1. Summary Information

		Country	India
Company Name	TATA MOTORS LIMITED	Principal Name 1	Mr. Ratan N. Tata
Status	Good	Principal Name 2	Mr. N. N. Wadia
		Registration #	11-004520
Street Address	Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra, India
Established Date	01.09.1945	SIC Code	--
Telephone#	91–22–66658282 / 66658282	Business Style 1	Manufacturer
Fax #	91–22–66657799 / 66657799	Business Style 2	Seller
Homepage	http://www.tatamotors.com	Product Name 1	Commercial Vehicles
# of employees	26,214 (Approximately)	Product Name 2	Passenger Vehicles
Paid up capital	Rs. 6,380.700,000/-	Product Name 3	Construction Equipments
Shareholders	Total shareholding of Promoter and Promoter Group (A) = 43.60% Total Public shareholding (B) = 56.40%	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	69 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Aa (73)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	-	Tata Technologies Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	75,868,100,000	Current Liabilities	146,165,600,000
Inventories	44,550,300,000	Long-term Liabilities	142,686,900,000
Fixed Assets	154,557,400,000	Other Liabilities	41,646,800,000
Deferred Assets	0,000	Total Liabilities	330,499,300,000
Invest& other Assets	246,871,900,000	Retained Earnings	184,967,700,000
		Net Worth	191,348,400,000
Total Assets	521,847,700,000	Total Liab. & Equity	521,847,700,000
Total Assets (Previous Year)	545,192,800,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	447,657,200,000	Net Profit	3,018,100,000
Sales(Previous yr)	543,065,600,000	Net Profit(Prev.yr)	12,422,300,000

MIRA INFORM REPORT

Report Date :

26.06.2014

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 :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

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 fine track record. There seems dip in profitability of the company during the financial year 2013. However, the rating reflects sound market position in the Indian automobile segment, comfortable capital structure and the support it receives from the Tata group. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported as regular and as per commitment. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Tranche 4 NCDs = AAA (SO)
Rating Explanation	Have highest degree of safety and carry lowest credit risk.
Date	April, 2014

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
Corporate Office :	One Indiabulls Centre Tower 2A, 14^th Floor, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013, Maharashtra, India
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 31.03.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	937781325	43.52
Any Others (Specify)	1774880	0.08
Trusts	1774880	0.08
Sub Total	939556205	43.60
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	939556205	43.60
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	23850222	1.11
Financial Institutions / Banks	1481016	0.07
Central Government / State Government(s)	2093075	0.10
Insurance Companies	228661390	10.61
Foreign Institutional Investors	741737385	34.42
Any Others (Specify)	11651595	0.54
Foreign Bodies DR	11018391	0.51
Foreign Institutional Investors - DR	632213	0.03
Foreign Nationals - DR	991	0.00
Sub Total	1009474683	46.84
(2) Non-Institutions
Bodies Corporate	9267257	0.43
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	165188009	7.67
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	8613805	0.40
Any Others (Specify)	22938618	1.06
Non Resident Indians	10636982	0.49
Clearing Members	8622607	0.40
Trusts	2897480	0.13
Overseas Corporate Bodies	490	0.00
Foreign Corporate Bodies	781059	0.04
Sub Total	206007689	9.56
Total Public shareholding (B)	1215482372	56.40
Total (A)+(B)	2155038577	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	581674545	0.00
Sub Total	581674545	0.00
Total (A)+(B)+(C)	2736713122	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
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6380.700
(b) Reserves & Surplus	184967.700
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	191348.400
(3) Non-Current Liabilities
(a) long-term borrowings	80517.800
(b) Deferred tax liabilities (Net)	19639.100
(c) Other long term liabilities	12384.400
(d) long-term provisions	6911.900
Total Non-current Liabilities (3)	119453.200
(4) Current Liabilities
(a) Short term borrowings	62169.100
(b) Trade payables	84550.200
(c) Other current liabilities	49231.000
(d) Short-term provisions	15095.800
Total Current Liabilities (4)	211046.100
TOTAL	521847.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	122877.100
(ii) Intangible Assets	31680.300
(iii) Capital work-in-progress	15078.400
(iv) Intangible assets under development	32449.600
(b) Non-current Investments	181717.100
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	35752.400
(e) Other Non-current assets	943.200
Total Non-Current Assets	420498.100
(2) Current assets
(a) Current investments	17626.800
(b) Inventories	44550.300
(c) Trade receivables	18180.400
(d) Cash and cash equivalents	4628.600
(e) Short-term loans and advances	15320.900
(f) Other current assets	1042.600
Total Current Assets	101349.600
TOTAL	521847.700

