One Stop Report - Tata Motors

OneSource One-Stop Report
Tata Motors Limited

16 September 2010
OneSource One-Stop Reports for Tata Motors Limited
Tata Motors Limited

Bombay House Employees: 24,310 Financials in: USD (mil)
24 Homi Mody Street Company Type: Public Subsidiary
Mumbai, 400 001 Corporate Family: 401 Companies Fiscal Year End: 31-Mar-2010
India
Ultimate Parent: Tata Sons Ltd Reporting Currency: Indian Rupee
Tel: 91-22-66658282 Traded: Bombay Stock 500570 Annual Sales: 19,872.4 1
Fax: 91-22-66657799 Exchange: Net Income: 541.7
New York Stock TTM
Exchange:
Total Assets: 19,401.7 2
www.tatamotors.com
Incorporation Market Value: 12,049.7
01-Sep-1945 (27-Aug-2010)
Date:
Auditor: Deloitte & Touche
Business Description
Tata Motors Limited (Tata Motors) is an automobile company. 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.
The Company has two segments: automotive and others. The others segment includes construction equipment, engineering
solutions and software operations. Tata Motors has operations in the United Kingdom, South Korea, Thailand and Spain. On
October 16, 2009, the Company has acquired 79% shares in Tata Hispano Motors Carrocera S.A. by way of exercise of the
existing call option, through mutual agreement with the other share-holder, Investalia S.A., Spain. Consequently, Tata Hispano
Motors Carrocera S.A. has become a 100% subsidiary of the Company. On March 30, 2010, the Company has sold 20% stake in
Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co. Ltd. For the three months ended 30
June 2010, Tata Motors Limited's revenues increased 61% to RS270.9B. Net income totaled RS1.99B vs. a loss of RS328.8M.
Revenues reflect an increase in income from Automotive & related activity and higher other operating income. Net income also
reflect an increase in gross and operating profit margin of the company. The Company is into manufacturing & selling of
automobiles and financing of the vehicles.
Source: Reuters
Industry
Industry Auto and Truck Manufacturers

ANZSIC 2006: 231 - Motor Vehicle and Motor Vehicle Part Manufacturing
NACE 2002: 3410 - Manufacture of motor vehicles
NAICS 2002: 336112 - Light Truck and Utility Vehicle Manufacturing
US SIC 1987: 3711 - Motor Vehicles and Passenger Car Bodies
Key Executives
Name Title Source

Carl-Peter Forster Group Chief Executive Officer OneSource
C. Ramakrishnan Chief Financial Officer Reuters
T. Leverton Head - Advanced and Product Engineering Reuters
H. K. Sethna Compliance Officer, Company Secretary Reuters
S. Ravishankar Vice President - Engg. Systems, ERC Reuters
Significant Developments
Topic #* Most Recent Headline Date
Regulatory 1 Delhi Warns Tata Motors Limited Over Bus Fire-Hindustan Times 15-Dec-2009
Tata Motors Limited Eyes SUMITOMO CORPORATION's Stake In Swaraj

Mergers / Acquisitions 2 10-Dec-2009
Mazda-Reuters
Restructuring / Tata Motors Limited Plans To Combine Technologies With Jaguar Land Rover-
2 1-Sep-2010
Reorganization DJ
Officer Changes 2 Tata Motors Limited Announces Appointment Of Managing Director 30-Mar-2010
Tata Motors Limited In Talks For JLR JV Assembly Line Operations In China-
Strategic Combinations 7 10-Aug-2010
Reuters
Page 2
* number of significant developments within the last 12 months
News
Title Date
ADR REPORT: Shares Close Mixed As Japan Fights Strong Yen
15-Sep-2010
Nikkei English News (692 Words)
Indian Commercial Vehicles Market - Force Field Dynamics Analysis
15-Sep-2010
Journal of India (230 Words)
Indian stocks close up 0.8 pct
15-Sep-2010
Xinhua News Agency (207 Words)
Markets trim some of their early gains
15-Sep-2010
Accord Fintech (India) (903 Words)
Nifty continues to trade high; ends above 5850 mark
15-Sep-2010
Accord Fintech (India) (484 Words)
Financial Summary
As of 30-Jun-2010
Key Ratios Company Industry

Sales 5 Year
36.83 -5.30
Growth
Net Profit
Margin (TTM) 4.61 1.01
%
Source: Reuters
Stock Snapshot
Traded: Bombay Stock Exchange: 500570
As of 27-Aug-2010 Financials in: INR
Recent Price 990.70 EPS 49.83

52 Week High 1,055.00 Price/Sales 0.60
52 Week Low 430.00 Dividend Rate 15.00
Avg. Volume (mil) 0.85 Price/Earnings 6.97
Market Value (mil) 565,250.80 Price/Book 6.89
Beta 1.44
Price % Change Rel S&P 500%

4 Week 17.08% 16.23%
13 Week 32.45% 24.10%
52 Week 103.87% 78.75%
Year to Date 24.99% 21.28%
Source: Reuters
Key IDSM Number: 167677
1 - Profit & Loss Item Exchange Rate: USD 1 = INR 47.45907

2 - Balance Sheet Item Exchange Rate: USD 1 = INR 44.895
© 1983-2010 Reuters Research Inc. All Rights Reserved.
Page 3
© 2010 OneSource Information Services, Inc. All Rights Reserved.

Copyright © 2010 Graham & Whiteside Limited
Copyright © 2010 Business Monitor International Ltd. All rights reserved.
© Copyright 2010, infoUSA. All Rights Reserved.
Stock quotes provided by Quote.com (security prices are at least 15 min. delayed)
Published by OneSource Information Services, Inc., 2010
Page 4
Tata Motors Limited Corporate Overview

Location Quote Symbol - Exchange Incorporation
01-Sep-1945
Bombay House 500570 - Bombay Stock Exchange Date:
24 Homi Mody Street Sales INR(mil): 943,123.7 Company Type: Public Subsidiary
Mumbai, 400 001 Assets INR(mil): 871,039.3 Quoted Status: Quoted
India Employees: 24,310 Tata Engineering &
Previous Name:
Fiscal Year End: 31-Mar-2010 Locomotive Co Ltd
KeyIDSM: 167677 Group Chief Executive Carl-Peter
Tel: 91-22-66658282
Industry: Auto and Truck Manufacturers Officer : Forster
Fax: 91-22-66657799
www.tatamotors.com
Company Web Links

Company Contact/E-mail Executives Investor Relations
Corporate History/Profile Financial Information News Releases
Employment Opportunities Home Page Products/Services
Contents
Industry Codes Market Data
Business Description Shareholders
Brand/Trade Names Subsidiaries
Financial Data Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:

231 - Motor Vehicle and Motor Vehicle Part Manufacturing
2462 - Mining and Construction Machinery Manufacturing
7000 - Computer System Design and Related Services
6240 - Financial Asset Investing
NACE 2002 Codes:

3410 - Manufacture of motor vehicles
7415 - Management activities of holding companies
2952 - Manufacture of machinery for mining, quarrying and construction
7222 - Other software consultancy and supply
NAICS 2002 Codes:

336112 - Light Truck and Utility Vehicle Manufacturing
551112 - Offices of Other Holding Companies
333120 - Construction Machinery Manufacturing
336312 - Gasoline Engine and Engine Parts Manufacturing
541511 - Custom Computer Programming Services
US SIC 1987:
6719 - Offices of Holding Companies, Not Elsewhere Classified
3714 - Motor Vehicle Parts and Accessories
3711 - Motor Vehicles and Passenger Car Bodies
7371 - Computer Programming Services
3531 - Construction Machinery and Equipment
UK SIC 2003:
3410 - Manufacture of motor vehicles
2952 - Manufacture of machinery for mining, quarrying and construction
7222 - Other software consultancy and supply
7415 - Management activities of holding companies
Page 5
Business Description
Tata Motors Limited (Tata Motors), incorporated on September 1, 1945, is an automobile company. 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. The Company has two segments: automotive and others. The others segment includes construction equipment,
engineering solutions and software operations. Tata Motors has operations in the United Kingdom, South Korea, Thailand and Spain. .
On October 16, 2009, the Company has acquired 79% shares in Tata Hispano Motors Carrocera S.A. by way of exercise of the existing
call option, through mutual agreement with the other share-holder, Investalia S.A., Spain. Consequently, Tata Hispano Motors
Carrocera S.A. has become a 100% subsidiary of the Company. On March 30, 2010, the Company has sold 20% stake in Telco
Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co. Ltd.
The Company's commercial and passenger vehicles are being marketed in several countries in Europe, Africa, the Middle East, South
East Asia, South Asia and South America. It has franchisee/joint venture assembly operations in Kenya, Bangladesh, Ukraine, Russia,
Senegal and South Africa. Through its subsidiaries, the company is engaged in engineering and automotive solutions, construction
equipment manufacturing, automotive vehicle components manufacturing and supply chain activities, machine tools and factory
automation solutions, high-precision tooling and plastic and electronic components for automotive and computer applications, and
automotive retailing and service operations. It provides passenger cars, utility vehicles, trucks, commercial passenger carriers and
defense vehicles.
Source: Reuters
More Business Descriptions

Tata Motors Limited (Tata Motors) is an automobile company. 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. The Company
has two segments: automotive and others. The others segment includes construction equipment, engineering solutions and software
operations. Tata Motors has operations in the United Kingdom, South Korea, Thailand and Spain. On October 16, 2009, the Company
has acquired 79% shares in Tata Hispano Motors Carrocera S.A. by way of exercise of the existing call option, through mutual
agreement with the other share-holder, Investalia S.A., Spain. Consequently, Tata Hispano Motors Carrocera S.A. has become a
100% subsidiary of the Company. On March 30, 2010, the Company has sold 20% stake in Telco Construction Equipment Company
Ltd (Telcon) to Hitachi Construction Machinery Co. Ltd. For the three months ended 30 June 2010, Tata Motors Limited's revenues
increased 61% to RS270.9B. Net income totaled RS1.99B vs. a loss of RS328.8M. Revenues reflect an increase in income from
Automotive & related activity and higher other operating income. Net income also reflect an increase in gross and operating profit
margin of the company. The Company is into manufacturing & selling of automobiles and financing of the vehicles.
Source: Reuters
Manufacture of commercial vehicles, utility vehicles and passenger cars

Source: Graham & Whiteside
Tata Motors Limited (India) is the largest automobile company in the country and is a leader in commercial vehicles in each segment,
and the second largest in the passenger vehicles market with winning products in the compact, midsize car and utility vehicle
segments. The company is the world's fifth largest medium and heavy commercial vehicle manufacturer, and the world's second
largest medium and heavy bus manufacturer.
Source: BMI
Heavy Duty Truck Manufacturing

Source: infoUSA
Brand/Trade Names
TATA
Sumo
TELCO
Safari
TATA Engineering
EX range
Indica
Financial Data
Financials in: INR(mil)
1 Year Growth
Revenue: 943,123.7 31.6%
Net Income: 25,710.6 NA
Assets: 871,039.3 17.1%
Long Term Debt: 351,923.6
Total Liabilities: 788,974.5
Working Capital: 69.5
Date of Financial Data: 31-Mar-2010
Page 6
Market Data
Quote Symbol: 500570
Exchange: Bombay Stock Exchange
Currency: INR
Stock Price: 990.7
Stock Price Date: 08-27-2010
52 Week Price Change %: 103.9
Market Value (mil): 565,250.8
SEDOL: 6101509
ISIN: INE155A01014
Equity and Dept Distribution:
FY'02: Consolidated C/F statement not reported. Fncls upto FY'01 are non-consolidated. 09/2008, Rights Issue, 1 new share for every
6 shares held @ INR 340 (Factor: 1.032599).
Subsidiaries
Company Percentage Owned Country
Telco Construction Equipment Company Ltd
100% INDIA
(TELCON)
Tata Technologies Ltd 81.71% INDIA
Sheba Properties Ltd 100% INDIA
HV Transmissions Ltd 85% INDIA
HV Axles Ltd 85% INDIA
TAL Manufacturing Solutions Ltd 100% INDIA
Concorde Motors (India) Limited (CMIL) 100% INDIA
Tata Daewoo Commercial Vehicle Company
100% SOUTH KOREA
Limited (TDCV) Korea
Tata Marcopolo Motors Ltd (TMML) 51% INDIA
Tata Motors (Thailand) Limited (TMTL) 70% THAILAND
Tata Motors European Technical Centre Plc
100% UK
(TMETC)
Tata Motors Finance Limited (TMFL) 100% INDIA
Tata Motors Insurance Broking & Advisory
100% INDIA
Services Limited (TMIBASL)
Shareholders
Major Shareholders
Tata Sons Ltd (20.92%); Tata Iron and Steel Co Ltd (9.37%); Daimler AG (8%); Life Insurance Corporation of India Ltd (6.82%); Unit
Trust of India (1.53%)
Key Corporate Relationships

Auditor: Deloitte & Touche
Bank of India, State Bank of India, Central Bank of India, Citibank NA, Deutsche Bank, Bank
of Baroda, Standard Chartered Bank, Bank of Maharashtra, Hongkong and Shanghai Banking
Bank:
Corporation, Union Bank of India, Bank of Nova, Corporation Bank, Bank of America, HDFC
Bank Ltd, Bank of Maharashtra, ICICI Bank Ltd, Standard Chartered Bank Ltd
Auditor: Deloitte & Touche, Deloitte & Touche

Copyright © 2010 Graham & Whiteside Limited
© 2010 OneSource Information Services, Inc. All Rights Reserved.
Page 7
Tata Motors Limited

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's
strategic projects and investments. More about Strategic Initiatives
Strategic Initiatives
Key Organizational Changes

Amongst other products introduced in the market are the Indigo CS, Xenon Pickup truck and the new variant of the
Safari. The second generation of Indigo is expected to be launched in the latter part of this year. The company's
plans of spearheading industrial investment in West Bengal by locating the manufacturing plant for the Nano in the
state was thwarted by a local political party, citing injustice done to the residents of the area by the state government
in the acquisition of land for the project. After facing continuous agitation, and even periodic violence by this
particular party and its supporters, Tata Motors came to the conclusion that the only option would be to move out of
West Bengal and relocate the Nano manufacturing facilities in another state. The State of Gujarat was decided upon,
and in an impressive display of leadership and pragmatism by the Chief Minister and the State officials, all approvals
were received in a scant three days.
Source: GlobalData, July 6, 2010
In addition, Tata Motors offers customized heavy vehicles for defense solutions. Under its Passenger Cars segment, it
offers small mini and compact cars, mid size and utility vehicles. The company, through the acquisition of Jaguar in
2008, also began offering premium luxury cars. Thus a broad product portfolio helps the company cater to a
diversified customer base, which in turn mitigates the various risks associated with the overdependence on a
particular product segment.Decline in Sales of Core BusinessesAlthough recorded higher revenues in the fiscal year
ended March 2009, it suffered lower unit sales in its core businesses. Industrial Sales of Sports Utility car reduced
sharply by 6.5% from the previous year.
Under its Passenger Cars segment, it offers small mini and compact cars, mid size and utility vehicles. The company,
through the acquisition of Jaguar in 2008, also began offering premium luxury cars. Thus a broad product portfolio
helps the company cater to a diversified customer base, which in turn mitigates the various risks associated with
the overdependence on a particular product segment.Decline in Sales of Core BusinessesAlthough recorded higher
revenues in the fiscal year ended March 2009, it suffered lower unit sales in its core businesses. Industrial Sales of
Sports Utility car reduced sharply by 6.5% from the previous year. Total passenger car sales also decreased
marginally by 0.5% to 1,525,313.
Partnerships
It has also been able to gain market share in the bus segment with newly developed vehicles from its facilities in Goa
and its joint venture facility at Dharwad. To some, the year under review would be viewed with great despondency.
The company faces a major decline in demand across its product range, it must bear the burden of the major
acquisition of JLR, and be faced with a major collapse in vehicle demand in Western Europe and the U.S. But to
many in the company this is yet another year of challenges with the excitement of meeting such challenges head-on.
The spirit, commitment and dedication of the whole Tata Motors team at all its locations and across all levels is truly
phenomenal and this continues to be the company's greatest asset. I feel confident that if we can sustain our
operations through this difficult period, taking whatever steps we need to take to see the year through, we could
overcome all the obstacles in our path.
Sales and Distribution

In 2009, the company secured over GBP500m of funding for Jaguar Land Rover, including facilities from State Bank
of India, Standard Chartered Bank, Bank of Baroda, ABC International bank, GE Capital, and Burdale Financial
Limited, a subsidiary of the Bank of Ireland. Ravi Kant, vice chairman of Tata Motors, said: “We are very happy with
the support extended to us by the European Investment Bank, State Bank of India, Credit Suisse, and other banks.
“This will support the progress of turnaround in Jaguar Land Rover's business in challenging market conditions,
alongside cost cutting measures, increase of volumes and the improved margins strategy currently being
implemented by Jaguar Land Rover. We view Jaguar Land Rover as a key part of Tata Motors and we feel confident
about its outlook for the future.”Feb 15, 2010Tata Motors Group Reports 93% Increase In Global SalesTata Motors
has reported an increase of 93% in it's group global sales, comprising of Tata, Tata Daewoo and Hispano Carrocera
range of commercial vehicles, Tata passenger vehicles along with distributed brands in India, and Jaguar and Land
Rover.According to Tata, the global sales in January 2010 was 85,714, which is an increase of 93% over January
2009.
Miljo will produce electric vehicles based on Tata Motors’ products, besides manufacturing of state-of-the-art super
polymer lithium ion batteries and the development of related technologies. This investment in Miljo will help the
Page 8
company to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles.
Further, in October 2009, Tata Motors acquired the remaining 79% stake in the Spain based Hispano Carrocera S.A.,
as a part of its plans to emerge as a strong player in the Spanish as well as global bus and coach market. These
acquisitions combined with Tata Motors’ strong brand image would help the company attract new customer across the
globe and improve its sales performance in the overseas market.Product InnovationsTata Motors constantly focuses
on new product innovations which helps the company create competitive advantage and build brand equity.
Innovation continues to be a cornerstone of the company’s corporate strategy with significant efforts focused against
consumer demands for products that are convenient and effective.
Further, in October 2009, Tata Motors acquired the remaining 79% stake in the Spain based Hispano Carrocera S.A.,
as a part of its plans to emerge as a strong player in the Spanish as well as global bus and coach market. These
acquisitions combined with Tata Motors’ strong brand image would help the company attract new customer across the
globe and improve its sales performance in the overseas market.Product InnovationsTata Motors constantly focuses
on new product innovations which helps the company create competitive advantage and build brand equity.
Innovation continues to be a cornerstone of the company’s corporate strategy with significant efforts focused
against consumer demands for products that are convenient and effective. The company launched several new
products during the year. These include Indica Vista a small car, digo CS, Xenon Pickup truck and Nano.
The global slowdown also had a significant impact on the Jaguar Land Rover company which Tata Motors acquired in
June 2008. Sales of the Jaguar and Land Rover brands declined by 20% and 51% respectively from October 2008 –
March 2009 as compared to the corresponding period in the previous year as the demand for premium vehicles
declined. The Year in Review Jaguar Land Rover (JLR) This has been the first year since the acquisition of the
company by Tata Motors and the working relationship has been evolving continuously. Tata Motors recognized that
these two global brands, namely, Jaguar and Land Rover, needed to retain their identity, design and technical
independence as also their image in the marketplace, while at the same time integrate with the management of Tata
Motors, and find synergies in the capabilities and facilities between the two companies. Considerable progress has
been made in identifying sources of components from India, recognizing engineering and Computer Aided Design
capabilities within Tata Motors and marketing synergies in various geographies.
Copyright © 2010 GlobalData. All Rights Reserved.

Published by OneSource Information Services, Inc.,Sep, 2010
Page 9
Page 10
Tata Motors Limited
Strengths/Weaknesses (SWOT)
Helpful Harmful
to achieving the objective to achieving the objective
Strengths Weaknesses
Internal Origin ● Expanding Market Share in Sector ● Decline in Sales of Core

