MIRA INFORM REPORT

Report Date :

11.06.2012

IDENTIFICATION DETAILS

Name :	TATA MOTORS LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.1945
Com. Reg. No.:	11-004520
Capital Investment / Paid-up Capital :	Rs.6377.100 Millions
CIN No.: [Company Identification No.]	L28920MH1945PLC004520
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00054F
PAN No.: [Permanent Account No.]	AAACT2727Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Commercial Vehicles, Passenger Vehicles, Construction Equipments and Machine Tools.
No. of Employees :	26214 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 800000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed Tata Group company. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91–22–66658282 / 66658282
Fax No.:	91–22–66657799 / 66657799
E-Mail :	telco@tata.com inv_rel@tatamotors.com
Website :	http://www.tatamotors.com http://www.telcoindia.com
Corporate Office:	Durga Expressway P O Singer B O Via Singur S O H 712409, West Bengal, India
Fax No.:	91-22-25705042
Factory :	v Pimpri, Pune – 411 018, Maharashtra, India v Jamshedpur Towns Post Office, Jamshedpur – 831 010, Bihar, India v Chinchwad, Pune – 411 033, Maharashtra, India v Chinhat – Deva Road, Lucknow – 227 105, Uttar Pradesh, India v P S Singur, District Hooghly, West Bengal – 712 409, India v KIADB Block – 2, Belur Industrial Area, Dharwad – 580 007, Karnataka, India
Branch Office :	v 503, Barton Centre, 5th Floor, 84, Mahatma Gandhi Road, Bangalore - 560 001, Karnataka, India Tel: 91-80-25320321, Fax : 91-80-25580019 e-mail: tsrlbang@tatashare.com v Bungalow No.1,"E"Road, Northern Town, Bistupur, Jamshedpur-831 001, Jharkhand, India Tel: 91-657-2426616, Fax: 91-657 - 2426937 Email : tsrljsr@tatashare.com v Tata Centre, 1st Floor, 43, Jawaharlal Nehru Road, Kolkata - 700 071, West Bengal, India Tel: 91-33-22883087, Fax : 91-33 - 22883062 e-mail : tsrlcal@tatashare.com v Plot No.2/42, Sant Vihar, Ansari Road, Daryaganj, New Delhi- 110002, India Tel: 91-11 -23271805, Fax : 91-11 - 23271802 e-mail: tsrldel@tatashare.com

DIRECTORS

As on 31.03.02011

Name :	Mr. Ratan N. Tata
Designation :	Chairman
Name :	Mr. Ravi Kant
Designation :	Vice Chairman
Date of Birth :	01.06.1944
Qualification :	B. Tech. (Hons), M. Sc., Aston, D.Sc. (Hon.), Aston
Appointment Date :	12.07.2000
Name :	Mr. N. N. Wadia
Designation :	Director
Date of Birth :	15.02.1944
Qualification :	Educated in UK
Appointment Date :	22.12.1998
Name :	Mr. S M Palia
Designation :	Director
Date of Birth :	25.04.1938
Qualification :	B.Com., LLB, CAIIB, AIB, (London)
Appointment Date :	19.05.2006
Name :	Mr. R A Mashelkar
Designation :	Director
Name :	Mr. Subodh Bhargava
Designation :	Director
Name :	Mr. Nasser Munjee
Designation :	Director
Name :	Mr. V K Jairath
Designation :	Director
Name :	Mr. Ranendra Sen
Designation :	Director
Name :	Mr. Carl – Peter Forster
Designation :	Managing Director
Name :	Mr. P M Telang
Designation :	Managing Director- India Operations
Name :	Dr Ralf Speth
Designation :	Director
Date of Birth :	09.09.1955
Qualification :	Doctorate of Engineering in Mechanical Engineering and Business Administration
Appointment Date :	10.11.2010

KEY EXECUTIVES

Name :	Mr. Carl – Peter Forster
Designation :	Managing Director and Group Chief Executive Officer
Name :	Mr. C Ramakrishnan
Designation :	Chief Financial officer
Name :	Mr. R. Pisharody
Designation :	President (Commercial Vehicle Business Unit)
Name :	Mr. T Leverton
Designation :	Head, advanced and Product Engineering
Name :	Mr. S. B. Borwankar
Designation :	Sr. Vice President (Manufacturing Operations – CVBU)
Name :	Mr. Prabir Jha
Designation :	Sr. Vice President (Human Resources)
Name :	Mr. P. Y. Gurav
Designation :	Sr. Vice President (Corp Finance – Accts and Taxation)
Name :	Mr. Girish Wagh
Designation :	Head (Passenger Car Operations )
Name :	Mr. S. Ravishankar
Designation :	Vice President (Engg Systems, ERC)
Name :	Mr. B. B. Parekh
Designation :	Chief (Strategic Sourcing)
Name :	Mr. R. Bhaskar
Designation :	Plant Head – CVBU
Name :	Mr. Vikram Sinha
Designation :	Head (Car Plant – PCBU)
Name :	Mr. A. K. Jindal
Designation :	Head engineering (Comm. Vehicles – ERC)
Name :	Mr. R. Ramakrishnan
Designation :	Vice President (Commercial – PCBU)
Name :	Mr. N. Pinge
Designation :	Vide President (Internal Audit)
Name :	Mr. R. Bagga
Designation :	Vice President (Legal)
Name :	Mr. A. S. Puri
Designation :	Vice President (Government Affairs and Collab)
Name :	Mr. H K Sethna
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	935,281,325	41.45
Any Others (Specify)	1,774,880	0.08
Trusts	1,774,880	0.08
Sub Total	937,056,205	41.53
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	937,056,205	41.53
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	44,355,749	1.97
Financial Institutions / Banks	990,067	0.04
Central Government / State Government(s)	2,031,105	0.09
Insurance Companies	295,431,265	13.09
Foreign Institutional Investors	743,413,016	32.95
Any Others (Specify)	7,514,780	0.33
Foreign Bodies DR	7,162,795	0.32
Foreign Institutional Investors - DR	351,985	0.02
Sub Total	1,093,735,982	48.48
(2) Non-Institutions
Bodies Corporate	10,409,063	0.46
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	187,224,684	8.30
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	6,673,900	0.30
Any Others (Specify)	21,085,261	0.93
Directors & their Relatives & Friends	1,091,795	0.05
Non Resident Indians	12,053,514	0.53
Clearing Members	6,643,882	0.29
Trusts	1,113,184	0.05
Overseas Corporate Bodies	490	-
Foreign Corporate Bodies	182,396	0.01
Sub Total	225,392,908	9.99
Total Public shareholding (B)	1,319,128,890	58.47
Total (A)+(B)	2,256,185,095	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	435,428,360	-
Sub Total	435,428,360	-
Total (A)+(B)+(C)	2,691,613,455	-

BUSINESS DETAILS

Line of Business :

Manufacture and Seller of Commercial Vehicles, Passenger Vehicles, Construction Equipments and Machine Tools.

Products :

Item Code No. (ITC CODE)	8702 to 8708 except 8707
Product Description	Chassis and Vehicles for transport of goods and passengers, including motorcar and parts thereof.

v Heavy and medium commercial vehicles

v Cars

v Light commercial vehicles

GENERAL INFORMATION

Customers :

v AKI Industries Private Limited

v Abhaya Precision Industries Private Limited

v Adarsh Engineering Works

v Auto Knight Private Limited

v B. B. Electrotechnic

v Bharat Engineering Works

v Bhalotia Engineering Works Private Limited

v Calcutta Fan Works Limited

v Castlewood Brush Industries Private Limited

v Cotmac Private Limited

v Electro Alloys Corporation

v Electro Ferro Alloys Private Limited

v Evercoat Technical Service India Private Limited

v ARM Controls and Systems Private Limited

v Auto Turn Industries

v Best Cast IT Limited

No. of Employees :

26214 (Approximately)

Bankers :

· Deutsche Bank

· State Bank of India

· Bank of America

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Central Bank of India,

· Citibank N.A.

· Corporation Bank

· HDFC Bank,

· Hongkong and Shanghai Banking Corporation

· ICICI Bank

· Standard Chartered Bank

· Union Bank of India

· Punjab National Bank

· Indian Bank

· IDBI Bank

· Karur Vysya Bank

· Federal Bank

· United Bank of India

· Allahabad Bank

· State Bank of Patiala

· Andhra Bank

· State Bank of Mysore

· ING Vysya Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
(a) Privately placed Non-Convertible Debentures :
2% Non-Convertible Debentures (2011)	--	8000.000
2% Non-Convertible Debentures (2013)	3500.000	3500.000
2% Non-Convertible Debentures (2014)	18000.000	18000.000
2% Non-Convertible Debentures (2016)	12500.000	12500.000
9.95% Non-Convertible Debentures (2020)	2000.000	2000.000
10.25% Non-Convertible Debentures (2022)	1000.000	--
10.25% Non-Convertible Debentures (2023)	1000.000	--
10.25% Non-Convertible Debentures (2024)	1500.000	--
10.25% Non-Convertible Debentures (2025)	1500.000	--
(b) From Banks
(i) Buyers line of credit	4881.000	6199.700
(ii) Loans, Cash Credit and Overdrafts Accounts	31779.500	27226.300
Total	77660.500	77426.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
(a) Foreign Currency Convertible Notes (FCCN)/ Convertible Alternative Reference Securities (CARS)	26366.000	41618.600
(b) Privately placed Non-Convertible Debentures :
9.90% Non-Convertible Debentures (2020)	1500.000	0.000
9.75% Non-Convertible Debentures (2020)	1000.000	0.000
9.70% Non-Convertible Debentures (2020)	1500.000	0.000
(c) Fixed Deposits * #
(i) From Public	24355.100	23330.500
(ii) From Shareholders	8568.400	8404.000
c) Commercials papers (Maximum balance outstanding during the year Rs.33900.000 Millions	15198.200	7686.300
d) Short Term Loans:
i) From Banks	2000.000	6250.000
ii) From Subsidiaries	40.000	600.000
iii) From Others	70.000	130.000
e) Other Loans
i) From Banks	229.300	0.000
ii) From Others	500.000	500.000
Total	81327.000	88519.400
* Includes from Director # Includes repayable within one year.

