Exhibit 1: Stock Market Data

Ten Year GOI T-Bond Stock Price of Tata Market Cap of Tata Motors
Month BSE Sensex Yield Motors (In Crores)
Jan-03 3250.38 6.323 29.48 4,921.51
Feb-03 3283.66 5.966 31.23 5,212.61
Mar-03 3048.72 6.127 29.83 4,979.09
Apr-03 2959.79 5.882 28.92 4,827.14
May-03 3180.75 5.797 32.87 5,487.71
Jun-03 3607.13 5.728 37.88 6,322.63
Jul-03 3792.61 5.616 43.24 7,218.32
Aug-03 4244.73 5.264 53.68 8,982.81
Sep-03 4453.24 5.174 58.9 9,856.71
Oct-03 4906.87 5.1 71.77 12,010.22
Nov-03 5044.82 5.158 78.36 13,250.00
Dec-03 5838.96 5.122 86.68 14,820.51
Jan-04 5695.67 5.223 99.62 17,285.53
Feb-04 5667.51 5.261 97.73 17,813.28
Mar-04 5590.6 5.147 93.08 17,331.23
Apr-04 5655.09 5.117 90.63 16,876.27
May-04 4759.62 5.274 70.24 13,079.60
Jun-04 4795.46 5.85 72.86 13,612.30
Jul-04 5170.32 6.137 81.1 15,151.83
Aug-04 5192.08 6.089 74.83 13,981.07
Sep-04 5583.61 6.244 77.3 14,459.69
Oct-04 5672.27 6.932 79.87 14,941.86
Nov-04 6234.29 7.197 92.53 17,449.72
Dec-04 6602.69 6.706 96.8 18,273.80
Jan-05 6555.94 6.703 96.73 18,259.33
Feb-05 6713.86 6.549 91.06 17,188.55
Mar-05 6492.82 6.676 79.33 14,976.30
Apr-05 6154.44 7.357 78.93 14,902.13
May-05 6715.11 6.979 82.97 15,663.70
Jun-05 7193.85 6.907 81.45 15,377.88
Jul-05 7635.42 6.994 92.17 17,400.29
Aug-05 7805.43 7.094 88.7 17,416.12
Sep-05 8634.48 7.101 102.42 20,110.28
Oct-05 7892.32 7.099 90.64 17,798.04
Nov-05 8788.81 7.083 106.47 20,906.12
Dec-05 9397.93 7.11 125.14 24,571.08
Jan-06 9919.89 7.372 135.93 26,771.11
Feb-06 10370.24 7.393 156.06 30,878.52
Mar-06 11279.96 7.55 178.72 35,707.39
Apr-06 12042.56 7.39 182.15 36,396.55
May-06 10398.61 7.659 151.33 30,254.99
Jun-06 10609.25 8.151 152.24 30,436.97
Jul-06 10743.88 8.238 141.76 28,495.17
Aug-06 11699.05 7.891 161.96 32,555.18
Sep-06 12454.42 7.642 165.2 33,207.89
 Ten Year GOI T-Bond Stock Price of Tata Market Cap of Tata Motors
Month BSE Sensex Yield Motors (In Crores)
Oct-06 12961.9 7.625 158.66 31,894.29
Nov-06 13696.31 7.424 155.11 31,188.61
Dec-06 13786.91 7.619 172.52 34,689.33
Jan-07 14090.92 7.738 168.21 33,822.34
Feb-07 12938.09 8 150.23 30,215.00
Mar-07 13072.1 8.022 139.46 28,048.94
Apr-07 13872.37 8.173 143.81 28,923.84
May-07 14544.46 8.08 145.16 29,196.32
Jun-07 14650.51 8.187 128.35 25,814.17
Jul-07 15550.99 7.845 134.01 26,953.12
Aug-07 15318.6 7.93 134.5 27,057.02
Sep-07 17291.1 7.925 149.12 29,998.46
Oct-07 19837.99 7.839 145.2 29,210.09
Nov-07 19363.19 7.905 140.54 28,274.31
Dec-07 20286.99 7.791 142.21 28,611.67
Jan-08 17648.71 7.529 135.32 27,225.61
Feb-08 17578.72 7.568 134.19 26,998.14
Mar-08 15644.44 7.938 119.47 24,037.11
Apr-08 17287.31 7.956 126.9 25,531.12
May-08 16415.57 8.101 110.55 22,246.42
Jun-08 13461.6 8.713 81.73 16,446.69
Jul-08 14355.75 9.316 77.28 15,551.74
Aug-08 14564.53 8.7 84.39 16,982.54
Sep-08 12860.43 8.617 68.11 15,483.15
Oct-08 9788.06 7.478 34 7,728.08
Nov-08 9092.72 7.08 26.98 6,133.43
Dec-08 9647.31 5.26 31.47 7,154.55
Jan-09 9424.24 6.187 29.61 6,731.71
Feb-09 8891.61 6.328 29.57 8,519.75
Mar-09 9708.5 7.014 35.68 8,110.43
Apr-09 11403.25 6.242 47.96 10,901.63
May-09 14625.25 6.71 66.63 17,102.31
Jun-09 14493.84 7.013 57.61 14,894.48
Jul-09 15670.31 6.998 83.42 21,106.19
Aug-09 15666.64 7.434 96.83 24,382.92
Sep-09 17126.84 7.215 117.02 29,392.21
Oct-09 15896.28 7.306 111.8 29,928.27
Nov-09 16926.22 7.257 130.78 34,872.98
Dec-09 17464.81 7.679 156.84 41,201.74
Jan-10 16357.96 7.591 137.4 35,991.23
Feb-10 16429.55 7.864 140.7 36,763.83
Mar-10 17527.77 7.85 149.54 41,179.31
Apr-10 17558.71 8.061 172.72 48,052.43
May-10 16944.63 7.564 149.33 41,520.52
Jun-10 17700.9 7.561 154.02 42,621.49
Jul-10 17868.29 7.803 167.44 46,727.66
Aug-10 17971.12 7.936 199.36 55,666.37
Sep-10 20069.12 7.852 217.14 60,658.40
Ten Year GOI T-Bond Stock Price of Tata Market Cap of Tata Motors
Month BSE Sensex Yield Motors (In Crores)
Oct-10 20032.34 8.121 229.43 67,772.34
Nov-10 19521.25 8.066 244.8 73,420.48
Dec-10 20509.09 7.913 258.49 77,685.02
Jan-11 18327.76 8.148 227.22 68,421.46
Feb-11 17823.4 7.992 214.07 63,905.05
Mar-11 19445.22 7.985 246.86 73,849.63
Apr-11 19135.96 8.135 243.22 72,720.01
May-11 18503.28 8.411 216.19 64,830.05
Jun-11 18845.87 8.326 196.6 58,704.50
Jul-11 18197.2 8.454 187.47 56,266.23
Aug-11 16676.75 8.319 146.77 44,067.62
Sep-11 16453.76 8.442 154.45 46,252.22
Oct-11 17705.01 8.879 196.35 58,576.48
Nov-11 16123.46 8.738 170.62 51,021.67
Dec-11 15454.92 8.572 176.51 52,194.24
Jan-12 17193.55 8.269 241.02 71,251.98
Feb-12 17752.68 8.203 267.93 80,262.37
Mar-12 17404.2 8.588 272.78 81,812.58
Apr-12 17318.81 8.675 313.4 93,959.62
May-12 16218.53 8.377 230.73 69,704.07
Jun-12 17429.98 8.39 239.49 71,917.29
Jul-12 17236.18 8.247 223.51 67,411.73
Aug-12 17429.56 8.241 231.27 69,918.06
Sep-12 18762.74 8.152 264.62 80,180.57
Oct-12 18505.38 8.217 251.95 76,512.24
Nov-12 19339.9 8.177 271.35 82,111.35
Dec-12 19426.71 8.049 309.09 92,964.70
Jan-13 19894.98 7.912 294.84 88,706.35
Feb-13 18861.54 7.873 284.36 85,500.05
Mar-13 18835.77 7.96 266.45 80,301.91
Apr-13 19504.18 7.731 296.28 89,435.69
May-13 19760.3 7.449 310.13 93,584.93
Jun-13 19395.81 7.449 278.47 83,810.28
Jul-13 19345.7 8.17 287.47 85,806.68
Aug-13 18619.72 8.602 295.54 88,800.98
Sep-13 19379.77 8.761 328.83 98,846.15
Oct-13 21164.52 8.63 376.17 113,355.78
Nov-13 20791.93 9.06 394.38 118,981.70
Dec-13 21170.68 8.825 372.41 112,277.29
Jan-14 20513.85 8.788 346.15 104,163.12
Feb-14 21120.12 8.861 412.63 123,961.03
Mar-14 22386.27 8.81 394.13 118,775.93
Apr-14 22417.8 8.83 410.06 124,283.27
May-14 24217.34 8.646 411.05 126,077.50
Jun-14 25413.78 8.747 426.58 132,212.75
Jul-14 25894.97 8.722 442.17 136,482.09
Aug-14 26638.11 8.565 518.85 161,715.80
Sep-14 26630.51 8.516 497.43 154,234.14
Ten Year GOI T-Bond Stock Price of Tata Market Cap of Tata Motors
Month BSE Sensex Yield Motors (In Crores)
Oct-14 27865.83 8.277 529.98 162,717.39
Nov-14 28693.99 8.087 527.31 162,209.81
Dec-14 27499.42 7.857 490.85 151,929.88
Jan-15 29182.95 7.693 578.76 177,594.92
Feb-15 29361.5 7.728 587.36 180,465.03
Mar-15 27957.49 7.736 544.13 166,457.37
Apr-15 27011.31 7.86 508.45 162,629.29
May-15 27828.44 7.816 481.6 154,353.40
Jun-15 27780.83 7.86 434.55 138,745.30
Jul-15 28114.56 7.808 384.35 124,190.53
Aug-15 26283.09 7.787 340.15 110,249.39
Sep-15 26154.83 7.541 298.45 97,187.68
Oct-15 26656.83 7.641 384.45 124,206.69
Nov-15 26145.67 7.786 423.35 137,349.86
Dec-15 26117.54 7.758 391.25 127,698.03
Jan-16 24870.69 7.783 336.7 110,722.87
Feb-16 23002 7.626 300.25 98,574.37
Mar-16 25341.86 7.463 386.3 126,210.39
Apr-16 25606.62 7.437 408.85 133,186.30
May-16 26667.96 7.471 458.2 148,138.90
Jun-16 26999.72 7.45 459.25 147,435.23
Jul-16 28051.86 7.164 503 161,681.22
Aug-16 28452.17 7.11 537.45 172,619.20
Sep-16 27865.96 6.962 534.75 171,707.45
Oct-16 27930.21 6.886 532.35 171,334.87
Nov-16 26652.81 6.246 459.35 147,723.44
Dec-16 26626.46 6.516 471.35 151,307.02
Jan-17 27655.96 6.409 523.6 168,068.94
Feb-17 28743.32 6.871 456.15 145,784.29
Mar-17 29620.5 6.694 465.95 148,880.85
Apr-17 29918.4 6.964 457.8 146,403.08
May-17 31145.8 6.664 476.2 152,132.77
Jun-17 30921.61 6.511 432.5 138,266.69
Product Name Year % of STO Capacity Utilised -% Sales
Arc/Spot Welding Robots 1,995.00 0 8 0
