MIRA INFORM REPORT

Report No. :	352843
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	TATA MOTORS LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-66658282
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.09.1945
Com. Reg. No.:	11-004520
Capital Investment / Paid-up Capital :	Rs. 6791.361 Million
CIN No.: [Company Identification No.]	L28920MH1945PLC004520
IEC No.:	0388002808
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 of passenger vehicles (PVs). (From Indirect Sources)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (71)

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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in 1945, It is India’s largest automobile company and market leader in the domestic commercial vehicle (CV) industry and one of the top five manufacturers of passanger vehicles (PVs) in India. It has six manufacturing plants in India located at Pune (Maharashtra), Lucknow (Uttar Pradesh), Jamshedpur (Jharkhand), Pantnagar (Uttaranchal), Dharwad (Karnataka) and Sanand (Gujarat) in India. In FY2015, the company’s market share in the domestic CV and PV industry stood at 49.5% and 5.3%, respectively. The rating takes into consideration strong financial risk profile marked by strong networth base of the company along with its sufficient debt level in FY15. The management has reported losses from its operations in the year 2015, however overall fundamentals of the company is strong and healthy. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of aforesaid, the company can be considered for business dealings with 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA RATING
Rating	Long Term Fund Based Limit = AA
Rating Explanation	High degree of safety and very low credit risk
Date	September 2015

Rating Agency Name	ICRA RATING
Rating	Short Term Non-Fund Based Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	September 2015

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 31-03-2015.

INFORMATION DENIED

Management non co-operative (Tel. No.: 91-22-66658282)

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66658282
Fax No.:	91-22-66657799
E-Mail :	inv_rel@tatamotors.com
Website :	www.tatamotors.com
Corporate Office :	One Indiabulls Centre Tower 2A, 14th 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 31.03.2015

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 :	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. Ravindra Pisharody
Designation :	Executive Director
Name :	Mr. Satish B Borwankar
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. H K Sethna
Designation :	Company Secretary
CORPORATE STEERNG COMMITTEE
Name :	Mr. Cyrus P Mistry
Designation :	Non-Executive Director and Chairman
Name :	Mr. Ravindra Pisharody
Designation :	Executive Director (Commercial Vehicle)
Name :	Mr. Satish Borwankar
Designation :	Executive Director (Quality)
Name :	Mr. C Ramakrishanan
Designation :	President and Chief Financial Officer
Name :	Mr. Mayank Pareek
Designation :	President (Passanger Vehicle Business Unit)
Name :	Dr. Timothy Leverton
Designation :	President and Head, Advanced and Product Engineering
Name :	Mr. Gajendra Chandel
Designation :	Chief Human Resources Officer
OTHER SENIOR MANAGEMENT
Name :	Mr. Prasann Chobe
Designation :	Senior Vice President (Head Manufacturing Operations, CVBU)
Name :	Mr. Girish Wagh
Designation :	Senior Vice President (PPPM, PVBU)
Name :	Mr. Abhijit Gajendragadkar
Designation :	Senior Vice President (Business planning and controlling)
Name :	Mr. Bharat Kumar Parekh
Designation :	(Head P and SC)
Name :	Mr. R Ramakrishnan
Designation :	Senior Vice President (Commercial CVBU)
Name :	Mr. Nagesh Pringe
Designation :	Vice President (Internal Audit)

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	% of holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	951363817	40.91
Any Others (Specify)	1774880	0.08
Trusts	1774880	0.08
Sub Total	953138697	40.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	953138697	40.98
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	136948977	5.89
Financial Institutions / Banks	4547673	0.20
Central Government / State Government(s)	2033825	0.09
Insurance Companies	355014309	15.27
Foreign Institutional Investors	507546134	21.82
Any Others (Specify)	124569148	5.36
Others	188073	0.01
Others	12447262	0.54
Foreign Portfolio Investments Corporation	111665062	4.80
Foreign Individuals	266751	0.01
Others	2000	0.00
Sub Total	1130660066	48.62
(2) Non-Institutions
Bodies Corporate	16494348	0.71
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	180833878	7.78
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	9918544	0.43
Any Others (Specify)	34579249	1.49
Non Resident Indians	12121734	0.52
Clearing Members	12170683	0.52
Trusts	10112611	0.43
Overseas Corporate Bodies	490	0.00
Others	173731	0.01
Sub Total	241826019	10.40
Total Public shareholding (B)	1372486085	59.02
Total (A)+(B)	2325624782	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	561578820	0.00
Sub Total	561578820	0.00
Total (A)+(B)+(C)	2887203602	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Tata Sons Limited	77,89,70,378	26.98
2	Tata Steel Limited	8,36,37,697	2.90
3	Tata Industries Limited	7,22,03,630	2.50
4	Tata Investment Corporation Limited	1,09,61,448	0.38
5	Ewart Investments Limited	30,84,542	0.11
6	Tata Chemicals Limited	19,66,294	0.07
7	Af-Taab Investment Company Limited	3,57,159	0.01
8	Tata Global Beverages Limited	1,23,086	0.00
9	Simto Investment Company Limited	59,583	0.00
10	Sir Ratan Tata Trust	8,59,200	0.03
11	Sir Dorabji Tata Trust	8,08,960	0.03
12	JRD Tata Trust	1,05,280	0.00
13	Lady Tata Memorial Trust	1,440	0.00
	Total	95,31,38,697	33.01

