobile Corporation of Goa Ltd.50.22. Ltd) (1.56. Tata Teleservices Ltd (1.00 21. 2.31 245.07. (2.195 1.50.68 1. UK (13.00. UK (13.5% Rallis India Ltd (5) Fully paid Cumulative Compulsorily Convertible Preference Shares (Quoted) in others 2% Tata Steel Ltd (6) Non Convertible Debentures (Unquoted) Rushi Automobiles Ltd 8% Tata Projects Ltd Carried forward As at March 31.40.00 30.50. Tata Technologies Ltd.47 - 75.54 239.00 224.58 2.000 3.00 68.20] (600 shares acquired during the year) TML Holdings Pte Ltd.10 119. page 68] Telco Construction Equipment Company Ltd [Note 6. (2) 75.97.11 3. 27.00 45.000 shares acquired during the year) Tata Marcopolo Motors Ltd [Note 9.12. Ltd (Bangladesh) Kulkarni Engineering Associates Ltd Tata Cummins Ltd Tata Sons Ltd.624 (USD) (GBP) 100 100 13.00.500 shares sold during the year) Tata Chemicals Ltd.56 0.67 90. 3.001 28.000 3.999 shares acquired during the year) 6% Tata Motors European Technical Centre Plc.89 6115.00.898 shares acquired during the year) Fully paid Cumulative Redeemable Preference Shares (Unquoted) (a) in Subsidiaries 7% Concorde Motors (India) Limited 6% TML Holdings Pte Ltd. page 68] TML Distribution Company Ltd.34 0.629 2. (11.85 0.84.14 0.624 Shares acquired during the year) (b) in Others 7% Tata Sons Ltd 7% Tata AutoComp Systems Ltd 7.03 49.54 1077.50 1.000 2.00.27 0.500 100 100 3000 239.00.000 5.000 600 100 47.75 77.63.50 29.50 17.03 1.900 80.000 50.383 350 66.73) page 68] (47.97 4.000 3.48. in crores) “6”[Item no.00 6151. page 68] Tata International Ltd Tata Services Ltd The Associated Building Company Ltd Tata Industries Ltd.11 3.999 13.00 36.500 16.39.82.00 5.51 (4) 13.778.203 25.00 13.80. Tata Projects Ltd NITA Co. Ltd (Singapore) [Note 12.00.63 1250.06.436 shares sold during the year) Fiat India Automobiles Ltd (formerly known as Fiat India Automobiles Pvt. Tata Motors Insurance Broking and Advisory Services Ltd (formerly known as Tata Motors Insurance Services Ltd) Tata Daewoo Commercial Vehicle Co.00.40.49.00.77 92.00 68.40 50.322 (THB) (ZAR) (SGD) (USD) (KRW) (GBP) 100 10 10 10 10 10 10 10 5000 1 10 10 10 100 1 1 1 Investments in Subsidiary Companies Fully Paid Ordinary / Equity Shares (Unquoted) Sheba Properties Ltd.03.104 shares sold during the year) Tata AutoComp Systems Ltd (4.700 shares acquired during the year) Tata Steel Ltd (1.50.29 2.780 22.50 29.63.882 70.000 4.24 369.00.79 395.00.00 76.000 1000 10 10 10.85 0.60 9.01 82.97.63.000 1.02 0.20.40.50 0.24 1.00 68.94 5.375 - (TK) 1(S$) 1000 1000 900 100 100 1000 100 10 1000 - 3.46.59.84.06.322 shares acquired during the year) Fully Paid Ordinary / Equity Shares (Unquoted) in Others Tata Precision Industries Pte.00.000 30.78 66 .11 2236.60 115.23. (Singapore) [Note 11.395 10 10 31.50 2.00 30.16.54 13. [Note 7.27 98.10 119.40.25 12541.060 18.104 shares cancelled during the year consequent to capital reduction) (1.28 10 100 (EUR) 719.47 22. HV Transmissions Ltd. (Rs.14.600 9. 7] INVESTMENTS Number Face Value Per Unit Description I. page 68] (5.14.00.000 24. Tata Motors Finance Ltd [Note 8. HV Axles Ltd.97 4.00 2.50.111 shares sold during the year) (87.00 5. page 68] Concorde Motors (India) Limited TAL Manufacturing Solutions Ltd.73 0.263 2. S A [Note 13.63 1150.14.54 6091.60 45.59 1017.41 4.65.00 21.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet (Rs.14 0.31 245.40.600 5.166. page 68] Oriental Floratech (India) Pvt.00.67 90.000 35. Ltd TSR Darashaw Ltd (49.00 76.34 0.000 3.24 488.68 1.86 0. page 68] Tata Motors (SA) (Proprietary) Ltd [Rs.27 0.14. Ltd (Korea) Tata Motors European Technical Centre Plc.00.93.20.624 7.67 269.00.17 3.20.00 68.25 4034.170 2.67 22.693 6.000 shares acquired during the year) Tata Motors (Thailand) Ltd [Note 10.50 17. (Singapore) (1.00 224.76 75.47 4701.01 82.00.33.02.75 } (3) { 2238.624 Shares acquired during the year) INCAT Systems Inc.00 36.54 10.50 2.63 150.54.63.00.10.12. 2009 As at March 31.25.54 601.14.24 - 34.000 12.000 7.000 11.00.195 shares acquired during the year) Haldia Petrochemicals Ltd Hispano Carrocera.63 150.000 33. 2008 99.00.37.120 6.41 15.

40 15.37 0.19 170 1000 0.53 88.76 - - - 15.Weekly Dividend Reinvestment Sundaram BNP Paribas Money Fund Super Institutional Weekly Dividend Reinvestment Sundaram BNP Paribas Liquid Plus Super Institutional Dividend Reinvestment Weekly Tata Liquid Super High Investment Fund-Weekly Dividend Tata Floater Fund .19 0.84 4072. Long Term Investments (at Cost) (Contd.98 67. 7] (contd.Schedules forming part of the Balance Sheet (Rs.15 67 .76 35.Dividend Reinvestment ICICI Prudential Flexible Plan .01 91.20 20.Long Term Investments II.61 20.997 10 10 10 0.Weekly Dividend Reinvestment UTI .93 0.51 As at March 31.37 0.13 35.Super Institutional Weekly Dividend Re-Investment ICICI Prudential Floating Rate Plan .) INVESTMENTS (contd.Weekly Dividend Plan Principal Cash Management Fund ICICI Prudential Institutional Liquid Plan . 2008 50.Weekly Dividend Templeton Floating Rate Income Fund Long Term Plan .64 4056.Institutional Weekly Dividend JM High Liquidity Fund Super Institutional Plan Growth LIC MF Liquid Plus Fund .15 0.06 96.77 790.25 0.93 0.37 0.Current Investments carried forward Total .95 60.) Brought forward (B) Other Investments (1) Fully paid Equity Shares (Unquoted) NICCO Jubilee Park Ltd (2) Fully paid Bonds (Quoted) 6.Weekly Dividend Reinvestment Chola Liquid Super Institutional Plan Weekly Dividend DWS Insta Cash Plus Fund Super Institutional . 2009 As at March 31.63 0.68 12528.800 30.40 32.74 4056. Current Investments . (C) Investments in Government Securities (Quoted) 12.19 71.69 15.Long Term Investments carried forward 12541.48 51.05 12541.79 0.15 71.Weekly Dividend Reinvestment Birla Sun Life Liquid Plus-Institutional .63 5.02 0.83 13.02 791.00% Uttar Pradesh 2011 Stock Total .000 10 0. Roofit Industries Ltd.13 46.Weekly Dividend Plan DSP Merrill Lynch Cash Plus .37 0.) Number Face Value Per Unit Description I.75% Tax free Unit Trust of India 2008 Less : Provision for Diminution in value of Long Term Investments Total .78 4034.000 91.95 12528. in crores) “6”[Item no.Liquid Plus Fund Institutional Weekly Dividend Plan-Reinvestment Tata Treasury Manager SHIP Weekly Dividend (B) Investments in Equity shares (Quoted) Elcot Power Control Ltd Munis Forge Ltd.Institutional Premium .05 37.others (at Cost or Fair value whichever is lower) (A) Investments in Mutual Fund (Unquoted) Liquid/Liquid Plus Schemes Birla Cash Plus .

46. UK.00 794.) Brought forward (D) Investments in Preference Shares (Unquoted) 15.15 0.20 crores as on March 31. 7] (contd.) Number Face Value Per Unit Description Long Term Investments brought forward Current Investments (at cost or Fair value whichever is lower) (contd. The letter of comfort is restricted to 70% of the said amount i. Ltd (TPI). 2009) [Euro 2 million (Rs.00 0.44 110. between Hitachi Construction Machinery Co. 2008)] given by Citibank NA to Tata Motors (Thailand) Ltd ( TMTL).50 385. 253.36 crores as on March 31. 2005. (Singapore) [Rs.00.65 As at March 31. 121. 2009) [ THB 595 million (Rs. 8. 2009) [Euro 15 million (Rs. 2009) [SGD 2. 101.55 crores as on March 31.Cumulative Preference Shares II.00% Atcom Technologies Ltd. IV. The Company has also given an undertaking to Citibank NA for non-disposal of its shareholding in TPI.22 crores as on March 31. The Company has given an unsecured subordinated Loan of Euro 15 million (Rs.e Rs.27 crores as on March 31. The Company has given a letter of comfort to Citibank NA against the short term and long term loans aggregating THB 850 million (Rs.A.95 1. 40. Singapore.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet (Rs. 2008)] in total. 2827.74 1. Singapore.00 3.32 0.13 609.517 1(M$) Tatab Industries Sdn. Malaysia 1 1 100 10 American Express Services Ltd 1 1 4 25.71 crores as on March 31.84 558.27 764.e. 2008)].09 crores as at March 31.81 62.93 0.00 3. 85.00.87 crores as on March 31.The letter of comfort is restricted to 51% of the above amount i. during the tenor of the loan. Singapore. in crores) “6”[Item no. 235 crores given by HDFC Bank to Tata Marcopolo Motors Ltd (TMML). these shares are under restriction for sale. S. 2008)] to TPI. 300 crores. 2009) [Euro 7 million (Rs. 7. The Company has given a letter of comfort to State Bank of India against the bridge loan facility upto US $ 50 million (Rs. Singapore. THB 595 million (Rs. 75.05 0.02 100. 13.95 3. The Company has also given a letter of comfort to Citibank NA against working capital loans extended by the bank to Hispano aggregating Euro 12 million (Rs. 2005.000 100 100 III. As per the terms of agreement. Ltd and the Company.50 million (Rs.85 million (Rs.34 crores as on March 31.00 2.26 crores as at March 31. Consequently. Also the Company has given an undertaking to Citibank NA for non-disposal of its shareholding in TMTL below 51% during the tenor of the loan. Further.64] Tata Motors Finance Ltd Tata Marcopolo Motors Ltd NOTES : (1) (2) (3) (4) (5) (6) (7) (8) (9) Total . 81. 2009) to TMTL.00 3.31 crores as on March 31. Thonburi and Citibank NA.76 791.02 54. (14) Trade Investments also include : Number Face Description Value Per Unit Rupees Rupees Rupees 5.29 12358. As per the proposed arrangement to be entered between the Company.05 4910.Investments Face Value per unit in Rupees unless stated otherwise Book Value of quoted investments Book Value of unquoted investments Market Value of quoted investments Investment in Mutual Funds includes dividend reinvested As per the shareholders agreement dated December 9.000 ICICI Money Multiplier Bond 1 1 100 10 Optel Telecommunications 1995 1995 200 10 Punjab Chemicals 1 1 (13) 68 . 2009) [SGD 13. The Company has also given an undertaking to Citibank NA for non-disposal of its shareholding in Hispano during the tenor of the loan.56.45 4145. Singapore and Tata Engineering Services Pte. 2009) [THB 850 million (Rs.39 crores as on March 31. 2008)]. 95.82 2530.85 million (Rs. 2008)]. as per terms and conditions duly agreed upon at a price not exceeding Euro 2 million (Rs.50 million (Rs. Ltd.74 3. 2008)].00 25. 44. Also the Company has given an undertaking to HDFC Bank for non-disposal of its shareholding in TMML below 51% during the tenor of loan.68 crores as on March 31. The Company has given a letter of comfort to ICRA Ltd for issuing a rating letter to enable Tata Motors Finance Ltd to raise short term debt of Rs. The Company has given an unsecured subordinated Loan of THB 748.00 150.93 790. (10) (11) (12) The Company acquired 21% shares in Hispano Carrocera. a wholly owned subsidiary of TPI aggregating SGD 13. 106. on March 16. 2008 4056.00 2. this letter of comfort will be prorata increased to reflect the increased stake in the above loan. 2009 12528.50% Pennar Paterson Securities Ltd 15. a subsidiary of Tata Technologies Ltd. Ltd (TES). 12.55 43. and an indirect subsidairy of the Company.29 million (Rs. 1.113. 2009 for credit facilities given by them to JaguarLandRover Ltd. the Company has an Option to acquire the remaining 79% of the shares through one or more transfers. Less : Provision for Diminution in value of Current Investments Total . 120 crores. 2009) extended by the bank to Tata Technologies Pte. the Company has also given an unsecured loan amounting to SGD 2. Bhd. the Company may have to purchase Thonburi’s stake of 20% in TMTL. assign or transfer for a period of 5 years from the date of the agreement. on occurrence of certain event. The Company has given Letters of Comfort to Banks and certain companies (in foreign currencies) amounting to equivalent Rs.07 crores as on March 31. The Company has given a letter of comfort to Citibank NA against credit facilities provided by the bank to Tata Precision Industries Pte.51 crores as on March 31.38 crores as on March 31.000 2.02 1.95 crores as at March 31. .Current Investments Retained interest in securitisation transactions (Unquoted) (Long term) . 108.000 10 Metal Scrap Trade Corporation Ltd 25000 25000 50 5 Jamshedpur Co-operative Stores Ltd 250 250 16. The Company has given a letter of comfort to HDFC Bank against the short term and long term loans aggregating Rs.) INVESTMENTS (contd.others Advance against Investments TML Distribution Company Ltd Fiat India Automobiles Ltd Tata Motors (SA) (Proprietary) Ltd TML Holdings Pte Ltd. As at March 31.52 12968.

435 6.29 27.Reinvestment ICICI Prudential Institutional Liquid Plan Super Institutional Weekly Dividend .83 0.77. in crores) “6”[Item no.76.06 277.Growth Birla Sun Life Liquid Plus .89 237.23 0.04 277.24.72 15.480 4.22.05 0.85. 7] (contd.59 75.21.50 0.Weekly Dividend ICICI Prudential Flexible Income Plan Dividend .06.Institutional .61 0.02 0.06.29.Reinvestment DBS Chola Liquid Super Institutional Plan .55 27.Schedules forming part of the Balance Sheet (Rs.25.55 37.229 24.47.Weekly Dividend .849 1.89 261.608 23.11 69 .11 Purchase Cost 97.41 62.22.454 2.44.58.06 No.Weekly Dividend Tata Treasury Manager SHIP Weekly Dividend Templeton Floater Templeton Growth Fund UTI Liquid Cash Plus 7.31.94.961 1.125 0.70.06 87.) INVESTMENTS (contd.935 7.175 8.02 0.72 0.534 18.54.Growth Plan LIC Liquid Plan Weekly Dividend Reinvestment LIC MF Liquid Fund .00 92.555 8. of Units 7.) (15) Current Investments acquired and sold during the year : Name Birla IP Premium .51 0.Dividend Plan Tata Liquid Super High Investment Fund .10.296 Face value 74.05 0.Weekly Reinvestment Dividend ICICI Prudential Institutional Liquid Plan Super Institutional Daily Dividend .37 0.991 530 4.318 277.72 12.Daily Dividend TATA Liquid Super High Investment Fund .75 248.41 51.41 42.83 0.90 0.Reinvestment ICICI Prudential Liquid Fund LIC Liquid Fund .

81 As at March 31.86 1130.59 2397.31 24. in crores) “7” [Item no.64 2421. 2008 2.41 2229.20 17.94 As at March 31.18 1423.58 524.15 16. 2008 98.61 778.73 40.55 7. Nil (as at March 31. 8(d)] As at March 31.40 crores)] * (d) Margin Money / Cash Collateral with Scheduled Banks # Includes : . 2009 SUNDRY DEBTORS (a) Over six months : (unsecured) Considered good Considered doubtful (b) Others (unsecured) Considered good Less : Provision for doubtful debts (c) Future instalments receivable from hirers / lessees [secured under hire purchase / lease agreements and by promissory notes from hirers] [Note A (4).In foreign currencies .79 1149. 2009 CASH AND BANK BALANCES (a) Cash on hand (b) Current Accounts with Scheduled Banks # (c) Short term deposits with Scheduled Banks [including in foreign currencies Rs.47 34.92 1141. 1122.07 941.87 51. 2008 111.11 21.82 124.44 635.18 1549.32 174. “8” [Item no.20 17.59 1122.80 156.73 462.37 13.47 133.75 7.60 1053.27 1555.73 “9” [Item no.80 245.71 12. 8 (b)] As at March 31.60 1114. (d) and (e) above are valued at lower of cost and net realisable value.80 21.37 5.14 1122.08 34.52) 5.Cheques on hand .86 151.69) 15. page78] : Considered good Considered doubtful Less : Provision for doubtful instalments Unearned finance and service charges on lease receivable / hire purchase contracts As at March 31. 2009 INVENTORIES (as valued and certified by the Management) (a) Stores and spare parts (at or below cost) (b) Consumable tools (at cost) (c) Raw materials and components (d) Work-in-progress (e) Stock-in-trade (f ) Goods-in-transit (at cost) Note : Items (c).55 (1. 8(c)] As at March 31.00 748.47 359.93 61.Remittances in transit Includes unutilised proceeds from Convertible Alternative Reference Securities issue 2.79 (0.57 296.95 879.13 1571.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet (Rs.87 5.79 7.16 7.40 * 70 .83 126.00 1067.20 24. 2008 Rs.

0. employees and others.28 380. 2008 2001. Port Trust.71 439.13 1.19 2.16 0.44 85.09 7.02 0.77 1.34 59. S.21 5.02 17. etc.00 10.34 106. UK (vi) Tata Marcopolo Motors Ltd (vii) Tata Motors (Thailand) Ltd (viii) Tata Technologies Ltd (ix) TML Distribution Company Ltd (x) TML Holdings Pte.12 6.27 7. 2008 Rs. 2009 LOANS AND ADVANCES A) Secured Vehicle loans [Note 1 below and [Note A (4).50 265.67 6.52 Notes: (1) Loans are secured against hypothecation of vehicles.17 0.24 207.42 16.10 2298. 0.10 2763. in crores) “10” [Item no.63 2397.38 crores (as at March 31.12 73. (ii) Tata Precision Industries Pte.50 crores) on account of overdue Securitised Receivables # Includes Rs.59 crores (as at March 31.73 297.00 51.69 594.54 7.32 194. 156.27 84.35 crores )] (Note 6 below) (f ) Deposits with government. 2008 Rs.88 crores (as at March 31.15 0.63 crores) towards Securitised Receivables Unsecured .26 4409. rent deposits and other amount due (Notes 2 and 3 below) (b) Dues from subsidiary companies (Note 4 below) (c) Interim dividend declared by subsidiary companies (d) Loans to associates and subsidiaries (Note 5 below) (e) Inter-corporate deposits [net of provision of Rs.63 0. 8(e)] As at March 31. 2008 Rs. (2) Include : Loans and advances due from Directors and Officers Maximum during the year (3) Net of advances considered doubtful which have been provided for (4) Dues from subsidiary companies : (i) HV Axles Ltd (ii) HV Transmissions Ltd (iii) Telco Construction Equipment Company Ltd (iv) Tata Daewoo Commercial Vehicle Company Ltd (v) Tata Motors European Technical Centre Plc.63 38.73 95. UK (6) Inter-corporate deposits with : (a) Subsidiaries : (i) HV Transmissions Ltd (ii) Concorde Motors (India) Ltd (iii) Tata Marcopolo Motors Ltd (iv) TAL Manufacturing Solutions Ltd (b) Joint Venture : Fiat India Automobiles Ltd (7) Includes deposits given as collateral security (a) Tata Motors Finance Ltd (Subsidiary) (b) Others 0.50 30.26 207.91 0.98 2605. 368.75 779.11 0.26 B) 803.95 34.48 1.48 14.A. 181. (ii) Others [net of provision of Rs. 297.00 6.01 210. 1.10 crore)] (Note 7 below) (g) (h) Prepaid expenses Advance payments against taxes (net) As at March 31.28 2012.00 5.26 8.98 2397.66 - 71 .10 crore (as at March 31.96 6.74 0. Excise. 7.81 520. advances / loans to suppliers.27 0.65 101.69 326.19 309.80 251.00 1.12 4764. page 78]]* Considered good Considered doubtful Less: Provision for doubtful loans # * Includes Rs. 2008 Rs.03 39.13 - 101.63 297. contractors. Singapore (xi) TAL Manufacturing Solutions Ltd (5) Loans to : (a) Associates : (i) Hispano Carrocera.46 2.00 20.00 134.37 224. Ltd (Singapore) (b) Subsidiaries : (i) Tata Motors (Thailand) Ltd (ii) Tata Motors European Technical Centre Plc.10 2001. Ltd. public bodies and others : (i) Balances with Customs.considered good (a) Claims / incentives recoverable.94 110.Schedules forming part of the Balance Sheet (Rs.00 178.50 10.78 5.23 2.27 0.67 63.

15 12.02 6. page 82] (ii) Others* (c) Advance and progress payments (d) Liability towards Investors Education and Protection Fund under Section 205C of the Companies Act.25 13.61 34.140 (as at March 31.67 3.00 1043. page 84] (d) Other Provisions [Note B (6).62 15.05 6.02 1. 9(a)] As at March 31.51 81. 2008 2.02 2. in crores) “11” [Item no.26 164.87 4719.75 8643.25 0.04 2.26 1877. 1.14 8958.20 11.30 1229.25 0.05 72 .26 As at March 31.53 10.65 4548.74 0.00 235. 2009 CURRENT LIABILITIES (a) Acceptances (b) Sundry creditors (i) Micro. 2008 3738.10 “13” [Item no. 1956 not due (i) Unpaid dividends (ii) Application money pending refund Rs. 2008 Rs. page 85] 311.47 As at March 31.25 286.43 3859. 1.43 81. 9(b)] As at March 31.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet (Rs.09 302.75 1989. 11] As at March 31. Small and Medium Enterprises [Note 8.23 28.14 152. 2008 578. 2009 MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted) Employee Separation Cost As at March 31. 2009 PROVISIONS (a) Proposed dividend (b) Provision for tax on dividend (c) Provision for retirement and other employee benefit schemes [Note B (5).95 0.21 42.55 8.37 50.140) (iii) Unclaimed matured deposits (iv) Unclaimed matured debentures (v) Interest accrued on (iii) and (iv) above (e) Interest / commitment charges accrued on loans but not due *Includes payable to subsidiary companies : TAL Manufacturing Solutions Ltd Tata Motors Finance Ltd “12” [Item no.