Arc/Spot Welding Robots 1,997.00 0 2 0
Automobiles 2,001.00 75.42 5,978.90
Automobiles-Jeeps/Pssgr. Cars 2,000.00 0 75.14 0
Automobiles-Jeeps/Pssgr. Cars 2,001.00 0 61.3 0
Automobiles-Jeeps/Pssgr. Cars 2,002.00 0 54.38 0
Automobiles-LCV/HCV 1,996.00 89.41 78.53 6,916.47
Automobiles-LCV/HCV 1,997.00 88.67 86.66 8,774.93
Automobiles-LCV/HCV 1,998.00 86.7 57.35 6,213.63
Automobiles-LCV/HCV 1,999.00 86.39 33.48 5,521.93
Automobiles-LCV/HCV 2,000.00 0 54.8 0
Automobiles-LCV/HCV 2,001.00 0 48.3 0
Automobiles-LCV/HCV 2,002.00 91.96 52.17 7,978.83
Automobiles-LCV/HCV 2,003.00 0 75.41 0
Automobiles-LCV/HCV 2,004.00 0 96.74 0
Automobiles-LCV/HCV 2,005.00 0 118.37 0
Automobiles-LCV/HCV 2,006.00 0 15.9 0
Automobiles-LCV/HCV 2,007.00 0 12.32 0
Automobiles-LCV/HCV 2,008.00 0 93.28 0
Automobiles-LCV/HCV 2,009.00 0 59.63 0
Automobiles-LCV/HCV 2,010.00 0 7.81 0
Automobiles-LCV/HCV 2,014.00 86.13 32,519.21
Brake Lining Dynamometer 1,994.00 0.02 0.9
Cars 1,996.00 1.01 78.15
Cars 1,997.00 2.74 270.73
Cars 1,998.00 0.04 2.77
Cars 1,999.00 0.95 60.97
Cars 2,000.00 16.99 1,476.32
Cars 2,001.00 15.75 1,248.42
Castings 1,995.00 0 0.02
Castings 1,996.00 0.02 1.25
Castings 1,997.00 0 0.11
Castings 1,998.00 0 0.12
Castings 1,999.00 0.02 1.18
Castings 2,000.00 0.27 23.23
Castings 2,001.00 1.64 130.1
Castings 2,002.00 0.92 79.89
Castings 2,003.00 0.69 72.58
Castings 2,004.00 0.68 102.48
Castings 2,005.00 0.79 159
Castings 2,006.00 1.11 262.18
Castings 2,007.00 0.9 284.14
Castings 2,008.00 0.91 299.35
Castings 2,009.00 1.29 362
Castings 2,010.00 1.84 695.39
Castings-SG Iron 1,992.00 0.09 49.2 2.66
Castings-SG Iron 1,993.00 0 69.63 0
Castings-SG Iron 1,994.00 0 67.22 0.06
Castings-SG Iron 1,995.00 0 15.74 0
Castings-SG Iron 1,996.00 0 123.33 0
Castings-SG Iron 1,997.00 0 78.57 0
Castings-SG Iron 1,998.00 0 48.5 0
Castings-SG Iron 1,999.00 0 42.95 0
Castings-SG Iron 2,000.00 0 56.74 0
Castings-SG Iron 2,001.00 0 63.27 0
Castings-SG Iron 2,002.00 0 77.95 0
Castings-SG Iron 2,003.00 0 97.58 0
Castings-SG Iron 2,004.00 0 11.21 0
Castings-SG Iron 2,005.00 0 114.68 0
Castings-SG Iron 2,006.00 0 19.18 0
Castings-SG Iron 2,007.00 0 12.88 0
Castings-SG Iron 2,008.00 0 117.73 0
Castings-SG Iron 2,009.00 0 89.29 0
Castings-SG Iron 2,010.00 0 18.34 0
Castings-Steel 1,991.00 0 17.23 0
Castings-Steel 1,993.00 0 19.37 0
Castings-Steel 1,994.00 0 22.5 0
Castings-Steel 1,995.00 0 22.52 0
Castings-Steel 1,996.00 0 142.5 0
Castings-Steel 1,997.00 0 136.75 0
Castings-Steel 1,998.00 0 87.83 0
Castings-Steel 1,999.00 0 19.83 0
Computer Software/Service 1,991.00 0.12 2.88
Computer Softwares & Services 1,993.00 0.16 4.64
Computer Softwares & Services 1,994.00 0.09 3.11
Computer Softwares & Services 1,995.00 0.05 2.98
Computer Softwares & Services 1,996.00 0.01 0.99
Computer Softwares & Services 1,997.00 0.02 2.35
Copying Machines-Electrical 1,992.00 0 3 0.02
Copying Machines-Electrical 1,994.00 0 3 0
Copying Machines-Electrical 1,997.00 0 2 0
Earth Moving M/c incl.Bulldoz 1,992.00 0 51.48 0
Earth Moving M/c incl.Bulldoz 1,993.00 0 65.2 0
Earth Moving M/c incl.Bulldoz 1,994.00 0 81.6 0
Earth Moving M/c incl.Bulldoz 1,995.00 0 11.14 0
Earth Moving M/c incl.Bulldoz 1,996.00 0 82.7 0
Earth Moving M/c incl.Bulldoz 1,997.00 0 95 0
Earth Moving M/c incl.Bulldoz 1,998.00 0 13.5 0
Earth Moving M/c incl.Bulldoz 1,999.00 0 15 0
Earth Moving M/c. 1,991.00 0 5.55 0
El'tronic Comparator 1,991.00 0 2.69 0
Ele.Copying Machines 1,991.00 0 1 0
Elect.Comparator/Weigh Instr. 1,993.00 0 3.8 0
Elect.Comparator/Weigh Instr. 1,994.00 0 2.69 0
Elect.Comparator/Weigh Instr. 1,995.00 0 7.31 0
Elect.Comparator/Weigh Instr. 1,996.00 0 25 0
Elect.Comparator/Weigh Instr. 1,997.00 0 13.8 0
Elect.Comparator/Weigh Instr. 1,998.00 0 12.69 0
Elect.Comparator/Weigh Instr. 1,999.00 0 6.92 0
Elect.Comparator/Weigh Instr. 2,000.00 0 5 0
Elect.Comparator/Weigh Instr. 2,001.00 0 3.46 0
Elect.Comparator/Weigh Instr. 2,002.00 0 2.69 0
Elect.Comparator/Weigh Instr. 2,003.00 0 4.62 0
Encoder & readout-Rotary 1,995.00 0 63 0.03
Encoder & readout-Rotary 1,996.00 0 3 0.03
Encoder & readout-Rotary 1,997.00 0 11 0.01
Encoder & readout-Rotary 1,998.00 0 25 0.02
Encoder & readout-Rotary 2,003.00 0 1 0
Encoder & Readout-Rotary/Line 1,993.00 0 25.5 0.03
Encoder & Readout-Rotary/Line 1,994.00 0 34.5 0.04
Encoder & readout(Rotary/Line) 1,992.00 0 24 0.02
Engines-Diesel-Indl.Appliance 2,003.00 0.35 37.16
Engines-Diesel-Indl.Appliance 2,004.00 0.3 44.78
Engines-Diesel-Indl.Appliance 2,005.00 0.26 52.31
Engines-Diesel-Indl.Appliance 2,006.00 0.28 66.49
Engines-Diesel-Indl.Appliance 2,007.00 0.22 69.89
Engines-Diesel-Indl.Appliance 2,008.00 0.36 119.67
Engines-Diesel-Indl.Appliance 2,009.00 0.32 90.44
Engines-Diesel-Indl.Appliance 2,010.00 0.25 95.43
Engines-Marine 1,991.00 0.03 0.86
Engines-Marine 1,992.00 0.05 1.58
Engines-Marine 1,993.00 0.02 0.63
Engines-Marine 1,994.00 0.03 0.95
Engines-Marine 1,995.00 0.03 1.92
Engines-Marine 1,996.00 0.02 1.93
Engines-Marine 1,997.00 0.01 1.4
Engines-Marine 1,998.00 0.02 1.66
Engines-Marine 1,999.00 0.01 0.9
Engines-Marine 2,000.00 0.08 7
Engines-Marine 2,001.00 0.25 20.09
Engines-Marine 2,002.00 0.34 29.75
Engines-Marine 2,003.00 0.35 37.16
Excavators 1,991.00 2.8 70.13
Excavators 1,992.00 2.53 76.6
Excavators 1,993.00 4.13 121.65
Excavators 1,994.00 3.72 135.23
Excavators 1,995.00 3.43 192.24
Excavators 1,996.00 3.94 304.7
Excavators 1,997.00 3.25 321.58
Excavators 1,998.00 4.9 351.41
Excavators 1,999.00 5.01 320.19
Export Incentives 1,993.00 -0.62 -18.17
Export Incentives 1,994.00 -0.54 -19.62
Export Incentives 2,009.00 -1.48 -415.56
Export Incentives 2,010.00 -1.49 -561.55
Finance/Service chrg. on HPC 1,993.00 2.05 60.33
Finance/Service chrg. on HPC 1,994.00 2.96 107.29
Finance/Service chrg. on HPC 1,995.00 1.84 103.32
Finance/Service chrg. on HPC 1,996.00 1.34 103.85
Finance/Service chrg. on HPC 1,997.00 1.31 129.27
Finance/Service chrg. on HPC 1,998.00 1.82 130.46
Finance/Service chrg. on HPC 1,999.00 0.94 60.3
Finance/Service chrg. on HPC 2,000.00 1.03 89.66
Finance/Service chrg. on HPC 2,001.00 0.8 63.2
Finance/Service chrg. on HPC 2,002.00 0.85 73.34
Finance/Service chrg. on HPC 2,003.00 0.9 96.62
Hire Purchase/Loan Contracts 2,006.00 1.83 432.67
Hire Purchase/Loan Contracts 2,007.00 1.73 546.51
Hire Purchase/Loan Contracts 2,008.00 1.1 363.2
Hire Purchase/Loan Contracts 2,009.00 0.87 244.11
Hire Purchase/Loan Contracts 2,010.00 0.58 219.66
Hire Purchase/Loan Contracts 2,011.00 0.22 114.5
Hire Purchase/Loan Contracts 2,012.00 0.13 74.25
Hire Purchase/Loan Contracts 2,013.00 0.08 39.48
Hire Purchase/Loan Contracts 2,014.00 0.05 18.22
Hoists 1,991.00 0 8.33 0
Hoists (250 kgs) 1,992.00 0 9.17 0
Hoists (250 kgs) 1,994.00 0 5.33 0
Hoists (250 kgs) 1,995.00 0 5.67 0
In process gauging 1,992.00 0 47.5 0.03
In Process Gauging 1,993.00 0 25 0.05
In Process Gauging 1,995.00 0 35 0.06
In Process Gauging 1,996.00 0 67.5 0.03
In Process Gauging 1,997.00 0 42.5 0.01
In Process Gauging 1,998.00 0 9 0.04
In Process Gauging 1,999.00 0 17.5 0.03
In Process Gauging 2,000.00 0 5 0.01
In Process Gauging 2,002.00 0 35 0
In Process Gauging incl.Spares 1,994.00 0 55 0.12
Income from Services 1,992.00 0.02 0.51