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Government of Singapore	33391984	1.16
2	Life Insurance Corporation of India	180474026	6.25
3	ICICI Prudential Life Insurance Company Limited	58102141	2.01
	Total	271968151	9.42

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	180474026	6.25
	Total	180474026	6.25

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	Citibank N A as Depository for ADR	11,23,15,764	56,15,78,820	19.45
	Total	11,23,15,764	56,15,78,820	19.45

BUSINESS DETAILS

Line of Business :	Manufacturer of passenger vehicles (PVs). (From Indirect Sources)
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

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 Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Privately placed Non-Convertible Debentures	7000.000	19500.000
Term loans from banks :
Buyers’ line of credit (at floating interest rate)	129.200	1210.300
Term loans from others	4795.000	4195.400
Finance lease obligations	109.400	148.000
SHORT TERM BORROWING
From banks
Loans, cash credit, overdrafts accounts	35999.000	17963.100
Buyers’ line of credit (at floating rate interest)	0.000	1483.300
Total	48032.600	44500.100

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Joint Ventures :	Tata Cummins Private Limited (Converted from Public Limited. w.e.f. December 16, 2014) Fiat India Automobiles Private Limited (Converted from Public Limited. w.e.f. January 19, 2015) Chery Jaguar Land Rover Automotive Company Limited Chery Jaguar Land Rover Auto Sales Company Limited [formerely known as Suzhou Chery Jaguar Land Rover Trading Co. Limited. (Interim JV)] Spark44 (JV) Limited TATA HAL Technologies Limited
Associates :	Jaguar Cars Finance Limited Automobile Corporation of Goa Limited Nita Company Limited Tata Hitachi Construction Machinery Company Private. Limited (Converted from Public Limited. w.e.f. March 5, 2015) Tata Precision Industries (India) Limited Tata AutoComp Systems Limited Tata Sons Limited (Investing Party) S.S. Cars Limited The Lanchester Motor Company Limited Shanghai Jaguar Land Rover Automotive Services Company Limited Jaguar Land Rover Pension Trustees Limited JDHT Limited (Acquired with effect from February 2, 2015) Land Rover Group Limited (Liquidated with effect from June 30, 2014) Tata Daewoo Commercial Vehicle Company Limited Tata Daewoo Commercial Vehicle Sales and Distribution Company Limited. Tata Motors (Thailand) Limited Tata Motors (SA) (Proprietary) Limited. PT Tata Motors Indonesia PT Tata Motors Distribusi Indonesia Tata Technologies Inc. Tata Technologies (Canada) Inc Tata Technologies de Mexico, S.A. de C.V. Tata Technologies Pte Limited Tata Technologies (Thailand) Limited Tata Technologies Europe Limited INCAT International Plc. INCAT GmbH Cambric Holdings Inc. (Merged with Tata Technologies Inc. w.e.f. December 31, 2014) Cambric Corporation (Merged with Tata Technologies Inc. w.e.f. December 31, 2014) Cambric Limited Tata Technologies SRL (formerly known as Cambric Consulting SRL) Cambric GmbH Cambric UK Limited Cambric Managed Services Inc. (Dissolved w.e.f. September 9, 2014) Midwest Managed Services Inc Cambric Manufacturing Technologies (Shanghai) Companyx Limited  Tata Motors Finance Solutions Private. Limited. (formerly known as Rajasthan Leasing Private Limited Acquired w.e.f January 19, 2015)
Subsidiaries :	Concorde Motors (India) Limited Sheba Properties Limited TAL Manufacturing Solutions Limited Tata Motors European Technical Centre PLC Tata Motors Insurance Broking and Advisory Services Limited Tata Motors Finance Limited TML Holdings Pte. Limited TML Distribution Company Limited Tata Hispano Motors Carrocera S.A Tata Hispano Motors Carrocerries Maghreb SA (Direct subsidiary of Tata Motors Limited w.e.f. June 23, 2014) TML Drivelines Limited Trilix S.r.l. Tata Precision Industries Pte. Limited Tata Technologies Limited Tata Marcopolo Motors Limited Jaguar Land Rover Automotive Plc Jaguar Land Rover Limited Jaguar Land Rover Austria GmbH Jaguar Land Rover Japan Limited JLR Nominee Company Limited Jaguar Land Rover Deutschland GmbH Jaguar Land Rover North America LLC Jaguar Land Rover Nederland BV Jaguar Land Rover Portugal - Veículos e Peças, Lda Jaguar Land Rover Australia Pty Limited Jaguar Land Rover Italia Spa Jaguar Land Rover Korea Company Limited Jaguar Land Rover Automotive Trading (Shanghai) Company Limited Jaguar Land Rover Canada ULC Jaguar Land Rover France, SAS Jaguar Land Rover (South Africa) (Pty) Limited Jaguar e Land Rover Brasil Importacao e Comercia de Veiculos Ltda Jaguar Land Rover (South Africa) Holdings Limited Jaguar Land Rover India Limited Jaguar Land Rover Espana SL Jaguar Land Rover Belux NV Jaguar Land Rover Holdings Limited Jaguar Cars South Africa (Pty) Limited The Jaguar Collection Limited Jaguar Cars Limited Land Rover Exports Limited Land Rover Ireland Limited Land Rover Parts Limited The Daimler Motor Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
350,00,00,000	Ordinary Shares	Rs. 2/- each	Rs. 7000.000 Million
100,00,00,000	‘A’ Ordinary Shares	Rs. 2/- each	Rs. 2000.000 Million
30,00,00,000	Convertible Cumulative Preference Shares	Rs. 100/- each	Rs. 30000.000 Million
	Total		Rs. 39000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
273,71,97,592	Ordinary Shares	Rs. 2/- each	Rs. 5474.400 Million
48,22,06,515	‘A’ Ordinary Shares	Rs. 2/- each	Rs. 964.400 Million
	Total		Rs. 6438.800 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
273,67,13,122	Ordinary Shares	Rs.2/- each	Rs.5473.400 Million
48,19,66,945	‘A’ Ordinary Shares	Rs.2/- each	Rs.964.000 Million
	Less: Calls Unpaid – Ordinary Shares		Rs.0.100 Million
	Forfeited Shares – Ordinary Shares		Rs.0.500 Million
	Total		Rs.6437.800 Million