2007 in the following manner: (Note (p)(i). 1956. 2011 or the date of its maturity. (ii) Assets given on lease as on March 31.67% (SLM) Laptops – at 23. All costs relating to the acquisition and installation of fixed assets are capitalised and include borrowing costs relating to funds attributable to construction or acquisition of qualifying assets. (iii) Software not exceeding Rs. page 75) Differences relating to borrowings attributable to the acquisition of the depreciable capital asset are added to / deducted from the cost of such capital assets. (b) (c) (d) (e) 73 . at the rates and in the manner prescribed in Schedule XIV to the Companies Act. transfer of technology relating to automotive products and exchange fluctuations relating to export receivables. 2007 or date of inception of such item. Transactions in Foreign Currencies and Accounting of Derivatives (i) Exchange differences Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of the transaction. 25. 2000.000 and product development costs relating to minor product enhancements. are depreciated at rates specified in Schedule XIV to the Companies Act. Lease payments are apportioned between the finance charge and the outstanding liability. (iii) In respect of assets whose useful life has been revised.75% (SLM) Cars – at 23. the unamortised depreciable amount has been charged over the revised remaining useful life. Software in excess of Rs. Depreciation (i) Depreciation is provided on straight line method (SLM). page 75) (ii) The product development cost incurred on new vehicle platform. Assets taken on lease are amortised over the period of lease. Leases Assets acquired under finance leases are recognised at the lower of the fair value of the leased assets at inception and the present value of minimum lease payments. transmission and new products are recognised as intangible assets [included in the fixed assets] and are amortised over a period of 36 months to 120 months or on the basis of actual production to planned production volume over such period after commencement of the commercial production of the underlying product. facelifts and upgrades are charged off to the profit and loss account as and when incurred. is reflected in the lease equalisation account. Sales are net of discount and inclusive of income from services. to ensure capital recovery over the primary lease period.Schedules forming part of the Balance Sheet and Profit and Loss Account Significant Accounting Policies (a) Sales The Company recognises revenue on the sale of products when the products are delivered to the dealer / customer or when delivered to the carrier for export sales. 1956 except in the case of : Leasehold Land – amortised over the period of the lease Technical Know-how – at 16. (Note (p)(i). Assets given under finance leases. which is when risks and rewards of ownership pass to the dealer / customer. Sales include export and other incentives from the Government as per their policies from time to time. Other differences are accumulated in Foreign Currency Monetary Item Translation Difference Account. excise duty. and the charge as disclosed for the year. (1) Exchange differences arising on settlement of transactions and translation of monetary items other than those covered by (2) below are recognised as income or expense in the year in which they arise. The finance charge is allocated to periods during the lease term at a constant periodic rate of interest on the remaining balance of the liability. The cost of acquisition is further adjusted for exchange differences relating to long term foreign currency borrowings attributable to the acquisition of depreciable asset w.f. up to the date the asset / plant is ready for intended use.000 is amortised over a period of sixty months or on the basis of estimated useful life whichever is lower. beginning April 1. 1975 – on Written Down Value basis at rates specified in Schedule XIV to the Companies Act. The difference between the depreciation charge as computed using the Internal Rate of Return (IRR) implicit in the lease. and ending on March 31. are recognised as receivables at an amount equal to the net investment in the lease and the finance income is based on a constant rate of return on the outstanding net investment. to be amortised over the period. (2) Exchange differences relating to long term foreign currency monetary assets / liabilities are accounted for with effect from April 1. 1956. except for those stated in b(ii) above. Fixed Assets (i) Fixed assets are stated at cost of acquisition or construction less accumulated depreciation / amortisation. acquired upon amalgamation of Tata Finance Ltd. April 1. 25.e. as applicable. whichever is earlier. Exchange differences considered as borrowing cost are capitalized to the extent these relate to the acquisition / construction of qualifying assets and the balance amount is recognised in the Profit & Loss account.75% (SLM) Assets acquired prior to April 1. Foreign currency monetary assets and liabilities are translated at year end exchange rates. 2007. engines.

75% to 2% of the annual basic salary for each year of service.Financial Instruments: Recognition and Measurement.71 crores in the current year. considering probable inherent loss including estimated realisation based on past performance trends. The Company has no further obligation beyond this contribution. net of applicable deferred income taxes and the ineffective portion is recognised immediately in the profit and loss account. An eligible employee on April 1. Hedge accounting is discontinued when the hedging instrument expires or is sold. These forward contracts are stated at fair value at each reporting date. a defined benefit retirement plan covering eligible employees. Income on Vehicle Loan / Hire-Purchase Income / Finance Income from Lease Interest income from hire purchase and loan contracts and finance income in respect of vehicles and income from plant given on lease. Vesting occurs upon completion of five years of service. frequency and average cost of warranty claims and management estimates regarding possible future incidence based on corrective actions on product failures. 74 . If the forecasted transaction is no longer expected to occur. this plan was amended and benefits earned by covered employees have been protected as at March 31. a defined benefit plan and a defined contribution plan. work-in-progress and stock-in-trade are valued at the lower of cost and net realisable value. the net cumulative gain or loss recognised in Hedging Reserve Account is immediately transferred to the profit and loss account for the period.) (ii) Hedge Accounting The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable forecast transactions. The Company contributes up to 15% of the eligible employees’ salary to the trust every year. a constant rate of return on the net outstanding amount is accrued over the period of contract. or no longer qualifies for hedge accounting. The Company accounts for the liability for gratuity benefits payable in future based on an independent actuarial valuation.Sixty-fourth annual report 2008-09 Tata Motors Limited (e) (f) (g) (h) (j) Accounting of Foreign currency transactions (contd. 2003. Consequently. Changes in the fair value of these forward contracts that are designated and effective as hedges of future cash flows are recognised directly in Hedging Reserve Account under Reserves and Surplus. The monthly pension benefits after retirement range from 0. With effect from April 1. 54. During the year. the Company designates such forward contracts in a cash flow hedging relationship by applying the hedge accounting principles set out in Accounting Standard 30. Amounts accumulated in Hedging Reserve Account are reclassified to profit and loss in the same periods during which the forecasted transaction affects profit and loss. (Note (p)(ii). Foreign currency options and other derivatives are stated at fair value as at the year end with changes in fair value recognised in the profit and loss account. 1996 could elect to be a member of either plan. The revised estimation has resulted in lower provisioning of Rs. Employee Benefits (i) Gratuity The Company has an obligation towards gratuity. or exercised. any cumulative gain or loss on the hedging instrument recognised in Hedging Reserve Account is retained there until the forecasted transaction occurs. The plan provides for a lump sum payment to vested employees at retirement. For forecasted transactions. These estimates are established using historical information on the nature. Employees covered by this plan are prospectively entitled to benefits computed on a basis that ensures that the annual cost of providing the pension benefits would not exceed 15% of salary. In respect of loan contracts that are in arrears for more than 6 months but not more than 11 months. The Company makes annual contributions to gratuity fund established as trust. Inventories Inventories of raw materials and components. allowance is provided to the extent of 10% of the outstanding and amount due but unpaid. Employees who are members of the defined benefit superannuation plan are entitled to benefits depending on the years of service and salary drawn. the Company has reviewed the estimation for provisioning for doubtful receivables in respect of its vehicle financing business based on past performance trends. are accounted for by using the Internal Rate of Return method. 2003. and more conservatively than required under the RBI guidelines applicable to NBFC’s. The Company provides an allowance for hire purchase and loan receivables that are in arrears for more than 11 months. Product Warranty Expenses The estimated liability for product warranties is recorded when products are sold. to the extent of an amount equivalent to the outstanding principal and amounts due but unpaid. The Company accounts for the liability for superannuation benefits payable in future under the plan based on an independent actuarial valuation. Cost is ascertained on a moving weighted average / monthly moving weighted average basis. terminated. 2008. page 75) (iii) Premium or discount on forward contracts other than those covered in (ii) above is amortised over the life of such contracts and is recognised as income or expense. The cost of work-in-progress and finished goods is determined on full absorption cost basis. The Company recognizes such contributions as an expense when incurred. death while in employment or on termination of employment of an amount equivalent to 15 to 30 days salary payable for each completed year of service. The Company continues to provide for such doubtful receivables based on an assessment and the probable inherent loss in the business. The Company maintains a separate irrevocable trust for employees covered and entitled to benefits. With effect from April 1. (ii) Superannuation The Company has two superannuation plans.

(ii) Effective from April 1.f April 1. if any. Further an amount of Rs 142. employees get medical benefits subject to certain limits of amount. (n) Business Segments The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the Company. while in service. the Company has applied hedge accounting principles in respect of forward exchange contracts as set out in Accounting Standard (AS) 30 – Financial Instruments: Recognition and Measurement. The benefits of the plan accrue to an eligible employee at the time of death or permanent disablement.(j) Employee Benefits (contd. (m) Redemption premium / discount on Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) Premium payable on redemption of FCCN / CARS as per the terms of issue is provided fully in the year of issue by adjusting against the Securities Premium Account (SPA). periods after retirement and types of benefits. (k) Investments Long term investments are stated at cost less other than temporary diminution in value. being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. (p) Change in Accounting Policy (i) Consequent to the notification. as specified in the Companies (Accounting Standards) Rules. will be recognised on redemption. are considered to constitute one single primary segment. all such contracts outstanding as on March 31. profit before tax for the year ended March 31. The liability for post-retirement medical scheme is based on an independent actuarial valuation. Current tax includes Fringe benefit tax. 2006. depending on their grade and location at the time of retirement. in the context of Accounting Standard 17 on Segment Reporting. 87. either as a result of an injury or as certified by the Company’s Medical Board. if any. as an expense in the year incurred. there is no reportable secondary segment i. The Company accounts for the liability for BKY benefits payable in future based on an independent actuarial valuation. Current investments comprising investments in mutual funds are stated at lower of cost and fair value. Earlier such notional loss / gain was recognised in the Profit and Loss Account on the basis of exchange rate on the reporting date. 2009 is higher by Rs. 75 . 1961. determined on a portfolio basis. The employees are entitled to accumulate leave subject to certain limits. a defined contribution plan. 2008 has been debited to the General Reserve. Accordingly. Deferred tax is recognised. The Company is generally liable for annual contributions and any shortfall in the fund assets based on the government specified minimum rates of return or pension and recognises such contributions and shortfall. has been directly recognised in the Hedging Reserve Account to be ultimately recognised in the Profit and Loss Account. 2007 and accordingly the exchange differences on foreign currency denominated long term borrowings relating to the acquisition of depreciable capital assets are adjusted in the carrying cost of such assets and the exchange differences on other long term foreign currency monetary items is amortised over its tenor till maturity or March 31. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised if there is virtual certainty that there will be sufficient future taxable income available to realise such losses.98 crores (net of tax) pertaining to the financial year ending on March 31.e.12 crores (net of tax) has been shown under Foreign Currency Monetary Item Translation Difference Account. amending the Accounting Standard (AS) 11 – The Effects of changes in Foreign Exchange Rates. 2009 that are designated as hedging instruments to hedge the foreign currency cash flow risk of highly probable forecast transactions are marked to market and an effective portion of notional loss aggregating Rs. Earlier such differences were recognised in the Profit and Loss Account. 2008. if any. Geographical Segment. The monthly payment to dependents of the deceased / disabled employee under the plan equals 50% of the salary drawn at the time of death or accident or a specified amount. depending on the exchange rate fluctuation till and when the underlying forecasted transaction occurs. The contributions as specified under the law are paid to the provident fund and pension fund set up as irrevocable trust by the Company or to respective Regional Provident Fund Commissioner and the Central Provident Fund under the State Pension scheme.93 crores (net of tax Rs. 2011. whichever is higher. Discount on redemption of FCCN.51 crores (net of tax) arising on such contracts. These.e. (l) Taxes on Income Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act. Further.) (iii) Bhavishya Kalyan Yojana (BKY) Bhavishya Kalyan Yojana is an unfunded defined benefit plan. Any changes to this premium payable on account of conversion or exchange fluctuation is also adjusted in the SPA. whichever is earlier. (vi) Compensated absences The Company provides for the encashment of leave or leave with pay subject to certain rules. 417. As a result. 518. (o) Miscellaneous Expenditure (to the extent not written off or adjusted) Cost under individual Employee Separation Schemes are amortised over periods between 24 and 84 months depending upon the estimated future benefit. in which both employees and the Company make monthly contributions at a specified percentage of the covered employees’ salary (currently 12% of employees’ salary). Cumulative unamortized exchange gain of Rs 164. (iv) Post-retirement Medicare Scheme Under this scheme. Employees separated from the Company as part of Early Separation Scheme. on timing differences. for future encashment.54 crores). (v) Provident fund The eligible employees of the Company are entitled to receive benefits under the provident fund. on medical grounds or due to permanent disablement are also covered under the scheme. The liability is provided based on the number of days of unutilised leave at each balance sheet date on the basis of an independent actuarial valuation. the Company has opted to change the accounting policy retrospectively w. issued by the Ministry of Corporate Affairs.

2008 allotted 64. Pune. both present and future. 15.509 Ordinary Shares and ‘A’ Ordinary Shares each due to legal cases. Mumbai. contribution for Capital Expenditure Account and General Reserve. the Lloyds Showroom and Basement at Prabhadevi.175.53. Capital Redemption Reserve.02.940 (as at March 31.02. situated at Chinchwad.83. 7. freehold and leasehold. The Committee of Directors have on October 27. 2008 : 1.50.39 crores and 64. Worli.92. (ii) 0% FCCN due 2009 74. the plot of land with structures at Mahim. Chikhali and Waghire in Pune District and village Mouje . the residential flats of the Company.095) Ordinary Shares issued against 99. after holding in abeyance 100. 2008 2. Capital Reserve. consequent to conversion of 2. 3.590 (as at March 31.760 Ordinary Shares issued as fully paid up Bonus Shares by utilising Securities Premium Account.53. (c) 2. 330 per share.823 Ordinary Shares issued to the Shareholders of the erstwhile Noduron Founders Maharashtra Limited in terms of the merger in the financial year 1992-93.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no. (e) The Company made a simultaneous but unlinked rights issues of 64.59. II. 2008 : 99.120/. 14] (A) Notes to Balance Sheet 1 I.30.083 Ordinary Shares issued to Financial Institutions and holders of convertible debentures / bonds on conversion of term loans / debentures / bonds.42 crores.655 Ordinary Shares and ‘A’ Ordinary Shares each.402 (as at March 31.58.000 Ordinary Shares allotted to the Shareholders of erstwhile Investa Machine Tools and Engineering Company Limited in terms of the Scheme of Amalgamation sanctioned by the Bombay High Court in the financial year 1966-67.10 each at a premium of Rs.45.962 (as at March 31.867 (as at March 31.025 (for 2007-08 : 1. 1.095 (as at March 31.164 ‘A’ Ordinary Shares of Rs. and movable plant and machinery.940) Notes. (d) 2.473 Ordinary Shares and 1.069) Ordinary Shares were allotted .83. Amalgamation Reserve. 295 per share. the Company’s works situated at Lucknow.842) Ordinary Shares issued against 97.30.11.24.164 Ordinary Shares of Rs. aggregating Rs. 2008 : 95.64. The Issued and subscribed capital includes : (a) Ordinary Shares allotted as fully paid up shares for consideration other than cash: 7. 1. Pantnagar and Singur. together with immovable properties.12. Pimpri.55.700) Notes. (b) 11.55.00.per share. both present and future.377) Ordinary Shares allotted against the exercise of equivalent number of warrants pertaining to the rights issue of 2001 at Rs.04. 2185.Naupada in Thane District in the State of Maharashtra save and except Exports Showroom at Shivsagar Estate. 2 Secured Loans : (i) Nature of Security (on loans including interest accrued thereon) : (a) Secured Rated Redeemable Non-Convertible Debentures are secured by a pari passu charge by way of equitable English mortgage of the Company’s lands. situated at Indica car plant at Chikhali.937) Ordinary Shares issued upon conversions of Foreign Currency Convertible Notes (FCCNs). plant and machinery and other movable fixed assets in or attached thereto.509 ‘A’ Ordinary Shares are subject matter of various suits filed in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.949 Ordinary Shares issued to the Shareholders of the erstwhile Tata Finance Limited in terms of the merger in the financial year 2005-06. 76 .98.66.10 each at a premium of Rs.590) Notes. 2008 2.57. Details are as follows: (i) 1% FCCN due 2008 1. 2008 : 73. Dharwad.276. The entitlements to 1. During the year 1.510 Ordinary Shares allotted to the Shareholders of the erstwhile Central Bank of India in terms of the Scheme of Amalgamation in the financial year 1970-71. machinery spares.13. 1960. Mumbai.00.276.98. There is no conversion during the year for these Notes (for 2007-08 : Nil). tools and accessories and other movables. Mumbai.000 (for 2007-08: 1. aggregating Rs.470 Ordinary Shares allotted to Daimler – Benz AG in consideration of materials supplied to the Company in the financial year 1956-57. Jamshedpur.83.

89 (865.Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no.44) (3. stores and spares not relating to plant and machinery (consumable stores and spares).70) 73.50 2007-2008 139.50) As at March 31. Overdrafts and Buyers line of credit from Banks are secured by hypothecation of existing current assets of the Company viz.90 105.80) (2. 2009 Liabilities: Depreciation Product Development Cost Others Assets: Employee Benefits / Expenses allowable on payment basis Provision for Doubtful Debts Premium on Redemption of CARS (net of exchange fluctuation on premium) Unabsorbed Depreciation and Business Losses Others Net Deferred Tax Liability Deferred Tax charge for the year Opening Deferred Tax Liability Credited to securities premium account Credited to general reserve Credited to hedging reserve account Others Less : Closing Deferred Tax Liability Deferred Tax charge for the year (963.81 (2.65 9.10) (19.) (b) (c) (d) Sales Tax Deferment Loan is secured by a second charge on the immovable and movable properties at Lucknow.69 259.81) 975.18 975.53 212. 14] (contd. stock of raw materials. stock in process.42 635. semifinished goods.06) 3. Page 56]: As at March 31.52 50.50) 12.54 (b) (c) Tax expense [Item 9.72 (47.83 (212.78 868. in crores) 3 (a) Major components of deferred tax arising on account of timing differences are [Item 4.00 401. Loans. Cash Credits. 2009 (At par) (Rs.31 865.72 401.65) 574.55 77 . loans and advances of the Company both present and future.01 7.72) 786.78) (2010.00 (2.54 547.24 1144.48) (612.03) (45.45 (975.17) 69.37 397.12) (1044. The Buyers line of credit from Banks is repayable at the end of three years from the drawdown dates. (ii) Terms of Redemption : Non Convertible Debentures (NCD’s) Secured Rated Redeemable Non-Convertible Debentures Redeemable on November 5. 2008 (757.25) (1373. bills receivable and book debts including receivable from Hire Purchase / Leasing and all other movable current assets except cash and bank balances. Page 57] : (i) (ii) (iii) Current Tax (net of credit for Minimum Alternate Tax) Fringe Benefit Tax Deferred Tax 2008-2009 15. All the repayments are due in 2009-10 and 2010-11.02 126.) (A) Notes to Balance Sheet (contd.

37 1.67 As at March 31.86 8.55 39.19 8.06 14. page 70) Total gross investment in the leases for a period : Not later than one year Later than one year and not later than five years (ii) Present value of the minimum lease payments receivable Present Value of the minimum lease payments receivable : Not later than one year Later than one year and not later than five years (b) Unearned finance income (c) The accumulated provision for the uncollectible minimum lease payments receivable (d) A general description of significant leasing arrangements Finance lease and Hire purchase agreements: The Company has given own manufactured vehicles and machines and equipment on Hire Purchase / Lease. Assets taken on Lease : (a) (i) Total of minimum lease payments Total of minimum lease payments for a period : Not later than one year Later than one year and not later than five years (ii) Present value of the minimum lease payments payable Present Value of the minimum lease payments payable : Not later than one year Later than one year and not later than five years (b) A general description of significant leasing arrangements The Company has entered into Finance lease arrangements for computers and data processing equipments from a vendor.12 crores) are due for over six months. 2008 Rs.57 21. page 70 and Schedule 10 (A).16 11. Out of these Rs. 176.34 crores (as at March 31.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no.35 1.81 12. 2008 Rs.09 8.20 37.71 25. 2008 Rs. Disclosure in respect of operating leases : Assets given on Lease : (a) Total of minimum lease payments receivable The total of minimum lease payments receivable for a period: Not later than one year Later than one year and not later than five years (b) A general description of significant leasing arrangements The Company has entered into Operating lease arrangements for land and buildings. Notes to Balance Sheet (contd.74 22.67 7.60 14.59 7.54 crores) in respect of instalments that have become due but have not been recovered. The contingent lease rentals is based on bank interest rate and depreciation in respect of the assets given on lease.90 1. in crores) (A) 4.69 8. I Disclosure in respect of finance leases : Assets given on Lease : (a) (i) Total Gross investment in the leases (Schedule 8(c).75 15.35 34.37 24.92 31. 332.74 0. There is an aggregate provision of Rs. 222. 592. 14] (contd.59 crores (as at March 31.48 II 78 .) (Rs. 155.64 10.73 crores) made in respect of overdue instalments.52 7.28 12.19 15. 43.35 16. page 71] includes Rs. As at March 31. 729.64 34. 2009 5.89 23.25 23.69 7.63 crores (as at March 31. 2008 13.) Future instalments receivable from hirer / lessees and vehicle loans [Schedule 8 (c).

e.51 182.37) 81.58 154. Cars Ltd (from June 2.66 167. 2008) Jaguar Land Rover Japan Limited (from June 2. Singapore TML Distribution Company Ltd JaguarLandRover Ltd Jaguar Cars Overseas Holdings Ltd (from June 2. 2008) Serviplem S. 2008) Baryval Assistencia Tecnica S.97 265. 2009) Jaguar Land Rover Canada ULC (from January 1.24 860.17 2230.A.11 1215.86 582.38 6. Ltd) (from February 19.K INCAT Systems Inc Tata Technologies iKS Inc (merged into INCAT Systems Inc w. 2008) Jaguar Cars Limited (from June 2. 2008) 2. Joint Ventures : 4.88 11382.76 856.66 1183.50 250.53 661.78 - 79 . 31. Ltd Tata Engineering Services Pte.12 57.34 0. Ltd (from October 1. 2008) Daimler Transport Vehicles Ltd (from June 2.26 393.66 (33.57 9947.16 112.) (A) 6 Notes to Balance Sheet ( contd.) i) Related party disclosures for the year ended March 31. in crores) 2008-2009 Total 2750. 2008) The Lanchester Motor Company Ltd (from June 2.18 101.84 138.61) (50. 2008) Land Rover Nederland BV (from June 2.00 51.94 139.05 101.86 44. 2008) Jaguar Land Rover Portugal .31 16. 2008) Jaguar Belux NV (from June 2.12 57. Lemmerpoort B. Ravi Kant Mr.27 - INCAT International Plc. S.2009) Integrated Systems Technologies de Mexico.Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no.44 613.08 125. 2008) Jaguar Land Rover Automotive Trading (Shanghai) Co.14 23.51) 88. Ltd.95 522.48 53. 2008) Land Rover (from June 2.46 0.97 66. Ltd (Due to Common Key Management Personnnel) Nita Company Ltd Jaguar Cars Finance Ltd (from June 2.28 626. 2009 a) Related Party and their relationship Subsidiaries : 1.87 138. P M Telang (Rs.80 129. Associates : Tata AutoComp Systems Ltd Tata Cummins Ltd Tata Precision Industries Pte.26 160.50 231.59 1. 2008) Jaguar Land Rover Mexico SA de CV (from October 1.84 125. 2008) Jaguar Deutschland GmbH (from June 2.25 Joint Venture 749.80) 1052. 2008) Land Rover Group Ltd (from June 2.96 1148.29 2354.02 172.64 271. Ltd) TATA HAL Technologies Ltd (formerly known as INCAT HAL Aerostructures Ltd) (from May 28.28 8. Tata Technologies Europe Limited (formerly known as INCAT Limited) INCAT SAS INCAT GmbH INCAT Holdings B. Singapore Miljobil Grenland AS (from October 6. 2008) Jaguar & Land Rover Asia Pacific Company Ltd (from August 1. 2008) Jaguar Cars Exports Ltd (from June 2. SAS (from February 1.77 61.26 (618. Ltd Automobile Corporation of Goa Ltd Key Management Personnnel Mr.86 97. 2008) Telcon Ecoroad Resurfaces Pvt.11 155.32 Key Management Personnel 9.50 250. Ltd Tata Motors Insurance Broking & Advisory Services Ltd (formerly known as Tata Motors Insurance Services Ltd) Tata Motors European Technical Centre Plc Tata Motors Finance Ltd Tata Marcopolo Motors Ltd Tata Motors ( Thailand) Ltd Tata Motors (SA) (Proprietary) Ltd TML Holdings Pte. 2008) Land Rover Deutschland GmbH (from June 2.11 0.S.26 1100.88 12238. 2008) Miljobil Innovasjan AS (from October 6.51 182.64 111.47 341.V. 2008) Jaguar Hispania Sociedad (from June 2.38 1843.A (from April 3. interest and dividend) Amount payable (in respect of loans. S. 2008) 3.13 80. 2008) The Jaguar Collection Ltd (from June 2.57 65. Ltd Tata Daewoo Commercial Vehicle Co. 2008) Comoplesa Lebrero S. 14] (contd.22 53.28 147.14) (135.78 122. 2008) The Daimler Motor Company Ltd (from June 2.A (from April 9.74 3969. 2008) Land Rover Ireland Ltd (from June 2.41 231.37 222.53 Associates 1875. 2008) Jaguar Italia SpA (from June 2. 2008) Inner Mongolia North Baryval Engineering Special Vehicle Corporation Ltd (from April 3.97 12. A TSR Darashaw Ltd (upto December 14.36 19.V.67 6987.32 3007. 2008) Jaguar Land Rover Australia Pty Ltd (from June 2.43 12.12 60.13 7164.03.03) 1157.79 0.26 (301.V INCAT K.87 58.84 27. LDA (from June 2. 2009) Jaguar Land Rover (South Africa) (Pty) Limited (from February 2.08 742.96) (2. 2008) S. 2008) Land Rover Belux SA/NV (from June 2. 2008) Eurl Lebrero France (from April 3. INCAT Solutions of Canada Inc INCAT ( Thailand) Ltd Tata Technologies Pte Ltd.95 9338. Fiat India Automobiles Ltd (formerly known as Fiat India Automobiles Pvt. 2008) Jaguar Cars South Africa (pty) Ltd (from June 2. de C.f.L (from April 9.17 221.Veiculos e Pecas.54 119.. 2008) Land Rover Italia SpA (from June 2.44 19. Tata Technologies Ltd TAL Manufacturing Solutions Ltd H V Axles Ltd H V Transmissions Ltd Sheba Properties Ltd Concorde Motors (India) Ltd Telco Construction Equipment Co.51 44.74 307.49 109. 2009) Tata Sons Ltd ( Investing Party ) Hispano Carrocera.76 26. 2008) Land Rover Exports Ltd (from June 2. 2008) Jaguar Land Rover Korea Co.25 (283.66 1252. 2008) b) Transactions with the related parties Subsidiaries Purchase of goods Sale of goods (inclusive of sales tax) Purchase of fixed assets Purchase of Investments Sale of Investments Sale of fixed assets (including transfer of technology) Services received Services rendered Finance given (including loans and equity) Finance taken (including loans and equity) Interest / Dividend paid / (received) (net) / Profit on sale of Investments (net) Amount receivable Amount payable Amount receivable (in respect of loans. 2008) Jaguar Land Rover North America LLC (from June 2. 2009) Jaguar Land Rover France. interest and dividend) Securitisation of Debts Bank Guarantee given 125. 2008) Land Rover Espana SL (from June 2. 2008) Jaguar Land Rover Austria GmbH (from June 2.