(attributes of the ● Strong Market Position Businesses
organization) ● Integrated Automobile Company ● Limited Liquidity Position
● Diversified Product Portfolio ● Declining Operating Margin
● Low Return on Equity
Opportunties Threats
● Growing Demand for Small and Mid size ● Increasing Costs of Input
External Origin Cars ● Global Economic Slowdown
(attributes of the ● Positive Outlook for Indian Automobile ● Stricter Emission Standards
environment) Industry ● Intense Competition
● Product Innovations ● Currency Rate Fluctuations
● Increasing Demand for Fuel Efficient
Vehicles
● Strategic Acquisitions
Overview
Tata Motors Limited is India’s largest automotive company, which is engaged in manufacturing commercial and passenger vehicles. The
company's strong market position and diversified product portfolio are its strengths. Further, product innovations and strategic acquisitions
could ensure a strong future. However, declining sales in its core businesses and limited liquidity position are areas of concern for the
company. Global economic slowdown and intense competition could also affect the company's growth.
Strengths
Expanding Market Share in Sector
The company's compounded annual growth rate (CAGR) for revenue was 38.2% during 2005-2009. This was above the S&P 500
companies average* of 11.1%. A higher than S&P 500 companies average* revenue CAGR indicates that the company has outperformed
the average S&P 500 companies growth and gained market share over the last four years. The company achieved this growth due to
better competitive positioning and superior products and services offering compared to other companies in the S&P 500 index.
Strong Market Position
Tata Motors holds strong market position in Indian automobile industry particularly in commercial vehicle segment. It is the world's fourth
largest truck manufacturer and second largest manufacturer of buses. It also holds a leading position in nearly all commercial vehicle
segments. Further, it is the largest commercial vehicle manufacturer in India and second largest passenger car manufacturer. Tata Motors
has emerged as an international automobile company. During the fiscal year that ended March 2009, it held a market share of 63.8% in
the commercial vehicle sector in the Indian market. Also, it recently acquired Daewoo Commercial Vehicles Company which is the second
largest truck maker in Korea. It also acquired Jaguar and Land Rover brands in UK. Jaguar Cars Limited was founded in 1922 and is one of
the world’s leading manufacturers of luxury saloons and sports cars. Thus the company’s strong market position provides the company an
advantage while attracting and serving a diverse customer base.
Integrated Automobile Company
Tata Motors is a fully integrated automobile company, which provides the company full control over its value chain and in turn helps
decrease its production and distribution costs. Its Jamshedpur commercial vehicle business unit is India’s largest and world’s sixth largest
commercial vehicle manufacturer. The company has many manufacturing plants located at Jamshedpur, Pune, Lucknow, and Dharwad and
R&D centers in India, South Korea, Spain, and the UK, which offers medium and heavy commercial vehicles, light commercial vehicles,
multi-utility vehicles and passenger cars. Further, the company through its subsidiaries, is engaged in engineering and automotive
solutions, construction equipment manufacturing, automotive vehicle components manufacturing and supply chain activities, machine tools
and factory automation solutions, high-precision tooling and plastic and electronic components for automotive and computer applications
and automotive retailing and service operations. This unit has captive forge and foundry facilities which cater all requirements of steel
forgings and alloy iron castings. All this collectively gives the company a critical competitive advantage with better control over time, cost
Page 11
and quality, long term service support to customers, technology integration and faster product rollout.
Diversified Product Portfolio
The company boasts of a broad product portfolio in the automobile industry that helps it attract and serve a wide customer base. Tata
Motors product portfolio consists of broad range of product and services. Product line of the company comprises Commercial and
Passenger Vehicles. Commercial Vehicles include Medium and Heavy Commercial Vehicles (M&HCV) and Light Commercial Vehicles (LCV).
M&HCV includes multi axle rigid truck, tractors, trailers, small commercial vehicles, buses, intercity transportation and charter buses. In
addition, Tata Motors offers customized heavy vehicles for defense solutions. Under its Passenger Cars segment, it offers small mini and
compact cars, mid size and utility vehicles. The company, through the acquisition of Jaguar in 2008, also began offering premium luxury
cars. Thus a broad product portfolio helps the company cater to a diversified customer base, which in turn mitigates the various risks
associated with the overdependence on a particular product segment.
Weaknesses
Decline in Sales of Core Businesses
Although recorded higher revenues in the fiscal year ended March 2009, it suffered lower unit sales in its core businesses. Industrial Sales
of Sports Utility car reduced sharply by 6.5% from the previous year. Total passenger car sales also decreased marginally by 0.5% to
1,525,313. Sale of commercial vehicles decreased by 17.4% from 503,218 in 2008 to 415,262 in the fiscal year ended March 2009. Of
commercial vehicles, M&HCV experienced sharp decline in unit sold by 31.4%. Thus the declining sales in its core businesses could affect
the company’s total sales and hamper its financial position.
Limited Liquidity Position
The company's current ratio was 1.02 at the end of fiscal year 2009. This was below the S&P 500 companies average* of 1.4. A lower than
S&P 500 companies average* current ratio indicates that the company is in a weaker financial position than other companies in the S&P
500 index. Also, the company's debt as of March 31, 2009 stood at INR 435,815 million with a debt to equity ratio of 10.6, compared to 1.7
the previous year. During the year, the credit rating for foreign currency borrowings of the company was revised to B (Credit Watch with
Negative Implications) by Standard & Poor and to B3 (Stable) by Moodys’. However, for borrowing in local currency, the rating was revised
by Crisil to A (Stable) and to LA+ by ICRA. With majority of the company’s earnings being diverted towards servicing of its debt
obligations, the company is at a disadvantage while exploiting new opportunities arising in the market.
Declining Operating Margin
The company's operating margin was -2.97% for the fiscal year 2009. This was below the S&P 500 companies average* of 14.7%. A lower
than S&P 500 companies average* operating margin may indicate inefficient cost management or a weak pricing strategy by the company.
The operating margin has decreased 1156 bps over 2008 which may indicate management's low focus on profitability.
Low Return on Equity
The company's return on equity (ROE) was -42.2% at the end of fiscal year 2009. This was below the S&P 500 companies average* of
12.9%. A lower than S&P 500 companies average* ROE may indicate that the company may not be using the shareholders' money as
efficiently as other companies in the S&P 500 index and that it is generating low returns for its shareholders compared to other companies
in the S&P 500 index.
Opportunities
Growing Demand for Small and Mid size Cars
The company may find increased opportunities in the small car segment. Owing to the current global economic recession and volatile fuel
prices, the demand for small and mid-size vehicles has been witnessing a strong growth. According to a report by ACEA (European
Automobile Manufacturers Association), European vehicle companies received 13.9% decrease in registration for passenger cars and
37.6% for commercial vehicles in the first five months of the fiscal year 2009. Similarly, market penetration for diesel cars also fell to
46.1% and market share of 4X4s fell to 8.4%. However, small cars market share increased from 38.8% in 2008 to 44.9% for the five
month period of 2009. Thus the company, being a leading manufacturer of small and mid-size cars, can capitalize on its brand image to
garner higher market share in the sector and generate higher revenues.
Positive Outlook for Indian Automobile Industry
The company could benefit from the strong growth prospects in the Indian automobile industry. The growing economy coupled with the
growing middle class over the past few years has fuelled the demand for automobiles in the country. Despite the economic slowdown, the
overall production (including passenger vehicles, commercial vehicles, 2-wheelers and 3-wheelers) increased from 10.85 million vehicles in
2007-08 to 11.17 million vehicles in 2008-09. Passenger vehicles too witnessed an increase from 1.77 million to 1.83 million. The total
vehicles sold during the period were 9.72 million compared to 9.65 million in 2007-08. It is expected that the passenger vehicle sales will
Page 12
grow at a CAGR of 12% to reach 3.75 million units by 2014, up from 1.89 million units at the end of 2008-09. This would include 1 million
units contributed from exports. According to Society of Indian Automobile Manufacturers (SIAM), the automobile sales in the overseas
market increased from 1.23 million units to 1.53 million units during the period. Further, to make India a powerhouse in the global
automobile industry, the government launched the Automotive Mission Plan (AMP) 2006-2012. It aims at making India a destination of
choice in the world for design and manufacture of automobiles and auto components. With an output aimed at USD 145 billion, it would
account for 10% of the GDP and would provide employment to 25 million people by 2016. Thus with a strong presence in the Indian
market, Tata Motors stands to benefit from the plan and garner higher market share.
Product Innovations
Tata Motors constantly focuses on new product innovations which helps the company create competitive advantage and build brand equity.
Innovation continues to be a cornerstone of the company’s corporate strategy with significant efforts focused against consumer demands
for products that are convenient and effective. The company launched several new products during the year. These include Indica Vista a
small car, digo CS, Xenon Pickup truck and Nano. It also launched premium luxury vehicles Jaguar XF, XKR, and XFR, Land Rover
Discovery 3, Range Rover and Range Rover Sport. Additionally, it introduced a new truck range. These innovative product launches helps
the company cater to the changing consumer demands as well as serve diverse markets more efficiently. This helps the company drive
top-line growth and keep the company’s categories vital.
Increasing Demand for Fuel Efficient Vehicles
The company could find increased opportunities in the area of fuel efficient vehicles which feature advanced technologies such as hybrids,
clean diesel engines, flexible-fuel ethanol vehicles and a turbocharged direct injection system. According to 'Annual Energy Outlook 2009'
report by Energy Information Administration (US Government), the sale of unconventional vehicles (hybrid) account for 63% of the total
Light Duty Vehicles (LDV) sales. The total sale of hybrid vehicles is estimated to increase from 2.3% of new LDV sales in the year 2007 to
20.6%, and 39.6% by 2015 and 2030 respectively. It is further forecast that the number of hybrid vehicle sales could reach 7.9 million in
2030. Thus, with the unconventional and hybrid vehicles becoming a mainstay in the future automobile market, the company can find huge
opportunities to garner higher market share and increase its revenues.
Strategic Acquisitions
Tata Motors may benefit from its recent acquisitions of iconic British brands Jaguar and Land Rover. Jaguar and Land Rover are engaged in
the manufacture and sale of high end luxury cars and SUVs. This acquisition could give the company entry into luxury and SUV segments.
Further, it can benefit from new product categories and much broader geographies as Jaguar and Land Rover sells in more than 100
countries and has over 2,200 dealers worldwide. It also has three manufacturing plants, one component manufacturing facility and two
state of the art design and engineering center. Key brand models include Jaguar XF, XJ and XK; and Land Rover’s Freelander 2, Defender,
Discovery 4, Range Rover Sport and Range Rover. About 78% of Land Rovers are exported to over 160 countries while about 70% of
Jaguars are exported to 63 countries. Also, Tata Motors’ UK subsidiary, Tata Motors European Technical Centre plc, acquired a 50.3%
holding in Miljo Grenland/Innovasjon (Miljo), Norway. It specializes in the development of innovative solutions for electric vehicles. Miljo will
produce electric vehicles based on Tata Motors’ products, besides manufacturing of state-of-the-art super polymer lithium ion batteries and
the development of related technologies. This investment in Miljo will help the company to develop convenient, affordable and sustainable
mobility solutions through electric and hybrid vehicles. Further, in October 2009, Tata Motors acquired the remaining 79% stake in the
Spain based Hispano Carrocera S.A., as a part of its plans to emerge as a strong player in the Spanish as well as global bus and coach
market. These acquisitions combined with Tata Motors’ strong brand image would help the company attract new customer across the globe
and improve its sales performance in the overseas market.
Threats
Increasing Costs of Input
The increasing price of raw materials could concern the company. The key raw materials used in the automobile industry include rolled
steel, aluminum, glass, plastic and other resin materials. As per the Bureau of Labor Statistics, producer price indexes for core raw
material inputs such as rolled steel, primary aluminum, plastic materials and resins have increased by 95.81%, 90% and 85.27%
respectively for the last decade. Thus rising input costs could have a major impact on the operational costs of the company, which could
not be easily transferred to the customers as the intense competition could lure away its customers through their low price offerings. As a
result, the margins of the company could be affected.
Global Economic Slowdown
The financial crisis in the US and its spillover to other economies of the world has caused a major concern to all the industries, which
include automobile manufacturers. The reduced consumer spending in numerous markets worldwide could increase the cyclical downturn in
the automobile industry. Furthermore, the volatility in financial and commodity markets poses risk to the automobile manufacturers. The
private consumption and consumer confidence have dipped in the recent years due to the poor economic conditions. The softening
employment market in the US would further reduce consumer spending on cars, despite a decrease in the crude oil prices. The growth rate
in Europe and emerging markets is also expected to slow down in the next two years. Countries including Spain and the UK in Western
Europe are suffering from weak property markets and the effects are expected to be similar on the automobile market as well. The effects
of the financial crisis are much intense on the financial sector, as the credit spreads have increased sharply. Financial institutions have
tightened their lending criteria and it would mean a fewer number of qualified individuals to avail financing for their cars. Overall, the
adverse economic situation would reduce the growth in the international automobile market and the company may not be in a position to
Page 13
shield itself against the backdrop. The financial crisis has already affected the financial results of the group in 2008 and if the scenario
continues, the group may face a major decline in its earnings.
Stricter Emission Standards
Stricter emission standards could challenge the company’s operations as a whole. After the directive adopted by the European Union (EU)
Commission and the EU Parliament to establish stringent emission standards for passenger and light commercial vehicles in 2005 and
subsequent years through EURO 4 legislation, new directives are on the way. There is an ongoing discussion among the EU legislative
bodies to introduce a more stringent emission standard, EURO 5 by 2009 followed by even more stringent EURO 6 standards, which if
adopted would be mandated by 2015. In China too, there are phase-wise regulations similar to the EURO series of emission regulations,
implemented since 2005. The Step 4 regulations which would follow the Step 3 regulations (implemented earlier in 2005) are expected to
be implemented from 2010. Similarly, in Australia, regulations equivalent to or more stringent than the Euro 4 are likely to be
implemented. In addition, in the US market, the California Zero Emission Vehicle (ZEV) regulation has been adopted since 2005. The ZEV,
which was earlier implemented in the states of New York, Massachusetts and Vermont, would be extended to the state of Maine and the
state of New Jersey from 2009. The stricter emission standards could necessitate the company to redesign its vehicles, in turn increasing
its compliance costs. In case of failure to adopt in the stipulated time or failure to comply with the regulations at any point of time could
lead to hefty fines and penalties on the company.
Intense Competition
The growing competition in the automobile industry could impact the business of the company. Companies in the industry compete on
factors like product quality and features, pricing, reliability, safety, fuel economy, customer service, innovation and product development
time, ability to control costs and financing terms. The competition in the industry is likely to further intensify with the continuing
globalization and consolidation in the global market. Further, improving infrastructure and robust growth prospects in its domestic Indian
market has lured many global players to foray and exploit the region’s opportunities. These players compete with larger financial
capability, global brand image, and multiple product platforms. These competitive pressures could cause the company’s products to lose
market share or result in significant price and margin erosion, which could have a material adverse effect on its business operations.
Currency Rate Fluctuations
The company’s operations are subject to various risks arising from fluctuations in exchange rates related to countries in which it operates.
These risks primarily relate to fluctuations of Indian Rupee against GBP, US Dollar and Euro. The company imports raw materials, capital
equipment and components as well as sell its vehicles in various countries. Since these transactions are denominated in foreign currencies,
primarily the US Dollar and Euro, any adverse fluctuation in these currencies may impact the operational performance of the company.
© 2010 GlobalData. All Rights Reserved.

Published by OneSource Information Services, Inc., Sep. 2010
Page 14
Page 15
Corporate Family Corporate Structure News:

Tata Sons Ltd
Tata Motors Limited
Tata Motors Limited

Total Corporate Family Members: 401
Excluded Small Branches: 5 (Available via export)
Company Name Company Location Country Industry Sales Employees Source

Type (USD mil)
Tata Sons Ltd Parent Mumbai India Miscellaneous 7,074.3 357,000 GW
Financial
Services
Tata Consultancy Services Subsidiary Mumbai India Software and 6,327.3 163,700 RT
Limited Programming
CMC Limited Subsidiary Hyderabad India Computer 187.4 5,551 RT
Networks
Subsidiary Baton Rouge, LA United Retail 41.6 7 IUSA
CMC Americas Inc
States (Technology)
TCS do Brasil S.A. Subsidiary Brasilia Brazil Business 1,700 IUSA
Services
WTI Advanced Technology Subsidiary Chennai India Business 1.0 850 IUSA
Limited Services
Tcs Business Transformation Subsidiary Bangalore, India Software and 420 ACP
Solutions Ltd Karnataka Programming
Tata Consultancy Services Subsidiary Kuala Lumpur Malaysia Business 2.8 300 IUSA
Malaysia Services
Tata Consultancy Services, Subsidiary México, D.F. Mexico Software and 74.0 200 GW
S.A. de C.V. Programming
Tata Consultancy Services Subsidiary Singapore Singapore Business 99.3 61 DPI
Asia Pacific Pte LTD Services
Tata Consultancy Services Subsidiary Madrid Spain Business 10.3 36 AX
De España Sa Services
Tata Consultancy Services Subsidiary Capellen Luxembourg Business 35 IUSA
Luxembourg Services
Tata Consultany Services Subsidiary Courbevoie France Computer 30.7 34 D&B
France Sas Services
Subsidiary Milano Italy Miscellaneous 20.8 12 D&B
Tata Consultancy Services
Financial
Italia SRL
Services
Tata Consultancy Services Subsidiary New York, NY United Software and 0.2 1 IUSA
Ltd. States Programming
Tata Consultancy Branch Hartford, CT United Software and 71.2 400 IUSA
Services Ltd. States Programming
Tata Consultancy Branch Iselin, NJ United Software and 25.1 160 IUSA
Tata Consultancy Branch Atlanta, GA United Software and 3.4 10 IUSA
Tata Consultancy Services Subsidiary Salford United 595.5 RM
Ltd. Kingdom
Tata Consultancy Services Subsidiary München Germany Business 1.0 IUSA
Deutschlan Services
Tata Consultancy Services Subsidiary Yokohoma Japan Business 1.0 IUSA
Japan Ltd. Services
Tata Consultancy Services Subsidiary Sydney, NSW Australia Software and ACP
(Australia) Pty Ltd Programming
Tata Consultancy Services Subsidiary Seoul, Seoul Korea, Software and ACP
Co Ltd Republic of Programming
TCS Argentina S.A. Subsidiary Buenos Aires Argentina Business IUSA
Services
TCS Solution Center S.A. Subsidiary Montevideo Uruguay Business IUSA
(Uruguay) Services
Tata InfoTech Ltd Branch
Tata Consultancy Subsidiary Bruxelles Belgium Business 58.4 118 EDB
Services Belgium Services
Page 16
Subsidiary London United 0.0 RM

Tata Infotech Ltd.
Kingdom
Tata Infotech Ltd Subsidiary North Sydney, Australia Software and ACP
NSW Programming
Tata Steel Limited Subsidiary Mumbai India Iron and Steel 21,824.9 81,269 RT
Corus Group Ltd. Subsidiary London United Commercial 40,000 EXP
Kingdom Banks
Corus UK Ltd. Subsidiary Leeds United Iron and Steel 6,650.3 22,383 EXP
Kingdom
Corus Rail Subsidiary York United Engineering 31.7 226 EXP
Consultancy Ltd Kingdom Consultants
Subsidiary St Helens United Miscellaneous 58.5 156 EXP
Kalzip Ltd. Kingdom Fabricated
Products
UK Steel Enterprise Subsidiary Sheffield United Commercial 5.0 26 EXP
Ltd. Kingdom Banks
Subsidiary Carluke United Miscellaneous 23.5 195 EXP
Thomson Pettie
Kingdom Fabricated
Tube Products Ltd.
Products
Subsidiary Carluke United Miscellaneous RM
Teelux Ltd. Kingdom Fabricated
Products
Ukse Fund Subsidiary Sheffield United Investment 0.0 RM
Managers Ltd. Kingdom Services
Ukse Fund Subsidiary Sheffield United Investment 0.4 RM
Managers Kingdom Services
(General
Partner) Ltd.
Tata Steel Subsidiary London United Miscellaneous 836.1 16 EXP
International (UK) Kingdom Capital Goods
Ltd.
Industrial Steels Subsidiary London United Nonclassifiable 7.2 EXP
Ltd. Kingdom Industries
Subsidiary London United Miscellaneous 7.2 13 EXP
Bailey Steels Ltd.
Kingdom Capital Goods
Subsidiary Newport United Commercial 2.1 7 EXP
Cogent Power Ltd.
Kingdom Banks
Euro-Laminations Subsidiary Newport United Nonclassifiable RM
Ees Group Subsidiary London United Nonclassifiable RM
Services Ltd. Kingdom Industries
Corby (Northants) Subsidiary Corby United Water Utilities 1.0 4 EXP
And District Water Kingdom
Co.
Plated Strip Subsidiary London United Iron and Steel 1 RM
(International) Ltd. Kingdom
Corus International Subsidiary London United Commercial EXP
Ltd. Kingdom Banks
Corus Consulting Subsidiary Newport United Business 3.0 13 EXP
Ltd. Kingdom Services
Corus Liaison Subsidiary London United Iron and Steel RM
Services (India) Kingdom
Ltd.
Subsidiary London United Nonclassifiable RM
Simiop Ltd.
Kingdom Industries
Simiop Subsidiary London United Commercial RM
Investments Kingdom Banks
Ltd.
Stewarts And Subsidiary Edinburgh United Business RM
Lloyds (Overseas) Kingdom Services
Ltd.
Subsidiary Caerphilly United Miscellaneous RM
Catnic Ltd. Kingdom Fabricated
Products
British Steel Subsidiary London United Nonclassifiable 9 RM
Samson Ltd. Kingdom Industries
Subsidiary Edinburgh United Commercial RM
Corus Holdings Ltd.
Kingdom Banks
Page 17
Subsidiary London United Construction - RM

Cold Drawn Tubes
Kingdom Supplies and
Ltd.
Fixtures
Subsidiary London United Insurance RM
Corus Brokers Ltd. Kingdom (Accident and
Health)
Newport And South Subsidiary London United Commercial RM
Wales Tube Co. Ltd. Kingdom Banks
(The)
Subsidiary London United Construction RM
Grant Lyon Eagre Ltd.
Kingdom Services
Subsidiary London United Consumer RM
Corus Finance Ltd. Kingdom Financial
Services
Hadfields Holdings Subsidiary London United Commercial RM
Ltd. Kingdom Banks
Firsteel Holdings Ltd.
Kingdom Industries
Subsidiary Huddersfield United Commercial RM
Firsteel Group Ltd.
Kingdom Banks
Mistbury Subsidiary London United Commercial 3 RM
Investments Kingdom Banks
Ltd.
Firsteel Strip Subsidiary London United Nonclassifiable RM
Mill Products Kingdom Industries
Ltd.
W. P. Subsidiary Sutton Coldfield United Nonclassifiable RM
Butterfield Kingdom Industries
(Engineers)
Ltd.
Subsidiary Warley United Construction - RM
Corus Cold Drawn
Kingdom Supplies and
Tubes Ltd.
Fixtures
Subsidiary London United Iron and Steel RM
Blastmega Ltd.
Kingdom
Seamless Tubes Ltd.
Kingdom Industries
Corus Quest Trustee Subsidiary London United Personal RM
Bskh Corporate Subsidiary London United Nonclassifiable RM
Services (Uk) Ltd. Kingdom Industries
Corus Rail Ltd.
Kingdom Industries
Corus Stainless Uk Subsidiary London United Nonclassifiable RM
Tinsley Trailers Ltd.
Kingdom Industries
Cpn (85) Ltd.
Kingdom Industries
Subsidiary London United Personal RM
Bs Quest Trustee Ltd.
Kingdom Services
Corus Properties Subsidiary London United Commercial RM
(Germany) Ltd. Kingdom Banks
Toronto Industrial Subsidiary London United Iron and Steel RM
Fabrications Ltd. Kingdom
Templeborough Subsidiary London United Nonclassifiable RM
Rolling Mills, Ltd. Kingdom Industries
(The)
British Tubes Subsidiary London United Miscellaneous RM
Stockholding Ltd. Kingdom Capital Goods
British Steel Subsidiary London United Personal RM
Employee Share Kingdom Services
Ownership Trustees
Ltd.
British Steel Tubes Subsidiary London United Iron and Steel RM
Exports Ltd. Kingdom
Westwood Steel Subsidiary London United Nonclassifiable RM
Services Ltd. Kingdom Industries
Page 18
Corus Nederland BV Subsidiary IJmuiden Netherlands Metal Mining 8,310.6 12,200 GW

Corus Deutschland Subsidiary Düsseldorf Germany Miscellaneous 1,966.7 4,000 GW
GmbH Fabricated
Products
Blume Subsidiary Muelheim Germany Miscellaneous 299.2 150 IUSA
Stahlservice Capital Goods
GmbH
Corus Stahl GmbH Subsidiary Duesseldorf, Germany Miscellaneous 324.5 90 D&B
Nordrhein- Capital Goods
Westfalen
Trierer Subsidiary Trier, Germany Construction - 150 D&B
Walzwerk Rheinland-Pfalz Supplies and
GmbH Fixtures
Subsidiary Niederaula, Germany Construction - 29 D&B
S. A. B. Profil
Hessen Supplies and
GmbH
Fixtures
Corus Subsidiary Duesseldorf, Germany Miscellaneous 27 D&B
International Nordrhein- Capital Goods
Deutschland Westfalen
GmbH
Burgdorfer Subsidiary Duesseldorf, Germany Waste D&B
Grundstuecks Nordrhein- Management
GmbH Westfalen Services
Unitol Sas Subsidiary Corbeil France Miscellaneous 477.0 224 D&B
Essonnes Fabricated
Products
Subsidiary Milano Italy Miscellaneous 3.7 8 D&B
Corus Italia SRL
Capital Goods
Staalverwerking En Subsidiary Velsen-Noord, Netherlands Commercial D&B
Handel B.V. Noord-Holland Banks
S.A.B. Profiel B.V. Subsidiary Ijsselstein Ut, Netherlands Construction - 176.6 125 D&B
Utrecht Supplies and
Fixtures
Corus Tubes B.V. Subsidiary Oosterhout Nb, Netherlands Construction - 429.0 D&B
Noord-Brabant Supplies and
Fixtures
Corus Primary Subsidiary Ijmuiden Netherlands Miscellaneous IUSA
Aluminium B.V. Capital Goods
Corus Packaging Subsidiary Bergen Norway Iron and Steel 75.0 105 IUSA
Plus Norway AS
Subsidiary Velsen-Noord, Netherlands Metal Mining 95.1 4 D&B
Corus Met B.V.
Noord-Holland
Corus Investment Subsidiary Velsen-Noord, Netherlands Miscellaneous D&B
B.V. Noord-Holland Financial
Services
Subsidiary Velsen-Noord, Netherlands Miscellaneous 9 D&B
Corus Distribution
Noord-Holland Financial
Europe B.V.
Services
Corus Consulting & Subsidiary Velsen-Noord, Netherlands Miscellaneous D&B
Technical Services Noord-Holland Capital Goods
B.V.
Hille & Müller GmbH & Co Subsidiary Düsseldorf Germany Iron and Steel 5,000 IUSA
KG
Mannstaedt GmbH Subsidiary Troisdorf Germany Iron and Steel 152.0 680 GW
Thomas Steel Strip Corp. Subsidiary Warren, OH United Miscellaneous 50.0 630 IUSA
States Capital Goods
Corus Engineering Steels Subsidiary London United Miscellaneous 490 GW
Ltd Kingdom Capital Goods
Corus Aluminium Voerde Subsidiary Voerde Germany Metal Mining 161.1 486 IUSA
GmbH
Surahammars Bruks AB Subsidiary Surahammar Sweden Iron and Steel 140.2 399 IUSA
Corus Rail France Sa Subsidiary Hayange France Iron and Steel 492.8 374 D&B
Corus Batiment Et Subsidiary Chauny France Construction - 164.9 374 D&B
Systemes Supplies and
Fixtures
Corus Packaging Plus Subsidiary Bergen Norway Iron and Steel 115.9 294 GW
Norway AS
Page 19
Surahammars Bruks AB Subsidiary Surahammar Sweden Construction - 192.0 226 GW

Supplies and
Fixtures
Corus Bausysteme GmbH Subsidiary Koblenz Germany Construction - 105.5 195 IUSA
Supplies and
Fixtures
Fischer Profil GmbH Subsidiary Netphen Germany Construction - 121.1 180 GW
Supplies and
Fixtures
Subsidiary London United Miscellaneous 75.0 150 GW
Color Steels Ltd Kingdom Fabricated
Products
Segal Subsidiary Ivoz-Ramet Belgium Iron and Steel 65.1 132 EDB
Subsidiary Bethlehem, PA United Miscellaneous 25.0 120 IUSA
Apollo Metals Co. States Fabricated
Products
Subsidiary Villmergen AG Switzerland Construction - 83.3 105 GW
Montana-Bausysteme AG Supplies and
Fixtures
Corus Metals Malaysia Subsidiary Selangor, Kuala Malaysia Miscellaneous 42.0 100 BMI
Sdn Bhd Lumpur Capital Goods
Corus Brazil Consultancy Subsidiary Rio de Janeiro , Brazil Metal Mining 40.0 100 BMI
Rio de Janeiro
Corus Asia Ltd Subsidiary Jakarta Selatan Indonesia Metal Mining 35.0 100 BMI
Corus Asia Ltd Subsidiary Quarry Bay, Hong Kong Construction 30.0 100 BMI
Hong Kong Services
Island
Corus Asia Ltd Subsidiary Quezon Philippines Coal 18.0 100 BMI
Corus Middle East FZE Subsidiary Dubai United Arab Iron and Steel 100 GW
Emirates
Subsidiary Istanbul Turkey Miscellaneous 100 GW
Corus Celik Ticaret AS
Capital Goods
Corus Degels GmbH Subsidiary Neuss Germany Miscellaneous 189.6 98 IUSA
Capital Goods
Corus New Zealand Ltd Subsidiary Manukau New Miscellaneous 80 GW
Zealand Capital Goods
Corus Hot Rolled Subsidiary Wolverhampton United Iron and Steel 1,750.0 75 IUSA
Processing Centre Kingdom
Corus ByggeSystemer Subsidiary Ebeltoft Denmark Iron and Steel 30.5 74 GW
A/S
Corus Steel USA Inc Subsidiary Schaumburg, IL United Miscellaneous 16,599.8 51 IUSA
States Capital Goods
Namascor BV Subsidiary Moerdijk Netherlands Miscellaneous 176.7 50 GW
Capital Goods
Subsidiary Swansea United Printing and 37.5 50 EXP
Afon Tinplate Co. Ltd.
Kingdom Publishing
Corus South East Asia Subsidiary Singapore Singapore Miscellaneous 2.0 48 GW
Pte Ltd Capital Goods
Norsk Stål Tynnplater AS Subsidiary Fredrikstad Norway Construction - 114.8 42 GW
Supplies and
Fixtures
Subsidiary Gennevilliers France Miscellaneous 11.7 34 D&B
Corus France Sa
Capital Goods
Subsidiary Trezzano Sul Italy Miscellaneous 1.0 24 IUSA
Corus Aluminium Italia
Naviglio Fabricated
S.p.A.
Products
Subsidiary Katowice Poland Miscellaneous 21 GW
Corus Polska Sp. z.o.o.
Capital Goods
Subsidiary Dublin Ireland Miscellaneous 51.2 20 GW
Corus Service Centre Ltd
Capital Goods
Subsidiary Maastricht Netherlands Miscellaneous 8 GW
Corus Benelux BV
Capital Goods
Subsidiary New York, NY United Iron and Steel 3.8 4 IUSA
Oremco Inc.
States
Subsidiary Schaumburg, IL United Miscellaneous 1.4 3 IUSA
Corus Aluminum Rolled
States Fabricated
Products USA
Products
Page 20
Corus Staal B.V. Subsidiary IJmuiden Netherlands Oil and Gas 5,637.0 IUSA
Operations
Corus Aluminium N.V. Subsidiary Duffel Belgium Miscellaneous 625.0 1,500 IUSA
Fabricated
Products
Myriad Subsidiary Louvroil France Iron and Steel 720.1 530 D&B
Hille & Müller GmbH Subsidiary Düsseldorf Germany Construction - 250.0 470 IUSA
Supplies and
Fixtures
Subsidiary Velsen-Noord, Netherlands Real Estate 1 D&B
Oostflank B.V.
Noord-Holland Operations
Danielli Corus Europe Subsidiary Ijmuiden Netherlands Business 75.0 IUSA
B.V. Services
Stichting Subsidiary Beverwijk Netherlands Investment IUSA
Pensioenfonds Services
Hoogovens
Corus Engineering Steels Subsidiary Rotherham United Iron and Steel 1,750.0 IUSA
Kingdom
Subsidiary Caerphilly United Iron and Steel 75.0 IUSA
Catnic
Kingdom
Corus Construction & Subsidiary Scunthorpe United Iron and Steel 1,750.0 IUSA
Industrial Kingdom
Corus Tubes Subsidiary Corby United Iron and Steel 625.0 IUSA
Kingdom
Subsidiary Durango Spain Miscellaneous 75.0 IUSA
Laminación y Derivados
Fabricated
S.A.U
Products
Corus Firsteel Coated Subsidiary Walsall United Miscellaneous 75.0 IUSA
Strip Kingdom Capital Goods
Subsidiary Newport United Nonclassifiable 75.0 RM
Orb Electrical Steels Ltd.
Kingdom Industries
British Transformer Subsidiary Newport United Nonclassifiable RM
Cores Ltd. Kingdom Industries
Subsidiary Crosskeys United Miscellaneous 75.0 IUSA
Corus Colorsteels Ltd. Kingdom Fabricated
Products
Corus Rail Infrastructure Subsidiary York United Engineering 75.0 IUSA
Services Kingdom Consultants
Corus Central Europe, Subsidiary Praha Czech Miscellaneous 1.0 GW
s.r.o. Republic Capital Goods
Subsidiary London United Commercial RM
Precoat International Ltd.
Kingdom Banks
Precoat Ltd.
Kingdom Industries
Subsidiary London United Miscellaneous RM
Europressings Ltd. Kingdom Fabricated
Products
Corus Property
Kingdom Industries
Subsidiary São Domingos Portugal Miscellaneous GW
Tata Steel International
de Rana Capital Goods
Subsidiary Madrid Spain Miscellaneous GW
Corus International
Capital Goods
Steelstock Ltd.
Kingdom
Corus Metals Ltd.
Kingdom Industries
Corus Multi-Metals Ltd.
Kingdom Industries
Corus Engineering Steels Subsidiary London United Commercial RM
Holdings Ltd. Kingdom Banks
Corus Engineering Subsidiary London United Commercial RM
Steels Overseas Kingdom Banks
Holdings Ltd.
Corus Engineering Subsidiary London United Chemical RM
Steels (Uk) Ltd. Kingdom Manufacturing
Subsidiary London United Construction - RM
Page 21
Runmega Ltd. Kingdom Supplies and