Movement of number of shares and share capital:

Particulars	Number of Shares	Rs. In Million
Ordinary shares
Shares as on April 1	273,67,13,122	5473.400
Add: Shares issued out of held in abeyance	--	--
Add: Shares issued through conversion of Foreign Currency
Convertible Notes (FCCN) / Convertible Alternative Reference	--	--
Shares as on March 31	273,67,13,122	5473.400
(ii) ‘A’ Ordinary shares
Shares as on April 1	48,19,66,945	964.000
Add: Shares issued out of held in abeyance	--	--
Shares as on March 31	48,19,66,945	964.000

Rights, preferences and restrictions attached to shares:

(i) Ordinary shares and ‘A’ Ordinary shares, both of Rs. 2 each:

• The Company has two classes of shares – the Ordinary shares and the ‘A’ Ordinary shares both of `2 each (together referred to as shares). In respect of every Ordinary share (whether fully or partly paid), voting rights shall be in the same proportion as the capital paid up on such Ordinary share bears to the total paid up Ordinary share capital of the Company. In case of every ‘A’ Ordinary share, if any resolution is put to vote on a poll or by postal ballot at any general meeting of shareholders, the holder shall be entitled to one vote for every ten ‘A’ Ordinary shares held as per the terms of its issue and if a resolution is put to vote on a show of hands, the holder of ‘A’ Ordinary shares shall be entitled to the same number of votes as available to holders of Ordinary shares.

• The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. Further, the Board of Directors may also declare an interim dividend. The holders of ‘A’ Ordinary shares shall be entitled to receive dividend for each financial year at five percentage point more than the aggregate rate of dividend declared on Ordinary shares for that financial year.

• In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholdings.

(ii) American Depositary Shares (ADSs) and Global Depositary Shares (GDSs):

• Each ADS and GDS underlying the ADR and GDR respectively represents five Ordinary shares of Rs. 2 each. A holder of ADS and GDS is not entitled to attend or vote at shareholders meetings. An ADS holder is entitled to issue voting instructions to the Depositary with respect to the Ordinary shares represented by ADSs only in accordance with the provisions of the Company’s ADSs deposit agreement and Indian Law. The depositary for the ADSs and GDSs shall exercise voting rights in respect of the deposited shares by issue of an appropriate proxy or power of attorney in terms of the respective deposit agreements.

• Shares issued upon conversion of ADSs and GDSs will rank pari passu with the existing Ordinary shares of Rs. 2 each in all respects including entitlement of the dividend declared.

