MIRA INFORM REPORT

Report Date :

08.08.2013

IDENTIFICATION DETAILS

Name :	TATA MOTORS LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.09.1945
Com. Reg. No.:	11-004520
Capital Investment / Paid-up Capital :	Rs.6380.700 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 :	29965 (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 760000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is India’s largest wholly integrated automobile company, manufacturing passenger cars, multi-utility vehicles (MUVs), and CVs. It is an old, well-established and reputed company having a good track record. There appear some dip in the turnover and profits during 2013. However, the financial position of the company appears to be sound and healthy. Directors are reported as well-experienced, knowledgeable and respectable businessmen. Trade relations are reported as trustworthy. Business is active. Payment terms are reported as regular and as per commitment. The company can be considered good for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Non Convertible Debentures = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	03.05.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management Non-Cooperative (91-22-66658282)

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
Factory 1 :	Located At · Pimpri, Pune – 411 018, Maharashtra, India · Chikhali, Pune – 410 501, Maharashtra, India · Chinchwad, Pune – 411 033, Maharashtra, India
Factory 2 :	Jamshedpur Towns Post Office, Jamshedpur – 831 010, Bihar, India
Factory 3 :	Chinhat – Deva Road, Lucknow – 227 105, Uttar Pradesh, India
Factory 4 :	Plot No. 1, Sector 11 and Plot No. 14, Sector 12, I.I.E., Pantnagar, District Udhamsingh Nagar, Uttarakhand – 263 145, India
Factory 5 :	Revenue Survey No. 1, Village Northkotpura, Tal, Sanand, District Ahmedabad – 380015, Gujarat, India
Factory 6 :	KIADB Block – 2, Belur Industrial Area, Dharwad – 580 007, Karnataka, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Ratan N. Tata
Designation :	Chairman
Qualification :	B. Sc. (Architecture)
Name :	Mr. Cyrus P Mistry
Designation :	Non – Executive Director
Qualification :	Graduate of Civil Engineering and M.Sc. in Management
Name :	Mr. Nusli. N. Wadia
Designation :	Director
Date of Birth :	15.02.1944
Qualification :	Educated in UK.
Date of Appointment :	22.12.1998
Name :	Mr. Sam M. Palia
Designation :	Director
Date of Birth :	25.04.1938
Qualification :	B.Com., LLB, CAIIB, AIB, (London)
Name :	Dr Raghunath A Mashelkar
Designation :	Director
Date of Birth :	01.01.1943
Qualification :	Chemical Engineering Scientist, Ph. D from Bombay University.
Date of Appointment :	28.08.2007
Name :	Mr. Subodh Bhargava
Designation :	Director
Qualification :	Degree in Mechanical Engineering
Name :	Mr. Nasser Munjee
Designation :	Director
Qualification :	Master’s Degree from the London School of Economics
Name :	Mr Vinesh K Jairath
Designation :	Director
Qualification :	B.A. Degree In Public Administration, LLB degree and Masters in Economics
Name :	Ms Falguni S Nayar
Designation :	Non Executive, Independent Director (appointed on May 29, 2013)
Date of Birth :	19.02.1963
Qualification :	B.Com, PGDM – Indian Institute of Management, Ahmedabad.
Date of Appointment :	29.05.2013
Name :	Dr Ralf Speth
Designation :	Director
Date of Birth :	09.09.1955
Qualification :	Doctorate of Engineering in Mechanical Engineering and Business Administration
Name :	Mr Karl J Slym
Designation :	Managing Director
Date of Birth :	09.02.1962
Qualification :	M.Sc. – Stanford University, Sloan Fellow.
Date of Appointment :	13.09.2012
Name :	Mr. R Pisharody
Designation :	Executive Director
Name :	Mr. S B Borwankar
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. H K Sethna
Designation :	Company Secretary
EXECUTIVE COMMITTEE
Name :	Mr. Karl Slym
Designation :	Managing Director
Name :	Mr. Ravindra Pisharody
Designation :	Executive Director and Head, Commercial Vehicle Business Unit
Name :	Mr. Satish B Borwankar
Designation :	Executive Director and Head, Quality
Name :	Mr. C Ramakrishnan
Designation :	President and Chief Financial Officer
Name :	Dr. Tim Leverton
Designation :	President and Head, Engineering Research Centre
Name :	Mr. Ranjit Yadav
Designation :	President and Head, Passenger Vehicles Business Unit
Name :	Mr. Prabir Jha
Designation :	Sr Vice President and Chief Human Resources Officer
Name :	Mr. Ankush Arora
Designation :	Sr Vice President, Commercial - Passenger Vehicle Business Unit
Name :	Mr. Venkatram Mamillapalle
Designation :	Sr Vice President and Head, Purchasing and Supply Chain

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	938281325	42.46
Any Others (Specify)	1774880	0.08
Trusts	1774880	0.08
Sub Total	940056205	42.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	940056205	42.54
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	28788245	1.30
Financial Institutions / Banks	2076076	0.09
Central Government / State Government(s)	2121570	0.10
Insurance Companies	278782736	12.61
Foreign Institutional Investors	716909753	32.44
Any Others (Specify)	10629730	0.48
Foreign Bodies DR	9091995	0.41
Foreign Institutional Investors - DR	1536744	0.07
Foreign Nationals - DR	991	0.00
Sub Total	1039308110	47.03
(2) Non-Institutions
Bodies Corporate	10624564	0.48
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	175464974	7.94
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9916365	0.45
Any Others (Specify)	34614519	1.57
Directors & their Relatives & Friends	9250	0.00
Non Resident Indians	11166966	0.51
Clearing Members	12258790	0.55
Trusts	2332123	0.11
Overseas Corporate Bodies	490	0.00
Foreign Corporate Bodies	8846900	0.40
Sub Total	230620422	10.44
Total Public shareholding (B)	1269928532	57.46
Total (A)+(B)	2209984737	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	526720980	0.00
Sub Total	526720980	0.00
Total (A)+(B)+(C)	2736705717	0.00

BUSINESS DETAILS

Line of Business :

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

GENERAL INFORMATION

No. of Employees :

29965 (Approximately)

Bankers :

· Allahabad Bank

· Andhra Bank

· Bank of America

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Central Bank of India

· Citibank N.A.

· Corporation Bank

· Deutsche Bank

· Federal Bank

· HDFC Bank Limited

· HSBC

· ICICI Bank Limited

· IDBI Bank

· Indian Bank

· ING Vysya Bank

· Karur Vysya Bank

· Punjab National Bank

· Standard Chartered Bank

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· Union Bank of India

· United Bank of India

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

Long-term borrowings

Privately placed Non-Convertible Debentures

19500.000

37500.000

Term loans from banks :

Buyers’ line of credit (at floating interest rate)

2488.500

3270.500

Term loans from others

1672.000

0.000

Finance lease obligations

319.200

307.100

Short-term borrowings

Loans, cash credit and overdrafts accounts

22323.900

3269.100

Buyers line of credit

7045.100

10200.100

Foreign Currency Non Repatriable Borrowings [FCNR(B)]

5428.500

14610.900

Total

58777.200

69157.700

(i) Nature of security (on loans including interest accrued thereon) :

· During the year 2009-10, the Company issued 2% secured non-convertible credit enhanced rupee debentures in four tranches, having tenor upto seven years, aggregating Rs.42000.000 Millions on a private placement basis. These are secured by a second charge in favour of Vijaya Bank, Debenture Trustee and first ranking pari passu charge in favour of State Bank of India as security trustee on behalf of the guarantors, by way of English mortgage of the Company's lands, freehold and leasehold, together with all buildings, constructions and immovable and movable properties situated at Chinchwad, Pimpri, Chikhali and Maval in Pune District and plant and machinery and other movable assets situated at Pantnagar in the state of Uttarakhand and at Jamshedpur in the state of Jharkhand. As at March 31, 2013 Rs.30500.000 Millions is outstanding, of which Rs,18000.000 Millions are classified as current liabilities being maturing before March 31, 2014.

· Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to Rs.2000.000 Millions and 10.25% Coupon, Non-Convertible Debentures amounting to Rs.5000.000 Millions are secured by a pari passu charge by way of an English mortgage of the Company's freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat.