Fixtures
Nationwide Steelstock Subsidiary London United Nonclassifiable RM
Runblast Ltd.
Kingdom Industries
U. E. S. Bright Bar Subsidiary London United Nonclassifiable RM
Bell & Harwood Ltd.
Kingdom Industries
Hammermega Ltd.
Kingdom Industries
British Steel Subsidiary London United Nonclassifiable RM
Engineering Steels Kingdom Industries
(Exports) Ltd.
Cordor (C&B) Ltd.
Kingdom Industries
Corus International Subsidiary London United Commercial EXP
(Overseas Holdings) Ltd. Kingdom Banks
Corus Large Diameter
Kingdom Financial
Pipes Ltd.
Services
Hoogovens (Uk) Ltd
Kingdom Banks
Hoogovens Aluminium Subsidiary Wolverhampton United Miscellaneous EXP
U K Ltd. Kingdom Capital Goods
Cladding And Decking
Kingdom Fabricated
Uk Ltd.
Products
Corus Management Ltd.
Kingdom Industries
B. S. Pension Fund Subsidiary London United Personal 2 RM
Trustee Ltd. Kingdom Services
Pension Services Subsidiary London United Business 2.1 EXP
C Walker & Sons Ltd.
Kingdom Banks
Corus Service Subsidiary Lisburn United Nonclassifiable RM
Centre Ltd. Kingdom Industries
Walkersteelstock Subsidiary London United Nonclassifiable RM
Walker Subsidiary London United Nonclassifiable RM
Manufacturing And Kingdom Industries
Investments Ltd.
British Guide
Kingdom Fabricated
Rails Ltd.
Products
Harrowmills Subsidiary London United Nonclassifiable RM
Properties Ltd. Kingdom Industries
British Steel Service Subsidiary London United Iron and Steel RM
Centres Ltd. Kingdom
British Steel Trading Subsidiary London United Nonclassifiable RM
British Steel Subsidiary London United Nonclassifiable RM
Corporation Ltd. Kingdom Industries
Steel Stockholdings Subsidiary London United Iron and Steel RM
Ltd. Kingdom
The Clyde Alloy Steel Subsidiary Motherwell United Nonclassifiable RM
Co.. Ltd. Kingdom Industries
Corus Investments Subsidiary Edinburgh United Commercial RM
Ltd. Kingdom Banks
British Steel Directors Subsidiary London United Nonclassifiable RM
(Nominees) Ltd. Kingdom Industries
Bore Samson Group Subsidiary London United Iron and Steel RM
Ltd. Kingdom
Bore Steel Ltd.
Kingdom
Page 22

H. E. Samson Ltd.
Kingdom
Round Oak Steel Subsidiary London United Nonclassifiable RM
Works Ltd. Kingdom Industries
Stanton Housing Co. Subsidiary London United Nonclassifiable RM
Ltd. (The) Kingdom Industries
Whitehead (Narrow Subsidiary London United Nonclassifiable RM
Strip) Ltd. Kingdom Industries
Corus Engineering Subsidiary London United Business RM
Steels Pension Kingdom Services
Scheme Trustee Ltd.
Corus Liaison Services Subsidiary Chennai India Miscellaneous GW
(India) Ltd Capital Goods
Corus Aluminium Japan Subsidiary Tokyo Japan Miscellaneous GW
Ltd Capital Goods
Corus Steel Ltd.
Kingdom Industries
Corus Engineering Ltd.
Kingdom Industries
Corus Aluminium Ltd.
Kingdom Industries
Corus Stainless Ltd.
Kingdom Industries
European Electrical Subsidiary London United Nonclassifiable RM
Steels Ltd. Kingdom Industries
Automotive Laser Subsidiary London United Nonclassifiable RM
Technologies Ltd. Kingdom Industries
Corus Electrical Ltd.
Kingdom Industries
Ore Carriers Ltd.
Kingdom Industries
Midland Steel Supplies Subsidiary London United Nonclassifiable RM
Subsidiary Lisburn United RM
Walkersteel (Ni) Ltd.
Kingdom
Tata Steel International Subsidiary Benoni South Africa Iron and Steel GW
Corus Subsidiary Tehran Iran Construction BMI
Services
Corus International Subsidiary Seoul Korea, Construction BMI
Republic of Services
Corus Subsidiary Taipei Taiwan Construction BMI
Services
Corus Asia Ltd (CAL) Subsidiary Ho Chi Minh City Viet Nam Construction BMI
Services
Corus UK Ltd (Dammam Subsidiary Dammam, Ash Saudi Arabia Construction BMI
Branch) Sharqiyah Services
Subsidiary Katowice Poland Construction BMI
Corus International
Services
NatSteel Holdings Pte Ltd Subsidiary Singapore Singapore Miscellaneous 3,500 GW
Capital Goods
NatSteel (Xiamen) Ltd Subsidiary Xiamen, Fujian China Iron and Steel GW
Province
Tinplate Company of India Subsidiary Kolkata India Containers and 169.2 2,878 RT
Ltd Packaging
NSL Ltd Subsidiary Singapore Singapore Miscellaneous 242.4 2,113 RT
Capital Goods
Eastern Pretech Subsidiary Kuala Lumpur Malaysia Construction - 23.5 450 GW
(Malaysia) Sdn Bhd Raw Materials
Eastern Pretech Pte LTD Subsidiary Singapore Singapore Construction - 120.3 342 DPI
Raw Materials
Eastern Industries Pte Ltd Subsidiary Singapore Singapore Miscellaneous 200 GW
Financial
Services
Raffles Marina Ltd Subsidiary Singapore Singapore Recreational 185 GW
Activities
NSL Engineering Pte Ltd Subsidiary Singapore Singapore Miscellaneous 38.8 100 GW
Capital Goods
Page 23
NSL Chemicals LTD Subsidiary Singapore Singapore Construction - 18.0 74 DPI

Raw Materials
NSL Chemicals (M) Sdn Subsidiary Kepayang, Malaysia Construction - 12.5 70 GW
Bhd Perak Raw Materials
NSL OilChem Services Subsidiary Singapore Singapore Waste 15 GW
Pte Ltd Management
Services
Limetreat (M) Sdn Bhd Subsidiary Pasir Gudang, Malaysia Construction - 15 ACP
Pasir Gudang Raw Materials
Eastech Indonesia, PT Subsidiary Putri, Bogor Indonesia Construction - GW
Raw Materials
NSL EnviroTech Pte Ltd Subsidiary Singapore Singapore Construction - GW
Supplies and
Fixtures
NSL Properties Pte Ltd Subsidiary Singapore Singapore Real Estate GW
Operations
NSL Resorts International Subsidiary Singapore Singapore Miscellaneous GW
Pte Ltd Financial
Services
Eastern Pretech (HK) Ltd Subsidiary New Territories Hong Kong Construction - GW
Raw Materials
Eastern Steel Fabricators Subsidiary Pasig, Pasig Philippines Iron and Steel ACP
Philippines Inc
Tata Ryerson Limited Subsidiary Kolkata India Iron and Steel 46.0 2,000 IUSA
Tata Steel (Thailand) PCL Subsidiary Bangkok Thailand Iron and Steel 667.6 1,376 RT
N. T. S. Steel Group PCL Subsidiary Chonburi Thailand Iron and Steel 339 IUSA
TRF Ltd. Subsidiary Jamshedpur India Miscellaneous 185.1 1,336 RT
Capital Goods
Hewitt Robins Subsidiary Swadlincote United Commercial RM
International Holdings Kingdom Banks
Ltd.
Subsidiary Swadlincote United Construction and EXP
Hewitt Robins
Kingdom Agriculture
International Ltd
Machinery
Tayo Rolls Ltd(NDA) Joint Jamshedpur India Iron and Steel 27.9 671 RT
Venture
Tata Ssl Ltd Subsidiary Mumbai India Miscellaneous 473 ACP
(Bombay), Fabricated
Maharashtra Products
NatSteel Asia Pte. Limited Subsidiary Singapore Singapore Iron and Steel 350.0 450 IUSA
Best Bar Pty Limited Subsidiary East Australia Miscellaneous 1.0 100 IUSA
Rockingham, Fabricated
WA Products
NatFerrous Pte. Limited Subsidiary Singapore Singapore Iron and Steel 1.0 100 IUSA
Flextronics Industries Subsidiary Kowloon, Hong Kong Fabricated Plastic 49 ACP
(Hk) Ltd Kowloon and Rubber
NatSteel Trade Subsidiary Singapore Singapore Miscellaneous 502.7 20 GW
International Pte Ltd Capital Goods
SteelAsia Manufacturing Joint Taguig City Philippines Iron and Steel 1.0 GW
Corporation Venture
Wuxi Jinyang Metal Subsidiary Wuxi, Jiangsu China Construction - 1.0 GW
Products Co Ltd Province Raw Materials
NatSteel Australia Pty Subsidiary Prestons, NSW Australia Miscellaneous 1.0 IUSA
Limited Fabricated
Products
Tata Sponge Iron Ltd Subsidiary Keonjhar India Iron and Steel 114.2 442 RT
Eastern Wire Pte Ltd Subsidiary Singapore Singapore Miscellaneous 295 GW
Fabricated
Products
Best Bar Pty Ltd Subsidiary Henderson, WA Australia Miscellaneous 8 ACP
Fabricated
Products
Eastern Steel Services Pte Subsidiary Singapore Singapore Iron and Steel 199.3 270 GW
Ltd
Easteel Construction Subsidiary Singapore Singapore Construction - 10 SDS
Services Pte Ltd Supplies and
Fixtures
Page 24
Tata Pigments Limited Subsidiary Jamshedpur India Chemical 1.0 200 IUSA
Manufacturing
Jamshedpur Utilities & Subsidiary Jamshedpur India Electric Utilities 1.0 120 IUSA
Services Ltd.
The Tinplate Company of Subsidiary Kolkotta India Business 65.5 IUSA
India Ltd. Services
Siam Industrial Wire Co Ltd Subsidiary Bangkok Thailand Construction - GW
Supplies and
Fixtures
Tata Motors Limited Subsidiary Mumbai India Auto and Truck 19,872.4 24,310 RT
Manufacturers
Land Rover Subsidiary Warwick United Auto and Truck 8,352.8 7,841 EXP
Kingdom Manufacturers
Land Rover (M) Sdn Bhd Subsidiary Selangor Darul Malaysia Auto and Truck 21.9 100 BMI
Ehsan, Selangor Manufacturers
Land Rover Exports Ltd. Subsidiary Warwick United Retail (Specialty) 6,468.2 EXP
Kingdom
Stratstone of Perth Land Subsidiary Perth United Retail (Specialty) IUSA
Rover Kingdom
Jaguar Cars Ltd. Subsidiary Coventry United Auto and Truck 3,858.1 7,268 EXP
Kingdom Manufacturers
Ford Jl Ltd. Subsidiary Brentwood United Commercial 640 RM
Kingdom Banks
Jaguar Italia SpA Subsidiary Roma, RM Italy Auto and Truck 186.6 60 D&B
Manufacturers
Subsidiary Redhill United Miscellaneous EXP
Jaguar Cars Finance
Kingdom Financial
Ltd.
Services
Subsidiary Budapest Hungary Auto and Truck 60.0 200 BMI
Jaguar Hungary Kft
Manufacturers
Jaguar Philippines Inc Subsidiary Makati , Metro Philippines Miscellaneous 64.0 100 BMI
Manila Capital Goods
Subsidiary Brampton, ON Canada Auto and Truck 33.7 35 IUSA
Jaguar Canada Inc
Parts
Jaguar Cars Exports Ltd. Subsidiary Coventry United Retail (Specialty) 2,129.1 11 EXP
Kingdom
Jaguar Collection Ltd. Subsidiary Coventry United Miscellaneous RM
(The) Kingdom Capital Goods
Jaguar Cars Overseas Subsidiary Coventry United Commercial RM
The Daimler Motor Co. Subsidiary Coventry United Nonclassifiable RM
Daimler Transport Subsidiary Coventry United Nonclassifiable RM
Vehicles Ltd Kingdom Industries
Subsidiary Coventry United Nonclassifiable RM
S. S. Cars Ltd.
Kingdom Industries
Lanchester Motor Co. Ltd. Subsidiary Coventry United Nonclassifiable RM
(The) Kingdom Industries
GB Cars Distribudora de Subsidiary São Paulo , São Brazil Auto and Truck BMI
Veiculos Paulo Manufacturers
Jaguar Dominicana Subsidiary Santo Domingo Dominican Auto and Truck BMI
Republic Manufacturers
Subsidiary Zagreb Croatia Auto and Truck BMI
Jaguar Croatia
Manufacturers
Jaguar Cars South Africa Subsidiary Pretoria South Africa Auto and Truck BMI
(Pty) Ltd Manufacturers
Tata Daewoo Commercial Subsidiary Kunsan, Korea, Auto and Truck 597.5 867 ACP
Vehicle Co Ltd Chonbuk-do Republic of Parts
Tata Hispano Motors Subsidiary Zaragoza Spain Auto and Truck 30.0 383 AX
Carrocera Sa Manufacturers
Tata Precision Industries Pte Affiliates Singapore Singapore Miscellaneous 1.0 150 GW
Ltd Capital Goods
TAL Manufacturing Solutions Subsidiary Chinchwad India Engineering 1.0 150 IUSA
Limited Consultants
Concorde Motors (India) Subsidiary Bangalore India Auto and Truck 1.0 100 IUSA
Limited Manufacturers
Tata Technologies Limited Subsidiary Pune India Engineering 1.0 100 IUSA
Page 25
Consultants
Tata Technologies Inc Subsidiary Novi, MI United Retail 205.8 600 IUSA
States (Technology)
Subsidiary Stuttgart Germany Software and 20 IUSA
INCAT GmbH
Programming
Subsidiary Bristol United Commercial EXP
Incat International PLC
Kingdom Banks
Tata Technologies Subsidiary Luton United Software and 76.1 265 EXP
Europe Ltd. Kingdom Programming
Subsidiary Schwalbach am Germany Retail (Specialty) 99.4 45 GW
Jaguar Deutschland GmbH
Taunus
Concorde Motors Ltd Subsidiary Chennai India Auto and Truck 25 ACP
(Madras), Tamil Parts
Nadu
Subsidiary Brentwood United Commercial EXP
Ford Lrh
Kingdom Banks
Jaguar Land Rover Subsidiary Pierre Van South Africa Auto and Truck 150.0 60 GW
(South Africa) (Pty) Ltd Ryneveld Parts
Tata Investment Corporation Subsidiary Mumbai India Investment 49.0 18,406 RT
Limited Services
The Indian Hotels Company Subsidiary Mumbai India Hotels and Motels 548.9 10,018 RT
Limited
Taj GVK Hotels & Resorts Subsidiary Hyderabad India Hotels and Motels 48.3 1,769 RT
Limited
Oriental Hotels Limited Subsidiary Chennai India Hotels and Motels 48.3 1,614 RT
The Taj Hotels Resorts and Subsidiary Mumbai India Hotels and Motels 2,000.0 IUSA
Palaces
Pierre Hotel Branch New York, NY United Hotels and Motels 43.6 1,000 IUSA
States
Voltas Limited Subsidiary Mumbai India Scientific and 1,029.3 8,608 RT
Technical
Instruments
Rohini Industrial Electricals Subsidiary Mumbai India Electric Utilities 150 ACP
Pvt Ltd (Bombay),
Maharashtra
Voltas Ltd Subsidiary Aberdeen Hong Kong Miscellaneous 100 BMI
Capital Goods
Metrovol FZE Subsidiary Dubai United Arab Miscellaneous 2.0 11 GW
Emirates Capital Goods
Tata Communications Limited Subsidiary Mumbai India Communications 2,358.7 6,457 RT
Services
Tata Communications (UK) Subsidiary London United Business 141.7 121 EXP
Tata Communications Subsidiary Singapore Singapore Communications 1.0 100 IUSA
International Services
Tata Communications Subsidiary Montreal, QC Canada Communications 1,750.0 IUSA
Services
VSNL International Subsidiary Montreal, QC Canada Communications 1,297.9 8 BMI
Services
Teleglobe Canada Subsidiary London United RM
Inc. Kingdom
Téléglobe France Subsidiary Paris France Communications 40.0 8 IUSA
International S.A.S Services
Tata Communications Ltd Subsidiary Abu Dhabi United Arab Communications 6 BMI
Emirates Services
Neotel (Pty) Ltd Subsidiary Gallo Manor South Africa Communications GW
Services
Tata Coffee Ltd. Subsidiary Bangalore India Crops 273.3 6,086 RT
Tata Teleservices Ltd Subsidiary Mumbai India Communications 5,500 ACP
(Bombay), Equipment
Maharashtra
Tata Teleservices Subsidiary Mumbai India Communications 486.6 1,992 RT
(Maharashtra) Limited Services
Tata Chemicals Limited Subsidiary Mumbai India Chemical 2,046.5 4,656 RT
Manufacturing
Brunner Mond Group Ltd. Subsidiary Northwich United Business 456.7 1,529 EXP
Kingdom Services
Page 26
Subsidiary Northwich United Chemical EXP

Brunner Mond Ltd.
Kingdom Manufacturing
Brunner Mond (UK) Subsidiary Northwich United Chemical 227.8 487 EXP
Ltd. Kingdom Manufacturing
Transcontinental Subsidiary Northwich United Construction RM
Holdings Ltd. Kingdom Services
The Magadi Soda Subsidiary Northwich United Miscellaneous 128.1 925 EXP
Co. Ltd. Kingdom Fabricated
Products
Brunner Mond Subsidiary Northwich United Construction RM
Generation Co. Ltd. Kingdom Services
Northwich Resource Subsidiary Northwich United Personal RM
Management Ltd. Kingdom Services
Brunner Mond (South Subsidiary Durban South Africa Miscellaneous GW
Africa) Pty Ltd Transportation
General Chemical Industrial Subsidiary East Hanover, United Chemical 48 IUSA
Products, Inc. NJ States Manufacturing
Titan Industries Limited Subsidiary Hosur India Jewelry and 988.2 4,353 RT
Silverware
Titan Watches & Jewellery Subsidiary Singapore Singapore Jewelry and ACP
Int'l (Asia Pacific) Pte Ltd Silverware
Tata Power Company Limited Subsidiary Mumbai India Electric Utilities 4,124.5 3,809 RT
Tata Projects Limited Subsidiary Hyderabad India Electric Utilities 234.2 5,000 IUSA
North Delhi Power Ltd Joint Delhi India Metal Mining 540.4 3,989 BMI
(NDPL) Venture
Kaltim Prima Coal Pt Subsidiary
Kutai, East Indonesia Miscellaneous 1,820.0 3,800 ACP
Kalimantan Capital Goods
Chemical Terminal Trombay Subsidiary Mumbai India Miscellaneous ACP
Ltd (Bombay), Transportation
Maharashtra
Tata Elxsi Limited Subsidiary Bangalore India Software and 82.0 3,568 RT
Programming
Tata Global Beverages Limited Subsidiary Kolkata India Food Processing 1,233.7 2,422 RT
Tata Global Beverages Subsidiary Greenford United Commercial 16.1 42 EXP
Services Ltd. Kingdom Banks
Tetley USA Inc. Subsidiary Shelton, CT United Beverages (Non- 250.0 45 IUSA
States Alcoholic)
Subsidiary Plant City, FL United Food Processing 4.6 27 IUSA
Tata Tea Inc
States
Tata Global Beverages Subsidiary Greenford United Commercial EXP
Capital Ltd. Kingdom Banks
Tata Projects Ltd Subsidiary Secunderabad India Construction 424.5 2,087 GW
Services
Artson Engineering Ltd Subsidiary Mumbai India Engineering 27.8 140 RT
Consultants
Tata International Ltd Subsidiary Mumbai India Auto and Truck 85,000.0 1,366 GW
Manufacturers
Tata Holdings Moçambique Subsidiary Maputo Mozambique Auto and Truck 170 GW
Lda Manufacturers
Tata Africa Holdings (SA) Subsidiary Northlands South Africa Auto and Truck 100.0 50 GW
(Pty) Limited Manufacturers
Tata South-East Asia Ltd Subsidiary Kowloon, Hong Kong Apparel and 18 ACP
Kowloon Accessories
Tata Africa Holdings (Ghana) Subsidiary Accra Ghana Auto and Truck GW
Limited Manufacturers
Tata Africa Services Subsidiary Lagos Nigeria Auto and Truck GW
(Nigeria) Manufacturers
Tata Africa Holdings Subsidiary Dar es Salaam Tanzania Auto and Truck GW
(Tanzania) Manufacturers
Tata Zambia Subsidiary Lusaka Zambia Auto and Truck GW
Manufacturers
Tata Uganda Subsidiary Kampala Uganda Auto and Truck GW
Manufacturers
Diligenta Ltd. Subsidiary Peterborough United Miscellaneous 104.1 964 EXP
Kingdom Financial
Services
Page 27
Rallis India Limited Subsidiary Mumbai India Chemical 191.2 846 RT

Manufacturing
Tata Metaliks Limited Subsidiary Kolkata India Iron and Steel 226.1 711 RT
Trent Limited Subsidiary Mumbai India Retail (Apparel) 239.7 447 RT
Landmark Limited Subsidiary Chennai India Printing and GW
Publishing
Infiniti Retail Limited Subsidiary Mumbai India Retail (Specialty) GW
Nelco Limited Subsidiary Mumbai India Security Systems 75.1 412 RT
and Services
TCS Chile Subsidiary Santiago Chile Office Equipment 350 BMI
Hitech Drilling Services India Subsidiary New Delhi India Metal Mining 1.0 150 IUSA
Ltd.
Subsidiary Moscow Russian Communications 100 BMI
Tata Communications
Federation Services
Tata South East Asia Ltd Subsidiary Shanghai, China Miscellaneous 100 BMI
Shanghai Capital Goods
Tata South East Asia Ltd Subsidiary Kowloon, Hong Kong Textiles - Non 100 BMI
Kowloon Apparel
Tata South Africa Holdings SA Subsidiary Johannesburg South Africa Miscellaneous 8.0 50 BMI
Pty Ltd Capital Goods
Tata Ltd. Subsidiary London United Business 10.0 21 EXP
Kingdom Services
Tata Global Beverages Subsidiary Greenford United Commercial EXP
Tata Global Beverages Subsidiary Greenford United Food Processing 275.3 624 EXP
Gb Ltd. Kingdom
Subsidiary Brentford United Food Processing 1.4 4 EXP
Teapigs Ltd.
Kingdom
Subsidiary Greenford United Nonclassifiable RM
Stansand Ltd.
Kingdom Industries
Subsidiary Greenford United Nonclassifiable RM
Lyons Tetley Ltd.
Kingdom Industries
Stansand (Brokers) Subsidiary Greenford United Nonclassifiable RM
Subsidiary Greenford United Food Processing RM
Drassington Ltd.
Kingdom
Tata Global Beverages Subsidiary Greenford United Commercial 0.0 3 EXP
Overseas Holdings Ltd. Kingdom Banks
Tata Global Subsidiary Greenford United Food Processing 0.3 1 EXP
Beverages Overseas Kingdom
Ltd.
Tata West Asia Subsidiary Dubai United Arab Miscellaneous 24.0 10 BMI
Emirates Capital Goods
Tata International AG Subsidiary Zug Switzerland Business 100.0 IUSA
Services
Tata Industries Ltd Subsidiary Mumbai India Miscellaneous 1.0 GW
Financial
Services
Advinus Therapeutics Limited Subsidiary Bangalore India Biotechnology GW
and Drugs
Tata International (Uk) Ltd.
Kingdom Capital Goods
Tata Textile Mills Ltd. Subsidiary Karachi Pakistan Textiles - Non IUSA
Apparel
Indian Resort Hotels Ltd Subsidiary Mumbai India Hotels and Motels GW
Tata Inc Subsidiary
Subsidiary London United RM
Tata Incorporated (Uk)
Kingdom
Data Noted as Source: GW, Copyright © 2010 Graham & Whiteside Limited
Data Noted as Source: RT, © 1983-2010 Reuters Research Inc. All Rights Reserved.
Data Noted as Source: IUSA, © Copyright 2010, infoUSA. All Rights Reserved.
Data Noted as Source: ACP, Copyright© 2010 Asian Company Profiles Ltd. All Rights Reserved.
Data Noted as Source: DPI, Copyright © 2010 DP Information Group Ltd. All Rights Reserved
Data Noted as Source: AX, Copyright © 2010 by Infotel Información y Telecomunicaciones SA. All Rights Reserved.
Page 28
Data Noted as Source: D&B, © 2010 Dun & Bradstreet, Inc. All rights reserved.
Data Noted as Source: RM, © 2010 RM Online, Ltd. All Rights Reserved
Data Noted as Source: EDB, Copyright© 2010 Coface Euro DB. All Rights Reserved.
Data Noted as Source: EXP, © 2010 Experian Ltd. All rights reserved.
Data Noted as Source: BMI, Copyright © 2010 Business Monitor International Ltd. All rights reserved.
Data Noted as Source: SDS, Copyright © 2010 Singapore Data Service
Corporate linkage data:

