MIRA INFORM REPORT

Report No. :	505991
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	TATA MOTORS LIMITED (w.e.f 29.07.2003)
Formerly Known As :	TATA ENGINEERING AND LOCOMOTIVE AND COMPANY LIMITED TATA LOCOMOTIVE AND ENGINEERING COMPANY LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-66658282
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	01.09.1945
Com. Reg. No.:	11-004520
Capital Investment / Paid-up Capital :	INR 6792.200 Million
CIN No.: [Company Identification No.]	L28920MH1945PLC004520
IEC No.: [Import-Export Code No.]	0388002808
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00054F
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
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 :	The Subject is engaged in designs, manufactures and sells a wide range of automotive vehicles. The Company also manufactures engines for industrial and marine applications. (Registered activity)
No. of Employees :	26035 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1945 and is a part of Tata Group. It is India’s largest automobile company and market leader in the domestic commercial vehicle industry and one of the top five manufacturers of passenger vehicles in India. The company has six manufacturing plants in India located at Pune (Maharashtra), Lucknow (Uttar Pradesh), Jamshedpur (Jharkhand), Pantnagar (Uttaranchal), Dharwad (Karnataka) and Sanand (Gujarat) in India. As per the quarterly results of December 2017, the company has achieved sales turnover of INR 7415.60 million and has reported net profit margin of 1.64%. For the financial year ended 2017, the company has achieved a fair growth in its revenue as compared to the previous year but has incurred operational losses. The rating takes into consideration sound financial risk profile marked by strong networth base of the company along with its comfortable debt level. The company has its share price trading at around INR 328.65 on BSE as on April 25, 2018 as against the Face Value (FV) of INR 2. Trade relations are fair. Business is active. Payment seems to be regular. In view of long and established track record of the business along with strong brand recognition and promoters established industry experience, 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.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Loans = AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	08.03.2018

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 26.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE: 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 telco@tata.com
Website :	www.tatamotors.com
Corporate Office 1:	One Indiabulls Centre Tower 2A, 14th Floor, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013, Maharashtra, India
Corporate Office 2:	Plot No 1-10-39 To 44, 4th Floor, Gumidelli Towers, Old Airport Road, Begumpet, Hyderabad - 500016, Telangana, India
Tel. No.:	91-40-66563551/ 66563552/ 66563553/ 66563554/ 66563555
Fax No.:	91-40-66563550
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 2018

Name :	Ms. Falguni Sanjay Nayar
Designation :	Director
Address :	Flat No.9, Rushilla 5th Floor, Carmicheal Road, Mumbai-400026, Maharashtra, India
Date of Birth :	19.02.1963
Qualification :	B.Com, PGDM – Indian Institute of Management, Ahmedabad.
Date of Appointment :	21.08.2013
DIN No.:	00003633
Name :	Mr. Nasser Mukhtar Munjee
Designation :	Director
Address :	Benedict Villa, House No.471 Saud Vaddo, Chorao Island Tiswadi, Goa- 403102, India
Date of Appointment :	25.08.2009
Qualification :	Master’s Degree from the London School of Economics
DIN No.:	00010180
Name :	Mr. Nusli Neville Wadia
Designation :	Director
Address :	Beach House P. Balu Marg, Prabhadevi, Mumbai-400025, Maharashtra, India
Date of Birth:	15.02.1944
Qualification:	Educated in UK
Date of Appointment :	22.12.1998
DIN No.:	00015731
Name:	Mr. Chandrasekaran Natarajan
Designation :	Director
Address :	Flat NOS 21st N and 22nd N 21st S and 22ND S 11&12 Floor "33 South", Peddar Road, (Gopalrao Deshmukh Marg), Mumbai – 400026, Maharashtra, India
Date of Birth :	02.06.1963
Qualifications :	Bachelor’s Degree in Applied Science, Master’s Degree in Computer Application
Expertise in specific functional areas :	Wide experience across various industries.
Date of Appointment :	17.01.2017
PAN No.:	00121863
Name :	Mr. Vinesh Kumar Jairath
Designation :	Director
Address :	194-B, Kalpataru Horizon, S.K. Ahire Marg, Worli Mumbai -400018, Maharashtra, India
Qualification :	B.A. Degree In Public Administration, LLB degree and Masters in Economics
Date of Appointment :	25.08.2009
DIN No.:	00391684
Name:	Mr. Om Prakash Bhatt
Designation :	Director
Address :	03, Ground Floor, Seagull, M L Dahanukar Marg, Mumbai -400026, Maharashtra, India
Date of Birth :	07.03.1951
Qualifications :	Graduate degree in Science, Post Graduate degree in English Literature (Gold Medal)
Expertise in specific functional areas :	Wide experience in Banking and Financial Markets
Date of Appointment :	09.05.2017
PAN No.:	00548091
Name :	Mr. Satish Balkrishna Borwankar
Designation :	Whole Time Director
Address :	Flat No. 22, Viola S No. 118/3-5, Warje Near Cipla Hospital, Kothrud Pune-411052, Maharashtra, India
Date of Birth :	15.07.1952
Qualifications :	B.E (Mech) – IIT, Kanpur
Expertise in specific functional areas :	Wide experience in Automobile Industry, manufacturing and quality functions
Date of Appointment :	10.08.2012
DIN No.:	01793948
Name :	Mr. Ravindra Pisharody
Designation :	Whole Time Director
Address :	Hill Park, Building No. 1, Flat No. 9, 2nd Floor, Ag Bell Road, Malabar Hill Mumbai 400006, Maharashtra, India
Date of Appointment :	10.08.2012
DIN No.:	01875848
Name :	Dr. Ralf Dieter Speth
Designation :	Director
Address :	Kranzhornweg 5 C Raubling Na De
Date of Birth :	09.09.1955
Qualification :	Doctorate of Engineering in Mechanical Engineering and Business Administration
Expertise in specific functional areas :	Wide experience in areas of production, quality and product planning.
Date of Appointment :	12.08.2011
DIN No.:	03318908
Name :	Guenter Karl Butschek
Designation :	Managing Director
Address :	Biberweg 41 Kornwestheim 70806 De
Date of Appointment :	09.08.2016
DIN No.:	07427375
Name :	Hanne Birgitte Breinbjerg Sorensen
Designation :	Additional Director
Address :	Esplanaden 5, 3rd Floor, TH. Copenhagen 1263 DK
Date of Appointment :	03.01.2018
DIN No.:	08035439

KEY EXECUTIVES

Name:	Pathamadai Balachandran Balaji
Designation :	Chief Finance Officer
Address :	1st Floor, Vasukamal Building, Near Agarwal Nursing, 14th Road, Bandra West Mumbai – 400050, Maharashtra, India
Date of Appointment :	14.11.2017
PAN No.:	AAEPB3486B
Name:	Hoshang Keki Sethna
Designation :	Company Secretary
Address :	602 B, Captain House, Dr. Ambedkar Road, Matunga, Mumbai-400019, Maharashtra, India
Date of Appointment :	03.07.1995
PAN No.:	AAVPS6314C
EXCOM
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
Name :	Mr. Shailesh Chandra
Designation :	Vice President Corporate Strategy and Business Transformation
Name :	Ms. Minari Shah
Designation :	Head –Corporate Communications
Name :	Mr. Thomas Flack
Designation :	Chief Purchasing 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. R Ramakrishnan
Designation :	Senior Vice President (Commercial CVBU)
Name :	Mr. Nagesh Pringe
Designation :	Vice President (Internal Audit)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on March 2018

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares
(A) Promoter & Promoter Group	1050259780	36.37
(B) Public	1400063594	63.63
Grand Total	2450323374	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Any Other (specify)	1050259780	36.37
TATA SONS LIMITED	961381852	33.30
TATA INDUSTRIES LIMITED	72203630	2.50
TATA INVESTMENT CORPORATION LIMITED	11000000	0.38
EWART INVESTMENTS LIMITED	3084542	0.11
TATA CHEMICALS LIMITED	1966294	0.07
AF-TAAB INVESTMENT COMPANY LIMITED	357159	0.01
TATA STEEL LIMITED	100000	0.00
SIMTO INVESTMENT COMPANY LIMITED	59583	0.00
J R D TATA TRUST	105280	0.00
LADY TATA MEMORIAL TRUST	1440	0.00
Sub Total A1	1050259780	36.37
A2) Foreign		0.00
A=A1+A2	1050259780	36.37

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	212874499	7.37
RELIANCE CAPITAL TRUSTEE CO LTD - RELIANCE TOP 200 FUND	41640965	1.44
Alternate Investment Funds	700000	0.02
Foreign Portfolio Investors	584842850	20.26
GOVERNMENT OF SINGAPORE	50509300	1.75
Financial Institutions/ Banks	6465322	0.22
Insurance Companies	285448627	9.89
LIFE INSURANCE CORPORATION OF INDIA LTD	149295627	5.17
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	52206965	1.81
Sub Total B1	1090331298	37.76
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	4494324	0.16
Sub Total B2	4494324	0.16
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	208796813	7.23
Individual share capital in excess of INR 0.200 Million	4445935	0.15
NBFCs registered with RBI	65887	0.00
Overseas Depositories (holding DRs) (balancing figure)	0	15.14
CITIBANK N.A. NEW YORK, NYADR DEPARTMENT	0	15.14
Any Other (specify)	91929337	3.18
Bodies Corporate	28869197	1.00
Clearing Members	9292458	0.32
Director or Director's Relatives	500	0.00
HUF	4800163	0.17
IEPF	3556352	0.12
LLP	514654	0.02
Non-Resident Indian (NRI)	14478227	0.50
Trusts	23690048	0.82
Overseas Corporate Bodies	152061	0.01
Others	6575677	0.23
Sub Total B3	305237972	25.71
B=B1+B2+B3	1400063594	63.63