· Buyers line of credit from banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

· The term loan is repayable during the quarter ended March 31, 2033, along with simple interest at the rate of 0.10 % p.a. The loan is secured by a second and subservient charge (creation of charge is under process) over Company's freehold land together with immovable properties, plant and future

· second and subservient charge (creation of charge is under process) over Company's freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat.

(ii) Schedule of repayment and redemption for Non-Convertible Debentures :

Non Convertible Debentures (NCDs)	Redeemable on	Principal	Premium	Total
Secured:
'0.25% Non-Convertible Debentures (2025) #	April 30, 2025	150.00	-	1500.000
'0.25% Non-Convertible Debentures (2024) #	April 30, 2024	150.00	-	1500.000
'0.25% Non-Convertible Debentures (2023) #	April 30, 2023	100.00	-	1000.000
'0.25% Non-Convertible Debentures (2022) #	April 30, 2022	100.00	-	1000.000
9.95% Non-Convertible Debentures (2020)	March 2, 2020	200.00	-	2000.000
2% Non-Convertible Debentures (20'6)	March 31, 2016	1 ,250.00	919.23	21692.300
2% Non-Convertible Debentures (2014) *	March 31, 2014	1 ,800.00	658.05	24580.500
# The Company has a call option to redeem, either in part or full, at the end of 8th year from the date of allotment i.e. April 30, 2018.
* Classified as current liabilities

(iii) The buyers line of credit from banks is repayable within a maximum period of three years from the drawdown dates. All the repayments are due from 2013-14 to 2015-16.

Banking Relations :	---
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Subsidiaries :	· Tata Technologies Limited · TAL Manufacturing Solutions Limited · TML Drivelines Limited · Sheba Properties Limited · Concorde Motors (India) Limited · Tata Daewoo Commercial Vehicle Company Limited · Tata Motors Insurance Broking and Advisory Services Limited · Tata Motors European Technical Centre PLC · Tata Motors Finance Limited · Tata Marcopolo Motors Limited · Tata Motors (Thailand) Limited · Tata Motors (SA) (Proprietary) Limited · PT Tata Motors Indonesia · TML Holdings Pte. Limited, Singapore · TML Distribution Company Limited · Tata Hispano Motors Carrocera S.A. · Trilix S.r.l · Tata Precision Industries Pte. Limited · Jaguar Land Rover Automotive PLC (formerly known as Jaguar Land Rover PLC) · Jaguar Cars Limited · (formerly known as Jaguar Cars Overseas Holdings Limited) · Jaguar Land Rover Austria GmbH · Jaguar Belux NV · Jaguar Land Rover Limited · (formerly known as Jaguar Cars Limited) · Jaguar Land Rover Japan Limited · Jaguar Cars South Africa (pty) Limited · Jaguar Land Rover Exports Limited (Land Rover Exports Limited Business transferred on April 2012) · The Daimler Motor Company Limited · The Jaguar Collection Limited · Daimler Transport Vehicles Limited · S S Cars Limited · The Lanchester Motor Company Limited · Jaguar Hispania SL · Jaguar Land Rover Deutschland GmbH · Land Rover Ireland Limited · INCAT International Plc. · Tata Technologies Europe Limited · INCAT GmbH · Tata Technologies Inc · Tata Technologies de Mexico, S.A. de CV · Tata Technologies (Canada) Inc · Tata Technologies (Thailand) Limited · Tata Technologies Pte Limited, Singapore · Miljobil Grenland AS uupto August300,200'2) · Tata Hispano Motors Carrocerries Maghreb · Tata Daewoo Commercial Vehicles Sales and Distribution Company Limited · Tata Engineering Services (Pte) Limited · LLiquidated w.e.f. July 7,2012) · Jaguar Land Rover North America LLC · Land Rover Belux SA/NV · Jaguar Land Rover Nederland BV · Jaguar Land Rover Portugal - Veiculos e Pecas, LDA · Jaguar Land Rover Australia Pty Limited · Jaguar Land Rover Italia SpA · Land Rover Espana SL · Jaguar Land Rover Korea Company Limited · Jaguar Land Rover Automotive Trading (Shanghai) Limited · Jaguar Land Rover Canada ULC · Jaguar Land Rover France, SAS · Jaguar Land Rover (South Africa) (Pty) Limited · Jaguar e Land Rover Brazil Importacao e Comercio de Veiculos Limiteda · Jaguar Land Rover (Russia) Limited Liability Company · Land Rover Parts Limited · Jaguar Land Rover (South Africa) Holdings Limited · Jaguar Land Rover India Limited · (incorporated w.ef October25,2012) · Land Rover (business and assets transferred to Jaguar Land Rover Limited except Jaguar Land Rover Automotive · Trading (Shianghiai) Company Limited w.e.f January2013) · Land Rover Group Limited · PT Tata Motors Distribusi Indonesia (incorporated w.ef February 1, 2013)
Associates :	· Tata AutoComp Systems Limited · Tata Cummins Limited · Tata Precision Industries (India) Limited · Tata Hitachi Construction Machinery Company Limited (formerly known as Telco Construction Equipment Company Limited) · Jaguar Cars Finance Limited · Nita Company Limited · Tata Sons Limited (investing Party) · Automobile Corporation of Goa Limited · Spark44 (JV) Limited
Joint Ventures :	· Fiat India Automobiles Limited · Tata HAL Technologies Limited · Suzhou Chery Jaguar Land Rover Trading Company Limited (Interim JV) · Chery Jaguar Land Rover Automotive Company Limited incorporated in November 2012)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000000	Ordinary Shares	Rs.2/- each	Rs. 7000.000 Millions
1000000000	‘A’ Ordinary Shares	Rs.2/- 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
2708156151	Ordinary Shares	Rs.2/- each	Rs. 5416.300 Millions
481959620	‘A’ Ordinary shares	Rs.2/- each	Rs. 964.000 Millions
	Less: Calls Unpaid – Ordinary Shares		Rs. 0.100 Million
	Add: Shares Forfeited – Ordinary Shares		Rs. 0.500 Million
	Total		Rs. 6380.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6380.700	6347.500	6377.100
(b) Reserves & Surplus	184967.700	187329.100	193755.900
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	191348.400	193676.600	200133.000
(3) Non-Current Liabilities
(a) long-term borrowings	80517.800	80045.000	96794.200
(b) Deferred tax liabilities (Net)	19639.100	21054.100	20231.600
(c) Other long term liabilities	12384.400	19596.300	22210.500
(d) long-term provisions	6911.900	6855.600	12532.500
Total Non-current Liabilities (3)	119453.200	127551.000	151768.800
(4) Current Liabilities
(a) Short term borrowings	62169.100	30071.300	49587.700
(b) Trade payables	84550.200	87055.300	88172.700
(c) Other current liabilities	49231.000	74709.500	32103.700
(d) Short-term provisions	15095.800	29545.600	20138.600
Total Current Liabilities (4)	211046.100	221381.700	190002.700
TOTAL	521847.700	542609.300	541904.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	122877.100	117464.700	109119.600
(ii) Intangible Assets	31680.300	32730.500	25051.100
(iii) Capital work-in-progress	15078.400	19103.000	17198.600
(iv) Intangible assets under development	32449.600	21263.700	20791.700
(b) Non-current Investments	181717.100	179032.900	225382.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35752.400	34881.100	34296.400
(e) Other Non-current assets	943.200	1004.200	348.400
Total Non-Current Assets	420498.100	405480.100	432187.900
(2) Current assets
(a) Current investments	17626.800	25902.600	860.000
(b) Inventories	44550.300	45882.300	38913.900
(c) Trade receivables	18180.400	27083.200	26028.800
(d) Cash and cash equivalents	4628.600	18409.600	24289.200
(e) Short-term loans and advances	15320.900	18717.400	18506.200
(f) Other current assets	1042.600	1134.100	1118.500
Total Current Assets	101349.600	137129.200	109716.600
TOTAL	521847.700	542609.300	541904.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	447657.200	543065.600	470884.400
		Other Income	20882.000	5740.800	4229.700
		TOTAL (A)	468539.200	548806.400	475114.100
Less	EXPENSES
		Cost of materials consumed	272442.800	338948.200	270584.700
		Purchase of products for sale	58644.500	64339.500	73631.300
		Changes in inventories of finished goods, work-in-progress and products for sale	(1436.000)	(6238.400)	(3542.200)
		Employee cost/benefits expense	28370.000	26914.500	22940.200
		Product development expense/ Engineering expenses	4257.600	2342.500	1412.300
		Other expenses	77736.500	84055.100	67383.500
		Expenditure transferred to capital and other accounts	(9538.000)	(9071.300)	(8176.800)
		Exceptional Items	4258.700	5852.400	1471.200
		TOTAL (B)	434736.100	507142.500	425704.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33803.100	41663.900	49409.900
Less	FINANCIAL EXPENSES (D)		13877.600	12186.200	13837.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19925.500	29477.700	35572.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18176.200	16067.400	13607.700
	PROFIT BEFORE TAX (E-F) (G)		1749.300	13410.300	21965.200
Less	TAX (H)		(1268.800)	988.000	3847.000
	PROFIT AFTER TAX (G-H) (I)		3018.100	12422.300	18118.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16639.100	20789.200	19341.300
Less	APPROPRIATIONS
		Tax on Proposed Dividend	7227.500	14622.400	14670.300
		Transfer to General Reserve	301.800	1250.000	2000.000
		Debentures Redemption Reserve	(1300.000)	700.000	0.000
	BALANCE CARRIED TO THE B/S		13427.900	16639.100	20789.200
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Goods	34190.500	35982.200	33390.300
		Interest and Dividend	14305.800	462.300	196.100
		Rent Income	73.000	67.500	62.300
		Commission	13.300	7.000	2.100
		Sale of Services	275.700	250.500	0.000
	TOTAL EARNINGS		48858.300	36769.500	33650.800
	IMPORTS
		Raw Materials and Components	10570.300	13646.900	18253.000
		Machinery Spares and Tools	606.600	573.100	468.000
		Capital Goods	2753.400	3624.800	1587.100
		Spare Parts	4569.800	5255.100	2736.700
		Other Items	383.200	154.700	123.900
	TOTAL IMPORTS		18883.300	23254.600	23168.700
	Earnings Per Share (Rs.)
	Basic (Ordinary Shares)		0.93	3.90	6.06
	Diluted		0.93	3.77	5.78
	Basic (‘A’ Ordinary Shares)		1.03	4.00	6.16
	Diluted		1.03	3.87	5.88