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		6347.500	6377.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		189912.600	193755.900
4] (Accumulated Losses)		0.000	0.000
NETWORTH		196260.100	200133.000
LOAN FUNDS
1] Secured Loans		69157.700	77660.500
2] Unsecured Loans		40958.600	81327.000
TOTAL BORROWING		110116.300	158987.500
DEFERRED TAX LIABILITIES		21054.100	20231.600
Foreign currency Monetary Item Translation Differences Account		0.000	0.000
TOTAL		327430.500	379352.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		150195.200	134170.700
Capital work-in-progress		40366.700	40585.600
INVESTMENT		204935.500	226242.100
DEFERREX TAX ASSETS		0.000	0.000
Foreign currency Monetary Item Translation Differences Account		2583.500	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45882.300	38913.900
	Sundry Debtors	27083.200	26028.800
	Cash & Bank Balances	18409.600	24289.200
	Other Current Assets	2138.300	0.800
	Loans & Advances	53598.500	51673.400
Total Current Assets		147111.900	140906.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87448.300	54830.400
	Other Current Liabilities	94305.800	75494.900
	Provisions	36008.200	32227.100
Total Current Liabilities		217762.300	162552.400
Net Current Assets		(70650.400)	(21646.300)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		327430.500	379352.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income (Sale of Proceeds and Other Income of operations)	447657.200	543065.600	480404.600
		Other Income (Dividend)	20882.000	5740.800	1832.600
		TOTAL	468539.200	548806.400	482237.200
Less	EXPENSES
		Product Development Expenditure	--	-	1061.700
		Manufacturing and Other Expenses	--	-	440868.300
		Expenditure Transferred to Capital and other Accounts	--	-	(8176.800)
		Exchange Loss on Revaluation of Foreign Currency Borrowings, Deposits and Loans Given	--	-	1471.200
		Loss on Redemption of Investment in Preference Shares held in a subsidiary company	--	-	0.000
		Cost of materials consumed	272442.800	338948.200	-
		Purchase of products for sale	58644.500	64339.500	-
		Changes in inventories of finished goods, work-in-progress and products for sale	-1436.000	(6238.400)	-
		Employee cost/benefits expense	28370.000	26914.500	-
		Product development expense/ Engineering expenses	4257.600	2342.500	-
		Other expenses	77736.500	84055.100	-
		Expenditure transferred to capital and other accounts	-9538.000	(9071.300)	-
		TOTAL	430477.400	501290.100	435224.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		38061.800	47516.300	47012.800
Less	FINANCIAL EXPENSES		13877.600	12186.200	11439.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		24184.200	35330.100	35572.900
Less	DEPRECIATION/ AMORTISATION		18176.200	16067.400	13607.700
	PROFIT BEFORE EXCEPTIONAL AND EXTRA ORDINARY ITEMS AND TAX		6008.000	19262.700	21965.200
Less	EXCEPTIONAL ITEMS		4258.700	5852.400	-
	PROFIT BEFORE TAX		1749.300	13410.300	21965.200
Less	TAX		(1268.800)	988.000	3847.000
	PROFIT AFTER TAX		3018.100	12422.300	18118.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16639.100	20789.200	19341.300
Add	Credit Taken for Dividend Distribution Tax for Previous year		0.000	0.000	0.000
Less	APPROPRIATIONS
		Proposed Dividend	--	12807.000	12742.300
		Tax on Proposed Dividend	7227.500	1830.200	1928.000
		Transfer to General Reserve	301.800	1250.000	--
		Debentures Redemption Reserve	(1300.000)	700.000	2000.000
	BALANCE CARRIED TO THE B/S		13427.900	16624.300	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
		Income From Transfer of Technology	--	-	0.000
		Profit on sale of assets	--	-	0.000
		Others (Profit on sale of investments)	--	-	0.000
		Rent Income	73.000	67.500	-
		Commission	13.300	7.000	-
		Sale of Services	275.700	250.500	-
	TOTAL EARNINGS		48858.300	36769.500	33586.400
	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	86.300
		Other Items	383.200	154.700	2774.300
	TOTAL IMPORTS		18883.300	23254.600	23168.700
	Earnings Per Share (Rs.)
	Basic (Ordinary Shares)		0.93	39.00	30.28
	Diluted		0.93	37.70	28.92
	Basic (‘A’ Ordinary Shares)		1.03	40.00	30.78
	Diluted		1.03	38.70	29.42