60 216.50 37.18 162.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item No.00 148. Ltd Tata Cummins Ltd Tata Technologies Ltd HV Axles Ltd HV Transmissions Ltd Tata Sons Ltd Hispano Carrocera S.00 108.41 190.73 27.90) (9.82) 250. Ltd HV Axles Ltd HV Transmissions Ltd HV Axles Ltd Tata Motors Finance Ltd Tata Technologies Ltd HV Transmissions Ltd Tata Motors European Technical Centre Plc Fiat India Automobiles Ltd HV Axles Ltd HV Transmissions Ltd TML Distribution Company Ltd Telco Construction Equipment Co.50 194.00 (ii) Sale of goods (iii) (iv) Sales of Investments Purchase of fixed assets (v) (vi) Purchase of Investments Sale of fixed assets (including transfer of technology) (vii) Services received (viii) Services rendered (ix) Finance given (including loans and equity) Investment in Equity Investment in Equity Investment in Equity Investment in Equity Investment in Cumulative Redeemable Preference Shares Inter Corporate Deposit Inter Corporate Deposit Inter Corporate Deposit Inter Corporate Deposit Finance taken (including loans and equity) Rights issue money received Inter Corporate Deposit Inter Corporate Deposit Inter Corporate Deposit Inter Corporate Deposit Inter Corporate Deposit Inter Corporate Deposit Interest / Dividend paid / (received) / Profit on Sale of Investment Dividend paid Dividend received Dividend received Dividend received Dividend received Dividend received Dividend received Dividend received Dividend received Interest received Profit on sale of Investment Securitisation of Debts Securitisation of Debts Bank Guarantee given Bank Guarantee given for Securitisation of debts Bank Guarantee for supplier bill discounting facility Bank Guarantee to bankers for credit facilities Bank Guarantee to bankers for bridge finance facility (x) (xi) Tata Sons Ltd Sheba Properties Ltd Tata Daewoo Commercial Vehicle Co.40 0.92 6656.41 58.00) (12.09 0. 14] (contd.05 600.40 257.00 151.95 200.39) (11.78 280.40 561.73 (25. (Singapore) Fiat India Automobiles Ltd TML Distribution Company Ltd Tata Motors (Thailand) Ltd Tata Motors Finance Ltd Tata Sons Ltd Tata Technologies Ltd TML Distribution Company Ltd Tata Motors Finance Ltd Fiat India Automobiles Ltd Sheba Properties Ltd Tata Marcopolo Motors Ltd 2008-2009 1213.97 472. TAL Manufacturing Solutions Ltd Tata Technologies Ltd Hispano Carrocera. (Singapore) Fiat India Automobiles Ltd TML Distribution Company Ltd Tata Motors Finance Ltd TML Holdings Pte Ltd.01 310.06 125. A Sheba Properties Ltd Tata Daewoo Commercial Vehicle Co.99 8.00 101.78 14. S.50 198. Ltd Tata Motors (Thailand) Ltd TML Holdings Pte Ltd.30 162.00) (77.87 32.81 107. Tata Motors Finance Ltd Tata Motors Finance Ltd Fiat India Automobiles Ltd Fiat India Automobiles Ltd JaguarLandRover Ltd 126.47 138.27 127.51 126.15) (13. Tata Sons Ltd.46 76.00) (15.03 677.08 19.00 2979. Ltd Telco Construction Equipment Co.40 267.44 293.09) (358.77) (18.85 160.21 78.97 14.97 273.37) (5.12) (20.50 11246.56 105.00 110.88 135.37 11.74 179.82 75. in crores) 2007-2008 1647.34 367.84 97.86 12.) (c) Disclosure in respect of material transactions with related parties (i) Purchase of goods Tata Cummins Ltd Fiat India Automobiles Ltd Tata AutoComp Systems Ltd Automobile Corporation of Goa Ltd TML Distribution Company Ltd Concorde Motors (India) Ltd Tata Cummins Ltd Tata Sons Ltd.75 (Rs.17 21.51 327.66 25.54 248.35 273.54) (47.38 9.03) - (xii) (xiii) 80 .92 147.75) (20.44 3.) (A) Notes to Balance Sheet (contd.80) (27.60 23.31 12.34 315.73 (140.82 2238.81 749.46 12.95 224.65 24.00) (9.65 370.25) (53.00 5570.24) (6.A.

60 EXPENDITURE Exchange difference (net) Manufacturing and other expenses Expenditure transferred to capital and other accounts Product Development Cost Depreciation Interest Tax expenses 32.00 290. 442.00 200.35 565.50 34.93 44.990 9.56 1.50 23.00) Current Assets 1644.94 1.50 17. making its shareholding to 50% in FIAL. Ltd) 6. thereby increasing its equity shareholding in FIAL to 49.00 102. Ltd.50 19.96 10. Ltd. Ltd (ii) 1.00 265.14 15.97) 0..96 25.50 crores. crores 34.10 8. issued by FIAL. for Rs.08 0.50.19) 1.18) As on March 31.48% as at March 31.A and 30.09 2.49. engines and transmissions at Ranjangaon in India.00 10.25 36.84 81 . of Shares Direct Investment in shares of subsidiaries of the Company No.94 444.70 95.34) 5.) ii) Disclosures required by Clause 32 of the Listing Agreement Amount of loans / advances in nature of loans outstanding from Subsidiaries and Associates during 2008-2009 Outstanding as at Maximum amount Investment Name of the Company March 31.60.48 7.09 921.50. 2008. Further.66.00 25.50 14.000 shares in Tata Technologies Pte.00 80.66 785. 2009 and income and expenditure for the year 2008-09 of FIAL are given below : (Rs. in crores) As on March 31.74 390.50 34.00 4.11 ASSETS Net Block (including CWIP) Investments (Rs.62) 58.74 LIABILITIES Unsecured Loans Current Liabilities Provisions Claims not acknowledged as debts Capital Commitments 755. 2009 outstanding in shares of during the year the Company Rs.83 50.000 2.27 23.759 93. 117.000 shares in Comoplesa Lebrero S.31 2400. 50.26 95. A Tata Precision Industries Pte. the Company has subscribed to 50% of the additional equity shares.00 30. Pursuant to the joint venture agreement signed with Fiat Group Automobiles S.10.000 8.990 shares in Serviplem S.85 (2. The proportionate share of assets and liabilities as at March 31.44 7.000 8.95 101.34 7.95 crores.000 shares in INCAT Systems Inc. 2008 (43.00 108. the Company invested Rs. 14] (contd.) (A) Notes to Balance Sheet (contd. UK [Note (iv) below] Tata Marcopolo Motors Ltd Tata Motors (Thailand) Ltd Tata Motors Finance Ltd TML Distribution Company Ltd b) Associates Hispano Carrocera.A (iv) Shares in Miljobil Grenland AS 7.00 6.40 (3.00 40.13.73 7.00 5.93 67.159. Subsequently in March 2008.51 (28. and 8.50.81 2007-2008 14.00 106.00 No.Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no. S.09 crores on December 28.00 50. Italy and Fiat India Automobiles Limited (FIAL) for establishment of joint venture to manufacture passenger cars.33 59.A.50 10. Singapore (iii) 63. of Shares 2.49 65.10 8. 2007 representing 49% of the equity shareholding in FIAL.27 50.18 1278.80 17.51.48 14.87 7. (Singapore) Tata AutoComp Systems Ltd c) Joint Ventures : Fiat India Automobiles Ltd (formerly known as Fiat India Automobiles Pvt..65 136.43 (53.00 Rs.35 756.82 924. crores a) Subsidiaries HV Transmissions Ltd Sheba Properties Ltd [Note (i) below] Tata Technologies Ltd [Note (ii) below] TAL Manufacturing Solutions Ltd Telco Construction Equipment Co. in 2008-09. Ltd [Note (iii) below] Concorde Motors (India) Ltd HV Axles Ltd Tata Motors European Technical Centre Plc.66 (4. the Company invested Rs.51 2035.97) INCOME Sale of products and services Less : Excise duty Miscellaneous income 2008-2009 401.60 514.p.498 - Note : (i) Shares in Telco Construction Equipment Co. 2009 RESERVES AND SURPLUS Reserves and Surplus (349.57) 42.54 695.78 156.00 30.

06 875.91) 164. based on decision in earlier assessment years (c) Pending in appeal / other matters The claims / liabilities in respect of excise duty. 2006 : The information as required to be disclosed under the Micro. Small and Medium Enterprises Development Act. 2008 As at March 31. Small and Medium Enterprise Development Act. Claims against the Company not acknowledged as debts (i) Sales Tax Gross Net of Tax (ii) Excise Duty Gross Net of Tax (iii) Others .88 189.47 9.99 (iii) Amount of interest accrued and unpaid as at year end 0.65 40. Opening Balance (a) Exchange gain on Foreign Currency Loan given (b) Exchange gain on investment in preference shares (c) Exchange loss on FCCN/CARS Closing Balance 107.94 312. The amount of principal and interest outstanding during 2008-09 is given below : 2008-2009 2007-2008 (i) Amounts unpaid as at year end .01 515.95 1062.18 2450.03 (iv) Amount of interest paid during the year as per section 16 0.06 - 13.97 85.50 0.64 152.95 183.03 (ii) Amounts paid after appointed date during the year . UK (an indirect subsidiary) USD 2217.32 (253.03 535.03 62.69 66.) (A) 8.90 150. 252.80 As at March 31. 2008 277.18 99.27 11.48 11246.) Micro.51 856.64 27. Notes to Balance Sheet (contd.18 2981. 82 .Gross Net of Tax (iv) Income tax (exclusive of the effect of similar matters in respect of assessments remaining to be completed) in respect of matters : (a) Decided in the Company’s favour by Appellate authorities and for which the Department is in further appeal (b) Pending before Appellate authorities in respect of which the Company is in appeal and expects to succeed.Interest 0.73 129.44 242.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet and Profit and Loss Account (Rs.80 million (ii) Fiat India Automobiles Ltd (a joint venture) 472.74 14.00 9.71 414.51 30. 14.56 198. 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. 2009 3.Principal 57.37 39. page 70] (iv) In respect of retained interest in securitisation transactions (v) In respect of subordinate receivables (vi) Deposits given as collateral security (vii) Others Estimated amount of contracts remaining to be executed on capital account and not provided for Guarantees given by the Company to the bankers with regard to credit facilities given to : (i) JaguarLandRover Ltd.36 62.78 439.12 As at March 31. 12. in crores) “14” [Item no.50 0.78 54. 2009 10.49 14.19 95.04 Foreign Currency Monetary Item Translation Difference Account [Item 3. sales tax and other matters where the issues were decided in favour of the Company for which the Department is in further appeal Other money for which the Company is contingently liable (i) In respect of bills discounted and export sales on deferred credit (ii) The Company has given guarantees for liability in respect of receivables assigned by way of securitisation (iii) Cash Margins / Collateral [Schedule 9 (d). 14] (contd.79 173.19 100. Page 56]: As at March 31.47 59.

57 115.22 (B) Discounting charges (net) 316.800 # 35.64 262.000 # 37.000 35.000# 34.37 Interest and Discounting Charges [Item 7.000* 14.00.68 83 .) 2008-2009 821.Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no.00.000 # 2007-2008 Rupees 3.85.38 249.600# Cost Auditors’ Remuneration (excluding service tax) : (i) Cost Audit Fees (ii) (iii) VAT Audit Fees Reimbursement of travelling and out-of-pocket expenses Notes : 1. page 88] 2008-2009 2007-2008 138.00.000 # 5.000 # 2.16 756.001* 13. 15.00.50.61 101.29 1476.50.000 # 1.50.32 (ii) (2) 2007-2008 628. 4.000 # 35.20 137.72 523.32 1422.000 4.95 143.00. in crores) (B) (1) Notes to Profit and Loss Account : Purchase of products for sale etc.80 76. include : (i) (a) Spare parts and accessories for sale (b) (c) Bodies and trailers for mounting on chassis Vehicles 12341 nos.000 * -# 10.15 1598.000* (2007-08 Rs.000 4.97 The total expenditure incurred on Research and Development : (a) (b) Expenditure charged to profit and loss account Expenditure capitalised during the year 54.11 Sales and Opening and Closing Stocks of vehicles and cars include chassis mounted with bodies / trailers and passenger cars.000 Includes amount paid for earlier years Includes remuneration for professional services rendered by firms of auditors in which some of the partners of the statutory auditors firm are partners.000 # 4.001*)] Reimbursement of travelling and out-of-pocket expenses 3.77 291.36. in crores) 2008-2009 2007-2008 214.00.61 2008-2009 Rupees (3) (a) Auditors’ Remuneration (excluding service tax) : (i) (ii) (iii) Audit Fees Audit Fees for financial statements as per US GAAP (including SOX certification) In other Capacities : Company Law Matters Tax Audit Corporate Governance certification Taxation Matters (iv) (v) (b) Other Services (Refer Note 1 below) [includes Rs.35 868.00.50.50. page 57] : (A) Interest : (a) (b) Less : On Debentures and fixed loans Others (i) (ii) Transferred to Capital account Interest received on bank and other accounts [tax deducted at source Rs.50.41 1195.000 # 2.00.24 32. [Also refer Schedule 14(E) and 15.00.48 357. (2007-08 : 3303 nos.97 2180.000 # 4.85 crores)] 399. 19. 14] (contd.99 282.46 673.00.00. Excludes audit expenses debited to Securities Premium Account related to : (i) (ii) # * (4) CARS issue Rights issue 65. (Rs.86.74 crores (2007-08 Rs.62.22 357.56 1057.63 834.000# 5.062 * 4.00.00.00.82.000 # -# 35.00.) (Rs.471* 9.43. 11.000 # 37.

42 17.15 2.35 84.04 93.69 1.24 Actual Company contributions 22.50 N/A 4.51) (57.80 4.39 424.39 2.14 367.80) 15.20 16.47 34.59 12.13 32.00 63% 37% N/A N/A N/A N/A N/A N/A One percentage point increase in Medical inflation rate 2009 77.11 1.42 5. seniority.75 .26) 440.As per actuarial valuations as on March 31.59) 70.45 367.97 4.84 64.25) (51.48 (17.90 9.42 34.14 296.73 14.42) N/A 8.95 4.41 Total expense recognised in the Statement of Profit & Loss Account 25.110.85 10.95 474.43 (58.59 57.43 3.36 v Change in Fair Value of Assets during the year ended March 31.79 2008 58. Present Value of DBO at the beginning of the year 474.29 123.36 (58.63 2007 56.42 1.97 4.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no.95 474.30 4.45 Net liability recognised in Balance Sheet (53.59 N/A N/A N/A (130.49) 130.75 3.01 N/A N/A N/A N/A N/A N/A One percentage point decrease in Medical inflation rate 2009 2008 2007 64.24 21.66) N/A 8.00 8.43 (3.43) N/A 8.8.04) (123.80 4.26) 39.56) (49.36 Fair value of plan assets 432.40 27.36 440.00 18.21 8.95 Benefits paid (57. in crores) (B) Notes to Profit and Loss Account : (5) Defined benefit plans / Long term compensated absences .66 440.60 Interest cost 37.49) N/A 8.00 N/A N/A 3.98 Benefits paid (57.19 3.63 crores) for the year ended March 31.96 in Schedule B.40 27.26 100.8.45 vi Actuarial Assumptions Discount Rate (%) 6.86 Post-retirement Medicare scheme 2009 2008 2007 1.04 123. promotion and other relevant factors.60 Interest cost 37.38 3.75) N/A 8.00 N/A N/A N/A 22.) (Rs.14) 385. Superannuation and BKY 2009 2008 Components of employer expense Current Service cost 25.65 Expected return on plan assets (32.72 3.18 87.00 . page 60 under item : 4(b) & 4(c) ii Actual Contribution and Benefit Payments for year ended March 31.55 1.74 2008 12.60 12.00 Medical cost inflation (%) N/A N/A vii The major categories of plan assets as percentage of total plan assets Debt securities 76% 68% Balances with banks 24% 32% viii Effect of one percentage point change in assumed Medical inflation rate i Revised DBO as at March 31.45 10.96 31.49 (22.49 21.98) Present Value of DBO at the end of the year 485.20 54. for returns over the entire life of the related obligation.50 N/A N/A N/A N/A 17.60 12.98 iii Net liability recognised in Balance Sheet as at March 31.50 N/A N/A N/A N/A 3. The assumption of future salary increases.43 3.44 (25.66 (3.72 17. Present Value of Defined Benefit Obligation 485.11 1.98) Plan assets at the end of the year 432.50 N/A 4. 14] (contd.98 ActualContributions 22.26) 367.66) 51.14 Current Service cost 25.04 14.29) (137.43) 70.51 57.39 424.92 2.65 Actuarial losses 6.42 100.75) 57.75 3.41) 66.69 (9.75 .21 Actual return on plan assets 42. at the beginning of the year.47 (21.78 Compensated Absences 2009 14.48 84 .50 Expected Return on plan assets (%) 8.25 35.42) 137.91) iv Change in Defined Benefit Obligations (DBO) during the year ended March 31.70) Actuarial (Gains) / Losses (4.72) 123.19 3.42 (21.28 3.96 4.56) (30.43 22.96 24.87 4(a) 2007 10.90 (3.25 51. such as supply and demand in the employment market.50 8.10 46.29 137.49 22.66 3.93) 130.85 10. (b) (c) The expected rate of return on plan assets is based on market expectation.00 N/A N/A 3.59 crores (2007-08 Rs.42 5.68 2.72 10.14 137.20) (54.44 69.25 1.80 9.69 (9.00 (3.72) N/A 8.62 28. 2007 16.48 47.8. Plan assets at the beginning of the year 424.14 N/A N/A N/A (70.50 7.24 21.20) (54.80 2.69 1. considered in actuarial valuation.75 (3.89 4(c) 2.00 (3.72 10. Actualbenefitpayments 57.50 N/A N/A N/A N/A 21.15 2.72 (17.21 (72.96 31.80 9.88 58. take account of inflation.50 N/A 4.00 16.80) (22. Revised service cost for the year Revised interest cost for the year (a) Defined Contribution PlansThe Company’s contribution to defined contribution plan aggregated Rs.73 14.113.29 52. 2009 Gratuity.42 34.51 51. 2009 has been recognised in the statement of Profit and Loss Account under item 4 (b) in Schedule B on page 60.18 87.42 21.

00 1012. 14] (contd.32.47.99) 134.42.07 (30.28.63 22. Nos.456 953. 85 .74.84 234.00 937. crores Rs.663 10. crores Rupees Rupees 4.469 2.50 2008-2009 1001.19 (207. Nos.57 0.92 9.63 63.28.92 38.27 (236.74. Nos.30.83 21.957 2.64 2028. Nos.652 2. crores Rupees Rupees Rs. crores Nos.844 2038.88. Foreign Currency Convertible Notes and Convertible Alternative Reference Securities (o) The weighted average number of Ordinary Shares for Diluted EPS (p) The weighted average number of ‘A’ Ordinary Shares for Basic EPS (q) Add: Adjustment for ‘A’ Ordinary Shares held in abeyance (r) The weighted average number of ‘A’ Ordinary Shares for Diluted EPS (s) Share of Profit for Ordinary Shares for Diluted EPS (t) Share of Profit for ‘A’ Ordinary Shares for Diluted EPS * (u) Earnings Per Ordinary Share (Diluted) (v) Earnings Per ‘A’ Ordinary Share (Diluted) 155.25 634. Nos. Ordinary Shares held in abeyance.91 215. crores Nos.77. page 75 and Note (C)(i).00 2028.54.26 41.663 Rs.181 42.26 11. page 74] : Opening Balance Provision for the year (net) (including additional provision for earlier years) Payments / debits (net of recoveries from suppliers) Closing Balance The provision is expected to be utilised for settlement of warranty claims within a period of 2 to 3 years.16 2038.33 3.92 52.70 23. page 72] : 2008-2009 (a) Product warranty [Note (f ).38. crores Rs. Rupees Rs.83.30. page 86]: Opening Balance Provision for Premium on Redemption of CARS Foreign currency exchange difference Premium on redemption of FCCN Reversal of provision for premium due to buyback of CARS Closing Balance (c) Provision for inventory relief to dealers (7) Earnings Per Share : (a) Profit after tax (b) The weighted average number of Ordinary Shares for Basic EPS (c) The weighted average number of ‘A’ Ordinary Shares for Basic EPS (d) The nominal value per Share (Ordinary and ‘A’ Ordinary) (e) Share of Profit for Ordinary Shares for Basic EPS (f ) Share of Profit for ‘A’ Ordinary Shares for Basic EPS * (g) Earnings Per Ordinary Share (Basic) (h) Earnings Per ‘A’ Ordinary Share (Basic) (j) Profit after tax for Basic EPS (k) Add: Interest payable on outstanding Foreign Currency Convertible Notes (l) Profit after tax for Diluted EPS (m) The weighted average number of Ordinary Shares for Basic EPS (n) Add: Adjustment for Options relating to warrants. crores Rs.04 - * ‘A’ Ordinary Share holders are entitled to receive dividend @ 5% points more than the aggregate rate of dividend determined by the Company on Ordinary Shares for the financial year.64 (0.499 42.91 887.48) 887.71.26 41.66 58.183 45.53.19 2007-2008 148.) (6) Other Provisions include [Schedule 12(d). Rs.75 214.499 10.469 284. in crores) “14” [Item no.53.38.87) 1094. (b) Premium on redemption of Foreign Currency Convertible Notes (FCCN) and Convertible Alternative Reference Securities (CARS) [Note (m). Nos.60 20.20 1001.08 38.54.Schedules forming part of the Balance Sheet and Profit and Loss Account (Rs.) (B) Notes to Profit and Loss Account (contd.74.45. crores Rs.85.03) 155.04) (27.84 2007-2008 2028.08 48.