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.64	2.26	3.76
Net Profit Margin (PBT/Sales)	(%)	0.39	2.47	4.66
Return on Total Assets (PBT/Total Assets}	(%)	0.60	4.15	7.89
Return on Investment (ROI) (PBT/Networth)		0.01	0.07	0.11
Debt Equity Ratio (Total Debt /Networth)		0.75	0.57	0.73
Current Ratio (Current Asset/Current Liability)		0.48	0.62	0.58

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

Case Details

Bench:- Bombay

Stamp No.:- FAST/15549/2012 Filing Date:- 15/06/2012 Reg. No.:- FA/1081/2012 Reg. Date:- 09/07/2012

Petitioner:- THE NEW INDIA ASSURANCE COMPANY LIMITED -

Respondent:- TATA MOTORS LIMITED

Petn.Adv:- DEVENDRANATH S. JOSHI Resp. Adv.:- V.A. Shastry for Respondent No1 to

District:- SATARA

Bench:- SINGLE

Status:- Admitted(Unready)

Next Date: 11/10/2012 Stage: APPEALS FOR ADMISSION – FRESH (CIVIL SIDE MATTERS)

Last Coram:- HON’BLE SHRI JUSTICE K.K.TATED

Act:- Motor Vehicles Act, 1939

UNSECURED LOAN

Rs. In Millions

Particular

As on

31.03.2013

As on

31.03.2012

Long-term borrowings

Foreign Currency Convertible Notes (FCCN) /

Convertible Alternative Reference Securities (CARS)

4022.500

5973.600

Privately placed Non-Convertible Debentures

25000.000

4000.000

Term loans from banks :

(i) External Commercial Borrowings (ECB) -USD 500 million (at floating interest rate)

27142.600

25441.300

Buyers’ line of credit (at floating interest rate)

373.000

380.200

Deposits*

Deposits accepted from public

0.000

2382.800

Deposits accepted from shareholders

0.000

789.500

From banks

4000.000

0.000

Loans and advances from subsidiaries and associates

3506.000

678.500

Deposits

0.000

0.000

Commercial paper [maximum balance outstanding during the year Rs.15400.000 Millions (2010-2011 : Rs.3390 Millions)]

19865.600

1312.700

Total

83909.700

40958.600

Schedule of repayment and redemption for Non-Convertible Debentures :

Rs. In Millions

Non Convertible Debentures (NCDs)		Redeemable on	Principal	Premium	Total
(b)	Unsecured :
	9.70% Non-Convertible Debentures (2020)	June 18, 2020	'50.00	-	1500.000
	9.75% Non-Convertible Debentures (2020)	May 24, 2020	'00.00	-	1000.000
	9.90% Non-Convertible Debentures (2020)	May 7, 2020	'50.00	-	1500.000
	'0.00% Non-Convertible Debentures (20'9)	May 28, 2019	250.00	-	2500.000
	9.69% Non-Convertible Debentures (20'9)	March 29, 2019	200.00	-	2000.000
	9.45% Non-Convertible Debentures (20'8)	March 29, 2018	200.00	-	2000.000
	'0.00% Non-Convertible Debentures (20'7)	May 26, 2017	250.00	-	2500.000
	9.84% Non-Convertible Debentures (20'7)	March 10, 2017	300.00	-	3000.000
	9.22% Non-Convertible Debentures (20'5)	December 1, 2015	300.00	-	3000.000
	9.'5% Non-Convertible Debentures (20'5)	June 3, 2015	300.00	-	3000.000
	9.85% Non-Convertible Debentures (20'5)	March 30, 2015	300.00	-	3000.000

OPERATING RESULTS AND PROFITS

FY 2012-13 was a challenging year for the economy – both globally and in India. The world economy grew by a mere 3.1% in 2012 as compared to 3.9% in the previous year. The domestic situation in India was influenced by these global trends and the ripple effect of a global slowdown was felt. After years of strong positive growth, the Indian economy slowed down to a GDP of 5% from 6.5% in the previous year.

The Tata Motors Group recorded a 13.4% growth in gross turnover from Rs.1706780.000 Millions in the previous year to Rs.1935840.000 Millions in FY 2012-13. This is the highest turnover recorded by the Group. The consolidated revenues (net of excise) for FY 2012-13 of Rs.1888180.000 Millions grew by 14% over last year on the back of strong growth in volumes across products and markets at Jaguar Land Rover. The consolidated EBITDA margins for FY 2012-13 stood at 14.1%. Consequently, Profit Before Tax and Profit After Tax were Rs.136330.000 Millions and Rs.98930.000 Millions respectively.

Subject recorded a gross turnover of Rs.493200.000 Millions, 16.7% lower from Rs.592210.000 Millions in the previous year. Weak macro economic factors leading to a continued slow-down in the Medium and Heavy Commercial Vehicles (M and HCV), stiff competition, mainly in Passenger Vehicles business, severely affected the standalone operations and profitability. Additionally, the need to increase marketing expenses to protect and grow market share has resulted in EBITDA margins reducing from 8.1% to 4.8% for FY 2012-13. The reduction of profits from operations was offset by dividend from subsidiary companies of Rs.15840.000 Millions (including dividend from JLR) as compared to Rs.1140.000 Millions for the previous year. The Profit Before Tax and Profit After Tax for the FY 2012- 13 were lower at Rs.1750.000 Millions and Rs.3020.000 Millions, respectvely, as compared to Rs.13410.000 Millions and Rs.12420.000 Millions in the previous year, respectively.

Jaguar Land Rover recorded a turnover of GB£ 157840.000 Millions, a growth of 17% from GB£ 13,512 million in the previous year. Volume growth was driven not only by a full year of the Range Rover Evoque, but also by increasing sales of existing models. EBITDA growth also benefitted from a favourable market mix, operating exchange rates due to the strengthening US$ against the GB£ and the Euro. Further, cost efficiency improvements in material costs and manufacturing costs supported by increased production volume levels also attributed to improved results of operations. These resulted in a higher EBITDA and Profit Before Tax of GB£ 2,402 million and GB£ 1,675 million, respectively, as compared to GB£ 2,027 million and GB£ 1,507 million, respectively in the previous year. The effective tax rate was higher than the previous year, since last year it benefitted from recognition of previously unrecognised tax losses in the last year. The Profit After Tax for FY 2012-13 stood at GB£ 1,215 million as compared to GB£ 1,481 million last year (Jaguar Land Rovers’ figures as per IFRS).