BUSINESS DETAILS

Line of Business :

The Subject is engaged in designs, manufactures and sells a wide range of automotive vehicles. The Company also manufactures engines for industrial and marine applications. (Registered activity)

Products :

NIC Code No.	Product Description
2910	Motor Vehicles
2920	Bodies (Coachwork) for Motor Vehicles
2930	Parts And Accessories for Motor Vehicles
4530	Motor Vehicle Parts And Accessories

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

26035 (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

· Hongkong and Shanghai Banking Corporation

· ICICI Bank Limited

· IDBI Bank

· Indian 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 :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Privately placed Non-Convertible Debentures	7000.000	7000.000
Term loans:
(i) from banks	6215.700	3833.500
(ii) buyer’s line of credit (at floating interest	0.000	143.100
(iii) others	1301.600	1060.800
Finance lease obligations	94.400	100.300
Short-term borrowings
Loans from banks	16629.500	27118.600
Total	31241.200	39256.300
Note: LONG-TERM BORROWINGS Nature of security (on loans including interest accrued thereon) : (a) Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to R200 crores and 10.25% Coupon, Non-Convertible Debentures amounting to R500 crores 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. (b) 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 movable current assets except cash and bank balances, loans and advances of the Company both present and future. Classified under other current liabilities being maturity before March 31, 2018. Buyers credit facility taken by joint operation Tata Cummins Private Limited are obtained in multiple tranches and are repayable at the end of three years from the individual drawdown dates commencing from 2016-2017. Interest @ LIBOR + Spread is payable. The loan is secured by pari passu charge on plant and machinery and other movable assets of its Phaltan plant. (c) The term loan of INR 5810.000 Million (recorded in books at INR 1208.200 Million) is due for repayment from the quarter ending March 31, 2033 to quarter ending March 31, 2037, 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 machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat. The term loan of INR 316.900 crores (recorded in books at INR 93.400 Million) is due for repayment from the quarter ending June 30, 2030 to March 31, 2032, along with a simple interest of 0.10% p.a. The loan is secured by bank guarantee for the due performance of the conditions as per the terms of the agreement. (d) Term loan is taken by joint operation Fiat India Automobiles Private Ltd which is due for repayment from December 2017 to May 2023. The loan is secured by first charge over fixed assets procured from its loan/jeep project. Term loan taken by joint operation Tata Cummins Private Ltd is repayable in four equal quarterly instalments starting from December 2016. Interest rate is based on prevailing Base rate + fixed spread. The loan is secured by exclusive charge on factory land and building of its Phaltan plant and hypothecation charge on other movable assets on pari passu basis. Information regarding short-term borrowings Loans, cash credits, overdrafts and 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. III. Collateral Inventory, trade receivables, other financial assets, property, plant and equipment with a carrying amount of INR 44604.500 Million, INR 59213.300 Million and INR 73281.700 Million are pledged as collateral/ security against the borrowings as at March 31, 2017, 2016 and April 1, 2015, respectively.

Auditors 1:
Name :	Deloitte Haskins and Sells Chartered Accountants
Address:	Indaibulls Fiancne Centre, Tower 3, 27^th -32^nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India
Tel No.:	91-22-61854000
Fax No.:	91-22-61854501/4601
Auditors 2:
Name :	BSR and Company LLP
Address:	5^th Floor, Lodha Excejust, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel No.:	91-22-43455300
Fax No.:	91-22-43455399
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Sheba Properties Limited, India TML Drivelines Limited, India TAL Manufacturing Solutions Limited, India Tata Motors Insurance Broking and Advisory Services Limited, India Concorde Motors (India) Limited, India Tata Motors European Technical Centre Plc, UK Tata Technologies Limited, India Tata Motors Finance Limited, India Tata Marcopolo Motors Limited, India TML Holdings Pte Limited, Singapore TML Distribution Company Limited, India Tata Hispano Motors Carrocera S.A, Spain Tata Hispano Motors Carroceries Maghreb S.A, Morocco Trilix S.r.l, Italy Tata Precision Industries Pte Limited, Singapore
Joint Ventures :	JT Special Vehicle (P) Limited, India.
Associates:	Automobile Corporation of Goa Limited, India Nita Co. Limited, Bangladesh Tata AutoComp Systems Limited, India Tata Hitachi Construction Machinery Company Private Limited, India

CAPITAL STRUCTURE

After 22.08.2017

Authorised Capital : INR 39000.000 Million

Issued Subscribed &Called-up Capital : INR 6791.702 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000000	Ordinary Shares	INR 2/- each	INR 7000.000 Million
1000000000	‘A’ Ordinary Shares	INR 2/- each	INR 2000.000 Million
300000000	Convertible Cumulative Preference Shares	INR 100/- each	INR 30000.000 Million
	Total		INR 39000.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
2887843046	Ordinary Shares	INR 2/- each	INR 5775.700 Million
508736110	‘A’ Ordinary Shares	INR 2/- each	INR 1017.500 Million
	Total		INR 6793.200 Million

Subscribed &Called-up Capital :

No. of Shares	Type	Value	Amount
2887348428	Ordinary Shares	INR 2/- each	INR 5774.400 Million
508502291	‘A’ Ordinary Shares	INR 2/- each	INR 1017.000 Million
	Less: Calls Unpaid – Ordinary Shares		INR (0.000) Million
	Forfeited Shares – Ordinary Shares		INR 0.500 Million
	Total		INR 6792.200 Million

Movement of number of shares and share capital:

Particulars	As on 31.03.2017
	Number of Shares	INR In Million
Ordinary shares
Shares as on April 1	2887203602	5774.400
Add: Rights issue of shares	--	--
Add: Allotment of shares held in abeyance	144826	0.300
Shares as at March 31	2887348428	5774.700
(ii) ‘A’ Ordinary shares
Shares as on April 1	508476704	101.70
Add: Rights issue of shares	--	--
Add: Allotment of shares held in abeyance	25587	0.00*
Shares as on March 31	508502291	1017.000

(h) The entitlements to 4,94,618 Ordinary shares of R2 each (as at March 31, 2016 : 6,39,444 Ordinary shares of R2 each and as at April 1, 2015 : 4,85,165 Ordinary shares of R2 each) and 2,33,819 ‘A’ Ordinary shares of R2 each (as at March 31, 2016: 2,59,406 ‘A’ Ordinary shares of R2 each and as at April 1, 2015: 2,38,875 ‘A’ Ordinary shares of R2 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.

(i) During the year ended, the Company has allotted 68,180 Ordinary Shares each of R2 each, previously unissued on account of unpaid calls.

(j) Rights, preferences and restrictions attached to shares :

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

• The Company has two classes of shares – the Ordinary shares and the ‘A’ Ordinary shares both of R2 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 Depository Shares (ADSs) and Global Depository Shares (GDSs) :

• Each ADS and GDS underlying the ADR and GDR respectively represents five Ordinary shares of R2 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 depository 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 depository 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 R2 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	As on 31.03.2017
	% of Issued Share Capital	No. of Shares
Ordinary shares :
Tata Sons Limited	28.71%	828970378
Tata Steel Limited	*	*
Life Insurance Corporation of India	5.18%	149423428
Citibank N A as Depositary	#	530496280
(ii) ‘A’ Ordinary shares :
HDFC Trustee Company Limited-HDFC Equity Fund	8.19%	14671282
HSBC Global Investment Funds A/C HSBC Global Investment Funds Mauritius Limited	*	*
Franklin Templeton Mutual Fund	5.96%	30329225
Note: # held by Citibank, N.A. as depository for American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) * Less than 5%

(l) 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) The Company has not issued any bonus shares.

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

(m) During the year ended March 31, 2016, the Company alloted 15,04,90,480 Ordinary Shares (including 3,20,49,820 shares underlying the ADRs) of INR 2 each at a premium of INR 448 per share, aggregating INR 67720.700 Million and 2,65,09,759 ‘A’ Ordinary Shares of INR 2 each at a premium of INR 269 per share, aggregating INR 7184.200 Million pursuant to the Rights issue. 1,54,279 Ordinary Shares and 20,531 ‘A’ Ordinary Shares were kept in abeyance.

Proceeds from the Rights issue have been utilised upto March 31, 2017, in the following manner:

Particulars	As on 31.03.2016
	Planned	Actual
Funding capital expenditure towards plant and machinery	500.00	5000.000
Funding expenditure relating to research and product development	1500.00	15000.000
Repayment, in full or part, of certain long-term and short-term borrowings availed by the Company	4000.00	40000.000
General corporate purposes	1428.00	14257.300.000
Issue related expenses	70.00	647.600
Total	7498.000	74904.900
Less : Rights Shares held in abeyance	(75.100)	--
Total	74904.900	74904.900

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6792.200	6791.800	6437.800
(b) Reserves & Surplus	201299.300	225829.300	142188.100
(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)	208091.500	232621.100	148625.900
(3) Non-Current Liabilities
(a) long-term borrowings	136860.900	105999.600	123189.600
(b) Deferred tax liabilities (Net)	979.500	713.900	0.000
(c) Other long term liabilities	14449.000	32899.100	2868.000
(d) long-term provisions	8507.100	7508.900	21041.900
Total Non-current Liabilities (3)	160796.500	147121.500	147099.500
(4) Current Liabilities
(a) Short term borrowings	53755.200	36547.200	77620.100
(b) Trade payables	70152.100	51411.700	88526.500
(c) Other current liabilities	87890.900	94555.800	31428.800
(d) Short-term provisions	4679.800	4502.700	6130.900
Total Current Liabilities (4)	216478.000	187017.400	203706.300
TOTAL	585366.000	566760.000	499431.700
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	173647.700	175732.500	122605.000
(ii) Intangible Assets	28727.800	35025.600	35227.300
(iii) Capital work-in-progress	18709.300	15579.500	13499.500
(iv) Intangible assets under development	53660.300	41285.800	46908.400
(b) Non-current Investments	5283.700	6270.700	169669.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3896.100	2529.300	24035.600
(e) Other Non-current assets	175560.500	171719.700	1756.700
Total Non-Current Assets	459485.400	448143.100	413702.000
(2) Current assets
(a) Current investments	24009.200	17458.400	202.200
(b) Inventories	55044.200	51179.200	48020.800
(c) Trade receivables	21280.000	20455.800	11144.800
(d) Cash and cash equivalents	2860.600	7884.200	9447.500
(e) Short-term loans and advances	2313.500	4844.400	15744.100
(f) Other current assets	20373.100	16794.900	1170.300
Total Current Assets	125880.600	118616.900	85729.700
TOTAL	585366.000	566760.000	499431.700