43.238. 2011 but prior to February at our option (in whole 8. any time (in whole but 2005 (in whole but not not in part) in the event in part) of certain changes affecting taxation in India 0% FCCN (due 2009) April 27. 946. 2004 US $ 100 million (Rs. During the year. (e) The Company has made an investment of US $ 471 million (Rs. (b) The acquisition includes the ownership of three major manufacturing plants.000 1. 2009 Aggregate amount of shares that could be issued on conversion of outstanding notes * July 31. 2008 March 28.781% Nil Nil Nil 3. two advanced design centres in UK.39 Rs. 2008. Singapore.1315.96 Re.85 NA # 0% FCCN (due 2011) 0% CARS (due 2012) March 20. the Company decided to relocate the NANO project at Sanand in the State of Gujarat.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no. Singapore. the Company acquired from Ford Motor Company. 960. Intellectual Property Rights (including perpetual royalty free licenses) and Brands and Trade marks.50 crores) US $ 1000 Rs. which is a 100% subsidiary of the Company. 2009 March 28. 2004 to June 7. 40.820% Nil Nil Redeemable on Redemption percentage of the Principal Amount Amount converted Aggregate conversion into Shares / ADRs Aggregate Notes Redeemed Aggregate Notes Bought Back Notes Outstanding as at March 31. CARS can be converted into Qualifying Secutiries* in case there has been a Qualifying Issue as per the terms of Issue. The particulars. 2011 on or after July 31. 2009 i) after October 11. 2012 i) after March 20. 461.87 Re. 250.07 Rs.000 Rs. the Company has raised Rs.1 = JP ¥ 2. which has been guaranteed by the Company.867 Nil Nil 2.253% 131. 5.19 crores).106 US $ 1 = Rs.11.59 Rs.46. in the opinion of the Management.59 May 2.29 US $ 1 = Rs. 5071 crores (equivalent to USD 1 billion) has been refinanced. 4200 crores through issue of Secured Non-Convertible Rupee Debentures.410 Nil # April 27. 2009.43.5 billion (approx Rs.59 million 74. Having regard to the costs and benefits in connection with the relocation of the Project.42. (c) The businesses have been acquired on a debt free basis. 2003 US $ 100 million (Rs. Jaguar Land Rover businesses.50 million (Rs.379 @ (ii) (iii) (iv) (v) Qualifying Securities holders will have no or differential voting rights in comparison to the existing shareholders and will have no rights to withdraw the underlying Shares except upon certain conditions as per the terms of issue. 2011 121. 2009 95. 907. 2003 June 7.50 crores) US $ 1000 Rs. 43. 2009 are given below : Issue Issued on Issue Amount (in INR at the time of the issue) Face Value Conversion Price per share at fixed exchange rate Reset Conversion Price (Due to Rights Issue) Exercise Period Early redemption at the option of the Company subject to certain conditions 1% FCCN (due 2008) July 31. 2006 on or after April 27.66 US $ 1 = Rs.) (C) (i) Issue of Foreign Currency Convertible Notes (FCCN) and Convertible Alternative Reference Securities (CARS) : The Company issued the FCCN and CARS which are convertible into Ordinary Shares or ADRs. 1001. a wholly owned subsidiary of TML Holdings Pte Ltd.000 US $ 100. Out of the consideration. 2011 June 12. The Company was in the process of construction of plant for manufacture of small car NANO at Singur in the state of West Bengal. 2004 to and upto July 1.16 NA 1% FCCN (due 2011) April 27.146 45. terms of issue and the status of conversion as at March 31. 2006 July 11. for a consideration of US $ 2. Additionally.482 @ Nil 30 1.000. no provision is necessary at present to the carrying cost of Capital Work-in-progress.111% US $ 97. for the part repayment of USD 1 billion out of the outstanding USD 2 billion bridge finance facility and the balance amount of Rs. 86 . 573.760 million US $ 490 million (Rs.34 crores) in redeemable preference shares in TML Holdings Pte Ltd.40 crores) in equity shares and US $ 1201. Ford has contributed approx US $ 600 million to the Jaguar Land Rover pension plans. Subsequent to the year ended March 31.095 60 Nil Nil Nil April 27.83.98. 2008 116.1 = JP ¥ 2.66 US $ 1 = Rs.570. 1992.66.85 Rs. Previous year’s figures have been regrouped where necessary. in an all-cash transaction. 40. 14] (contd.71 crores) JP ¥ 10. Acquisition of Jaguar Land Rover : (a) On June 2.94 million 1. a worldwide sales network. 2006 to October 11.400 US $ 1 = Rs. 2004 US $ 300 million (Rs.730 2.53. 438. (d) The initial acquisition cost has been financed through bridge finance facility provided by a syndicate of banks to JaguarLandRover Ltd.47.03 crores) (Rs.745 US $ 1 = Rs.824% US $ 99.878 @ Nil 170 4.85 after September 11. Current year figures are shown in bold print. 2007 JP ¥ 11. 2012 99. # Since there is no conversion option available after 28th March 2009. 2011 to February 19. 2011 July 12.78. @ Increased due to Rights Issue. through JaguarLandRover Ltd. 2.56 crores) US $ 1000 Rs. 10765.450. 737. 780. A portion of the plant and equipment has been shifted out if Singur.00. 2011 (in whole or but not in part) in part) subject to certain conditions or or ii) any time (in whole ii) any time (in whole but but not in part) in the not in part) in the event of certain event of certain changes affecting changes affecting taxation in India taxation in India March 21.

86 • 14.36 ¥ 60. 2009 Currency Amount Buy / Sell Amount (Foreign Currency in millions) (Rs.44 (ii) Creditors payable on account of loan and interest charges and other foreign currency expenditure US $ 1176.94 Sold 603.16 (ii) Interest swaps (notional principal) US $ Swaps US $ 5.69 To Sell 399.37 10.06 (iii) Options (net) US $ / JPY US $ 99.58 ¥ 1082.12 43.53 47.) (D) Derivative transactions The Company uses forward exchange contracts.69 To Sell 505.08 US $ 569.06 EUR / US $ • 13.09 5525.52 8.08 90.00 95.36 £ 1.12 (b) Foreign exchange forward contracts.05 (c) Foreign exchange currency exposures not covered by derivative instruments as at March 31.71 US $ 90.00 Hybrid 82.28 THB 751.96 26.11 £ 6.04 107.99 £ 3.00 20.39 SGD 2. in crores) (i) Forward exchange contracts (net) US $ / INR US $ 118.25 £ 3.09 Others Others 5967.28 4.89 SGD 2.00 To Sell 50.75 Sold 68.94 107.43 US $ / CHF US $ 10.50 7.49 US $ 99.05 6105.02 87 .11 • 15. investment in preference shares. loan and interest charges US $ 1204.16 136.44 • 15.35 28.83 US $ 1377. in crores) Currency in millions) (i) Amount receivable on account of sales of goods.16 • 20. principal only swaps. designated as cash flow hedges as at March 31.71 US $ 10.54 10. The information on derivative instruments is as follows : (a) Derivative Instruments outstanding as at March 31. currency swaps and currency options to hedge its exposure in foreign currency and interest rates.Schedules forming part of the Balance Sheet and Profit and Loss Account “14” [Item no.00 Hybrid 40.50 Sold 687. 2009 Amount Amount (Foreign ( Rs. 2009 US $ / INR US $ 135.00 To Sell 361. interest rate swaps.82 Sold 2285.00 Hybrid 50. 14] (contd.94 US $ / INR US $ 10.98 EUR / US $ • 10.76 3.

83 169.32 15.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Profit and Loss Account (Rs.649 30147.51 5.81 3. utility vehicles etc. Spare Parts for Vehicles 1894.86 7.85 1067. Scrap 122.90 130. utility vehicles etc. medium and heavy commercial vehicles. 14] (contd. utility vehicles etc. and bodies thereon Manufactured and purchased components for sale : Spare Parts for Vehicles Scrap 8. passenger cars.83 88 .77 4.421 25302.89 9.15 17.) (E) Information in regard to opening stock and closing stock : 2008-2009 Quantity Value Nos.25 1103. 14] Information in regard to Sales effected by the Company (excluding inter-divisional transfers. (iii) Donated 15 vehicles (2007-08 : 10 vehicles).347 * 850. Light.56 2. Castings and Forgings 362.78 879. jeep type vehicles.15 253.347 850. medium and heavy commercial vehicles. 1. jeep type vehicles. settlements for damaged goods and goods capitalised) : 2008-2009 2007-2008 Quantity Value Quantity Value Nos.44 14.903 * 621. 15.71 585.59 96.86 7.53 28017. and bodies thereon 506. passenger cars.85 1067.86 * Excluding : (i) Capitalised / transferred for internal use 782 vehicles (2007-08 : 713 vehicles) including 8 vehicles (200708 : 7 vehicles) for homologation / testing.92 1558. and bodies thereon Manufactured and purchased components for sale : Spare Parts for Vehicles Scrap 2007-2008 Quantity Value Nos. (a) Opening Stock Light.02 (b) Closing Stock Light. Income from transfer of technology 138.00 299. “15” [Item no. Diesel Engines 7.67 4. medium and heavy commercial vehicles. jeep type vehicles.325 90.35 6.87 209.86 204. (ii) Transferred on settlement of insurance claims for damaged vehicles : 83 vehicles (2007-08 : 35 vehicles). Income from Services 105.057 119. Nos.39 32521. in crores) “14” [Item no.093 888.88 209. passenger cars.40 7.

in respect of item (1) to (4) above. G.14] Quantitative information in regard to installed capacity and the goods manufactured by the Company : Unit of measurement 1.56) On double shift basis including capacity for manufacture of replacement parts as certified by the management and relied upon by the Auditors. 89 . Pune works is 612000 nos.. chassis fitted with engine for motor vehicles (Uttaranchal Works) Diesel Engines for Industrial and Marine applications S. Nos. chassis fitted with engine for motor vehicles (Pune Works) Motor Vehicles for transport of ten or more persons including the driver. In addition to the above. mine protected vehicles. containers. tactical floating bridges and ferries. bullet proof vehicles. a) Special Purpose Motor Vehicle.. As per Industrial Enterpreneurs Memoranda (IEM). Iron Castings Power Generation Manufactured Components for Sale **** * Rupees crores Installed capacity* Actual production** Nos. 108000 (102000) 64396 (95145) 2. motor cars and other motor vehicles for transport of persons. motor cars and other motor vehicles for transport of persons. 2. 6. 513125 (565000) 307279 (436177) 3. shelters. Nos. heavy tank carriers. motor vehicles for transport of goods. motor vehicles for transport of goods. 30000 (30000) 21295 (26900) 4. jeep type vehicles and passenger cars covered under Sub-heading (5) of Heading (7) of First Schedule (Jamshedpur Works) Motor Vehicles for transport of ten or more persons including the driver. Lucknow works is 52500 nos. c) Automotive equipment for various defence applications such as different types of armoured vehicles. Nos. medium and heavy commercial vehicles. Nos.76 (329. 210000 95546 (75000) (23136) *** 7325 *** (14120) 12000 10715 (12000) (14127) 21. etc. *** These are manufactured against spare capacity under (1) and (2) above. chassis fitted with engine for motor vehicles (Lucknow Works) Motor Vehicles for transport of ten or more persons including the driver. **** The production disclosed against manufactured components is the value (as this is more meaningful than quantity) of such components transferred during the year to the warehouses for sale. motor cars and other motor vehicles for transport of persons. On road automobiles having four or more wheels such as light. and Uttarnchal works is 500000 nos. motor vehicles for transport of goods. mechanised material handling and bridging equipment.95 MW 35061305 kWh (21. 8. other than those principally designed for the transport of persons or goods. ** Includes production for internal use. the Company holds following industrial licenses / IEM for which there is no production during the year. 7.Schedules forming part of the Profit and Loss Account “16” [Item no.95 MW) (30828940 kWh) 334. Tonnes 5. high mobility vehicles. b) Truck and Bus Bodies. the licenced capacity for Jamshedpur works is 49885 nos. NOTE : 1.

31 5. (a) Percentage to total consumption : (i) (ii) Imported Indigenously obtained % % 5.O.30 crores)] Income from transfer of technology Interest and Dividend 2007-2008 2206.35 34.46 1051.40 Note : In giving the above information.F.83 91. Earnings in foreign exchange : (i) F.05 90.gain of Rs. value of goods exported [including sales through Export House.69 13.82 94.18 4. 14] Information regarding exports and imports and other matters : 2008-2009 1.I.07 (ii) (iii) 2. 13.55 10.05 36.13 crores (2007-08 loss of Rs.60 95.07 861.37 15274.26 1259. in crores) “17” [Item no. Exports to Nepal.82 17736. 90 .43 138.65 44.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Profit and Loss Account (Rs. Bhutan and local sales eligible for export incentives and exchange differences (net) . value of imports (i) (ii) (iii) (iv) (v) Raw Materials and Components Machinery spares and tools Capital goods Spare Parts for sale Other items Value of imported and indigenous raw materials and components consumed : (i) (ii) (b) Imported at Rupee cost Indigenously obtained.31 2754.16 3.62 1314.B. the Company has taken the view that spares and components as referred to in Clause 4D(c) of Part II of Schedule VI covers only such items as consumed directly in production. C. 41.25 855. 944.

unserviceable items.280 69. Engines Other components Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes Kilo liters Nos. Expenditure in foreign currency (subject to deduction of tax where applicable) : (i) Technical Know-how fees (ii) Interest (iii) Consultancy / Professional charges (iv) Payments on Other Accounts [including Exchange differences (net)] Remittances in foreign currencies for dividends : The Company does not have complete information as to the extent to which remittances in foreign currencies on account of dividends have been made by or on behalf of non-resident shareholders.69 2007-2008 5.829 162.32 40. The figures of other components is a balancing figure based on the total consumption shown in the profit and loss account.08 112.53. Tyres. The particulars of dividends declared during the year and payable to non .56.21 131.59 0. etc. crores Rs.238.692 40.60 88.56 } 18. Nos.14 980.72 62.65 5.017.56 1.13 110.86.251 43.452 14.483 15. crores 2008-2009 6.671 10.853 234.53 13.73 171.30 172.14 1.292.63.08 Note : The Consumption figures shown above are after adjusting excesses and shortages ascertained on physical count.44.) 2008-2009 4.Schedules forming part of the Profit and Loss Account (Rs. (ii) (iii) } 180.50.26 16.53 “18” [Item no.896 9.29 47.32 3.12 173.91 7. Nos.67 144.218. Nos.592.281 7.635 1. Tubes and Flaps. Rs.73 18 0.864 642.396 49.621.883 1. 14] (contd.62 1.619 203.resident shareholders for the year 2007-08 are as under : (i) Number of non-resident shareholders a) For 2007-08 b) For 2006-07 Number of shares held by them a) For 2007-08 b) For 2006-07 Gross amount of dividend a) For 2007-08 b) For 2006-07 Nos.71 13.19 93. Nos. in crores) “17” [Item no. 14] Information in regard to raw materials and components consumed : 2008-2009 Unit of Measurement Steel Steel Tubes Non-ferrous alloys/metals Ferro Alloys Steel Melting Scrap Paints. 91 .11.002 Value 603.80 14.114 1.26 2007-2008 Quantity Value 2007-2008 160.608. Quantity 1.240 8 2. Oils and Lubricants.453 13.922 216.93.

25.14. 1956 Balance Sheet Abstract and Company’s General Business Profile: I.492 11.487 51. (ITC Code) Product Description (Amount in Rs. Thousand) 37.594 22.078 86.11.12.93.847) 1.20 60% 65% 8702 to 8708 except 8707 Chasis and Vehicles for transport of goods and passengers.00.435 (28.26.81.510 7.) :(i) Ordinary Shares (ii) ‘A’ Ordinary Shares Dividend Rate :(i) Ordinary Shares (ii) ‘A’ Ordinary Shares V.173 (Amount in Rs.03.588 1.59.37.51.39.000 0% Foreign Currency Convertible Notes (FCCN) (due 2009) into 1.150) 20.11.60. including motor car and parts thereof.83. Performance of Company Turnover Total Expenditure Profit Before Tax Profit after Tax Earning Per Ordinary Share . Thousand) Nil 12.01.950 5.70 23.50.600/.71.96.52.100 14.14. 92 .Basic (Rs.43.during the year consequent to rights issue and conversion of 2.2009 II.Sixty-fourth annual report 2008-09 Tata Motors Limited Additional Information as required under Part IV of Schedule VI to the Companies Act. (Amount in Rs. Generic Names of Three Principal Products/Services of Company (as per monetary terms) Share Capital of the Company has increased by Rs 1.253 (1.38.513 Nil Nil 4520 11 31.52.40.16.28. Item Code No.58. Expenditure IV.075 12.26.025 Ordinary Shares.91. Position of Mobilisation and Deployment of Funds Total Liabilities Total Assets Sources of Funds: Paid-up Capital Reserves & Surplus Secured Loans Unsecured Loans Deferred Tax Liability Application of Funds: Net Fixed Assets Investments Net Current Assets Misc.487 37.53. Registration Details: Registration No State Code Balance Sheet Date Capital Raised during the Year (See Note below) Public Issue Rights Issue Bonus Issue Private Placement III. Thousand) 29.

on a test basis. in the case of the Consolidated Profit and Loss Account.Auditors’ Report on Consolidated Financial Statements TO THE BOARD OF DIRECTORS OF TATA MOTORS LIMITED 1. An audit includes examining.93 crores up to March 31.671. (a) We did not audit the financial statements of certain subsidiaries. whose financial statements reflect total assets (net) of Rs. 0.21 crores have been accounted in “Reserves and Surplus” in respect of a group of subsidiary companies. whose financial statements reflect the Group’s share of loss (net) for the year ended March 31.59 crores for the year then ended and Group’s share of profit of Rs. total revenues of Rs. of the state of affairs of the Group as at March 31. The financial statements of a subsidiary. iii. the actuarial losses (net) amounting to Rs. 2009 of Rs. as well as evaluating the overall financial statement presentation.27 crores and net cash outflows amounting to Rs. As stated in the note. 2. 2006.71 crores and of an associate whose financial statements reflect the Group’s share of profit of Rs. These financial statements are the responsibility of the Company’s Management and have been prepared by the Management on the basis of separate financial statements and other financial information regarding components. and our opinion is based solely on the reports of the other auditors. we have relied upon the unaudited financial statements as provided by the Management of those components for the purpose of our examination of consolidated financial statements of the Group. of the loss of the Group for the year ended on that date. An audit also includes assessing the accounting principles used and significant estimates made by the Management.32 crores (negative) as at March 31. 68.7. 2009 and also the Consolidated Profit and Loss Account and the Consolidated Cash Flow Statement for the year ended on that date annexed thereto. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 1. 2009.457. and in the case of the Consolidated Cash Flow Statement. Accounting Standard 23 ‘Accounting for Investments in Associates in Consolidated Financial Statements’ and Accounting Standard 27 ‘Financial Reporting of Interests in Joint Ventures’ as notified under the Companies (Accounting Standards) Rules. and to the best of our information and according to the explanations given to us. ii.75 crores as at March 31. We report that the consolidated financial statements have been prepared by the Company’s Management in accordance with the requirements of Accounting Standard 21 ‘Consolidated Financial Statements’. as the audited financial statements of certain associates. These financial statements and other financial information have been audited by other auditors whose reports have been furnished to us by the Management of the Group. (b) (c) 4) Without qualifying our opinion.401. 0. 2009. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. evidence supporting the amounts and disclosures in the financial statements. We believe that our audit provides a reasonable basis for our opinion. we are of the opinion that the attached consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India: i. We conducted our audit in accordance with the auditing standards generally accepted in India. As stated in note B (6) of Schedule 14.80 crores up to March 31. 19.44 crores for the year ended on that date are unaudited and we have relied upon the unaudited financial statements as provided by the Company’s Management for the purpose of our examination of the consolidated financial statements of the Group. Based on our audit and on consideration of reports of other auditors on separate financial statements and other financial information of the components. whose financial statements reflect total assets (net) of Rs. in the case of the Consolidated Balance Sheet. 102. 41. 3.: 30802 Mumbai: June 26. of the cash flows of the Group for the year ended on that date.68 crores and Group’s share of loss of Rs. We have audited the attached Consolidated Balance Sheet of TATA MOTORS LIMITED (‘the Company’) and its subsidiaries (the Company and its subsidiaries constitute ‘the Group’) as at March 31. we draw attention to note k(ii) under Significant Accounting Policies. 2009 are not available. 2009 and total revenues of Rs. 67. 5) 6) For DELOITTE HASKINS & SELLS Chartered Accountants M S Dharmadhikari Partner Membership No. 2009. 0. 2009 93 .

08 41997. SHAREHOLDERS' FUNDS (a) Share Capital (b) Reserves and Surplus 2. TOTAL ASSETS (NET) 15.85 680.31 6011.77 565.00 6 102 35733.79 86.56 24102.48 2.79 31727. 2009 (Rs. NOTES TO BALANCE SHEET As per our report attached For DELOITTE HASKINS & SELLS Chartered Accountants M S DHARMADHIKARI Partner For and on behalf of the Board RATAN N TATA Chairman RAVI KANT Vice Chairman P M TELANG N A SOONAWALA Managing Director .37 13621.65 1257.17 10054.Depreciation (c) Net Block (d) Capital Work-in-Progress 7.49 6915.59 5940.54 8311.31 19243.34 12648. CURRENT ASSETS.64 403.35 34973.21 41997.33 3718.16 5948.00 11584. June 26.83 1.73 14 105 110 12975. LOANS AND ADVANCES (a) Interest accrued on investments (b) Inventories (c) Sundry Debtors (d) Cash and Bank Balances (e) Loans and Advances 7 8 9 10 11 12 13 103 103 103 104 104 104 104 11.51 3833.93 21725.03 3 4 100 100 13705. DEFERRED TAX LIABILITY (NET) [Note A (7) (a). 8.13 4121.65 6060.03 5622. Page 111] 5.87 974.33 10533.40 636. MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted) 14.20 31161.68 4800.52 468.28 12863.62 10154. 2009 Mumbai. 2008 514.16 2665.87 5573.64 2060. BASIS OF CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES 16. NET CURRENT ASSETS [(10) LESS (11)] 13. June 26.India Operation J J IRANI R GOPALAKRISHNAN N N WADIA S M PALIA C RAMAKRISHNAN R A MASHELKAR Chief Financial Officer N MUNJEE S BHARGAVA V K JAIRATH H K SETHNA Directors Company Secretary Mumbai.44 566.50 21268.45 21725. 9. MINORITY INTEREST LOAN FUNDS (a) Secured (b) Unsecured 1 2 Page 99 99 4.82 11295.05 25200.15 385. CURRENT LIABILITIES AND PROVISIONS (a) Current Liabilities (b) Provisions 12.98 8697.57 7059.73 5 101 58469.66 2325. 3. Page 110] 10.19 3294.38 33269. FIXED ASSETS (a) Gross Block (b) Less . TOTAL FUNDS EMPLOYED APPLICATION OF FUNDS 6.15 Schedule SOURCES OF FUNDS 1.05 5426. GOODWILL (On Consolidation) INVESTMENTS FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT (NET) [Note A (1).79 6. 2009 94 .Sixty-fourth annual report 2008-09 Tata Motors Limited Consolidated Balance Sheet as at March 31. in crores) As at March 31.

61 35.96) 339.89 578.20 35. SHARE OF MINORITY INTEREST 13.12 (741.96 71737.60 65.72 6. INTEREST AND DISCOUNTING CHARGES [Note B (1). 2009 Schedule INCOME 1.95 782.48 (973. ADJUSTMENT OF MISCELLANEOUS EXPENDITURE IN SUBSIDIARIES PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX 10.12 3534. June 26. Page 119] I. SHARE OF PROFIT / (LOSS) IN RESPECT OF INVESTMENTS IN ASSOCIATE COMPANIES PROFIT / (LOSS) FOR THE YEAR 14.42 1764.India Operation J J IRANI R GOPALAKRISHNAN N N WADIA S M PALIA C RAMAKRISHNAN R A MASHELKAR Chief Financial Officer N MUNJEE S BHARGAVA V K JAIRATH H K SETHNA Directors Company Secretary Mumbai. EARNINGS PER SHARE [Note B (3).75 2506. 18.90 0.20 2167.70 1366.29 (851.45 2996.29 (2129.72 35660. 2009 95 .25) (335. As per our report attached to the Balance Sheet For DELOITTE HASKINS & SELLS Chartered Accountants M S DHARMADHIKARI Partner For and on behalf of the Board RATAN N TATA Chairman RAVI KANT Vice Chairman P M TELANG N A SOONAWALA Managing Director . TAX EXPENSE [Note A (7c).24 51.25) 1764.77 1930.23 (1553.07 267.42 1047.46 3534. Ordinary Shares (a) Basic (b) Diluted II. DEPRECIATION 7. EXCEPTIONAL ITEMS AND TAX 5.48 (51.66) (741.13) 17. MANUFACTURING AND OTHER EXPENSES B 4.07 743. SALE OF PRODUCTS AND OTHER INCOME FROM OPERATIONS LESS: EXCISE DUTY 2.22 (4669.06 2925.31 - A (2) 97 98 EXPENDITURE 3.21 3212. NOTIONAL EXCHANGE LOSS / (GAIN) (NET) ON REVALUATION OF FOREIGN CURRENCY BORROWINGS.06 0.88) (56.75) (2465.73) 3086. June 26. in crores) 2007-2008 40340.48 35927.25) 65.54) 2234.20 32.53) 31409.88) (56. Page 111] PROFIT / (LOSS) AFTER TAX 12.56 (160.43 12. BALANCE BROUGHT FORWARD FROM PREVIOUS YEAR AMOUNT AVAILABLE FOR APPROPRIATION 15.79 4680.81 73411.36 70938.00) 11.75 (132.36 347.43 87. DEPOSITS AND LOAN GIVEN PROFIT / (LOSS) BEFORE TAX 11.88) (Rs. PRODUCT DEVELOPMENT EXPENDITURE 6.55 32383.90 0.13) Rupees Rupees Rupees Rupees 14 105 115 (56. Page 115 ] 8. EXPENDITURE TRANSFERRED TO CAPITAL AND OTHER ACCOUNTS PROFIT BEFORE DEPRECIATION.95 4517.Consolidated Profit and Loss Account for the year ended March 31. AMORTISATION OF MISCELLANEOUS EXPENDITURE IN SUBSIDIARIES 9.85 798.90 (1789.16 10.25 1.77) 68741.80 138.38 267.59 311.88) (56. 'A' Ordinary Shares (a) Basic (b) Diluted BASIS OF CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES NOTES TO PROFIT AND LOSS ACCOUNT 17. APPROPRIATIONS a) Tax on Interim Dividend by subsidiaries (including Group's share of subsidiaries' dividend tax) b) Proposed Dividend c) Tax on Proposed Dividend (including Group's share of subsidiaries' dividend tax) d) Debenture Redemption Reserve e) General Reserve f) Special Reserve g) Reserve for Research and Human Resource Development h) Earned Surplus Reserve j) Balance carried to Balance Sheet 16. DIVIDEND AND OTHER INCOME A (1) Page 97 74151.73) (2505. INTEREST. 2009 Mumbai. AMORTISATION.16 56.