Tata Motors Finance Limited, the Company’s captive financing subsidiary, registered total revenue of Rs.28900.000 Millions higher by 43% in the previous year and reported a Profit After Tax of Rs.3090.000 Millions in FY 2012-13 (previous year: Rs.2400.000 Millions). Tata Motors Finance Limited proposed a dividend of 7% per equity share for FY 2012-13.

Tata Daewoo Commercial Vehicle Company Limited, South Korea registered revenues of KRW 823.9 billion (Rs.40170.000 Millions), a growth of 8% over the previous year. However, the positive impact of higher volumes and various cost control initiatives were negated by a provision of KRW 18.9 billion (Rs.920.000 Millions) on account of a Court verdict in an ordinary wage suit filed by its Union employees resulting in a loss of KRW 9.2 billion (Rs.450.000 Millions) (previous year: profit of Rs.87.400 Millions).

VEHICLE SALES AND MARKET SHARES

The Tata Motors Group sales for the year stood at 11,91,968 vehicles, lower by 6% as compared to the previous year. Global sales of all Commercial Vehicles were 593,897 vehicles, while sales of Passenger Vehicles were at 598,071 vehicles.

TATA MOTORS

The Company recorded sales of 765,557 vehicles, a decline of 11% over last year. Industry growth during the year was also muted at 1.1%, resulting in the Company’s market share decreasing to 22% in the Indian automotive industry from 25.1% in the previous year. The Company exported 50,938 vehicles during the year, lower by 19%, as compared to the previous year.

Commercial Vehicles

Within the domestic market, the Company continued to strengthen its presence in Commercial Vehicles, with sales of 5,36,232 vehicles, an all time high for the Company, growing 1.1% from the previous year. This represented a market leadership share of 59.5% in the domestic CV market which was mainly supported by steep growth in the LCV segment.

Some of the highlights for the year were:

· Sales in the LCV segment continued to drive performance, growing by a 21.8% during the year to 3,93,468 vehicles. Market share in the LCV segment expanded by 200 basis points registering a 62.2% market share in FY 2012-13. The Company has grown and consolidated its position in the LCV segment, leading to expansion of the market share, especially in the Ace Segment. Sales of the Tata ACE reached highest ever at over 3,25,000 during FY 201 2-13. The Tata Ace family crossed 10,00,000 sales since its launch. During this year, the Company launched 'Tata Xenon', a stylish and rugged pick-up, offering both single cab and dual cab versions, with best in class looks, operating economies and fuel efficiency.

· Slowdown in economic activity, sluggish infrastructure spending and weak macro outlook coupled with higher operating costs for transport operators, adversely impacted demand in the M and HCV industry. The MandHCV segment which is the harbinger for growth in the economy de-grew by 23.3% in the year. The Company's sales in the MandHCVs segment were 1,42,764 vehicles. The depressed market scenario combined with new player entry resulted in very high competitive intensity. Several new products and variants across the traditional, Prima and Construck range focusing on 'best in class' performance, reliability and fuel efficiency, were introduced.

· The year also marked the roll-out of the two millionth truck from the Company's manufacturing facility at Jamshedpur. The plant manufactures the Company's entire range of MandHCV trucks, including the Tata Prima, both for civilian and defence applications. Many first of its class heavy trucks designed and built specifically to offer best in class performance, reliability and fuel efficiency were introduced viz - Tata LPT 3723 - the first 5 axle rigid truck in the country in the 10 x 4 configuration, the Tata Prima 3138.K Tipper, the Tata Prima 4938.S tractor and the Tata Prima 230 HP - LX range consisting of Tata Prima LX 4923.S, Tata Prima LX4023.S and Tata LPK 3118 tipper. Launches of buses such as MCV buses for intercity (AC - 45 Seater) and staff transportation (Non AC - 41 Seater), LP/ LPO Starbus Ultra with best in class features and fuel efficiency tailored to suit Indian conditions with highest capacity school bus in ICV platform in India (56 seats).

In January 2013, Tata Motors became the first company in India to introduce warranty period of four years on heavy trucks. The Company also introduced a Telematics and Fleet Management Service, branded "Tata FleetMan'' an intelligent vehicle and driver management solution.

Passenger Vehicles

The domestic passenger car industry was affected mainly by weak sentiments, high cost of ownership, high interest rates, fuel prices and reduction in discretionary spends. Overall growth in Domestic Passenger vehicle industry was flat in FY 2012-13, within which Utility Vehicles recorded a robust growth of 51.5% on the back of new launches catering not only to the traditional rugged SUV customers but also to the customer preferring the more car-like soft roader utility vehicles and cars segment de-grew by 6.9%.

During the year, the Company's Passenger Vehicles sales were lower by 31.1 % at 2,29,325 vehicles, registering an 8.9% market share. The Company sold 1 ,80,520 cars and 48,805 utility vehicles and vans, lower by 34.6% and 14.4% respectively, over the previous year. The Company's sales in the mid-size segment suffered as competitive activity intensified with multiple new launches in this segment. The Company has taken various initiatives to improve its product refreshes/launch programmes, operational efficiency, dealer effectiveness, working capital management and restructuring customer facing functions.

The Company sold 2,294 vehicles of Jaguar Land Rover brands during FY 201 2-13. Network for these brands continued to grow with 17 operational outlets across 15 cities in the Country by the year end. The plant in Pune expanded its capacity and commenced operations to roll out locally built Jaguar XF in India from November 201 2.

Some of the highlights of this year's performance were:

· Launches of the Vista D90; and refreshed Tata Indica eV2, the most efficient car in its class with a mileage of 25 kmpl, with new exteriors and additional convenience features.

· Launched the Manza Club Class with first in class features like 6.5'' infotainment screen with voice enabled GPS guidance system, infinity roof, premium Italian leather seating system and plush interiors.

· Launched the Tata Safari Storme with new interiors and improved performance - disc brake on all wheel and projector lens head lamp - first time in its class and Tata Aria Pure LX - a new variant with a bouquet of features, at a stunning price.

· Launched the Nano MY13 with features like music system with Bluetooth/USB, glove box, refreshed interiors, etc., in an array of colours.

The above launches of the Nano MY13, Manza, Vista D90 and the Safari Storme were in-line with the Company's objective of taking the brand to a higher level, while making it relevant for the younger buyer.

· Showcased the Vista Extreme, a concept that combines the package efficiency of a hatch with the usability of the modern urban Utility Vehicle.

· The Company continued to focus on building brand strengths, refreshing the products and enhancing sales and service experience. The Company also introduced a new look, stylish, tech savvy best in class flagship Passenger Vehicle showrooms, for superior customer experience at pilot dealership in Mumbai and Delhi and this initiative will now be replicated to other setups across the country.

A new leadership team in the Passenger Vehicle business was in place towards the latter half of the year with rich experience not only from the automotive but from other sectors as well. The Company is working on a customer-centric strategy for providing the best customer experience with focus on products, world class manufacturing practices, purchase experience and consistent quality of services. As a precursor to future launches, the Company would be shortly unveiling improved and enhanced vehicles across its key brands.

Exports

For Tata Motors, traditionally strong markets in South Asia such as Bangladesh and Sri Lanka also were affected by internal conflict, political unrest and regulatory changes. As a result, export sales of the Company de-grew by 19.3% to 50,938 vehicles. With a view to expand its International Business, the Company re-entered the market of Saudi Arabia to re-establish its business in the Kingdom and launched its brand at the Jakarta Auto Show to address the Indonesian market - a key growth market. The Company introduced a host of new products on existing and new platforms in existing and new markets and showcased its vehicles in major auto shows in strategically important markets.