Banking Relations :

--

Auditors :

Name :

Deloitte Haskins and Sells

Chartered Accountants

Solicitors :

Name :

v Mulla and Mulla and Craigie

v Blunt and Caroe

v AZB and Partners

Memberships :

Confederation of Indian Industry

Joint Ventures:

· Fiat India Automobiles Limited

· TATA HAL Technologies Limited

Associates:

· Tata Auto Comp Systems Limited

· Nita Company Limited

· Tata Cummins Limited

· Tata Sons Limited (Investing Party)

· Tata Precision Industries Pte. Limited (upto February 14, 2011) (Subsidiary from February 15, 2011)

· Automobile Corporation of Goa Limited

· Telco Construction Equipment Company Limited

· Tata Precision Industries (India) Limited (w.e.f. February 15, 2011)

· Jaguar Cars Finance Limited

Subsidiaries:

· Tata Technologies Limited

· INCAT International Plc.

· TAL Manufacturing Solutions Limited

· Tata Technologies Europe Limited

· H V Axles Limited

· INCAT SAS (liquidated w.e.f. April 30, 2010)

· H V Transmissions Limited

· INCAT GmbH

· Sheba Properties Limited

· Tata Technologies Inc

· Concorde Motors (India) Limited

· Tata Technologies de Mexico, S.A. de CV

· Tata Daewoo Commercial Vehicle Company Limited

· Tata Technologies (Canada) Inc

· Tata Motors Insurance Broking and Advisory Services Limited

· Tata Technologies (Thailand) Limited

· Tata Motors European Technical Centre Plc

· Tata Technologies Pte Limited

· Tata Motors Finance Limited

· Miljobil Grenland AS

· Tata Marcopolo Motors Limited

· Tata Hispano Motors Carrocerries Maghreb(Formerly known as Carrocerries Hispano Maghreb, Morocco)

· Tata Motors (Thailand) Limited

· Tata Motors (SA) (Proprietary) Limited

· Tata Daewoo Commercial Vehicles Sales and Distribution Company Limited

· TML Holdings Pte. Limited

· Singapore (Incorporated on April 9, 2010)

· TML Distribution Company Limited

· Tata Engineering Services (Pte) Limited (from February 15, 2011)

· Tata Hispano Motors Carrocera S.A.

· Jaguar Land Rover North America LLC

· Trilix S.R.L (w.e.f September 29, 2010)

· Land Rover Belux SA/NV

· Tata Precision Industries Pte. Limited (w.e.f February 15, 2011)

· Land Rover Ireland Limited

· Jaguar Land Rover Nederland BV

· JaguarLandRover L Limited

· Jaguar Land Rover Portugal - Veiculos e Pecas, LDA

· Jaguar Cars Overseas Holdings Limited

· Jaguar Land Rover Australia Pty Limited

· Jaguar Land Rover Austria GmbH

· Land Rover Exports Limited

· Jaguar Belux NV

· Land Rover Italia SpA

· Jaguar Cars Limited

· Land Rover Espana SL

· Jaguar Land Rover Japan Limited

· Land Rover Deutschland GmbH

· Jaguar Cars South Africa (Pty) Limited

· Jaguar Land Rover Mexico SA de CV (upto July 12, 2010)

· Jaguar Italia SpA

· Jaguar Land Rover Korea Company Limited

· Jaguar Cars Exports Limited

· Jaguar Land Rover Automotive Trading (Shanghai) Company Limited

· The Daimler Motor Company Limited

· Jaguar Land Rover Canada ULC

· The Jaguar Collection Limited

· Jaguar Land Rover France, SAS

· Daimler Transport Vehicles Limited

· Jaguar Land Rover (South Africa) (Pty) Limited

· S.S. Cars Limited

· Jaguar Land Rover Brazil LLC Limited Liability Company “Jaguar Land Rover” (Russia)

· The Lanchester Motor Company Limited

· Jaguar Hispania Sociedad

· Land Rover Parts Limited

· Jaguar Deutschland GmbH

· Land Rover Parts US LLC

· Land Rover

· Land Rover Group Limited

·

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000000	Ordinary Shares	Rs.10/- each	Rs.7000.000 Millions
200000000	‘A’ Ordinary Shares	Rs.10/- each	Rs.2000.000 Millions
300000000	Convertible Cumulative Preference Shares	Rs.100/- each	Rs.30000.000 Millions
	Total		Rs.39000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
538272284	Ordinary Shares	Rs.10/- each	Rs.5382.700 Millions
96341706	‘A’ Ordinary shares	Rs.10/- each	Rs.963.400 Millions
	Less: Calls in Arrears – Ordinary Shares		Rs.0.100 Million
	Add: Shares Forfeited – Ordinary Shares		Rs.0.500 Million
	Amount Received in respect of Ordinary Shares pending allotment		Rs.30.600 Millions
	Total		Rs.6377.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		6377.100	5706.000	5140.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		193755.900	143948.700	117161.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		200133.000	149654.700	122301.500
LOAN FUNDS
1] Secured Loans		77660.500	77426.000	52516.500
2] Unsecured Loans		81327.000	88519.400	79139.100
TOTAL BORROWING		158987.500	165945.400	131655.600
DEFERRED TAX LIABILITIES		20231.600	15086.400	8658.100
Foreign currency Monetary Item Translation Differences Account		0.000	0.000	1641.200
TOTAL		379352.100	330686.500	264256.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		134170.700	112038.900	76452.700
Capital work-in-progress		40585.600	52321.500	69540.400
INVESTMENT		226242.100	223369.000	129681.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
Foreign currency Monetary Item Translation Differences Account		0.000	1616.900	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38913.900	29355.900	22298.100
	Sundry Debtors	26028.800	23919.200	15552.000
	Cash & Bank Balances	24289.200	17532.600	11418.200
	Other Current Assets	0.800	1.100	1.100
	Loans & Advances	51673.400	44257.300	47647.500
Total Current Assets		140906.100	115066.100	96916.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54830.400	53966.000	45118.500
	Other Current Liabilities	75494.900	92125.600	44464.000
	Provisions	32227.100	27634.300	18772.600
Total Current Liabilities		162552.400	173725.900	108355.100
Net Current Assets		(21646.300)	(58659.800)	[11438.200]
MISCELLANEOUS EXPENSES		0.000	0.000	20.200
TOTAL		379352.100	330686.500	264256.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income (Sale of Proceeds and Other Income of operations)	480404.600	355930.500	256297.300
		Other Income (Dividend)	1832.600	18534.500	9259.700
		TOTAL	482237.200	374465.000	265557.000
Less	EXPENSES
		Product Development Expenditure	1061.700	1440.300	511.700
		Manufacturing and Other Expenses	440868.300	321412.300	247623.700
		Expenditure Transferred to Capital and other Accounts	(8176.800)	(7264.600)	(8850.800)
		Exchange Loss on Revaluation of Foreign Currency Borrowings, Deposits and Loans Given	1471.200	695.900	652.600
		Loss on Redemption of Investment in Preference Shares held in a subsidiary company	0.000	8508.600	0.000
		TOTAL	435224.400	324792.500	239937.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		47012.800	49672.500	25619.800
Less	FINANCIAL EXPENSES		11439.900	11038.400	6736.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		35572.900	38634.100	18883.000
Less	DEPRECIATION/ AMORTISATION		13607.700	10338.700	8745.400
	PROFIT BEFORE TAX		21965.200	28295.400	10137.600
Less	TAX		3847.000	5894.600	125.000
	PROFIT AFTER TAX		18118.200	22400.800	10012.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19341.300	16859.900	--
Add	Credit Taken for Dividend Distribution Tax for Previous year		0.000	0.000	152.900
Less	APPROPRIATIONS
		Proposed Dividend	12742.300	8590.500	3116.100
		Tax on Proposed Dividend	1928.000	1328.900	340.900
		Transfer to General Reserve	--	5000.000	1001.300
		Debentures Redemption Reserve	2000.000	5000.000	2678.000
	BALANCE CARRIED TO THE B/S		20789.200	19341.300	16859.900
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Goods	33390.300	19214.800	22064.300
		Interest and Dividend	196.100	65.800	913.100
		Income From Transfer of Technology	0.000	0.000	1388.300
		Profit on sale of assets	0.000	11195.000	0.000
		Others (Profit on sale of investments)	0.000	0.000	0.000
	TOTAL EARNINGS		33586.400	30475.600	24365.700
	IMPORTS
		Raw Materials and Components	18253.000	11898.900	12596.500
		Machinery Spares and Tools	468.000	333.300	440.700
		Capital Goods	1587.100	3741.600	8615.500
		Spare Parts	86.300	209.900	103.500
		Other Items	2774.300	794.800	0.000
	TOTAL IMPORTS		23168.700	16978.500	21756.200
	Earnings Per Share (Rs.)
	Basic (Ordinary Shares)		30.28	42.37	22.70
	Diluted		28.92	38.98	20.83
	Basic (‘A’ Ordinary Shares)		30.78	42.87	23.20
	Diluted		29.42	39.48	21.33