Income from Services 1,993.00 0.02 0.52
Income from Services 1,995.00 0.01 0.67
Income from Services 1,996.00 0.03 2.02
Income from Services 1,997.00 0.07 6.55
Income from Services 1,998.00 0.11 7.99
Income from Services 1,999.00 0.06 3.67
Income from Services 2,000.00 0.02 1.58
Income from Services 2,001.00 0.04 2.9
Income from Services 2,002.00 0.06 5.28
Income from Services 2,003.00 0.09 9.05
Income from Services 2,004.00 0.1 15.87
Income from Services 2,005.00 0.15 30.41
Income from Services 2,006.00 0.2 47.5
Income from Services 2,007.00 0.14 44
Income from Services 2,008.00 0.29 96.53
Income from Services 2,009.00 0.38 105.59
Income from Services 2,010.00 0.22 81.73
Income from Services 2,011.00 0.25 125.96
Income from Services 2,012.00 0.33 195.11
Income from Services 2,013.00 0.45 222.29
Income from Services 2,014.00 0.68 256.9
Income from Services 2,015.00 0.72 284.72
Income from Services 2,016.00 0.73 342.6
Income from transfer of tech. 2,008.00 0.52 169.4
Income from transfer of tech. 2,009.00 0.49 138.83
Income from Vehicle Loan Contr 2,015.00 0.01 5.89
Income from Vehicle Loan Contr 2,016.00 0.01 2.8
Inprocess Gauging 1,991.00 0 47.5 0.04
Lease Rentals 1,995.00 0 0.09
Lease Rentals 1,996.00 0.14 10.81
Lease Rentals 1,997.00 0.17 16.59
Lease Rentals 1,998.00 0.39 27.72
Lease Rentals 1,999.00 0.43 27.8
Lease Rentals 2,000.00 0.25 22.09
LVDT Ver.Bar Display/Ano.Timer 1,992.00 0 2.43 0
LVDT Ver.Bar Display/Ano.Timer 1,993.00 0 6.31 0
LVDT Ver.Bar Display/Ano.Timer 1,994.00 0 3.12 0
LVDT Ver.Bar Display/Ano.Timer 1,995.00 0 3.57 0
LVDT Ver.Bar Display/Ano.Timer 1,996.00 0 1.55 0
LVDT Ver.Bar Display/Ano.Timer 1,997.00 0 0.33 0
LVDT Ver.Bar Display/Ano.Timer 2,000.00 0 1.19 0
LVDT Vert.Bar Display 1,991.00 0 0.83 0
Manufactured Comp. for sale 1,990.00 1.63 46.06
Metal Cut/Grind M/c 1,991.00 0 25.77 0
Metal Cutting & Grinding M/c 1,990.00 0 12.98 0
Metal Cutting & Grinding M/c 1,992.00 0.02 44.33 0.47
Metal Cutting & Grinding Mach. 1,993.00 0 173.8 0
Metal Cutting & Grinding Mach. 1,994.00 0 64.9 0
Metal Cutting & Grinding Mach. 1,995.00 0 314.9 0
Metal Cutting & Grinding Mach. 1,996.00 0 651.44 0
Metal Cutting & Grinding Mach. 1,998.00 0 521.63 0
Metal Cutting & Grinding Mach. 1,999.00 0 221.15 0
Metal Cutting/Grinding Machine 1,993.00 0.04 39.18 1.18
Metal Cutting/Grinding Machine 1,994.00 0.46 41.24 16.69
Metal Cutting/Grinding Machine 1,995.00 0.1 38.14 5.78
Metal Cutting/Grinding Machine 1,996.00 0 39.18 0
Metal Cutting/Grinding Machine 1,998.00 0 56.7 0
Metal Cutting/Grinding Machine 1,999.00 0 9.28 0
Metal Cutting/Grinding Machine 2,000.00 0 4.12 0
Miscellaneous Receipts 1,993.00 1.48 43.71
Motor Vehicles for 10+ People 2,000.00 0 44.9 0
Motor Vehicles for 10+ People 2,001.00 0 15.81 0
Motor Vehicles for 10+ People 2,002.00 0 3.36 0
Motor Vehicles for 10+ People 2,003.00 0 31.73 0
Motor Vehicles for 10+ People 2,004.00 0 42.22 0
Motor Vehicles for 10+ People 2,005.00 0 62.16 0
Motor Vehicles for 10+ People 2,006.00 0 66.54 0
Numerical Cntrl M/c 1,991.00 0 2 0
Numerical Control of M/c Tools 1,992.00 0 3 0
Numerical Control of M/c Tools 1,994.00 0 11 0
On Road Automobiles 1,990.00 98.37 88.16 2,772.36
On Road Automobiles 1,991.00 0 118.74 0
On Road Automobiles 1,992.00 91.67 88.16 2,772.36
On Road Automobiles 1,993.00 87.08 77.17 2,563.33
On Road Automobiles-LCV/HCV.. 1,994.00 88.02 76.55 3,195.70
On Road Automobiles-LCV/HCV.. 1,995.00 90.38 86.88 5,062.21
Other Operating Income 2,009.00 0.86 242.41
Other Operating Income 2,010.00 0.56 212.43
Other Operating Income 2,011.00 0.46 233.04
Other Operating Income 2,012.00 0.51 301.16
Other Operating Income 2,013.00 0.8 392.68
Other Operating Income 2,014.00 1.01 381.14
Other Operating Income 2,015.00 1.04 411.13
Other Operating Income 2,016.00 0.9 421.82
Others 1,991.00 1.09 27.31
Others 1,993.00 0 0.03
Others 1,995.00 0 0.06
Others 1,996.00 0.07 5.26
Others 1,997.00 0.16 15.68
Others 1,998.00 0.04 3.01
Others 1,999.00 0 0.19
Others 2,000.00 0.02 1.43
Others 2,001.00 0.31 24.23
Others 2,011.00 2.59 1,327.72
Others 2,012.00 2.68 1,585.81
Others 2,013.00 3.21 1,580.85
Others 2,014.00 4.17 1,576.22
Others 2,015.00 4.27 1,686.05
Others 2,016.00 3.33 1,553.97
Others incl.Export Incentive 1,992.00 0.58 17.69
Others incl.Export Incentive 1,994.00 0.57 20.65
Proximity Switches 1,991.00 0 39.1 0
Proximity Switches 1,992.00 0 5 0
Proximity Switches 1,993.00 0 48.6 0
Proximity Switches 1,994.00 0 59.9 0
Proximity Switches 1,995.00 0 27.8 0
Rotary Encoders/Linear 1,991.00 0 13 0.02
Sale of C.Software & Services 1,992.00 0.13 4.08
Scrap 1,991.00 0.76 19
Scrap 1,992.00 0.63 19.04
Scrap 1,993.00 0.54 15.82
Scrap 1,994.00 0.57 20.74
Scrap 1,995.00 0.44 24.54
Scrap 1,996.00 0.56 43.52
Scrap 1,997.00 0.43 42.62
Scrap 1,998.00 0.47 33.53
Scrap 1,999.00 0.39 25.08
Scrap 2,000.00 0.42 36.14
Scrap 2,001.00 0.39 31.07
Scrap 2,002.00 0.3 26.39
Scrap 2,003.00 0.32 34.12
Scrap 2,004.00 0.36 53.93
Scrap 2,005.00 0.45 90.01
Scrap 2,006.00 0.42 100.36
Scrap 2,007.00 0.35 111.29
Scrap 2,008.00 0.4 130.51
Scrap 2,009.00 0.44 122.9
Scrap 2,010.00 0.3 111.68
SG/Grey Iron Semis 1,992.00 0 0.6 0
Solid State Ctrl 1,991.00 0 38 0
Solid State Ctrl for M/c Tools 1,992.00 0 12 0
Solid State Ctrl for M/c Tools 1,993.00 0 8 0
Solid State Ctrl for M/c Tools 1,994.00 0 18 0
Solid State Ctrl for M/c Tools 1,995.00 0 22 0
Solid State Ctrl for M/c Tools 1,996.00 0 18 0
Solid State Ctrl for M/c Tools 1,997.00 0 4 0
Solid State Ctrl for M/c Tools 1,998.00 0 2 0
Spare Parts 1,991.00 4.61 115.38
Spare Parts for Excavator 1,992.00 0.69 20.95
Spare Parts for Vehicles 1,992.00 3.58 108.35
Spare Parts-Excavator 1,993.00 0.8 23.46
Spare Parts-Excavator 1,994.00 0.66 23.81
Spare Parts-Excavator 1,995.00 0.57 31.83
Spare Parts-Excavator 1,996.00 0.53 40.97
Spare Parts-Excavator 1,997.00 0.46 45.44
Spare Parts-Excavator 1,998.00 0.81 57.76
Spare Parts-Excavator 1,999.00 0.87 55.58
Spares parts-process Guaging 1,995.00 0 0.03
Spares parts-process Guaging 1,996.00 0 0.06
Spares parts-process Guaging 1,997.00 0 0.04
Spares parts-process Guaging 1,998.00 0 0.09
Spares parts-process Guaging 1,999.00 0 0.08
Spares parts-process Guaging 2,000.00 0 0.06
Spares parts-process Guaging 2,001.00 0 0.02
Spot Welding Guns 1,991.00 0 55 0
Spot Welding Guns 1,992.00 0 97.5 0
Spot Welding Guns 1,993.00 0 7 0
Spot Welding Guns 1,994.00 0 57.5 0
Spot Welding Guns 1,995.00 0 71.25 0
Spot Welding Guns 1,996.00 0 53.75 0
Spot Welding Guns 1,997.00 0 42.5 0
Spot Welding Guns 1,998.00 0 26 0
Spot Welding Guns 2,000.00 0 55 0
Truck/Bus Chassis 1,991.00 90.58 2,265.69
Trucks/Bus Bodies-Automobiles 2,000.00 76.42 6,642.28
Vehicle Spare Parts 1,993.00 4.29 126.35
Vehicle Spare Parts 1,994.00 3.45 125.09
Vehicle Spare Parts 1,995.00 3.13 175.46
Vehicle Spare Parts 1,996.00 2.92 225.56
Vehicle Spare Parts 1,997.00 2.71 268.59
Vehicle Spare Parts 1,998.00 4.7 336.51
Vehicle Spare Parts 1,999.00 4.91 314.05
Vehicle Spare Parts 2,000.00 4.51 391.82
Vehicle Spare Parts 2,001.00 5.41 428.7
Vehicle Spare Parts 2,002.00 5.57 483.38
Vehicle Spare Parts 2,003.00 5.21 551.62
Vehicle Spare Parts 2,004.00 4.25 644.92
Vehicle Spare Parts 2,005.00 3.76 757.61
Vehicle Spare Parts 2,006.00 3.98 942.7