The Company continued to outperform competition in terms of exports of Commercial Vehicles and enjoyed a total exports share of 57% in FY 201 2-13, exporting 44,109 Commercial Vehicles. The Company exported 6,829 Passenger Vehicles. Aria witnessed growth in shipments led by a strong push into European markets. Indica grew due to strong fleet and entry level customer demand and Manza grew albeit over a low base, in South Africa. Other UVs - Safari, Sumo and Grande, showed growth led by the revival of demand in Nepal and Sub-Saharan Africa. Nano and Indigo were the only significant under-performers due to economic and political upheavals in key markets - Sri Lanka and Nigeria.

Some of the highlights of this year's performance were:

· Inaugurated its first 3S (Sales, Service and Spares) setup in Yangon, Myanmar.

· Won a tender for supplying 449 vehicles to Kuwait Municipality, Prestigious order for supply of 715 Xenon's from the US Army.

· Started Driver Training School in Bangladesh and Mechanic Training Centre in South Africa and Kenya.

JAGUAR LAND ROVER

Jaguar Land Rover has had a successful year of continued growth in all markets, despite uncertain trading conditions globally. Jaguar Land Rover sold 372,062 vehicles in FY 2012-13, an increase of 18.3% over the previous year. At the brand level, wholesale volumes were 57,81 2 vehicles for Jaguar and 314,250 vehicles for Land Rover, growing 7% and 20.7%, over the previous year, respectively. All market regions have grown, led by China where retail sales at 77,075 vehicles were up by 48% over previous year. Retail volumes in Europe were 80,994 vehicles, 18% increase over the previous year. UK retail volumes were 72,270 vehicles, a 20% increase, whilst the North American retail volumes were 62,959 vehicles, an increase of 9% over the previous year. Retail sales for the Asia Pacific region at 17,849 vehicles, were higher by 27% and for the rest of the world were 19% higher at 63,489 vehicles over the previous year.

Jaguar Land Rover has a multifaceted strategy to position itself as a leading manufacturer of premium vehicles offering high-quality products tailored to specific markets. T he company's success is tied to its investment in product development and market expansion which drives the strategic focus on product design and quality.

Jaguar Land Rover operates three major production facilities and two advanced design and engineering facilities all in the United Kingdom. Jaguar Land Rover markets products in 178 countries, through a global network of 17 national sales companies (NSCs), 85 importers, 62 export partners and 2,485 franchise sales dealers, of which 689 are joint Jaguar and Land Rover dealers.

With the objective of increasing its marketing and dealer networks in emerging markets, Jaguar Land Rover established a National Sales company in China in 2010 to expand its presence and has plans to increase its network of dealers in China. Similar plans of increasing its dealer network are also underway in India. Jaguar Land Rover also aims to establish new manufacturing facilities, assembly points and suppliers in select markets. T he joint venture with Chery Automobiles, China as also an established manufacturing operation for some of its products and product development activities in India are examples of these initiatives.

Some of the highlights of this year's performance were:

· Launch of the all new aluminum Range Rover in December 201 2, with a world-wide roll-out in the last quarter of the year, recording sales of over 13,000 vehicles in the first four months. The Range Rover has already received over 10 global awards including WhatCar? 'Best Luxury Car.

· Launch of the all new aluminum Range Rover Sport in March 2013, with a world wide roll out in the first half of FY 2013-14.

· Expanded the Jaguar XF range with an all wheel drive version and a new Sportbrake and introduced a more fuel efficient, 2.0l XF with an 8 speed automatic gear box.

· Introduction of new variants of the Jaguar XF, the launch of the new Range Rover, as well as the continued strength of the Evoque, were key contributors to the overall success.

· Jaguar Land Rover's joint venture with Chery Automobiles, China has been formalised to develop, manufacture and sell certain Jaguar and Land Rover vehicles and jointly branded vehicles for the Chinese market.

· Continued investment in new state-of-the-art facility at Wolverhampton, UK, to manufacture new advanced low emission engines.

Jaguar Land Rover and Tata Motors participated in various international autoshows displaying its range of products, including at Geneva, New York, Detroit and Jakarta, wherein the displayed products won accolades and a positive response.

TATA DAEWOO COMMERCIAL VEHICLES COMPANY LIMITED

Tata Daewoo Commercial Vehicles Company Limited (TDCV) sold 10,100 vehicles- higher by 6% over the previous year. TDCV exported 4,700 vehicles in FY 201 2-13, which is the highest ever in its history, registering a growth of 57.8% as compared to 2,979 vehicles exported in the previous year. However, in the domestic market, sales decreased by 17.6% to 5,400 vehicles as against 6,552 vehicles sold in the previous year, due to economic slowdown.

TATA MOTORS (THAILAND) LIMITED

Tata Motors (Thailand) Limited. (TMTL) sold 4,905 vehicles in FY 201 2-13. These included Tata Xenon pickups, Super Ace and heavy commercial vehicles. During FY 201 2-13, TMTL launched three additional variants of the pickup, tailor-made for the T hailand commercial vehicle market. In the single cab segment, which is used predominantly by the commercial users, Xenon continues to be ranked fourth amongst eight players in the segment.

TATA MOTORS (SA) (PROPRIETARY) LIMITED

Tata Motors (SA) (Proprietary) Limited (TMSA) sold 864 vehicles during FY 201 2-13. During the year, TMSA introduced four new models of commercial vehicles and crossed a major milestone of rolling out its 1,000th vehicle since start of operations last year.

TATA MOTORS FINANCE LIMITED

The vehicle financing activity under the brand "Tata Motors Finance" (TMF) of Tata Motors Finance Limited (TMFL) - a wholly owned subsidiary company, continued to show improved financial results inspite of challenging market conditions and rising costs of funds.

With the Company's increased focus on financing of small commercial vehicles, the total disbursements for the year were at Rs. 111800.000 Millions - 6% higher than disbursements of Rs.105050.000 Millions in the previous year. A total of 2,51,936 vehicles were financed representing an increase of 9.3% over the previous year. The disbursals for commercial vehicle were Rs.88160.000 Millions (1,81,374 vehicles) in FY 2012-13 compared to Rs.72040.000 Millions (1,20,032 vehicles) for previous year. For passenger cars, disbursals were Rs.23640.000 Millions (70,562 vehicles) in FY 2012-13 compared to Rs.33010.000 Millions (1,10,556 vehicles) in the previous year. The overall market share in terms of the Tata vehicle unit sales in India financed by Tata Motors Finance increased from 27% to 33% - led by significant increase in commercial vehicle market share from 23% to 34%.

Tata Motors Finance Limited continued to expand its reach in the market place by growing its branch network and expanding its support to Tata Motors dealership network. Significant increase in its manpower resources as well as driving IT technology to improve productivity and output, ensures that Tata Motor Finance now reaches to over 75% of the dealers. With greater attention being placed on further enhancing customer experience through its "Office of the Customer" TMFL is confident of continuing to deliver profitable growth in the future.

FINANCE

During the year, the free cash flows for Tata Motors Group were Rs.33420.000 Millions, post spend on capex, design and development of Rs.187200.000 Millions. Tata Motors Group's borrowing as on March 31, 2013, stood at Rs. 535910.000 Millions (previous year: Rs. 471490.000 Millions). Cash and bank balances stood at Rs 211130.000 Millions (previous year: Rs.182380.000 Millions). Cash flows from operations were Rs.22580.000 Millions for standalone operations of the Company. Spend on capex, design and development were Rs.25880.000 Millions (net). The borrowings of the Company as on March 31, 2013 stood at Rs. 167990.000 Millions (previous year: Rs. 158810.000 Millions). Cash and bank balances stood at Rs.4630.000 Millions (previous year: Rs.18410.000 Millions).

During the year, the Company repaid the Zero Coupon Convertible Alternate Reference Securities (CARS) amounting to US$ 623.38 million, (Rs.34938.300 Millions) inclusive of a redemption premium of US$ 150.38 million. Consequent upon exercise of conversion option by the holders of 4% Foreign Currency Convertible Notes, aggregating Rs.3420.000 Millions (including Rs.1416.200 Millions in May 2013), the Company allotted 28,308,896 Ordinary Shares/ Shares represented by ADSs (including 11,789,695 Ordinary Shares/ Shares represented by ADSs in May 2013).