Copyright© 2010 Asian Company Profiles Ltd. All Rights Reserved.
Published by OneSource Information Services, Inc., 2010
Page 29
Tata Motors Limited
Competitors Report
CompanyName Location Employees Ownership

Ashok Leyland Limited Chennai, India 13,662 Public
Daimler AG Stuttgart, Germany 257,658 Public
Eicher Motors Limited New Delhi, India 646 Public
Fiat SpA Turin, Italy 197,649 Public
Ford Motor Company Dearborn, Michigan, United States 178,000 Public
Hyundai Motor Company Seoul, Korea, Republic of 55,984 Public
Maruti Suzuki India Ltd New Delhi, India 7,159 Public
Motors Liquidation Company Detroit, Michigan, United States 205,000 Public
Swaraj Mazda Limited Punjab, India 878 Public
Page 30
Tata Motors Limited Executives Report

Mumbai, , India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/, Executives Page
Board of Directors
Name Title Function Source

Ratan Naval Tata Non-Executive Chairman of the Board Chairman RT
Reuters Biography (Tata Motors Limited)
Mr. Ratan Naval Tata is Non-Executive Chairman of the Board of Tata Motors Limited. He holds a B.Sc. (Architecture)
degree from Cornell University, USA and has completed the Advanced Management Program at Harvard University,
USA. He joined the Tata Group in 1962 and is the Chairman of the Tata Group of companies and Tata Sons Ltd., the
holding company for majority of Tata Companies. As Chairman of Tata Industries Limited since 1981, he is
responsible for transforming the company into a Group strategy think-tank and a promoter of new ventures in high
technology businesses. He was honored by the Government of India with the Padma Bhushan in January 2000 and
awarded an Honorary Doctorate degree in Business Administration by the Ohio State University. Mr. Tata has been
on the Company's Board since August 1981 and has spent more than 13 years in an executive capacity and is
actively involved with product development and other business strategies pursued by the Company. One of his
achievements include designing and developing India's first indigenous car - the "Indica" which has been recognized
as one of the strongest brands to have been created of late.
Education (Source: RT )
BS Architecture, Cornell University
Ravi Kant Non Executive Vice Chairman Vice-Chairman OSX

Mr. Ravi Kant is Non-Executive Vice Chairman of the Board of Tata Motors Limited since June 2, 2009. He holds a
Bachelor of Technology degree from the Indian Institute of Technology, Kharagpur and a Masters in Science from the
University of Aston, Birmingham, UK. Mr. Kant has wide and varied experience in the manufacturing and marketing
field, particularly in the automobile industry. Prior to joining the Company, he was with Philips India Limited as
Director of Consumers Electronics business and prior to which with LML Ltd. as Senior Executive Director (Marketing)
and Titan Watches Limited as Vice President (Sales & Marketing). Mr. Kant was also employed with Kinetic
Engineering Limited and Hawkins Cookers Limited. Mr. Kant has been with the Company since July 2000 as the
Executive Director (Commercial Vehicle Business Unit) responsible for manufacturing & marketing of the Commercial
Vehicle Business Unit. He has been appointed as Managing Director of the Company effective July 29, 2005.
Education (Source: OSX )

M Science, Aston University
B , Indian Institute of Technology
Compensation/Salary: 1,322,000
Subodh Bhargava Non-Executive Independent Director Director/Board Member RT

Mr. Subodh Bhargava is Non-Executive Independent Director of Tata Motors Limited. He holds a degree in Mechanical
Engineering from the University of Roorkee and retired from Eicher Group of Companies as group chairman and
chief executive in March 2000. He was the past president of the confederation of Indian Industry and the Association
of Indian Automobile Manufacturers and the vice president of the Tractor Manufacturers Association. He was also a
member of the Insurance Tariff Advisory Committee, the Economic Development Board of the government of
Rajasthan. He has held various prominent positions on various Chambers/Associations in the field of research in
engineering and technology and technical and management education and is currently associated as a director of
several Indian corporates, including Tata Communications Limited and Tata Steel Limited. He was appointed as a
Independent Director of the Tata Motors Limited on June 27, 2008.
Mechanical Engineering, University of Roorkee
R. Gopalakrishnan Director Director/Board Member IUSA

Non-Executive Director - Representative of
Jamshed J. Irani Director/Board Member RT
Tata Steel
Dr. Jamshed J. Irani is Non-Executive Director - Representative of Tata Steel for Tata Motors Limited. He has
obtained a Bachelor of Science degree from Science College, Nagpur in 1956 with a Gold Medal in Geology and a
M.Sc. (Geology) degree from the Nagpur University in 1958, both with first class. He also obtained M.Met. and Ph.D.
degrees from the University of Sheffield, UK, in 1960 and 1963 respectively, with a Gold Medal for the Ph.D. Thesis.
In 1993, the University of Sheffield conferred upon him the Honorary Degree of “Doctor of Metallurgy”. In 1996, the
Royal Academy of Engineering, London elected him as a foreign member and he is amongst the five Indians who
Page 31
have been bestowed with this honour. Dr. Irani was conferred honorary knighthood in 1997 by the Queen of England
for his contribution towards strengthening the Indo-British Partnership. He is also on the boards of various Tata
companies and has been on the Company's Board as a Tata Steel Nominee since June 1993.
PHD , University of Sheffield
M Metallurgy, University of Sheffield
MS Geology, Rashtrasant Tukadoji Maharaj Nagpur University
Vinesh Kumar Jairath Non-Executive Independent Director Director/Board Member RT

Mr. Vinesh Kumar Jairath is Non-Executive Independent Director of the Tata Motors Ltd., since March 31, 2009. Mr.
Jairath holds Bachelor of Arts Degree in Public Administration and Bachelor of Laws Degree, both, from the Punjab
University, Masters in Economics from the University of Manchester, U K and joined Indian Administrative Service in
1982. Mr. Jairath served as the Principal Secretary (Industries), Government of Maharashtra before he took
voluntary retirement from Government Services on March 31, 2008. He is presently providing Consultancy and
Advisory Services on Legal, Financial and Regulatory issues related to Infrastructure Development and Industrial
Investment to a U.S. based fund and some European Manufacturing Companies. Mr. Jairath has over 25 years of
experience in public administration, rural development, poverty alleviation, infrastructure, finance, industry, urban
development, environmental Management and a touch of the private sector occupying various important positions in
the Government of India and the State Government of Maharashtra. He has held various positions as the Managing
Director of SICOM, Secretary to the Governor of Maharashtra, Municipal Commissioner of Kolhapur, Collector of
Wardha, besides being an Independent Director on the Boards of Public Sector Companies and Banks. He is
currently on the Boards of Maharashtra Airport Development Company and Avantha Power and Infrastructure
Limited.
M Economics, University of Manchester
LLB , Punjab University
BA Public Administration, Punjab University
Raghunath Anant Mashelkar Non-Executive Independent Director Director/Board Member RT

Dr. Raghunath Anant Mashelkar is Non-Executive Independent Director of Tata Motors Limited. He has eminent
chemical engineering scientist having recently retired from the post of Director General from the CSIR, the chain of
industrial research and development institutions in the world with about 38 laboratories and about 20,000 employees.
During his tenure at CSIR for over 11 years, his leadership transformed CSIR into a user focused, performance
driven and accountable organization. Dr Mashelkar is the President of Indian National Science Academy
(INSA),National Innovation Foundation, Institution of Chemical Engineers, UK and Global Research Alliance, a
network of 60,000 scientists from five continents and has been honored with honorary doctorates from 26
universities, including Universities of London, Salford, Pretoria, Wisconsin and Delhi. Dr. Mashelkar has also been
elected as Fellow / Associate of Royal Society (FRS), London, National Academy of Science (USA) in 2005, US
National Academy of Engineering (2003), Royal Academy of Engineering, U.K. (1996) and World Academy of Art &
Science, USA (2000). Dr Mashelkar has won over 50 awards and medals at national and international levels,
including the JRD Tata Corporate Leadership Award and the Stars of Asia Award (2005). In the post liberalized India,
Dr Mashelkar through leadership of various organizations/ Government Committees has propagated a culture of
innovation and balanced intellectual property rights regime and played a critical role in shaping India's S&T policies.
The President of India honored Dr Mashelkar with the Padmashri (1991) and the Padmabhushan (2000). He was
appointed as a Director of Tata Motors w.e.f. August 28,2007.
V R Mehta Non-Executive Director Director/Board Member GW

Nasser Munjee Non-Executive Independent Director Director/Board Member RT
Mr. Nasser Munjee is Non-Executive Independent Director of Tata Motors Limited. Mr. Munjee holds a Bachelor's
degree from Chicago and a Master's degree from the London School of Economics, UK. His journey in financial sector
began with HDFC where he served for over 20 years at various positions including as its Executive Director. He is the
Chairman of Development CreditBank (DCB) since June 2005 and is also on the Board of various Multinational
companies and Trusts. Mr Munjee is a Technical Advisor on the World Bank - Public Private Partnership Infrastructure
and Advisory Fund.
M , London School of Economics
Sam M. Palia Non-Executive Independent Director Director/Board Member RT

Mr. Sam M. Palia is Non-Executive Independent Director of Tata Motors Limited. He is a Development Banker by
profession. He was with IDBI from 1964-1989 during which period he held various responsible positions including that
of an Executive Director. He has also acted as an advisor to Industrial Bank of Yeman, Saana (North Yeman) and
Industrial Bank of Sudan, Khartoum ( Sudan ) under World Bank Assistance programmes. He was also the Managing
Page 32
Director of Kerala Industrial and Technical Consultancy Organisation Limited, set up to provide consultancy services
to micro enterprises and small and medium enterprises. Mr. Palia is on the Boards of various companies in the
industrial and financial service sectors and is also actively involved as a trustee in various NGOs and Trusts.
Ranendra Sen Non-Executive Director Director/Board Member RT

Mr. Ranendra Sen is Non-Executive Director of Tata Motors Limited. Mr. Sen graduated from St. Xavier’s College and
joined the Indian Foreign Service in 1966. From 1986 to 1991, he was Joint Secretary to successive Prime Ministers,
responsible for foreign and defence policies, atomic energy, space and other tasks. During his 43 years as a public
servant, he participated in about 180 multilateral and bilateral summits. Mr Sen served as a political appointee as
Ambassador to the United States during the most rapid and far-reaching transformation of India-US relations from
2004 to 2009.
N. A. Soonawala Director Director/Board Member IUSA

Managing Director-India Operations,
Prakash M. Telang Director/Board Member RT
Executive Director
Mr. Prakash M. Telang is Managing Director-India Operations, Executive Directorof Tata Motors Limited. Mr. Telang
served as Executive Director (Commercial Vehicles) of the Company. He is a Mechanical Engineer from Nagpur
University and a Post Graduate Diploma holder in Business Administration from IIM, Ahmedabad. Mr. Telang joined
the Company in June 1972 and has been responsible, in various executive positions, for product development,
manufacturing, sales and marketing functions in the Company. Prior to his induction on the Board, Mr. Telang was
the President (Light & Small Commercial Vehicles) and was responsible for manufacturing activities at Pune,
Dharwad and Pantnagar works. Mr. Telang played a role in cost reduction and e-procurement initiatives which have
enabled the Company to turnaround and improve its operations.
, Rashtrasant Tukadoji Maharaj Nagpur University
N. N. Wadia Non-Executive Independent Director Director/Board Member RT

Mr. N. N. Wadia is Non-Executive Independent Director of Tata Motors Limited. He is the Chairman of Bombay Dyeing
& Manufacturing Company Limited and heads the Wadia Group. He is also the Chairman/Trustee of various charitable
institutions and non-profit organizations. Mr. Wadia has been on the Company's Board since December 1998.
Executives
Name Title Function Source

Carl-Peter Forster Group Chief Executive Officer Chief Executive Officer OSX
P. M. Telang Managing Director Chief Executive Officer IUSA
Rajiv Dube President-Passenger Cars President IUSA
A. M. Mankad Head-Car Plant Division Head Executive IUSA
President - Commercial Vehicles Business
Ravindra Pisharody Division Head Executive RT
Unit
Managing Director-India Operations,
Prakash M. Telang Division Head Executive RT
Executive Director
Mr. Prakash M. Telang is Managing Director-India Operations, Executive Directorof Tata Motors Limited. Mr. Telang
served as Executive Director (Commercial Vehicles) of the Company. He is a Mechanical Engineer from Nagpur
University and a Post Graduate Diploma holder in Business Administration from IIM, Ahmedabad. Mr. Telang joined
the Company in June 1972 and has been responsible, in various executive positions, for product development,
manufacturing, sales and marketing functions in the Company. Prior to his induction on the Board, Mr. Telang was
the President (Light & Small Commercial Vehicles) and was responsible for manufacturing activities at Pune,
Dharwad and Pantnagar works. Mr. Telang played a role in cost reduction and e-procurement initiatives which have
enabled the Company to turnaround and improve its operations.
, Rashtrasant Tukadoji Maharaj Nagpur University
Senior Vice President - Manufacturing

Shrikrishna N. Ambardekar Operations Executive RT
Operations-CVBU
S B Borwankar Plant Head Jamshedpur Administration Executive GW
H. K. Sethna Compliance Officer, Company Secretary Company Secretary RT
Page 33
Vice President - Corporate Finance, Business

Abhijit Gajendragadkar Finance Executive RT
Planning
Senior Vice President - Corporate Finance -
Prakash Y. Gurav Finance Executive RT
Accounts and Taxation
Vice President-Corporate Finance, A/c &
PY Gurav Finance Executive IUSA
Taxation
C. Ramakrishnan Chief Financial Officer Finance Executive RT
Mr. C. Ramakrishnan is the Chief Financial Officer of Tata Motors Limited. He handled corporate treasury and
accounting functions as well as management accounting. After a two- year company-wide IT project responsibility
covering R&D, manufacturing, sourcing and sales & service, he has been working in the Chairman’s Office for the
last 6 years. Mr. Ramakrishnan holds a Bachelors of Commerce. degree and is a qualified Chartered Accountant and
Cost Accountant.
C. Ramakrishnan Chief Financial Officer Finance Executive IUSA

S. J. Tambe Vice President-Human Resource Human Resources Executive IUSA
Corporate Communications
Debasis Ray Head-Corporate Communications IUSA
Executive
T. Leverton Head - Advanced and Product Engineering Advertising Executive RT
S. Ravishankar Vice President - Engg. Systems, ERC Information Executive RT
Zackria Sait Vice President-Technical Services Information Executive IUSA
Engineering/Technical
Girish Wagh Head - Small Car Project RT
Executive
S. Krishnan Senior Vice President - Commercial-PCBU Commercial Executive RT
R. Bagga Vice President - Legal Legal Executive RT
Satish B. Borwankar Head - Jamshedpur Plant Manufacturing Executive RT
M. V. Rajarao Vice President-Manufacturing Manufacturing Executive IUSA
Vikram Sinha Head - Car Plant, PCBU Manufacturing Executive RT
Uday K. Mishra Vice President - ADD and Materials, CVBU Purchasing Executive RT
Bharatkumar B. Parekh Chief - Strategic Sourcing Other RT
Nagesh Pinge Chief Internal Auditor Other RT
Data Noted as Source: OSX , © 2010 OneSource Information Services, Inc. All Rights Reserved.
Data Noted as Source: IUSA , © Copyright 2010, infoUSA. All Rights Reserved.
Data Noted as Source: GW , Copyright © 2010 Graham & Whiteside Limited
Data Noted as Source: RT , © 1983-2010 Reuters Research Inc. All Rights Reserved.
Published by OneSource Information Services, Inc., Sep, 2010
Page 34
Page 35
Tata Motors Limited
Significant Developments
Tata Motors Limited Plans To Combine Technologies With Jaguar Land Rover-DJ
Sep 01, 2010
Dow Jones reported that Tata Motors Limited is planning to integrate technologies with Jaguar and Land Rover as the Mumbai based auto
maker tries to cut vehicle development costs. Increased cooperation between Tata Motors and its U.K.-based luxury car brands Jaguar
and Land Rover could lower the cost of developing new engines and vehicle platforms via joint sourcing from auto parts vendors and
increased economies of scale due to the Indian maker's robust presence in its domestic market.
Tata Motors Limited To Raise Up To $1 Billion-Reuters

Aug 26, 2010
Reuters reported that Tata Motors Limited could raise up to $1 billion through a mix of instruments. The Company would raise about
INR47 billion ($1.02 billion) through shares, bonds, debentures and other equity linked instruments to cut debt and grow its business.
Tata Motors Limited To Consider INR12 Billion Plant In Mexico-DJ

Aug 19, 2010
Dow Jones reported that Tata Motors Limited is likely to set up a INR12 billion ($257.3 million) factory in Mexico this year as part of a
plan to sell its vehicles in South America, according to livemint.com. The plant would have initial capacity of 100,000 cars a year, which
could be increased to 300,000, the website reported one of the people as saying. The Company's spokesperson, Debasis Ray, told the
website, however, that the Company hadn't made a decision on the Mexico project.
Tata Motors Limited May Raise $700 Million Via Sale Of Shares-DJ
Aug 18, 2010
Dow Jones reported that Tata Motors Limited is likely to sell shares with differential voting rights to raise around $700 million. The size of
the issue will depend on what investors want and a sense of where the markets are headed, but at the moment the thinking is around
$700 million. It will use the funds to expand and reduce debt on its balance sheet. Tata Motors has been raising funds to repay its debt.
Tata Motors Limited May Set Up India Plant For Small Trucks-Reuters
Aug 12, 2010
Reuters reported that Tata Motors Limited is looking at setting up a new plant in India to manufacture small trucks.
Tata Motors Limited In Talks For JLR JV Assembly Line Operations In China-Reuters
Aug 10, 2010
Reuters reported that Tata Motors Limited is talking to potential joint venture partners (JV) to start assembly line operations for its Jaguar
and Land Rover (JLR) brands in China.
Tata Motors Limited Considering New Jaguar, Land Rover Models-DJ

Aug 02, 2010
Dow Jones reported that Tata Motors Limited is considering the introduction of new models under the U.K-based Jaguar and Land Rover
luxury brands and will likely develop variants of its small car Nano for international markets, its Chairman said. Tata Motors Limited is
looking to introduce a station wagon, an entry level vehicle and a new roadster under the Jaguar brand, Ratan Tata said in the
Company's annual report for the last fiscal year ended March 31.
Tata Motors Limited In Barter Deal For Commonwealth Games-Economic Times

Jul 27, 2010
Page 36
The Economic Times reported that Tata Motors Limited will provide as many as 1,800 new cars to the organisers of Commonwealth
Games to ferry athletes in lieu of its advertisements as a logistics solutions sponsor for the 12 day sporting event. According to the
unique arrangement with the Commonwealth Games Committee, Tata Motors would provide these vehicles in exchange for association
with the event and will take them back after the event.
Tata Motors Limited Mandates UBS For Convertible Note Issue-DJ

Jul 02, 2010
Dow Jones reported that Tata Motors Limited has appointed UBS to lead manage a convertible note issue as part of its plans to raise
INR47 billion ($1 billion), mydigitalfc.com reported, citing Tata group officials. The Company decided on an issue of convertible bonds
overseas rather than a rights issue of ordinary shares or 'A' class ordinary shares because most shareholders would expect a rights issue
to be priced at a discount to the market price, the website reported the officials as saying.
Tata Motors Limited To Launch Smaller Land Rover In UK Next Year-DJ

Jun 30, 2010
Dow Jones reported that Land Rover, a car brand owned by Tata Motors Limited, plans to launch a small vehicle in the U.K. next year.
Tata Motors Limited To Raise $1 Billion To Reduce Debt, Expand Operations-DJ

Jun 28, 2010
Dow Jones reported that Tata Motors Limited's Board approved raising about INR47 billion ($1 billion) via a mix of debt and equity. The
Company, part of the salt to software Tata group, will use the funds for expansion and to reduce the debt on its balance sheet. The auto
maker also sought shareholder approval to raise its borrowing limit to INR300 billion from INR200 billion. It will raise the funds through
an issue of A class shares, warrants, convertible debentures and bonds in one or more tranches. The Company, which owns the U.K.-
based Jaguar and Land Rover brands, will decide the structure and timing of the issues depending on market conditions.
Tata Motors Limited And Jaguar Land Rover Plan Emerging Market Car-DJ
Jun 28, 2010
Dow Jones reported that Tata Motors Limited and Jaguar Land Rover are working on a concept car for emerging markets, DNA Money
reported, citing Tata Motors' Managing Director, P.M. Telang. The car is at a development stage, the website said.
Tata Motors Limited To Launch Magic Iris Van By September Or October-DJ

Jun 25, 2010
Dow Jones reported that Tata Motors Limited expects to launch its Magic Iris van by September or October. Besides, the Company are
also aiming to launch a truck with lower payload than the Ace in this fiscal.
Tata Motors Limited Plans Assembly Unit In South Africa-DJ

Jun 25, 2010
Reuters reported that Tata Motors Limited is looking at setting up an assembly unit in South Africa for medium-sized and small trucks.
Tata Motors Limited To Raise Long Term Capital Funds

Jun 23, 2010
Tata Motors Limited announced that a meeting of the Board of Directors of the Company will be held on June 28, 2010, to consider
various options for raising long term capital funds.
Tata Motors Limited Plans To Assemble Land Rover Models In India-DJ

Jun 23, 2010
Dow Jones reported that Tata Motors Limited is planning to assemble a few Land Rover models in India, the Mint newspaper reported,
citing two unnamed people familiar with the development. Tata Motors Limited will likely start assembly operations by the end of 2010,
and launch the locally assembled Freelander model by the end of June 2011, the newspaper said. Tata Motors Limited will use its factory
at Pimpri near Pune in the western state of Maharashtra to assemble the Freelander.
Page 37
Tata Motors Limited To Be Sole Supplier Of Vehicles For Commonwealth Games-DJ

Jun 18, 2010
Dow Jones reported that Tata Motors Limited will be the sole supplier of close to 2,000 cars, jeeps and trucks for the Commonwealth
Games in Delhi in October, the Business Standard reported, citing the organizing committee of the Commonwealth Games. Orders have
been placed with Tata Motors Limited for nearly 1,800 cars for during the games, and further vehicles for the Queen Baton Relay starting
June 25.
Tata Motors Limited Aims To Raise INR1.5 Billion Via Bonds- DJ

Jun 11, 2010
Dow Jones reported that Tata Motors Limited aims to raise INR1.5 billion via bonds. The Company plans to sell 10-year bonds paying a
yield of 9.70%. The issue will open later Friday and close Wednesday. Other details such as the use of the funds were not immediately
available.
Tata Motors Limited Sells INR1 Billion Of Commercial Paper-Reuters

Jun 03, 2010
Reuters reported that Tata Motors Limited raised INR1 billion via short-term debt. It sold one-year notes yielding 6.85% to a bank.
Tata Motors Limited Inaugurates West India Factory For Nano Mini Car-DJ
Jun 02, 2010
Dow Jones reported that Tata Motors Limited has opened the first dedicated factory for the Nano mini car, a move which will help the
Company clear a large backlog of orders. The 624 cubic centimeter, snub nosed car with a rear gasoline engine will now also be
produced at Tata Motors' plant at Sanand, in the western state of Gujarat. Built with an investment of INR20 billion, the factory will have
an initial capacity of 250,000 cars a year, which will be ramped up in phases. Tata Motors began deliveries of the Nano, last July from an
existing factory at Pantnagar in the northern state of Uttarakhand after receiving a record 206,703 bookings during April-June 2009. It
plans to complete delivering the first 100,000 Nano cars by December 2010. The Company isn't taking new orders for the car due to the
backlog.
Tata Motors Limited And Jaguar Land Rover To Combine Expertise -DJ
Jun 01, 2010
Dow Jones reported that Tata Motors Limited and Jaguar Land Rover are to form a joint management team to combine their expertise,
with Tata Motors Limited handling the engineering side and Jaguar Land Rover the design, the Economic Times reported, citing people
familiar with the move. With Tata Motors Limited making country-specific models of Jaguar and Land Rover for certain markets like China
and Russia, common parts will reduce expenses, the website quoted a senior JLR executive as saying.
Tata Motors Limited Recommends Dividend

May 27, 2010
Tata Motors Limited announced that the Board of Directors has recommended a dividend of INR15 per share on ordinary shares for
financial year 2009-2010 and a dividend of INR15.50 per share on A ordinary shares for financial year 2009 (INR6 per share on ordinary
shares and INR6.50 per share on A ordinary shares for financial year 2008-2009).
Tata Motors Limited In Talks With Mexico's Metalsa For Contract Manufacturing Deal-DJ
May 18, 2010
Dow Jones reported that Tata Motors Limited is in talks with Mexico-based Metalsa SA de CV for a contract manufacturing arrangement,
livemint.com reported, citing two people familiar with the development. If the talks are successful, the unit will manufacture the Indica
Vista, Indigo Manza and the Nano, the website said.
Tata Motors Limited Plans To Launch Passenger Car In Thailand-DJ

May 17, 2010
Dow Jones reported that Tata Motors Limited plans to launch a fuel-efficient and environment-friendly passenger car in Thailand despite
pulling out of an eco-car project there, the Press Trust of India reported, citing a Tata Motors spokesperson.
Page 38
Genovation Cars Selects Tata Motors Limited's Tata Technologies To Design and Prototype Its Green Electric Automobile
May 10, 2010
Genovation Cars Inc. announced that it has selected and contracted with Tata Motors Limited's Tata Technologies to design and prototype
its G2 model. Tata Technologies was one of four design firms vying for the Genovation contract. The G2 model that Tata will develop will
incorporate Genovation's research and development that went into its G1 model, an electric conversion of a Ford Focus. The conversion
included the installation of an electric motor, battery string, battery management system, safety system, HVAC, controller and
instrumentation. During the first phase of development, which will occur over a five-month period, Tata will provide Genovation with two
design iterations to include two-door and four-door versions; two quarter-scale models; detailed time-line; and bill of material,
aerodynamic analysis, and crash analyses. Tata serves as the prime contractor and will sub-contract with Metalsa for the structural
design and manufacturability analysis, and with Dana Thermal Products for the cars' thermal operations (electric systems cooling and
cabin climate control).
Tata Motors Limited To Sell INR1 Billion Of Bonds-Reuters

May 10, 2010
Reuters reported that Tata Motors Limited will sell INR1 billion of bonds this week. The 10-year bonds carry a coupon rate of 9.75% and
are rated 'AA-minus' by CARE and 'A-plus' by ICRA. Yes Bank is arranger to the issue.
Tata Motors Limited Arm Plans To Raise INR1 Billion Via Short-Term Debt-DJ
May 05, 2010
Dow Jones reported that the vehicle financing arm of Tata Motors Limited aims to raise INR1 billion via short-term debt. Tata Motors
Finance Ltd. is selling INR500 million of three-month commercial paper and INR500 million of four-month commercial paper. The three-
month paper pays a yield of 4.60% and the four-month paper has been priced at 4.80%. Both issues will be privately placed. Other
details, such as the end use of the funds, weren't immediately available.
Tata Motors Limited Aims To Raise INR1.5 Billion Via Bonds-DJ