Number of shares held by each shareholder holding more than 5 percent of the issued share capital:

Name of Shareholder	% of Issued Share Capital	No. of Shares
Ordinary shares :
(a) Tata Sons Limited	25.67	70,23,33,345
(b) Tata Steel Limited 5.	5.54	15,16,87,515
(c) Citibank N A as Depositary	#	58,22,60,190
(ii) ‘A’ Ordinary shares :
(a) Matthews Asia Dividend Fund 6.	*	*
(b) HSBC Global Investment Funds A/C HSBC Global Investment Funds Mauritius Limited	5.16	2,48,78,664

Information regarding issue of shares in the last five years

a) The Company has not issued any shares without payment being received in cash.

b) There has been no issue of bonus shares.

c) The Company has not undertaken any buy-back of shares

The entitlements to 4,84,470 Ordinary shares of Rs. 2 each (as at March 31, 2014 : 4,84,470 Ordinary shares of Rs. 2 each) and 2,39,570 ‘A’ Ordinary shares of Rs. 2 each (as at March 31, 2014: 2,39,570 ‘A’ Ordinary shares of Rs. 2 each) are subject matter of various suits filed in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.

Subsequent to the year ended March 31, 2015, the Company alloted 15,04,90,480 (including 3,20,49,820 shares underlying the ADRs) Ordinary shares at a premium of Rs. 448 per share aggregating `6,772.07 crores and 2,65,09,759 ‘A’ Ordinary shares at a premium of Rs. 269 per share, aggregating Rs. 7180.400 million, pursuant to a Rights issue. 1,54,279 Ordinary shares and 20,531 ‘A’ Ordinary shares have been kept in abeyance.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6437.800	6437.800	6380.700
(b) Reserves & Surplus	142188.100	185328.700	184967.700
(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)	148625.900	191766.500	191348.400
(3) Non-Current Liabilities
(a) long-term borrowings	123189.600	97464.500	80517.800
(b) Deferred tax liabilities (Net)	0.000	431.100	19639.100
(c) Other long term liabilities	2868.000	11554.800	12384.400
(d) long-term provisions	21041.900	8152.000	6911.900
Total Non-current Liabilities (3)	147099.500	117602.400	119453.200
(4) Current Liabilities
(a) Short term borrowings	77620.100	47690.800	62169.100
(b) Trade payables	88526.500	96723.600	84550.200
(c) Other current liabilities	31428.800	24631.800	49231.000
(d) Short-term provisions	6130.900	18929.100	15095.800
Total Current Liabilities (4)	203706.300	187975.300	211046.100
TOTAL	499431.700	497344.200	521847.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	122605.000	121335.000	122877.100
(ii) Intangible Assets	35227.300	31070.700	31680.300
(iii) Capital work-in-progress	13499.500	17168.500	15078.400
(iv) Intangible assets under development	46908.400	46382.200	32449.600
(b) Non-current Investments	169669.500	183575.700	181717.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24035.600	29183.000	35752.400
(e) Other Non-current assets	1756.700	1238.500	943.200
Total Non-Current Assets	413702.000	429953.600	420498.100
(2) Current assets
(a) Current investments	202.200	1008.500	17626.800
(b) Inventories	48020.800	38625.300	44550.300
(c) Trade receivables	11144.800	12167.000	18180.400
(d) Cash and cash equivalents	9447.500	2261.500	4628.600
(e) Short-term loans and advances	15744.100	12237.700	15320.900
(f) Other current assets	1170.300	1090.600	1042.600
Total Current Assets	85729.700	67390.600	101349.600
TOTAL	499431.700	497344.200	521847.700