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	118978.900	129538.000	133379.000	163907.20
Total Expenditure	109313.000	120808.700	124861.400	149044.50
PBIDT (Excl OI)	9665.900	8729.300	8517.600	14862.70
Other Income	2108.900	1871.000	1965.300	1342.90
Operating Profit	11774.800	10600.300	10482.900	16205.60
Interest	3485.200	3424.200	3575.500	3248.60
Exceptional Items	24.400	(2942.000)	(832.600)	(2102.20)
PBDT	8314.000	4234.100	6074.800	10854.80
Depreciation	3651.400	3869.100	4212.700	4334.20
Profit Before Tax	4662.600	365.000	1862.100	6520.60
Tax	649.800	(655.200)	125.400	868.00
Profit After Tax	4012.800	1020.200	1736.700	5652.600
Net Profit	4012.800	1020.200	1736.700	5652.600

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.76	5.98	3.77
Net Profit Margin (PBT/Sales)	(%)	4.57	6.29	3.95
Return on Total Assets (PBT/Total Assets}	(%)	7.98	12.46	5.85
Return on Investment (ROI) (PBT/Networth)		0.11	0.19	0.08
Debt Equity Ratio (Total Liability/Networth)		1.61	2.27	1.96
Current Ratio (Current Asset/Current Liability)		0.87	0.66	0.89

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

HISTORY

Tata Sons purchased the Tatanagar shops from the Government of India on 1st June 1945 for Rs.2.539 Millions with the aim of immediately manufacturing steam locomotive boilers. Later it planned to manufacture complete locomotives and other engineering products. Subject was incorporated in the year of 1945. In world charisma the Subject (Formerly known as Tata Engineering and Locomotive Company Limited) is the fifth-largest manufacturer of medium and heavy commercial vehicle and the second largest medium and heavy bus manufacturer. The company producing light, medium and heavy commercial vehicles and also manufacturing passenger cars, utility vehicles, excavators and machine tools in manufacturing units located at Jamshedpur, Pune, Lucknow and Pant Nagar in Uttarakhand. 1946 Tata Engineering was undertaken manufacture of 5000 'KC' broad gauge open wagons for the Indian Railway. The Managing Agency Tata Sons was transferred to Tata Industries on 1st July 1946. In the year 1948 the company made a collaboration with Marshal Sons (UK) and introduced Steam Road Roller and in 1950 Collaboration signed with M/s Krauss-Maffei, West Germany for manufacture of steam locomotives. Collaboration with M/s Daimler-Benz AG, West Germany was made in the year 1954 for the manufacture of medium commercial vehicles at Jamshedpur.

In 1966 the company acquired Investa Machine Tool for setting up of Machine Tools Division at Pune and in the next year it was executed, vehicle manufacture facilities steadily built up at Pune. As on 1977 the first commercial vehicle was successfully produced at Pune. In 1985 First hydraulic excavator produced under Hitachi collaboration. The First Light Commercial Vehicle - TATA 407 was produced by complete indigenous design with minimal import content in the year 1986 followed by next year Second model of completely indigenously designed LCV-TATA 608 produced and LPT 2416 a multi-axled vehicle introduced. In 1989 Third model of LCV - Tatamobile 206 produced Collaboration with M/s Kloth-Senking Metalligessari, Gmbh, West Germany, for know-how of manufacturing aluminum castings. Collaboration with Hitachi, Japan the First EX model hydraulic excavator produced in the year 1990. 

The company came to joint venture with Cummins Engineering Company and incorporated Tata Cummins Private Limited in Jamshedpur, Bihar, on October 20, 1993 to manufacture high horse power and emission-friendly diesel engines for medium and heavy commercial vehicles. In 1994 Tata Sumo - a multi-utility vehicle launched. LPT 709 - a full forward control, light commercial vehicle launched. Joint Venture Agreement signed with M/s Daimler - Benz / Mercedes - Benz for manufacture of Mercedes-Benz passenger cars in India.  

Tata Safari - India's first Sports Utility vehicle launched in Jan' 1998. Telco Construction Equipment Company Limited. (TELCON) came into as a subsidiary of Tata Engineering in Dec' 1998. Indica, India's first fully indigenous car, launched in Dec' 1998, Indica was a benchmarking brand in TATA's products and 115,000 bookings for Indica were made against full payment within a week, in Jan' 1999. The company won the National award for R and D Efforts in Development of Indigenous Technology in the Mechanical Engineering Industries Sector. The next generation of Indica, Indica V2 launched in January 2001, along with 2 new models- DLS in Diesel and LSI in the Indica 2000 range and Indica has been recognised as the 'most improved car in the industry' and the Indica brand has emerged as one of the strongest Indian brands as well as renowned global brands. During 2003 the company entered into a manufacturing and supply / distribution agreements with M G Rover Group UK for export of cars to UK and Europe. In 2003-04, the company acquired Daewoo Commercial Vehicle Company Limited of Gunsan in Republic of South Korea for a price of Rs.4650 Millions.  

Subject was adjudged the 'Commercial Vehicle Manufacturer of the Year for 2005' by Auto Monitor. The Mini-truck, Ace of Tata received the BBC-Top Gear 'Best Commercial Vehicle Design' award, the company received 'JRD QV' award for business excellence and the passenger car business unit received 'Active Promotion' award during the year 2005-06. Subject chosen as India's 'Most Trusted Brand in Cars' in the Reader's Digest-AC Nielsen consumer survey. Subject has been conferred with the Golden Peacock Global award for CSR in 'Large Business' category by the Institute of Directors, the International body of company directors. Subject was awarded the sustainability award for 2006 from CII-ITC Centre of Excellence for significant achievement on the journey towards Sustainable Development. The company bagged the 'Bombay Natural History Society (BNHS)- Green Governance Award- 2006' in the ' Conservation and Restoration of Habitat' category, other than these company also got lot of credits from various reputation.

Indian Space Research Organisation (ISRO) and Subject are working to develop a prototype of the hydrogen-powered automobile under in agreement for a pilot project. As on December 2007 Tata launched seven medium and heavy trucks in Pune, the company plans to launch 30 new models in the commercial vehicle segment. Joint venture between Fiat Group Automobiles SpA and Subject, has rolled out plans for expanding production capacity and backward integration in Pune with an additional investment of Rs23410 Millions comes under memorandum of understanding in March 2008 and also Subject has entered into a definitive agreement with the Ford Motor Company for the purchase of Jaguar Land Rover, comprising brands, plants and intellectual property rights. As on April 2008, the first test a small car namely 'Nanos' roll out from Uttarakhand plant. The trail production of Nano will start in June-July from Singur, West Bengal after the equipment test and commercial production of the same will start around October. Subject is working on technology that will allow its diesel generators to also use natural gas and in process of entering into a technology tie-up with the New Energy and Industrial Technology Development Organisation (NEDO), a Japanese Gvt agency. To convert its generator to ' Dual-Fuel System'. The company concentrate on various initiatives which focused on cost reduction, right sizing the organisation, volume / market share gains, product quality and the launch of new products have enabled the company a turnaround one in the globe.

OPERATING RESULTS AND PROFITS

After a good year 2009-10 during which economies across the world showed signs of recovery, the economic conditions globally continued to be strong and positive in 2010-11, resulting in a strong growth for the automotive sector. The Indian economy continued to do well, driven by a good performance from the agricultural and the industrial sector with a GDP growth of 8.6%. The automotive sector recorded a growth of over 26% in India on the back of a robust economy.

Supported by its strong distinct product offerings in both the commercial vehicle and passenger vehicle ranges, the Company recorded a turnover of Rs.521360.000 Millions, a growth of 35.9% over the previous year. While the Company maintained a strong focus on cost control and market pricing, the increase in raw -material cost and fixed marketing expenses resulted in a lower EBITDA margin of 9.9% as compared to 11.7% in the previous year. The Profit Before Tax and Profit After Tax for 2010-11 was Rs.21970.000 and Rs.18120.000 Millions respectively, as compared to Rs.28300.000 Millions and Rs.22400.000 Millions in the previous year. It may be noted that the previous year profit included a net positive impact of Rs.9580.000 Millions, mainly on account of profit on certain divestments which was partly set off by a loss on redemption of preference shares in a subsidiary company.