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	491004.100	473836.100	363016.300
	Other Income	9788.400	14023.100	18814.100
	TOTAL	500792.500	487859.200	381830.400
Less	EXPENSES
	Cost of Materials Consumed	276544.000	249974.000	221552.300
	Purchases of Stock-in-Trade	39459.700	41019.700	57652.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2514.300)	100.500	(8788.200)
	Excise duty	47364.100	45381.400	0.000
	Employees benefits expense	35585.200	31889.700	30914.600
	Foreign exchange (gain)/loss (net)	(2524.500)	2229.100	0.000
	Product development/Engineering expenses	4544.800	4182.700	4374.700
	Amount capitalised	(9415.500)	(10344.000)	0.000
	Expenditure transferred to capital and other accounts	0.000	0.000	(11187.500)
	Exceptional Items	3387.100	2718.400	4037.500
	Other expenses	86974.200	82166.500	80872.800
	TOTAL	479404.800	449318.000	379428.600
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	21387.700	38541.200	2401.800
Less	FINANCIAL EXPENSES	15901.500	15920.000	16116.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5486.200	22621.200	(13715.000)
Less/ Add	DEPRECIATION/ AMORTISATION	29693.900	23292.200	26032.200
	PROFIT/ (LOSS) BEFORE TAX	(24207.700)	(671.000)	(39747.200)
Less	TAX	592.200	(48.000	7642.300
	PROFIT/ (LOSS) AFTER TAX	(24799.900)	(623.000)	(47389.500)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	43721.500	39801.800
	Rent income	NA	0.000	0.000
	Commission	NA	16.800	17.700
	Interest and dividend	NA	7083.700	15269.500
	Sale of services	NA	507.900	583.100
	Profit on sale of investment	NA	3259.900	134.900
	TOTAL EARNINGS	NA	54589.800	55807.000
	IMPORTS
	Raw material and components	NA	12713.700	12545.700
	Machinery spares and tools	NA	406.800	377.800
	Capital goods	NA	3542.500	3876.200
	Vehicles / spare parts / accessories for sale	NA	254.200	1954.800
	Other items	NA	178.400	160.100
	TOTAL IMPORTS	NA	17095.600	18914.600
	Earnings / (Loss) Per Share (INR)	(7.30)	(18.00)	(14.57)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	5123.700	22186.600	10534.400
Cash generated from operations	14752.200	27264.800	(21366.900)
Net cash flow from operating activity	13814.700	27029.800	(22143.000)

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^ST Quarter	2^nd Quarter	3rd Quarter
Net Sales	103753.200	134000.800	161016.000
Total Expenditure	104474.400	126131.200	148616.000
PBIDT (Excl OI)	(721.200	7869.600	12400.000
Other Income	6478.800	1418.800	2352.300
Operating Profit	5757.600	9288.400	14752.300
Interest	3678.300	4441.000	5010.400
Exceptional Items	NA	NA	(47.300)
PBDT	2079.300	4847.400	9694.600
Depreciation	6747.800	7506.300	7688.700
Profit Before Tax	(4668.500	(2658.900)	2005.900
Tax	2.000	294.100	169.400
Provisions and contingencies	NA	NA	NA
Profit After Tax	(4670.500)	(2953.000)	1836.500
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	(4670.500)	(2953.000)	1836.500

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	15.82	15.76	11.21
Account Receivables Turnover (Income / Sundry Debtors)	23.07	23.16	32.57
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	81.03	64.49	115.73
Inventory Turnover (Operating Income / Inventories)	0.39	0.75	0.05
Asset Turnover (Operating Income / Net Fixed Assets)	0.08	0.14	0.01

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.61	0.56	0.68
Debt Equity Ratio (Total Liability / Networth)	0.94	0.71	1.42
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.04	0.80	1.37
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.32	1.15	1.47
Interest Coverage Ratio (PBIT / Financial Charges)	1.35	2.42	0.15

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(5.05)	(0.13)	(13.05)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(4.24)	(0.11)	(9.49)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(11.92)	(0.27)	(31.89)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.58	0.63	0.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.33	0.36	0.19
G-Score Ratio Financial (Networth / Total Assets)	0.36	0.41	0.30
G-Score Ratio Debt (Debts / Equity Capital)	28.82	24.25	32.83
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.58	0.63	0.42

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 328.65/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	6437.800	6791.800	6792.200
Reserves & Surplus	142188.100	225829.300	201299.300
Net worth	148625.900	232621.100	208091.500
Long Term borrowings	123189.600	105999.600	136860.900
Short Term borrowings	77620.100	36547.200	53755.200
Current Maturities of Long term debt	10534.400	22186.600	5123.700
Total borrowings	211344.100	164733.400	195739.800
Debt/Equity ratio	1.422	0.708	0.941

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	363016.300	473836.100	491004.100
		30.527	3.623

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	363016.300	473836.100	491004.100
Profit/ (Loss)	(47389.500)	(623.000)	(24799.900)
	(13.05%)	(0.13%)	(5.05%)

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6792.200	6791.800
(b) Reserves & Surplus	573826.700	782732.300
(c) Money received against share warrants	0.000	0.000
(2) Non-controlling interests	4531.700	4328.400
Total Shareholders’ Funds (1) + (2)	585150.600	793852.500
(3) Non-Current Liabilities
(a) long-term borrowings	606291.800	505103.900
(b) Deferred tax liabilities (Net)	11740.000	44747.800
(c) Other long term liabilities	288021.400	178302.900
(d) long-term provisions	90044.600	78910.100
Total Non-current Liabilities (3)	996097.800	807064.700
(4) Current Liabilities
(a) Short term borrowings	138599.400	114507.800
(b) Trade payables	576983.300	575804.600
(c) Other current liabilities	382634.900	321736.800
(d) Short-term provisions	58077.600	58445.100
Total Current Liabilities (4)	1156295.200	1070494.300
TOTAL	2737543.600	2671411.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	595945.600	649270.700
(ii) Intangible Assets	363495.200	423046.900
(iii) Capital work-in-progress	101868.300	65509.700
(iv) Intangible assets under development	235120.100	193679.700
(b) Non-current Investments	6907.600	7700.300
(c) Deferred tax assets (net)	44573.400	39570.300
(d) Long-term Loan and Advances	7536.600	5038.800
(e) Other Non-current assets	213778.200	188358.400
Total Non-Current Assets	1569225.000	1572174.800
(2) Current assets
(a) Current investments	150411.500	192330.400
(b) Inventories	350853.100	326557.300
(c) Trade receivables	140755.500	135709.100
(d) Cash and cash equivalents	360778.800	304604.000
(e) Short-term loans and advances	7104.500	11171.000
(f) Other current assets	158415.200	128864.900
Total Current Assets	1168318.600	1099236.700
TOTAL	2737543.600	2671411.500

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	2744921.200	2776605.900
	Other Income	7545.400	8853.500
	TOTAL	2752466.600	2785459.400
Less	EXPENSES
	Cost of Materials Consumed	1593695.500	1532924.900
	Purchases of Stock-in-Trade	139245.300	128415.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(73999.200)	(27509.900)
	Excise duty	47996.100	46149.900
	Employees benefits expense	283328.900	288808.900
	Foreign exchange (gain)/loss (net)	39101.000	16168.800
	Product development/Engineering expenses	34135.700	34687.700
	Amount capitalised	(168769.600)	(166783.400)
	Exceptional Items:	(11145.600	18503.500
	Other expenses	554300.600	556837.500
	TOTAL	2437888.700	2428203.100
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	314577.900	357256.300
Less	FINANCIAL EXPENSES	42380.100	48890.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	272197.800	308365.500
Less/ Add	DEPRECIATION/ AMORTISATION	179049.900	167107.800
	PROFIT/ (LOSS) BEFORE TAX	93147.900	141257.700
Less	TAX	32512.300	30250.500
	Profit/(loss) for the year from continuing operations (	60635.600	111007.200
	Share of profit/(loss) of joint ventures and associates (net)	14930.000	5774.700
	PROFIT FOR THE YEAR	75565.600	116781.900
	Attributable to:
	(a) Shareholders of the Company	74543.600	115793.100
	(b) Non-controlling interests	1022.000	988.800
	Other comprehensive income/(loss):
	A) (i) Items that will not be reclassified to profit or loss:
	(a) Remeasurement gains and (losses) on defined benefit obligations (net)	(78237.500)	48673.700
	(b) Quoted equity instruments at fair value through other comprehensive income	831.500	687.900
	(c) Share of other comprehensive income in equity accounted investees (net)	(60.800	(13.400
	(d) Gains and (losses) in cash flow hedges of forecast inventory purchases	20267.700	24300.400
	(ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss:	8673.500	(15145.700)
	(B) (i) Items that will be reclassified to profit or loss:
	(a) Exchange differences in translating the financial statements of foreign operations	(96785.800	16871.100
	(b) Gains and (losses) in cash flow hedges of forecast sales	(155656.600)	(53719.200)
	(c) Share of other comprehensive income in associates and joint ventures (net)	(3047.000	290.000
	(ii) Income tax (expense)/credit relating to items that will be reclassified to profit or loss:	29069.300	9629.800
	Total Other comprehensive income/(loss) for the year (net of tax)	(274945.700)	31574.600
	Attributable to:
	(a) Shareholders of the Company	(274603.000)	31453.300
	(b) Non-controlling interests	(342.700	121.300
	Total comprehensive income/(loss) for the year (net of tax)	(199380.100)	148356.500
	Attributable to:
	(a) Shareholders of the Company	(200059.400)	147246.400
	(b) Non-controlling interests	679.300	1110.100
	Earnings / (Loss) Per Share (INR)	22.04	34.34