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	362947.400	342881.100	447657.200
	Other Income	18814.100	38330.300	20882.000
	TOTAL	381761.500	381211.400	468539.200
Less	EXPENSES
	Cost of Materials Consumed	221552.300	204928.700	272442.800
	Purchases of Stock-in-Trade	57652.400	50498.200	58644.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8788.200)	3717.200	(1436.000)
	Employees benefits expense	30914.600	28776.900	28370.000
	Other expenses	80803.900	69718.700	77833.200
	Product development expense / Engineering expenses	4374.700	4287.400	4257.600
	Expenditure transferred to capital and other accounts	(11187.500)	(10091.100)	(9538.000)
	Exceptional Items	4037.500	5398.600	4162.000
	TOTAL	379359.700	357234.600	434736.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2401.800	23976.800	33803.100
Less	FINANCIAL EXPENSES	16116.800	13531.800	13877.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(13715.000)	10445.000	19925.500
Less/ Add	DEPRECIATION/ AMORTISATION	26032.200	20703.000	18176.200
	PROFIT/ (LOSS) BEFORE TAX	(39747.200)	(10258.000)	1749.300
Less	TAX	7642.300	(13603.200)	(1268.800)
	PROFIT/ (LOSS) AFTER TAX	(47389.500)	3345.200	3018.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	9775.900	13427.900	16639.100
Less	APPROPRIATIONS
	Debenture Redemption Reserve	--	-	(1300.000)
	General Reserve	--	334.500	301.800
	Other Reserves	--	-	-
	Dividend (including dividend distribution tax)	(934.000)	6662.700	7227.500
	BALANCE CARRIED TO THE B/S	(36679.600)	9775.900	13427.900
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. value of goods exported	39801.600	35082.600	34190.500
	Rent income	0.000	41.000	73.000
	Commission	17.700	20.700	13.300
	Interest and dividend	15296.500	13858.900	14305.800
	Sale of services	583.100	752.900	275.700
	Profit on sale of investment	134.900	19661.200	0.000
	TOTAL EARNINGS	55833.800	69417.300	48858.300
	IMPORTS
	Raw material and components	12545.700	10496.500	10570.300
	Machinery spares and tools	377.800	354.600	606.600
	Capital Goods	3876.200	2683.700	2753.400
	Vehicles / spare parts / accessories for sale	1954.800	2740.300	4569.800
	Other items	160.100	356.800	383.200
	TOTAL IMPORTS	18914.600	16631.900	18883.300
	Earnings Per Share (Rs.)
	Ordinary shares (Face value of Rs.2 each)
	Basic	(14.72)	1.03	0.93
	Diluted	(14.72)	1.03	0.93
	‘A’ Ordinary shares (Face value of Rs.2 each)
	Basic	(14.72)	1.13	1.03
	Diluted	(14.72)	1.13	1.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	43989.100	56878.100	99402.100
Cash generated from operations	393769.300	404594.900	244026.800
Net cash flows from (used in) operations	351828.900	361511.600	221626.100

QUARTERLY RESULTS

PARTICULARS	30.06.2015 Unaudited 1^st Quarter	30.09.2015 Unaudited 2^nd Quarter
Net Sales	92969.900	105010.800
Total Expenditure	89508.100	98894.000
PBIDT (Excl OI)	3461.800	6116.800
Other Income	9802.400	2178.5000
Operating Profit	13264.200	8295.300
Interest	4276.100	3640.400
Exceptional Items	(182.500)	(1277.300)
PBDT	8805.600	3377.600
Depreciation	6117.700	6225.800
Profit Before Tax	2687.900	(2848.200)
Tax	112.200	26.400
Provisions and contingencies	NA	NA
Profit After Tax	2575.700	(2874.600)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	2575.700	(2874.600)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(13.06)	0.98	0.67
Operating Profit Margin (PBIDT/Sales)	(%)	0.66	6.99	7.55
Return on Total Assets (PBT/Total Assets}	(%)	(14.76)	(4.10)	0.60
Return on Investment (ROI) (PBT/Networth)		(0.27)	(0.05)	0.01
Debt Equity Ratio (Total Debt /Networth)		1.35	0.76	0.75
Current Ratio (Current Asset/Current Liability)		0.42	0.36	0.48

STOCK PRICES

Face Value	Rs. 2.00/-
Market Value	Rs. 414.85/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	6380.700	6437.800	6437.800
Reserves & Surplus	184967.700	185328.700	142188.100
Share Application money pending allotment	0.000	0.000	0.000
Net worth	191348.400	191766.500	148625.900
long-term borrowings	80517.800	97464.500	123189.600
Short term borrowings	62169.100	47690.800	77620.100
Current Maturities of Long Term Debt	99402.100	56878.100	43989.100
Total borrowings	242089.000	202033.400	244798.800
Debt/Equity ratio	1.265	1.054	1.647

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	447657.200	342881.100	362947.400
		(23.405)	5.852

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	447657.200	342881.100	362947.400
Profit	3018.100	3345.200	(47389.500)
	0.67%	0.98%	(13.06%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 16/07/2015

Lodging No.:- RAL/712/2015 Filing Date:- 16/07/2015

Main Matter

Reg. No.:- RA/712/2015 Reg. Date :- 16/07/2015

Petitioner: THE COMMISSIONER OF CENTRAL EXCISE Respondent: TATA MOTORS LIMITED

Petn. Adv : SIDU DINKAR BHOSALE (I5095)

District: MUMBAI

Bench: SINGLE

Status: PRE-ADMISSION

Act :- Central Excise and Salt Act

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Privately placed Non-Convertible Debentures	50000.000	33000.000
Term loans from banks :
External Commercial Borrowings - USD 500 million (at floating interest rate)	0.000	29950.000
Buyers’ line of credit	14281.000	9460.800
Senior Notes - USD 750 million	46875.000	0.000
SHORT TERM BORROWING
From banks	7000.000	20000.000
Loans and advances from subsidiaries and associates (repayable on demand)	2887.500	310.000
Commercial paper [maximum balance outstanding during the year Rs. 41550.000 million	31733.600	7934.400
Total	152777.100	100655.200