Jaguar Land Rover results for 2010-11 showed a significant improvement with increase, both in volumes and revenue, better product mix, Favourable exchange rates and higher margins. The introduction of the new Jaguar XJ, growing momentum of the Range Rover and Range Rover Sport and, in particular, the strengthening of the Jaguar Land Rover business in China, where it opened a National Sales Company (NSC) in mid 2010, were the main drivers. In addition, Jaguar Land Rover continued to benefit from cost efficiencies and effective cash management initiatives adopted in response to the challenging operating conditions in 2008 and 2009.

As the global markets recovered coupled with a strong focus on product and market initiatives, particularly at Jaguar and Land Rover, the Tata Motors Group turnover in 2010-11 grew by 33.1% to Rs.1231330.000 Millions. Tata Motors Group recorded its highest ever Consolidated Profit Before Tax of Rs.104370.000 Millions (Rs.35230.000 Millions in 2009-10) and the Consolidated Profit for the Year of Rs.92740.000 Millions (Rs.25710.000 Millions in 2009-10).

VEHICLE SALES AND MARKET SHARES

The overall Tata Motors Group sales at 10,80,994 vehicles crossed the 1 million mark in 2010-11, higher by 24.2% compared to the previous year. Global sales of all commercial vehicles were at 5,12,731 units, while global sales of all passenger vehicles were at 5,68,263 units.

The Company recorded sale of 7,78,540 vehicles in 2010-11, a growth of 22.8% over the previous year in the Indian domestic market representing a 24.3% market share in the Indian industry. It exported 58,089 vehicles from India, a growth of 70.3% over the previous year.

The Company increased its commercial vehicle sales in the Indian market to an all time high of 4,58,828 vehicles in 2010-11, representing a market share of 61.8%. A strong product portfolio, improved reach and penetration in the market and focus on customer oriented initiatives including finance enablement, ensured a 22.7% growth in commercial vehicle sales. Some of the key highlights were:

The Company crossed the 4 million cumulative vehicle sales mark for its commercial vehicles.

- Sale of M and HCVs grew by 26.7% to 1,96,651 vehicles representing a market share of 60.1%. The Company continued to focus on customer centric initiatives, improved the sales of the Prima, and launched product variants to strengthen its product offerings. The Company introduced its CNG Hybrid city bus range and showcased it at the Commonwealth Games in Delhi.

- Sale of LCVs grew by 19.9% to 2,62,177 vehicles representing a market share of 63.2%. The new products launched such as the Ace EX, Super Ace and 407 Pickup helped increase the sales. With competition entering the small commercial vehicles’ segment, the market share in the segment was lower as against last year.

The Company’s sales of passenger vehicles in the Indian market (inclusive of Tata, Fiat and Jaguar Land Rover brands) were at its highest ever at 3,19,712 vehicles, representing a market share of 13.0% in 2010-11. The competition in the passenger car market continued to increase with more international Automobile manufacturers entering the market with a variety of product offerings. Some of the key highlights were:

The Company crossed the 2 million cumulative vehicle sales mark for its passenger vehicles.

- In June 2010, the Sanand plant for the production of the Nano was inaugurated. The Company completed delivery on the bookings of the Nano and opened sales in various States in a phased manner. Nano sales increased to 70,431 vehicles, a growth of 129% from 30,763 vehicles in the previous year. The Company focused on increasing the reach and penetration for the Nano and also financing enablement for potential customer segments. The Nano bagged the gold prize in the Best New Product segment under the transportation category at the 2010 Edison Award, symbolizing persistence and excellence personifi ed as also the world’s oldest and coveted international award for ‘Good Design’ in 2010 conferred by the Chicago Athenaeum: Museum of Architecture and Design together with the European Centre for Architecture Art Design and Urban Studies in the category of transportation.

- The sales in the Small Car segment (comprising the Nano, the Indica and the Vista) increased to 1,80,091 vehicles, a growth of 13.9% representing a market share of 11.7%.

- The Indigo and the Indigo Manza sales were 87,919 vehicles. The Indigo eCS and the Indigo Manza Elan variants launched in the year were well received in the market and improved the Company’s market share in the mid-size segment to 25.8% (after taking Jaguar).

- In the Multi Utility Vehicles (MUV) segment, the Company sold 42,741 (including Land Rovers) vehicles, a growth of 27.0% mainly boosted by sales of the Safari. The Aria - a premium crossover and the Venture - a multi-purpose vehicle in this segment launched during the year facilitated improvement in market share which stood at 13.2%.

- The Fiat sales were 20,342 vehicles representing a market share of 0.8% - with sales of the 8,536 Lineas and 11,806 Grande Puntos.

- The Company sold 889 vehicles from the Jaguar Land Rover range in India and widened its dealership network. It also began working on the local assembly for the Jaguar Land Rover range in Pune which has since been operational from May 2011.

- Assisted by a recovery from the economic crisis in its key markets and a renewed focus on exports, the Company’s International Business grew by 70.3%. The Company exported 50,244 commercial vehicles, a growth of 80.2% and 7,845 passenger vehicles, a growth of 25.9% as compared to the previous year. The Company continues to keenly focus on international markets and expects to launch its new product range in many of these markets. An assembly plant in South Africa is being set up and is expected to start production next year.

Jaguar Land Rover sold 2,43,621 vehicles in 2010-11 registering a growth of 25.6% with sales of 52,993 Jaguars - a growth of 11.8% and 1,90,628 Land Rovers - a growth of 30.06% over the previous year. Jaguar Land Rover’s major international markets (U.S., U.K., China and Germany) continued to do well and boosted sales of the Jaguar Land Rover range. The new Jaguar XJ, deliveries of which started in the year, contributed significantly to the growth of the Jaguar brand. Jaguar Land Rover also displayed the Jaguar C-X75 at the Paris Motor Show and launched the all new XKR-S Jaguar at the Geneva Motor Show which received rave reviews. The Range Rover – Evoque displayed at various auto shows and planned for launch early next year, received rave accolades and is expected to translate the brand identity of Range Rover so as to include small and very relevant products without diminishing its brand value. Jaguar and Land Rover received more than 80 international awards for its vehicles during 2010, which were shared equally between the two iconic brands.

Jaguar Land Rover retail volumes in the U.K. totaled 58,134, a 1.9% increase over the previous year whilst the retail volumes in the North America totaled 50,280 with Jaguar and Land Rover volumes growing by 14.8% and 22.9% respectively over the previous year. Retail volumes in key growth markets grew significantly with China at 28,893 and Russia at 11,689, higher by 69.9% and 32.4% respectively, over the previous year. There was moderate growth in Europe of 6.2% resulting in retail volumes of 53,711 and across all other markets of 38,198 representing a 15.7% growth over the previous year. Market Share of Jaguar Land Rover in U.K., U.S., Europe, Russia and China were also either maintained or marginally improved.

Tata Daewoo Commercial Vehicle (TDCV) sales were stagnant at 8,748 vehicles as compared to 8,769 vehicles in the previous year. The financial instability of its sole distributor in its domestic market in the previous year brought new challenges and opportunities. TDCV started its own sales company to distribute its products in the Korean market and also launched the Euro V compliant range of products.

Tata Hispano Motors Carrocera, S.A. sold 505 vehicles as compared to 248 units in the previous year, increasing its market share to 13% from 8% in the previous year. It won a prestigious order for supplying around 500 buses in the next 3 years to the Avanza Group, one of the largest private passenger transportation groups in Spain.

Tata Motors Thailand (TMTL) continued to do well with sales of 6,031 vehicles against 2,536 vehicles in the previous year. The growth was driven by a good response to the Xenon CNG model. TMTL also launched the Super Ace in the Thailand market.

TATA MOTORS FINANCE LIMITED-CUSTOMER FINANCING INITIATIVES

The vehicle financing activity in India under the brand ”Tata Motor Finance” (TMF) of Tata Motors Finance Limited - a wholly owned subsidiary company, has shown improvements in disbursements as well as net interest margins, driven mainly by the overall economic recovery coupled with a strong focus by TMF on controlling costs, improving quality of fresh acquisitions and micro-management of collections. TMF financed 1,60,781 vehicles during the year as compared to 1,44,806 vehicles in the previous year. Total disbursements at Rs.79080.000 Millions grew by 18% as against Rs.66970.000 Millions in the previous year. The disbursals for commercial vehicles were Rs.60410.000 Millions (94,446 units) as compared to Rs.51230.000 Millions (96,593 units) and for passenger cars were Rs.18670.000 Millions (66,335 units) as compared to Rs.14540.000 Millions (48,213 units) in the previous year. The market share in terms of the Tata vehicles financed by TMF declined from 26% in Commercial vehicles to 21% and increased from 21% to 22% in passenger cars. TMF’s strategy on managing non-performing assets (NPA), improving collection efficiencies, improvements in the “Risk Scored Pricing Model” approach and thrust on customer relations through a branch based re-organised field structure, has in the last 2 years turned around and improved its operations and profitability, setting a robust platform to enable future growth.

Jaguar Land Rover have entered into arrangements with financial service providers to make vehicle financing available to customers in 12 countries worldwide covering the largest markets by volume, including Chase Auto Finance in the U.S. and FGA Capital (a joint venture between Fiat Auto and Credit Agricole) in the UK and the rest of Europe.