May 03, 2010
Dow Jones reported that Tata Motors Limited aims to raise INR1.5 billion by selling bonds. India's auto maker by revenue plans to sell
10-year bonds paying a coupon of 9.90%.
Tata Motors Limited Ties Up With Indian Overseas Bank For Vehicle Financing-Business Standard
Apr 26, 2010
Business Standard reported that Tata Motors Limited said it has entered into an understanding with public sector lender Indian Overseas
Bank for financing its commercial vehicles across the country.
India Regulator Says Tata Motors Limited Can Issue Fresh Class A Shares-DJ
Apr 26, 2010
Dow Jones reported that India's capital markets regulator said Tata Motors Limited's existing listed class A ordinary shares will continue
to have their existing rights. In a notice, the Securities and Exchange Board of India said also that the auto maker can make a fresh
issue of ordinary A shares through either a public offering, preferential allotment, an institutional share sale, a bonus issue or a rights
issue. The regulator's notice was in response to a query by Tata Motors Limited on whether existing holders of its class A shares will
continue to hold all existing rights and be entitled to receive superior dividends as compared with holders of other ordinary shares. The
regulator said also that Tata Motors Limited can issue class A shares when holders of convertible alternative reference securities or
employee stock options opt to convert their holdings to these kind of shares. The conversion into fresh A shares will be on the same
terms as the existing A shares, it added.
France's Moselle Province To Approach Tata Motors Limited Over Possible Nano Plant-DJ
Apr 14, 2010
Dow Jones reported that the French province of Moselle said Tata Motors Limited should examine the possibility of setting up a
manufacturing unit there for its Nano car, a move that would help the Company quickly expand the car's market across Europe, the
Press Trust of India (PTI) reported, citing Moselle Development Agency Director General David Malingrey. Tata Motors Limited should
take a look at the Moselle province for establishing manufacturing and logistics units for Nano cars, the PTI quoted Malingrey as saying
on the sidelines of the JEC Composites Show. By the end of this month, they are planning to contact Tata Motors Limited in India with a
proposal to look at the investment opportunities here for the Nano, Malingrey said, the PTI reported.
Page 39
Tata Motors Limited May Sell 24% Of Cummins Engine Joint Venture-DJ
Apr 12, 2010
Dow Jones reported that Tata Motors Limited is looking at selling a 24% stake in an equal joint venture with U.S. based Cummins Engine
Co. for INR5 billion.
Tata Motors Limited May Sell 24% Of Cummins Engine Joint Venture
Apr 12, 2010
Dow Jones reported that Tata Motors Limited is looking at selling a 24% stake in an equal joint venture with U.S.based Cummins Engine
Co. for INR5 billion.
Tata Motors Limited Calls For Quotes For 10 Year Bond-DJ

Apr 09, 2010
Dow Jones reported that Tata Motors Limited has called for quotes to price a 10 year bond. The Company is exploring raising INR2 billion
via the issue of the 10 year bond.
Tata Motors Limited's Arm Aims To Raise INR2 Billion Via Bonds-DJ
Apr 08, 2010
Dow Jones reported that the vehicle financing arm of Tata Motors Limited aims to raise INR2 billion by selling bonds. Tata Motors Finance
Ltd. is selling 10 year bonds paying a coupon of 10.70%. The issue is currently open and is likely to close on April 12, 2010.
Tata Motors Limited's Bondholders Opt For Conversion-Business Line

Mar 31, 2010
Business Line reported that Tata Motors Limited's bondholders had opted to convert their bonds into ordinary shares. Through this offer,
the Company was able to extinguish debt worth $345 million (about INR1,550 crore) of these bonds at current exchange rates. The
Company has allotted 26.64 million equity shares to the bondholders. Bondholders representing 93% of the Yen bonds and 76% of the
dollar bonds opted to convert their bonds into ordinary shares. The Company had offered bondholders of zero per cent JPN11,760 million
and 1% $300 million convertible bonds an option to convert the bonds into ordinary shares between March 23, 2010 and March 29, 2010 .
Tata Motors Limited Announces Appointment Of Managing Director

Mar 30, 2010
Tata Motors Limited announced that at the meeting of the Board of Directors held on March 30, 2010, Mr. Carl-Peter Forster was
appointed as the Managing Director of the Company with effect from April 01, 2010.
Tata Motors - Divests 20% stake In Telcon In Favour Of Hitachi Construction Company Ltd, Japan
Mar 30, 2010
Tata Motors Limited, Hitachi Construction Machinery Co. Ltd. and Telco Construction Equipment Company Limited, a 60:40 joint venture
company between Tata Motors and Hitachi, signed an agreement under which Tata Motors has sold a further 20% stake in Telcon in
favour of Hitachi for a consideration of INR1159 crores. Consequently Telecon will be owned 60% by Hitachi and Tata Motors. Standard
Chartered Bank and AZB Partners have been Financial and Legal Advisors respectively for the Company to this transaction.
Tata Motors Limited Sells INR1 Billion Of MIBOR Linked Bonds-Reuters

Mar 23, 2010
Reuters reported that Tata Motors Limited has raised INR1 billion via MIBOR-linked bonds with a daily put/call option. The coupon rate on
the bonds is just the MIBOR rate, with no spread as premium. Settlement is in T+1 format, overnight NSE MIBOR is 3.60%.
Tata Motors Limited Announces Proposed Conversion Offer

Mar 23, 2010
Tata Motors Limited announced that it is inviting holders of its outstanding JPY11,760,000,000 zero coupon convertible notes due March
2011 convertible into shares or American depository shares (ADS) (the Yen Notes) and USD300,000,000 1% convertible notes due April
2011 convertible into share or global depositary share (GDS) (the Dollar Notes, and together with the Yen notes, the Notes) to submit
Page 40
applications in an auction to convert the Notes into share ( invitation) between March 23, 2010 and 4.00 p.m. (London time) on March 29,
2010 (the Auction period) upon the terms of set out in an invitation memorandum dated March 23, 2010 that has been sent to holders of
the notes. the option to convert the Yen notes into ADSs or Dollar notes into GDSs is not available to converting pursuant invitation. Note
holders will receive on the terms set out in the invitation memorandum, share upon conversion of the Yen notes and the Dollar notes at
certain enhanced conversion rations (based on the price options and volume weighted average price across the auction period) upon
submission during the auction period of a valid application selecting at least one price option in respect of the Yen notes or the Dollar
notes, as the case may be.
Tata Motors Limited In Pact To Build Heavy Truck Plant In Myanmar-DJ

Mar 22, 2010
Dow Jones reported that Tata Motors Limited has signed a pact with Myanmar Automobile & Diesel Industries Ltd. to set up a factory for
making heavy trucks in the Southeast Asian country. The factory at Magwe in Myanmar is expected to be operational during January-
March 2011
Tata Motors Limited Plans To Sell Stake In Joint Venture To Partner Hitachi Construction Machinery Co., Ltd.-DJ
Mar 22, 2010
Dow Jones reported that Tata Motors Limited plans to sell its 60% stake in unit Telco Construction Equipment Co. Ltd. to its Japanese
partner Hitachi Construction Machinery Co., Ltd., the Mint reported on its Web site, citing a person familiar with the development. Talks
have already begun and a deal is likely in three months, the report said. It didn't give any reason for the likely stake sale by Tata Motors
Limited. Telco Construction Equipment makes backhoe loaders, excavators, wheel loaders and other equipment used in infrastructure
projects.
Daimler AG Sells Equity Interest In Tata Motors Limited

Mar 09, 2010
Daimler AG announced that it has on March 9, 2010, sold all of its 5.34% of the ordinary shares of Tata Motors Limited, to various groups
of investors through the capital market. Tata Motors' share price has risen significantly, especially last year, so Daimler will receive a
substantial cash inflow of approximately EUR300 million from the sale of its shares.
Daimler AG To Sell Up To $429 Million Stake In Tata Motors Limited-Reuters

Mar 08, 2010
Reuters reported that Daimler AG is selling up to $429 million worth of shares in Tata Motors Limited at a discount of up to 7% to the
stock's Monday closing price. Daimler is offering 25.6 million shares in Tata Motors at INR737.4 to INR761.3 each, a discount of 4% to
7% below the stock's Monday close of INR796.75. The shares represent a 5.34% stake in Tata Motors.
Tata Motors Limited Up On Robust February Sales, Result-Reuters

Mar 02, 2010
Reuters reported that shares in Tata Motors Limited rallied more than 11% as investors cheered the Company's strong sales growth in
February and improved working at its UK based Jaguar and Land Rover unit.
Tata Motors Limited Eyeing Stake Sale In Financing Unit-Reuters

Feb 16, 2010
Reuters reported that Tata Motors Limited is keen to sell a stake in its financing arm. The Company has been divesting holdings in group
firms to raise funds.
State Bank of India May Buy Stake In Tata Motors Limited's Tata Motors Finance-Reuters
Feb 16, 2010
Reuters reported that according to the Mint newspaper, State Bank of India may take a 49% stake in Tata Motors Finance, the vehicle
financing unit of Tata Motors Limited. A stake in the Tata Motors unit would allow State Bank of India to expand into the trucks and buses
segment where it currently has no presence.
Tata Motors Limited Announces Appointment Of Group Chief Executive Officer

Feb 15, 2010
Page 41
Tata Motors Limited announced that the Company has appointed Mr Carl-Peter Forster as the Group Chief Executive Officer of the
Company. He will have the overall responsibility of Tata Motors Operations globally, including Jaguar Land Rover.
Tata Motors Limited Aims To Raise At Least INR2 Billion Via Bonds-DJ
Feb 11, 2010
Dow Jones reported that Tata Motors Limited aims to raise at least INR2 billion by selling bonds. The Company plans to sell 10 year
bonds paying a coupon of 9.95%. The issue has an option to retain an unspecified additional amount. Other details were not immediately
available.
Tata Motors Limited Plans To Launch Nano In Africa-DJ

Jan 08, 2010
Dow Jones reported that Tata Motors Limited is making initial preparations for a launch of its Nano car in Africa, livemint.com reported,
citing Managing Director of Tata Africa Holdings (SA)(Pty) Ltd.
Tata Motors Limited And Ashok Leyland Limited To Launch New Trucks-DJ
Jan 06, 2010
Dow Jones reported that Tata Motors Limited and Ashok Leyland Limited will introduce 15 new truck models. Ashok Leyland plans to
launch 15 new truck models under its new U-Truck platform by March 2011. Tata Motors will introduce three new heavy trucks in India by
March from its Prima range of so-called world trucks.
Tata Motors Limited Expanding Joint Venture With Fiat S.p.A. To Other Models-DJ
Dec 17, 2009
Dow Jones reported that Tata Motors Limited is ready to strengthen its ties with Fiat S.p.A. and expand its joint venture with Fiat S.p.A.
on any platform and product, La Repubblica reported in its Thursday Internet edition, citing Ratan Tata, chairman of Tata Group at a
meeting with Italian Industry Minister, Claudio Scajola, in Mumbai. He was quoted by the paper as saying that Tata Motors Limited's
business with Fiat S.p.A. is growing and it's expanding to other models.
Tata Motors Limited Denies Interest In Swaraj Mazda Limited-Reuters

Dec 16, 2009
Reuters reported that Tata Motors Limited denied it had any interest in acquiring a stake in Indian truck and bus maker Swaraj Mazda
Limited.
Delhi Warns Tata Motors Limited Over Bus Fire-Hindustan Times

Dec 15, 2009
Hindustan Times reported that the Delhi government threatened to initiate criminal proceedings against Tata Motors Limited if another
low-floor bus caught fire in future. The government imposed a penalty of INR4 crore (INR40 million) on Tata Motors Limited and decided
to withhold payment of INR150 crore (INR1500 million) against the delivery of 390 buses till the maintenance issues were sorted out.
Tata Motors Limited, Vijaya Bank In Tie Up For Financing Vehicles-Business Standard
Dec 10, 2009
Business Standard reported that Tata Motors Limited has tied up with Vijaya Bank for financing its range of commercial and passenger
vehicles to provide an added facility of finance to its customers.
Tata Motors Limited Eyes SUMITOMO CORPORATION's Stake In Swaraj Mazda-Reuters

Dec 10, 2009
Reuters reported that according to the Economic Times, Tata Motors Limited plans to acquire SUMITOMO CORPORATION's 53.5% stake in
truck and bus maker Swaraj Mazda in a deal worth up to $54 million to boost its commercial vehicles business. The deal value, if the plan
succeeds, includes a mandatory 20% open offer to other shareholders. It is said that private equity investors, CDC Group and Actis,
which own 9.3% and 7.7% respectively in Swaraj, are likely to participate in the open offer if Tata Motors buy SUMITOMO's stake.
Page 42
Tata Motors Limited Plans Nano Hybrid Cars-Reuters

Nov 30, 2009
Reuters reported that Tata Motors Limited is planning to produce hybrid versions of its Nano.
Tata Motors Limited Declines To Comment On Swaraj Mazda Stake Buy-DJ

Nov 24, 2009
Dow Jones reported that Tata Motors Limited declined to comment on a newspaper report that Tata Motors Limited is looking to buy
private equity firm Actis' stake in commercial vehicle maker Swaraj Mazda Limited. No comments, P.M. Telang, managing director in-
charge of India at Tata Motors, told reporters on the sidelines of an industry conference. The Economic Times reported earlier in the day,
citing unnamed people, that Swaraj Mazda Limited is among other auto makers, a Kolkata-based engineering company and other private
equity funds who are exploring the possibility of buying the stake from Actis. Actis holds a 7.7% direct stake in Swaraj Mazda Limited and
a further 9.3% through its CDC unit, the newspaper said.
Tata Motors Limited Eyes Actis Stake In Swaraj Mazda-DJ

Nov 23, 2009
Dow Jones reported that Tata Motors Limited is looking at buying private equity company Actis' stake in commercial vehicle and bus
maker Swaraj Mazda Limited, the Economic Times reported on its Web site, citing people familiar with the matter. Actis holds a 7.7%
direct stake in Swaraj Mazda Limited and a further 9.3% through its CDC unit, the Web site said.
Tata Motors Limited Raises INR2.64 Billion In New Fixed-Deposit Scheme-DJ

Nov 17, 2009
Dow Jones reported that Tata Motors Limited has raised INR2.64 billion ($56.8 million) through its revised fixed-deposit scheme, launched
in August, the Business Standard reported on its Web site, citing a spokesperson for the Company.
Tata Motors Limited's Jaguar Land Rover Gets GBP170 Million Loan-Reuters
Nov 16, 2009
Reuters reported that Jaguar Land Rover is expected to announce on Monday that it has secured a GBP170-million ($282.5 million)
working capital facility from GE Capital, according to the Financial Times newspaper. The five-year loan would help the Jaguar Land
Rover, owned by Tata Motors Limited, as it is struggling in the global financial downturn. The loan will be drawn down as soon as vehicles
are made in its three UK production lines, the paper said. It will boost the working capital for Jaguar by shortening the 30- to 40-day gap
it has to wait between producing cars and delivering them to dealerships, the paper said.
Tata Motors Limited Mulls Letting Assemblers Brand Nano-DJ

Nov 01, 2009
Dow Jones reported that Tata Motors Limited is considering allowing local assemblers to build its Nano car and sell it under a brand of
their own, the Business Standard reported on its Web site, citing the Company's Vice Chairman. The newspaper reported Vice Chairman
as saying at the Economist Innovation conference in London that the Company may allow the setting up of micro-assembly sites, each
producing around 10,000 units a year.
Tata Motors Limited Acquires Remaining 79% In Hispano Carrocera S.A.

Oct 20, 2009
Tata Motors Limited announced that it has acquired 79% stake in Hispano Carrocera S. A., by way of exercise of the existing call option,
through mutual agreement with the other share holder, Investalia S.A, Spain. The Company has previously acquired 21% stake in
Hispano Carrocera S. A..
Tata Motors Limited To Launch New Indigo Manza Sedan Later Wednesday-DJ
Oct 14, 2009
Dow Jones reported that Tata Motors Limited said that it will introduce later Wednesday its new Indigo Manza sedan that will replace the
current Indigo model. The new car will be offered in four versions with the base model costing INR480,000 at showrooms in New Delhi
and the top end model will cost INR675,000.
Page 43
Tata Motors Limited's Jaguar Land Rover Gets $90 Million Trade Facility From ABC International Bank-DJ
Oct 12, 2009
Dow Jones reported that ABC International Bank said that it had completed a $90 million committed trade financing facility for U.K.
carmaker Jaguar Land Rover, a unit of India's Tata Motors Limited, supporting the Company's exports to the Middle East and North
Africa. The facility complements existing trade financing facilities between ABC and Jaguar Land Rover, according to Jaguar's chief
financial officer.
Tata Motors Limited Raises $750 Million Through Issue Of Global Depositary Shares (GDSs) and Convertible Notes
(Notes)
Oct 09, 2009
Tata Motors Limited announced that it has issued 29904306 new equity shares in the form of Global Depositary shares (GDSs) at a price
of $12.54 per GDS, aggregating $375 million and 3750, 4% coupon convertible notes due 2014 at a price of $100000 per note,
aggregating $375 million (together, the offering). These GDSs and notes together aggregating $750 million will be listed on the
Luxembourg Stock Exchange. The intends to use the net proceeds from this offering for repayment of debt incurred in connection with
the acquisition of Jaguar Land Rover, the outstanding of which stands at $700 million and for the other purposes such as capital
expenditure, working capital and other general corporate purposes.
Tata Motors Limited Launches GDR And Convertible Notes Issue

Oct 09, 2009
Tata Motors Limited announced that its Board has authorized a committee of the Board to consider and approve raising of long term
capital by the Company including the quantum, size, terms and type of security as permissible under the existing shareholders
resolution. After the approval of the Committee, the Company has launched an issuance of GDSs and convertible notes for an aggregate
amount upto $600 million, with an option to retain higher amount in the international market.
Tata Motors Limited's Jaguar Land Rover Gets GBP175 Million Loan From State Bank India-DJ
Oct 07, 2009
Dow Jones reported that according to BBC report, Tata Motors Limited's Jaguar Land Rover has secured a GBP175 million loan from the
State Bank of India.
Tata Motors Limited To Merge 2 U.K. Jaguar Land Rover Plants-Reuters

Sep 24, 2009
Reuters reported that Tata Motors Limited said that it will merge two of its three Jaguar Land Rover (JLR) auto plants in England by 2014.
The Company said that there would be no compulsory redundancies and it would develop a new low carbon Range Rover model, creating
new jobs. The Company said a review was under way as to which of the two plants would be closed, with the decision due to be
announced in the first half of 2010.
Tata Motors Limited Gets INR780 Million Loan From UK Government For Electric Car-Business Standard
Sep 18, 2009
Business Standard reported that Tata Motors Limited said its wholly owned European subsidiary, Tata Motors European Technical Centre,
has got a loan of GBP10 million (INR780 million) from the UK government for its INR195 crore (INR1,950 million) electric car project. The
loan is under the UK government's Automotive Assistance Programme (AAP), to develop and manufacture the Tata Indica Vista Electric
Vehicle in the UK with an investment of GBP25 million (about INR195 crore).
Tata Motors Limited To Launch Freelander SUV On September 22-Business Standard

Sep 18, 2009
Business Standard reported that Tata Motors Limited is launching its product, Freelander 2 on September 22, 2009.
©1983-2010 Reuters Research Inc. All Rights Reserved.

Page 44
Page 45
ADR REPORT: Shares Close Mixed As Japan Fights Strong Yen

Nikkei English News
15 September 2010
[What follows is the full text of the news story.]

Related Companies
Anglogold Ltd [profile]
By Adam Cancryn
Deutsche Telekom [profile]
AG
Of DOW JONES NEWSWIRES Genzyme [profile]
Corporation
NEW YORK (Dow Jones)--International companies trading in New York closed mixed Honda Motor Co Ltd [profile]
Wednesday as investors weighed Japan's decision to increase its monetary base and weaken Korea Exchange [profile]
the yen. Bank
Magyar Tavkozlesi [profile]
The Bank of New York index of ADRs closed up 0.18% at 130.56. Vallalat
News Corporation [profile]
Japan turned to a $16 billion foreign-exchange intervention to curb the yen's strength, which Nissan Motor Co Ltd [profile]
threatens to cripple its economy. The decision sent the dollar higher against the yen, and Sanofi-Aventis SA [profile]
marked the first time Japanese authorities publicly intervened in currency markets since
Sony Corp [profile]
2004.
Tata Engineering & [profile]
Locomotive Co
The country's leading exporters, which are the engine of the country's economic growth and
The Bank of New [profile]
had been complaining vociferously about the yen's strength for months, cautiously welcomed
York Co
the currency intervention. But for many, it won't be enough to impact their bottom line for the
rest of the year. Toyota Motor Corp [profile]
Woori Finance [profile]
Holdings Co., Ltd.
The strong yen has been a huge concern for the country's most powerful and recognizable
brand names abroad because it makes their products more expensive overseas. Automotive
companies Toyota Motor Corp. (TM, 7203.TO) and Nissan Motor Co. (NSANY, 7201.TO) gained Related Topics
2% to $71.22 and 2.5% to $16.66, respectively, while Honda Motor Co. (HMC, 7267.TO) rose Finance & Accounting
2.5% to $34.80. Sony Corp. (SNE, 6758.TO) climbed 2.7% to $30.69. Standards
Financial Markets
The European index rose 0.23% 199.98.
Related Geographies
French drug giant Sanofi-Aventis (SNY, SAN.FR) said it plans to remain disciplined in its Asia
pursuit of U.S-based biotech Genzyme Corp. (GENZ), which reiterated that Sanofi-Aventis's
Europe
initial takeover offer is too low. Sanofi made its $18.5 billion bid public last month. Genzyme's
board rejected the bid as "an unrealistic starting price" and declined to start talks, but has North America
suggested that it could be open to selling the company at a higher price. Sanofi-Aventis Japan
climbed 1.4% to $32.29. Macedonia
South Korea
Goldman Sachs cut its rating on Logitech International SA (LOGI, LOGN.VX) to sell from United States
neutral, saying signals indicate sales of TVs, PCs and notebooks are slowing down. Logitech New York
stock lost 3.2% to $15.82.
Related Industries
Deutsche Telekom AG's (DTEGY, DTE.XE) supervisory board can't understand allegations
linked to suspected bribery against Chief Executive Rene Obermann, an executive board 1000 Metal mining
member said. The Bonn state prosecutor is investigating Obermann's role in alleged acts of 2700 Printing and publishing
bribery in Macedonia and Montenegro, where Magyar Telekom Telecommunications PLC (MTA, 2800 Chemicals & allied
MTELEKOM.BU) operates. Deutsche Telekom has a majority stake in the Hungarian telecom products
operator. Shares of Magyar Telekom fell 1.9% to $16.02, while Deutsche Telekom edged up 2830 Drugs
0.2% to $13.61.
3570 Office, computing &
accounting machinery
The Latin American index lost 0.23% to 380.12. 3651 Household audio and
video equipment
Brazilian steelmaker Companhia Siderurgica Nacional ADS (SID, CSNA3.BR) received nearly 3674 Semiconductors and
$7 billion in orders for its perpetual bond offer, set to price later today. The size of the deal related devices
hasn't been announced, but market participants were expecting a $1 billion sale. Shares lost 3710 Motor vehicles and
1.6% to $16.58. equipment
3990 Miscellaneous
The Asian index edged up 0.36% to 126.57. manufacturing industries
4810 Telephone
South Korea's National Pension Service would consider investing in South Korean banks like Communications
Woori Finance Holdings Co. (WF, 053000.SE) and Korea Exchange Bank (004940.SE) should 6000 Depository institutions
Page 46
such a deal be favorable for the fund's investment objectives. That highlights the potential 6020 Commercial banks
role that the world's fifth-largest pension fund could play in domestic mergers and
6210 Security brokers and
acquisitions. Woori Finance slid 2.5% to $35.11.
dealers
7370 Computer and data
The emerging-markets index fell 0.2% to 312.13. processing services
7812 Motion picture & video
AngloGold Ashanti Ltd. (AU, ANG.JO) said it plans to sell at least 15.8 million American production
depositary shares and notes that will convert into the same amount of ADS as the South 7900 Amusement &
African gold miner raises money to "effectively" eliminate its gold-hedging position. Shares recreation services
lost 4.8% to $44.50.
Audio & Video [profile]
Equipment
Tata Motors Ltd. (TTM, 500570.BY) fell 2.3% to $23.07 after the auto maker's global sales Auto & Truck [profile]
performance came in below market expectations. Manufacturers
Biotechnology & [profile]
-By Adam Cancryn, Dow Jones Newswires; 212-416-3261; adam.cancryn@dowjones.com Drugs
Chemical [profile]
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business Manufacturing
and market news, analysis and commentary: http://www.djnewsplus.com/access/al? Commercial Banks [profile]
rnd=cJdz2JxiZS7vFT9S8oSBMw%3D%3D. You can use this link on the day this article is Communications [profile]
published and the following day. Services
Investment [profile]
Services
Metal Mining [profile]
Motion Pictures [profile]
Office Equipment [profile]
Personal & [profile]
Household Prods.
Printing & [profile]
Publishing
Recreational [profile]
Activities
S&Ls/Savings [profile]
Banks
Semiconductors [profile]
Software & [profile]
Programming
1310 Metal Ore Mining
2410 Printing and Services
to Printing
2530 Basic Chemical
Manufacturing
2543 Medicinal and
Pharmaceutical Product
Manufacturing
2810 Motor Vehicle and Part
Manufacturing
2841 Computer and
Business Machine
Manufacturing
2849 Electronic Equipment
Manufacturing n.e.c.
2940 Other Manufacturing
7120 Telecommunication
Services
7320 Deposit Taking
Financiers
7321 Banks
7511 Financial Asset Broking
Services
7831 Data Processing
Services
9111 Film and Video
Production
9300 Sport and Recreation
Page 47
© 2010 Acquire Media Corporation. Published by OneSource Information Services, Inc., September 2010
Indian Commercial Vehicles Market - Force Field Dynamics Analysis
Research and Markets
Journal of India
15 September 2010