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	4.57
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	0.56	0.73
Current Ratio (Current Asset/Current Liability)		0.48	0.62	0.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	470884.400	543065.600	447657.200
		15.329	(17.568)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	470884.400	543065.600	447657.200
Profit	18118.200	12422.300	3018.100
	3.85%	2.29%	0.67%

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
Bench:- Bombay
Lodging No. :	APPL/200/2013	Failing Date:-	15/04/2013	Reg. No.:-	APP/315/2013	Reg. Date:-	06/07/2013
Petitioner:-	ADITYA BIRLA CHEMICALS (INDIA) LIMITED		Respondent:-	TATA MOTORS LIMITED
Petn.Adv:-	MANILAL KHER AMBALAL AND COMPANY		Resp. Adv.:	YATIN R. SHAH (529)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	APPEALS
Status:-	Admitted (Unready)		Stage:-	APPEALS FOR ADMISSION – FRESH (ORIGINAL SIDE MATTERS)
Last Date:-	13/11/2013
Last Coram:-	HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SHRI JUSTICE G.S. PATEL
Act. :	Arbitration and Conciliation Act 1996

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)

Particular	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 MOTORS JANUARY SALES AT 40,481 NOS.

Mumbai, February 01, 2014: Tata Motors’ total sales (including exports) of Tata commercial and passenger vehicles in January 2014 were 40,481 vehicles. The company’s domestic sales of Tata commercial and passenger vehicles for January 2014 were 36,657 nos.

Cumulative sales (including exports) for the company for the fiscal were 475,560 nos.

Commercial Vehicles

The company’s sales of commercial vehicles in January 2014 in the domestic market were 25,683 nos. LCV sales were 17,517 nos., while M&HCV sales stood at 8,166 nos.

Cumulative sales of commercial vehicles in the domestic market for the fiscal were 321,002 nos. Cumulative LCV sales were 232,298 nos., while M&HCV sales stood at 88,704 units.

Passenger Vehicles

Sales of passenger vehicles for January 2014 were at 10,974 nos. Sales of the Nano/ Indica/ Indigo range in January 2014 were 8,463 nos. The Sumo/ Safari/ Aria/ Venture range sales were 2,511 nos.

Cumulative sales of passenger vehicles were 114,490 nos. Cumulative sales of the Nano/ Indica/ Indigo range were at 88,400 nos. Cumulative sales of the Sumo/Safari/ Aria/ Venture range were 26,090 nos.

Exports

The company's sales from exports were 3,824 nos. in January 2014. Cumulative sales from exports for the fiscal were 40,068 nos.

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, 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 8 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 fifth largest truck manufacturer and fourth largest 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.

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013

(Rs. In Millions)