LEGAL CASES

Bench:- Bombay
Presentation Date: 16.02.2018
Stamp No:-	OAFST/5217/2018	Failing Date:-	17.02.2018
Main Matter
Stamp No:-	FAST/5213/2018
Petitioner:-	NATIONAL INSURANCE COMPANY LIMITED		Respondent:-	BAPU RAMA MOTE AND ORS
Petn.Adv:-	S.S. DWIVEDI (I7902)
District:-	PUNE
Bench:-	SINGLE		Category:	FOR STAY
Status:-	Pre-Admission		Stage:-
Last Date:-	14.02.2018
Last Coram:-	REGISTRAR (JUDICIAL)
Act:	Workmen’s Compensation Act

Bench:- Bombay
Presentation Date: 16.02.2018
Stamp No:-	OAFST/5213/2018	Failing Date:-	17.02.2018
Main Matter
Stamp No:-	FAST/5213/2018
Petitioner:-	NATIONAL INSURANCE COMPANY LIMITED		Respondent:-	TATA MOTORS LIMITED
Petn.Adv:-	S.S. DWIVEDI (I7902)
District:-	PUNE
Bench:-	SINGLE
Status:-	Pre-Admission		Stage:-
Last Date:-	14.02.2018
Last Coram:-	REGISTRAR (JUDICIAL)
Act:	Workmen’s Compensation Act

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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

BACKGROUND AND OPERATIONS

Tata Motors Limited referred to as (“the Company” or “Tata Motors”) designs manufactures and sells a wide range of automotive vehicles. The Company also manufactures engines for industrial and marine applications.

The Company is a public limited Company incorporated and domiciled in India and has its registered office at Mumbai India. As at March 31 2017 Tata Sons Limited together with its subsidiaries owns 31.69 % of the Ordinary shares and 0.09 % of ‘A’ Ordinary shares of the Company and has the ability to significantly influence the Company’s operation. The standalone financial statements were approved by the Board of Directors and authorized for issue on May 23 2017.

OPERATING RESULTS AND PROFITS

Fiscal 2017 has been marked by couple of ‘Black Swan’ events (like Brexit -UK decision to exit EU and Demonetization in India) having a large impact on the future course of developments. This year was marked by the way for the long awaited and transformational Goods and Service Tax (GST).

Growth of World GDP has been 3.1% in Fiscal 2016. A recovery in commodity prices has provided some relief to commodity exporters and helped in reducing the deflationary pressures. The Orgainisation of the Petroleum Exporting Countries (OPEC) ability to increase price by cutting down production has been curtailed by rising Shale gas output in US. Moreover structural problems such as low productivity growth and high-income inequality persisted and are likely to be continued. Activity rebounded strongly in the United States in second half of calendar 2016 compared to weaker first half. However output remained below potential in a number of other advanced economies notable in the European area. The picture of emerging market and developing economies remained much more diverse. The growth rate in China was a bit stronger than expected supported by continued policy stimulus. Activity was weaker than expected in some Latin American countries such as Brazil whereas activity in Russia was slightly better than expected in part reflecting firmer oil prices.

India’s economy has grown at a strong pace in recent years owing to the implementation of critical structural reforms and lower external vulnerabilities. It has grown by 7.1% in Fiscal 2017 compared to 7.9% in Fiscal 2016 primarily because of the temporary consumption shock induced by cash shortages and payment disruptions from demonetisation. Private investment continues to remain weak due to over capacity. In order to propel the economy the government has been trying to give a thrust to the investment by allocating a higher sum towards gross fixed capital formation.

The Tata Motors Group registered a de-growth of 1.1% in income from operations to INR 2744920.000 Million in Fiscal 2017 as compared to INR 2776610.000 Million in Fiscal 2016 due to negative translation impact from Great British Pound (GB£) to Indian Rupee (`) of INR 276860.000 Million and de-growth in the M&HCV segment in India was offset by higher wholesale volumes in Jaguar and Land Rover and growth in Passenger Vehicle segment in India. The consolidated EBITDA margins for Fiscal 2017 stood at 13.4%. Consequently Profit Before Tax (PBT) and Profit After Tax (PAT) [post share of profit of joint ventures and associates (net)] were INR 93150.000 Million and INR 75570.000 Million respectively.

Tata Motors Limited recorded income from operations (including joint operations) of INR 491000.000 Million 3.6% higher from INR 473840.000 Million in the previous year. Muted demand of M&HCV and LCV due to weak replacement demand subdued freight demand from industrial segment which took a further hit post demonetization and lower than expected pre-buying ahead of the implementation of BS-IV resulting in lower EBITDA margins of 3.5% in Fiscal 2017 as against 7.1% in Fiscal 2016. Loss Before and After Tax (including joint operations) for Fiscal 2017 were at INR 24210.000 Million and INR 24800.000 Million respectively as compared to Loss Before and After Tax (including joint operations) of INR 670.000 Million and INR 620.000 Million respectively in Fiscal 2016. The losses were primarily driven by less favourable market and model mix including higher marketing expenses depreciation and amortization and other operating cost.

Jaguar Land Rover (JLR) (as per IFRS) recorded revenues of GB£24.3 billion compared to GB£22.3 billion in Fiscal 2016 driven by higher sales volumes and weaker GB£.

PBT in Fiscal 2017 was GB£1.6 billion in-line with the PBT of GB£1.6 billion in Fiscal 2016 the lower EBIT and unfavourable foreign exchange revaluation was more than offset by a favourable revaluation of commodity hedges and of GB£151 million further recoveries relating too to Tianjin fire in this year compared to GB£157 million net charge than in Fiscal 2016.

Tata Motors Finance Limited (TMFL) (consolidated) (as per Indian GAAP) the Company’s captive financing subsidiary reported revenue of INR 27210.000 Million (Fiscal 2016 INR 32290.000 Million) and reported a Loss After Tax INR 11820.000 Million in Fiscal 2017 as compared to PAT INR 2670.000 Million in Fiscal 2016.

Tata Daewoo Commercial Vehicle Company Limited South Korea (TDCV) (as per Korean GAAP) registered revenues of KRW 1032 billion in Fiscal 2017 a growth of 17.3% over Fiscal 2016 mainly due to increase in domestic sales. The PAT was KRW 50 billion compared to KRW 46 billion in Fiscal 2016. Higher domestic volume better mix favourable exchange realizations and material cost reduction helped in improving profits.

FINANCE

During the year the free cash flows for Tata Motors Group were INR (2680.000) Million post spend on capex design and development of INR 304670.000 Million. Tata Motors Group’s borrowing as at March 31 2017 stood at INR 786040.000 Million (as at March 31 2016: INR 693600.000 Million). Cash and bank balances and investments in mutual funds stood at INR 511190.000 Million (as at March 31 2016: INR 496930.000 Million). The consolidated net automotive debt to equity ratio stood at 0.15 as at March 31 2017 as compared to (0.01) as at March 31 2016.

The cash flows from operations were positive INR 13810.000 Million for standalone operations (including joint operations) of the Company. Spend on capex design and development was INR 34270.000 (net). The borrowings of the Company (including joint operations) as at March 31 2017 stood at INR 195740.000 Million (as at March 31 2016: INR 164730.000 Million). Cash and bank balances including mutual funds stood at INR 26870.000 Million (as at March 31 2016: INR 25340.000 Million).

The Company in February 2017 prepaid INR 3000.000 Million of its Unsecured 8.60% NCD due in 2018. During the year the Company raised INR 27000.000 Million of funds through Unsecured NCDs.

At JLR post spend on capex design and development of GB£3065 million (INR 268690.000 Million) the free cash flows were GB£295 million (INR 25860.00 Million) for Fiscal 2017. The borrowings of JLR as at March 31 2017 stood at GB£3581 million (INR 289770.000 Million) [previous year: GB£2500 million (INR 238630.000 Million)]. Cash and financial deposits stood at GB£5487 million (INR 444000.000 Million) [previous year: GB£4651 million (INR 443950.000 Million)]. Additionally JLR has undrawn committed long term bank lines of GB£1870 million (JLR data as per IFRS).

During the Fiscal JLR issued a €650 million bond maturing in 2024 paying an annual coupon of 2.200%. Subsequently JLR issued a GB£300 million bond maturing in 2021 paying an annual coupon of 2.750%.