Related Companies
Commercial Vehicle [profile]
Research and Markets Group, Inc.
(http://www.researchandmarkets.com/research/e2b05d/indian_commercial) has announced
Volvo, Ab [profile]
the addition of the "Indian Commercial Vehicles Market - Force Field Dynamics Analysis"
report to their offering.
Related Geographies
The market for commercial vehicles in India has seen a rapid & consistent growth over the Asia
years reflecting India's robust economic growth coupled with a strong & well developed India
domestic commercial vehicles manufacturing industry spearheaded by industry veterans,
namely, Tata Motors & Ashok Leyland.
Related Industries
3710 Motor vehicles and
With the resilience shown by BRIC markets during the recent global economic crisis; presence equipment
across these markets has become a key component of strategic plans of almost all major
3990 Miscellaneous
global truck-makers as they vie for a share of the BRIC growth pie by either making a foray
manufacturing industries
in or by consolidating existing presence across these markets.
Auto & Truck [profile]
Manufacturers
Indian Commercial Vehicle market has been no exception to this shift in dynamics of the
global commercial vehicles industry as key global players including Volvo, Daimler & MAN are
Household Prods.
set to expand business presence as well as portfolio while several others are planning a
foray. 2810 Motor Vehicle and Part
Manufacturing
With the rapidly evolving landscape; the competitive intensity as well as overall market
dynamics are set to undergo major transformation. Amid this backdrop; this comprehensive
force-field analysis of the Indian commercial vehicles market generates insights into the key
driving & restraining forces that are active and shaping the future of it in addition to analyzing
the emerging market landscape.
Indian stocks close up 0.8 pct

Xinhua News Agency
15 September 2010

Related Companies
Cipla Ltd [profile]
MUMBAI, Sept. 15 (Xinhua) -- The Indian stock benchmark Sensex advanced 155.15 points or
Infosys [profile]
0.8 percent Wednesday on flooded liquidity and growing optimistic in the market.
Technologies Ltd
Jaiprakash [profile]
The index saw strong growth momentum during the session and ended at 19,502.11 points Associates Limited
with daily high of 19,554.50 points.
State Bank of India [profile]
Tata Consultancy [profile]
IT, oil and gas, technological and metal sectors gained 2.49 percent, 1.85 percent, 1.78
percent and 0.95 percent, respectively.
Locomotive Co
Wipro Ltd [profile]
Software outsourcing player Infosys, Reliance Industries, WIPRO and Tata Consultancy
Services jacked up 2.49 percent, 2.3 percent, 2.25 percent and 2.16 percent.
Related Topics
Finance & Accounting
Still, automobile sector weakened 0.24 percent with Tata Motors losing 2.86 percent.
Standards
Financial Markets
Indian top lender State Bank of India, cement maker ACC, industrial firm Jaiprakash
Page 48
Associates and drug maker CIPLA dipped 1.7 percent, 1.14 percent, 1.03 percent and 0.93
percent. Related Geographies
Asia
The turnover with Sensex stayed at high level of 240.97 million U.S. dollars Wednesday, India
compared with 268.86 million U.S. dollars in the previous session.
Related Industries
Sensex is the common name for the Bombay Stock Exchange Sensitive Index. It consists of 2300 Apparel and other
the 30 largest and most actively traded stocks, representative of various sectors, on the textile products
Bombay Stock Exchange. 2800 Chemicals & allied
products
3651 Household audio and
video equipment
3674 Semiconductors and
related devices
3710 Motor vehicles and
equipment
3990 Miscellaneous
5000 Wholesale trade --
durable goods
5100 Wholesale trade --
nondurable goods
6000 Depository institutions
6020 Commercial banks
8700 Engineering &
management services
Apparel/Accessories [profile]
Audio & Video [profile]
Equipment
Manufacturers
Business Services [profile]
Chemical [profile]
Manufacturing
Commercial Banks [profile]
Misc. Capital Goods [profile]
Household Prods.
Banks
Semiconductors [profile]
2240 Clothing Manufacturing
2530 Basic Chemical
Manufacturing
Manufacturing
2849 Electronic Equipment
Manufacturing n.e.c.
4600 Machinery and Motor
Vehicle Wholesaling
4700 Personal and
Household Good Wholesaling
7320 Deposit Taking
Financiers
7321 Banks
7823 Consulting Engineering
Services
Markets trim some of their early gains
Page 49
Accord Fintech (India)

15 September 2010

Related Companies
Hindalco Industries [profile]
India, Sept. 15 -- The domestic equity markets trimmed some of their early gains in late Ltd
afternoon trades tracking flat start for European markets and decline in Dow future. Among
Jaiprakash [profile]
regional counterparts, influential Chinese market (Shanghai Composite index) was witnessing
Associates Limited
intense selling pressure towards the end of the session and was down by about one and a
half percent. Meanwhile, the local benchmark indices remained in a rally mood prompted by Siemens AG [profile]
sustained value picking in blue-chip stocks from investors. The BSE Sensex and the NSE Nifty Tata Engineering & [profile]
were marginally below the crucial 19,500 and 5,850 levels, respectively at this point of time. Locomotive Co
Gains on the bourses remained broad based. Oil & gas space continued to hog the limelight Tata Steel Limited [profile]
on the back of strong gains in ONGC and RIL. Software, technology and metal stocks also UTI Bank Ltd [profile]
remained in a good shape. On the other hand, the broader indices were on the verge of
slipping into the negative terrain. Investors were keeping a close watch on advance tax Wipro Ltd [profile]
numbers from India Inc. in trade for further course of action. The market breadth on the BSE
has turned negative; the losers outnumbered the gainers in a ratio of 1594:1316 while 93 Related Geographies
shares were unchanged. The BSE Sensex was up by 130.04 points or 0.67% at 19,477.00. Asia
The index touched a high and a low of 19,554.50 and 19,340.99, respectively.The BSE Mid-
South America
cap and Small-cap indices gained 0.03% and 0.06%, respectively.The main gainers in the
BSE sectoral space were Oil & Gas up 2.12%, Information Technology (IT) up 1.39%, TECk Australia
up 0.97%, Metal up 0.96% and Consumer Durables (CD) up 0.74%, while there were no Brazil
losers in the BSE sectoral space. Meanwhile, India's iron ore exports are likely to witness a India
steep decline in the current fiscal owing to slowdown in Chinese demand and high export duty
imposed by the Indian government. The ban by Karnataka government to curb illegal mining
Related Industries
will also contribute to decline in domestic production and export of the raw material. The
Federation of Indian Mineral Industries (FIMI) said on Tuesday that the steep decline in iron 3500 Machinery, exc
ore output and exports in the current fiscal would have a huge negative impact on the electrical
investment in this sector, adding that the government should take steps to support the 3710 Motor vehicles and
industry by bringing down the export levy. Siddharth Rungta, president of the FIMI, said that equipment
going by the current trend, exports in the fiscal year 2010-11 will come down by 25-30%. 3990 Miscellaneous
India is the third largest exporter of iron ore in world, though its overall output is much lower manufacturing industries
compared to Australia and Brazil. According to the FIMI, iron ore production over the fiscal 6000 Depository institutions
will decline by 22.5% to 175 million tonne from 226 million tonne last year. ONGC up 2.91%,
RIL up 2.22%, Wipro up 1.98%, Tata Steel up 1.78% and Hindalco Industries up 1.72% were 6020 Commercial banks
the major gainers on the Sensex. On the flip side, SBI down 1.50%, Jaiprakash Associates 8700 Engineering &
down 1.47%, Tata Motors down 1.37%, Jindal Steel down 0.82% and HUL down 0.70% were management services
the main losers on the index. Amidst a hyper competitive telecom space, the government Auto & Truck [profile]
may consider granting some exit route to new telecom players that got license in 2008 as Manufacturers
most of them have been unable to compete with existing players and some have not been Business Services [profile]
able to fulfil their rollout obligations. These operators face a three-year lock-in period that
was put in place following sale of stake by some of the players at a high premium compared
to what the government had got. Communications Minister A Raja said in this regard on Misc. Capital Goods [profile]
Tuesday that the Telecom Commission was considering providing an exit route to these Personal & [profile]
players as they have been under enormous financial strain due to a tariff war in the sector. Household Prods.
Most of these face substantial penalties due to failing in meeting minimum rollout obligations. S&Ls/Savings [profile]
"At the last operators' meeting, bailout provisions were highlighted. It will be discussed in the Banks
Telecom Commission," said the minister without giving any details of what kind of package
could be worked out for them. The S&P CNX Nifty increased by 53.95 points or 0.93% to
Manufacturing
5,849.50. The index touched a high and a low of 5,869.00 and 5,792.20, respectively. The
2841 Computer and
top gainers on the Nifty were IDFC up 3.89%, GAIL up 3.74%, Siemens up 3.13%, ONGC up
Business Machine
2.91% and Axis Bank up 2.53%. The top losers on the index were Jaiprakash Associates
Manufacturing
down 2.51%, Tata Motors down 1.45%, SBI down 1.40%, BHEL down 0.80% and Jindal Steel
down 0.63%.Other Asian indices were trading mostly in the positive terrain. Hang Seng rose 2940 Other Manufacturing
0.02%, Jakarta Composite zoomed 3.66%, Nikkei 225 soared 2.34%, Straits Times advanced 7320 Deposit Taking
0.48%, Seoul Composite increased 0.48% and Taiwan Weighted gained 0.38% while Financiers
Shanghai Composite slipped 1.34% and KLSE Composite trimmed 0.26%. European 7321 Banks
markets were flat in early trades. CAC-40 increased 0.02%, DAX added 0.03% and FTSE 100 7823 Consulting Engineering
gained 0.04%. Published by HT Syndication with permission from Accord Fintech. For any Services
query with respect to this article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Nifty continues to trade high; ends above 5850 mark

Page 50
15 September 2010

Related Companies
HDFC Bank Ltd [profile]
India, Sept. 15 -- The local equity markets closed another day of trade with healthy gain as
Icici Bank Ltd [profile]
the investor sentiments remained optimistic throughout the session. The benchmarks gained
on the back of stellar performance by heavyweights and strong domestic cues. The markets Tata Engineering & [profile]
got off to a flat start this morning but surged later on before paring some of its gains towards Locomotive Co
the end of the first half. But Nifty gained back its momentum in the second half to close above Tata Steel Limited [profile]
the psychological 5,850 mark. Heavyweight stocks outperformed the broader markets for UTI Bank Ltd [profile]
the second straight day today. The Asian markets on the other hand closed mostly in the
green terrain while the European counterparts were trading well below their previous close.
Related Geographies
All indices in the sectoral space on the NSE, gained with IT surging 2.49% followed by the
realty index which rose 0.51%. India VIX, a gauge for market's short term expectation of Asia
volatility, advanced 4.46% and reached 19.43, while S&P Nifty gained 65.40 points at India
5,860.95. The market breadth remained in favour of declines which stood at 768 against
advances of 517 on the NSE. The India VIX soared 4.46% to 19.43 on Wednesday compared Related Industries
to its previous close of 18.60 on Tuesday. Finally, the 50-share S&P CNX Nifty settled at
5,860.95, after soaring 65.40 points or 1.13%. Nifty September futures saw an addition of 3500 Machinery, exc
8.56% or 3.20 million (mn) units, taking the total outstanding open interest (OI) to 40.62 mn electrical
units. For Nifty calls, 5900 strike price (SP) from the September series was the most active 3570 Office, computing &
call with an addition of 0.71 mn or 20.17%. Among Nifty puts, 5800 SP from the September accounting machinery
month expiry was the most active put with an addition of 1.75 mn or 37.94%. The maximum 3710 Motor vehicles and
Call OI outstanding was at 5900 SP (4.24 mn) and that for Puts at 5800 SP (6.38 mn). The equipment
respective Support and Resistance levels are: Resistance 5,889.53 Pivot Point 5,840.87 3990 Miscellaneous
Support 5812.28.The Nifty Put Call Ratio (PCR) OI wise stood at 2.46 for September-month manufacturing industries
contracts. The top five scrips with highest PCR on OI were Axis Bank 2.03, Polaris 1.84, HDFC 6000 Depository institutions
Bank 1.25, ICICI Bank 1.24 and ACC 1.24. Among most active underlyings Reliance
witnessed a contraction of 0.16% in the September month futures contract, followed by Tata 6020 Commercial banks
Motors which saw an addition of 2.38% of OI in the near month contract. Tata Steel witnessed Auto & Truck [profile]
an addition of 1.67% in the near-month futures. SBI saw an addition of 2.60% in the current Manufacturers
month futures contract. Published by HT Syndication with permission from Accord Fintech. For Commercial Banks [profile]
any query with respect to this article or any other content requirement, please contact Editor Misc. Capital Goods [profile]
at htsyndication@hindustantimes.com
Office Equipment [profile]
Household Prods.
Banks
Manufacturing
2841 Computer and
Business Machine
Manufacturing
7320 Deposit Taking
Financiers
7321 Banks
US markets get a halt to their rally; Dow and S&P close in red
15 September 2010

Related Companies
India, Sept. 15 -- The rally mood of the US markets faltered a bit on Tuesday when concern
Icici Bank Ltd [profile]
about the European economy erupted once again. The indices edged higher for much of the
day following positive reports on US retail sales and business inventories, but retreated in the Infosys [profile]
final hours of trading as investors' enthusiasm waned and Dow and S&P lost their winning Technologies Ltd
streak, closing marginally in red. There was disappointing news from the European markets, Tata Engineering & [profile]
German investor confidence fell sharply in September and industrial production unexpectedly Locomotive Co
stagnated during July in the countries that use the euro. The Commerce Department said Wipro Ltd [profile]
Tuesday that retail sales rose in August at their fastest pace in five months and slightly beat
Page 51
forecasts. In another encouraging sign on the economy, business inventories jumped in July
by their largest amount in two years and business sales rebounded after two months of Related Geographies
declines. The Dow Jones Industrial Average lost 17.64 points, or 0.17%, to close at Asia
10,526.49. S&P 500 was tad lower by 0.8 point, or 0.07%, to end at 1,121.10.On the other India
hand Nasdaq edged up by 4.06 points, or 0.18%, at 2,289.77.The Indian ADRs closed mixed
on Tuesday, Infosys was up by 0.62%, Wipro was up by 2.16%, HDFC Bank was up by 0.19%
Related Industries
and Tata Motors was up by 2.88%.On the other hand ICICI Bank was down by 1.54%,
Satyam Computers was down by 1.70% and MTNNL was down by 1.40%. Published by HT 3710 Motor vehicles and
Syndication with permission from Accord Fintech. For any query with respect to this article or equipment
any other content requirement, please contact Editor at htsyndication@hindustantimes.com 6000 Depository institutions
8700 Engineering &
management services
Manufacturers
Business Services [profile]
Banks
Manufacturing
7320 Deposit Taking
Financiers
7321 Banks
Services
Markets likely to make a positive start; may take a pause afterwards

15 September 2010

Related Companies
Enbridge Inc [profile]
India, Sept. 15 -- The Indian markets have continued their rally undeterred by the global
Hindalco Industries [profile]
jitters and now stand at their fresh highs. The new series of the wholesale price index showed
Ltd
a sharply lower inflation in August and the apex bank will tomorrow consider whether to raise
interest rates for a fifth time this year. Finance Minister Pranab Mukherjee has said that the Jaiprakash [profile]
government is consulting the central bank to take "appropriate measures at the appropriate Associates Limited
time" to control inflation. The start of the markets today is likely to be flat-to-positive though Tata Engineering & [profile]
the trade is likely to remain range bound. Auto and IT sector are likely to continue their Locomotive Co
momentum. The robust fund flows in the markets have kept the spirit high; foreign funds Wipro Ltd [profile]
have pumped in $13.7 billion so far this year, following the record inflow of $17.5 billion last
year, which led to an 81 percent jump in the benchmark index and their further move will be
now closely watched for cues in the markets.The US markets lost their winning streak on Related Geographies
Tuesday, though the domestic economic indicators were good but the concern from the Asia
Europe led the markets a bit cautious and the indices ended mixed. The Asian markets too Europe
have made a mixed start but the Japanese markets bounced back into green after the North America
country intervened to weaken its currency for the first time since 2004.Back home, the
domestic markets have finally continued their gaining streak for the sixth straight day on Canada
Tuesday, though there was some volatility during the first part of the day but indices India
managed to recover soon to close with good gains for yet another day. The global cues had United States
put some pressure during the day otherwise the markets looked firm from the very beginning New York
and both the benchmark indices surged to their high in the early part of the day. The Sensex
regained the psychological 19,300-level while the Nifty settled a tad below the crucial 5,800-
mark. This is sixth straight session of positive close for benchmark indices. Though cues from Related Industries
across the globe were not so encouraging today, the benchmark indices rejoiced over better- 2300 Apparel and other
than-expected monthly inflation data. August month inflation (based on new WPI series) textile products
cooled off to 8.5% from 9.97% in the earlier month. Consumer durables, software and auto 3710 Motor vehicles and
stocks were the star performers of the session while metal, realty and power shares saw equipment
some profit taking in trade today. The mid-cap and small-cap space also took some beating
3990 Miscellaneous
from the bears on valuation concerns. The main bourses rallied to their new multi-month
highs in early trades despite mixed cues from regional peers. The indices, however, failed to
hold on to the higher levels as investors opted to take some profit off the table ahead of 4900 Electric, gas, and
release of monthly inflation data and pared some of their early gains in late-morning trades sanitary services
Page 52
following release of August month inflation figure. Meanwhile, uninterrupted buying in 4920 Gas production and
frontliners from investors helped the markets to regain strength in the noon session. Flat-to- distribution
positive start for European markets failed to provide any significant cues to local bourses. The 8700 Engineering &
key indices witnessed minor pullback in late-afternoon trades. The domestic markets spent management services
the entire last session of trade within a very narrow range, however, with a positive bias. Apparel/Accessories [profile]
Among heavyweights, Wipro, Jaiprakash Associates and Tata Motors topped the gainers list
while Hindalco Industries, ACC and SBI languished at the bottom of the list. India's largest Auto & Truck [profile]
private sector company, Reliance Industries (RIL), shed close to half a percent in trade. Manufacturers
Finally, the BSE Sensex advanced 138.63 points or 0.72% to close at 19,346.96 and the S&P Business Services [profile]
CNX Nifty rose 35.55 points or 0.62% to finish at 5,795.55.The rally mood of the US markets Electric Utilities [profile]
faltered a bit on Tuesday when concern about the European economy erupted once again. Natural Gas Utilities [profile]
The indices edged higher for much of the day following positive reports on US retail sales
and business inventories, but retreated in the final hours of trading as investors' enthusiasm
Household Prods.
waned and Dow and S&P lost their winning streak, closing marginally in red. There was
disappointing news from the European markets, German investor confidence fell sharply in 2240 Clothing Manufacturing
September and industrial production unexpectedly stagnated during July in the countries that 2810 Motor Vehicle and Part
use the euro.The Commerce Department said Tuesday that retail sales rose in August at their Manufacturing
fastest pace in five months and slightly beat forecasts. In another encouraging sign on the 2940 Other Manufacturing
economy, business inventories jumped in July by their largest amount in two years and 3600 Electricity and Gas
business sales rebounded after two months of declines.The Dow Jones Industrial Average lost Supply
17.64 points, or 0.17%, to close at 10,526.49. S&P 500 was tad lower by 0.8 point, or 0.07%,
to end at 1,121.10.On the other hand Nasdaq edged up by 4.06 points, or 0.18%, at 3620 Gas Supply
2,289.77.Crude rally too got a halt along with the equity markets on hopes of a quicker 7823 Consulting Engineering
restart for a damaged Enbridge pipeline that sends oil from Canada to the US Midwest. Services
Enbridge resumed operations on a separate, smaller pipeline in New York that was shut down
late on Monday on suspicions of a leak. It was further set to complete repairs on the pipeline,
known as Line 6A and said it may not need to give regulators a formal plan before resuming
operations, easing fears of a prolonged outage.Benchmark crude for October delivery settled
down 39 cents, or 0.51 percent, at $76.80 a barrel, after trading in a range of $76.21 to
$77.99 on the New York Mercantile Exchange. In London October Brent crude rose 13 cents to
settle at $79.16 a barrel on the ICE. Published by HT Syndication with permission from
Accord Fintech. For any query with respect to this article or any other content requirement,
please contact Editor at htsyndication@hindustantimes.com
Tata Motors' group global sales rise 29% in August

15 September 2010

Related Companies
India, Sept. 15 -- Auto major Tata Motors' group global sales grew by 29% in August 2010 to Locomotive Co
85,114 vehicles compared to the same month of last year. The company's commercial and
passenger vehicles sales during the month under review increased by 25% and 33% on year-
on-year basis to 40,882 units and 44,232 units, respectively. Jaguar Land Rover global sales Related Geographies
in the month of August 2010 stood at 16,220 vehicles, up 29% compared to the year ago Asia
period. Jaguar sales soared 33% while Land Rover sales advanced 28% to 3,788 units and India
12,432 units, respectively during the reporting month. For the five months ended August 31,
2010, the group's total sales have gone up by whopping 42% to 4,24,938 vehicles. Tata
Motors had reported a consolidated net profit of Rs 1,988.73 crore for the June 2010 quarter Related Industries
against a net loss of Rs 328.78 crore for the June 2009 quarter. Total income increased by 3710 Motor vehicles and
61.31% to Rs 27,090.12 crore during the Q1FY11 from Rs 16,794.04 crore for the Q1FY10. equipment
Published by HT Syndication with permission from Accord Fintech. For any query with respect Auto & Truck [profile]
to this article or any other content requirement, please contact Editor at Manufacturers
htsyndication@hindustantimes.com 2810 Motor Vehicle and Part
Manufacturing
Benchmarks continue to inch higher despite valuation concern

15 September 2010
Page 53

Related Companies
Cipla Ltd [profile]
India, Sept. 15 -- The benchmark indices extended their gains for the seventh successive
HCL Technologies [profile]
session on Wednesday despite valuation concerns. The BSE Sensex and the NSE Nifty
Ltd
reclaimed the psychological levels of 19,500 and 5,850, respectively in trade today while
scaling their fresh 32-month highs. Recovery in the country's exports and surge in indirect tax HDFC Bank Ltd [profile]
collections during the month of August boosted investor sentiment in trade. Cues from most Hindalco Industries [profile]
of the regional peers were also good today. India's exports grew by 22% to $16.64 billion in Ltd
the last month after registering just 13% increase in the month of July 2010. At the same Icici Bank Ltd [profile]
time, indirect tax collections in the country stood at Rs 27,947 crore in August 2010 against Rs Infosys [profile]
19,295 crore in August 2009, up by whopping 45%. Meanwhile, advance tax payment from Technologies Ltd
India Inc showed mixed picture. On advance tax front, Reliance Industries (RIL) has paid Rs
1,308 crore for the second quarter of the current fiscal versus Rs 1,157 crore for the same Jaiprakash [profile]
Associates Limited
quarter of the previous fiscal, HDFC Bank is believed to have paid Rs 600 crore worth of
advance tax for the Q2FY11 against Rs 425 crore in Q2FY10. ICICI Bank has also paid Siemens AG [profile]
advance tax of Rs 600 crore for the current quarter as compared to Rs 500 crore for the year State Bank of India [profile]
ago period, HDFC has paid Rs 400 crore versus Rs 320 crore, State Bank of India (SBI) has Tata Engineering & [profile]
paid Rs 1,924 crore against Rs 1,832 crore, Hindalco Industries' advance tax for the July- Locomotive Co
September 2010 quarter has surged to Rs 140 crore from Rs 70 crore in July-September
Wipro Ltd [profile]
2009, SAIL has paid Rs 725 crore against Rs 918 crore, Tata Motors paid Rs 95 crore versus
Rs 130 crore, RCF paid Rs 19 crore against Rs 43 crore and HUL paid Rs 140 crore as
compared to Rs 170 crore. After getting off to a flat start influenced by global cues, the local Related Geographies
markets resumed their northward journey within few minutes of the opening bell. The early Asia
gains were aided by across the board buying from investors. The markets extended their Europe
gains in the mid-morning session as marketmen made a beeline for index heavyweights. The
key indices touched their fresh intraday peaks in late-morning trades but cooled off from China
those levels on profit booking in selective pockets. Flat start for European markets and down- France
tick on Dow future also caused some selling pressure back home in afternoon trades. Germany
However, the bulls looked in no mood to loosen their grip on the equities and they once again India
became dominant in late-afternoon trades. The markets gyrated in a narrow band with a
Japan
positive bias in late trades and finally settled the session with handsome gains. All sectoral
indices of the BSE, except Auto counter, finished in the positive terrain. Software, oil & gas United Kingdom
and technology stocks led the gainers list in trade. The broader indices, however, failed to
gain momentum during the session. The market breadth on the BSE was in favour of Related Industries
declines; the losers outpaced the gainers in a ratio of 1702:1253 while 136 shares were
2300 Apparel and other
unchanged. Meanwhile, experts are advising caution at these levels as the liquidity driven
textile products
rally mainly on the back of inflows from Foreign Institutional Investors (FIIs) may fizzle out if
global scenario turns worse. The local benchmark indices have been showing strong 3710 Motor vehicles and
momentum since last week. The BSE's 30-share sensitive index -- Sensex -- has rallied close equipment
to 1300 points or 7% since September 3, 2010 till date. The NSE's 50-share Nifty has also 3990 Miscellaneous
zoomed around 7% during the same period. All eyes are now on the Reserve Bank of India's manufacturing industries
(RBI) mid-quarter review on Thursday (September 16). The central bank of the country is 6000 Depository institutions
likely to hike repo and reverse repo rates by 25 basis points each in its review. From 6020 Commercial banks
frontliners, Infosys Technologies, RIL and Wipro gained anywhere between 2% and 2.50%
during the session. ONGC, after topping the gainers list for most part of the session, saw 8700 Engineering &
some profit booking in late trades and finished around one and a half percent higher. On the management services
other hand, Tata Motors, SBI and ACC were the major laggards on the main index. Finally, Apparel/Accessories [profile]
the BSE Sensex soared 155.15 points or 0.80% to end at 19,502.11 while the S&P CNX Nifty Auto & Truck [profile]
zoomed 65.40 points or 1.13% to settle at 5,860.95. The BSE Sensex touched a high and a Manufacturers
low of 19,554.50 and 19,340.99, respectively. Infosys up 2.49%, RIL up 2.30%, Wipro up Business Services [profile]
2.25%, TCS up 2.18% and HDFC Bank up 1.76% were the major gainers on the index. On the
other hand, Tata Motors down 2.86%, SBI down 1.70%, ACC down 1.14%, Jaiprakash
Associates down 1.03% and Cipla down 0.93% were the major losers on the Sensex.The BSE Personal & [profile]
Mid-cap index rose 0.08% while the Small-cap index shed 0.09%.Meanwhile, after dipping in Household Prods.
July, growth in India's exports again picked up in August and shipments from the country S&Ls/Savings [profile]
expanded by 22%. Last month the growth had come down to 13% after remaining over 30% Banks
in previous two months. Total exports in the month under review stood at $16.64 billion, said 2240 Clothing Manufacturing
the Commerce Secretary Rahul Khullar in a media briefing on Wednesday. As the domestic
economy recovers rapidly, imports too have been rising fast and clocked a growth of 32.2%
Manufacturing
year-on-year to touch $29.7 billion in August 2010. Trade deficit for the month further
widened to $13.06 billion. In the previous month, trade deficit, or the excess of imports over 2940 Other Manufacturing
exports, was at $12.93 billion. 'Export growth is relatively slow, well below the level of 2008- 7320 Deposit Taking
2009. From next month onwards hopefully, you should see growth at the level of 2008-2009,' Financiers
Khullar said adding that the government has been taking various measures including 7321 Banks
providing additional incentives to exporters to ensure a sustainable recovery in this sector. 7823 Consulting Engineering
The main gainers in the BSE sectoral space were Information Technology (IT) up 2.49%, Oil & Services
Gas up 1.85%, TECk up 1.78%, Metal up 0.95% and Fast Moving Consumer Goods (FMCG) up
0.48%. On the other hand, Auto down 0.24% was the sole loser in the BSE sectoral space.
Too much focus on fiscal consolidation in the developed world including the US and Europe,
ahead of the full recovery in world economy, can result in a deflationary spiral that will lead to
reduced consumption, higher unemployment and hence lower growth in world economy, said
a report by the United Nations (UN). The UN's annual report on Trade and Development said
that rebalancing the world economy was necessary and should happen to ensure a
Page 54
sustainable recovery and start of the next phase of growth in global economy. This will also
require China, Germany and Japan to enhance domestic consumption while the US will have
to cut domestic consumption in long run. However, at the moment, it was necessary to
continue providing the fiscal stimulus to major economies for global recovery to proceed
undisrupted. "A continuation of the expansionary fiscal stance is necessary to prevent a
deflationary spiral and a further worsening of the employment situation," read the report. The
S&P CNX Nifty touched a high and a low of 5,869.45 and 5,792.20, respectively.The top
gainers on the Nifty were IDFC up 4.25%, Siemens up 4.24%, GAIL up 3.89%, Sun Pharma
up 3.64% and HCL Technologies up 3.64%.The top losers on the index were Tata Motors
down 2.63%, Jaiprakash Associates down 2.08%, ACC down 1.55%, SBI down 1.43% and
BHEL down 1.07%.In yet another signal of robust recovery in the Indian economy, Central
government's indirect tax collections have registered a growth of whopping 45% in the month
of August 2010 to touch Rs 27,947 crore as against Rs 19,295 crore of indirect taxes collected
in the same month a year ago. While customs duty collections have increased by 51% in the
month under review to Rs 10,321 crore against Rs 6,827 crore a year ago, excise collections
have jumped 38% to reach at Rs 11,412 crore against Rs 8,261 crore last year. Service tax
collections in August 2010 has also increased buoyantly to touch Rs 6,214 crore against Rs
4,207 crore a year ago, a growth rate of nearly 48%.Looking at the cumulative figures,
overall indirect tax collections in the April-August 2010 period stood at Rs 1,24,170 crore
compared with Rs 85,097 crore in the corresponding period of previous fiscal, thus clocking
growth of about 46%. Disaggregating figures shows that over the first five month period of
the fiscal, the government has mopped up Rs 51,866 crore through customs collection, an
increase of 66.5% over the last year while revenue from central excise increased to Rs
49,672 crore, showing an increase of 41.7% on annual basis. Total service tax collections in
April- August 2010 also grown by nearly 20% to Rs 22,632 crore. Most of the Asian equity
indices finished in the positive terrain on Wednesday led by gains in Japanese markets, that
surged more than two percent as yen declined from a 15-year high against the dollar after
government intervened in foreign exchange markets for the first time since 2004 to curb
gains that threatened an export-led economy. The dollar rose more than two percent to 85.18
yen by mid-afternoon, rebounding from a fresh 15-year low of 82.87 yen.Hang Seng was up
by 29.60 points or 0.14% to 21,725.64, Jakarta Composite zoomed 126.14 points or 3.90% to
3,357.03, Nikkei 225 surged 217.25 points or 2.34% to 9,516.56, Straits Times jumped 22.38
points or 0.73% to 3,071.03, Seoul Composite gained 8.63 points or 0.48% to 1,823.88 and
Taiwan Weighted added 31.22 points or 0.38% to 8,163.82.On the other hand, Shanghai
Composite declined 36.02 points or 1.34% to 2,652.50 and KLSE Composite slipped 1.49
points or 0.10% to 1,472.95. European markets were trading in the red. France's CAC 40
slipped 0.49%, Germany's DAX declined 0.45% and Britain'sFTSE 100 trimmed 0.33%.
Published by HT Syndication with permission from Accord Fintech. For any query with respect
to this article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Post session - Quick review