59) 2486.94 162.Sixty-fourth annual report 2008-09 Tata Motors Limited Consolidated Cash Flow Statement for the year ended March 31. 1594.79 4221.51 62.India Operation J J IRANI R GOPALAKRISHNAN N N WADIA S M PALIA C RAMAKRISHNAN M S DHARMADHIKARI R A MASHELKAR Chief Financial Officer Partner N MUNJEE S BHARGAVA V K JAIRATH H K SETHNA Directors Company Secretary Mumbai.70 852.70 0.51) (792. in crores) 2007-2008 2167.48) 0.84) 3833.58 (19.99 (52.54) 4121.19) (138.73 (11.01) 5462.03) 1348.22) 843.72 (668.48) 294.08) 655. As per our report attached to the Balance Sheet For and on behalf of the Board RATAN N TATA Chairman For DELOITTE HASKINS & SELLS RAVI KANT Chartered Accountants Vice Chairman P M TELANG N A SOONAWALA Managing Director . wherever necessary.14 (165.70 (4. June 26.31) (653.39) (53.03 5282.44 887.34 (651.others Decrease in Investments in retained interests in securitisation transactions Sale of Investments in subsidiary companies Sale of Investments in associate company Sale / redemption of investments .23 6263.58 crores (as at March 31.96 1489.19 (3784.64) (65.84) (4. Cash flow from Operating Activities Profit / (Loss) for the year Adjustments for: Depreciation (including Lease Equalisation adjusted in income) (Profit) / Loss on sale of assets (net) Profit on sale of investments (net) Reversal of provision for diminution in value of investments (net) Provision for inter corporate deposits (net) Gain on transfer of activity relating to financing of Construction Equipments Gain on Liquidation of subsidiaries Gain on buy back of Foreign Currency Convertible Notes (FCCN) and Convertible Alternative Reference Securities (CARS) Share of (Profit) / Loss in respect of investments in associate companies Share of minority interest Wealth tax Tax expenses Interest / Dividend (net) (Gain) / Loss on issue of shares by a subsidiary Exchange difference Amortisation of miscellaneous expenditure Amortisation of Employee Separation cost Operating Profit before Working Capital Changes Employee Separation Cost of Subsidiary Companies Adjustments for: Trade and other receivables Inventories Trade and other payables Vehicle / loans and hire purchase receivables Cash generated from Operations Direct Taxes Paid (net) Net Cash from Operating Activities Cash Flow from Investing Activities Purchase of fixed assets Loan to associates Sale of fixed assets Proceeds from transfer of activity relating to financing of Construction Equipments Investments in associate companies Investments in Mutual Fund (made) / sold (net) Investment in JLR Business (consideration for IPR.81 73.83 (9970.00) (0.42 (95.76) 2042.63) (14. Halewood plant and JLR Business) Investment in Subsidiary by Telcon Acquisition of stake in joint venture Investments .34) (46.16) (1.55 (5280. 2009 . 2007 Rs.36 1309.70 777.24) 851.56 (84.66) (10. 2008 Rs.75 1851.65) 17763.96) (5.89) (2.27 17.04 2053.55) 3833.23) 8.77) (76.08) (1049.63) (1639.02) 0.68 (685.08) (17.17) 5595.54 619.56 4109.93 crores.54) (2. 2009 Mumbai.30 crores)] Net Cash from Financing Activities Net (Decrease)/Increase in Cash and cash equivalents Cash and cash equivalents as at March 31 (Opening Balance) Add : Cash and Bank balance taken over on acquisition of stake in a subsidiaries / joint venture Add : Translation adjustment on opening cash and bank balance of foreign subsidiaries Add :Translation adjustment on reserves of foreign subsidiaries Add : Exchange fluctuation on FCCN / CARS proceeds kept outside India and on foreign currency bank balances Cash and cash equivalents as at March 31 (Closing Balance) (2505.47 0.96 4.45 (598. (2007-08 Rs.87 2685.56 (10765.34 * (Rs.others Proceeds received on liquidation of subsidiaries Interest received Dividend received from associates Dividend / Income on investments received Receipt of Long Term Inter-corporate deposits (Increase) / Decrease in short term Inter-corporate deposit Net Cash used in Investing Activities Cash Flow from Financing Activities Proceeds from issue of Convertible Alternative Reference Securities (CARS) (net of issue expenses) Premium on redemption of FCCN (including tax) Stamp duty on FCCN conversion Brokerage on Non-Convertible Debentures Proceeds from long term borrowings Repayment of long term borrowings Increase in short term borrowings (net) Proceeds from Rights issue of shares (net of issue expenses) Proceeds from Fixed Deposits Proceeds from issue of shares to minority shareholders Dividend paid (including Dividend Tax) Tax paid on Interim Dividend by Subsidiaries Dividend paid to minority shareholders Interest paid [including discounting charges paid.05) (0.07 80.90) 19598. 1729.25) 2502.62) 749.98 (4395.98 26.42) 4210.45 (1345.81) (0.91 (33.92 30.20) 132.78) 74.91 (718.49 (698.27 13.09) (421.00 1154.76 239.01) (0. 296. 508.99 (0.92 (4.39 245.85) 2916.74) 51.25 (0. Rs.97) (50.11) (2386. 96 * Includes Cash Collateral Rs.28) (442.17 B.60 18.71 29.49 crores) Previous years' figures have been restated. to conform to this years' classification.42) 1969.81 2777.25 18.66 1232. 2009 2008-2009 A.20) (18678.07 crores. as at March 31.20 2094.98 335.53) 1138.03) (62. June 26.52 (162.93) (0.17 1280. 401.90 4.68 (5397.93) (135.68) 14. C.36) (122.34) 46.96 (55.21 0.62 (8241.49 0.66) (26.65 154.26 164.

79 267.99 0.21 Dividend and other income (Note 4 below) 798.24 - Income from Hire Purchase / Loan Contracts includes : (i) Income on securitisation / sale of receivables of Loan contracts (net) 60.64 4.96 3.99 955.48 40608.48 40340.26 714.93 109.62 44.31) 2007-2008 52. in crores) "A" [Item no.27 (b) Income from Hire purchase / Loan contracts (Note 2 below) 2007-2008 2008-2009 Notes: (1) Sale of products / Services includes : (i) (ii) (2) Exchange gain /(loss) (net) Variable marketing expenses of some subsidiaries netted off against sales (610.59 (ii) Interest income on Loan Contracts (net) (3) Miscellaneous income include : (i) (ii) (iii) Profit on sale of assets (net) [includes Capital Profits (2007-08 Rs 8.66 (iv) Income from Infrastructural Services provided in vendor park (4) Dividend and other income includes : (i) (ii) (iii) (iv) (v) (vi) Income from current investments Income from long term investments (net) Reversal of provision for diminution in value of investments Profit on sale of part interest in subsidiary companies Profit on sale of current investments Profit on sale of long-term investments (net) (vii) Gain on liquidation of subsidiaries (net) (viii) Gain/(Loss) on issue of shares by a subsidiary 97 .63) (4883.Schedules forming part of the Consolidated Profit and Loss Account (Rs.74 crores)] Gain on transfer of activity relating to financing of Construction Equipment Gain on buyback of Foreign Currency Convertible Notes (FCCN) and Convertible Alternative Reference Securities (CARS) 50.32 953.12 1080. Sale of products / Services (Note 1 below) Miscellaneous income (Note 3 below) 72502.00 56.63 76. 1 & 2] 2008-2009 SALE OF PRODUCTS AND OTHER INCOME 1.62 1070.75 70.78 66.74 56.57 8.17 39018.72 13.90 (0.18 12.58 2.64 568.45 1.96 74950.69 251. Sale of products and other income from operations (a) (c) 2.36) 23.45 74151.

63 484. 4.41 2745. 2008-2009 Notes : (1) (i) (ii) Repairs to buildings exclude amounts charged to other revenue accounts Repairs to plant and machinery exclude amounts charged to other revenue accounts Other expenses include: (i) Loss on assets scrapped / written off (ii) Warranty Expenses (iii) Computer Expenses (iv) Loss on sale of assets (includes capital profit of Rs. vehicle loans and advances (net) (vii) Provision towards guaranteed resale value of vehicles sold (viii) Exchange Loss (ix) Securitisation expenses for Hire purchase / Loan contracts (x) Commission and brokerage on sales 9.36 602.96 30.15 1702.33 686.94 33.16 500.84 2.45 77.64 0.56 crores) (v) Lease rentals in respect of plant and machinery (vi) Provision and write off of sundry debtors.55 268.57 1995. Payments to and provision for employees (a) Salaries.70 377.23 612.34 10380.08 1332. Opening Stock (i) Work-in-progress (ii) Stock-in-trade Stock acquired on acquisitions (i) Work-in-progress (ii) Stock-in-trade Translation difference Closing Stock (i) Work-in-progress (ii) Stock-in-trade 2008-2009 6942.19 277.38 152.68) 370.50 587.01 2411. 3] MANUFACTURING AND OTHER EXPENSES 1.40 17557. transportation.96 3.10 1332.90 7297.38 327.15 4.43 56.92 73411.88 38.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Consolidated Profit and Loss Account "B" [Item no. spare parts and tools consumed (b) Freight.33 593.68 559. [ Note 1(ii) below ] (e) Power and fuel (f) Rent (g) Rates and taxes (h) Insurance (j) Publicity (k) Incentive / Commission to dealers (l) Other expenses ( Note 2 below ) Excise duty on change in Stock-in-trade Change in Stock-in-trade and Work-in-progress: A.92 4791.72 76. 7. Consumption of raw materials and components 3.04 2007-2008 8.10 (693. etc.64 6426.09 13.23 (0.15 1702.05) 1044.83 225.49 145.09 370.34 6488.45 1.52 388. in crores) 2007-2008 2318.99 40509.04 102.92 255. Purchase of products for sale.30 95.23 799. B.63 91.19) 365. wages and bonus (b) Contribution to provident and other funds (c) Workmen and staff welfare expenses 5.95 (13.33 5282. port charges. Expenses for manufacture.42 765.94 1.48 55.30) 32383.14 311.08 1332. etc.25 (58.22 (Rs.48 6.02 2263.02 5444.70 324.21 22057.71 974.77 6082. machinery.52 53. (c) Repairs to buildings [ Note 1(i) below ] (d) Repairs to plant.67 600.87 2212. Processing charges 4.64 2633.75 61.73 45. 2. administration and selling: (a) Stores. etc.08 138.11 (2) 98 .74 1697.16 142.54 448.35 704.

80 45.83 3042.43 6547.30 2746.86 5969.20 1047.84 - 0. 10 each fully paid (As at March 31.49 0. 2008: 45.52 67.00 200.98 Notes: 2008-2009 Additions Deductions (i) (ii) The opening and closing balances of Securities Premium Account are net of calls in arrears of Rs.00.44 1.00 SHARE CAPITAL Authorised: 70.100 each (As at March 31.01 433.03.72 crores)] (g) Rights issue expenses (h) Brokerage on Non-Convertible Debentures [net of tax of Rs.18 4086.Ordinary shares Share Forfeiture .51 (87.75.00. Page 108] General Reserve [Note (vi).69 550. (v) Change in Revaluation Reserve (a) Depreciation on revalued portion of assets taken over on amalgamation of Telco Dadajee Dhackjee Ltd (b) Revaluation of Jaguar and Land Rover assets (c) Depreciation on revalued portion of Jaguar and Land Rover assets 238.56 (iii) Capital Reserve is net of translation of Rs 29.85 3.69 67. Nil (2007-08 Rs. Nil)] (j) Exchange difference on Provision for premium on redemption of FCCN / CARS [(net of tax Rs.95 4086. Nil)] (l) Stamp Duty charges on conversion of FCCN 2007-2008 Additions Deductions 8. 215.80 crores (2007-08 includes (net) Rs. 0.66) 1764. 2008: Nil) 700.03 crore Changes in Securities Premium Account (a) Premium on shares issued on conversion of Foreign Currency Convertible Notes (FCCN) and on shares issued which were held in abeyance out of Rights issue of shares (b) Premium on Rights issue of shares (c) Provision for premium on redemption of Convertible Alternative Reference Securities (CARS) [net of tax Rs.000 20.57 99.81 602.25 6547.35 334. Page 110] Pension reserve [Note k (ii).655 'A' Ordinary shares of Rs. 2.33 2205. 2008: 38.31 1537.32.40 2.28 336.86 (1553.35 0.84 0.87 crores)] (k) Reversal of provision for premium on redemption of CARS [net of tax of Rs.23 1.56 29.000 Issued and subscribed: 44.39) 16.68 433. 2009 Ordinary shares of Rs.44 99 .50 0.37 99.22 1936. 0. 9.954 shares) 6.00 0. 10 each (As at March 31.01 0.47 crores (2007-08 Rs.51) (1457.05 0.05 385.77 0. This reserve may not be utilized for cash dividends but may only be used to offset against future deficit.40 crores) on opening balances in respect of foreign subsidiaries.21 334.55. Page 100] As at March 31.44 0.65 1.41.59 178.13 6980.24 crores (2007-08 Rs.00.98 0.05 0.69 99.50 385.05 114.000 shares) 'A' Ordinary shares of Rs.83 64.35 0.75 25. Page 100] As at March 31. 45.77 27.59 8311.02 18.18 514.32 16.57 66.01 385. 2008: Nil) Less: Calls in arrears .61 34.77 34.40 152.12 5426.28 2.51 25. (iv) Tata Daewoo Commercial Vehicle Company Ltd.37 4010.38 418.00 3900.55 15.08 (87. 56.01 365.38 267.21) 138.Ordinary shares 449.83 (2189.98.01 208.Schedules forming part of the Consolidated Balance Sheet (Rs.00. 10 each (As at March 31.00.13 83.42 238.54 “2” [Item No.44 152.22 2. in crores) “1” [Item No.72 12. 2008 1537.00 As at March 31.05 385.09 Deductions/ Adjustments 208. Nil (2007-08 Rs. Page 100] Translation Reserve [Note (vii).03 (o) Profit and Loss Account [Note (viii).29 78. (TDCV) under the Korean Commercial Code is required to appropriate annually at least 10% of cash dividend declared each year to a legal reserve until such reserve equals 50% of capital stock of TDCV.40 152.25 6.00 450.40 0.08 238.7.68 6.01 29.84 3179.05 78.05 514.42 110.000 30.08 0.00.44 149. 10 each fully paid (As at March 31.28 365.52 crores)] (d) Tax paid on premium on redemption of FCCN (e) Tax impact on premium paid on redemption of FCCN (f) CARS issue expenses [net of tax of Rs. 1(b)] RESERVES AND SURPLUS (a) Securities Premium Account [Note (i) and (ii) below] (b) (c) (d) (e) (f) (g) (h) (j) (k) (l) (m) (n) Capital Redemption Reserve Capital Reserve (on consolidation) [Note (iii) below] Debenture Redemption Reserve Amalgamation Reserve Special Reserve Reserve on Research and Human Resource Development Earned Surplus Reserve [Note (iv) below] Revaluation Reserve [Note (v) below] Hedging Reserve Account [Note q (ii).80 Additions 4037.81 411.28 2. 1(a)] As at March 31.80 35.31 crore (2007-08 Rs. 2009 5366.51) (1457.00 0.00.15 334.42 25.08 1128.00. or may be transferred to capital stock of TDCV.659 Ordinary shares of Rs. 2008 450.20 32.69 7.40 4037.00 3000.67 0.01 514.21) 4075. if any. 2008: Nil) Convertible Cumulative Preference shares of Rs.

Nil) of the Joint Venture.20 6.From Banks (b) Commercial Paper (c) Inter Corporate Deposit / Call Deposit (d) Bridge Loan from banks (e) Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) (f) Fixed Deposits: (i) From Public (ii) From Shareholders (g) Foreign currency Loans. 472. Tata HAL Technologies Ltd.14 4522. Fiat India Automobiles Ltd (Formerly known as Fiat India Automobiles Pvt.23 3661.70 1585.52 crores (net) has been deducted [2007-08 deduction of Rs. (viii) Profit and Loss Account balance is after considering the proportionate share of post acquisition loss of Rs.14 5573.73 13705. Nil)] (3) Impact on account of adoption of Notification amending AS 11 [net of tax of Rs. 2205.39 940.60 51.45 864.) and Rs.18 crores (as at March 31. Nil)] (4) Amount transferred from Profit and loss account 2007-2008 Additions Deductions - - 0.Convertible Debentures Loans from Financial Institutions / Banks Sales Tax Deferment Loan From Banks: (i) (ii) Buyers line of credit Loans and Cash Credit / Overdraft Accounts * 991.43 1047.35 As at March 31. 43.30 crores(net)] on translation of foreign subsidiaries and minorities share thereof and foreign associates.Banks 1994. 2009 LOANS . Ltd.87 “4” [Item no.33 (vii) During the year.03 201.Secured (a) (b) (c) (d) Non .33 - 138.87 142. 2008 Rs.04 21268.00 48.53 291. 917.00 100 .) 2008-2009 Additions Deductions (vi) (1) Adjustment in General Reserve towards difference in opening liability as per revised AS-15 (net of tax) (a) In respect of the Company and its subsidiaries (b) Our share of adjustment in an associate company (2) Difference in fair value of forward contracts on application of Principles of Hedge Accounting under Accounting standard (AS) 30 [net of tax of Rs.97 crores) of the Joint Venture.00 119.34 crores which have been secured subsequent to the balance sheet date.41 3. 3.20 1576. 2008 Rs. 15.55 209.84 3.00 10229.98 149.20 138.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Consolidated Balance Sheet (Rs.45 6011. 1.27 2726.05 crores (as at March 31.50 crores (2007-08 Rs. in crores) Notes to Reserves and Surplus (contd. 2008 1540. 349. Rs.94 1532. in crores) As at March 31. 67.Unsecured (a) Short Term Loans . “3” [Item no. 2009 LOANS . 2008 787.50 * Includes Rs.57 (Rs.50 8.50 10211.76 1548. 3(b)] As at March 31.85 1047.53 crores (2007-08 Rs. 3(a)] As at March 31.

96 65.15 2.10 37.16) (2.77 81. 23. 2008 Rs.54 crores (as of March 31.58 0.02 514.04 6.12 71. Fixtures and Office Appliances and Vehicles and Transport having Gross block of Rs.78 418.38 12975.11 19.20 4.47 12975.78 32. advances for capital expenditure of Rs.75 crores.68 47.66 1.34 6625.44 Notes: (i) Includes Plant.47 252.34) (77.44 crore and Rs.05 156.28 2889.58 crores).2008 Rs.47 940.34 236.50 446.81 438.08 crores. Certain Fixed assets of Jaguar and Land Rover have been revalued by a external valuer.86 4.00 2889.66 140. Translation Adjustment for foreign subsidiaries of Rs.34 45.31) (0. 101 . Furniture.49 crores ) adjusted in lease rental income.30 262.87 13081.01 0. Rs.82 crores) on Assets transferred/sold/discarded during the year.36 16.how (f) Vehicles and Transport [Note (i)] (g) Assets taken on Lease [Note (v)] (h) Assets given on Lease (j) (k) (l) Product Development Cost Trade Marks and Brand Developed Technologies 28159. 2920. (a) Land and Lease Hold Land 438. 6.56 25.90 crore and Rs 1.66 (m) Software Total (n) Capital Work In progress [Note (iv)] 33269. Rs 1.85 174.42 95.20 crores.83) (326.70 617. 238.74 115. 6.62 38.15 130.05 25200.13 17.11 176.19 1988.02 21.78 18.03 36. 2008 Rs.34 crore (as at March 31.08 246. Machinery and Equipment [Note (i)] (d) Furniture.08 210. 3756.71 (11.31 336. exchange loss of Rs.12 66.92 8.52) (70.15 608. Nil) on exchange gain adjusted in the carrying cost of assets in 2008-09 pertaining to 200708 has been transferred to general reserve in line with the notification issued by the Ministry of Corporate Affairs. 2008 Rs. 2008 Rs. Nil and Rs.58 0.93 6848.577.10) (3866.37 2.86 130.37 431.02 crores ( as at March 31. Nil (as at March 31. 2008 Rs.82 4864. 2008 Net Loss Rs 1.18 653.49 Net Book Value as at March 31. reversal of depreciation of Rs.65) (4.00 5948.84 34.17 9510. 0.20) (17.09) (582. 151.04 (0.84 3823. Premises acquired in satisfaction of debts amounting to Rs.01 252. 4.73 148.35 139.125.35) (1.07 0. depreciation of Rs.26 crores (as at March 31.19 39.13) (16.47 862.43) 74.12 4.40 crores) and Net block of Rs.11 (0. 2009 for the year Depreciation Adjustment.04 24.27 6.01 0.93) (3756. 0.17) 0.43 359.21 584.Depreciation 2008.96) (3.77 1239.87 121.02) (23.50 2802.17 964.90 25.159.07 115.05 0.48) 132.11 crore (as at March 31.33 1194.13 977.20 1290.85 124.17 crores).24 3.13 2889.79 136.00 695.98 883.13 156.79 393.78) 0.34) (35.85 77.76 411.91) (33.83 82.63 6060. in crores) “5”[Item no.14 137.02 71.04 64.2008 Rs. 459.96 crores.08) (0.05 58469. 8.30 38.33 (ii) Accumulated Depreciation includes : Capital Work in Progress includes : (a) (b) (c) (v) (vi) (vii) The Plant and equipments taken on lease are under renewable secondary lease.16) (2.61 102. Nil) on revalued portion of gross block of TDDL and Jaguar and Land Rover respectively transferred to Revaluation Reserve.17 7672. Product Development Cost Rs.77 782. resulting in Revaluation Reserve of Rs.50 1552. Fixtures and Office Appliances [Note (i)] (e) Technical Know .78 315.50 411.75 139.75 0. Rs.64 1531. diminution in value of assets and write down of assets net of reversals. Depreciation for the year and accumulated depreciation includes amortisation.52 4830.18 1223.32 24769.28 35733. 4.04 100.65 22.67 48. 2008 Rs. Rs.56 crores ( 2007-08 Rs 0.04) (90.00 68.72 8.19 54.24 37742. 1721. lease equalisation of Rs.97 crores.20) (1.44 crore and Rs.40 29.2008 Rs 778.73 35.09) (0.55 30082.82 crores).69) 0.98) (66.39 1.21) (2.92 185.61 45.09 237. 403.445.16 10533.79) (65. 2008 During 2008-09 Adjustments [Note (ii)] Translation Deductions/ Cost as at Depreciation Accumulated Translation Accumulated Adjustment Adjustments March 31. Rs.83 crores).90 2689.57 0.68 1.53 137.75 378. 0. Nil).65 10359.25 849.76 0.68 crores (As at March 31.72 393.01 0.70 18.69 3. an adjustment of Rs.70 0. 106.92 411.44 6.99 1.87 crores (as at March 31. held for disposal.44 crores (as at March 31. 2009 1.02 crore.02 6.74 8.24 (26.52 2506.13 crore and Rs.13 172.48 crores).Schedules forming part of the Consolidated Balance Sheet (Rs.33 108.28 28745. 3.95 4645.14 156.2009 on acquisitions Accumulated up to March 31. 0.05 45. 166.18 2716.81 109.09 9510. Additions / Adjustments include : (a) (b) (iii) (a) (b) (c) (d) (e) (iv) exchange differences and net premiums on forward exchange contracts Net Loss of Rs.05 1.49 crores (as at March 31.66 1531. 446.08) (4746.44 0.22 115. 2008 Rs.91 24.80 81.31 38.16 crores (As At March 31. 6] FIXED ASSETS Cost as at Acquisition Additions / March 31.82 4.24 (b) Buildings (c) Plant.33 12863.43 13997.63 97.22) (3275.21 16.52 57.77 42157. [Note (vi)] during 2008-09 Depreciation 2009 [Note (iii) [Note (iii)] and (vi)] (152.54 73.42 87.37 0.46 378.00 1176.31 154.42 6915.47 940. 0.67 35.84 1844. 0.19 crore) respectively.39 648. Machinery and Equipment.