The Company also repaid Tranche 2 of Rs.4460.000 Millions of Secured, Rated, Credit Enhanced, Listed, 2% Coupon Non-Convertible Debentures (NCDs) inclusive of premium on redemption of Rs.960.000 Millions. Further, the Company also repaid Rs.17470.000 Millions forming part of the public fixed deposit scheme launched in December 2008.

The Company issued rated, listed, unsecured, non-convertible debentures of Rs.21000.000 Millions. Further Rs.9000.000 Millions were issued in April and May 2013.

Due to significant reduction in volumes, the Company had to deploy short term funds to support critical long term finance needs. The Company is in the process of taking appropriate steps to increase the long term funds.

At Jaguar Land Rover, post spend on capex, design and development of GB£ 1,846 million Rs.168140.000 Millions), the free cash flows were GB£ 583 million (Rs.48850.000 Millions) for FY 2012-13. The borrowings of the Jaguar Land Rover as on March 31, 2013, stood at GB£ 2,167 million 177910.000 Millions) [previous year: GB£ 1,974million (Rs. 162060.000 Millions)]. Cash and bank balances stood at GB£ 2,847million (Rs.233730.000 Millions) [previous year: GB£ 2,430 million (Rs. 199500.000 Millions)] resulting in negative net debt position. Additionally, JLR has undrawn committed bank lines of GB£ 865 million (as per IFRS).

In January 2013, Jaguar Land Rover issued US$ 500 million Senior Notes due 2023, at a coupon of 5.625% per annum. This was an opportunistic fund raising which enabled Jaguar Land Rover to reinforce its market acceptance and demonstrated the continued confidence of the investors. This was a further step taken towards strengthening capital structure and enhancing the debt maturity profile.

TML Holdings Pte Limited, Singapore, a 100% subsidiary of the Company, holding the investment in Jaguar Land Rover raised Senior Notes aggregating SG$ 350 million in May 2013.

Tata Motors Finance Limited raised Rs.1000.000 Millions by an issue of unsecured, non-convertible, subordinated perpetual debentures towards Tier 1 and Tier 2 Capital and Rs.904.000 Millions by an issue of unsecured, non-convertible, subordinated debentures towards Tier 2 Capital in order to meet its growth strategy and improve its Capital Adequacy ratio.

With healthy profitability and cash flow generation, the Consolidated Net Automotive Debt to Equity Ratio stood at 0.24:1on March 31, 2013, as compared to 0.25:1 on March 31, 201 2.

Tata Motors Group has undertaken and will continue to implement suitable steps for raising long term resources to match fund requirements and to optimise its loan maturity profile.

During the year, the Company's rating for foreign currency borrowings was revised upwards by Standard and Poors to "BB"/ Positive and was retained at existing levels by Moodys at "Ba3"/ Stable. For borrowings in the local currency, the outlook on the ratings was improved from "Stable" to "Positive" and the rating stood at "AA-"/Positive by Crisil and at "AA-"/Positive by ICRA. The Non Convertible Debentures are rated by CARE at "AA"

During the year, Jaguar Land Rover's rating for was revised upwards by Standard and Poors to " BB-"/Positive. As on March 2013, the other ratings stood " B1 "/Stable by Moodys and " BB-"/Stable by Fitch.

For Tata Motors Finance, CRISIL revised its rating outlook on long-term debt instruments and bank facilities to 'CRISIL AA - Positive' from 'CRISIL AA - Stable'. The ratings on the short-term debt instruments and bank facilities were reaffirmed at 'CRISIL A1+’.

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS OVERVIEW

The Indian economy continued its downward slide throughout FY 2012-13, recording a lower GDP growth of 5% compared to 6.5% for FY 2011-12. The downward trend was also pronounced on a quarterly basis

After achieving growth rates of 8.6% in FY 2009-10 and 9.3% in FY 2010-11, the inflationary pressures started mounting. The RBI started tightening the monetary policy, resulting in lower growth rate in the last two years. The moderation in growth is primarily attributable to weakness in industry. The growth in agriculture has also been weak in FY 2012-13, following lower than normal rainfall. All the three major segments, agriculture and allied, industry and services, have displayed softening trend, quarter over quarter during the last two years.

As the pace of growth started slowing, the Government revenues started shrinking, exposing the economy to a higher fiscal deficit. The current account deficit also widened. Beginning FY 2011-12, the corporate and infrastructure investment started slowing mainly due to investment bottlenecks and tight monetary policy. FY 2012-13 was marked by the challenge to the Government to contain the fiscal deficit, and the Government expenditure on infrastructure and other key sectors suffered.

While there were monetary policy changes and limited Repo Rate revisions downwards in an effort to stimulate growth, (100 bps drop from the rate of April 2012), the RBI policy hinted limited headroom for further reduction in the light of the inflationary pressures, which dampened the prospects.

As a result, as compared to prior years, the domestic auto industry has recorded insignificant growth on an overall basis. With the continued high interest rates and inflation, households were forced to spend more on essentials and discretionary spend reduced, leading to deferring of purchase decisions. The consistent stagnation of the industrial growth mainly in the areas of mining and quarrying, manufacturing and infrastructure, adversely-impacted the domestic auto industry. In March (2013), a month which traditionally sees large volumes, car sales declined by 22.5%, despite heavy discounts being offered.

On the global economy front, both US and Europe were struggling with a stall in fundamental sectoral growth. The European economy continued to move sluggishly mainly due to the sovereign debt crisis. The pace of economic expansion in emerging countries has slowed down. On the other hand, there was an eruption of political crises in the Middle East and Africa, which continues even till today. Unrelated political unrest also emerged in North Korea. The net impact of all these global events was that growth took a backseat as controlling unemployment, monitoring government expenditures and maintaining political stability, became priorities for regional governments. The world economy grew by 3.2% in 2012.

In terms of outlook for the year 2013, the advanced economies are likely to grow by 1.2% as compared to 1.1 % in the year 2012. Slowdown is expected for developing and emerging economies, with growth falling in China from 7.8% to 7.5% in 2012.

The automobile industry has shown progress in a steady manner, especially in the US and emerging countries such as Asia. The demand for products with advanced green technology has remained strong throughout all the markets worldwide. However, the automotive industry continues to face a very competitive pricing environment, driven in part by industry excess capacity, particularly in mature markets such as North America and Europe. The Chinese economy has continued to grow strongly throughout 2012. GDP growth is likely to slow in future, although remain above 7.5%.

Tata Motors Business:

Consequent to the macro economic factors as explained above, the Indian automobile industry posted growth of 1.1% in FY 2012-13, as compared to 7.2% in the last fiscal. The commercial vehicles, grew by 1.7% (last year 19.2%) and passenger vehicles by 0.9% (last year 3.6%).

OUTLOOK

While the start of the new fiscal has continued from the moderate performance of last year, there is a cautious optimism that FY 201314 would see the start of the revival in the global and domestic economies. The Indian economy is also expected to look up marginally from growth in GDP of 5% in the last year.

Within the market however, there are certain segments which would react quicker to a revival in sentiment than others. The MandHCV segment would recover later than others and is expected to see an upswing only after a few more conscious monetary and fiscal policy moves from the Government and RBI, as well as growth in infrastructure projects spending.

While current account deficit and fiscal deficit will continue to be priorities for the Government, striking a balance between controlling expenditure and encouraging growth will be key for this year.

On the background of pressure on volumes in India and limited headroom in pricing due to the intensely competitive market dynamics, the focus will be on effective cost management- both direct and indirect to maintain margins. Even in this challenging environment, as envisioned in its Mission statement, the Company is looking to 'passionately anticipate' and provide vehicles and solutions that 'excite customers globally. The objective remains to be the 'most admired' Company by all our stakeholders.

One of the key elements of this strategy would be to improve the relationship with the customer - the experience the customer has with the Company at each touch point from sale to service and replacement sales experiences. This would include improving the physical look of the setup, setting up right processes and forums for speedy resolution of customer issues.

The Company will also actively pursue growth in the right International markets and look to consolidate its position in markets where it is already present.

While Europe remains uncertain in the short term, JLR will continue to focus on growth from other markets, in particular the emerging markets. With entry been established in China last year, growing and consolidating presence in this market would be key to JLR's strategy for the coming year. Investment in new products and technologies along with enhancing capacity as required in the right geographies would continue for both Jaguar and Land Rover.