During the Fiscal TMFL has neither raised any borrowings by way of unsecured subordinated perpetual non-convertible debentures towards Tier 1 and Tier 2 Capital nor by way of an issue of unsecured subordinated non-convertible debentures towards Tier 2 Capital

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 upgraded to “Ba1”/Stable by Moody’s and to “BB+”/ Stable by Standard and Poor’s. For borrowings in the local currency the ratings was retained by CRISIL at “AA” with a change in outlook to Positive and by ICRA at “AA” with a change in outlook to Positive. The Non- Convertible Debentures and Long Term Bank facilities i.e. (Buyers Credit) rating by CARE was retained at “AA+”. During the year JLR’s rating was upgraded by Moody’s at “Ba1”/Positive and was upgraded by Standard and Poor’s at “BB+”. For TMFL CRISIL has maintained its rating on long-term debt instruments and bank facilities to CRISIL “AA/A1+”/with a change in outlook to Positive for long term. ICRA has also maintained its rating at “AA/A1+” with a change in outlook to Positive for long term. CARE has given rating of “AA+” on long-term debt instruments with a Stable outlook.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMY OVERVIEW

INDIA

The Indian economy in Fiscal 2017 on a macro-economic level stayed fairly robust and stable. India was one of the faster growing large economies in the world with a currency that performed better than most other emerging markets. There was a significant upturn in commodity prices after a year of deflation. Consumer spending remained subdued during the early part of the year impacted by two years of drought. This year was marked by the way for the long awaited and transformational Goods and Services Tax (GST).

Fiscal 2017 was an eventful year for automobile sector due to: i) Ban on diesel cars ii) Demonetization iii) Ban on sale and registration of BSIII vehicles. The demonetization affected the Indian economy which resulted in decline in sale of passenger and commercial vehicles by 2.3% in December 2016. Further ban on sale and registration of vehicles has resulted in higher discounts by the automobile companies at the end of Fiscal 2017 and inventories to be either converted into BSIV vehicles or scrapped affecting the profits.

As per the advance estimates in Fiscal 2017 India’s GDP increased by 7.1% as compared to an increase of 7.9% in Fiscal 2016 (based on second advanced estimate data from the Ministry of Statistics and Programme Implementation). Agriculture sector registered a 4.4% growth in Fiscal 2017 as compared to 0.8% in Fiscal 2016. According to the new base year (2011-12) the Index of Industrial Production (IIP) recorded 5.0% growth in Fiscal 2017 as compared to 3.4% in Fiscal 2016. Significant factors influencing IIP growth in Fiscal 2017 included a 4.9% increase in the manufacturing sector compared to 3.0% in Fiscal 2016 which was due to a better performance of sectors like motor vehicles other transport equipment and pharmaceuticals. The IIP of the mining & quarrying sector increased by 5.3% compared to 4.3% in Fiscal 2016 and electricity services recorded moderate increase of 5.8% in Fiscal 2017 as compared to 5.7% in Fiscal 2016. The consumer durables sector grew by 6.1% in Fiscal 2017 as compared to 4.3% in Fiscal 2016. (Source: Ministry of Statistics and Program Implementation).

However real GDP growth was lower than Fiscal 2016. Nominal GDP growth recovered to respectable levels reversing the sharp and worrisome dip that had occurred. The Consumer Price Index (CPI)- New Series inflation displayed a downward trend since July 2016. The rising international oil prices resulted in reversal of WPI. Core inflation however was more stable. The current account deficit declined in the first half of Fiscal 2017. The trade deficit declined for majority of period. During the first half of the fiscal there was a contraction in imports which was far steeper than the fall in exports but during later half both exports and imports started a long-awaited recovery

WORLD

The below par performance of global economy was reflected in a continued slowdown in growth in most of the emerging and developing markets. Activity rebounded strongly in the United States in second half of 2016 after a weak first half. However output remained below potential in a number of other advanced economies notable in the euro area. The picture for emerging market and developing economies remained much more diverse. The growth rate in China was a bit stronger than expected supported by continued policy stimulus. However activity was weaker than expected in some Latin American countries such as Brazil. Activity in Russia was slightly better than expected in part reflecting firmer oil prices.

During 2016 prices of base metals have also strengthened with strong infrastructure and real estate investment in China as well as expectations of fiscal easing in the US. Oil prices increased later half of 2016 reflecting an agreement among major producers to trim supply.

The UK secured its seventh consecutive year of growth since the recession and have been the fastest growing of the group of seven leading industrial economies in 2016. Sterling suffered two sharp devaluations this year — immediately after the EU referendum in June and in October as statements made at the Conservative party conference stoked fears of a “hard Brexit”. The Eurozone had marginal GDP growth in 2016; however rising inflation poses a risk on growth and may reduce consumer spending. France and Spain had better prospects with GDP growing at decent rates while Germany and Italy showed no change with GDP growth rates same as last year.

The GDP for China showed a steady performance. The real estate sector has seen an increased investment by government. The Consumer Price Index increased in 2016. Russia’s GDP grew as it continues to recover form crisis brought by low oil prices and western sanctions that closed access to international market. Its inflation is on track to reach projected target of CBR (Central Bank of Russia).

Japan’s economic growth is on back of weaker Yen and government steps to stimulate sluggish completion the GDP grew in 2016 and unemployment rate declined. South Africa had GDP increase mainly due to marginally higher global growth Stabilized commodity prize Business and Consumer confidence and Improved Labor Relations.

Environmental performance:

Jaguar Land Rover’s strategy is to invest in products and technologies that position their products ahead of expected stricter environmental regulations and ensure that they benefit from a shift in consumer awareness of the environmental impact of the vehicles driven by customers. The Company also believe that Jaguar Land Rover are leaders in automotive green technology in the United Kingdom. Jaguar Land Rover’s environmental vehicle strategy focuses on new propulsion technology weight reduction and reducing parasitic losses through the driveline. They have developed diesel hybrid versions of the Range Rover and Range Rover Sport without compromising the vehicles’ off road capability or load space.

Jaguar Land Rover are a global leader in the use of aluminium and other lightweight materials to reduce vehicle weight and improve fuel and CO2 efficiency and Jaguar Land Rover believe that it is ahead of many of its competitors in the implementation of aluminium construction. For example the Jaguar XE is the only vehicle in its class to use an aluminium intensive monocoque. Jaguar Land Rover plan to continue to build on this expertise and extend the application of aluminium construction as they develop a range of new products. The aluminium body architecture introduced on the Jaguar XE is also used in the new lightweight Jaguar XF and the new Jaguar F PACE and the all new Land Rover Discovery uses the same lightweight architecture as the Range Rover and Range

Rover Sport.

Jaguar Land Rover are also developing more efficient powertrains and other technologies. This includes smaller and more efficient 2.0 litre diesel and petrol engines (now available across the majority of Company’s model range) stop start mild and plug-in hybrids as well as battery electric propulsion technologies. Jaguar Land Rover’s smaller and more efficient family of Ingenium diesel and petrol engines as well the lightweight Range Rover and Range Rover Sport Diesel Hybrids powered by downsized and more efficient engines and alternative powertrains have all contributed to the improvement of their carbon footprint.

Jaguar Land Rover’s current product line up is the most efficient it has ever been and the environmental performance of their vehicles has been further improved through the launch of new models. The new Land Rover Discovery uses lightweight aluminium construction which saves 480 kg compared to the old model delivering enhanced efficiency and reduced CO2 emissions. The aluminium intensive Jaguar XE is the most fuel efficient Jaguar and the first Jaguar Land Rover vehicle to receive a UK VED Band A rating resulting in a £0/annum tax rate and the aluminium intensive XF delivers improved fuel consumption and CO2 emission performance. The 2.0-litre Ingenium diesel and petrol engines now used extensively in the product line-up provide significant CO2 reductions versus the outgoing powertrains.

Jaguar Land Rover has pledged that by 2020 half of its model will have the option of electrification a move spearheaded by its first full electric car the Jaguar I-Pace. On sale in 2018 the I-Pace is a preview of the Jaguar Land Rover’s first production battery power car and demonstrates its ongoing commitment to create exciting and desirable electric vehicles.

Recognizing the need to use resources responsibly produce less waste and reduce Jaguar Land Rover’s carbon footprint they are also taking measures to reduce emissions waste and the use of natural resources in all of their operations.

Mitigating cyclicality:

The automobile industry is impacted by cyclicality. To mitigate the impact of cyclicality the Company plans to continually strengthen its operations through gaining market share across different segments and offering a wide range of products in diverse geographies and segments such as defence. The Company also plans to continue to strengthen its business operations other than vehicle sales such as financing of its vehicles spare part sales service and maintenance contracts sales of aggregates for non-vehicle businesses reconditioning of aggregates and sale of castings production aids and tooling/fixtures in order to reduce the impact of cyclicality of the automotive industry.

Expanding the Company international business:

The Company’s international expansion strategy involves entering new markets where it has an opportunity to grow and introducing new products to existing markets in order to grow its presence in such markets. The Company’s international business strategy has already resulted in the growth of its international operations in select markets and chosen segments over the last five years. Based on the Company’s internal assessments in recent years it has grown its market share across various African and Middle East markets such as Tanzania Saudi Arabia United Arab Emirates and Qatar in addition to maintaining its dominant market position in the South Asian markets of Bangladesh Nepal and Sri Lanka based on data compiled by Company’s country managers. In keeping with the Company’s strategy to enter and grow in new regions it has focused on business in the ASEAN countries where in the recent years the Company entered Vietnam Indonesia Malaysia and the Philippines. Tunisia has been an example of a success story in a new market where over the last two years the Company has entered and rapidly ramped up retails and is now a major player in the pickup segment.

The Company has also expanded its range through acquisitions and joint ventures. The Company now offer products in the premium performance car and premium all-terrain vehicle categories with globally recognized brands through Jaguar Land Rover and has diversified its business across markets and product categories. The production of the Range Rover Evoque commenced at the China Joint Venture in October 2014 and went on general retail sale in China in February 2015. Production of the Discovery Sport was also added as the second vehicle to be manufactured at the China joint venture in Fiscal 2016 which went on general retail sale in November 2015 and in September 2016 sales of the long wheelbase Jaguar XFL from Company’s China joint venture began. The Company will aim to continue to build upon the internationally recognized brands of Jaguar Land Rover.