13) 11.e.00 24.64 (63. @ Automobile Corporation of Goa Ltd.24 239. TSR Darashaw Ltd.43 crore (2007-08 Rs. 40.00 2.39 crores as on March 31.58% stake in Automotive corporation of Goa ltd.43) 2.93 0.15 65.02 (5) The Company has given a letter of comfort to Citibank NA against credit facilities provided by the bank to Tata Precision Industries Pte.40 422.20 7.30 21.00 966.00 21. 2008)] to TPI Singapore.23 230. aggregating SGD 13.80 188. ^^ Jaguar Cars Finance Limited # Total India India Bangladesh Singapore Spain India India India UK 50.34 2. Further. The Company has also given an undertaking to Citibank NA for non-disposal of its shareholding in Hispano during the tenure of the loan.34 2. 44. S.77 53. (7) Cost of investments represents legal / professional fees and other cost towards investment for acquisition of Jaguar and Land Rover.2008)].11 3.80 98.00 Cost as at March 31.12 97. 2008.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Consolidated Balance Sheet (Rs. 2008 102 .99 49.07 111. 2009) [SGD 2.06 * * * * 169.37 37.57 297. ^ Telcon Ecoroad Resurfaces Pvt. 2009 are as follows: Sr.83 Notes: (1) Book value of quoted investments (other than in associates) 537. (TES). 2008)]. Ltd.73 96.11) (3. The Company has also given an unsecured subordinated Loan of Euro 15 Million (Rs.00 50.67 1.06) (3. No. A.00 76.00 26.34 1. on March 16. 1.08 52.17 0.34) 2.00 40.59 8. Singapore. Name of the Associates Country of Incorporation Ownership Interest (%) Original Cost of Investment (+) Amount of Goodwill/ (Capital Reserve) in Original Cost (0.00 7.38 17. During the year.08 1. 12.09 crores) as at March 31.93 (2) Book value of unquoted investments (other than in associates) 399. 2008)] in total.85 million (Rs.54 crores) of Capital Reserve arising on acquisition of associates] (b) Fully paid Cumulative Redeemable Preference shares (Unquoted) Others (I) Long Term Investments Quoted (a) Fully paid Ordinary/Equity shares (b) Fully paid Cumulative Compulsorily Convertible Preference Shares (c) Bonds Unquoted (a) Fully paid Ordinary/Equity shares (b) Fully paid Cumulative Redeemable Preference Shares (c) Fully Paid Non Cumulative Redeemable Preference Shares (d) Non Convertible Debentures (e) Optionally Convertible Debentures (f) Bonds (g) Retained interest in securitisation transactions (II) Current Investments Quoted (a) Fully paid Ordinary/Equity shares (b) Investment in Securities Unquoted (a) Fully paid Cumulative Redeemable Preference Shares (b) Mutual Fund (III) Cost of investments (Note 7 below) Less: Provision for diminution in value of Investments (Net) Cost as at March 31.80 1.11 15.7. Ltd.68 crores as on March 31. 2009) [Euro 2 million (Rs. Share of loss restricted to the original cost of Investment as per the equity method of accounting for associates under AS -23 'Accounting for Investments in Associates in Consolidated Financial Statements'.35) (1.57 1265.34) (2. $ NITA Company Ltd.50 million (Rs.12 (5.47 98.43) (0.34 (1.27 3.22 crores as on March 31. TSR Darashaw Ltd was an associate upto December 15. 2008 393.27 1.55 24.00 90.79 0. 2009 ) [ Euro 15 million (Rs.50 2. W.51 crores as on March 31.33) 0.46.93 0.33 3.81 (0.54 Share of post acquisition Reserves and Surplus 79. Tata Precision Industries Pte. as per terms and conditions duly agreed upon at a price not exceeding Euro 2 millions (Rs.17 Carrying Cost of Investments 1) 2) 3) 4) 5) 6) 7) 8) 9) Tata Cummins Ltd. Singapore and Tata Engineering Services Pte. a wholly owned subsidiary of TPI. the Company has an Option to acquire the remaining 79% of the shares through one or more transfers.99 21.78 239. 2005.75 221.A.67 (3) Market value of quoted investments (other than in associates) 552. 2009) [SGD 13.f June 02.08 crores) of Goodwill and net of Rs.00 2. Ltd (TPI). 56.79 6.78 51.20 99. Ltd.95 (4) Investment in Mutual Funds includes dividend reinvested 43.90 - 90.00 40. (6) The Company acquired 21% shares in Hispano Carrocera.2008]. the Company has also given an unsecured loan amounting to SGD 2.00 6.11) 1.04 11.30 393.64 14.02 3.02 3.50 6.20 crores (2007-08 Rs.11) (2.51 281. Original cost of investment is net of permanent diminution in the value of investment. 95.07 crores as on March 31. Hispano Carrocera S.85 10.68 7.34 crores as on March 31. 13. the Company has sold 24% state in Tata AutoComp Systems Ltd. during the tenure of the loan.15 56.02 2665. 101.21 3.00 50. 2009 299. As per the terms of agreement. 2009) [Euro 7 million (Rs.53 697. 55.85 million (Rs.43 15.57 1553.00 26.26 crores as at March 31. Tata AutoComp Systems Ltd.00 77.51 299.85 262.00 (B) 295.56 2675.71 0. The Company has also given a letter of comfort to Citibank NA against working capital loans extended by the bank to Hispano aggregating Euro 12 million (Rs. 8] INVESTMENTS (at cost) (A) In Associates (a) Carrying cost of investments in Associates (Note 8 below) [Including Rs.34 2.43 2763.27 crores as on March 31. the Company has increased 4.79 49.46 99.96 6.23 21.08 1.11 2.87) (4.19 1257. The Company has also given an undertaking to Citibank NA for non-disposal of its shareholding in TPI Singapore. (8) The particulars of investments in associate companies as of March 31.66 55. 0. Associate of Telco Construction Equipment Company Limited (Telcon) one of the subsidiaries.31 crores as on March 31.33 10.65 0.50 million (Rs. 8.55 42. 81.67 92.50 37. in crores) “6”[Item no.23 $ * @ + ^ ^^ # During the year.00 49.

86 2060.36 crores).21 3294.75 7.81 2110. 259.52 4694.64 1729. Short term deposits with Bank includes Restricted deposits of Rs.Schedules forming part of the Consolidated Balance Sheet (Rs. 2009 CASH AND BANK BALANCES (a) Cash on hand (b) Current accounts with Banks # (c) Short term deposits with Banks * (d) Margin Money / Cash Collateral with Banks 35.66 1044.34 739.59 1594. Page 112] Less: Provision for doubtful instalments Less: Unearned finance and service charges on lease receivable / hire purchase contracts 286.12 2108.62 2044.58 4121.74 4794.88 1122. 10 (b)] As at March 31.61 crores). 2008 5.20 1.69 15. 10(d)] As at March 31.27 65.65 1020.02 5444.08 4980.37 0. (d) and (e) above are valued at lower of cost and net realisable value. 2008 Rs. 2008 Rs.13 24. 354. 2009 INVENTORIES (a) Stores and spare parts (at or below cost) (b) Consumable tools (at cost) (c) Raw materials and components (d) Work-in-progress (e) Stock-in-trade (f) Goods-in-transit (at cost) Note : Items (c).26 71.67 10154.52 5.73 1834. 103 . 4.39 crores (as at March 31.17 # * Includes cheques on hand Rs. 5.51 “9” [Item no.64 13.65 370. 10(c)] As at March 31.46 1148.46 1886. 2008 Rs.29 crores (as at March 31.15 310. “8” [Item no.08 1332.86 As at March 31.60 185. 2009 SUNDRY DEBTORS (a) Over six months : (unsecured) (b) Others : (unsecured) Less: Provision for doubtful debts (c) Future instalments receivable from hirers / lessees [secured under hire purchase / lease agreements and by promissory notes from hirers] [Note A (8).34 As at March 31.00 248.67 26. 2008 132.07 3833.05 1085.16 7.61 crores (as at March 31.68 As at March 31. 411. 2008 223. in crores) “7” [Item no.184.27 4800.02 crores) and remittances in transit Rs.

11 (b)] PROVISIONS (a) Proposed dividends (b) Provision for tax on dividends (c) Provision for retirement and other employee benefit schemes [Note B (2). 2008 578.74 5292.09 7.74 1079.71 crores) on account of Securitised Receivables Other secured loans (Note 2 below) Total (A) B) UNSECURED .17 5632. 629. (Singapore) (7) Deposits with government. 10(e)] As at March 31.34 109. 2009 LOANS AND ADVANCES A) SECURED Vehicle loans (Note 1 below)* Less: Provision for doubtful loans # Total Vehicle Loans * Includes Rs. 2009 4239. public bodies and others are net of deposits considered doubtful which have been provided for (8) Deposits given as collateral Security (9) Includes fees towards arrangement / structuring and other incidental costs on bridge loan from bank "11" [Item no. contractors.28 11295.00 2325.94 crores) on account of overdue Securitised Receivables # Includes Rs.31 85.01 165. rent deposits and other amount due (Notes 3 to 5 below) (b) Loan to associates (Note 6 below) (c) Deposits with government.83 340.60 crores (as at March 31. 2008 5. Page 119] "13" [Item no.23 As at March 31. Ltd.00 1838.72 643. 2009 81.13 11.73 0.2008 Rs.36 682.93 CURRENT LIABILITIES (a) Acceptances (b) Sundry creditors (c) Advance and progress payments (d) Amount due to customers in respect of contract work (e) Interest / commitment charges accrued on loans but not due (f ) Liability towards Investors Education and Protection Fund under Section 205 C of the Companies Act.34 0.45 261.20 As at March 31. 13] MISCELLANEOUS EXPENDITURE (to the extent not written off or adjusted) (a) Employee Separation Cost (b) Others 104 .27 8.57 As at March 31.12 12648. Page 116. public bodies and others (Note 7 and 8 below) (d) Prepaid expenses (Note 9 below) (e) Advance payment against taxes (net) Total (B) Total (A) and (B) Notes: (1) Loans are secured against hypothecation of vehicles (2) Credit enhancement has been granted by the originator in respect of the loan (3) Net of advances considered doubtful which have been provided for (4) Includes amount due from customers in respect of contract works (5) UK and other Pension Plan (net assets) (6) Loan to associates: (i) Hispano Carrocera.11 13.93 605.72 586.61 35.41 102.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Consolidated Balance Sheet (Rs.67 101.26 8.16 crores (as at March 31.48 30. 237.75 334.80 7284.79 925.35 6. (ii) Tata Precision Industries Pte.37 As at March 31.14 501.78 4. 180.30 86.31 10054.58 As at March 31. S.69 24102.66 As at March 31.80 37.19 21.13 7841. in crores) “10” [Item no.2008 Rs. 2009 311. 374.48 442.67 7568.66 178.00 72.80 1155. 11 (a)] As at March 31.68 7059. advances / loans to suppliers.45 28.43 90.considered good (a) Claims / incentive recoverable.58 1. 2008 7889.44 95. 117 and 118] (d) Other provisions [ Note B (4). 2008 4131.08 86.74 2486.32 333. A.41 13.55 19418.54 7356.03 7568.60 2113. employees and others.51 6759.03 273.36 89. 1956 not due "12" [Item no.

Tata Marcopolo Motors Ltd. at the dates on which the investments in the subsidiary companies / joint ventures are made. Page 120] The financial statements of the Group have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India / notified under the Companies (Accounting Standards) Rules. The Company and its subsidiaries constitute the Group. Sheba Properties Ltd. TML Holdings Pte Ltd. c) The following subsidiary companies are considered in the consolidated financial statements: % of holding either directly or through subsidiaries as at March 31. TAL Manufacturing Solutions Ltd. The financial statements of the Company and its subsidiary companies have been combined on a line-by-line basis by adding together like items of assets. Singapore TML Distribution Company Ltd. Principles of consolidation: The consolidated financial statements have been prepared on the following basis: I.) INCAT SAS. Tata Motors (SA) (Proprietary) Ltd. [Refer Note (C) 2 (b). INCAT International PLC.55 100 51 70 100 100 60 100 60 85 85 100 100 100 100 100 81. III.55 81. Telco Construction Equipment Company Ltd.55 81. subsequent to the dates of investments as stated above. The financial statements of the joint venture companies have been combined by using proportionate consolidation method and accordingly. the share of profit / loss of each of the associate companies (the loss being restricted to the cost of investment) has been added to / deducted from the cost of investments. An associate is an enterprise in which the investor has significant influence and which is neither a Subsidiary nor a joint venture of the investor. Tata Technologies Europe Ltd (Formerly known as INCAT Ltd. 2009 2008 Sr No. Alternatively. Name of the Subsidiary Company Direct Subsidiaries Country of incorporation 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Tata Daewoo Commercial Vehicle Co. venturer's share of each of the assets. 2006 and other generally accepted accounting principles in India. Concorde Motors (India) Ltd.71 81. where the share of equity in the subsidiary companies / joint ventures as on the date of investment is in excess of cost of investment of the Company.e. (Note C (7).71 100 51 70 100 100 60 17 18 19 20 21 INCAT (Thailand) Ltd. Tata Motors Insurance Broking & Advisory Services Ltd.55 81.55 81. Tata Technologies Pte. liabilities. it is recognised as 'Capital Reserve' and shown under the head 'Reserves and Surplus'.55 81. Tata Technologies Ltd. its subsidiary companies.71 81. b) The financial statements of the subsidiary companies / joint venture used in the consolidation are drawn upto the same reporting date as of the Company i. HV Transmissions Ltd. Ltd. year ended March 31. and accordingly. in the consolidated financial statements. Tata Motors Finance Ltd. V. The intra-group balances and intra-group transactions and unrealised profits or losses have been fully eliminated. Ltd.71 81.Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account Basis of Consolidation and Significant Accounting Policies 1 Basis of Consolidation: The consolidated financial statements relate to Tata Motors Limited (the Company). liabilities. a) Basis of Accounting: I. 2009. joint ventures and associates.(Formerly known as Tata Motors Insurance Services Ltd) Tata Motors European Technical Centre Plc. Indirect Subsidiaries * South Korea India India India India India India India UK India India India Thailand Singapore India South Africa 100 60 85 85 100 100 100 100 100 81.71 105 . Minority interest in the net assets of consolidated subsidiaries consists of the amount of equity attributable to the minority shareholders at the dates on which investments are made by the Company in the subsidiary companies and further movements in their share in the equity. Tata Motors (Thailand) Ltd. IV.71 81. II. HV Axles Ltd. The consolidated financial statements include the share of profit / loss of the associate companies which has been accounted as per the 'Equity method'. is recognised as 'Goodwill' being an asset in the consolidated financial statements. Page 120) The excess of cost to the Company of its investments in the subsidiary companies / joint ventures over its share of equity of the subsidiary companies / joint ventures. income and expenses. II. Thailand Singapore UK UK France 81. income and expenses of jointly controlled entity is reported as separate line items in the Consolidated Financial Statements.

e.64 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 81.f June 2.00 40.e. 2008) The Jaguar Collection Ltd (w. 2008) Daimler Transport Vehicles Ltd (w.f October 6. Forseeable losses on such contracts are recognised when probable.e.e.e.f April 9. 2009) Jaguar Land Rover South Africa (pty) Ltd (w.f.f June 2.e. 2008) Land Rover Nederland BV (w.69 81.f June 2.A. 2008) Serviplem S. 2009) INCAT Systems Inc.e. 2008) Jaguar Land Rover Maxico SA de CV (w.f April 1. export and other incentives and exchange fluctuations on export receivables.e.f February 1.f April 9. 2008) Land Rover Belux SA/NV (w.f June 2.e. 2008) Land Rover Italia SpA (w. INCAT Holdings B. 2008) Jaguar Land Rover Canada ULC (w.48 - 1 2 * 2.f June 2. 2008) Jaguar Italia SpA (w.f June 2. 2008) Jaguar Cars South Africa (pty) Ltd (w.e. using a straight-line method. which is when risks and rewards of ownership pass to the dealer / customer. 2008) Jaguar Land Rover Japan Ltd (w. 2008) Jaguar Land Rover Portgual .78 * Significant Accounting Policies: Revenue Recognition The Company recognises revenue on the sale of products when the products are delivered to the dealer / customer or when delivered to the carrier for exports sales.85 81.e.e.f June 2.V.00 36. (w.Sixty-fourth annual report 2008-09 Tata Motors Limited Basis of Consolidation and Significant Accounting Policies (contd.S. 2008) The Daimler Motor Company Ltd (w.e.K.e. 2008) JaguarLandRover Ltd (Formerly known as TML Holdings Ltd.e.e. 2009 50.f April 2.f June 2.e. Ltd (w.f June 2. 2008) Jaguar Land Rover Automotive Trading (Shanghai) Co.f June 2. SAS (w. Country of incorporation Germany Netherlands Japan USA USA Mexico Canada Norwey Norwey Spain Spain France Spain China UK UK Austria Belgium UK Japan South Africa Italy UK UK UK UK UK UK Spain Germany UK Jersey USA Belgium Ireland Netherlands Portugal Australia UK Italy Spain Germany Thailand Mexico South Korea China Canada France South Africa % of holding either directly or through subsidiaries as at March 31. 106 .e. Considering the financial position and business strategies.A. 2009) Jaguar Land Rover France. 2008) Land Rover Group Ltd (w.f June 2.f June 2. (w.e. 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 * ** d) Name of the Subsidiary Company Indirect Subsidiaries (contd. 2009 2008 81. 2008) Jaguar Land Rover Austria GmbH (w. 2008) Land Rover Ireland Ltd (w.e.e. 2008) Land Rover Espana SL (w. Revenue from software consultancy on time and materials contracts is recognised based on certification of time sheet and billed to clients as per the terms of specific contracts.e.e.) INCAT GmbH. 2008) Effective holding % of the Company as it is a Joint Venture of Tata Technologies Ltd. de C. S.e.e.f June 2. 2008) Miljo Innovasjan AS (w.f June 2. 2008) Land Rover Exports Ltd (w.e.f June 2.V. 2008) Jaguar Land Rover North America LLC (w. The difference between the proceeds and the guaranteed repurchase amount is recognised in Sales over the term of the lease.e.e.f April 2.f October 1.f June 2.85 100 - The following Joint Venture companies are considered in the consolidated financial statements: Country of incorporation India India % of holding as at March 31. 2008) Jaguar Land Rover Australia Pty Ltd (w.e. 2008) Eurl Lebrero France (w.69 81.f June 2.f January 1. 2008) Comoplesa Lebrero S. Revenue from rendering annual maintenance services is recognised proportionately over the period in which services are rendered.55 81.e. On fixed price contracts. 2008) Land Rover (w.e.f February 2.69 47. 2008 49. 2008) Jaguar Land Rover Asia Pacific Company Ltd (w. 2008) The Lanchester Motor Company Ltd (w. mangement has decided to liquided INCAT KK. May 28. INCAT K.A.Veiculos e Pecas.) Sr No.40 36. (w.f June 2.f June 2.69 71. UK) Jaguar Cars Overseas Holdings Ltd (w. revenue is recognised based on milestone achieved as specified in the contracts on the proportionate completion method on the basis of the work completed. Revenue from third party software products and hardware sale is recognised upon delivery.f October 6.f April 2. 2008) Jaguar Cars Ltd (w.f June 2.f June 2.L.f June 2.71 81.f June 2.(merged into INCAT Systems w. Cars Ltd (w.71 81.f March 31. 2008) Baryval Assistencia Technica S.e. 2008) Jaguar Hispania Sociedad (w. Integrated Systems Technologies de Mexico. 2008) Jaguar Deutschland GmbH (w.e.e. Miljobil Greenland AS (w.e.e. Japan w.f June 2. a) Name of the Joint Venture Company Fiat India Automobiles Private Limited (Formerly Known as Fiat India Automobiles Private Ltd) Tata HAL Technologies Ltd (w.f June 2.f October 1. 2009.00 26.e. 2009) Effective holding % of the Company directly and through its subsidiaries. Some of subsidiaries sell vehicles to daily rental car companies and other fleet customers subject to guaranteed repurchase options. Ltd (w. 2008) Jaguar Cars Exports Ltd (w. 2008) Land Rover Deutschland GmbH (w.e.00 36.e.e. Sales are net of discount and inclusive of income from services.85 81. ** Tata Technologies iKS Inc.55 81.f June 2.55 81. 2008) S. The difference between the cost of the vehicle and the estimated auction value is netted off against revenue over the term of the lease.f October 1. 2008) Jaguar Land Rover Korea Co. 2008) Jaguar Belux NV (w. 2008) Inner Mongolia North Baryval Engineering Special Vehicle Corporation Limited (w.f June 2. INCAT Solutions of Canada Inc.e. LDA (w.71 81. excise duty. Discount and variable marketing expenses pertaining to Jaguar and Land Rover group are netted off against sales.e.71 81.e.f August 1.e.55 81.69 71.

liabilities and goodwill or capital reserve arising on the acquisition. the assets. Lease under operating lease is recognised in the Profit and Loss account on a straight line basis. Exchange differences considered as borrowing cost are capitalised to the extent these relate to the acquisition / construction of qualifying assets and the balance amount is recognised in the Profit & Loss account. is reflected in the lease equalisation account. (ii) Hedge accounting The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable forecast transactions. (Note (q)(ii). are depreciated over the estimated period of their utility or five years. Amounts accumulated in Hedging Reserve Account are reclassified to profit and loss in the same periods during which the forecasted transaction affects profit and loss. (1) Exchange differences arising on settlement of transactions and translation of monetary items other than those covered by (2) below are recognised as income or expense in the year in which they arise. any cumulative gain or loss on the hedging instrument recognised in Hedging Reserve Account is retained there until the forecasted transaction occurs. engines. Changes in the fair value of these forward contracts that are designated and effective as hedges of future cash flows are recognised directly in Hedging Reserve Account under Reserves and Surplus. whichever is less. The cost acquisition is further adjusted for exchange differences relating to long-term foreign currency borrowings. 1956. to be amortised over the period. as applicable.) b) Depreciation i) Depreciation is provided on straight line method basis (SLM) over the estimated useful lives of the assets. or exercised. All costs relating to the acquisition and installation of Fixed Assets are capitalised and include financing costs relating to borrowed funds attributable to construction or acquisition of qualifying Fixed Assets. terminated. With effect from April 1. Estimated useful lives of assets are as follows: c) d) e) Type of Asset Estimated useful life (years) Leasehold Land amortised over the period of the lease Factory Building 20 to 40 Plant and Equipment 9 to 30 Computers 3 to 6 Vehicles 3 to 10 Furniture and fixtures 3 to 20 Technical know-how 2 to 10 Developed Technologies 10 years Toolings upto 8 years Capital assets.Basis of Consolidation and Significant Accounting Policies (contd. ii) Assets given on lease as on March 31. (2) Exchange differences relating to long term foreign currency monetary assets / liabilities are accounted for with effect from April 1.Financial Instruments: Recognition and Measurement. Exchange differences arising in case of Integral Foreign operations are recognised in the Profit and Loss account and Exchange differences arising in case of Non Integral Foreign operations are recognised in the Group's Translation Reserve classified under Reserves and Surplus. Software is amortised over a period of twelve months to ninety six months or on the basis of estimated useful life whichever is lower. or no longer qualifies for hedge accounting. If the forecasted transaction is no longer expected to occur. the Company designates such forward contracts in a cash flow hedging relationship by applying the hedge accounting principles set out in Accounting Standard 30. 107 . the ownership of which does not vest with the Company. Hedge accounting is discontinued when the hedging instrument expires or is sold. Page 110) Differences relating to borrowings attributable to the acquisition of the depreciable capital asset are added to / deducted from the cost of such capital assets. (3) On consolidation. transmission and new products are recognised as intangible assets [included in the fixed assets] and are amortised over a period of 36 months to 120 months or on the basis of actual production to planned production volume over such period after commencement of the commercial production of the underlying product. the unamortised depreciable amount has been charged over the revised remaining useful life. of the Group's overseas operations are translated at exchange rates prevailing on the balance sheet date. 2011 or the date of its maturity. beginning April 1. 2007 or date of inception of such item. The finance charge is allocated to periods during the lease term at a constant periodic rate of interest on the remaining balance of the liability. The differences between the depreciation charge as computed using the Internal Rate of Return (IRR) implicit in the lease. Other differences are accumulated in Foreign Currency Monetary Item Translation Difference Account. These forward contracts are stated at fair value at each reporting date. (iii) Product development costs relating to minor product enhancement. Assets given under finance leases except for those stated in (b)(ii) above. 2008. Foreign currency options and other derivatives are stated at fair value as at the year end with change in fair value recognised in the Profit & Loss account. net of applicable deferred income taxes and the ineffective portion is recognised immediately in the Profit & Loss Account. and ending on March 31. Leases Assets acquired under finance leases are recognised at the lower of the fair value of the leased assets at inception and the present value of minimum lease payments. facelifts and upgrades are charged off to Profit and Loss Account as and when incurred. the net cumulative gain or loss recognised in Hedging Reserve Account is immediately transferred to the profit and loss account for the period. 2007 in the following manner:(Note (q)(i). whichever is earlier. Accounting of Transactions in Foreign Currencies (i) Exchange differences Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of the transaction. For forecasted transactions. attributable to the acquisition of the depreciable asset. Lease payments are apportioned between the finance charge and the outstanding liability. (Note (q) Page 110) (ii) The product development cost incurred on new vehicle platform. Page 110) (iii) Premium or discount on forward contracts other than those covered in (ii) above is amortised over the life of such contracts and is recognised as income and expense. iii) In respect of assets whose useful life has been revised. and the charge as disclosed for the year. Foreign currency monetary assets and liabilities are translated at year end exchange rates. upto the date the asset / plant is ready for intended use. to ensure capital recovery over the primary lease period. Fixed Assets (i) Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation / amortisation. are recognised as receivables at an amount equal to the net investment in the lease and the finance income is based on a constant rate of return on the outstanding net investment. other than leased assets. Income and expenditure items are translated at the average exchange rates for the year / month. 2000 acquired upon merger with Tata Finance Limited are depreciated at rates specified in Schedule XIV to the Companies Act.