Contingent liabilities, commitments (to the extent not provided for):

(Rs. in millions)

	31.03.2013	31.03.2012
1 Claims against the Company not acknowledged as debts -
(i) Sales tax - Gross - Net of tax	3535.400 2388.400	4131.200 2790.800
(ii) Excise duty - Gross - Net of tax	8673.500 5859.400	1975.400 1334.500
(iii) Others - Gross - Net of tax	1739.000 1174.800	1570.200 1060.700
(iv) Income Tax in respect of matters :
(a) Decided in the Company’s favour by Appellate Authorities and for which the Department is in further appeal	0.000	23.800
(b) Pending in appeal / other matters	952.000	952.000
2. The claims / liabilities in respect of excise duty, sales tax and other matters where the issues were decided in favour of the Company for which the Department is in further appeal	708.000	697.700
3. Other money for which the Company is contingently liable -
(i) In respect of bills discounted and export sales on deferred credit	2043.000	1392.100
(ii) The Company has given guarantees for liability in respect of receivables assigned by way of securitisation	0.000	1078.000
(iii) Cash margins / collateral	0.000	902.900
(iv) In respect of subordinated receivables	0.000	95.100
(v) Others	0.000	66.400
4 Estimated amount of contracts remaining to be executed on capital account and not provided for	15261.100	15362.500
5 Purchase commitments	121424.400	125276.300

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10219310	27/03/2012 *	7,000,000,000.00	VIJAYA BANK	Merchant Banking Division, Head Office, 41/2, M.G. Road, Bangalore, Karnataka - 560001, INDIA	B37040961
2	10173404	18/04/2013 *	45,060,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B74982646
3	10170584	28/03/2013 *	42,000,000,000.00	VIJAYA BANK	Merchant Banking Division, Head Office,, 41/2, M.G. Road, Bangalore, Karnataka - 560001, INDIA	B73714792
4	10103711	30/01/2008	12,000,000,000.00	CENTRAL BANK OF INDIA	Debenture Trustee Section, Central Bank (MMO) Bldg, 6th Floor, Mahatama Gandhi Road, Fort, Mumbai,  Maharashtra - 400023, INDIA	A32840258
5	90229900	25/03/2004 *	2,292,800,000.00	INTERNATIONAL FINANCE CORPORATION	WASHINGTON D C, AMERICA, , UNITED STATES OF AMERICA	-
6	90232212	22/03/2002	278,985,000.00	IDBI BANK LIMITED.	MUMBAI, MUMBAI, Maharashtra - 400005, INDIA	-
7	90229436	27/07/1999 *	1,000,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BUILDING, 51; M. G. ROAD; FORT, MUMBAI, Maharashtra - 400001, INDIA	-
8	90231006	07/05/1999 *	1,000,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BUILDING, 51; M. G. ROAD, MUMBAI, Maharashtra - 400023, INDIA	-
9	90230998	25/05/2000 *	3,000,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BUILDING, M. G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA	-
10	90230950	30/08/2006 *	37,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP-CENTRAL BRANCH, 20th FLOOR, EXPRESS TOWERS, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
11	90229254	26/06/2012 *	140,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH- CENTRAL, 3rd Floor ,Neville House, J.N. Heredia Marg, Ballarad East, MUMBAI, Maharashtra - 400001, INDIA	B42008367
12	90232005	22/01/1997	1,261,200,000.00	STATE BANK OF INDIA	NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
13	90229113	03/12/1996 *	1,000,000,000.00	THE PRADESHIYA INDUSTRIAL and INVESTMENT COPN. OF U.  PRIVATE. LIMITED.	PICUP BHAWAN, VIBHUTI KHAND, LUCKNOW, Uttar Pradesh - 226010, INDIA	-
14	90230805	15/02/1995 *	940,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra  - 400021, INDIA	-
15	90228661	16/07/1993	30,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, BOMBAY, Maharashtra - 400005, INDIA	-
16	90230659	06/03/1997 *	3,755,554,950.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra  - 400021, INDIA	-
17	90232359	03/12/1996 *	3,755,554,950.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra  - 400021, INDIA	-
18	90228055	27/07/1999 *	600,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra  - 400021, INDIA	-
19	90230527	25/05/2000 *	600,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra  - 400021, INDIA	-
20	90231568	07/10/1996 *	50,000,000.00	STATE BANK OF PATIALA	WORLD TRADE CENTRE, MUMBAI, Maharashtra - 400005,  INDIA	-
21	90227714	03/12/1996 *	550,000,000.00	THE CENTRAL BANK EXECUTOR and TRUSTEE COMPANY LIMITED	JEHANGIR WADIA BUILDING, M. G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant

· Machinery

· Equipment

· Vehicle

· Office equipment

· Computers and other it assets

· Water system and sanitation

· Technical Know-how

· Computer software

· Product development cost

AS PER WEBSITE

PRESS RELEASES:

TATA SAFARI STORME, THE REAL SUV, HITS THE ROADS OF NEPAL

Released on 01 Aug, 2013

· 140 PS power from 2.2L VariCOR engine for easy driveability and swifter response

· Opulent looks with ample space

· Fuel efficiency of 14 kmpl

· High ground clearance is 200 mm

· Best-in-class turning circle radius of 5.4 metres

· Starting price of NRS 37.85

Tata Motors today launched the new Tata Safari Storme in Nepal. The Tata Safari Storme is a combination of luxury and comfort with raw power and supreme off-roading performance, which this 'Real SUV' has been known for.

Commenting on the launch of the New Safari Storme, Mr. Gurinder Singh, Country Manager, Nepal and Bhutan, Passenger Vehicles Business Unit, Tata Motors, said, "In addition to our current dynamic offerings, we now introduce the Tata Safari Storme to our customers in Nepal. We are sure that customers will be delighted with the look and off road capability of the Real SUV, the Safari Storme"

Power and Performance

The new Tata Safari Storme is a refined beast delivering a performance of 0 - 100 km/hr in under 15 sec. Its 2.2 L VariCOR engine, turbocharged with VTT (Variable Turbine Technology), delivers 140 PS Power and 320 NM Torque, providing easy driveability, swifter response and lower NVH (Noise, Vibration and Harshness). The vehicle also features ESOF (electronic shift-on-fly) technology, enabling engagement of the 4x4 or 4X2 mode, on the move. Yet it is highly fuel efficiency at 14kmpl in the 4x2 variant and 13.2kmpl in the 4x4 variant.

The Safari Storme's ladder frame chassis is constructed with advanced hydroformed members, for high load capabilities and robustness. Hydroforming enhances rigidity while reducing weight. The vehicle also has a double wishbone suspension set-up which provides excellent ride comfort.The Safari Storme boasts best-in-class turning circle radius of 5.4 metres, making driving and manuevoring in tight confines absolutely easy. The ground clearance is 200 mm, with 26 degree gradeability. The new rack and pinion steering system offers perfect feel and accuracy, for a confident driving experience, especially at high speeds. Reverse parking system with audible and graphical representation on the antiglare IRVM (Inside Rear-View Mirror), electrically operated power fold ORVM (Outside Rear-View Mirror) with turn signals, enhance the driving experience.

Looks and Style 

The Tata Safari Storme has an all new front look grill, side cladding, new projector headlamps and an all new rear look. The bonnet now boasts of a 'power bulge,' which gives it a sportier look. Aerodynamically designed spoilers, new pull-type door handles and ergonomically designed side foot-steps, ensure easy entry and exit. The tailgate trim comes in an all new guise of ergonomically designed grab handles and a spare tyre located underneath the vehicle. The new chrome-tipped twin exhausts add to the sporty demeanor of the vehicle, and the newly designed roof-rails add to the muscular look.

Opulence and Comfort 

The luxurious, airy and beige interiors endow the Safari Storme with opulence. There is ample leg space and headroom to accommodate the family, and also plenty of luggage space.

The tilt-adjust (collapsible steering column), reclining front bucket seats with fore/aft adjustment position and lumbar support ensure fatigue free long drives. The integrated 12V-gadget charging points are available on first, second and third row seats. The vehicle is equipped with a dual-AC with a separate integrated roof mounted blower for rear passengers.