Vehicle Spare Parts 2,007.00 3.86 1,220.10
Vehicle Spare Parts 2,008.00 4.74 1,558.81
Vehicle Spare Parts 2,009.00 6.75 1,894.92
Vehicle Spare Parts 2,010.00 5.99 2,263.54
Vehicle Spare Parts 2,011.00 5.26 2,689.85
Vehicle Spare Parts 2,012.00 4.91 2,910.60
Vehicle Spare Parts 2,013.00 6.64 3,273.80
Vehicle Spare Parts 2,014.00 7.96 3,006.31
Vehicle Spare Parts 2,015.00 7.57 2,991.70
Vehicle Spare Parts 2,016.00 6.7 3,123.93
Vehicles More than 10 people P 2,003.00 93.34 62.48 9,880.90
Vehicles More than 10 people P 2,004.00 94.32 72.98 14,303.87
Vehicles More than 10 people P 2,005.00 94.59 73.33 19,062.69
Vehicles More than 10 people P 2,006.00 92.18 83.38 21,821.53
Vehicles More than 10 people P 2,007.00 92.8 83.3 29,335.28
Vehicles More than 10 people P 2,008.00 91.68 72.57 30,147.56
Vehicles More than 10 people P 2,009.00 90.08 56.31 25,302.71
Vehicles More than 10 people P 2,010.00 91.75 46.87 34,677.40
Vehicles-Light Medium & HCV 2,011.00 91.23 46,692.88
Vehicles-Light Medium & HCV 2,012.00 91.44 54,154.01
Vehicles-Light Medium & HCV 2,013.00 88.83 43,810.63
Vehicles-Light Medium & HCV 2,015.00 86.39 34,151.74
Vehicles-Light Medium & HCV 2,016.00 88.33 41,201.55
Wind mill Power Generation 2,006.00 0 17.2 0
Wind mill Power Generation 2,007.00 0 17.89 0
Exhibit 2.2: Detailed Balance Sheet of Tata Motors Group (Rs. In Crores)
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
SOURCES OF FUNDS :
Share Capital 679.18 643.78 643.78 638.07 634.75 634.65 570.6 514.05 385.54
Equity Authorised 900 900 900 900 900 900 900 900 450
Preference Capital Authorised 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 0
Equity Issued 679.26 643.88 643.78 638.17 634.76 634.66 570.61 514.06 385.55
Equity Subscribed 679.19 643.79 643.79 638.07 634.76 634.66 570.61 514.06 385.55
Equity Called Up 679.14 643.74 643.74 638.03 634.71 634.61 570.56 514.01 385.5
Less : Equity Calls in Arrears 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Equity Forfeited 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Equity Paid Up 679.18 643.78 643.78 638.07 634.75 634.65 570.6 514.05 385.54
Reserves Total 80,103.49 55,618.14 64,959.67 36,999.23 32,063.75 18,533.76 7,635.88 5,426.59 8,311.98
TOTAL RESERVES EXCLUDING REVALUATION RESERV 80,080.62 55,595.27 64,936.80 36,959.63 31,970.85 18,389.13 7,450.15 5,315.84 8,286.47
Capital Reserves 521.53 507.24 504.56 440.21 405.36 367.3 358.89 336.01 365.81
General Reserves 1,785.65 5,230.39 5,181.62 5,102.50 4,984.77 4,817.39 4,582.91 4,075.18 4,086.83
Share Premium 19,212.26 11,811.60 11,683.09 11,328.57 11,186.76 11,350.68 6,714.59 5,366.31 1,537.22
Debenture Redemption Reserve 1,042.15 1,042.15 1,042.15 1,042.15 1,172.15 1,102.15 1,102.15 602.15 334.35
Capital Redemption Reserve 2.28 2.28 2.28 2.28 2.28 2.28 2.28 2.28 2.28
Amalgamation Reserve 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Exchange Fluctuation Reserve 1,862.12 -1,247.98 7,173.03 -851.6 0 0 0 0 0
Foreign Exchange Earnings Reserve 0 0 0 0 -451.43 0 0 0 0
Special Reserve 292.26 269.38 229.97 208.19 145.05 95.76 68.96 114.29 78.57
Statutory Reserves 1.05 0.44 0 0 0 0 0 0 0
Profit & Loss Account Balance 68,850.39 54,487.17 40,530.48 27,305.87 18,195.96 6,461.49 -1,017.85 -1,553.66 1,764.12
Other Reserves -13,489.12 -16,507.45 -1,410.43 -7,618.59 -3,670.10 -5,807.97 -4,361.83 -3,626.77 117.24
TOTAL REVALUATION RESERVE 22.87 22.87 22.87 39.6 92.9 144.63 185.73 110.75 25.51
Fixed Asset Revaluation Reserve 22.87 22.87 22.87 39.6 92.9 144.63 185.73 110.75 25.51
Equity Application Money 0 0 0 0 0 3.06 0 0 0
Total Shareholders Funds 80,782.67 56,261.92 65,603.45 37,637.30 32,698.50 19,171.47 8,206.48 5,940.64 8,697.52
Minority Interest 888.26 433.34 420.65 370.48 307.13 246.6 213.51 403.03 468.31
Secured Loans 12,641.85 14,744.38 14,631.05 17,051.67 15,774.04 18,745.66 21,290.03 13,705.50 6,011.87
Non Convertible Debentures 2,310.23 2,493.34 4,315.43 4,108.21 4,646.65 4,725.00 5,417.20 917.2 787.7
Term Loans Institutions 0 0 0 0 0 0 1,951.43 1,576.50 1,585.00
Term Loans Banks 4,214.37 5,329.79 4,604.60 4,894.04 2,957.52 4,520.24 2,300.79 0 0
Term Loans Others 577.89 489.75 419.54 167.2 0 0 0 0 0
 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Deferred Credit / Hire Purchase 38.38 11.42 15.64 33.14 32.28 12.38 0 8.57 48.45
Cash Credit /Packing Credit / Bills Discounted 0 0 0 0 0 0 11,088.31 11,203.23 3,590.72
Secured Loans Others 0 0 0 0 0 0 532.3 0 0
Short Term Borrowings-Secured 5,486.71 6,404.51 5,253.54 7,831.67 8,137.59 9,488.04 0 0 0
Current Maturites of long term Borrowings-Secured 14.27 15.57 22.3 17.41 0 0 0 0 0
Unsecured Loans 57,826.64 58,866.01 46,011.23 36,664.04 31,374.92 14,064.89 13,818.33 21,268.35 5,573.00
Debentures / Bonds 6,455.20 8,505.20 4,519.90 3,489.80 1,199.40 1,049.95 288.95 0 0
Loans from Banks 8,441.90 8,654.59 10,875.38 3,502.86 5,668.26 2,021.23 3,007.39 13,755.94 1,741.14
Commercial Paper 0 0 0 0 0 0 2,841.00 1,548.55 119.6
Unsecured Loans Others 29,838.34 30,587.25 20,508.12 15,960.04 13,141.14 2,833.87 4,413.54 4,522.39 3,661.03
TOTAL DEPOSITS 0 0 0 0 317.23 2,093.33 3,267.45 1,441.47 51.23
Fixed Deposits 0 0 0 0 317.23 2,093.33 3,173.45 1,232.47 0
Intercorporate Deposits 0 0 0 0 0 0 94 209 51.23
Short Term Borrowings-Secured 5,736.92 6,735.63 4,442.32 3,788.54 2,604.00 3,618.11 0 0 0
Current Maturites of long term Borrowings-Secured 7,354.28 4,383.34 5,665.51 9,922.80 8,444.89 2,448.40 0 0 0
Total Debt 70,468.49 73,610.39 60,642.28 53,715.71 47,148.96 32,810.55 35,108.36 34,973.85 11,584.87
Other Liabilities 21,763.82 24,276.19 14,787.15 11,621.30 8,529.96 7,118.36 191.15 0 0
Other Long Term Liabilities 9,946.52 9,141.92 2,596.86 3,284.06 2,297.57 2,292.72 0 0 0
Long Term Provisions 11,817.30 15,134.27 12,190.29 8,337.24 6,232.39 4,825.64 0 0 0
Total Liabilities 173,903.24 154,581.84 141,453.53 103,344.79 88,684.55 59,346.98 43,719.50 41,317.52 20,750.70
APPLICATION OF FUNDS :
Gross Block 193,972.92 162,903.55 137,907.05 107,234.38 93,872.88 75,047.75 67,245.67 62,188.03 13,541.81
Goodwill 4,836.52 4,696.99 4,978.83 4,102.37 4,093.74 3,584.79 3,422.87 3,718.65 566.16
PATENT 4,951.82 4,799.90 3,958.94 3,264.48 3,241.66 2,841.73 2,706.53 2,889.47 0
Technical Know-how 111.8 83.5 56.65 56.37 37.42 37.29 36.87 45.34 45.31
Leasehold Land 270.5 270.48 268.47 265.82 1,194.10 1,073.49 0 0 0
Freehold Land 2,747.63 2,242.49 2,027.99 1,693.61 768.95 745.3 1,748.76 1,577.81 438.34
Buildings 15,823.71 13,395.90 11,010.13 8,322.95 9,013.95 7,791.79 6,932.66 6,625.64 1,531.77
Plant and Machinery 103,705.40 88,942.58 79,504.98 63,477.99 57,314.89 47,594.25 43,237.44 42,331.24 9,641.09
Furniture and Fixtures 1,392.03 1,149.40 1,010.56 709.86 603.65 465.14 426.52 964.35 139.61
Office Equipments 497.78 482.12 0 0 0 0 0 0 0
Computers 1,717.99 1,363.66 1,125.82 928.19 1,431.35 1,244.73 0 0 0
Vehicles 294.02 280.4 270.33 251.35 357.64 255.97 169.49 154.14 137.85
Other Fixed Assets 57,623.72 45,196.13 33,694.35 24,161.39 15,815.53 9,413.27 8,564.53 3,881.39 1,041.68
Less: Accumulated Depreciation 87,546.17 74,424.06 68,815.38 51,722.65 49,512.47 39,698.70 34,232.39 33,269.05 6,060.49
 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
PATENT 886.5 771.86 0 0 0 0 0 0 0