Particulars		Quarter ended		Nine Months ended
		31.12.2013	30.09.2013	31.12.2013
		Unaudited	Unaudited	Unaudited
(A)
1	Vehicle sales (in Nos.) (Includes traded vehicles)
	Commercial vehicles	86047	101902	294909
	Passenger cars and utility vehicles	34829	35411	106195
	Exports	11211	13617	36265
		132087	150930	437369
2	Vehicle sales (in Nos.)
	Commercial vehicles	96578	111321	331731
	Passenger cars and utility vehicles	19310	24129	66595
		115888	135450	398326
(B)
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	76714.000	87611.000	254681.100
	(b) Other Operating Income	982.700	1073.500	2745.100
	Total income from operations (net)	77696.700	88684.500	257426.200
2	Expenses
	(a) Cost of materials consumed	45145.200	51157.200	154746.700
	(b) Purchases of stock-in trade	10324.900	14228.800	36475.200
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	4158.200	449.200	346.100
	(d) Employee benefits expense	7204.300	6967.600	21646.800
	(e) Depreciation and Anmortisation Expenses	5121.800	5190.500	15310.100
	(f) Product development / Engineering expense	1212.400	962.500	3188.100
	(g) Other Expenses	16850.100	16758.800	51502.100
	(h) Amount capitalised	(2607.600)	(2652.800)	(7753.100)
	Total expenses	87409.300	93061.800	275462.000
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	(9712.600)	(4377.300)	(18035.800)
4	Other Income
	(a) Profit on sale of Investment in a subsidiary	19479.000	--	19479.000
	(b) Others	401.500	761.900	17368.900
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	10167.900	(3615.400)	18812.100
6	Finance Costs	3564.900	3399.600	10149.600
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	6603.000	(7015.000)	8662.500
8	Exceptional items
	(a) Exchange loss / (gain) (net) including on revolution of foreign currency borrowings, deposits and loans	118.700	800.300	2460.900
	(b) Provision for loan given and costs associated with closure of operations of subsidiary	--	2020.000	2020.000
	(c) Provision for impalrment of investments in a subsidiary	270.300	--	270.300
	(d) Profit on sales of a division	--	--	--
9	Profit/ (Loss) from ordinary activities before tax (7+8)	6214.000	(9835.300)	3911.300
10	Tax expenses	(6300.000)	(1800.000)	(7600.000)
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	12514.000	(8035.300)	11511.300
12	Extraordinary item (net of tax expense)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	12514.000	(8035.300)	11511.300
14	Share of profit' (loss) of associates	--	--	--
15	Minority Interest	--	--	--
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	12514.000	(8035.300)	11511.300
17	Paid up equity share capital (Face Value of Rs.2/-each)	6437.800	6437.800	6437.800
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	--	--	--
19.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	3.87	(2.50)	3.57
	(b) Diluted	3.87	(2.50)	3.57
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	3.97	(2.50)	3.67
	(b) Diluted	3.97	(2.50)	3.67
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	A. Ordinary Share
	- Number of shares	123,61,71,102	123,61,71,102	123,61,71,102
	- Percentage of shareholding	45.17%	45.17%	45.17%
	B. ‘A’ Ordinary Share
	- Number of shares	47,84,88,213	47,84,88,213	47,84,88,213
	- Percentage of shareholding	99.28%	99.28%	99.28%
2	Promoters and Promoter group shareholding
	A. Ordinary Share
	a) Pledged / Encumbered
	- Number of shares	5,60,00	5,60,00	5,60,00
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	5.96%	5.96%	5.96%
	- Percentage of shares (as a % of the total Share Capital of the Company)	2.05%	2.05%	2.05%
	b) Non Encumbered
	- Number of shares	88,35,56,205	88,35,56,205	88,35,56,205
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	94.04%	94.04%	94.04%
	- Percentage of shares (as a % of the total Share Capital of the Company)	32.28%	32.28%	32.28%
	B. ‘A’ Ordinary Share
	a) Pledged / Encumbered
	- Number of shares	--	--	--
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	--	--	--
	- Percentage of shares (as a % of the total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of shares	34,78,587	34,78,587	34,78,587
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100.00%	100.00%	100.00%
	- Percentage of shares (as a % of the total Share Capital of the Company)	0.72%	0.72%	0.72%
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	5
	Received during the quarter	18
	Disposed off during the quarter	22
	Remaining unresolved at the end of the quarter	1

Notes:

1. The above results have been reviewed by the Audit Committee of the Board and were approved by the Board of Directors at its meeting held on, February 10, 2014.

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

3. Other income for the quarter and nine months ended December 31, 2013, includes dividends from subsidiary companies of Rs. 90.900 Millions and Rs. 15558.000 Millions, respectively (Rs. 90.900 Millions and Rs. 15744.900 Millions for the quarter and nine months ended December 31, 2012, respectively).

4. The Company is in the process of divesting its investments in certain foreign subsidiary companies to TML Holdings Pte Limited, Singapore, a wholly owned subsidiary. Consequently, the quarter and nine months ended December 31, 2013, includes a profit of Rs. 19479.000 Millions on such divestment.

5. In October 2008, the Company moved the Nano project from Singur in West Bengal to Sanand in Gujarat. In June 2011, the newly elected Goverment of West Bengal (State Government) enacted a legislation to cancel, the land lease agreement. The Company challenged the legal validity of the legislation. In June 2012, the High Court of Calcutta ruled against the validity of the legislation and restored Company's rights under the land lease agreement. The State Goverment filed an appeal in the Supreme Court of India, which is pending disposal. Based on management's assessment no provision is considered necessary to the carrying cost of buildings at Singur.

6. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the Company. These, in the context of Accounting Standard 17 on Segment Reporting, as specified in the Companies (Accounting Standards) Rules, 2006, are considered to constitute one single primary segment.

7. Public shareholding of Ordinary shares as on December 31, 2013 excludes 20.50% (19.74% as on September 30, 2013, 16.68% as on December 31, 2012 and 18.39% as on March 31, 2013) held by Citibank N.A. as Custodian for Depository shares.

8. The Statutory Auditors have carried out an audit of the above results stated in Part I (B).

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.60.28
UK Pound	1	Rs.102.28
Euro	1	Rs.82.05

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	DIV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--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	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		73

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	--

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.