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	90232212	22/03/2002	278,985,000.00	IDBI BANK LTD.	MUMBAI, MUMBAI, Maharashtra - 400005, INDIA	-
3	90230998	25/05/2000 *	3,000,000,000.00	CENTRAL BANK OF INDIA	JEHANGIR WADIA BUILDING, M. G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA	-
4	90229254	26/06/2012 *	140,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH- CENTRAL, 3rd Floor, NevilleHouse, J.N.Heredia Marg,Ballarad Est, MUMBAI, Maharashtra - 400001, INDIA	B42008367
5	90230950	30/08/2006 *	37,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP-CENTRAL BRANCH, 20th FLOO  R, EXPRESS TOWERS, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
6	90232005	22/01/1997	1,261,200,000.00	STATE BANK OF INDIA	NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
7	90230805	15/02/1995 *	940,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
8	90228661	16/07/1993	30,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, BOMBAY, Maharashtra - 400005, INDIA	-
9	90230659	06/03/1997 *	3,755,554,950.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
10	90232359	03/12/1996 *	3,755,554,950.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-

* Date of charge modification

OPERATING RESULTS AND PROFITS

The Global growth remained moderate in Fiscal 2015 with uneven prospects across the major economies. The outlook for advanced economies is improving while growth in emerging market and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil and raw material exporting economies. The US economy has been creating jobs resulting in decline in unemployment rate and its housing market as well as stock indicator have moved up demonstrating the continued recovery in the US. Euro zone was in recession for much of 2014, but showed signs of pickup in the fourth quarter and in early 2015. Eurozone is expected to benefit from QE supported by lower oil prices, lower interest rates and weaker Euro. UK grew by 2.6% in 2014, backed by consumer spending on account of lower inflation and higher wage growth. In China the growth rate declined, reflecting a slowdown in the broader economic parameters including in the real estate sector. But government continued to support the economy with several measures including the easing of monetary policy. India’s economic growth rate in Fiscal 2015 came at 7.3% (Previous Year 6.9%. (4.7% as per earlier methodology). India’s economy was in the midst of a recovery with lower fiscal and current account deficit, slowing inflation, lowering interest rate and weak commodity prices coupled with steep decline in oil price over the previous year. All these led to revival and growth in some sector of the economy. As a result, the domestic auto industry witnessed growth during the fiscal year 2015, after witnessing de-growth in the previous fiscal year. Expectation of higher capital formation, revival in the areas of mining, and quarrying as well as manufacturing initiated the replacement of old vehicles and thus supported the growth for the domestic auto industry The Tata Motors Group recorded a 12.6% growth in gross turnover to `266,345 crores in Fiscal 2015 from `236,626 crores in the previous year. This is the highest turnover recorded by the Group. The consolidated revenue (net of excise) for Fiscal 2015 of `262,796 crores grew by 12.9% over last year on the back of strong growth in wholesale volumes across products and richer product mix markets at Jaguar Land Rover and strong M&HCV sales in India (during second half of the year). The consolidated EBITDA margins for Fiscal 2015 stood at 16.0%. Consequently, Profit Before Tax and Profit After Tax were `21,703 crores and `13,986 crores respectively.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMY OVERVIEW

In the wake of a new Central Government, higher spending on gross capital formation, slowing inflation, lowering interest rates and crude oil price compared to the previous fiscal year, some sectors of the economy have started showing signs of revival and higher growth. Both fiscal and current account deficits remained relatively stable, which contributed to growth.

As adjusted for a methodological revision in India’s GDP calculation, GDP for Fiscal 2014 increased by 6.9% (compared to a previous estimate of 4.7%) and GDP for Fiscal 2015 increased by 7.3% (compared to a previous estimate of 5.5%). Growth in Agriculture and Industry decreased in Fiscal 2015 by 1.1% as compared to 3.7% while services sector growth increased by 8.4% as compared to 11.1% in the same period. IIP growth has shown signs of revival based on increases in IIP between November 2014 to March 2015. IIP increased by 2.8% in Fiscal 2015 as compared to a decrease of 0.1% in Fiscal 2014. Significant factors influencing IIP growth in Fiscal 2015 included a 1.4% increase in the mining sector in Fiscal 2015 compared to a decrease of 0.6% in Fiscal 2014, and an increase in the manufacturing sector of 2.3%, compared to a decrease of 0.8% in Fiscal 2014. However, consumer durables continue to remain negative at 12.5% (negative 12.2% in Fiscal 2014) (Source: Ministry of Statistics and Programme implementation).