Technical Know-how 54.64 47.32 46.13 45.76 26.81 26.29 26.29 29.3 38.77
Leasehold Land 39.83 36.06 32.32 28.44 55.64 46.33 0 0 0
Freehold Land 0 0 0 0 0 0 35.69 132.44 6.5
Buildings 4,785.87 4,252.80 4,328.78 3,543.27 4,614.92 3,952.39 3,644.34 2,802.31 336.82
Water supply / tubewells 0 0 0 0 0 0 0 0 0
Plant and Machinery 56,798.67 49,987.54 48,828.70 38,242.57 37,271.93 31,042.98 27,953.64 28,333.58 4,900.18
Furniture and Fixtures 676.61 560.41 476.04 375.69 382.06 308.8 283.96 648.52 57.4
Computers 960.92 841.37 757.04 666.62 1,092.71 935.42 0 0 0
Vehicles 158.65 152.77 142.83 121.89 148.69 122.53 99.82 81.02 71.04
Other Fixed Assets 23,184.48 17,773.93 14,203.54 8,698.41 5,919.71 3,263.96 2,188.65 1,241.88 649.78
Net Block 106,426.75 88,479.49 69,091.67 55,511.73 44,360.41 35,349.05 33,013.28 28,918.98 7,481.32
Goodwill 4,836.52 4,696.99 4,978.83 4,102.37 4,093.74 3,584.79 3,422.87 3,718.65 566.16
PATENT 4,065.32 4,028.04 3,958.94 3,264.48 3,241.66 2,841.73 2,706.53 2,889.47 0
Technical Know-how 57.16 36.18 10.52 10.61 10.61 11 10.58 16.04 6.54
Leasehold Land 230.67 234.42 236.15 237.38 1,138.46 1,027.16 0 0 0
Freehold Land 2,747.63 2,242.49 2,027.99 1,693.61 768.95 745.3 1,713.07 1,445.37 431.84
Railway Sidings 0 0 0 0 0 0 0 0 0
Buildings 11,037.84 9,143.10 6,681.35 4,779.68 4,399.03 3,839.40 3,288.32 3,823.33 1,194.95
Water supply / tubewells 0 0 0 0 0 0 0 0 0
Plant and Machinery 46,906.73 38,955.04 30,676.28 25,235.42 20,042.96 16,551.27 15,283.80 13,997.66 4,740.91
Furniture and Fixtures 715.42 588.99 534.52 334.17 221.59 156.34 142.56 315.83 82.21
Office Equipments 497.78 482.12 0 0 0 0 0 0 0
Computers 757.07 522.29 368.78 261.57 338.64 309.31 0 0 0
Vehicles 135.37 127.63 127.5 129.46 208.95 133.44 69.67 73.12 66.81
Other Fixed Assets 34,439.24 27,422.20 19,490.81 15,462.98 9,895.82 6,149.31 6,375.88 2,639.51 391.9
Capital Work in Progress 27,260.44 28,640.09 33,262.56 18,453.55 15,945.83 11,456.79 8,915.92 10,533.00 5,948.28
Capital Advances 0 0 0 0 0 0 294.31 403.16 778.58
Development Expenses 0 0 0 0 12,824.32 9,212.25 4,910.07 2,920.26 1,721.83
Other Capital Work in Progress 27,260.44 28,640.09 33,262.56 18,453.55 3,121.51 2,244.54 3,711.54 7,209.58 3,447.87
Investments 20,466.09 15,336.74 10,686.67 8,764.73 8,917.71 2,544.26 2,219.12 1,257.40 2,665.83
Quoted Government Securities 0 0 0 0 0 0.02 0.02 0.02 0.02
Quoted Equity 313.98 302.08 318.71 299.11 298.91 292.13 282.08 296.71 423.17
Unquoted Equity 773.21 769.58 768.43 834.77 353.49 420.6 231.26 230.11 262.43
Quoted Debentures/Bonds 0 0 2.25 2.93 2.69 2.44 2.38 2.23 37.85
 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Unquoted Debentures/Bonds 3.5 4.99 1.66 7.6 10.47 13.04 21.51 23.44 24.69
Unquoted Units 19,211.01 14,058.36 9,494.06 7,509.50 7,530.05 1,122.67 1,064.62 76.57 966.75
Preference Shares 168 168 8 11 36 36 36 280.5 280.5
Application Money 0 0.3 3 0 25 0 0 0 0
Other Investments 2.07 37.61 94.72 65.03 669.19 665.45 589.58 356.01 680.44
Less : Prov.for dimunition in value of investment 5.68 4.18 4.16 -34.79 8.09 8.09 8.33 8.19 10.02
Current Assets, Loans & Advances
Inventories 33,398.98 29,272.34 27,270.89 21,036.82 18,216.02 14,070.51 11,312.03 10,950.60 3,294.64
Raw Materials 2,679.90 2,201.82 1,777.24 1,897.52 2,011.65 1,964.57 1,381.67 1,834.66 1,122.65
Work-in Progress 4,280.75 3,367.26 2,657.04 2,163.95 1,924.84 1,122.98 998.46 1,044.02 370.08
Finished Goods 25,369.82 22,824.04 21,771.33 16,202.61 13,378.42 10,353.45 8,223.90 7,572.56 1,332.15
Stores and Spares 206.97 196.64 192.84 204.59 178.39 172.36 221.52 194.29 132.67
Goods-in transit 577.65 466.77 739.48 468.47 634.66 388.85 419.92 233.34 310.21
Other Inventory 283.89 215.81 132.96 99.68 88.06 68.3 66.56 71.73 26.88
Sundry Debtors 12,989.96 12,579.20 10,574.23 10,959.60 8,236.84 6,525.65 7,191.18 4,794.86 2,060.51
Debtors more than Six months 1,147.24 1,001.02 951.85 821.16 593.47 867.15 242.35 286.52 223.46
Debtors Others 13,083.07 12,316.04 10,244.08 10,460.15 7,969.58 5,895.27 7,209.46 4,694.08 1,911.56
Less : Provisions for Doubtful Debts 1,240.35 737.86 621.7 321.71 326.21 236.77 260.63 185.74 74.51
Cash and Bank 32,879.98 32,115.76 29,711.79 21,114.82 18,238.13 11,409.60 8,743.32 4,121.34 3,833.17
Balance with Bank 10,009.34 8,523.67 7,892.59 7,949.87 6,616.08 3,443.13 2,784.44 2,108.00 1,085.46
Term Deposit with Banks 22,715.44 23,503.48 21,512.29 12,882.74 11,520.65 7,710.31 5,926.34 1,978.22 2,742.66
Cash in hand / others 155.2 88.61 306.91 282.21 101.4 256.16 32.54 35.12 5.05
Loans and Advances 16,833.27 13,694.86 18,716.14 13,499.99 12,244.31 8,875.41 15,199.11 13,455.65 10,055.50
Loans to Group / Associate Companies 0 0 0 0 0 0 132.5 109.6 102.36
Loans to Others 10,479.02 6,190.35 9,343.73 7,041.06 5,407.74 3,304.27 8,466.50 7,742.66 7,841.03
Deposits with Government 4,529.79 4,269.28 4,274.57 5,015.31 4,902.10 3,667.60 2,562.94 2,038.54 682.32
Intercorporate Deposits 30.3 95.3 0.3 0.3 50.42 47.46 0 0 0
Deposits Others 137.5 5 37.5 0 0 0 0 0 0
Advance Tax 159.01 212.08 385.28 269.11 451.54 455.35 1,534.50 974.31 442.74
Pre-paid expenses 1,271.97 1,265.40 1,061.95 563.65 286.69 406 928.95 643.72 333.48
Advances to suppliers 0 0 0 0 0 0 0 0 925.41
Advances recoverable in cash or kind 1,250.63 1,014.19 852.2 956.96 518.43 516.5 0 0 0
Less : Provision for Doubtful Advances 1,828.74 1,039.76 838.34 640.21 0 0 808.14 691.25 273.03
Interest Accrued on Investments 77.02 12.12 7.71 12.48 62.13 40.72 2.43 2.62 1.19
Application money pending allotment 0 0 0 0 0 0 0 0 0
 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Other Current Assets 726.77 1,670.90 3,591.24 281.33 565.26 437.51 2,379.43 2,635.45 0
Total Current Assets 96,102.19 87,662.16 86,273.05 66,611.23 56,935.30 40,881.17 42,445.64 33,322.45 19,243.82
Less : Current Liabilities and Provisions
Current Liabilities 83,526.16 76,696.95 69,001.78 57,197.08 47,311.21 34,439.58 34,077.33 23,980.16 11,295.66
Sundry Creditors 63,154.69 57,935.77 54,733.89 42,481.59 32,607.58 22,514.03 21,982.32 18,519.02 6,759.75
Creditors for Goods 59,651.56 53,330.53 52,153.69 40,519.22 32,607.58 22,514.03 21,982.32 18,519.02 6,759.75
Creditors for Capital Goods 3,503.13 4,605.24 2,580.20 1,962.37 0 0 0 0 0
Acceptances 3,981.33 4,076.75 5,162.04 4,393.13 4,078.74 5,389.03 7,184.29 4,239.55 4,131.51
Advances from Customers / Credit balances 2,163.70 2,288.91 3,118.67 2,066.86 2,368.83 1,967.20 1,981.80 340.73 334.19
Trade and Other deposits 219.11 211.21 169.91 183.24 187.19 59.32 0 0 0
Interest Accrued But Not Due 968.12 1,004.72 821.52 739.67 762.56 354.55 232.72 89.41 37.13
Other Liabilities 13,039.21 11,179.59 4,995.75 7,332.59 7,306.31 4,155.45 2,696.20 791.45 33.08
Liability for Capital Goods 3,503.13 4,605.24 2,580.20 1,962.37 0 0 0 0 0
Provisions 8,702.12 6,036.00 7,970.68 7,788.16 6,770.38 5,131.49 7,643.50 8,140.02 2,325.37
Provision for Tax 928.77 835.9 1,396.94 1,792.03 1,163.83 506.9 358.06 387.57 0
Provision for Corporate Dividend Tax 28.95 66.36 114.12 109.49 206.3 205.2 144.66 35.74 90.14
Provision for Gratuity 0 0 0 0 0 0 1,297.15 1,079.17 501.8
Provision for Dividend 73 0 648.56 645.2 1,280.70 1,274.23 859.05 311.61 578.43