The Safari Storme integrates In-Mold Graining (IMG) technology, along with hand stitched leather steering, for a real feel of luxury. An ergonomically shaped gear knob with chrome highlights, wooden accents on the dashboard and door trims, a new instrument cluster, chrome-lined speaker grills and inside door handles, all go a long way in enhancing the interior look.

The rigid ladder frame with hydro-formed construction provides structural strength to the vehicle. Crumple zones, side intrusion beams on all four doors, dual SRS airbags and the collapsible steering column keep passengers safe from all sides.

Reassured Safety:

The vehicle has vacuum assisted independent hydraulic, ventilated disc brakes on all four- wheels and a 4 channel ABS with EBD, which helps in keeping the vehicle under control, during emergency braking conditions. In addition, there are features like the inertia switch and an auto engine immobilizer. In an exigency, the inertia switch automatically cuts off the fuel supply to the engine, and unlocks all the doors and also switches on the hazard warning light, to warn other road users. The Safari Storme is also fitted with PES headlamps for better illumination and unwanted glare.

The Safari Storme prices start at Rs.3.785 Millions. The range is available in two variants, LX, VX 4x4, in five vibrant colours - Urban Bronze, Sardinia Red, Pearl White, Pearl Champagne, Arctic Silver.

The Safari Storme will be available throughout the large Tata Motors network in Nepal which consists of Sipradi Trading Private Limited, the official distributor and its 12 dealerships. The Tata Safari Storme comes with a warranty of 2 years or 75,000kms, whichever is earlier.

About Tata Motors

Tata Motors is India's largest automobile company, with consolidated revenues of Rs.1888180.000 Millions ($ 34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India.  With over 7.5 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top in passenger vehicles. It is also the world's fourth largest truck and bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.

About Sipradi Trading Private Limited

Sipradi a major player in AUTOMOTIVE and ALLIED business and is one of the largest and most prestigious brands in Nepal. 30 years down the line, Sipradi has exceeded USD 150 million annual revenue and is growing rapidly in automotive, energy, lubricant, financial services, and equipment businesses. It has more than 600 employees working to a common goal --to deliver quality products and services while adding synergy to the growth of overall brand value. Sipradi Trading Private Limited (STPL) has been the exclusive distributor of Tata Motors Limited in Nepal since 1982. STPL is an ISO 9001:2008 certified company. STPL sells and services the full range of Tata Motors' commercial and passenger vehicles. The company has the largest sales and service distribution network throughout Nepal with 9 sales offices and 5 regional service centers. It has 15 passenger vehicle showrooms and 12 service centers.

CONSOLIDATED NET REVENUE GROWS BY 14% TO RS.1888180.000 MILLIONS IN FY 2012-13

CONSOLIDATED PBT AT RS.136330.000 MILLIONS

Released on 29 May, 2013

Consolidated Financial Results for the Quarter and Year ended March 31, 2013

Tata Motors today reported Consolidated revenues (net of excise) of Rs.560020.000 Millions for the quarter ended March 31, 2013, a growth of 10.0% over Rs.509080.000 Millions for the corresponding quarter of the previous year, despite a weak operating environment in the standalone business which was more than offset by strong demand, growth in volumes, favourable market mix and favourable operating foreign exchange at Jaguar Land Rover (JLR). The Consolidated Profit Before Tax for the quarter was Rs.46940.000 Millions, as compared to Rs.44240.000 Millions for the corresponding quarter of the previous year and the Consolidated Profit (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs.39450.000 Millions as compared to Rs.62340.000 Millions for the corresponding quarter of the previous year.

The Consolidated revenue (net of excise) for FY 2012-13, was Rs.1888180.000 Millions, posting a growth of 14.0% over Rs.1656540.000 Millions for the corresponding period last year. The Consolidated Profit Before Tax for the year was Rs.136330.000 Millions, compared to Rs.135340.000 Millions for the corresponding period last year. The Consolidated Profit for the year (after tax and post minority interest and profit in respect of associate companies) was Rs.98930.000 Millions, compared to Rs.135170.000 Millions in the corresponding period last year.

During the quarter and year ended March 31, 2012, JLR had accounted credit of GBP 225 million (Rs.17940.000 Millions) for past income tax losses.

Tata Motors Stand-alone Financial Results for the Quarter and Year ended March 31, 2013

The sales (including exports) of commercial and passenger vehicles for the quarter ended March 31, 2013, stood at 1,97,056 units, a decline of 31.1% as compared to the corresponding period last year. Weak macro-economic environment and competitive pressures on pricing, continued to impact the operations during the quarter. Standalone revenues (net of excise) for the quarter ended March 31, 2013 stood at Rs.110680.000 Millions, as compared to Rs.16,391 crores for the corresponding quarter of the previous year. The operating margin was 3.6% for the quarter ended March 31, 2013, as compared to 9.5% in a strong quarter; corresponding period last year. Loss Before Tax and Loss After Tax for the quarter ended March 31, 2013 was Rs.4850.000 Millions and Rs.3120.000 Millions, respectively, against the Profit Before Tax and Profit After Tax of Rs.6520.000 Millions and Rs.5650.000 Millions, respectively, for the corresponding quarter last year.

The revenues (net of excise) for the for FY 2012-13, were Rs.447660.000 Millions as compared to Rs.543070.000 Millions in the corresponding period last year. The Operating margin for the year stood at 4.8%. Profit Before Tax for the year was Rs.1750.000 Millions, compared to Rs.13410.000 Millions for the corresponding period last year. The Profit Before Tax for the period included dividend from Jaguar Land Rover and other subsidiaries amounting to Rs.15840.000 Millions (Rs.1140.000 Millions in the corresponding period last year). The Standalone Profit After Tax for the year was Rs.3020.000 Millions, as compared to Rs.12420.000 Millions in the corresponding period last year.

In the domestic market, the commercial vehicles sales for the year ended March 31, 2013, stood at 5,36,232 units, driven by the LCV segment, and the Company's overall market share in commercial vehicles stood at 59.5% for the year. The passenger vehicles sales, stood at 229,325 units for the year ended March 31, 2013, and the overall market share stood at 8.9%.

Jaguar Land Rover Automotive plc - (figures as per IFRS)

JLR wholesales for the quarter ended March 31, 2013, grew 18.7% over corresponding period last year to 116,340 units, its strongest ever quarterly global sales performance reflective of growth across its markets. Of this, the Jaguar volumes for the period stood at 21,163 units (growth of 49.9% over corresponding period last year) and Land Rover volumes at 95,177 units (growth of 13.4% over corresponding period last year). Strong growth follows the introduction of new products, smaller engine options, and new all-wheel drive in XF and XJ.

Revenues for the quarter ended March 31, 2013, of GBP 5,053 million represented a growth of 21.9% over GBP 4,144 million during the corresponding quarter last year. Operating profit (EBITDA) at GBP 856 million in the quarter, represented a growth of 41.5% over GBP 605 million during the corresponding quarter last year. The Profit Before Tax for the quarter ended March 31, 2013, was GBP 508 million (GBP 530 million in the corresponding quarter last year).. Profit After Tax for the quarter is GBP 378 million (GBP 696 million in the corresponding quarter last year).

The revenues for the year ended March 31, 2013, were GBP 15,784 million as compared to GBP 13,512 million in the corresponding period last year. The Operating profit and margin for FY 2012-13, stood at GBP 2,402 million and 15.2% respectively reflecting volume increase, favourable exchange rate, richer product mix supported by launch of new Range Rover, richer market mix supported by continued growth in China Higher EBITDA is partially offset by increase in Depreciation and amortisation and exchange on revaluation of loans, resulting in a lower growth in Profit Before Tax .Profit Before Tax for year ended March 31, 2013, were GBP 1,675 million(GBP 1,507 million for the corresponding period last year). Profit Before Tax is offset by a higher tax charge, which is a consequence of the recognition of a deferred tax asset in the quarter ended March 31, 2012. Profit After Tax for the year ended March 31, 2013, were GBP 1,215 million, (GBP 1,481 million for the corresponding period last year).

JLR issued new 10 year bond of USD 500 million at 5.625% p.a. during January 2013.

TML Holdings Pte. Limited, a wholly owned subsidiary of Tata Motors Limited, and parent company of Jaguar Land Rover Automotive PLC issued 5 year Senior notes of SGD 350 million at 4.25% during May 2013.

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 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.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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