and more conservatively than required under the RBI guidelines applicable to NBFC's. the Company and its subsidiary have reviewed the estimation for provisioning for doubtful receivables in respect of its vehicle financing business based on past performance trends. h) Sale of Vehicle Loans The Company and its subsidiaries sell Vehicle Loans to Special Purpose Entities (“SPE”) in securitisation transactions. Jaguar and Land Rover operate a defined pension scheme.21 crores of pension plans of Jaguar Cars Ltd and Land Rover. Consequently. have been accounted in “Reserves and Surplus” in the consolidated financial statements in accordance with IFRS principles and permitted by AS21. 1996 could elect to be a member of either plan. Gains or losses from the sale of loans are recognised in the period the sale occurs based on the relative fair value of the portion sold and the portion allocated to retained interests. are accounted for by using the Internal Rate of Return method. TDCV a subsidiary company incorporated in Korea has an obligation towards severance indemnity. cash collateral and bank guarantees. During the year. 2003. this plan was amended and benefits earned by covered employees have been protected as at March 31. An eligible employee on April 1.) f) Product Warranty Expenses The estimated liability for product warranties is recorded when products are sold. These estimates are established using historical information on the nature. allowance is provided to the extent of 10% of the outstanding and amount due but unpaid. In case of a subsidiary.UK. The Company and the said subsidiaries account for superannuation benefits payable in future under the plan based on an independent actuarial valuation. Tata Daewoo Commercial Vehicle Company Limited. a defined benefit plan and a defined contribution plan. Some subsidiaries have obtained insurance policies with the Life Insurance Corporation of India. a defined benefit retirement plan covering eligible employees. Such contributions are recognised as an expense when incurred. The Company and its subsidiary provide an allowance for hire purchase and loan receivables that are in arrears for more than 11 months.75% to 2% of the annual basic salary for each year of service. Cost is ascertained on a moving weighted average / monthly moving weighted average basis except for Jaguar and Land Rover which is on FIFO basis. a constant rate of return on the net outstanding amount is accrued over the period of contract. The Company and the said subsidiaries make annual contributions to gratuity funds established as trusts. Employees covered by this plan are prospectively entitled to benefits computed on a basis that ensures that the annual cost of providing the pension benefits would not exceed 15% of salary. Fees or Premiums for the issuance of extended service plans are recognised in income over the contract period in proportion to the costs expected to be incurred in performing services under the contract. The Company and its subsidiaries contributes up to 15% of the eligible employees’ salary to the trust every year. The loans are derecognised in the balance sheet when they are sold and consideration has been received by the Company and its subsidiaries.9 crores in the current year. The Company and some of its subsidiaries account for the liability for gratuity benefits payable in future based on an independent actuarial valuation. 108 . The plan provides for a lump sum payment to vested employees at retirement. The plan provides for a lump sum payment to all employees with more than one year of employment equivalent to 30 days’ salary payable for each completed year of service. The revised estimation has resulted in lower provisioning of Rs. In respect of loan contracts that are in arrears for more than 6 months but not more than 11 months. g) Income on Vehicle Loan / Hire-Purchase Income / Finance Income from Lease Interest income from hire purchase and loan contracts and finance income in respect of vehicles and income from plant given on lease. k) Employee Benefits i) Gratuity The Company and some of its subsidiaries have an obligation towards gratuity. the estimated liability for servicing expenses in respect of assigned receivables is made based on the ratio between the cost incurred for servicing current receivables and the collection made during the year. With effect from April 1. The monthly pension benefits after retirement range from 0. ii) Superannuation / Pension The Company and some of its subsidiaries have two superannuation plans. 139. Sales and transfers that do not meet the criteria for surrender of control are accounted for as secured borrowings. 2003. The actuarial losses significantly represent short term valuation impact on the plan assets. The actuarial losses (net) of Rs. to the extent of an amount equivalent to the outstanding principal and amounts due but unpaid considering probable inherent loss including estimated realisation based on past performance trends. The Company and some of its subsidiaries maintain separate irrevocable trusts for employees covered and entitled to benefits. which is contracted out of the state scheme. This provision has been necessitated consequent to the change in the method of accounting for profits on direct assigned receivables. a defined benefit retirement plan. The Company and the said subsidiaries have no further obligation beyond this contribution. Vesting occurs upon completion of five years of service. The Company and its subsidiary continue to provide for such doubtful receivables based on an assessment and the probable inherent loss in the business. Employees who are members of the defined benefit superannuation plan are entitled to benefits depending on the years of service and salary drawn. Cost of Work-in-progress and finished goods are determined on full absorption cost basis. frequency and average cost of warranty claims and management estimates regarding possible future incidence based on corrective actions on product failures. where gains or losses on sale are accounted for as per these norms. covering eligible employees. j) Inventories Inventories are valued at lower of cost and net realisable value. Recourse is in the form of the Company and its subsidiary’s investment in subordinated securities issued by these special purpose entities. except for subsidiaries which are governed by prudential norms for income recognition issued by the Reserve Bank of India for Non Banking Financial Companies (NBFC). death while in employment or on termination of employment of an amount equivalent to 15 to 30 days salary payable for each completed year of service.Sixty-fourth annual report 2008-09 Tata Motors Limited Basis of Consolidation and Significant Accounting Policies (contd.1457.

The contributions. in which both employees and the company/subsidiaries make monthly/annual contributions at a specified percentage of the covered employees’ salary (currently 12% of employees’ salary). The employees are entitled to accumulate leave subject to certain limits. Deferred tax is recognised. The Company and its subsidiaries are generally liable for monthly/annual contributions and any shortfall in the fund assets based on the government specified minimum rates of return or pension and recognises such contributions and shortfall. on medical grounds or due to permanent disablement are also covered under the scheme.) iii) Bhavishya Kalyan Yojana (BKY) Bhavishya Kalyan Yojana is an unfunded defined benefit plan for employees of the Company and some of its subsidiaries. The Company and the said subsidiaries account for the liability for BKY benefits payable in future based on an independent actuarial valuation. as specified under the law. a defined contribution plan. are made to the provident fund and pension fund set up as irrevocable trust by the Company and its subsidiaries or to respective Regional Provident Fund Commissioner and the Central Provident Fund under the State Pension scheme. Current tax includes Fringe benefit tax. on timing differences. depending on their grade and location at the time of retirement. Employees separated from the Company as part of Early Separation Scheme. and accordingly. iii. n) Issue expenses / Redemption premium / discount on Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) Issue expenses and premium payable on redemption of FCCN / CARS as per the terms of issue is provided fully in the year of issue by adjusting against the Securities Premium Account (SPA). Taxes on Income Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income . Discount on redemption of FCCN.Tax Act. Current investments comprising investments in mutual funds are stated at lower of cost and fair value. l) Investments i. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised if there is virtual certainty that there will be sufficient future taxable income available to realise such losses. employees of the Company and some of its subsidiaries get medical benefits subject to certain limits of amount. will be recognised on redemption. 1961 or applicable foreign tax law in case of foreign subsidiaries. The liability is provided based on the number of days of unutilised leave at each balance sheet date on basis of an independent actuarial valuation. vi) Compensated absences The Company and some of its subsidiaries provides for the encashment of leave or leave with pay subject to certain rules. v) Provident fund The eligible employees of the Company and its subsidiaries are entitled to receive benefits in respect of provident fund. o) Borrowing costs Fees towards structuring / arrangements and underwriting and other incidental costs incurred in connection with borrowings are amortised over the period of the loan. determined on a portfolio basis. Any changes to this premium payable on account of conversion or exchange fluctuation is also adjusted in SPA. as an expense in the year incurred. periods after retirement and types of benefits. ii. m) Long term investments are stated at cost less other than temporary diminution in value. if any. The Company and the said subsidiaries account for the liability for post-retirement medical scheme based on an independent actuarial valuation. The monthly payment to dependents of the deceased/disabled employee under the plan equals 50% of the salary drawn at the time of death or accident or a specified amount. The benefits of the plan accrue to an eligible employee at the time of death or permanent disablement. for future encashment. the share of post acquisition reserves of each of the associate companies has been added to / deducted from the cost of investments.Basis of Consolidation and Significant Accounting Policies (contd. iv) Post-retirement Medicare Scheme Under this scheme. if any. if any. whichever is higher. while in service. 109 . Investment in associate companies are accounted as per the 'Equity method'. being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. either as a result of an injury or as certified by the appropriate authority.

in crores) As at March 31. 2008.71) 640. Loss before tax for the year ended March 31. Earlier such notional loss / gain was recognised in the Profit and Loss Account on the basis of exchange rate on the reporting date.48 crores (net of tax) has been shown under Foreign Currency Monetary Item Translation Difference Account. 87. Further an amount of Rs. whichever is earlier.51 crores (net of tax) arising on such contracts.Sixty-fourth annual report 2008-09 Tata Motors Limited Basis of Consolidation and Significant Accounting Policies (contd. (ii) Effective from April 1. 142. q) Changes in Accounting policy (i) Consequent to the notification. 16] 1. 2008 has been debited to the General Reserve. all such contracts outstanding as on March 31. 2009 that are designated as hedging instruments to hedge the foreign currency cash flow risk of highly probable forecast transactions are marked to market and an effective portion of notional loss aggregating Rs. 636.f. depending on the exchange rate fluctuation till and when the underlying forecasted transaction occurs.30 Crores. 2009 (3.98 crores (net of tax) pertaining to the financial year ending on March 31. the Company has opted to change the accounting policy retrospectively w.47 crores. (iii) (A) Notes to Balance Sheet “14” [Item no. 2011. issued by the Ministry of Corporate Affairs. Cumulative unamortised exchange loss of Rs. Foreign Currency Monetary Item Translation Difference Account (Item 9. April 1. 2008 - Opening Balance (a) Exchange gain on foreign currency loan given (b) Exchange loss on FCCN / CARS / Bridge Loan Closing Balance 110 . As a result.19 636. Consequent to recognising Profits on direct assignment of receivables and the consequent recognition of provision in respect of liability for servicing assigned receivables by a subsidiary Company. the Company has applied hedge accounting principles in respect of forward exchange contracts as set out in Accounting Standard (AS) 30 – Financial Instruments: Recognition and Measurement. 2007 and accordingly the exchange differences on foreign currency denominated long term borrowings relating to the acquisition of depreciable capital assets are adjusted in the carrying cost of such assets and the exchange differences on other long term foreign currency monetary items is amortised over its tenor till maturity or March 31. amending the Accounting Standard (AS) 11 – The Effects of changes in Foreign Exchange Rates.48 (Rs. the Loss before tax is lower by Rs. Accordingly. 29. has been directly recognised in the Hedging Reserve Account to be ultimately recognised in the Profit and Loss Account. 2009 is lower by Rs. Page 94) As at March 31.e. 3035.) p) Miscellaneous Expenditure (to the extent not written off or adjusted) Costs under individual Employee Separation Schemes are amortised over periods between 12 to 84 months depending upon the estimated future benefit. Earlier such differences were recognised in the Profit and Loss Account.

59 453.06) (79.56 198.45 (47. 2008 478.52) 2.39 236.21) 1.03) (45.45) Jaguar and Land Rover had a total capital allowance pool of GBP 2360 million (Rs. Notes to Balance Sheet (contd. of GBP 580 million (Rs.49 14.11. 17149.01 56.67 3.) (a) Claims not acknowledged as debts (b) Provision not made for income tax matters in dispute The claims / liabilities in respect of excise duty.35) (1051.33 10.65 crores on which Stamp duty @ 7% amounting to Rs.79 802.20 (1. as at this date.81 million (Rs.21) 122.11) 335. under laws applicable in the United Kingdom.72) 607.40) 14. 4214. a minimum capital allowance pool. 2008-2009 (b) Deferred Tax (charge) / credit for the year Opening Deferred Tax Liability Credited to Securities Premium Account Credited to General Reserve Credited to Hedging Reserve Account Deferred tax on acquisition Translation differences on opening balances in respect of foreign subsidiaries Others Less: Closing Deferred Tax Liability Deferred Tax (charge) / credit for the year (c) Tax expense i) Current Tax (net of credit for Minimum Alternate Tax) ii) Fringe Benefit Tax iii) Deferred Tax 2007-2008 974. 2007.04 (A) 2.10) (19.35 851.a.31) (862. 4.50 212. As at March 31.30 4545. 17149. 16] As at March 31.50 0.18 6.84 2398. As part of the transaction with Ford.54 111 .65 55.93 135.35) 2007-2008 472.71 242.57 crores) pool should be available to Jaguar Land Rover for set-off against United Kingdom taxable profits arising in 2008 and future years.37 35.73 crores) in respect of qualifying expenditure on plant and machinery was assured by Ford to Jaguar Land Rover.75 817. and adjustments. in crores) "14"[Item no.65 40.42 97. 5.87 4. As at 31 March 2009. the full GBP 2360 million (Rs.13) Assets: Unabsorbed depreciation/ business loss Employees separation schemes Employee benefits / Expenses allowable on payment basis Provision for doubtful debts Premium on redemption of CARS (net of exchange fluctuation on premium) Others Net Deferred Tax Liability 752. Stamp duty is payable on conveyance of properties in favour of CMIL. as and when effected.73 (122.23) (2285. Concorde Motors (India) Limited (CMIL).54 443.41 114. CMIL is in the process of completing similar formalities in respect of the Hyderabad Property that was acquired by CMIL pursuant to the scheme referred above .01 259.08 crores) exists in relation to the capital allowance pool.45) (367.11 2008-2009 436. It is not possible to quantify the amount of duty payable.89) (12. The capital allowances are available on a reducing balance basis.82 crore has been paid by CMIL during the year 2007-08 and has been capitalised under Land & Building.0.32 (680. 3988. This has not been recognised due to the economic uncertainty of short term trading profits in the UK companies.00 1095. 2009 As at March 31. a potential deferred tax asset of GBP 548. will be carried out to the cost of land and building relating the property at Hyderabad.10 (680.52 750.13 28.13 259.13 21. 3.68 (974.Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account As at (Rs.65 1605.46) (1505.37 1581.27 (215. Subject to any enquiries raised by HM Revenue and Customs (HMRC) in relation to the 2007 UK tax returns for the Jaguar Land Rover group.57 crores) as at December 31.34 65.86 530. (a) Major components of deferred tax arising on account of timing differences are: Liabilities: Depreciation Product development cost and Reserves for Research and Development Expenses Others (1211.18 12. a subsidiary company acquired certain immovable properties pursuant to a scheme of Arrangement in the year 2004. or any additional group relief required to be surrendered to Ford in relation to 2007 and prior years.10 (974. 2009 842.73) (22. sales tax and other matters where the issues were decided in favour of the Company for which department is in further appeal Estimated amount of contracts remaining to be executed on capital account and not provided for Other money for which the Company is contingently liable: (a) In respect of bills discounted and export sales on deferred credit (b) The Company has given guarantees for liability in respect of receivables assigned by way of securitisation (c) Cash Margin / Collateral (d) In respect of retained interest in securitisation transactions (e) In respect of subordinated receivables (f) Inter corporate deposits placed as collateral security (g) Others March 31.78) (629.74 15.The stamp duty adjudication order has been passed by District Registrar (DUS) for Bangalore property fixing the market value of the immovable property situated at Bangalore as on the date of acquisition at Rs.34 4045. currently at a rate of 20% p.01 367.78 1702.46 293. 2008 7.

Disclosure in respect of operating leases: (i) Assets given on lease: (a) Total of minimum lease payments The total of minimum lease payments for a period : Not later than one year Later than one year and not later than five years (b) A general description of the significant leasing arrangements The Company has entered into operating lease arrangements for land and buildings.04 38. (A) Disclosure in respect of finance leases: (i) Assets given on lease: (a) (i) Total Gross investment in the leases (Schedule 8 (c). (ii) Assets taken on lease: (a) (i) Total of minimum lease payments The total of minimum lease payments for a period : Not later than one year Later than one year and not later than five years (ii) Present value of minimum lease payments Present value of minimum lease payments for a period : Not later than one year Later than one year and not later than five years (b) A general description of the significant leasing arrangements The Group has taken machines / computers and equipments on lease.74 0.44 6.75 15. The assets are under renewable secondary lease. Page 103) Total Gross investment in the leases for a period: Not later than one year Later than one year and not later than five years (ii) Present value of the minimum lease payments receivables Present value of the minimum lease payments receivable for a period: Not later than one year Later than one year and not later than five years (b) Unearned finance income (c) The accumulated provision for the uncollectible minimum lease payments receivable (d) A general description of significant leasing arrangements Finance lease and Hire Purchase agreements: The Group has given own manufactured vehicles and machines and equipment on Hire Purchase / Lease.86 8.07 49.27 30.) 8.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account (Rs. 2009 As at March 31.97 48.37 1.35 1.37 24. (ii) Assets taken on lease: (a) Total of minimum lease payments The total of minimum lease payments for a period : Not later than one year Later than one year and not later than five years (b) Lease payments recognised in the statement of profit and loss for the year (c) A general description of significant leasing arrangementsThe Company has entered into operating lease arrangements for computers.21 29. As at March 31.34 17.19 43.69 8.52 7.08 30.81 12.69 7.20 53.06 14. 16] (contd. 1961 in respect of assets taken on lease.89 23. The contingent lease rental is based on State Bank Medium Term Lending Rate and the depreciation rate under Income-tax Act.16 11.34 28. The contingent lease rentals is based on bank interest rate and depreciation in respect of the assets given on lease.31 49.82 14.35 112 .64 10.85 15.09 24.92 45.41 20.15 32.30 142. in crores) (A) Notes to Balance Sheet (contd. 2008 13.35 208.68 112. property and office equipments from various vendors.98 66.61 (B) 87.90 1.77 15.08 29.) "14"[Item no.05 23.

83 (16.50 46. A Tata AutoComp Systems Ltd vii) Finance given including Loan and Equity Telcon Ecoroad Resurfaces Private Ltd Tata AutoComp Systems Ltd.49 112.e. Simon Warr Mr. Arya Mr.15 Mr.02 3.87 68.35 126. D Myers Mr.Verma Mr.52) (358.Clive Hickman Mr.08 125.56 291.99 6.08 6.87 62. Hispano Carrocera. Kevin Noe Mr. Phil Hodgkinson Mr.94 136.73 (18. S.A.77 64.89 0.66 2230. 2008) Joint Ventures Fiat India Automobiles Ltd. Robert Joyce Mr.73 1.35 2.31 204.81 56.48 156.82) 2007-2008 1647.f June 02. A Interest received Tata AutoComp Systems Ltd Profit on Sale of Investments Tata Sons Limited 113 .35 (299.Shyam Mani Mr. W K Harris Mr. Rajeev Kapoor Mr. 2008) Telcon Ecoroad Resurfaces Pvt.01 105.71 6.06 125. David Smith Mr.78 2.K. M L Bapna Mr. Lokesh Shrivastava (from July 18. A Automobile Corporation of Goa Ltd viii) Finance taken including Loan and Equity Tata Sons Limited Telcon Ecoroad Resurfaces Private Ltd ix) Interest/Dividend paid/(received) Dividend paid Tata Sons Limited Dividend received Tata Cummins Ltd Dividend received Tata Sons Limited Interest received Hispano Carrocera.42 0.24) (6.f June 02.66 13.30 126. S.82 0.P.e.07 72.00) (9.Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account "14"[Item no.73 25.63 4. Yoshihiko Takebe Mr. (Formerly known as Fiat India Automobiles Private Ltd) Tata HAL Technologies Ltd (w. 2008 (Rs. Ramesh Indhewat Mr. V N Sharma Dr.09) (4.73 (27.87 114. A TSR Darashaw Ltd (Up to December 15. Ian Callum Mr.49 132.33 2230.10 26.06 32.44 76.17 99. Marcus Schleer Mr. Michael O'Driscoll Mr.91 144.03) Key Management Personnel 46.98) (1. Ltd Tata Engineering Services Ltd (Due to Common Key Management Personnel) Tata Sons Ltd (Investing Party) Nita Company Ltd Hispano Carrocera.34 0.77 179. Ken Gregor Mr.81 293. S.18 1. S.67 0. Michael Mohan Mr.) Related party disclosures for the year ended March 31.96 27.08 125.06 160.87 24.Jamaiyar Mr.37) (5. A.52 135. Fernando Oviedo Mr.00) (9.92 367. 16] (contd.49 33.P. T Rajashekharan Joint Venture * 374.11 0. Timothy Davis Mr.23) 87.06 160.93 221.97 77.98 145.00 3058.39 1. H Hutchinson Mr.40 277. Notes to Balance Sheet (contd. Phillip Popham Mr.e.68 50. Anupam Mishra Mr.07 41.76 2979. 2009 A) Related Party and their relationship Associates Tata AutoComp Systems Ltd Tata Cummins Ltd Tata Precision Industries Pte.) (A) 9. Jeremy Vincent Mr. P M Telang In Subsidiary Companies Mr.29 2008-2009 Total 2259.22 20.02 w.11 0. 2008) Key Management Personnel Mr. Ltd Automobile Corporation of Goa Ltd Jaguar Cars Finance Limited (w.89 320. 2008) Mr.46 Disclosure in respect of material transactions with related parties i) Purchase of Goods Tata Cummins Ltd Automobile Corporation of Goa Ltd Tata AutoComp Systems Ltd ii) Sale of Goods Tata Cummins Ltd Nita Co Ltd iii) Purchase of Fixed Assets Tata AutoComp Systems Ltd iv) Sale of Investments Tata Sons Ltd v) Services received Tata Sons Ltd vi) Services rendered Tata Cummins Ltd Hispano Carrocera.25 6.47 76.21) 40.48 6. Michael Wright Mr.70 116. Ranveer Sinha Mr.40 126. Gerry McGovern Associates 1884.39 0.09 182. 2008-2009 1213.32 3007. May 28.33 28.40 298.50 26.82) 86.91 11.09 310. L James Mr. Ermal Faulkner Mr. in crores) B) Transactions with the related parties Purchase of goods Sale of goods (inclusive of sales tax) Purchase of fixed assets Sale of Investments Services received Services rendered Finance given (including loans and equity) Finance taken (including loans and equity) Interest / Dividend paid / (received) / Profit on sale of investments (net) Amount Receivable Amount Payable Amount Receivable (in respect of loans. Ravi Kant Mr.04 0.33 1. P R McGoldrick Mr.54 178.03 0. Des Thurlby Mr.09 10.f. Paul Cope Mr.10 4.35 (283.40 273. interest & Dividend) * C) Transactions with Fiat India Automobiles Ltd.

Sixty-fourth annual report 2008-09
Tata Motors Limited

Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account
"14"[Item no. 16] (contd.) (A) 10. (A) Notes to Balance Sheet (contd.) Consolidated Segment Information for the year ended March 31, 2009 Primary segment InterSegment Eliminations (Rs. in crores)

Tata Vehicles / spares and financing thereof * a) Revenue External sales and income from other operations Inter segment sales and other income Total Revenue b) Segment results before dividend and other income, interest, tax and exceptional items i) ii) iii) Dividend and other income Interest and discounting charges Notional Exchange (Loss) / gain (net) on revaluation of foreign currency borrowings, deposits and loan given 28625.78 32297.14 38.49 57.10 28664.27 32354.24 958.40 2845.10 c)

Automotive Jaguar and Intra Land Rover Segment Business Eliminations

Others

Total

Total

39270.70 39270.70 (1777.35) -

-

67896.48 32297.14 38.49 57.10 67934.97 32354.24 (818.95) 2845.10

3042.37 3362.93 423.22 340.88 3465.59 3703.81 217.54 558.25

(461.71) (397.98) (461.71) (397.98) (56.61) (2.21)

70938.85 35660.07 70938.85 35660.07 (658.02) 3401.14 798.96 267.48 (1930.90) (743.06) (339.29) 160.73 (2129.25) 3086.29 (335.75) (851.54) (2465.00) 2234.75

d)

Profit / (Loss) before tax Tax expense

e) f) g) h)

Profit / (Loss) after tax Segment assets Segment liabilities Other information i) ii) Depreciation Capital expenditure 1044.01 745.55 6254.94 5683.34 1419.15 10603.68 2463.16 745.55 16858.62 5683.34 49.06 36.52 449.44 182.49 (5.45) (11.80) (11.34) 35545.47 30237.55 11819.93 11254.22 29051.75 16715.70 64597.22 30237.55 28535.63 11254.22 2518.12 1749.70 1164.10 880.29 (243.81) (323.92) (82.99) (118.30)

66871.53 31663.33 29616.74 12016.21 2506.77 782.07 17296.26 5854.49 3718.65 566.16 1257.40 2665.83 636.48 586.74 442.74 86.08 6.93 2.62 1.19 6287.97 3682.85

j)

Segment assets exclude: i) ii) iii) iv) v) vi) Goodwill (on consolidation) Investments Foreign Currency Monetary Item Translation Difference Account Advance Tax (net) Miscellaneous expenditure (to the extent not written off or adjusted) Interest accrued on Investments

* Tata Vehicles include Tata Daewoo & Fiat traded vehicles.