Proposed Equity Dividend 73 0 648.56 645.2 1,280.70 1,274.23 859.05 311.61 578.43
Other Provisions 7,671.40 5,133.74 5,811.06 5,241.44 4,119.55 3,145.16 4,984.58 6,325.93 1,155.00
Total Current Liabilities 92,228.28 82,732.95 76,972.46 64,985.24 54,081.59 39,571.07 41,720.83 32,120.18 13,621.03
Net Current Assets 3,873.91 4,929.21 9,300.59 1,625.99 2,853.71 1,310.10 724.81 1,202.27 5,622.79
Miscellaneous Expenses not written off 0 0 0 0 0 0 0 86.08 6.93
Deferred revenue expenses 0 0 0 0 0 0 0 81.78 5.58
Other Miscellaneous expenditure not written of 0 0 0 0 0 0 0 4.3 1.35
Deferred Tax Assets 12,468.74 13,279.62 2,347.08 4,428.93 9,745.83 2,759.64 2,399.59 1,605.10 530.68
Deferred Tax Liability 12,908.39 11,889.62 1,572.33 2,048.21 7,371.57 4,223.43 3,553.22 2,285.31 1,505.13
Net Deferred Tax -439.65 1,390.00 774.75 2,380.72 2,374.26 -1,463.79 -1,153.63 -680.21 -974.45
Other Assets 16,315.70 15,806.31 18,337.29 16,608.07 14,232.63 10,150.57 0 0 0
Long-Term Loans and Advances 13,940.82 14,948.31 13,268.84 15,584.12 13,657.95 9,818.30 0 0 0
Capital Advances 470.31 234.93 321.55 220.41 179.12 0 0 0 0
Other Non-Current Assets 2,374.88 858 5,068.45 1,023.95 574.68 332.27 0 0 0
Total Assets 173,903.24 154,581.84 141,453.53 103,344.79 88,684.55 59,346.98 43,719.50 41,317.52 20,750.70
Contingent Liabilities 4,370.06 4,212.96 4,033.89 3,902.82 3,947.23 6,886.78 6,474.50 6,220.54 4,515.44
Mar 07

385.41
450
0
385.42
385.42
385.37
0.01
0.05
385.41
7,336.26
7,310.31
411.21
3,042.32
1,936.40
334.35
2.28
0.05
0
0
66.37
0
1,366.46
150.87
25.95
25.95
0
7,721.67
249.96
4,462.65
75.5
1,525.00
0
0
Mar 07
73.28
2,782.86
6.01
0
0
2,839.25
0
727.48
140
1,967.52
4.25
0
4.25
0
0
7,301.90
0
0
0
15,273.53

10,802.19
443.01
0
38.53
77.95
158.71
1,274.17
7,767.97
102.05
0
0
124.86
759.4
5,426.65
Mar 07
0
38.38
4.72
0
303.39
23.37
4,333.97
50.15
0
71.13
601.54
5,375.54
443.01
0
0.15
73.23
158.71
0
970.78
32.17
3,434.00
51.9
0
0
53.73
157.86
2,581.65
435.46
908.39
1,237.80
1,174.59
0.79
263.96
260.42
144.29
Mar 07
13.8
132.78
41
0
330.78
13.23

3,166.90
1,117.76
365.1
1,332.74
158.25
166.46
26.59
1,702.22
166.78
1,607.75
72.31
1,154.27
693.67
454.51
6.09
10,254.53
40.52
8,584.54
456.41
0
0
257.19
124.73
1,053.46
0
268.59
6.27
0
Mar 07
0
16,277.92

7,700.39
4,872.33
4,872.33
0
2,446.11
343.5
0
26.89
11.56
0
1,630.44
0
108.42
443.6
578.07
578.07
500.35
9,330.83
6,947.09
11.93
9.68
2.25
262.18
1,079.45
-817.27
0
0
0
0
15,273.53
2,775.80
Exhibit 2.2: Detailed Profit & Loss Statement of Tata Motors Group (Rs. In Crores)
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Sales Turnover 280,096.72 266,707.90 236,626.43 193,698.47 170,677.58 126,414.24 95,567.42 74,093.31 40,089.31
Sales turnover / Operating Income 273,501.03 261,071.20 230,803.07 188,908.56 169,132.40 125,116.21 93,611.20 72,502.12 39,018.62
Job Work & Service Income 3,680.42 3,212.05 3,666.80 3,625.12 745.21 590.92 0 0 0
Other Operating Divisions / Income 2,915.27 2,424.65 2,156.56 1,164.79 799.97 707.11 1,956.22 1,591.19 1,070.69
Excise Duty 4,535.61 3,548.92 3,792.77 4,905.78 5,023.09 4,286.32 3,048.17 3,212.36 4,667.53
Net Sales 275,561.11 263,158.98 232,833.66 188,792.69 165,654.49 122,127.92 92,519.25 70,880.95 35,421.78
Other Income 981.72 898.74 828.59 815.59 661.77 660.47 2,103.20 1,038.66 849.35
Dividend Income 44.36 58.97 35.65 37.89 37.92 67 41.58 80.8 128.66
Interest Income 755.66 714.96 675.45 694.06 487.64 339.85 225.61 239.7 169.66
Profit on sale of Fixed Assets 0 0 0 0 0 0 0 0 23.63
Profit on sale of investments 181.39 119.57 114.58 80.09 95.81 17.35 1,751.54 718.16 135.89
Gain on Cancell. of Forward Contr/forex trans 0 0 0 0 0 231.01 84.47 0 160.73
Refunds / Claims Received 0 0 0 0 0 0 0 0 0
Provision Written Back 0 0 0 0 0 0 0 0 2.93
Miscellaneous Income 0.31 5.24 2.91 3.55 40.4 5.26 0 0 227.85
Stock Adjustments 2,876.62 3,330.35 2,840.58 3,029.29 2,535.72 1,836.19 1,148.67 -793.04 0.3
Closing Stock Of WIP 4,280.75 3,367.26 2,657.04 2,163.95 1,924.84 1,122.98 998.46 1,044.02 370.08
Closing Stock of Finished Goods 25,369.82 22,824.04 21,771.33 16,206.61 13,378.42 10,353.45 8,223.90 7,572.56 1,332.15
Opening Stock of WIP 3,367.26 2,657.04 2,163.95 1,924.84 1,122.98 998.46 1,044.02 370.08 365.1
Opening Stock of Finished Goods 22,824.04 21,771.33 16,202.61 13,378.42 10,353.45 8,223.90 7,572.56 1,332.15 1,332.74
Adjustment on amalgamation / trial runs -582.65 1,567.42 -3,221.23 -38.01 -1,291.11 -417.88 542.89 -7,707.39 -4.09
Total Income 279,419.45 267,388.07 236,502.83 192,637.57 168,851.98 124,624.58 95,771.12 71,126.57 36,271.43
EXPENDITURE :
Raw Materials 165,295.66 163,250.36 146,426.99 123,117.34 112,003.30 80,844.57 62,644.06 47,231.60 24,375.84
Opening Stock of Raw Materials 2,201.82 1,777.24 2,365.99 0 1,964.57 1,381.67 1,834.66 1,122.65 1,117.76
Purchases of Raw Material 152,923.47 150,381.12 135,700.77 113,851.34 100,844.52 71,036.63 53,652.55 40,965.39 22,062.52
Purchase of Trading Goods 12,850.27 13,293.82 10,876.95 9,266.00 11,205.86 10,390.84 8,538.52 6,978.22 2,318.21
Closing Stock of Raw Materials 2,679.90 2,201.82 2,516.72 0 2,011.65 1,964.57 1,381.67 1,834.66 1,122.65
Power & Fuel Cost 1,169.44 1,121.75 1,128.69 1,077.77 1,017.19 851.6 689.45 686.3 377.72
Power, Oil & Fuel 1,169.44 1,121.75 1,128.69 1,077.77 1,017.19 851.6 689.45 686.3 377.72
Employee Cost 29,231.61 25,641.95 21,609.92 16,632.19 12,298.45 9,342.67 8,942.89 7,297.42 2,745.16
Salaries,Wages & Bonus 22,670.51 19,802.49 16,715.33 13,222.43 9,780.46 7,515.04 6,865.82 6,426.19 2,263.92
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Contribution to funds 3,341.74 2,799.21 2,601.70 1,663.67 1,303.97 877.13 1,011.66 277.33 255.83
Staf Welfare Expenses 3,186.64 2,947.26 2,239.39 1,746.09 1,214.02 950.5 874.29 593.9 225.41
VRS compensation 32.72 92.99 53.5 0 0 0 191.12 0 0
Other Manufacturing Expenses 17,672.87 16,173.17 13,806.04 4,440.73 4,422.54 3,657.57 2,762.98 1,986.84 1,137.33
Job Work / Contract / Processing Charges 5,954.30 5,361.45 4,588.45 1,450.56 1,539.14 1,172.48 878.99 559.64 484.02
Stores Consumed 2,097.24 1,782.94 1,682.34 1,424.12 1,217.24 1,189.24 1,050.61 765.57 500.23
Repairs 3,101.89 2,755.58 2,117.83 1,449.56 276.93 298.3 335.18 313.88 87.13
Repairs - Plant & machinery 524.37 471.86 261.45 202.24 175.42 228.45 278.13 268.33 56.7
Repairs - Building 118.28 120.47 93.58 120.84 101.51 69.85 57.05 45.55 30.43
Repairs - Others 2,459.24 2,163.25 1,762.80 1,126.48 0 0 0 0 0
Other Operating Expenses 6,519.44 6,273.20 5,417.42 116.49 1,389.23 997.55 498.2 347.75 65.95
Selling and Administration Expenses 27,127.50 23,603.01 22,357.79 16,632.91 14,485.85 10,913.23 9,306.62 8,451.13 1,893.68
Rent,Rates and Taxes paid 829.97 896.57 731.37 520.62 387.99 298.28 288.34 247.87 110.46
Others 829.97 896.57 731.37 520.62 387.99 298.28 288.34 247.87 110.46
Lease Rent / Hire Charges paid 332.76 216.63 196.38 271.66 185.64 117.62 118.56 102.67 1.54
Insurance 376.25 287.49 278.75 225.91 227.18 161.71 161.92 145.64 53.14
Advertisement 8,847.93 8,501.36 8,064.10 6,607.14 5,398.40 4,089.95 2,974.18 2,633.52 311.38
Commssion expenses on sales 0 0 0 0 0 0 595.57 388.34 388.12
Distribution Expenses 9,787.41 7,754.97 6,879.75 4,803.67 3,734.55 2,436.93 2,050.44 1,995.73 612.96