The domestic auto industry witnessed growth during Fiscal 2015, compared to a contraction in the previous year. Lower interest rates and inflation in Fiscal 2015 compared to Fiscal 2014 contributed to an improvement in consumer sentiment, which in turn contributed to an increase in automobile purchases. Expectations of higher capital expenditures and revivals in the mining, quarrying and manufacturing sectors contributed to replacements of old vehicles in commercial fleets, which in turn contributed to growth in the domestic auto industry.

OUTLOOK

The Company expects that the M&HCV Truck segment in India will likely register a growth in Fiscal 2016, driven by continuing trends towards the replacement of ageing fl eet vehicles and expectations of increases in demand from the infrastructure and industrial sectors due to reforms being initiated by the Government of India. The Company expects that the demand for new commercial vehicles will also be driven by gradual acceptance of advance trucking platforms, the progression to Bharat Stage V emissions norms and the introduction of technologies, such as anti-lock braking systems

The Company expects that faster growth and improved consumer sentiments should boost sales of passenger cars and utility vehicles in India.

The improved sales outlook for utility vehicles, cars, buses and trucks comes against the backdrop of the Government of India’s annual budget proposal to raise investment in infrastructure, including roads and railways. The Company expects infrastructure investment to be allocated to rural areas which will lead to increased automotive demand.

The Company expects that, due to pressures on volumes in India and limited headrooms in pricing, due to the intensely competitive market dynamics, the focus will be on effective cost management 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 stakeholders.

One of the key elements of this strategy is 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 strategy includes, among other things, improving the physical appearances of contact points with customers and the creation of processes and forums for speedy resolution of customer issues.

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

Continued investment, by Jaguar Land Rover, in new products and technologies as well as expanding its production capacity in appropriate strategic locations, while balancing production with sales, is key for the success of the Company.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.09.2015

(Rs. In Million)

Particulars		Quarter Ended		Six Months Ended
		30.09.2015	30.06.2015	30.09.2015
		Unaudited	Unaudited	Unaudited
(A)
1	Vehicle sales (in Nos.) (Includes traded vehicles)
	Commercial vehicles	778830.000	716270.000	149610.000
	Passenger cars and utility vehicles	341030.000	322960.00	664010.000
	Exports	147040.000	135140.000	282180.000
2	Vehicle sales (in Nos.)
	Commercial vehicles	930590.000	685730.000	1816320.000
	Passenger cars and utility vehicles	21401.000	187630.000	401640.000
		1144600.000	1073380.000	2217960.000
(B)
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	104014.300	91976.200	196990.800
	(b) Other Operating Income	996.500	1007.100	2003.600
	Total income from operations (net)	105010.800	92983.300	107994.100
2	Expenses
	(a) Cost of materials consumed	60524.100	55814.100	116338.200
	(b) Purchases of stock-in trade	13111.000	13587.100	26698.100
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	802.700	(4073.500)	(3570.000)
	(d) Employee benefits expense	7311.000	7700.100	15011.100
	(e) Depreciation and Anmortisation Expenses	6225.800	6117.700	12343.500
	(f) Product development / Engineering expense	976.700	943.100	1919.800
	(g) Other Expenses	19144.400	18108.500	37262.900
	(h) Amount capitalised	(2675.800)	(2557.900)	(5233.700)
	Total expenses	105118.900	96639.200	200769.100
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	(109.100)	(2656.900)	(2765.000)
4	Other Income
	(a) Profit on sale of Investment in a subsidiary	--	3244.800	3244.800
	(b) Others	2178.500	6557.600	8736.100
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	2069.400	7146.500	9215.900
6	Finance Costs	3640.400	4278.100	7916.500
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	(1571.000)	2870.400	1299.400
8	Exceptional items
	(a) Exchange loss / (gain) (net) including on revolution of foreign currency borrowings, deposits and loans	281.700	94.400	376.100
	(b) Provision for loan given and costs associated with closure of operations of subsidiary	978.600	--	978.800
	(c) Employee separation cost	17.000	88.100	105.100
9	Profit/ (Loss) from ordinary activities before tax (7+8)	(2848.300)	2687.900	(160.400)
10	Tax expenses	26.400	112.200	138.600
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	(2874.700)	2875.700	(299.000)
12	Extraordinary item (net of tax expense)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	(2874.700)	2875.700	(299.000)
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)	(2874.700)	2875.700	(299.000)
17	Paid up equity share capital (Face Value of Rs.2/-each)	6791.800	6791.800	6791.800
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	(0.85)	0.76	(0.09)
	(b) Diluted	(0.85)	0.76	(0.09)
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	(0.85)	0.76	(0.09)
	(b) Diluted	(0.85)	0.76	(0.09)
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	A. Ordinary Share
	- Number of shares	1372486085	1277826079	1372486085
	- Percentage of shareholding	47.54%	44.26%	47.54%
	B. ‘A’ Ordinary Share
	- Number of shares	606861682	606861682	606861682
	- Percentage of shareholding	99.43%	99.49%	99.49%
2	Promoters and Promoter group shareholding
	A. Ordinary Share
	a) Pledged / Encumbered
	- Number of shares	61400000	61400000	61400000
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	6.44%	8.19%	6.44%
	- Percentage of shares (as a % of the total Share Capital of the Company)	2.13%	2.13%	2.13%
	b) Non Encumbered
	- Number of shares	891738697	930259496	891738697
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	93.56%	93.81%	93.56%
	- Percentage of shares (as a % of the total Share Capital of the Company)	30.88%	52.21%	30.88%
	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	2615022	2615022	2615022
	- 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)	0.51%	0.51%	0.51%
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	11
	Received during the quarter	7
	Disposed off during the quarter	10
	Remaining unresolved at the end of the quarter	8