114

Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account
"14"[Item no. 16] (contd.) (A) 10. (A) Notes to Balance Sheet (contd.) Consolidated Segment Information for the year ended March 31, 2009 (contd.) Primary segment (contd.) k) Segment liabilities exclude: i) ii) iii) iv) v) Minority interest Loans secured Loans unsecured Deferred tax liability (net) Provision for premium on redemption of Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) Proposed dividend and tax thereon Interest / commitment charges accrued on loans but not due Liability towards Investors Education and Protection Fund under Section 205C of the Companies Act, 1956 not due 403.03 468.31 13705.50 6011.87 21268.35 5573.00 680.21 974.45 1094.57 887.84 vi) vii) viii) 347.35 668.57 89.41 37.13 13.69 11.28 37602.11 14632.45 (B) Secondary segment Revenue from external customers Carrying amount of segment assets Capital expenditure United States 7509.34 567.20 1374.03 1261.01 1.46 1.99 UK 15257.05 183.11 23648.87 114.21 10603.68 11.11 Rest of Europe 13355.42 688.19 2227.52 173.38 24.13 1.91 India 26159.81 29104.15 35357.67 27848.66 6584.10 5390.58 Rest of World 8657.23 5117.42 4263.44 2266.07 82.89 448.90 Total 70938.85 35660.07 66871.53 31663.33 17296.26 5854.49 (Rs. in crores)

Note: (1) The Company has disclosed business segment as primary segment. Automotive segment consists of business of automobiles products consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the Company, wherever applicable. Others primarily include construction equipment, engineering solutions and software operations. Segment revenues, expenses and results include transfer between business segments. Such transfers are undertaken either at competitive market prices charged to unaffiliated customers for similar goods or at contracted rates. These transfers are eliminated on consolidation. "14" [Item no. 18] (B) Notes to the Profit and Loss Account: 2008-2009 (1) Interest and Discounting Charges (a) Interest 1982.82 1982.82 Less : (i) (ii) Transferred to Capital Account Interest received on bank and other accounts 292.31 239.70 532.01 1450.81 (b) Discounting Charges (net) 480.09 1930.90 763.32 763.32 120.80 169.66 290.46 472.86 270.20 743.06 2007-2008

(2)

115

Sixty-fourth annual report 2008-09
Tata Motors Limited

Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account
(B) Notes to the Profit and Loss account: (contd.) "14'' [Item no.18]
(2) (a)

(Rs. in crores)

Defined benefit plans / Long term compensated absences - As per actuarial valuations as on March 31, 2009
Gratuity, Superannuation and BKY / PSY 2009 2008 26.75 40.55 (36.09) 52.77 83.98 2007 20.06 32.14 (29.66) 68.40 90.94 4 (b) Compensated Absences 2009 18.31 12.53 (8.89) 21.95 2008 15.22 11.22 18.34 44.78 2007 12.83 7.17 (0.25) 36.77 56.52 Post-retirement Medicare scheme 2009 2.79 5.80 10.57 19.16 2008 2.93 5.03 5.74 13.70 4 (a) 29.55 29.55 154.81 N/A (154.81) 28.77 28.77 162.41 N/A (162.41) 20.47 20.47 4.51 4.51 4.65 4.65 3.34 3.34 61.48 N/A (61.48) 2007 2.69 3.22 16.89 22.80

Particulars

i

Components of employer expense Current Service cost Interest cost Expected return on plan assets Past Service Cost Actuarial Losses/(Gains) Total expense recognised in the Statement of Profit & Loss Account in Schedule B, Page 98 under item :

31.60 43.98 (38.49) 3.07 (5.57) 34.59

ii

Actual Contribution and Benefit Payments for year ended March 31, Actual benefit payments Actual Contributions Net asset/(liability) recognised in balance sheet as at March 31, Present value of Defined Benefit Obligation Fair value of plan assets Net asset/(liability) recognised in balance sheet Change in Defined Benefit Obligations (DBO) during the year ended March 31, Present Value of DBO at beginning of year Liability on Acquisitions Current Service cost Interest cost Plan amendments Actuarial (gains)/ losses Benefits paid Present Value of DBO at the end of year Change in Fair Value of Assets during the year ended March 31, Plan assets at beginning of year Actual return on plan assets Actual Company contributions Benefits paid Plan assets at the end of year Actuarial Assumptions Discount Rate (%) Expected Return on plan assets (%) Medical cost inflation (%) The major categories of plan assets as percentage to total plan assets Debt securities Balances with banks Effect of one percentage point change in assumed Medical inflation rate

67.01 37.10 574.18 515.83 (58.35)

68.43 104.37 558.32 497.46 (60.86)

69.02 109.51 513.74 433.21 (80.53)

iii

146.40 85.18 70.53 N/A N/A N/A (146.40) (85.18) (70.53)

iv

558.32 31.60 43.98 3.07 4.22 (67.01) 574.18 497.46 48.28 37.10 (67.01) 515.83

513.74 0.73 26.75 40.55 44.98 (68.43) 558.32 433.21 28.31 104.37 (68.43) 497.46

451.08 20.06 32.14 79.48 (69.02) 513.74 351.98 40.74 109.51 (69.02) 433.21

162.41 18.31 12.53 (8.89) (29.55) 154.81 N/A N/A 29.55 (29.55) 8.50 N/A N/A N/A N/A

146.40 15.22 11.22 18.34 (28.77) 162.41 N/A N/A 28.77 (28.77) 8.50 N/A N/A N/A N/A

110.35 12.83 7.17 (0.72) 37.24 (20.47) 146.40 N/A N/A 20.47 (20.47) 8.50 N/A N/A N/A N/A

70.53 2.79 5.80 10.57 (4.51) 85.18 N/A N/A 4.51 (4.51) 8.50 N/A 4.00 N/A N/A

61.48 2.93 5.03 5.74 (4.65) 70.53 N/A N/A 4.65 (4.65) 8.50 N/A 4.00 N/A N/A

42.02 2.69 3.22 16.89 (3.34) 61.48 N/A N/A 3.34 (3.34) 8.50 N/A 4.00 N/A N/A

v

vi

6.75-8.50 7.75-8.50 8.00-8.50 8.00 8.00 8.00 N/A N/A N/A 78% 22% 69% 31% 64% 36%

vii

viii

One percentage point increase in Medical inflation rate 2009 93.69 3.21 5.96 2008 72.10 3.12 5.54 2007 67.78 2.97 3.55

One percentage point decrease in Medical inflation rate 2009 77.74 2.50 5.30 2008 64.68 2.35 4.54 2007 56.00 2.47 2.93

Revised DBO as at March 31, Revised service cost Revised interest cost a)

b) c) d)

Defined Contribution PlansThe Company's contribution to defined contribution plan aggregated Rs.176.86 crores (2007-08 Rs. 147.95 crores) for the year ended March 31, 2009 has been recognised in the statement of Profit and Loss Account under item 4 (b) in Schedule B on page 98. The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation. The assumption of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. Effective April 1, 2006, the Company adopted the revised accounting standard on employee benefits. Pursuant to the adoption following amounts have been adjusted to general reserve for difference as per revised AS15 : 2007-2008 Tax (1.72) (1.72)

Ex Gratia on retirement

Gross 5.05 5.05

Net 3.33 3.33

116

31) 149.87 7.90 6.69 33. 2009 (Rs.16) (13.43 149. Plan assets at the beginning of the year Acquisition Adjustment Actual return on plan assets Actual Company Contributions Benefits paid Plan assets at the end of the year Actuarial Assumptions Discount Rate Expected return on plan assets Medical cost inflation 14.50 113.88 6.) (2) (b) Details of Severance Indemnity plan applicable to Tata Daewoo Commercial Vehicle Co.43 (9. Actual benefit payments Actual Contributions Net liability recognised in Balance Sheet as at March 31.51 45.Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account "14'' [Item no. 117 . seniority. such as supply and demand in the employment market.63) iii iv 156.00% N/A N/A N/A N/A N/A 7.50) 9.63 (149.16 174. Present value of Defined Benefit Obligation Fair value of plan assets Net liability recognised in Balance Sheet Change in Defined Benefit Obligations during the year ended March 31.87 7.87 156.96 (10.63 18.75 7. Ltd.46 2007 15.87) (18. Present Value of DBO at the beginning of the year Current Service cost Interest cost Actuarial losses Benefits paid Exchange fluctuation Present Value of DBO at the end of the year Change in Fair Value of Assets during the year ended March 31.35 2008 18.25 23.) (B) Notes to the Profit and Loss account: (contd.64 19.16) 5.16 (10.51 (9.63 v N/A N/A N/A 10.43 9.22 (7.43) (0.87 (7. take account of inflation.18] (contd..96 42.38% N/A N/A N/A N/A N/A 9.43) 5.90 6. considered in actuarial valuation. Page 98 under item 4 (b) Actual Contribution and Benefit Payments for year ended March 31.00% N/A N/A vi The assumption of future salary increases.50 (156.83) 7.75 7.25) 156.87) 5.64 ii 10. in crores) 2009 i Components of employer expense Current Service cost Interest cost Actuarial losses Total expense recognised in the Statement of Profit & Loss Account in Schedule B.25 23.16 10.73 15. Korea as on March 31. promotion and other relevant factors.64 19.86) 174.87 7.83 149.83 (174.88 6.50 14.

21 iv Net liability recognised in balance sheet as at March 31.18] (B) Notes to the Profit and Loss account: (contd.25 Total expense recognised in the Statement of Profit & Loss Account in Schedule B.07) N/A Plan combinations 54.65) v Change in Defined Benefit Obligations (DBO) during the year ended March 31. Actual benefit payments 563. for returns over the entire life of the related obligation. considered in actuarial valuation.30 N/A Expected Return on plan assets (%) 5.11 7.59 Current Service cost 483.37 0.77 Inflation (%) 2.88 N/A Actual return on plan assets (3520. 2008 to March 31.16 7.47 Actual Member Contributions 552.41) (1.68 Actual Contributions 552. The assumption of future salary increases.40 N/A Medical cost inflation (%) N/A 4.10 viii The major categories of plan assets as percentage to total plan assets Equity securities 27%-36% N/A Debt securities 36%-62% N/A Other 3%-29% N/A Defined Contribution PlansJaguar and Land Rover group’s contribution to defined contribution plan aggregated Rs.64 N/A Benefits paid (563.47 Expected return on plan assets (1713.41 Exchange fluctuations (3806.64 iii Amount recognised in Pension Reserve Actuarial loss 2585.28) (8.14 Present Value of DBO at the end of year 22119. promotion and other relevant factors. The expected rate of return on plan assets is based on market expectation.69) Expenses paid (0.02) Benefits paid (563.42) Onerous Obligation (436.64 Actuarial losses (2462.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account "14'' [Item no.64 N/A Actual Member Contributions 552.69 Movement in restriction of pension asset (959.55 8.07) Plan combinations 57. i 118 . at the beginning of the year. Present value of Defined Benefit Obligation 22119.37 0.48 crores for the year ended March 31.68) N/A Expenses paid (0.89) N/A Plan assets at the end of year 22591.47 Interest cost 1263.01) Net asset recognised in balance sheet 261.70) 1. Liability on Acquisition 26595. such as supply and demand in the employment market.67 Net (Liability) recognised in balance sheet (519.26) Amount recognised in Pension Reserve 1457. seniority. 2009 has been recognised in the statement of Profit and Loss Account under item 4 (b) in Schedule B on Page 98.44) Asset restriction (14.55 8.94 ii Actual Contribution and Benefit Payments for period ended March 31. Page 98 under item : 35.80-6.90 0.46 0.52-3. take account of inflation.) (2) (c) Details of Defined benefit plans applicable to Jaguar and Land Rover group from June 02.62) Actuarial Losses 16.89 0.65 vi Change in Fair Value of Assets during the year ended March 31. in crores) Particulars Post-retirement Pension scheme 2009 Post-retirement Medicare scheme 2009 a) b) c) Components of employer expense Current Service cost 483.74 Restriction of pension asset (290.37) Unrecognised acturial gains and losses (3.90-8.22) Exchange Fluctuation (169.65 Fair value of plan assets 22591. 8.70-7.47 Interest cost 1263.50 N/A Exchange fluctuations (3825.28) N/A Actual Company contributions 552.74 N/A vii Actuarial Assumptions Discount Rate (%) 6. Plan assets on Acquisition 29341. 2009 (Rs.

was an associate upto December 15.88) (Rs.25) (156.00 crores) (d) Aggregate amount of costs incurred and recognised profits (less recognised losses) Rs.34) * (3.70 385.35) (2. 2009 Name of the Associate Tata AutoComp Systems Ltd TSR Darashaw Ltd. potential equity shares are not considered as dilutive and hence Diluted EPS is same as Basic EPS.48) 887.31 crores (2007-08 Rs. 2008-2009 264.63 -* -* (67.09) (20.54 - (c) 887.57 (261. 2008 119 . Nos.05 crores) The share of profit / (loss) in respect of investments in associate companies include the figures which are considered as per the unaudited financial statements / profit and loss account for the year ended March 31. ** TSR Darashaw Ltd.88) (2505. Shares held in abeyance.80) (68.24 2167.39 15. 116.57 crores (as at March 31.438. in crores) 2007-2008 2167.Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account "14"[Item no. Tata Precision Industries Pte. 108. crores Rs. crores Rs. 12. S.59 crores) (c) Contract revenue recognised during the year is Rs.99) 4384.48) (420.428.** Hispano Carrocera.00 (2349.97 Product warranty and Liability: Opening Balance Add: On acquisition of subsidiaries Add: Provision for the year (net) (including additional provision for earlier years) Less: Payments / debits (net of recoveries from suppliers) Foreign currency translation Closing Balance The provision is expected to be utilised for settlement of warranty claims within a period of 2 to 4 years.86 310.68) * The share of loss restricted to carrying cost of investment. Rupees Rs.31) 0. Profit / (Loss) for the year ended March 31. crores Nos.80) 151.57 284.25 634.663 10.16 2176.08 crores (as at March 31.70 56.25) 413.46) 264.04 (8. crores Rs.25) # # # # # # # # # # (56.00) (56.00 crores (as at March 31. 104. 2007 Rs.438.86 385.91 2007-2008 215. 183.31 - ‘A' Ordinary Share Holders are entitled to receive dividend @ 5% points more than the aggregate rate of dividend determined by the Company on Ordinary Shares for the financial year.86 51.11 (2220.71 crores) (b) Retention money is Rs.469 27. Nos. 2008 Rs.844 2176. as per the details given below : Share in Post acquisition Reserves and Profit and Loss account upto March 31. 2009.181 424. Nos. 16. 2008 Rs.70 9. 11.053. Rs.07 (30. Nos. crores Nos.00 2167.88) (56. in crores) (63. Nos. Nos.663 38.87) 1094. 18] (B) Notes to the Profit and Loss Account :(contd. crores Rupees Rupees (2505.84 (5) The additional disclosure as required by AS 7 (Revised) on Construction Contracts are as follows: (a) Advance received is Rs.30 2266.283.97 4495.84 234.04) (27. crores Rupees Rupees Rs.64 (0.845.88) (56. 2009 (6) (Rs. Since there is a loss for the year. Foreign Currency Convertible Notes and Convertible Alternative reference Securities (o) The weighted average number of Ordinary Share for Diluted EPS (p) The weighted average number of 'A' Ordinary Share for Basic EPS (q) Add: Adjustment for 'A' Ordinary Shares held in abeyance (r) The weighted average number of 'A' Ordinary Shares for Diluted EPS (s) Share of Profit for Ordinary Shares for Diluted EPS (t) Share of Profit for 'A' Ordinary Shares for Diluted EPS* (u) Earnings Per Ordinary Share (Diluted) (v) Earnings Per 'A' Ordinary Share (Diluted) * # (4) (a) Rs. A. Ltd.) 2008-2009 (3) Earnings Per Share: (a) Profit / (Loss) for the year (b) The weighted average number of Ordinary Shares for Basic EPS (c) The weighted average number of 'A' Ordinary Shares for Basic EPS (d) The nominal value per Share (Ordinary and 'A' Ordinary) (e) Share of Profit / (Loss) for Ordinary Shares for Basic EPS (f) Share of Profit / (Loss) for 'A' Ordinary Shares for Basic EPS * (g) Earnings Per Ordinary Share (Basic) (h) Earnings Per 'A' Ordinary Share (Basic) (j) Profit / (Loss) for the year for Basic EPS (k) Add: Interest payable on outstanding Foreign Currency Convertible Notes (l) Profit for the year for Diluted EPS (m) The weighted average number of Ordinary Shares for Basic EPS (n) Add: Adjustments for Options relating to warrants.11) * (68.499 10. 11. Provision towards Environmental costs: Opening Balance Add: On acquisition of subsidiaries Add: Provision for the year (net) Less: Payments / debits Foreign currency translation Closing Balance Premium on redemption of Foreign Currency Convertible Notes (FCCN) and Convertible Alternative Reference Securities (CARS): Opening Balance Provision for premium on redemption of CARS Foreign currency exchange difference Premium on Redemption of FCCN Reversal of provision for premium due to buyback of CARS Closing Balance Other provisions include: (b) 165. crores Rs.

certain divisions relating to Jaguar and Land Rover were carved out of Ford entities and were either transferred to existing companies or to new companies formed as part of the reorganisation process. 2008) are included in the Consolidated Financial Statements in terms of sale and purchase agreement.68 (28.98 58. after holding in abeyance 100. 2009 are not comparable to this extent with the previous year. the Company decided to relocate the NANO project at Sanand in the State of Gujarat. thereby increasing its equity shareholding in FIAL to 50% as at March 31. Telco Construction Equipment Co.A.509 Ordinary Shares and ‘A’ Ordinary Shares each due to legal cases. Out of the consideration. 2008 to December 31. (3) During the year. Spain.Sixty-fourth annual report 2008-09 Tata Motors Limited Schedules forming part of the Consolidated Balance Sheet and Profit and Loss Account (C) Other notes: (1) (a) On June 2.54 (Rs. (10) Previous year figures have been re-grouped where necessary. 2008 to December 31. Ford has contributed approx US $ 600 million to the Jaguar Land Rover pension plans.60 514. Under the acquisition process. from April 2.09 crores on December 28.276. from April 2.11 crores). Spain. 2008 representing 50 % of the equity shareholding in Tata HAL Technologies Limited. (b) The business of Jaguar and Land Rover comprised a number of subsidiaries (including national sales companies). Having regrad to the costs and benefits in connection with the relocation of the Project. acquired Comoplesa Lebrero S. 2007 representing 49% of the equity shareholding in FIAL.14 15. 2009 of the above joint venture companies based on audited financial statements are given below: As on March 31.62) ASSETS Net Block (including CWIP) Investments (Rs. from April 9. 2009 to March 31.A.19 crores). 2008 to March 31.08 156. the company has subscribed to 10. 2008.175.164 Ordinary Shares of Rs.276. The relevant transfer in two of countries was not completed as at March 31.117. Ltd. for a consideration of US $ 2.93 44. no provision is necessary at present to the carrying cost of Capital Work-in-Progress. the Company invested Rs. Intellectual Property Rights (including perpetual royalty free licenses) and Brands and Trade marks.19) 1. in crores) 2007-2008 14.93 67. as defined in the share purchase agreement. The Sundry creditors in schedule 11 includes Rs.09 921.697. (11) Current year figures are shown in bold prints. Tata Motors European Technical Centre Plc has acquired 71. the Company acquired from Ford Motor Company. 2009 and income and expenditure for the year ended March 31. (9) The Company was in the process of construction of plant for manufacture of small car NANO at Singur in the state of West Bengal.65 136. which has been guaranteed by the Company.61 756. 2009 RESERVES AND SURPLUS Reserves and Surplus (350.A. aggregating Rs. 2185. These companies together with the existing subsidiaries and the Halewood facility relating to Jaguar Land Rover business were reconstituted under Jaguar Cars Limited and Land Rover (part of JLR Group). 10 each at a premium of Rs. 2009 include the results of the operation of Jaguar Land Rover businesses for the period June 02.. 2008.5 billion (Rs. The acquisition includes the ownership of three major manufacturing plants.67 2401. A portion of the plant and equipment has been shifted out of Singur. the Company has subscribed to 50% of the additional equity shares. issued by FIAL. Italy and Fiat India Automobiles Limited (FIAL) (formerly known as Fiat India Automobiles Private Limited (FIAPL)) for establishment of joint venture to manufacture passenger cars. 330 per shares. 2009 The results of these divisions after acquisition (June 2. for Rs. 21.69% shareholding of Norwegian battery technology firm Miljobil Grenland AS for NOK 3 million (Rs. 250. invested Rs.11 Claims not acknowledged as debts Capital Commitments (8) The Company made a simultaneous but unlinked rights issue of 64. 1960.66 (4.A. 2008 to December 31. The initial acquisition cost has been financed through bridge finance facility provided by a syndicate of banks to JaguarLandRover Ltd. 2008 to March 31.40 (3.A. 1 crore on May 28.50 crores.97) INCOME Sale of products and services Less : Excise duty Miscellaneous income EXPENDITURE Exchange difference (net) Manufacturing and other expenses Expenditure transferred to capital and other accounts Product Development Cost Depreciation Interest Tax expenses 2008-2009 401.34) 5. there are no significant transactions or events requiring adjustments to the Consolidated Financial Statements from January 1.48 14.120. (5) Pursuant to the joint venture agreement entered into with Fiat Group Automobiles S.75 390. Subsequently in March 2008.15 million (Rs. (6) Pursuant to the joint venture agreement entered into with Hindustan Aeronautics Limited. (2) (a) During the year. (TELCON). 2009. Comoplesa Lebrero S. (7) The proportionate share of assets and liabilities as at March 31. 2008 and Miljobil Grenland AS for the period October 06.48 7. 2008 allotted 64. two advanced design centres in UK.53 2036.p.23) As on March 31.95 crores. in the opinion of the Management. Further in July 2008. 10 each at a premium of Rs. from April 9.00 crores being part of the consideration payable to the erstwhile shareholders of Serviplem S.94 1.164 ‘A’ Ordinary Shares of Rs. 2008 (43.159.37 2. a worldwide sales network.655 Ordinary Shares and ‘A’ Ordinary shares each. Serviplem S. 2008 and unaudited financial statement of Comoplesa Lebrero S.The Share purchase agreements governing these acquisitions provide a Purchase option (which may be exercised by TELCON) and a sell option (which may be exercised by the original shareholders of the entities) in respect of the balance shareholding in the subsidiaries that is currently not held by TELCON.49 65. The financial results for the year ended March 31. 2009.50) Current Assets 1644.56 1. 442. an indirect subsidiary. 2009. 2008. 2008 to December 31.85 (2.08 0. 2008 has been considered. aggregating Rs. engines and transmissions at Ranjangaon in India. several divisions and the Halewood facility all of which were integrated into Ford Motor Company prior to acquisition. (TELCON holds 79%) for a total consideration of Euro 39. Further.97) 0.39 crores and 64. 10765. During the year.57) 42.898 of the additional equity shares issued by FIAL for Rs.84 696.97 crores) .62 924.48% as at March 31.33 59.18 1278. (TELCON holds 60%) and Serviplem S. Jaguar Land Rover businesses.A.28 785. Tata Technologies Ltd. (b) For the purpose of consolidation. Certain of these divisions relating to distribution operations are being transferred by Ford Motor Company to the JLR group upon completion of pending formalities and receipt of local regulatory approvals. 2009. (4) The financial results for the year ended March 31.74 LIABILITIES Unsecured Loans Current Liabilities Provisions 755. 295 per share.A.35 566.94 444.42 crores.53 (53. thereby increasing its equity shareholding in FIAL to 49. 120 . The Commitee of Directors have on October 27. unaudited financial statements of Serviplem S.A which are due to be paid in tranches by 2011.71 32.

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