FINANCE

The borrowings of the Company as on March 31, 2011 stood at Rs.158990.000 Millions. Cash and Bank balances and Current investments in Liquid / Liquid Plus schemes of Mutual funds stood at Rs.25140.000 Millions.

Tata Motors Group’s borrowings as on March 31, 2011 stood at Rs.327910.000 Millions. Cash and Bank balances and current investments in Liquid / Liquid Plus schemes of Mutual funds stood at Rs.120710.000 Millions. The key highlights were:-

The Company issued rated, listed, secured/unsecured non-convertible debentures of Rs.9000.000 Millions with maturities of 10 – 15 years as a step to raise long term resources and optimize the loan maturity profile.

In October 2010, the Company raised funds aggregating Rs.33510.000 Millions (US$ 750 million) by an issue of 3,21,65,000 ‘A’ Ordinary Shares at a price of `764/- per share and 83,20,300 Ordinary Shares at a price of `1,074/- per share to Qualified Institutional Buyers ('QIBs'), under a qualified institutional placement. The said issue was well received by the investors and the Company availed of the opportunity to price it at the mid-upper band. This milestone in the financing strategy enabled it to come closer to its objective of balance sheet de-leveraging.

Consequent upon the holders of Foreign Currency Convertible Notes (FCCNs) of US$327.07 million and JP¥ 30 million exercising their option to convert their FCCNs to Ordinary Shares, the Company allotted 2,35,70,426 Ordinary Shares.

The Company redeemed the 0% JP¥ 720 million Convertible Notes as per the terms of the issue which were remaining outstanding out of the 0% JP¥ 11,760 million Convertible Notes issued in 2006, the balance 93.9% of the said Notes being previously converted/ repurchased.

- Tranche 1 of the secured, rated, credit enhanced, listed 2% coupon non convertible debentures aggregating Rs.8000.000 Millions was redeemed as per the terms of issue out of the 4 tranches of debentures aggregating Rs.42000000 Millions issued in 2009-10.

- With a turnaround in the business and continuing strong profitability in 2010-11, the net debt at Jaguar Land Rover reduced to GB£ 233 million. During the year, Jaguar Land Rover took steps to establish hedging lines in order to reduce risks to the business from foreign exchange fluctuations and establishing long term funding facilities in order to strengthen the capital structure.

- Tata Motors Finance Limited have raised Rs.3610.000 Millions by an issue of unsecured, non-convertible, subordinated perpetual debentures towards Tier 1 and 2 Capital to meet its growth strategy and improve its Capital Adequacy ratio.

Tata Motors Group‘s gross Debt/Equity ratio as at March 31, 2011 at 1.17 was significantly lower as compared to 4.28 as on March 31, 2010.

The Company has undertaken and will continue to implement suitable steps for raising long term resources to match the Company‘s fund requirement and to optimize its loan maturity profile. The Company’s rating for foreign currency borrowings was revised upwards by Standard and Poor by 2 notches to BB- and by Moodys by 3 notches to Ba3. For borrowings in local currency, the rating was revised upwards by 1 notch by Crisil at AA-, by ICRA at LAA- and reaffirmed by CARE at AA-.

SUBSIDIARY AND ASSOCIATE COMPANIES

Subsidiary Companies

The Company has 67 (direct and indirect) subsidiaries (10 in India and 57 abroad) as on March 31, 2011 as disclosed in the accounts. During the year, the following changes have taken place in subsidiary companies:

Subsidiary companies formed/acquired, etc.

The Company acquired 80% stake in Trilix Srl., Turin (Italy), a design and engineering company in September, 2010.

Tata Precision Industries Pte. Limited became a subsidiary after the Company increased its shareholding from 49.99% to 78.39% by subscribing to an additional 28.4% share of Tata Precision Industries Pte Limited, Singapore on February 15, 2011. Tata Precision Industries Pte Limited holds 100% shares of Tata Engineering Services Pte Limited, hence Tata Engineering Services Pte Limited also became a subsidiary.

Tata Daewoo Commercial Vehicle Company Limited formed a wholly owned subsidiary, Tata Daewoo Commercial Vehicle Sales and Distribution Company Limited.

HV Axles Limited and HV Transmissions Limited, two of the Company’s subsidiaries, have announced an amalgamation to harness synergies and graduate to become a total driveline solutions provider.

Companies ceasing to be subsidiary companies

􀁺 INCAT SAS, a subsidiary of Tata Technologies Limited was liquidated.

􀁺 Jaguar Land Rover Mexico SA de CV was sold to an importer.

Name changes

Carroseries Hispano Maghreb to Tata Hispano Motors Carroseries Maghreb.

Other than the above there has been no material change in the nature of the business of the subsidiary companies.

Associate companies

As on March 31, 2011, the Company had 7 associate companies as disclosed in the accounts:

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS OVERVIEW

Tata Motors Business: The Indian economy recorded a robust growth rate estimated at 8.6% over 2009-10, driven by growth in the agricultural sector (5.4%), industrial sector (8.1%) and services sector (9.6%). The growth in the first half of the fiscal year was higher, which moderated in the second half. The year also witnessed inflationary trends beyond RBI targets and followed successive increases in CRR and other monetary policy changes by RBI to curb inflation, which progressively affected the business sentiment through the year.

As a result, the second half of the fiscal year saw a drop in the Index for Industrial Production (IIP) as industrial activity was affected. On the back of overall economic growth, the automotive industry recorded an increase of 26% in current fiscal. Facilitated by economic growth, increase in personal disposable incomes, availability of finance and development of infrastructure, the commercial vehicle industry growth moderated to 27% as compared to 40% in 2009-10 and the passenger vehicle industry grew by 30% as compared to 25% in 2009-10, driven by increased level of disposable income.

From October 1, 2010, emission norms in India migrated to the Bharat Stage III for the non-metro cities / towns, considering an imminent increase in prices, there was a spurt in buying of vehicles (mainly commercial vehicles) in the first half of the year. The fuel prices, especially the petrol prices increased throughout the year, thereby affecting the consumer sentiment to an extent. The year also witnessed a significant pressure on commodity prices, leading to increase in costs and pressure on margins.

The Company’s total domestic sales increased by 22.8% to 7,78,540 vehicles in 2010-11.The commercial vehicle sales at 4,58,828 vehicles grew by 22.7% and the Company maintained its leadership position in the domestic market despite new players entering the field. The passenger vehicles volumes at 3,19,712 vehicles grew by 23.0% in the domestic market on the back of increased volumes of the Nano, launch of Aria and the launches of new variants of Indigo, Manza and Safari. The Company’s exports increased by 70.3% to 58,089 vehicles during the year with significant economic improvement in its major international markets such as the Indian sub-continent, South Africa and the Middle East.

The industry performance in the domestic market during 2010-11 and the Company’s share is given below:-

Category	Industry Sales (Nos.)	Company Sales (Nos.)	Company Market Share (%)
	2010-11	2010-11	2010-11
Commercial Vehicles	742091	458828	61.8
Passenger Vehicles	2466814	319712	13.0
Total	3208905	778540	24.3

INDUSTRY STRUCTURE AND DEVELOPMENTS

COMMERCIAL VEHICLES

The domestic Commercial Vehicle market in 2010-11, recorded a robust growth of 27.3% which resulted in the highest ever sales of 7,42,091 vehicles in 2010-11. High growth rates continued through the first half of the fiscal year supported by sustained economic growth and impact of a lower base in the corresponding period last year. The demand for commercial vehicles continued to be robust, driven by growth in the agricultural and industrial sectors of the economy.

The domestic industry performance during 2010-11 and the Company’s share is given below:-

Category	Industry Sales (Nos.)	Company Sales (Nos.)	Company Market Share (%)
	2010-11	2010-11	2010-11
M and HCV	327311	196651	60.1
LCV*	414780	262177	63.2
Total	742091	458828	61.8

Source: Society of Indian Automobile Manufacturers report and Company Analysis

* including Magic and Winger sales

The Company’s commercial vehicle sales in the domestic and international markets, at 5,09,072 vehicles, were 26.7% higher than he previous year. The Company recorded its highest ever sales in the domestic commercial vehicle market. In the international business it crossed the 50,000 mark for the first time in its history. A strong product portfolio, coupled with its continued leadership market reach and penetration and extensive efforts toward finance enablement for customers, were the key growth drivers. The company’s market share in 2010-11at 61.8% was lower as compared to 64.1% in the previous year, mainly due to inability of key suppliers to ramp-up production to meet market demand and new competition in the SCV segment where hitherto Ace was the only product.

The year also witnessed a recovery in the major international markets, leading to a strong growth in the exports of commercial vehicles. n particular, the MandHCV and SCV exports to the Indian subcontinent region showed a robust growth.

In the domestic market, the MandHCV segment grew by 26.7% on the back of strong growth in the Indian economy. The growth in the ore sectors of the economy and revival in the EXIM trade benefited the MandHCV segment. There was healthy freight availability in the market, operations for transporters were profitable and construction and mining sectors continued to grow backed by infrastructure projects. The good monsoons also ensured a growth in the agricultural sector and this aided the freight market.

The Company launched product variants tailored to specific market segments. It launched the Construct range of the Prima and upgraded its entire product range to comply with the BS III emission norms w.e.f. October 1, 2010. The Company also showcased and operated its first CNG Hybrid city bus at these Games in Delhi.