The Company’s subsidiary Tata Motors (Thailand) Limited is also focusing on increasing its geographical reach by introducing Thailand-manufactured pickup trucks in other Asian markets. Thailand-produced pickup trucks were introduced in Malaysia in the beginning of Fiscal 2015. During Fiscal 2017 TMTL exported 317 vehicles to Malaysia.

During Fiscal 2008 the Company established a joint venture Company to undertake manufacture and assembly operations in South Africa which has been one of its largest export markets from India in terms of unit volume. The joint venture Company Tata Motors (SA) (Proprietary) Limited commenced operations in July 2011. Currently Tata Motors (SA) (Proprietary) Limited caters to the domestic South African market and Mozambique market and in Fiscal 2017 sold 703 chassis.

Jaguar Land Rover also has ambitious plans to continue to develop the product range for example the new Range Rover Velar which goes on sale in the summer of 2017. Jaguar Land Rover intends to expand its global footprint by increasing marketing and its global dealer network as well as expanding its manufacturing base in the United Kingdom and internationally including the new manufacturing facility in Brazil which opened in June 2016 and at the new manufacturing plant in Slovakia where production of the Land Rover Discovery is scheduled to commence in Fiscal 2018.

Other Operations Overview

The Company’s other operations business segment mainly includes information technology services machine tools and factory automation services. The Company’s revenue from other operations before inter-segment eliminations was INR 31840.600 Million in Fiscal 2017 an increase of 7.8% from INR 29538.900 Million in Fiscal 2016. Revenues from other operations represented 1.2% and 1.1% of total revenues before inter-segment eliminations in Fiscal 2017 and 2016.

FINANCIAL PERFORMANCE ON A STANDALONE BASIS

The financial information discussed in this section is derived from the Company’s Audited Standalone Financial Statements. These include the Company’s proportionate share of income and expenditure in its two Joint Operations namely Tata Cummins Private Limited and Fiat India Automobiles Private Limited.

Fiscal 2017 has been a challenging and highly volatile year which followed a period of low demand and inconsistent recovery in the prior year in the automotive sector in India. In addition the Company also underperformed on many fronts amplifying the impact of the external environment.

Income from operations of the Company for Fiscal 2017 stood at INR 491004.100 Million as compared to INR 473836.100 Million increased by 3.6%. Total number of vehicles sold were 545416 units in Fiscal 2017 as compared to 511931 units in Fiscal 2016 a growth of 6.5% Cost of material consumed increased from 61.4% of total revenue to 63.8% in Fiscal 2017 representing an increase of 240 bps mainly due to product mix – relatively lower proportion of M&HCV sales.

Excise duty were INR 47364.100 Million in Fiscal 2017 as compared to INR 45381.400 Million in Fiscal 2016 an increase of 4.4% primarily due to increase in revenues.

Employee Costs were INR 35585.200 Million in Fiscal 2017 as compared to INR 31889.700 Million in Fiscal 2016 an increase by 11.6% mainly due to annual increments and wage revisions at various plant locations.

Other Expenses includes all works operations indirect manufacturing expenses freight cost fixed marketing costs and other administrative costs. These expenses have increased by 5.9% to INR 86974.200 Million in Fiscal 2017 from INR 82166.500 Million in Fiscal 2016. The breakdown is provided below:

The changes are mainly driven by volumes and the size of operations.

i. Freight transportation port charges etc. as a percentage to total revenue were 3.1% in Fiscal 2017 as compared to 2.7% in Fiscal 2016. The increase was due to rise in diesel prices.

ii. Publicity expenses represented 1.7% of total revenues in Fiscal 2017 and 1.4% in Fiscal 2016. In addition to routine product and brand campaigns the Company incurred expenses relating to new product introduction campaigns for the Tiago the Hexa the Tigor the Yodha etc.

iii. Warranty expenses represented 1% of the Company’s revenues in Fiscal 2017 and 2016.

iv. Information technology/computer expenses represented 1.6% and 1.3% of the Company’s revenues in Fiscal 2017 and 2016 respectively. The increase was mainly due to certain purchases of software for the Company.

v. Works operation and other expenses have decreased to 4.9% of net revenue in Fiscal 2017 from 5.3% in Fiscal 2016.

FINANCIAL PERFORMANCE OF TATA MOTORS FINANCE LIMITED (AS PER INDIAN GAAP)

During Fiscal 2017 TMFL earned a total income of INR 27212.500 Million compared to INR 32285.700 Million earned in Fiscal 2016 reflecting a decrease of 15.7%. The expansion of spoke branches (Tier 2 and 3 towns) has helped in reaching out to the customer more quickly and in improving customer satisfaction. The loss before tax was INR 6985.600 Million in Fiscal 2017 as compared to a profit of INR 3016.400 Million in Fiscal 2016. The loss after tax was INR 11822.900 Million in Fiscal 2017 as compared to a profit of INR 2670.300 Million in previous year.

FINANCIAL PERFORMANCE OF TATA DAEWOO COMMERCIAL VEHICLES (AS PER KOREAN GAAP)

In Fiscal 2017 TDCV’s total revenue increased by 17.3% to KRW1031.77 billion (INR 59860.000 Million) compared to KRW879.66 billion (INR 50960.00 Million) in Fiscal 2016 mainly due to lower export sales partially offset by increase in domestic sales. The profit after tax was KRW50.25 billion (INR 2900.000 Million) compared to KRW45.56 billion (INR 2640.000 Million) of previous year. Better profitability of Euro 6 Vehicles better mix favorable exchange realizations continuous material cost reduction various cost control and inventory initiatives helped in improving profits.

FINANCIAL PERFORMANCE OF TATA TECHNOLOGIES LIMITED

The consolidated revenue of TTL in Fiscal 2017 increased 4.4% to INR 28019.500 Million compared to INR 26833.800 Million in Fiscal 2016. The profit before tax decreased by 2.3% to INR 4527.700 Million in Fiscal 2017 compared to INR 4635.300 Million in Fiscal 2016. The profit after tax decreased by 7.8% to INR 3535.900 Million in Fiscal 2017 as compared to INR 3835.600 Million in Fiscal 2016.

OUTLOOK

The Company expects to take advantage of being an established automaker and reap benefits from the expected growth of GDP and also form the proposed increase in automobile sector impact in GDP. Also increase impact in global market is expected with increase of Indian automobile sector’s global market size. The Company is preparing to align with National Electric Mobility Mission 2017 and also with Automobile Mission 2017 in BS5 and BS6 standards.

With government providing financing infrastructure in rural areas the Company plans to take better advantage of this opportunity. Also improvements in highway infrastructure will benefit the Company’s subsidiaries like TATA Hitachi.

The Company is prepared with BSIV standard infrastructure and plans to proactively work for BSV and BSVI standards to be applicable in 2019 and 2023 respectively.

The Company is preparing itself to be efficient in not only BSIV BSV and BSVI but also plans to take a holistic approach towards environment regulations and stay ahead in Industry. The emergence of diverging markets and mis-alignment in production and supply at global level will be strategically dealt with the help of wide network of subsidiaries and Joint ventures. The emergence of digital platforms for purchasing the Automobiles gives an opportunity to venture into an unexplored sector.

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.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Privately placed Non-Convertible Debentures	58985.700	39500.000
Term loan from banks - Buyer’s line of credit (at floating interest	15000.000	5063.100
Senior notes	48263.500	49237.600
Others	0.000	61.200
Short-term borrowings
Loans from banks	463.300	458.500
Inter corporate deposits from subsidiaries and associates	3940.00	4724.500
Commercial paper	32722.400	4245.600
Total	159374.900	103290.500

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G30485783	10219310	VISTRA ITCL (INDIA) LIMITED	29/05/2010	20/12/2016	-	7000000000.0	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN
2	Y10335003	90232212	IDBI BANK LTD.	22/03/2002	-	-	278985000.0	MUMBAIMUMBAIMH400005IN
3	Y10333789	90230998	CENTRAL BANK OF INDIA	13/10/1998	25/05/2000	-	3000000000.0	JEHANGIR WADIA BUILDINGM. G. ROAD; FORTMUMBAIMH400023IN
4	Y10333741	90230950	STATE BANK OF INDIA	01/09/1997	30/08/2006	-	37000000000.0	CORPORATE ACCOUNT GROUP-CENTRAL BRANCH20th FLOOR, EXPRESS TOWERS, NARIMAN POINTMUMBAIMH400021IN
5	B42008367	90229254	STATE BANK OF INDIA	01/09/1997	26/06/2012	-	140000000000.0	CORPORATE ACCOUNTS GROUP BRANCH- CENTRAL3rd Flr,NevilleHouse,J.N.Heredia Marg,Ballarad EstMUMBAIMH400001IN
6	Y10334796	90232005	STATE BANK OF INDIA	22/01/1997	-	-	1261200000.0	NARIMAN POINTMUMBAIMH400021IN
7	Y10333596	90230805	CENTRAL BANK OF INDIA	18/06/1994	15/02/1995	-	940000000.0	CHANDERMUKHINARIMAN POINTMUMBAIMH400021IN
8	Y10331452	90228661	INDUSTRIAL DEVELOPMENT BANK OF INDIA	16/07/1993	-	-	30000000000.0	IDBI TOWERCUFFE PARADEBOMBAYMH400005IN
9	Y10335150	90232359	CENTRAL BANK OF INDIA	14/06/1991	03/12/1996	-	3755554950.0	CHANDERMUKHINARIMAN POINTMUMBAIMH400021IN
10	Y10333450	90230659	CENTRAL BANK OF INDIA	14/06/1991	06/03/1997	-	3755554950.0	CHANDERMUKHINARIMAN POINTMUMBAIMH400021IN