15 September 2010

Related Companies
HCL Technologies [profile]
India, Sept. 15 -- The Indian markets are not looking in a mood to give up when other global Ltd
markets have started showing fatigue. The relentless support of the FIIs is keeping the
markets on high note; the market heavyweights have been continuously making fresh highs.
Though the stupendous gains have given a sense of caution among the investors but still they Infosys [profile]
are opting to bet big keeping in mind the solid economic condition of the country. Earlier, the Technologies Ltd
day started on a flat note and as the regional peers were trading cautiously, it was being Jaiprakash [profile]
speculated that the domestic markets too will consolidate today after their continuous rally. Associates Limited
But the initial jitters faded within moments and the markets started moving higher that Siemens AG [profile]
continued till last, some profit booking was seen during the mid morning session but that too
was unable to stop the bull run. It was again the surge in the market heavy weights that
Locomotive Co
helped the markets move higher otherwise the broader indices lost their momentum mid way
taking the market breadth into red. The good showing in the screen trade of US and European Wipro Ltd [profile]
futures gave the further boost, though the European markets after a flat start slipped into red,
but that too was unable to impact the roaring indian bulls. The recovery in the Asian Related Geographies
markets gave a sense of confidance to the markets; on sectoral front IT lead the pack Asia
followed by TECk and oil & gas while Auto was the lone losing index. Meanwhile, the Advance
Europe
tax numbers started trickling out and give a mixed picture while the banking sector once
again emerged as the higher advance taxpaying lot, cement companies were slightly on the China
negative side.PSU Banking major SBI paid Rs 1924 crore against Rs 1834 crore, up by 5%, Germany
Page 55
RIL paid Rs 1300 crore against Rs 1157 crore up by 12%. From the banking pack Central India
Bank showed a huge surge of 161% in its advance tax payments to Rs 206 crore from Rs 79 Japan
crore in corresponding quarter last year, while on the same time fertilizers major RCF
reported a decline of 56% in its advance tax payment to Rs 19 crore from Rs 43 crore paid in
same quarter last year.The BSE Sensex surged 156.38 points or 0.81% to settle at 19,503.34 Related Industries
(provisional) while the S&P CNX Nifty rose 65.50 points or 1.13% to end at 5,861.05 3710 Motor vehicles and
(provisionally). The BSE Sensex touched a high and a low of 19,554.50 and 19,340.99, equipment
respectively. Infosys up 2.62%, RIL up 2.29%, Wipro up 2.24%, HDFC Bank up 2% and TCS 6000 Depository institutions
up 1.74% were the major gainers on the Sensex. (provisional).On the other hand, Tata
Motors down 2.60%, SBI down 1.70%, ACC down 1.48%, Jaiprakash Associates down 1.23%
and BHEL down 0.93% were the losers on the index.The main gainers in the BSE sectoral 8700 Engineering &
space were Information Technology (IT) up 2.48%, Oil and Gas up 1.87%, TECk up 1.75%, management services
Metal up 0.84% and Fast Moving Consumer Goods (FMCG) up 0.50%, while Auto down by Auto & Truck [profile]
0.22% was the lone losers in the BSE sectoral space. The BSE Mid-cap indices advanced Manufacturers
0.06%, while Small-cap indices slipped 0.10%.Meanwhile, the UN's annual report on Trade Business Services [profile]
and Development said that rebalancing the world economy was necessary and should happen Commercial Banks [profile]
to ensure a sustainable recovery and start of the next phase of growth in global economy.
This will also require China, Germany and Japan to enhance domestic consumption while the
Banks
US will have to cut domestic consumption in long run. However, at the moment, it was
necessary to continue providing the fiscal stimulus to major economies for global recovery to 2810 Motor Vehicle and Part
proceed undisrupted. "A continuation of the expansionary fiscal stance is necessary to Manufacturing
prevent a deflationary spiral and a further worsening of the employment situation," read the 7320 Deposit Taking
report. The report however sees a lot of potential in the Indian economy in terms of providing Financiers
a parallel engine to global growth along with the US and China. At present, though, the 7321 Banks
country is nowhere near reaching that kind of potential. "India may play an equally (if not
more) important role as China as a future engine of growth and employment creation in other
Services
countries," it said. However, to achieve such a potential, India will have to continue
emphasising domestic consumption led growth as export led growth model cannot succeed for
all the developing economies together. It also urges for greater reforms in economic and
financial spheres in India to ensure the country is able to fully exploit its growth potential and
match China in long term. India VIX, a gauge for market's short term expectation of volatility,
surged by 4.46% and reached 19.43, compared to its previous day closing of 18.60.The S&P
CNX Nifty touched a high and a low of 5,869.45 and 5,792.20, respectively. (provisional).IDFC
up by 4.25%, Siemens up 4.24%, GAIL up 3.89%, Sun Pharma up 3.64% and HCL
Technologies up 3.64% were the top gainers on the Nifty.On the other hand, Tata Motors
down 2.63%, Jaiprakash Associates down 2.08%, ACC down 1.55%, SBI down by 1.43% and
BHEL down 1.07% were the top losers on the index.Most of the Asian equity indices finished in
the positive terrain on Wednesday led by gains in Japanese markets, that surged more than
two percent as yen declined from a 15-year high against the dollar after government
intervened in foreign exchange markets for the first time since 2004 to curb gains that
threatened an export-led economy. The dollar rose more than two percent to 85.18 yen by
mid-afternoon, rebounding from a fresh 15-year low of 82.87 yen.Hang Seng was up by
29.60 points or 0.14% to 21,725.64, Jakarta Composite zoomed 126.14 points or 3.90% to
3,357.03, Nikkei 225 surged 217.25 points or 2.34% to 9,516.56, Straits Times jumped 22.38
points or 0.73% to 3,071.03, Seoul Composite gained 8.63 points or 0.48% to 1,823.88 and
Taiwan Weighted added 31.22 points or 0.38% to 8,163.82.On the other hand, Shanghai
Composite declined 36.02 points or 1.34% to 2,652.50 and KLSE Composite slipped 1.49
points or 0.10% to 1,472.95. Major European markets were trading in the negative terrain;
CAC-40 dropped 0.53%, DAX shed 0.24% and FTSE 100 slipped 0.14%. Published by HT
Syndication with permission from Accord Fintech. For any query with respect to this article or
any other content requirement, please contact Editor at htsyndication@hindustantimes.com
Page 56
Page 57
Tata Motors Limited Files Patent Application for Improved Cooling System for IC Engines
Indian Patent News
14 September 2010
[What follows is the full text of the article.]

Related Topics
Legal
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for improved
cooling system for IC engines. The inventors are Deepak S Kulkarni and Vivek R Jalgaonkar.
Related Geographies
Asia
Tata Motors Limited filed the patent application on July 15, 2008. The patent application
number is 1484/MUM/2008 A. The international classification number is F02M25/07. India
According to the Controller General of Patents, Designs & Trade Marks, "The fusible disc type
thermostat bypass device comprises of a bypass tube wherein the fusible disc fitted. The disc
is held in position by clamping it in between two bypass tubes. The composition of the tube is
decided by the temperature at which the disc is expected to fuse. Rubber gaskets are
provided on both sides of the disc to give a leak proof joint. The assembly bypass tube is
fitted in parallel to the conventional thermostat. It provides a positive bypass in case of
engine overheating on account of thermostat malfunction."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is

engaged in the development, designing, manufacturing, assembling and sale of vehicles,
including financing thereof, as well as sale of related parts and accessories. It manufactures
commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive
products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small,
medium, and large buses and coaches to passenger cars, including the car, the Tata Nano,
which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments
include automotive, and others, which include information technology services, construction
equipment manufacturing, machine tools and factory automation solutions, high-precision
tooling and plastic and electronic components for certain applications, and investment
business.
Copyright Contify.com
COPYRIGHT 2010 Indian Patent News
Copyright 2010 Gale, Cengage Learning. All rights reserved. Published by OneSource Information Services, Inc.
Tata Motors Limited Files Patent Application for a Novel Integrated Flywheel Assembly for Two
Cylinder Direct Injection High Pressure Common Rail Four Stroke Reciprocating Piston Internal
Combustion Diesel Engine
Indian Patent News
14 September 2010

Related Topics
Legal
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for a novel
integrated flywheel assembly for two cylinder direct injection high pressure common rail four
stroke reciprocating piston internal combustion diesel engine. The inventors are Milind D Related Geographies
Peshave and Niraj R Dharkar. Asia
India
Tata Motors Limited filed the patent application on Jan. 1, 2008. The patent application
number is 6/MUM/2008 A. The international classification number is F16C15/00.
According to the Controller General of Patents, Designs & Trade Marks, "This invention relates
to an integrated flywheel assembly for twin cylinder internal combustion inline common rail
diesel engine comprising; plurality of cylindrical surfaces, said surfaces being integrally
provided as a single structure mounted rigidly on a plurality of bolts onto a crankshaft; a ring
gear fitted at the periphery of the flywheel, said ring gear comprising plurality of teeth
sufficient to ensure required engine rpm during starting, said teeths being in association with
the teeths on a pinion of a starter motor; and inside periphery of said fly wheel is provided
Page 58
with plurality of teeths to accurately detect the engine speed of the common rail diesel engine
with the help of a engine speed sensor."

business.
Tata Motors Limited Files Patent Application for Improved Lower Body Structure for a Vehicle
Indian Patent News
14 September 2010

Related Topics
Legal
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for improved
lower body structure for a vehicle. The inventors are Mahendrakumar M S, Anilkumar C,
Ajendra G Patil and Ravindra G Rajhans. Related Geographies
Asia
Tata Motors Limited filed the patent application on March 29, 2007. The patent application India
number is 590/MUM/2007 A. The international classification number is B62D25/20.
to a lower body structure for a vehicle comprising of sill long members, floor long members,
at least one central long member and plurality of cross members, wherein said members are
connected to each other to provide rigidity to the lower body structure, said central long
member is provided in between said floor long members."

business.
Tata Motors Limited Files Patent Application for Engine Cradle for a Vehicle
Indian Patent News
14 September 2010
Page 59

Related Topics
Legal
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for engine
cradle for a vehicle. The inventors are Soheb Ahmed, Abhay Deshpande and Umesh
Abhyankar. Related Geographies
Asia
Tata Motors Limited filed the patent application on Jan. 1, 2008. The patent application India
number is 5/MUM/2008 A. The international classification number is B60K5/00.
to An engine cradle assembly for a vehicle comprising a front cross member and a rear cross
member, said front and rear cross members being interconnected by a left side member and
a right side member; said front cross member being provided with end mounting locations
and a center mounting location, said front cross member is having provisions for mounting
suspension and engine units; said front cross member further comprises of elliptical sections
at intermediate portions between the end mounting locations and the center mounting
locations and the center mounting location which is oriented to have maximum stiffness for
engine and suspension mounting; said engine cradle assembly is adapted to be attached to a
vehicle body by fastening top surface of said end mountings of said front cross member with
bottom surface of an reinforcement assembly of the vehicle body; and by fastening top end
surfaces of said rear cross member to bottom surfaces of the vehicle body mounting means."

business.
Tata Motors wins CII energy efficiency award; Its Pune commercial vehicles business unit bags
excellent energy efficient unit prize
DNA (Daily News & Analysis)
10 September 2010
By DNA Correspondent

Related Topics
Energy Conservation
Tata Motors' commercial vehicles business unit (CVBU) in Pune has received the excellent
Global Business
energy efficient unit award instituted by the Confederation of Indian Industry's (CII) at its
11th national awards for excellence in energy management for 2010.
Related Geographies
Thirty-eight out of 106 companies from various sectors were shortlisted for the competition Asia
and 19 were declared excellent energy efficient units. The awards include a trophy and a India
citation.
Tata Motors' CVBU in Pune has won this award in 2004, 2005, 2006 and 2008.
Some of the criteria for the award include best specific energy consumption performance
compared with global benchmarks, projects for carbon emission reduction, innovation and
team work in energy conservation projects implemented in the past three years, utilisation of
renewable energy sources and waste material, and dissemination of best practices through
associates.
Page 60
Central plant engineering department's assistant general manager, KG Ghude, senior officer
Anand Kale, and maintenance manager, P Kaulgud, received the award on behalf of the
company from the Bureau of Energy Efficiency (BEE) director general, Ajay Mathur, in
Chennai on September 2.
Copyright 2010 Diligent Media Corporation Ltd., DNA (Daily News & Analysis) All Rights
Reserved
COPYRIGHT 2010 DNA (Daily News & Analysis)
Tata Motors Limited Files Patent Application for Vehicle Roof Structure and Method of Assembling
Thereof
Indian Patent News
08 September 2010

Related Topics
Legal
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for vehicle roof
structure and method of assembling thereof. The inventors are A. K. Agarwal and Pramod
Mhaske. Related Geographies
Asia
Tata Motors Limited filed the patent application on June 18, 2007. The patent application India
number is 1188/MUM/2007 A. The international classification number is B60R9/00.
to a vehicle roof structure comprising of a canopy, at least one reinforcing strip affixed with
said canopy to reinforce the edge of said canopy, and a support plate fixed with the vehicle
body for holding the canopy having reinforced edge; said reinforcing strip being provided with
apertures for inserting fasteners; and through apertures are provided on support plate to
fasten said reinforced canopy edge into the support plate and to the vehicle body."

business.
Tata Motors Limited Files Patent Application for Automobile Air Conditioning System
Indian Patent News
08 September 2010

Related Topics
Legal
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for automobile
air conditioning system. The inventors are Abhishek Gupta and Ram Mohan Bothuca.
Related Geographies
Page 61
Asia
number is 183/MUM/2009 A. The international classification numbers are B60H1/00 and India
B60H1/32.
Related Industries
According to the Controller General of Patents, Designs & Trade Marks, "An automobile air 3711 Motor vehicles and car
conditioning system comprising of multiple condenser system for an air conditioning adapted bodies
for mounting at least one main condenser unit in front of the radiator and at least one Auto & Truck [profile]
auxiliary condenser unit below the vehicle floor. At least one fan is mounted on said auxiliary Manufacturers
condenser unit mounted below the vehicle floor. Plurality of brackets is mounted on the
2812 Motor Vehicle Body
auxiliary condenser below the vehicle floor and one auxiliary condenser guard. - Also the
Manufacturing
front air conditioning unit is provided with flexible hoses for the plumbing of condenser and
compressor to the front air-conditioning unit adapted for removing said front air conditioning
unit along with engine hood without dismantling any parts of air conditioning circuit to facilitate
access to the engine parts for servicing."

business.
Tata Motors Limited Files Patent Application for Automated Power Train System
Indian Patent News
08 September 2010

Related Topics
Legal
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for automated
power train system. The inventors are Suresh Arikapudi, Ilango Panneerselvan and S
Govindarajan. Related Industries
3612 Transformers, except
electronic
number is 141/MUM/2009 A. The international classification number is B60L. Electronic Instr. & [profile]
Controls
2859 Electrical and
According to the Controller General of Patents, Designs & Trade Marks, "The present
Equipment Manufacturing
invention relates to power train system for hybrid vehicle propulsion system; said power train
n.e.c.
system comprises; heat engine, automated clutch, transmission and electric motor /
generator. Said power train system can be operated only with engine or motor or combination
of both. Said transmission constitutes input shaft, out put shaft, at least three secondary
shafts and chain or gear train to couple said secondary shaft to motor. The said power train
system uses single motor for both traction and starting engine; said motor is used as
secondary source during gear shifting. While shifting, speed synchronization is performed with
engine and at the same time said motor can drive vehicle through existing engaged gear ratio
or any one of the possible motor coupling ratio. For regeneration, said motor can be coupled
to wheels through multiple gear ratios to capture maximum possible energy even at very low
shaft speeds. No separate starting device is required for cranking engine since the said power
train system is capable of providing multiple gear ratio options for cranking the engine even
at low state of charge of battery. Layout of input shaft, lay shaft and output shaft gives
flexibility for power train to have only motor drive during the gear shift. It also gives freedom
for the engine to do speed synchronization between lay shafts and output shafts with out
losing traction during gear change. Layout of the shafts is compact for transverse
arrangement and the said system provides minimum seven speed ratios. Manual transmission
can be operated through electronic actuators to enact as automated transmission."
Page 62

business.
Tata Motors Limited Files Patent Application for Device for Wheel Choke Mounting in a Vehicle
Indian Patent News
08 September 2010

Related Topics
Legal
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for device for
wheel choke mounting in a vehicle. The inventors are Chimad Mahavir and Kannan R.
Related Geographies
Asia
number is 163/MUM/2009 A. The international classification number is B60K7/00. India
According to the Controller General of Patents, Designs & Trade Marks, "In accordance with Related Industries
the present invention, a device for wheel chock mounting comprises a clamp plate which is 3965 Fasteners, buttons,
connected to long member or frame with the help of fasteners, a c type hinge bracket welded needles, & pins
on said clamp plate, a locking plate hinged by means of a split pin with said c type hinge Apparel/Accessories [profile]
plate, a lock and rubber pads. Present device provides easy accessibility of wheel chocks of a
2769 Fabricated Metal
vehicle while removing and fixing and it also provides locking arrangement to prevent the
Product Manufacturing n.e.c.
theft of wheel chocks of a vehicle."

business.
Tata Motors Limited Files Patent Application for Method and Apparatus for Testing Static
Strength of Transmission Housing
Indian Patent News
08 September 2010
Page 63

Related Topics
Legal
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for method and
apparatus for testing static strength of transmission housing. The inventors are Bhaskar B
God bole, Yuvaraj M Jadhav and Sudhir M Sutar Related Geographies
Asia
Tata Motors Limited filed the patent application on Jan. 27, 2009. The patent application India
number is 164/MUM/2009 A. The international classification numbers are G01M19/00 and
G01N3/00.
According to the Controller General of Patents, Designs & Trade Marks, "A method and
apparatus for testing static strength of transmission housing under various load conditions are
disclosed. The method involves mounting a gear box on a mounting bracket, and fitting a
loading wheel on an input shaft of the gear box. A wire rope can be wound on the loading
wheel, and an output shaft of the gear box can be locked by means of a locking lever
supported on a locking bracket. Load is gradually applied to an input side of said loading
wheel through a crane hook, depending on a test mode until a desired torque. Then, the
readings of the applied load are recorded through a load indicator, and torque from a load
obtained value can be calculated using a torque formula, which achieves effective testing of
the transmission housing at aggregate level and in a simple manner."

business.
Page 64
Page 65
Tata Motors Limited Annual Income Statement

Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)
Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006
Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal Reclassified Reclassified Reclassified Reclassified
31-Mar-2010 Normal Normal Normal Normal
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins Deloitte Haskins Deloitte Haskins Deloitte Haskins Deloitte Haskins
& Sells & Sells & Sells & Sells & Sells
Auditor Opinion Unqualified with Unqualified with Unqualified Unqualified Unqualified
Explanation Explanation
Gross Revenue 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4

Excise Tax Receipts -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Revenue 19,082.3 15,066.9 8,853.3 7,156.3 5,376.0
Interest Income, Non-Bank 609.2 381.5 66.4 33.9 55.1
Other Revenue 180.8 138.2 - - -
Other Revenue, Total 790.0 519.7 66.4 33.9 55.1
Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Cost of Revenue 13,511.2 10,880.2 6,171.9 4,962.7 3,707.6

Excise Taxes Payments 18.3 -12.8 -3.3 17.1 7.5
Cost of Revenue, Total 13,529.5 10,867.5 6,168.6 4,979.8 3,715.1
Gross Profit 5,552.8 4,199.4 2,684.7 2,176.4 1,661.0
Selling/General/Administrative 1,478.2 1,588.6 1,189.9 896.1 654.1

Expense
Labor & Related Expense 1,844.1 1,586.8 681.5 534.2 403.3
Advertising Expense 626.7 572.7 - - -
Total 3,948.9 3,748.0 1,871.5 1,430.3 1,057.4
Selling/General/Administrative
Expenses
Research & Development 105.0 75.6 16.4 18.8 16.2
Depreciation 819.0 545.1 194.2 152.2 141.0
Depreciation/Amortization 819.0 545.1 194.2 152.2 141.0
Interest Expense - Operating 448.0 431.2 189.5 107.6 70.7
Interest Capitalized - Operating -70.0 -63.6 -30.0 -4.7 -0.7
Interest Expense - Net Operating 378.0 367.6 159.5 102.8 70.0
Interest Income - Operating -47.5 -52.1 -42.1 -13.1 -14.4
Investment Income - Operating -158.1 285.8 -39.9 - -
Interest/Investment Income - -205.6 233.6 -82.0 -13.1 -14.4
Operating
Interest Expense (Income) - Net 141.4 104.4 67.1 - -
Operating
Interest Expense (Income) - Net 313.8 705.6 144.6 89.7 55.6
Operating Total
Loss (Gain) on Sale of Assets - 15.7 3.0 - - -
Operating
Other Unusual Expense (Income) 72.5 0.0 - - 0.0
Page 66
Unusual Expense (Income) 88.2 3.0 - - 0.0

Other Operating Expense 1,293.3 1,113.4 0.0 0.0 -
Other, Net -967.7 -1,008.7 -241.7 -163.6 -85.5
Other Operating Expenses, Total 325.6 104.7 -241.7 -163.6 -85.5
Total Operating Expense 19,130.1 16,049.6 8,153.5 6,507.3 4,899.8
Operating Income 742.2 -463.0 766.2 682.9 531.3
Income Before Tax 742.2 -463.0 766.2 682.9 531.3
Total Income Tax 211.9 73.0 211.4 195.3 144.8

Income After Tax 530.3 -536.0 554.8 487.6 386.5
Minority Interest -6.4 2.5 -32.8 -16.4 -5.0

Equity In Affiliates 17.8 -11.2 16.2 8.7 9.4
Net Income Before Extraord Items 541.7 -544.8 538.2 479.9 390.8
Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Common Excl 541.7 -544.8 538.2 479.9 390.8