Other Selling Expenses 6,953.18 5,945.99 6,207.44 4,203.91 3,427.45 2,927.68 2,524.70 2,233.27 324.63
Director's Remuneration 0 0 0 0 0 0 0 0 0
Other Administrative Expenses 0 0 0 0 1,124.64 881.06 592.91 704.09 91.45
Miscellaneous Expenses 20,022.40 13,049.33 10,014.68 16,121.22 10,749.16 7,278.24 6,128.45 7,563.99 1,934.15
Loss on Sale of Assets 0 0 0 0 0 0 29.29 13.08 3.7
Loss on forex transactions 3,956.22 131.2 -921.4 948.36 248.26 -78.06 -665.89 1,314.17 0
Expenses Ammortised 0 0 0 0 0 0 105.04 0 0.96
Provision for doubtful loan/ Deposit/ Advances 0 0 0 525.33 554.45 548.25 786.88 0 448.48
Other provisions and write ofs 937.64 2,110.66 1,410.06 87.62 0 0 86.95 1,115.43 0
Provision/Impairment of Assets 163.94 0 0 0 177.43 0 45.19 0.87 0
Other Miscellaneous Expenses 14,964.60 10,807.47 9,526.02 14,559.91 9,769.02 6,808.05 5,740.99 5,120.44 1,481.01
Less: Pre-operative Expenses Capitalised 16,718.43 15,404.18 13,537.85 10,193.45 8,265.98 5,741.25 4,578.42 4,638.83 973.53
Others 16,718.43 15,404.18 13,537.85 10,193.45 8,265.98 5,741.25 4,578.42 4,638.83 973.53
 Total Expenditure 243,801.05 227,435.39 201,806.26 167,828.71 146,710.51 107,146.63 85,896.03 68,578.45 31,490.35
Operating Profit 35,618.40 39,952.68 34,696.57 24,808.86 22,141.47 17,477.95 9,875.09 2,548.12 4,781.08
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Interest 4,623.35 4,861.49 4,749.44 3,560.25 2,982.22 2,385.27 2,465.32 2,170.60 912.72
Gross Profit 30,995.05 35,091.19 29,947.13 21,248.61 19,159.25 15,092.68 7,409.77 377.52 3,868.36
Depreciation 17,014.18 13,388.63 11,078.16 7,601.28 5,625.38 4,655.51 3,887.13 2,506.77 782.07
Depreciation for the current year 17,014.18 13,388.63 11,078.16 7,601.28 5,625.38 4,655.51 3,887.13 2,506.77 782.07
Profit Before Tax 13,980.87 21,702.56 18,868.97 13,647.33 13,533.87 10,437.17 3,522.64 -2,129.25 3,086.29
Tax 1,961.21 4,558.81 4,368.42 2,716.74 2,231.45 1,031.20 571.8 436.13 472.18
Tax for the current year 1,961.21 4,558.81 4,368.42 2,716.74 2,524.74 1,453.75 571.8 436.13 472.18
Others 0 0 0 0 -293.29 -422.55 0 0 0
Fringe Benefit Tax 0 0 0 0 0 0 0 21.73 12.01
Fringe Benefit Tax for Current Year 0 0 0 0 0 0 0 21.73 12.01
Deferred Tax 911.39 3,084.10 396.37 1,059.92 -2,271.49 185.18 433.95 -122.11 367.35
Deferred Tax for Current Year 911.39 3,084.10 396.37 1,059.92 -2,271.49 185.18 433.95 -122.11 367.35
Net Profit 11,108.27 14,059.65 14,104.18 9,870.67 13,573.91 9,220.79 2,516.89 -2,465.00 2,234.75
Minority Interest (after tax) 105.86 86.78 59.45 83.67 82.33 48.52 30.33 -11.48 132.25
Profit/Loss of Associate Company 21.34 13.42 -53.71 105.61 24.92 101.35 84.5 -51.73 65.2
Net Profit after Minority Interest & P/L Asso.Co. 11,023.75 13,986.29 13,991.02 9,892.61 13,516.50 9,273.62 2,571.06 -2,505.25 2,167.70
Extraordinary Items -1,539.93 -42.2 -650.91 -377.99 -598.48 209.36 1,045.05 290.87 230.44
Profit/(Loss) on Sale of Assets 0 0 0 0 0 0 -29.29 -13.08 19.93
Profit/(Loss) on Sale of Investment. 181.39 119.57 114.58 80.09 95.81 17.35 1,751.54 718.16 135.89
Gain / (loss) on foreign exchange transactions -240.19 -91.72 -707.72 -515.09 -654.11 231.01 84.47 -339.29 160.73
VRS Adjustment -32.72 -92.99 -53.5 0 0 0 -191.12 0 0
Miscellaneous Income/Expense -1,846.64 0 -224.16 -87.62 -177.43 0 -152.95 0 0
Less : Tax on Extra Ordinary Income/Expense 271.88 13.68 201.6 104.04 137.25 34.59 237.42 74.92 48.43
Less : Deferred Tax on Extra Ordinary Income/Exp. 126.35 9.26 18.29 40.59 0 4.41 180.18 0 37.68
Adjusted Net Profit 12,563.68 14,028.49 14,641.93 10,270.60 14,114.98 9,064.26 1,526.01 -2,796.12 1,937.26
Adjst. below Net Profit 0 93.4 79.03 0 0 0 0 0 0
Other adjustments 0 93.4 79.03 0 0 0 0 0 0
P & L Balance brought forward 54,487.17 40,530.48 27,305.87 18,162.02 6,461.49 -1,017.85 -1,553.66 1,764.12 1,366.46
Statutory Appropriations 0.61 0 0 0 0 0 0 0 0
Appropriations -3,340.08 123 845.44 748.76 1,782.03 1,794.28 2,035.25 812.53 1,770.04
Appropriation to Debenture Redemption Reserve 0 0 0 -130 70 0 500 267.8 0
Appropriation to General Reserve -3,483.73 21 54.45 59.48 158.03 228.78 520.32 138.2 1,047.43
Appropriation to Other Reserves 32.37 39.52 21.88 63.14 65.38 84.2 13.08 41.95 45.87
Prior Year Dividend Paid 0 0 3.34 0 0 0 0 0 0
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08
Provision for Equity Dividend 73 0 648.56 645.2 1,280.70 1,274.23 859.05 311.61 578.43
Provision for Preference Dividend 0.76 2.27 0 0 0 0 0 0 0
Dividend Tax 37.52 60.21 117.21 110.94 207.92 207.07 142.8 52.97 98.31
P & L Balance carried down 68,850.39 54,487.17 40,530.48 27,305.87 18,195.96 6,461.49 -1,017.85 -1,553.66 1,764.12
Dividend 73 0 648.56 645.2 1,280.70 1,274.23 859.05 311.61 578.43
Preference Dividend 0.76 2.27 0 0 0 0 0 0 0
Equity Dividend (%) 10 0 100 100 200 200 150 60 150
Dividend Per Share(Rs) 0.2 0 2 2 4 20 15 6 15
EPS before Minority Interest (Unit Curr.) 32.6 43.48 43.45 30.59 42.11 142.03 41.61 0 55.41
EPS before Minority Interest (Adj) (Unit Curr.) 32.6 43.02 42.99 30.27 41.66 28.11 8.23 0 10.62
EPS after Minority Interest (Unit Curr.) 32.35 43.26 43.1 30.66 41.93 142.86 42.56 0 53.68
EPS after Minority Interest (Adj) (Unit Curr.) 32.35 42.8 42.64 30.34 41.49 28.27 8.42 0 10.29
Book Value (Unit Curr.) 237.82 174.72 203.74 117.85 102.74 299.75 140.57 113.41 224.93
Book Value (Adj) (Unit Curr.) 237.82 172.87 201.58 116.6 101.65 59.32 27.82 22.44 43.1
 Mar 07
36,705.44
36,032.89
0
672.55
4,638.91
32,066.53
534.23
110.24
59.25
22.61
42.94
65.21
47.9
0
186.08
411.26
365.1
1,332.74
342.51
944.07
0
33,012.02

22,372.59
909.8
20,669.06
1,911.49
1,117.76
368.53
368.53
2,409.02
1,941.55
Mar 07
260.69
206.78
0
1,344.76
480.32
565.73
213.69
178.21
35.48
0
85.02
1,298.39
90.8
90.8
2.96
35.76
257.7
356.75
547.65
0
6.77
0
1,678.07
5.22
0
0.66
179.6
0
0
1,492.59
739.91
739.91
28,731.45
4,280.57
Mar 07
465.06
3,815.51
688.09
688.09
3,127.42
712.13
712.13
0
9.91
9.91
161.17
161.17
2,244.21
74.22
0
2,169.99
43.48
17.39
42.94
0
0
0
13.74
3.11
2,126.51
-1.69
-1.69
984.1
0
1,785.94
0
1,031.63
66.09
0.07
Mar 07
578.07
0
110.08
1,366.46
578.07
0
150
15
55.37
10.61
53.45
10.24
199.68
38.27
Exhibit 2.3: Detailed Cash Flow Statement of Tata Motors Group (Rs. In Crores)
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08 Mar 07
Cash Flow Summary
Cash and Cash Equivalents at Beginning of the year 21,128.33 16,627.98 12,350.97 14,849.89 9,345.41 6,529.96 2,381.60 2,231.06 1,154.27 1,386.44
Net Cash from Operating Activities 39,166.71 35,531.26 36,151.16 22,162.61 18,384.32 11,240.15 8,997.13 739.29 5,581.00 -876.76
Cash Flow From Operating Activities
Net Profit before Tax & Extraordinary Items 11,023.75 13,986.29 13,991.02 9,892.61 13,516.50 9,273.62 2,571.06 -2,505.25 2,167.70 2,169.99
Adjustment For
Depreciation 17,014.18 13,386.36 11,073.64 7,596.76 5,620.86 4,651.00 3,882.62 2,502.27 777.58 684.31
Interest (Net) 3,823.02 4,082.32 4,019.77 2,828.30 2,470.96 1,978.14 2,305.54 1,852.06 619.7 297.53
Dividend Received 0 0 0 0 -14.56 0 0 0 0 0
P/L on Sales of Assets 792.04 699.83 46.52 23.89 76.72 22.54 74.48 13.91 -19.93 -17.39
P/L on Sales of Invest -181.39 -119.57 -114.58 -80.09 -95.81 -17.35 -1,751.54 -718.16 -140.55 -42.94