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER 2017

		Particulars	quarter ended	quarter ended	9 months ended
			31.12.2017	30.09.2017	31.12.2017
1		Income from Operations
		Sales/Income from Operations (Gross)	161016.000	134000.800	398770.000
		b) Other Operating Income	918.900	1418.800	8737.000
	Total Income from Operations (Net)		161934.900	135419.600	407507.000
2	Expenses
	a)	Cost of Materials consumed	102686.000	86510.200	249703.300
	b)	Purchase of Stock-in-trade	13602.300	9946.000	32062.300
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	1510.300	6624.400	3315.700
	d)	Excise Duty	--	(4877.000)	7932.800
	e)	Employee benefit expenses	9293.000	8853.800	27032.500
	f)	Finance Costs	5010.400	4441.000	13129.700
	g)	Foreign Exchange (gain)/ loss	(1433.400)	728.000	(784.700)
	h)	Depreciation and amortization expense	7688.700	7506.300	21942.800
	i)	Product development/engineering expenses	1366.500	1111.900	3230.800
	j)	Other expenses	22357.100	19011.400	61281.700
	k)	Amount Capitalised	(2199.200)	(1777.700)	(6065.700)
	Total Expenses		159881.700	138078.500	412781.200
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		2053.200	(2668.900)	(5274.200)
8	Exceptional Items		0.473	--	504.100
9	Profit /(Loss) from ordinary activities before tax		2005.900	(2658.900)	(5321.500)
10	Tax Expense		169.400	294.100	465.500
11	Net Profit /(Loss) from ordinary activities after tax		1836.500	(2953.000)	(5787.000)
	Other Comprehensive Income:
	Other Comprehensive Income:
	A. Items that will not be reclassified to profit or loss		392.300	462.400	1185.800
	Income tax relating to items that will be reclassified to profit or loss		(10.000)	3.500	(24.100)
	B. Items that will be reclassified to profit or loss		427.200	(85.800)	148.200
	Income tax relating to items that will be reclassified to profit or loss		(147.800)	29.700	(51.300)
	Other Comprehensive Income for the year, net of taxes		661.700	409.800	1258.600
	Total Other Comprehensive Income for the period		2498.200	(2543.200)	(4528.400)
12	Paid up equity share capital (Eq. shares of INR 10/- each)		6792.200	6792.200	6792.200
13	Reserve excluding revaluation reserves
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	0.53	(0.87)	(1.70)

Note:

1. The above results were reviewed and recommended by the Audit Committee at its meeting held on February 2, 2018 and approved by the Board of Directors at its meeting held on February 5, 2018.

2. Consequent to the introduction of Goods and Service Tax (GST) with effect from July 1, 2017, Central Excise, Value Added Tax (VAT), etc. have been replaced by GST. In accordance with Ind AS 18 on Revenue and Schedule III of the Companies Act, 2013, GST, GST Compensation Cess, etc. are not included in Income from operations for applicable periods. In view of the aforesaid restructuring of indirect taxes. Income from operations for quarter and nine months ended December 31, 2017 are not comparable with the previous periods.

Excise duty for the quarter ended September 30, 2017 represents reversal of excise duty on closing inventories held as at June 30, 2017.

3. Other income for the quarter and nine months ended December 31, 2017, includes dividend from subsidiaries of nil crores and INR 5862.300 Million (INR 151.500 Million and INR 6419.600 Million for the quarter and nine months ended December 31, 2016), respectively.

4. 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 Ind AS 108 on Operating Segments Reporting are considered to constitute one reporting segment.

5. The above results include the Company's proportionate share of income and expenditure in its two Joint Operations, namely Tata Cummins Private Limited and Fiat India Automobiles Private Limited. Below are supplementary details of Tata Motors Limited on standalone basis excluding interest in the aforesaid.

6. During the quarter ended March 31, 2017, the Company reviewed the presentation of the foreign exchange gain/loss and considered to present gain/loss relating to hedges with underlying hedged items. Foreign exchange gain/loss unrelated to hedging are presented separately in the Statement of Profit and Loss. Figures for the previous periods have been regrouped accordingly.

7. The investment in the Company’s subsidiaries Tata Technologies Limited and TAL Manufacturing Solutions Limited and the Company’s certain assets related to defence business are classified as "Held for Sale" as they meet the criteria laid out under Ind AS 105.

8. The Board of Directors have approved a scheme of arrangement for merger of TML Drivelines Ltd (a wholly owned subsidiary) with the Company, effective April 1, 2017. Petitions of the scheme of arrangement for merger have been admitted by the National Company Law Tribunal. Pending the required approvals, the effect of the scheme has not been given in the financial results.

9. The Statutory Auditors have carried out an audit of the above results for the quarter and nine months ended December 31, 201.7 and have issued an unmodified opinion on the same.

CONTINGENT LIABILITIES:

COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company faces claims and assertions by various parties. The Company assesses such claims and assertions and monitors the legal environment on an ongoing basis, with the assistance of external legal counsel, wherever necessary. The Company a liability for any claims where a potential loss is probable and capable of being estimated and discloses such matters in its financial statements, if material. For potential losses that are considered possible, but not probable, the Company provides disclosure in the financial statements but does not record a liability in its accounts unless the loss becomes probable.

The following is a description of claims and assertions where a potential loss is possible, but not probable. The Company believes that none of the contingencies described below would have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Litigation

The Company is involved in legal proceedings, both as plaintiff and as defendant. There are claims which the Company does not believe to be of material nature, other than those described below.

Income Tax

The Company has ongoing disputes with Income Tax Authorities relating to tax treatment of certain items. These mainly include disallowed expenses, the tax treatment of certain expenses claimed by the Company as deductions and the computation of, or eligibility of, the Company’s use of certain tax incentives or allowances.

Most of these disputes and/or disallowances, being repetitive in nature, have been raised by the income tax authorities consistently in most of the years.

The Company has a right of appeal to the Commissioner of Income Tax (Appeals), or CIT (A), the Dispute Resolution Panel, or DRP, and to the Income Tax Appellate

Tribunal, or ITAT, against adverse decisions by the assessing officer, DRP or CIT (A), as applicable. The income tax authorities have similar rights of appeal to the ITAT against adverse decisions by the CIT (A) or DRP. The Company has a further right of appeal to the High Court of Bombay or Supreme Court against adverse decisions by the appellate authorities for matters involving substantial question of law. The income tax authorities have similar rights of appeal.

As at March 31, 2017, there are matters and/or disputes pending in appeal amounting to R145.43 crores (INR 1081.500 Million as at March 31, 2016 and INR 1005.600 Million as at April 1, 2015).

Customs, Excise Duty and Service Tax

As at March 31, 2017, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands, including interest and penalties, of INR 13241.900 Million (INR 12846.000 Million as at March 31, 2016 and INR 13342.100 Million as at April 1, 2015). These demands challenged the basis of valuation of the Company’s products and denied the Company’s claims of Central Value Added Tax, or CENVAT, credit on inputs.

The details of the demands for more than INR 200.000 Million are as follows:

As at March 31, 2017, the Excise Authorities had denied a CENVAT credit of INR 294.300 Million and imposed a penalty of R Nil for the period between April 2011 to September 2012 (INR 524.100 Million and a INR 230.000 Million CENVAT credit and penalty, respectively, as at March 31, 2016 and INR 524.100 Million and a INR 230.000 Million CENVAT credit and penalty, respectively, as at April 1, 2015) in respect of consulting engineering services alleged to have been used exclusively for producing prototypes at the Engineering Research Centre, in Pune. The contention of the Excise Authorities is that since the Company claims exemptions from CENVAT under Notification No.167/71-CE, dated September 11, 1971, the Company is not entitled to avail service tax credits on consulting engineering services used in the Engineering Research Centre. The matter is being contested by the Company before the appellate authorities. The Company believes it has a merit in its case, since the consulting engineering services are not exclusively used in the manufacture of prototypes and they form part of the assessable value of final products manufactured by the Company on which CENVAT is paid.

The Excise Authorities have raised a demand for R90.72 Million as at March 31, 2017 (INR 907.200 Million as at March 31, 2016 and INR 907.200 Million as at April 1, 2015), on account of alleged undervaluation’s of ex-factory discounts given by Company on passenger vehicles through invoices. The matter is being contested by the Company before the High Court of Bombay.

As at March 31, 2017, the Excise Authorities have raised a demand and penalty of INR 2182.300 Million, (INR 1985.600 Million as at March 31, 2016 and INR 1876.000 Million as at April 1, 2015), due to the classification of certain chassis (as dumpers instead of goods transport vehicles) which were sent to automotive body builders by the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty, or NCCD. The Company has obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise and Service Tax Appellate Tribunal.

The Excise Authorities had denied the Company’s claim of a CENVAT credit of INR 249.600 Million (INR 227.400 Million as at March 31, 2016 and INR 83.670 Million as at April 1, 2015) claimed by the Company from Fiscal 1992 to Fiscal 2013, on technical grounds. The matter is being contested by the Company before the appellate authorities.

As at March 31, 2017, the Excise Authorities had levied penalties and interest amounting to INR 679.880 Million (R679.88 Million as at March 31, 2016 and INR 679.880 Million as at April 1, 2015) with respect to CENVAT credit claimed by the Company from March 2010 to November 2012, on inputs, stating that vehicles manufactured at Uttarakhand plant are “Exempted Products” and the Company may not claim a CENVAT credit on these vehicles. The Company has challenged this demand as NCCD and the automobile cess is assessed on those vehicles, which are “duties of excise”. Therefore, the Company asserts that these vehicles are not “Exempted Products”. The matter is being contested by the Company before the appellate authorities.

As at March 31, 2017, the Excise Authorities have raised a demand amounting to INR 29.540 Million (INR 29.540 Million as at March 31, 2016 and INR 29.540 Million as at April 1, 2015) on pre-delivery inspection charges and free after-sales service charges incurred by dealers on certain of the Company’s products on the alleged grounds that the pre-delivery inspection charges and free after-sales services are provided by the dealer on behalf of the Company and should be included in excisable value of the vehicle. The case is pending before Tribunal.