The LCV segment recoded a growth of 19.9% through the year in 2010-11. While this was largely aided by the growth in the small commercial vehicles, the rest of the segment comprising of the 4 and 7 tonne segments also grew handsomely. The Company improved its performance in the pickup segment.

The sales of the Tata Ace continued to increase in its fifth year of sales. The Company has launched a portfolio of variants on the popular Ace platform such as the Ace EX, Super Ace, Venture which have been well received in the market. Launch of products by competition in this segment resulted in a lower market share of 63.2% in the year 2010-11 as compared to 64.7% during last year.

PASSENGER VEHICLES

The year 2010-11 was a remarkable year for the passenger vehicle industry, recording a growth of 29.8%, driven by increase in the disposable incomes, availability of finance and a positive consumer sentiment coupled with aggressive new model launches and pricing by manufacturers.

The Industry performance and the Company’s performance in the segments that it operates in is given below:-

Domestic/ Category	Industry Sales	Company Sales (Nos.)	Company Market Share (%)
	2010-11	2010-11	2010-11
Small car (Mini + Compact)	1545992	180091	11.6
Midsize Car	375137	96880	25.8
Utility Vehicle / SUV	323592	42741	13.2
Total Passenger Vehicles#	2466814	319712	13.0

Source: Society of Indian Automobile Manufacturers report and Company Analysis

* Including Fiat and Jaguar Land Rover branded cars

# Total Industry Nos. include sales in other segments

During the year, the Company recorded its highest ever sales of 3,19,712 vehicles (including Fiat and Jaguar Land Rover) in the domestic market. The Company continued to be amongst the top three players in the Indian passenger vehicle market with a market share of 13.0%. The Company launched a variety of new products and variants in the year. It launched the Indica eV2 and Indigo eCS variants in the market with segment leading fuel efficiencies. It also introduced the Venture - a multi purpose vehicle and the Aria - first Indian crossover in the UV segment.

In the International Business, while the recovery in its key export markets for the passenger car business was slow; the sales increased to 7,845, a growth of 25.9% over the previous year.

For the passenger car industry, the small car segment with sales of over 1.5 million vehicles, continued to be the biggest segment of the market, recording a growth of 29.7%. The growth in this segment was mainly driven by the continued launch of new models. In a rapidly expanding market, the Company‘s share in 2010-11 was 11.6%, lower than 13.3% in 2009-10. The Company sold 70,431 Nano cars in 2010-11, a growth of 129% over 2009-10. It inaugurated the Sanand plant for the production of the Nano in June 2011 and production was progressively ramped up through the year. The Company focused on expanding the reach for the Nano through Special Nano Access Points and by ensuring availability of finance for all segments of customers through flexible / tailored finance schemes. The Company launched a refreshed version of the Indica Vista and a new variant, Indica eV2, with the CRAIL engine and a segment leading fuel efficiency of 25 kmpl.

The midsize segment with sales of 3,75,137 vehicles during 2010-11, grew by 30.3%. During the year with sales of 87,919 vehicles, the Indigo range, registered an increase of 55.3%. With the launch of the Indigo eCS, the Company increased its market share in this segment to 25.8% and is also repositioning its Indigo brand at the higher end of the segment with the introduction of the Indigo Manza, Elan.

The UV market recorded a healthy growth of 19.5%, during the year, with sales of 3,23,592 vehicles. The Company increased its market share in this segment to 13.2%, with sales of 42,741 vehicles. The Company improved its sales with launch of Aria, Venture and a refreshed version of Safari.

The Company sold 20,342 Fiat cars in 2010-11, with sale of 8,536 Lineas and 11,613 Grande Puntos which represented a market share of 0.8% for the Fiat brand.

The Company sold 889 Jaguar and Land Rover vehicles through its exclusive dealerships in India in the second year of the introduction of the Jaguar Land Rover brands in India and launched the Jaguar XJ and Jaguar XF Diesel in the market in this year. It focused on widening its network across the country during 2010-11

FINANCIAL PERFORMANCE AS A MEASURE OF OPERATIONAL PERFORMANCE

(ON A STANDALONE BASIS)

Supported by its strong and distinct product offerings in both the commercial vehicle and passenger vehicle range, the Company‘s revenues have grown by 34.9% in 2010-11. The operating margin decreased mainly due to increase in raw material cost and fixed marketing expenses. The Profit after tax of Rs.18120.000 Millions was lower by 19% as compared to Rs.22400.000 Millions in 2009-10 (during 2009-10, the Company recorded a profit of Rs.18020.000 Millions on sale of investments which was partly set-off by a loss of Rs.8510.000 Millions on redemption of preference shares in a subsidiary company).

OUTLOOK

As per RBI Monetary Policy statement in May 2011, the global recovery is likely to sustain in 2011(calendar year) and global growth is expected to moderate to 4.4% as compared to 5% in 2010. Real GDP growth estimated at 8.6% during 2010-11, is likely to moderate at 8% during 2011-12. The moderation is expected on the background of higher oil and commodity prices and the automotive industry will have similar moderation more particularly due to higher interest rate on vehicle loans. Key markets for Jaguar Land Rover such as China, Russia and Middle East are expected to grow, while UK, USA, Rest of Europe are expected to grow moderately.

Rising commodity prices among other factors are likely to drive up input costs thereby putting margins under pressure. The competition, in both commercial and passenger vehicle segments, is expected to intensify going forward.

On the above background, the Company will continue to focus on retaining its advantage of market reach and penetration. The Company will continue to introduce new products, variants and fuel efficient products. These will offer superior value to the customers and improve the Company’s market position. Aggressive cost reduction will be accentuated by the Company to offset the increase in input costs and at the same time review pricing actions.

The Company will also aggressively pursue opportunities in the International markets as a part of its internationalization drive including evaluation of possible overseas manufacturing.

The Company will aggressively market its products in the domestic and export markets. The Company will continue its actions on increasing the reach and penetration for the Nano through expansion of channels and campaigns. It will also continue to work with host of financiers to ensure the availability of finance for all the customer segments.

Jaguar Land Rover will continue to focus on profitable volume growth, managing costs, improving efficiencies to sustain the growth momentum and continuous sustainable investments in technology and products. It will also focus on increasing its presence in the growth markets such as China, Russia, India and Brazil along with launching new products and variants.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has in place an adequate system of internal controls. 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.

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 multi-disciplinary 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.

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 risk 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.

FIXED ASSETS

v Land

v Building

v Leasehold Land

v Railway Sidings

v Plant and Machinery

v Equipments

v Water System and Sanitation

v Furniture and Fixtures

v Office Appliances

v Plant taken on Lease

v IT Assets taken on Lease

v Leased Premises

v Technical Know-how

v Vehicles and Transport

v Capital Work-in-Progress

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED MARCH 31, 2012

Rs. In Millions

Particulars	Quarter Ended		Year Ended
	31.12.2011	31.03.2012	31.03.2012
(A)
1. Vehicle Sales :( In Nos.) (Includes traded vehicles)
Commercial vehicles	1312200.000	1556720.000	5302040.000
Passenger cars and Utility vehicles	859630.000	1124700.000	3330440.000
Exports	141450.000	178770.000	631050.000
2. Vehicle Production :( in Nos.)
Commercial vehicles	1458710.000	1668710.000	5912620.000
Passenger cars and Utility vehicles	763160.000	986640.000	2865370.000
B)
1 a) Sales / Income from Operations	144798.100	178240.700	589197.800
Less: Excise Duty	12171.600	15269.400	49143.800
Net Sales / Income from Operations	132626.500	162971.300	540054.000
(b) Other Operating Income	752.500	935.900	3011.600
Total Income from Operations	13379.000	163907.200	543065.600
2. Expenditure
Cost of materials consumed	87573.300	96515.600	338948.200
Purchase of products for sale	15378.100	20056.200	64339.500
Change in inventories of finished goods, work in progress and products for sale	(4351.400)	3804.700	(6238.400)
Employee cost	6950.200	6924.800	26914.500
Depreciation and Amortization	4212.700	4334.200	16067.400
Product development expenses	454.100	750.000	2342.500
Other expenditure	21012.900	23625.900	84055.100
Amount capitalized	(2155.800)	(2632.700)	(9071.300)
(i) Total	129074.100	153378.700	517357.500
3. Profit from Operations before Other Income, Interest and Discounting Charges and Exceptional Items [1-2]	4304.900	10528.500	25708.100
4. Other Income	1325.800	1342.900	5740.800
5. Profit before Interest and Discounting Charges and Exceptional Items [3+4]	5630.700	11871.400	31448.900
6. Interest and Discounting Charges	2936.000	3248.600	12186.200
7. Profit after Interest and Discounting Charges but before Exceptional Items [5-6]	2694.700	8622.800	19262.700
8. Exceptional items
(a) Exchange gain / (loss) (net) on revaluation of foreign currency borrowings, deposits and loans	832.600	802.200	4552.400
Provision for loan given to a subsidiary	0.000	1300.000	1300.000
9. Profit from Ordinary Activities before tax [7+8]	1862.100	6520.600	13410.300
10. Tax expense	125.400	868.000	988.000
11. Net Profit from Ordinary Activities after tax [9-10]	1736.700	5652.600	12422.300
12. Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13. Net Profit for the period [11-12]	1736.700	5652.600	12422.300
14. Paid-up Equity Share Capital (Face value of ` 10 each)	6347.500	6347.500	6347.500
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	189675.100
16. Earnings Per Share (EPS)
A. Ordinary Shares
(a) Basic EPS before and after Extraordinary items	0.53	1.77	3.90
(b) Diluted EPS before and after Extraordinary items	0.51	1.70	3.700
B. 'A' Ordinary Shares
(a) Basic EPS before and after Extraordinary items	0.63	1.87	4.00
b) Diluted EPS before and after Extraordinary items	0.61	1.80	3.87
17. Debt Service Coverage Ratio (No. of times)	--	--	0.44
18. Interest Service Coverage Ratio (No. of times)	--	--	2.77
19. Public Shareholding
A. Ordinary Shares
- Number of Shares	1288302285	1319128890	1319128890
- Percentage of shareholding	47.87	49.00	49.00
B. 'A' Ordinary Shares
- Number of Shares	438098585	463332667	463332667
- Percentage of shareholding	90.90	96.14	96.14
20. Promoters and promoter group Shareholding
A. Ordinary Shares
(a) Pledged/Encumbered
- Number of Shares	78500000	78500000	78500000
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	8.32	8.38	8.38
- Percentage of shareholding (as a % of the total share capital of the Company)	2.92	2.92	2.92
(b) Non-encumbered
- Number of Shares	864741505	858556205	858556205
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	91.68	91.62	91.62
- Percentage of shareholding (as a % of the total share capital of the Company)	32.12	31.90	31.90
B. 'A' Ordinary Shares
(a) Pledged/Encumbered
- Number of Shares	--	--	--
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	--	--	--
- Percentage of shareholding (as a % of the total share capital of the Company)	--	--	--
(b) Non-encumbered
- Number of Shares	43834560	18600448	18600448
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of shareholding (as a % of the total share capital of the Company)	9.10	3.86	3.86