Prov. & W/O (Net) 3,692.64 9,448.03 6,605.48 3,869.99 0 -8.02 77.43 -3 1.3 2.52
P/L in Forex 885.65 2,019.13 722.11 434.31 854.86 -208.74 -448.9 1,309.49 -26.02 -69.39
Others 1,559.23 -105.28 -41.3 -160.23 2.81 988.56 914.8 325.26 841.71 39.93
Total Adjustments (PBT & Extraordinary Items) 27,585.37 29,410.82 22,311.64 14,512.93 8,915.84 7,406.13 5,054.43 5,281.83 2,053.79 894.57
Op. Profit before Working Capital Changes 38,609.12 43,397.11 36,302.66 24,405.54 22,432.34 16,679.75 7,625.49 2,776.58 4,221.49 3,064.56
Adjustment For
Trade & 0th receivables -2,764.63 -3,178.99 445.06 -5,176.67 -6,658.93 -1,422.22 -4,342.63 655.96 -698.36 -4,720.32
Inventories -5,234.24 -3,692.41 -2,852.55 -2,655.81 -2,718.98 -2,410.68 -1,244.53 693.27 -122.85 -684.01
Trade Payables 4,741.40 3,597.82 4,693.90 8,132.19 5,866.85 343.99 8,709.11 -2,987.73 2,916.20 1,267.34
Loans & Advances 0 0 0 0 0 0 0 0 -52.76 0
Others 5,809.00 -398.23 1,870.42 -302.57 1,230.98 -559.49 -521.1 210.37 0 0
Total (OP before Working Capital Changes) 2,551.53 -3,671.81 4,156.83 -2.86 -2,280.08 -4,048.40 2,600.85 -1,428.13 2,042.23 -4,136.99
Cash Generated from/(used in) Operations 41,160.65 39,725.30 40,459.49 24,402.68 20,152.26 12,631.35 10,226.34 1,348.45 6,263.72 -1,072.43
Direct Taxes Paid -1,993.94 -4,194.04 -4,308.33 -2,240.07 -1,767.94 -1,391.20 -1,229.21 -598.62 -668.17 196.95
Total-others -1,993.94 -4,194.04 -4,308.33 -2,240.07 -1,767.94 -1,391.20 -1,229.21 -598.62 -668.17 196.95
Cash Flow before Extraordinary Items 39,166.71 35,531.26 36,151.16 22,162.61 18,384.32 11,240.15 8,997.13 749.83 5,595.55 -875.48
Extraordinary Items
Gain on Forex Exch. Tran 0 0 0 0 0 0 0 -10.54 -14.55 -1.28
Net Cash Used in Investing Activities -37,751.61 -36,232.35 -27,990.91 -22,969.45 -19,463.89 -7,023.41 -7,690.51 -18,351.89 -5,388.97 -2,408.98
Cash Flow from Investing Activities
Investment in Assets :
Purchased of Fixed Assets -32,682.08 -31,962.17 -26,975.13 -18,862.57 -13,875.55 -8,123.98 -8,475.43 -9,970.78 -5,280.39 -2,758.75
Sale of Fixed Assets 58.84 74.19 49.93 36.69 92.7 11.21 22.19 74.91 46.44 99.34
 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08 Mar 07
Financial/Capital Investment :
Purchase of Investments -4,727.64 -5,460.61 -428.57 72.92 -5,857.42 -146.9 -989.69 -2.23 -1,213.96 -18.35
Sale of Investments 89.2 42.34 3.56 33.86 83.75 7.44 958.56 1,859.02 442.11 181.85
Interest Received 768.14 697.74 653.23 712.89 467.25 313.64 237.59 239.71 154.6 45.01
Dividend Received 57.69 79.98 40.04 94.65 70.33 97.82 40.98 103.77 99.05 133.51
Invest.In Subsidiaires 0 0 0 0 -304.33 -70.42 -56.3 -10,903.73 0 0
Investment in Group Cos 0 -160 0 -0.01 -8.76 -4.09 -1.44 -33.22 -95.51 0
Acquisition of Companies -111.44 0 -184.56 0 0 2.47 0 0 -442.09 0
Inter Corporate Deposits 0 0 0 44.83 -2.96 5.3 -6.8 -55.2 57.6 -60
Others -1,204.32 456.18 -1,149.41 -5,102.71 -128.9 884.1 579.83 335.86 843.18 -31.59
Net Cash Used in Financing Activities -3,192.95 5,201.44 -3,883.24 -1,692.08 6,567.18 -1,401.29 2,841.74 17,763.14 2,486.87 3,053.57
Cash Flow From Financing Activities
Proceeds:
Proceeds from Issue of shares (incl share premium) 7,433.22 0 0.09 0.72 138.56 3,258.07 1,811.92 4,109.66 62.68 15.58
Proceed from 0ther Long Term Borrowings 10,887.42 27,393.38 23,321.39 13,160.24 19,030.04 5,413.62 26,857.49 19,598.62 5,462.98 4,213.51
Proceed from Short Tem Borrowings 13,964.41 8,969.27 9,936.99 14,702.92 8,432.07 10,116.51 0 4,210.56 1,138.51 861
Proceed from Deposits 0 0 0 0 0 339.39 2,039.11 1,232.47 0 0
Payments:
On Redemption of Debenture 0 -744.19 -658.05 -96.55 0 0 0 0 0 0
Of the Long Tem Borrowings -13,964.34 -17,714.72 -16,737.81 -7,538.44 -4,664.13 -2,395.69 -20,917.40 -8,241.42 -4,395.53 -977.98
Of the short term Borrowings -16,064.36 -5,617.69 -12,403.24 -12,856.26 -10,345.65 -14,245.31 -3,445.50 0 0 0
Dividend Paid -173.94 -720.37 -721.97 -1,550.57 -1,503.11 -1,019.53 -349.57 -759.48 -702.16 -582.73
Interest Paid -5,703.90 -6,306.98 -6,170.56 -4,665.56 -3,373.69 -2,469.07 -2,855.34 -2,386.65 -1,049.59 -465.38
Others 428.54 -57.26 -450.08 -2,848.58 -1,146.91 -399.28 -298.97 -0.62 1,969.98 -10.43
Net Cash Used in Financing Activities -3,192.95 5,201.44 -3,883.24 -1,692.08 6,567.18 -1,401.29 2,841.74 17,763.14 2,486.87 3,053.57
Net Inc/(Dec) in Cash and Cash Equivalent -1,777.85 4,500.35 4,277.01 -2,498.92 5,487.61 2,815.45 4,148.36 150.54 2,678.90 -232.17
Cash and Cash Equivalents at End of the year 19,350.48 21,128.33 16,627.98 12,350.97 14,833.02 9,345.41 6,529.96 2,381.60 3,833.17 1,154.27
Exhibit 2.4: Key Financial Ratios of Tata Motors Group
Mar 16 Mar 15 Mar 14 Mar 13 Mar 12 Mar 11 Mar 10 Mar 09 Mar 08 Mar 07
Debt-Equity Ratio 1 1.06 0.83 0.85 0.81 0.93 1.1 0.97 0.7 0.56
Long Term Debt-Equity Ratio 0.62 0.65 0.47 0.41 0.43 0.6 0.66 0.51 0.41 0.36
Current Ratio 0.56 0.49 0.43 0.44 0.5 0.51 0.52 0.63 0.86 1.07
Fixed Assets Turnover 1.41 1.31 1.35 1.9 2.53 2.54 2.34 2.28 3.36 3.79
Inventory Turnover 9.61 9.12 9.08 10.91 13.97 14.99 14.63 12.08 13.36 14.01
Debtors Turnover 34.77 33.92 24.88 21.79 22.3 20.49 21.01 24.05 34.38 42.18
Interest Cover Ratio 0.8 -1.47 -0.88 1.39 2.56 2.59 2.56 1.67 6.23 7.98
PBIDTM (%) 7.81 0.61 2.34 7.61 7.97 9.65 11.17 7.95 10.05 11.16
PBITM (%) 2.55 -5.98 -3.14 3.92 5.26 6.99 8.43 4.83 8.06 9.31
PBDTM (%) 4.64 -3.47 -1.24 4.79 5.92 6.95 7.87 5.06 8.75 9.99
CPM (%) 4.83 -5.4 2.36 4.93 5.48 6.2 6.8 5.02 7.31 7.91
APATM (%) -0.43 -11.99 -3.12 1.24 2.76 3.54 4.07 1.9 5.33 6.05
ROCE (%) 3.04 0 -3.2 5.11 8.06 10.09 11.2 6.88 21.28 30.52
RONW (%) -1.09 0 -6.16 3.18 8.32 10.37 11.32 5.34 23.91 30.98
PBIDT/Sales(%) 8.76 0.61 6.35 6.85 7.04 9.65 13.52 9.61 11.11 11.16
Sales/Net Assets 1.17 1.03 1.04 1.3 1.56 1.3 1.2 1.11 2.33 2.91
PBDIT/Net Assets 0.1 0.01 0.07 0.09 0.11 0.13 0.16 0.11 0.26 0.32
PAT/PBIDT(%) 5.73 -1,973.08 13.95 8.93 29.82 36.67 43.84 37.09 55.52 54.24
Net Assets/Net Worth 1.78 2.59 1.89 1.98 1.96 1.97 2.11 2.08 1.81 1.59
ROE(%) -1.09 0 -6.16 3.18 8.32 10.37 11.32 5.34 23.91 30.98
Price Earning (P/E) 559.86 0 531.13 384.71 82.54 48.9 20.46 9.59 12.34 15.45
Price to Book Value ( P/BV) 5.87 11.93 6.69 4.5 4.52 3.96 2.89 0.76 3.08 4.1
Price/Cash EPS (P/CEPS) 48.8 -82.89 55.47 42.11 32.82 26.57 13.73 5.03 9.24 11.68
EV/EBIDTA 34.67 0 55.72 28.59 24.37 18.77 11.34 7.89 7.64 8.85
Market Cap/Sales 2.81 4.48 3.4 1.74 1.48 1.55 1.14 0.33 0.73 0.89
Exhibit 3: Indian Corporate Stautory Tax Rate
Exhibit 4: Yield Spread of Indian Corporate Debt
Year AAA AA+ AA AA- Long Term Credit Rating of Tata Motors
2017 AA+
2016 0.25% 0.59% 1.06% 1.39% AA
2015 0.28% 0.63% 1.11% 1.51% AA
2014 0.30% 0.63% 1.11% 1.51% AA+
2013 0.61% 0.94% 1.42% 1.82% AAA
2012 0.69% 0.84% 1.36% 1.76% AA-
2011 0.94% 1.09% 1.50% 1.90% AA
2010 0.86% 1.06% 1.44% 1.84% AAA
2009 2.02% 2.69% 3.06% 3.55% AAA
2008 1.40% 1.80% 2.17% 2.66% AA
2007 1.68% 1.98% 2.35% 2.89% AAA
2006 0.96% 1.21% 1.63% 2.17% AAA
2005 0.78% 1.12% 1.54% 2.08% AAA
2004 AAA
2003 AAA
Average Spread Over 10 Year benchmark G-Sec Yield on March
Exhibit 5: Cost of Capital Estimate for Tata Motors Group

Year Cost of Debt Cost of Equity Cost of Capital

2016 ? ? ?
2015 ? ? ?
2014 ? ? ?
2013 ? ? ?
2012 ? ? ?
2011 ? ? ?
2010 ? ? ?
2009 ? ? ?
2008 ? ? ?
2007 ? ? ?