As at March 31, 2017, the Excise Authorities have raised a demand amounting to R Nil (INR 21.890 Million as at March 31, 2016 and INR 21.890 Million as at April 1, 2015) with respect to customs duties on dies and fixtures imported under the EPCG Scheme and, in the case of the fixtures, are installed at premises of a vendor. The Tribunal has rejected the stay application filed by the department. The department has further filed an appeal with CESTAT.

As at March 31, 2017, the Excise Authorities have raised demand amounting to INR 34.680 Million (INR 14.730Million as at March 31, 2016 and INR 12.700 Million as at April 1, 2015) with respect to denial of CENVAT credit on service tax availed on freight outward and courier services. The Company asserts that since freight forms part of the services on which the taxes have been paid, CENVAT credit can be availed. The Company is contesting the show cause notice.

Sales Tax

The total sales tax demands (including interest and penalty), that are being contested by the Company amount to INR 949.690 Million (INR 1134.140 Million as at March 31, 2016 and INR 907.840 Million as at April 1, 2015). The details of the demands for more than INR 200.000 Million are as follows:

The Sales Tax Authorities have raised demand of INR 208.590 Million (INR 403.380 Million as at March 31, 2016 and INR 120.120 Million as at April 1, 2015) towards rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds such as late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending at various levels.

In some of the states in India, the Sales Tax Authorities have raised disputes totaling up to INR 40.8000 Million as at March 31, 2017 (INR 41.100 Million as at March 31, 2016 and INR 41.100 Million as at April 1, 2015), treating the stock transfers of vehicles from the Company’s manufacturing plants to regional sales offices and the transfers between two regional sales offices as sales liable for levy of sales tax. The Company is contesting this issue.

The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to INR 305.460 Million as at March 31, 2017 (INR 330.170 Million as at March 31, 2016 and INR 366.450 Million as at April 1, 2015). The reasons for disallowing credit was mainly due to Taxes not paid by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The matter is contested in appeal.

Sales tax demand aggregating INR 258.350 Million as at March 31, 2017 (INR 252.660 Million as at March 31, 2016 and INR 258.40 Million as at April 1, 2015) has been raised by Sales Tax Authorities disallowing the concessional rate of 2% on certain purchases of raw materials in case the final product is stock transferred for sale outside the state. The matter is pending with various authorities.

Other Taxes and Dues

Other amounts for which the Company may contingently be liable aggregate to INR 221.140 Million (INR 229.420 Million as at March 31, 2016 and INR 258.090 Million as at April 1, 2015). Following are the cases involving more than R20 Million:

The municipal authorities in certain states levy octroi duty (a local indirect tax) on goods brought inside the municipal limits at rates based on the classification of goods.

Demands aggregating INR 61.650 Million as at March 31, 2017 (INR 61.650 Million as at March 31, 2016 and INR 61.650 Million as at April 1, 2015) had been raised demanding higher octroi duties on account of classification disputes relating to components purchased for the manufacture of vehicles and retrospective increase in octroi rates relating to past periods. The dispute relating to classification is presently pending before the Supreme Court and the other dispute is pending before the Bombay High Court on remand by the Supreme Court.

As at March 31, 2017, property tax amounting to INR 53.700 Million (R INR 50.560 Million as at March 31, 2016 and INR 49.100 Million as at April 1, 2015) has been demanded by the local municipal authorities in respect of vacant land of the Company in the plant in Pimpri, Pune. The Company has filed Special Leave Petition (SLP) before the Supreme Court against an unfavourable decision of the Bombay High Court. The Supreme Court has disposed of the SLP and remanded the matter back to the local municipal corporation for fresh adjudication.

As at March 31, 2017, a penalty of INR 20.310 Million (INR 20.310 Million as at March 31, 2016 and INR 56.210 Million as at April 1, 2015) is likely to be imposed relating to a matter of regularization of construction of certain buildings in respect of which approvals from appropriate authorities are awaited. However, as the buildings were constructed as per the applicable development rules, the Company believes it will be possible to get the waiver of the same.

As at March 31, 2017, Sales tax / VAT amounting to INR 29.950 Million (INR 24.100 Million as at March 31, 2016 and INR 15.100 Million as at April 1, 2015) has been demanded by local authorities on dealers in respect of spare parts used for carrying out warranty repairs. The dispute is pending before the Supreme Court.

PRESS RELEASE

JOB CUTS, FALLING SALES: TATA MOTORS’ CASH COW JLR FACES MULTIPLE CHALLENGES

Reacting to the news of JLR job cuts, Tata Motors shares fell 5% to Rs338.95 apiece on Monday. Tata Motors is now down 27% since 1 April 2017as compared to BSE Auto index, which has rallied by 16%

April 17 2018

The weekend was not a happy one for employees of Tata Motors Ltd’s unit Jaguar Land Rover Limited (JLR) in the UK. The firm announced about 1,000 job cuts and relocation of some of its employees around plant locations. Reacting to this, on Monday investors dumped shares of Tata Motors that fell 5% to Rs338.95 apiece at the close of trading. The stock is now 27% down since 1 April 2017, a pathetic performance compared to benchmark indices such as the Sensex and BSE Auto index, both of which have rallied by 16%.

Indeed, the management may justify the job cuts as affecting only temporary jobs, which is done to manage the business and production cycles. However, the writing on the wall is clear. JLR is facing tough times with a sales slowdown. For the first time in eight quarters, the company’s sales contracted by 3.8%, although growth rates were coming off for a while now (see chart).

An analysis of region-wise sales numbers shows that JLR is losing heavily in the UK. Retail sales fell by 13% in fiscal year 2018 (FY18) after double-digit growth for three years. The story is similar in Europe, where sales contracted by 5%. That’s not all—growth in North America plummeted to 5% from 24% and 27% in the earlier two years. For JLR, these three regions account for about two-thirds the total vehicle sales.

Reasons for the drop in sales range from stiff competition in the luxury segment to high tax rates on diesel cars to curb use of the fuel. However, some critics say the company has lost out on innovative new launches, which are important to lure customers in the high-end luxury market.

With US protectionism gaining momentum, there could be taxes on imported vehicles, which may further thwart JLR sales in the region.

The company ’s only saving grace is China, where sales are rising, although there too growth is slowing.

Certainly, a firm’s products going downhill in the market is the first sign of trouble from an investor standpoint as it affects the ability to grow earnings. The next is employee layoffs as it implies weak cash flows and the need to trim costs.

All this is against a backdrop of an imminent need for JLR to cough up billions to fund research on the next new wave of electric vehicles. This will hurt profit margins that are already ebbing away.

The March quarter forecast for JLR is about 10% operating margin, down from its heydays of 15-16%. Add to this the foreign exchange losses on hedges during Brexit that have also eroded profitability.

Thankfully, there is a sweet spot in that Tata Motors’ stand-alone business is booming on the back of a strong uptrend in commercial vehicle sales on home ground.

But the fact remains that it is JLR that accounts for more than 90% of consolidated profits at Tata Motors. Even a small sneeze in that company sends shivers down the Tata Motors’ stock.

One can anticipate a cut in earnings estimate on weak sales numbers and a tense outlook for FY19.

TATA MOTORS BETS ON TURNAROUND PLAN TO BOOST CV MARKET SHARE TO 44% IN FY18

Apr 22, 2018

Homegrown auto major Tata Motors saw its market share in commercial vehicles (CV) segment in the domestic market inch closer to 44 per cent in 2017-18 riding on its turnaround strategy which aims at regaining lost ground to rivals.

According to Society of Indian Automobile manufacturers (SIAM) data, Tata Motors sold a total of 3,76,456 units of CVs in 2017-18 as against 3,05,620 units in 2016-17, a growth of 23.17 per cent.

The overall industry CV sales in 2017-18 were at 8,56,453 units in 2017-18 as against 7,14,082 units in 2016-17.

In terms of market share, Tata Motors increased it to 43.95 per cent in FY18 from 42.79 per cent in FY17.

Last August, while addressing shareholders, Tata Motors Chairman N Chandrasekaran expressed concern over the company's falling CV market share from a high of nearly 60 per cent five years back and emphasised on the turnaround plan for its domestic business with a special focus on the ailing commercial vehicles business.

"FY18 has been landmark year for the CV business of Tata Motors. Reviving the domestic CV business was one of the key focus areas in the company's turnaround strategy. We are delighted that we have gained good momentum and shown growth on the back of strong product portfolio across segments and intense customer engagement," Tata Motors President (Commercial Vehicles Business) Girish Wagh told .

The execution of sales enhancement, rigorous cost reduction and timely product launches, delivered quick results on CV volumes, market share grew and bottom-line improved during the year, he added.

"Besides significant ramp-up of production, structural de-bottlenecking of the supply chain and rationalisation of strategic supplier base were also undertaken as major projects," Wagh said.

The company's domestic sales of medium and heavy commercial vehicles in FY18 stood at 1,68,013 units as against 1,48,901 units in FY17, a growth of 12.83 per cent.

In the light CV category, Tata Motors posted a growth of 33 per cent in FY18 at 2,08,443 units as against 1,56,719 units in FY17.

On the outlook for the new fiscal, Wagh said, "With the successful last year, the company is now changing gears to move one level higher with Turnaround 2.0 in FY19. We are confident that these measures will help us achieve our targets while improving our performance and taking customer centricity to the next level." RKL AKT ANS

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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 records 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 :

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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.

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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	INR
US Dollar	1	INR 66.69
UK Pound	1	INR 93.13
Euro	1	INR 81.42

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	NYT
Report Prepared by :	SUJ

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
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--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

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