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		30.09.2015
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	6791.800
	b) Reserves & Surplus	214534.000
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	221325.800
2	Share application money pending allotment
3	Minority Interest
4	Non-current liabilities
	(a) Long term borrowings	117670.400
	(b) Other long term liabilities	2701.300
	fc) Long term provisions	18562.600
	Sub Total- Non Current Liabilities	138934.500
5	Current liabilities
	(a) Short term borrowings	46814.400
	(b) Trade Payables	77917.500
	(c) Other current liabilities	41003.400
	(d) Short term provisions	1163.200
	Sub Total- Current Liabilities	176898.500
	TOTAL-EQUITY AND LIABILITIES	537158.800
B	ASSETS
1	Non-current assets
	(a) Fixed assets	219925.100
	(b) Non-current investment	169473.600
	(c) Long term loans and advances	24716.000
	(d) Other non-current assets	2057.700
	Sub-Total- Non-current assets	416172.400
2	Current assets
	a) Current Investments	15261.800
	b) Inventories	53120.100
	c) Trade Receivables	13619.000
	d) Cash and cash equivalents	3692.300
	(e) Short term loans and advances	33843.300
	(f) Other current assets	1449.800
	Sub-Total- current assets	120986.400
	TOTAL ASSETS	5317158.800

Note:

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 Novembers 06, 2015.

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

3. Other income for the quarter and six months ended September 30, 2015, includes dividend from subsidiaries of Rs. 73.97 crores and Rs. 555.01 crores. respectively (Rs.747.600 Million and Rs. 16234.100 Million for the quarter and six months ended September 30, 2014, respectively).

4. During the six months ended September 30, 2015, the Company has received an additional consideration of Rs. 3244.800 Million from TML Holdings Pte Limited, Singapore, a wholly owned subsidiary towards divestment of investments in the quarter ended December 31, 2013 in a foreign subsidiary.

5. a) During the six months ended September 30, 2015, the Company allotted 15,04,90,480 Ordinary shares (including 3,20,49,820 shares underlying the ADRs) of Rs.2 each at a premium of Rs.448 per share, aggregating Rs. 6.7720.700 Million and 2,65,09,759 'A' Ordinary shares of Rs. 2 each at a premium of Rs. 269 per share, aggregating Rs. 7184.200 Million pursuant to the Rights issue. 1,54,279 Ordinary shares and 20,531 'A' Ordinary shares have been kept in abeyance.

6. Basic and diluted earnings per share for quarter and six months ended September 30, 2014 and year ended March 31, 2015 have been retrospectively adjusted for the bonus element in respect of the Rights issue

7. a) Debt Service Coverage Ratio = (Profit from ordinary activities before tax + Interest on long-term loans)/(interest on long-term loans + Repayment of long-term loans during the period)

b) Interest Service Coverage Ratio = (Profit from ordinary activities before tax + Interest on long-term loans)/Interest on long-term loan For the purpose of calculation in 7 (a) and 7 (b) above, loans having original maturity of more than 360 days are considered as Long-term loans.

8. 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 are considered to constitute one single primary segment.

9. Public shareholding of Ordinary shares as at September 30, 2015 excludes 19.45% (21.25% as at September 30, 2014, 21.28% as at March 31, 2015) of Citibank N.A. as Custodian for Depository shares.

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

FIXED ASSETS:

· Land

· Buildings

· Plant and machinery

· Equipment

· Vehicles

· Office equipment

· Computers and other

· Water system and sanitization

· Plant and machinery

· Leasehold land

· Computer software

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. 66.84
UK Pound	1	Rs. 101.04
Euro	1	Rs. 73.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	5
--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		71

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.