Investor Complaints	3 Months Ended
	31.03.2012
Pending at the beginning of the quarter	1
Received during the quarter	8
Disposed off during the quarter	7
Remaining unresolved at the end of the quarter	2

STANDALONE STATEMENT OF ASSETS AND LIABILITIES:

Rs. In Millions

PARTICULAR	31.03.2012
EQUITY AND LIABILITIES
SHAREHOLDERS FUND
Share Capital	6347.500
Reserves and Surplus	189912.600
Total	196260.100
NON-CURRENT LIABILITIES
Long-Term Borrowings	80045.000
Deferred Tax Liabilities (Net)	2154.100
Other Long-Term Liabilities	19596.300
Long-Term Provision	6462.600
Total	108258.000
CURRENT LIABILITIES
Short-Term Borrowings	30071.300
Trade Payables	87448.300
Other Current Liabilities	74709.500
Short-Term Provisions	29545.600
Total	221774.700
TOTAL EQUITY AND LIABILITIES	545192.800
ASSETS
NON-CURRENT ASSETS
Fixed Assets	190561.900
Non-Current Investments	179032.900
Long-Term Loans and Advances	34881.100
Other Non-Current Assets	1004.200
Total	405480.100
Foreign Currency Monetary Item Translation Differences Account (Net) Non-Current Assets	2583.500
CURRENT ASSETS
Current Investments	25902.600
Inventories	45882.300
Trade Receivables	27083.200
Cash and Bank Balances	18409.600
Short-Term Loans and Advances	18717.400
Other Current Assets	1134.100
Total	137129.200
TOTAL ASSETS	545192.800

NOTE:

1. Figures for the previous periods/year have been regrouped/reclassified wherever necessary.

2. Consequent to sub division of ordinary and ‘A’ ordinary shares both having face value of Rs.10/- each into 5 shares having face value of Rs.2/- each during the quarter ended September 30, 2011 earnings per share of previous periods have been restated to make them comparable.

3. Subsequent to the year ended March 31, 2012, the company has allotted:

(a) 25 ordinary shares and 26075 ‘A’ ordinary shares out of shares held in abeyance: and

(b) 22370 ordinary shares upon conversion of one convertible alternative reference securities (CARS) due 2012, and 16095391 ordinary shares upon conversion of 422, 4% foreign currency convertible notes (FCCN) due 2014.

4. In October 2008, the company moved the Nano project from Singur in West Bengal to stand in Gujarat. The newly elected Government of West Bengal enacted a legislation on June 14, 2011, which was notified on June 20, 2011, to cancel the land lease relating to the project at Singur. The company has challenged the legal validity of the legislation including the process of compensation in the Court of Law, the outcome of which is pending as of the date of approval of these financial results by the Board of Directors. Based on management’s assessment no provision is considered necessary to the carrying cost of buildings at Singur.

5. (a) Debt service coverage ratio = (Profit from ordinary activities before tax*interest on long term loans) (Interest on long term loans*repayment of long term loan during the year.)

(b) Interest service coverage ratio = (Profit from ordinary activities before tax*interest on long term loans) (Interest on long term loans*)

* For the purpose of calculation, loans having original maturity of more than 360 days are considered as long term loans.

6. The Ministry of Corporate Affairs on December 29, 2011, issued a notification amending accounting standard (AS) 11 – The Effect of Changes in Foreign Exchange Rates, with effect from April 1, 2011, to extend amortization period of the exchange differences on long term foreign currency monetary items (other than those relating to acquisition of depreciable capital assets) over the balance period till maturity on March 31, 2020, whichever is earlier, such exchange differences upto September 30, 2011 were amortized till March 31, 2012. Consequent to the change in amortization period Rs.2081.100 Millions has been credited to profit and loss account in quarter ended December 31, 2011. During the year ended March 31, 2011, such exchange differences were amortized till March 31, 2011 based on the accounting standard applicable for those periods.

7. The company is engaged mainly in the business of automobiles products consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the company. These, in the context of accounting standard 17 on segment reporting, as specified in the companies (Accounting Standard) Rules, 2006, are considered to constitute on single primary segment.

8. Public shareholding of ordinary shares as on March 31, 2012 excludes 16.18% (20.39% as on March 31, 2011) of Citi Bank N.A, as custodian for depository shares.

9. The board of directors has recommended dividend of Rs.4/- each per ordinary shares of Rs.2/- each and Rs.4.10/- each per ‘A’ ordinary shares of Rs.2/- each for the financial year 2011-12 (Previous year Rs.20/- each per ordinary shares of Rs.10/- each), subject to approval of the shareholders tax on dividend will be borne by the company.

10. Figures for the quarter ended March 31, 2012 and March 31, 2011 represent the differences between the audited figures in respect of the full financial years and the audited figures of nine months ended December 31, 2011 and December 31, 2010 respectively.

11. The statutory auditors have carried out an audit of the above results stated in part I (B) and part II for the year ended March 31, 2012.

The above results have been reviewed by the audit committee of the board were approved by the board of directors as its meeting held on May 29, 2012.

PRESS RELEASE:

Released on 1 April, 2012

Tata Motors March sales at 100,414 nos.

· Highest ever sales for the Commercial Vehicles Business in a year

· Highest ever sales for the Passenger Vehicles Business in a year

· The company's monthly sales crossed 100,000 - mark for the first time

Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in March 2012 were 100,414 vehicles, a growth of 20% over 83,363 vehicles sold in March 2011. The company's domestic sales of Tata commercial and passenger vehicles for March 2012 were 95,047 nos., a 23% growth over 77,431 nos. sold in March last year.

Cumulative sales (including exports) for the company for the fiscal are at 906,768 nos. a growth of 13% over 803,339 nos. sold last year.

Commercial Vehicles

The company's sales of commercial vehicles in March 2012 in the domestic market were 58,063 nos., highest ever in a month and a 17% growth compared to 49,753 vehicles sold in March last year. LCV sales were 36,091 nos., a growth of 37% over March last year. M and HCV sales stood at 21,972 nos., lower by 6%, over March last year.

Cumulative sales of commercial vehicles in the domestic market for the fiscal are 529,980 nos., highest ever in a year and a growth of 19% over last year. Cumulative LCV sales are 322,971 nos., a growth of 27% over last year, while M and HCV sales stood at 207,009 nos., a growth of 8% over last year.

During the year, Tata Motors launched the Tata Divo Luxury Coach, the Tata Starbus Ultra, the Tata Magic IRIS and the Tata Ace Zip.

Passenger Vehicles

The passenger vehicles business reported a total sale and distribution offtake of 38,399 nos.(36,984 Tata + 1,415 Fiat) in the domestic market in March 2012, higher by 30%, compared to 29,520 nos. (27,678 Tata + 1,842 Fiat) in March last year. Sales of Tata passenger vehicles for March 2012 are at 36,984 nos., highest ever in a month and a growth of 34%, over 27,678 vehicles sold in March 2011. Sales of the Tata Nano are 10,475 nos., highest ever in a month and higher by 20% over 8,707 nos., in March 2011. The Tata Indica range sales were 11,420 nos., higher by 65% over March last year. The Tata Indigo range recorded sales of 8,295 nos., higher by 15% over March last year. The Sumo/ Safari/ Aria/ Venture range accounted for sales of 6,794 nos., highest ever in a month and higher by 40% over March last year.

Cumulative sales and distribution offtake of passenger vehicles in the domestic market for the fiscal are 329,805 nos.(313,710 Tata + 16,095 Fiat), against 319,580 nos.(298,514 Tata + 21,066 Fiat) last year, a growth of 3%. Cumulative sales of Tata passenger vehicles were 313,710 nos., highest ever in a year and a 5% increase compared to 298,514 nos., over last year. Cumulative sales of the Tata Nano are 74,527 nos., a 6% increase compared to 70,432 nos., last year. Cumulative sales of the Tata Indica range at 105,706 nos., are higher by 8%. Cumulative sales of the Tata Indigo family are 77,733 nos., lower by 12%. Cumulative sales of the Sumo/Safari/ Aria/ Venture range are 55,744 nos., higher by 32%.

During the fiscal, Tata Motors launched the Tata Sumo Gold, the Tata Indica Vista, the Tata Aria 4X2 and the Tata Nano 2012

Jaguar Land Rover sales in India, continued their upward trend since launch in June 2009. Cumulative sales of Jaguar Land Rover vehicles in India for this fiscal are at 2,288 nos., a 157% increase, compared to 891 nos., over last year.

During the fiscal, Jaguar Land Rover started assembly of the Land Rover Freelander 2 at the plant in Pune, India. Jaguar Land Rover expanded its range by introducing the Range Rover Evoque, the Jaguar XKR-S and the Jaguar 12 MY range.

Exports

The company's sales from exports at 5,367 vehicles in March 2012, are lower by 10% compared to 5,932 vehicles in March last year. The cumulative sales from exports for the fiscal at 63,078 nos., are higher by 9%, over 58,044 nos., last year.

Released on 01 Oct, 2011

Tata Motors September sales at 78,786 nos.

Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in September 2011 were 78,786 vehicles, higher by 22% over September 2010. The company's domestic sales of Tata commercial and passenger vehicles for September 2011 were 72,566 nos., higher by 22% over 59,611 nos. sold in September last year.

Cumulative sales (including exports) for the company for the fiscal are 399,663 nos., a growth of 5% over 380,128 nos., sold last year.

Commercial Vehicles

The company's sales of commercial vehicles in September 2011 in the domestic market were 46,247 nos., a 29% growth compared to 35,734 vehicles sold in September last year. LCV sales were 28,092 nos., a growth of 47% over September last year. M and HCV sales stood at 18,155 nos., a growth of 9% over September last year.

Cumulative sales of commercial vehicles in the domestic market for the fiscal are 243,134 nos., a growth of 19% over last year. Cumulative LCV sales are 146,900 nos., a growth of 27% over last year, while M and HCV sales stood at 96,234 nos., a growth of 8% over last year.

Passenger Vehicles

The passenger vehicles business reported a total sale and distribution off take of 27,137 nos.(26,319 Tata + 818 Fiat) in the domestic market in September 2011, higher by 6% compared to 25,527 nos.(23,877 Tata + 1,650 Fiat) in September last year. Sales of Tata passenger vehicles for September 2011 are at 26,319 nos., a growth of 10% over September last year. Sales of the Tata Nano were 2,936 nos., lower by 47% over September last year. The Indica range sales were 10,282 nos., higher by 64% over September last year. The Indigo range recorded sales of 7,793 nos., lower by 11% over September last year. The Sumo/ Safari/ Aria/ Venture range accounted for sales of 5,308 nos., a growth of 60% over September last year.

Jaguar Land Rover sales in India continued their upward trend.

Cumulative sales and distribution offtake of passenger vehicles in the domestic market for the fiscal are 134,140 nos.(125,448 Tata + 8,692 Fiat), against 161,051 nos. (149,188 Tata + 11,863 Fiat) last year, lower by 17%. Cumulative sales of Tata passenger vehicles were 125,448 nos., lower by 16% compared to 149,188 nos., till September last year. Cumulative sales of the Nano are 29,377 nos., lower by 21% compared to 37,402 nos., till September last year. Cumulative sales of the Indica range are 41,283 nos., lower by 16%. Cumulative sales of the Indigo family are 32,202 nos., lower by 26%. Cumulative sales of the Sumo/Safari/ Aria range are 22,586 nos., higher by 18%.

Exports

The company's sales from exports at 6,220 vehicles in September 2011 are higher by 23% compared to 5,057 vehicles in September last year. The cumulative sales from exports for the fiscal at 31,081 nos. are higher by 16% over 26,698 nos. in the same period last year.

NEWS

Tata Motors Group - Global sales grow 24.2% and crosses the 1 million mark in FY 10-11

Tata Motors Group

- Global sales grow 24.2% and crosses the 1 million mark in FY 10-11

- Net Revenue grows 33.1% to Rs.1231.330 Millions

- Profit Before Tax grows 196.3% to Rs.104.370 Millions

Consolidated Results for the Year ended March 31, 2011

The Tata Motors Group's global wholesale volumes for FY 2010-11, including Jaguar Land Rover, stood at 1,080,994 units, representing a growth of 24.2% as compared to the previous year. Global sales of all commercial vehicles were at 512,731 units, while global sales of all passenger vehicles were at 568,263 units.

The Tata Motors Group today reported consolidated revenues (net of excise) for the year ended March 31, 2011, of Rs.1231330.000 Millions, posting a growth of 33.1% over Rs.925190.000 Millions in the previous year, with strong volume growth globally in all major markets. The Consolidated Profit before Tax (PBT) for the year was Rs.104370.000 Millions, compared to a PBT of Rs.35230.000 Millions for the previous year. The Consolidated Profit for the period (After Tax and post minority interest and profit in respect of Associate companies) for the year was Rs.92740.000 Millions, a significant increase from a profit of Rs.25710.000 Millions in the previous year.

Tata Motors Stand-Alone Results for the Year ended March 31, 2011

Tata Motors' sales (including exports) of commercial and passenger vehicles for FY 2010-11 stood at 836,629 units, representing a growth of 25.2% as compared to the previous year.

In the domestic market, the Company's commercial vehicles sales increased by 22.7% year-on-year to 458,828 units. The Company's market share in commercial vehicles was 61.8%. Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, grew by 23.0% year-on-year in the domestic market to 319,712 units. Sales of the Tata Nano crossed the 100,000 mark during FY 2010-11 and the Company's passenger vehicles sales crossed 2,000,000 since inception. The market share in passenger vehicles stood at 13.0% in FY 2010-11.

Tata Motors' gross revenue for the year ended March 31, 2011, was Rs.521360.000 Millions, posting a growth of 35.9% over Rs.383640.000 Millions in the previous year.

Revenues (net of excise) of Rs.480400.000 Millions, represented a growth of 35% over Rs.355930.000 Millions in the previous year. Cost pressure, including commodity price increase, resulted in a reduction in the operating margins to 9.9%, and an Operating Profit (EBITDA) of Rs.47710.000 Millions in the year, posting a growth of 14.2% over Rs.41780.000 Millions in the previous year. The PBT for the year is Rs.21970.000 Millions as compared to Rs.28300.000 Millions in the previous year. (Year ended March 31, 2010, included Other Income and exceptional item of Rs.9580.000 Millions (net) arising mainly on account of divestments). The PAT for the year is Rs.18120.000 Millions as compared to Rs.22400.000 Millions in the previous year.

Jaguar Land Rover

Jaguar Land Rover recorded strong profitability, with healthy volumes in FY2010-11, reporting net revenue of GB 9,906 million and a Profit after Tax of GB 1,043 million. Sales volumes improved to 243,621 as compared to 193,982 in the previous year, on the back of improved market conditions, better market mix with strong growth in China, continued strong response to product introduction including the all new XJ and Land Rover models and favourable exchange rates. Earlier this month, JLR successfully completed issue of 7 year and 10 year Bonds aggregating GB 1 Billion.

Tata Daewoo

Tata Daewoo Commercial Vehicles Company Limited registered net revenues of Rs.28810.000 Millions, and recorded a Profit after Tax of Rs.730.000 Millions in FY2010-11. The functioning of the newly formed distribution company has now stabilised.

Tata Motors Finance

Tata Motors Finance Limited, the Company's captive financing subsidiary, registered net revenues of Rs.13670.000 Millions and reported a Profit After Tax of Rs.1270.000 Millions in FY 2010-11.

Dividend

The Board of Directors has recommended a dividend of Rs.20/- per Ordinary share and Rs.20.50 per 'A' Ordinary share each for the FY 2010-11 (2009-10: Rs.15/- for Ordinary share and Rs.15.50 for 'A' Ordinary share). The dividend is subject to approval of shareholders; tax on the dividend will be borne by the Company. The Book Closure date for the purpose of payment of the said dividend has been fixed from July 21, 2011 to August 12, 2011 and dividend shall be paid/ dispatched on and after August 16, 2011.

Sub-Division of Shares

Further, the Board of Directors today also approved the sub-division of the Company's Ordinary and 'A' Ordinary Shares, both of Rs.10/- each into Ordinary and 'A' Ordinary Shares, both of Rs.2/- each, subject to the approval of the shareholders at the Annual General Meeting.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		69

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.