Extraord Items
Income Available to Common Incl 541.7 -544.8 538.2 479.9 390.8

Extraord Items
Basic/Primary Weighted Average 527.9 440.5 398.0 397.1 389.1

Shares
Basic EPS Excl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Basic/Primary EPS Incl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Dilution Adjustment 8.8 0.0 2.3 2.2 2.3
Diluted Net Income 550.6 -544.8 540.4 482.1 393.2
Diluted Weighted Average Shares 584.4 440.5 435.9 420.4 416.0
Diluted EPS Excl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Incl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Dividends per Share - Common Stock 0.32 0.13 0.36 0.32 0.28
Primary Issue
Dividends per Share - Common Stock 0.33 0.14 0.00 - -
Issue 2
Gross Dividends - Common Stock 181.0 67.8 143.6 127.8 112.6
Interest Expense, Supplemental 378.0 367.6 159.5 102.8 70.0
Interest Capitalized, Supplemental -70.0 -63.6 -30.0 -4.7 -0.7
Depreciation, Supplemental 653.2 481.8 194.2 152.2 141.0
Total Special Items 88.2 -8.0 - - 0.0
Normalized Income Before Tax 830.4 -471.0 766.2 682.9 531.3
Effect of Special Items on Income 25.2 -2.8 - - 0.0

Taxes
Inc Tax Ex Impact of Sp Items 237.1 70.2 211.4 195.3 144.8
Normalized Income After Tax 593.3 -541.2 554.8 487.6 386.5
Normalized Inc. Avail to Com. 604.8 -550.0 538.2 479.9 390.8
Basic Normalized EPS 1.15 -1.25 1.35 1.21 1.00

Diluted Normalized EPS 1.05 -1.25 1.24 1.15 0.95
Amort of Intangibles, Supplemental 165.9 63.3 0.0 - -
Page 67
Rental Expenses 47.5 43.1 19.1 10.3 6.7

Advertising Expense, Supplemental 626.7 572.7 77.3 57.0 43.8
Research & Development Exp, 105.0 75.6 16.4 18.8 16.2
Supplemental
Normalized EBIT 1,144.3 234.6 910.8 772.6 586.9
Normalized EBITDA 1,963.3 779.7 1,105.0 924.8 727.9
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Other Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Interest Cost - Domestic 9.5 9.6 10.1 7.1 -
Service Cost - Domestic 6.7 6.9 6.6 4.4 -
Prior Service Cost - Domestic 0.1 0.7 0.0 - -
Expected Return on Assets - Domestic -8.9 -8.4 -9.0 -6.6 -
Actuarial Gains and Losses - Domestic 10.7 -1.2 13.1 15.1 -
Domestic Pension Plan Expense 18.1 7.5 20.8 20.1 -
Interest Cost - Post-Retirement 1.5 1.3 1.2 0.7 -
Service Cost - Post-Retirement 0.7 0.6 0.7 0.6 -
Actuarial Gains and Losses - Post- 0.0 2.3 1.4 3.7 -
Retir.
Post-Retirement Plan Expense 2.1 4.2 3.4 5.0 -
Defined Contribution Expense - 45.5 38.5 63.5 57.6 31.5
Domestic
Total Pension Expense 65.7 50.1 87.8 82.8 31.5
Discount Rate - Domestic 6.75% 6.75% 7.75% - -
Discount Rate - Post-Retirement 8.50% 8.50% 8.50% 8.50% -
Expected Rate of Return - Domestic 8.00% 8.00% 8.00% - -
Total Plan Interest Cost 11.0 10.8 11.3 7.8 -
Total Plan Service Cost 7.3 7.5 7.4 5.0 -
Total Plan Expected Return -8.9 -8.4 -9.0 -6.6 -
Annual Balance Sheet
Financial Glossary
UpdateType/Date Updated Normal Restated Restated Restated Restated
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Exchange Rate 44.895 50.735 40.12 43.465 44.565
Cash 1,349.8 422.4 270.7 - -

Cash & Equivalents - - - 265.6 311.1
Short Term Investments 194.9 47.9 286.3 - -
Cash and Short Term Investments 1,544.7 470.3 557.0 265.6 311.1
Accounts Receivable - Trade, 54.0 56.5 529.9 404.6 315.2
Gross
Page 68
Provision for Doubtful Accounts -58.1 -36.6 -16.4 -13.0 -11.3

Trade Accounts Receivable - Net -4.1 19.9 513.6 391.6 303.9
Other Receivables 4,123.4 2,879.3 2,506.1 2,357.8 1,307.8
Total Receivables, Net 4,119.3 2,899.2 3,019.6 2,749.4 1,611.8
Inventories - Finished Goods 1,925.3 1,538.6 409.4 344.9 236.5
Inventories - Work In Progress 222.4 205.8 92.2 84.0 76.9
Inventories - Raw Materials 357.1 399.9 312.9 293.6 238.2
Inventories - Other 14.8 14.1 6.7 6.1 5.1
Total Inventory 2,519.7 2,158.4 821.2 728.6 556.7
Prepaid Expenses 316.1 170.3 - - -
Restricted Cash - Current 402.8 377.2 398.5 - -
Other Current Assets 570.5 367.1 0.3 1.4 1.5
Other Current Assets, Total 973.3 744.3 398.8 1.4 1.5
Total Current Assets 9,473.1 6,442.5 4,796.6 3,745.1 2,481.1
Buildings 1,446.6 1,305.9 381.8 285.1 262.6

Land/Improvements 420.2 311.0 109.3 54.4 35.1
Machinery/Equipment 10,219.2 8,765.6 2,546.3 1,862.3 1,610.3
Construction in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Leases 88.9 81.1 102.6 145.5 151.7
Other Property/Plant/Equipment - - 94.2 36.0 28.3
Property/Plant/Equipment - Gross 13,972.0 12,539.7 4,716.8 2,977.3 2,306.6
Accumulated Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Property/Plant/Equipment - Net 6,679.4 6,171.0 3,206.2 1,728.8 1,219.8
Goodwill, Net 762.4 733.0 141.1 101.9 92.5
Intangibles - Gross 2,270.3 1,060.9 0.0 - -
Accumulated Intangible -372.7 -188.7 0.0 - -
Amortization
Intangibles, Net 1,897.6 872.1 0.0 - -
LT Investment - Affiliate Companies 134.8 63.1 - - -
LT Investments - Other 359.5 184.7 664.5 270.2 283.1
Long Term Investments 494.3 247.8 664.5 270.2 283.1
Deferred Charges 0.0 17.0 1.7 2.7 3.1
Deferred Income Tax - Long Term 94.9 53.1 - - -
Asset
Other Long Term Assets 0.0 125.5 0.0 - -
Other Long Term Assets, Total 94.9 195.5 1.7 2.7 3.1
Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Accounts Payable 4,942.1 3,650.1 1,684.9 1,121.0 686.7

Accrued Expenses 84.1 24.7 9.3 6.2 4.3
Notes Payable/Short Term Debt 1,600.2 835.6 1,029.8 562.8 662.0
Dividends Payable 191.3 61.4 144.2 133.0 -
Customer Advances 395.7 67.2 83.3 79.0 90.3
Income Taxes Payable 79.8 76.4 - - -
Other Current Liabilities 1,999.8 1,615.6 443.7 244.8 311.2
Other Current liabilities, Total 2,666.6 1,820.5 671.1 456.8 401.5
Total Current Liabilities 9,293.0 6,331.0 3,395.1 2,146.7 1,754.5
Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2

Total Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2
Total Debt 9,439.1 7,729.1 3,917.3 2,242.7 1,420.3
Deferred Income Tax - LT Liability 351.8 187.2 242.9 188.0 151.9
Page 69
Deferred Income Tax 351.8 187.2 242.9 188.0 151.9

Minority Interest 47.6 79.4 116.7 57.5 39.0
Other Long Term Liabilities 42.6 0.0 - - -
Other Liabilities, Total 42.6 0.0 - - -
Total Liabilities 17,573.8 13,491.0 6,642.2 4,072.2 2,703.7
Common Stock 127.1 101.3 96.1 88.7 85.9

Common Stock 127.1 101.3 96.1 88.7 85.9
Additional Paid-In Capital 1,575.6 1,123.9 474.3 540.1 501.9
Retained Earnings (Accumulated 696.4 355.4 1,587.1 1,122.6 771.1
Deficit)
Unrealized Gain (Loss) 41.4 21.8 6.4 6.0 5.9
Translation Adjustment -612.5 -431.5 4.0 19.2 10.9
Other Equity, Total -612.5 -431.5 4.0 19.2 10.9
Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders’ 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5

Equity
Shares Outstanding - Common 506.4 449.8 398.1 397.9 395.3

Stock Primary Issue
Shares Outstanding - Common 64.2 64.2 0.0 - -
Stock Issue 2
Total Common Shares Outstanding 570.6 514.0 398.1 397.9 395.3
Treasury Shares - Common Stock - - - - 0.0
Primary Issue
Employees 24,310 23,638 23,230 22,349 29,606
Number of Common Shareholders 371,310 391,969 292,097 234,629 221,403
Accumulated Intangible Amort, Suppl. 372.7 188.7 0.0 - -
Deferred Revenue - Current 395.7 67.2 83.3 79.0 90.3
Total Capital Leases, Supplemental 7.3 9.5 12.3 0.1 0.2
Capital Lease Payments Due in Year 1 4.3 4.0 4.3 0.0 0.1
Capital Lease Payments Due in 2-3 1.4 2.8 4.0 0.0 0.0
Years
Years
Cap. Lease Pymts. Due in Year 6 & 0.2 0.0 0.0 0.0 0.0
Beyond
Total Operating Leases, Supplemental 43.7 41.2 11.4 10.7 5.5
Operating Lease Payments Due in Year 15.1 13.1 3.8 3.3 2.1
1
2
3
4
5
Operating Lease Pymts. Due in 2-3 14.3 14.1 3.8 3.7 1.7
Years
Years
Page 70
Oper. Lse. Pymts. Due in Year 6 & 0.0 0.0 0.0 0.0 0.0
Beyond
Pension Obligation - Domestic 135.2 113.2 139.2 118.2 -
Post-Retirement Obligation 19.4 16.8 17.6 14.1 -
Plan Assets - Domestic 122.2 101.7 124.0 99.7 -
Funded Status - Domestic -13.1 -11.5 -15.2 -18.5 -
Funded Status - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Total Funded Status -32.5 -28.3 -32.7 -32.7 -
Expected Rate of Return - Domestic 8.00% 8.00% - - -
Prepaid Benefits - Domestic - - - 0.1 -
Accrued Liabilities - Domestic -13.1 -11.5 -15.2 -18.7 -65.4
Accrued Liabilities - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Net Assets Recognized on Balance -32.5 -28.3 -32.7 -32.7 -65.4
Sheet
Debt Securities % - Domestic 76.00% 78.00% 69.00% - -
Other Investments % - Domestic 24.00% 22.00% 31.00% - -
Total Plan Obligations 154.7 130.0 156.7 132.3 -
Total Plan Assets 122.2 101.7 124.0 99.7 -
Annual Cash Flows
Financial Glossary
UpdateType/Date Updated Normal Restated Updated Normal Restated Reclassified
31-Mar-2010 Normal 31-Mar-2008 Normal Normal
31-Mar-2010 31-Mar-2008 31-Mar-2007
Net Income/Starting Line 541.7 -544.8 538.2 479.9 390.8

Depreciation 818.1 544.1 193.0 151.3 141.3
Depreciation/Depletion 818.1 544.1 193.0 151.3 141.3
Deferred Taxes - - - - 32.1
Unusual Items -330.8 -164.2 -38.8 -12.7 -39.3
Equity in Net Earnings (Loss) -17.8 11.2 -16.2 -8.7 -9.9
Other Non-Cash Items 665.0 757.3 371.9 263.2 209.8
Non-Cash Items 316.4 604.4 316.8 241.8 160.6
Accounts Receivable -1,024.8 206.7 -186.5 -1,043.8 -515.5
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Other Assets 0.0 -18.3 0.0 - -
Accounts Payable 1,835.1 -649.7 724.0 280.3 77.0
Other Operating Cash Flow -267.8 148.3 -165.9 -151.8 -112.7
Changes in Working Capital 280.2 -162.3 341.1 -1,066.6 -642.8
Cash from Operating Activities 1,956.5 441.5 1,389.2 -193.6 82.1
Page 71
Purchase of Fixed Assets -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8

Capital Expenditures -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8
Acquisition of Business - - - 0.0 -103.8
Sale of Fixed Assets 4.7 16.3 11.5 22.0 3.5
Sale/Maturity of Investment 457.6 222.8 109.8 9.6 76.3
Investment, Net -206.4 183.4 -196.7 24.3 182.7
Purchase of Investments -101.2 -2,378.7 -238.2 -4.1 -15.6
Other Investing Cash Flow 43.9 32.8 284.5 26.1 40.6
Other Investing Cash Flow Items, 198.6 -1,923.5 -29.1 77.9 183.6
Total
Cash from Investing Activities -1,587.3 -4,091.6 -1,340.0 -532.2 -101.2
Other Financing Cash Flow -618.9 -532.6 -249.3 -103.4 -65.3

Financing Cash Flow Items -618.9 -532.6 -249.3 -103.4 -65.3
Cash Dividends Paid - Common -73.0 -151.6 -170.1 -127.2 -118.5
Total Cash Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Sale/Issuance of Common 351.4 893.6 0.0 - -
Common Stock, Net 351.4 893.6 0.0 - -
Issuance (Retirement) of Stock, 351.4 893.6 0.0 - -
Net
Short Term Debt, Net -725.6 915.6 282.7 190.4 22.4
Long Term Debt Issued 6,051.5 4,529.7 1,845.4 931.8 162.0
Long Term Debt Reduction -4,456.2 -1,792.1 -1,091.3 -216.3 -141.7
Long Term Debt, Net 1,595.3 2,737.6 754.1 715.5 20.4
Issuance (Retirement) of Debt, 869.8 3,653.2 1,036.8 905.9 42.7
Net
Cash from Financing Activities 529.3 3,862.5 617.4 675.3 -141.1
Foreign Exchange Effects -24.4 -179.7 -6.0 -0.7 -0.6

Net Change in Cash 874.1 32.7 660.6 -51.2 -160.8
Net Cash - Beginning Balance 501.8 485.1 286.6 306.6 474.4

Net Cash - Ending Balance 1,375.9 517.9 947.2 255.1 313.6
Cash Interest Paid 601.6 519.0 260.6 102.9 73.6
Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8

Published by OneSource Information Services, Inc., September, 2010.
Page 72



31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Gross Sales 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4

Excise Duty -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Income on securitisation / sale of 48.9 14.6 - - -
recei
Interest income on Loan contracts 231.4 207.8 - - -
(net)
Miscellaneous income 131.9 123.6 - - -
Profit on sale of current investments 146.2 0.7 - - -
Profit on sale of controlling stake in 222.9 0.0 - - -
a
Profit on sale of other long term 0.0 155.5 - - -
invest
Dividend & Other Income 8.8 17.6 66.4 33.9 55.1
Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Stock in Trade & WIP -242.0 172.4 -0.1 -90.9 -54.4

Purchase of Product for Sale Etc 1,799.1 1,517.4 575.5 422.7 307.8
Consumption of Raw Material and 11,400.5 8,753.0 5,476.2 4,524.7 3,369.5
Compon.
Processing Charges 185.2 121.7 120.2 106.2 84.8
Salaries, Wages 1,844.1 1,586.8 681.5 534.2 403.3
Stores, spare parts and tools 223.1 166.5 - - -
consumed
Power and fuel 145.3 149.2 - - -
Excise Duty on Stock in Trade 18.3 -12.8 -3.3 17.1 7.5
Publicity 626.7 572.7 - - -
General & Admin Expenses 755.1 916.4 - - -
Exchange (Gain) / Loss -140.3 212.0 - - -
Loss on sale of assets 6.2 2.8 - - -
Loss on Assets Scrapped / Written 9.5 0.2 - - -
off
Other Expenses 1,293.3 1,113.4 - - -
Selling & General Expenses 723.0 672.2 1,189.7 896.0 654.1
Expenditure Transfer to Capital & -967.7 -1,008.7 -241.7 -163.6 -85.9
Other
Product Development Expenses 105.0 75.6 16.4 18.8 16.2
Page 73
Depreciation 819.0 545.1 194.2 152.2 141.0

Interest Expense 448.0 431.2 189.5 107.6 70.7
Capitalized Interest -70.0 -63.6 -30.0 -4.7 -0.7
Interest Received -47.5 -52.1 -42.1 -13.1 -14.4
Discount Charges, net 141.4 104.4 67.1 - -
Amort. of Miscellaneous Exp. in - - 0.2 0.1 0.0
Subs.
Adjustment of Misc. Expenditure in - - 0.0 0.0 -
Sub.
National Exchange Loss/Gain on -17.8 73.8 -39.9 - -
Revaluati
Others 72.5 0.0 - - -
Provision for Investment - - - - 0.4
Separation Cost - - - - 0.0
Net Income Before Taxes 742.2 -463.0 766.2 682.9 531.3
Provision for Income Taxes 211.9 73.0 211.4 195.3 144.8

Net Income After Taxes 530.3 -536.0 554.8 487.6 386.5

Share of Associate 17.8 -11.2 16.2 8.7 9.9
Amort. of Misc. Exp. in Subsidiaries - - - - -0.6
Net Income Before Extra. Items 541.7 -544.8 538.2 479.9 390.8
Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Com Excl 541.7 -544.8 538.2 479.9 390.8

ExtraOrd
Income Available to Com Incl 541.7 -544.8 538.2 479.9 390.8

ExtraOrd
Basic Weighted Average Shares 527.9 440.5 398.0 397.1 389.1

Basic EPS Excluding ExtraOrdinary 1.03 -1.24 1.35 1.21 1.00
Items
Basic EPS Including ExtraOrdinary 1.03 -1.24 1.35 1.21 1.00
Item
Diluted EPS Excluding ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Including ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
DPS-Equity Shares 0.32 0.13 0.36 0.32 0.28
DPS-A Ordinary Shares 0.33 0.14 0.00 - -
Normalized Income Before Taxes 830.4 -471.0 766.2 682.9 531.3

Normalized Income After Taxes 593.3 -541.2 554.8 487.6 386.5

Page 74
Research & Development Exp 105.0 75.6 16.4 18.8 16.2

Depreciation and Amortization 653.2 481.8 194.2 152.2 141.0
Amortization 165.9 63.3 0.0 - -
Interest Capitalized -70.0 -63.6 -30.0 -4.7 -0.7
Advertsing Expense 626.7 572.7 77.3 57.0 43.8
Rental Expense 47.5 43.1 19.1 10.3 6.7
Fringe Benefit Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Current Service Cost - Gratuity 6.7 6.9 6.6 3.1 -
Interest Cost - Gratuity 9.5 9.6 10.1 4.6 -
Exp. Return on Assets - Gratuity -8.9 -8.4 -9.0 -5.3 -
Prior Service Cost 0.1 0.7 0.0 - -
Actuarial Gain/Loss - Gratuity 10.7 -1.2 13.1 15.2 -
Current Service Cost - Superannuation - - - 1.0 -
Interest Cost - Superannuation - - - 1.9 -
Expected Return on Assets - - - - -1.3 -
Superannuati
Actuarial Gain/Loss - Superannuation - - - -1.2 -
Current Service Cost - BKY/PSY - - - 0.3 -
Interest Cost - BKY/PSY - - - 0.6 -
Actuarial Gain/Loss - BKY/PSY - - - 1.1 -
Current Service Cost - Post- 0.7 0.6 0.7 0.6 -
Retirement
Actuarial Gain/Loss - Post Ret. 0.0 2.3 1.4 3.7 -
Provident Fund Expenses 45.5 38.5 63.5 57.6 31.5
Discount Rate - Gratuity 6.75% 6.75% 7.75% 8.50% -
Expected Rate of Return - Gratuity 8.00% 8.00% 8.00% 8.00% -
Salary Increase Rate - Gratuity - - - 4.00% -
Discount Rate - Superann. - - - 8.00% -
Expected Rate of Return - Superann. - - - 8.00% -
Discount Rate - BKY/PSY - - - 8.50% -
Salary Increase Rate - BKY/PSY - - - 4.00% -
Discount Rate - Post Ret. 8.50% 8.50% 8.50% 8.50% -
Annual Balance Sheet

31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Exchange Rate 44.895 50.735 40.12 43.465 44.565
Page 75
Interest Accrued 0.5 0.5 0.3 1.4 1.5

Stores & Spare Parts 49.3 38.3 33.1 36.4 34.1
Consumable Tools 14.8 14.1 6.7 6.1 5.1
Raw Materials 307.8 361.6 279.8 257.2 204.2
Work in Progress 222.4 205.8 92.2 84.0 76.9
Stock in Trade 1,831.8 1,492.6 332.0 306.6 211.8
Goods in Transit 93.5 46.0 77.3 38.3 24.7
Sundry Debtors, Gross 54.0 56.5 529.9 404.6 315.2
Provision for Doutful Debts -58.1 -36.6 -16.4 -13.0 -11.3
Others 1,605.8 925.2 - - -
Cash/Bank Balances - - - 265.6 311.1
Cash in Hand & in Current Account 1,349.8 422.4 270.7 - -
Short term deposits with Banks 194.9 47.9 286.3 - -
Restricted deposits 4.9 1.1 1.1 - -
Margin Money / Cash Collateral with 397.8 340.9 397.3 - -
Bank
Deposit with Governmet, Public 570.0 366.6 - - -
Bodies
Deposit Given as Collateral Security 0.0 35.2 - - -
MAT Credit Entitlement 163.0 43.4 - - -
Loans/Advances 2,517.5 1,954.1 2,506.1 2,357.8 1,307.8
Land - - - 36.5 25.1

Railway Sidings - - 0.0 0.0 0.0
Water System - - - 12.8 10.2
Leased Plant - - - 34.7 42.3
Leased Premises - - - 8.1 7.0
Leasehold Land 420.2 311.0 109.3 17.9 10.0
Buildings 1,446.6 1,305.9 381.8 285.1 262.6
Plant/Machinery 9,635.2 8,309.3 2,370.4 1,752.5 1,519.6
Furniture/Fixtures 203.0 190.1 34.8 23.5 20.7
Technical Know-how 9.7 8.9 11.3 8.9 8.6
Vehicles/Transport 32.1 30.4 34.4 28.7 25.8
Assets Taken on Lease 34.6 34.3 32.6 0.0 -
Assets Given on Lease 88.9 81.1 102.6 102.7 102.3
Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Product Development Costs - - 94.2 36.0 28.3
Product Development Costs 1,477.5 306.1 - - -
Trade marks and brands 602.9 569.5 0.0 - -
Developed Technologies 190.0 185.3 0.0 - -
Software 304.7 192.6 62.8 36.0 25.4
Accumulated amortization -372.7 -188.7 0.0 - -
Work in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Goodwill 762.4 733.0 141.1 101.9 92.5
Investment in Associate 134.8 63.1 - - -
Investments 359.5 184.7 664.5 270.2 283.1
Deferred Taxes 94.9 53.1 - - -
Page 76
Foreign currency monetary item 0.0 125.5 0.0 - -

Miscellaneous Expenditure 0.0 17.0 1.7 2.7 3.1
Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Acceptances 1,600.2 835.6 1,029.8 562.8 662.0

Sundry Creditors 4,942.1 3,650.1 1,684.9 1,121.0 686.7
Liabilities for buyback arrangement 203.9 153.3 - - -
Advance Payments 395.7 67.2 83.3 79.0 90.3
Liability towards premium on 388.9 0.0 - - -
redemption
Investor Fund 7.8 2.7 2.8 2.5 2.5
Amount Due from Customer - - 5.4 0.2 0.0
Contract Work
Proposed Dividends 191.3 61.4 144.2 133.0 -
Provision for tax on dividends 32.2 7.0 - - -
Provision for Income tax 79.8 76.4 - - -
Provision for retirement and other 288.9 212.7 - - -
emplo
Provisions 1,110.3 1,246.9 435.4 242.1 308.6
Secured Loans 4,742.2 2,701.4 1,498.5 1,026.7 197.8

Unsecured Loans 3,096.6 4,192.0 1,389.1 653.2 560.4
Deferred Tax 351.8 187.2 242.9 188.0 151.9

Foreign Currenty Monetary Items 42.6 0.0 - - -
Capital 127.1 101.3 96.1 88.7 85.9

Securities Premium 1,495.6 1,057.7 383.2 445.5 410.3
Capital Redemption Reserve 0.5 0.4 0.6 0.5 0.5
Capital Reserve on Consolidation 79.9 66.2 91.2 94.6 91.6
Debenture Redemption Reserve 245.5 118.7 83.3 76.9 75.0
Amalgamation Reserve 0.0 0.0 0.0 0.0 0.0
Special Reserve 15.4 22.5 19.6 15.3 13.7
Revaluation Reserve 41.4 21.8 6.4 6.0 5.9
Hedging Reserve 0.0 -17.2 0.0 - -
Pension reserve -383.7 -287.2 0.0 - -
General Reserve 1,020.8 803.2 1,018.7 699.9 459.8
Earned Surplus Reserve 2.4 1.5 0.4 0.0 -
Reserves on Research & HRD 22.2 19.6 24.8 15.5 1.3
Restricted Reserve 0.1 0.0 - - -
Translation Reserve -612.5 -431.5 4.0 19.2 10.9
Proft & Loss Account -226.7 -306.2 439.7 314.4 220.8
Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders' 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5

Equity
S/O-Equity Shares 506.4 449.8 398.1 397.9 395.3

S/O-A Ordinary Shares 64.2 64.2 0.0 - -
Page 77

T/S-Equity Shares - - - - 0.0
Accumulated Intangible Amortization 372.7 188.7 0.0 - -
Full-Time Employees 24,310 23,638 23,230 22,349 29,606
Capital Leases Maturing within 1 Year 4.3 4.0 4.3 0.0 0.1
Capital Leases Maturing within 5 Years 2.8 5.5 8.0 0.1 0.1
Capital Leases - Remaining Maturities 0.2 0.0 - - -
Total Capital Leases 7.3 9.5 12.3 0.1 0.2
Operating Leases Maturing within 1 15.1 13.1 3.8 3.3 2.1
Year
Years
Total Operating Leases 43.7 41.2 11.4 10.7 5.5
PV of Funded Obligations - Gatuity 135.2 113.2 139.2 83.3 -
FV of Plan Assets - Gatuity 122.2 101.7 124.0 83.5 -
Funded Status - Gatuity -13.1 -11.5 -15.2 0.1 -
PV of Funded Obligations - Superann. - - - 25.4 -
FV of Plan Assets - Superann. - - - 16.2 -
Funded Status - Superann. - - - -9.2 -
PV of Funded Obligations - BKY/PSY - - - 9.5 -
Funded Status - BKY/PSY - - - -9.5 -
PV of Funded Obligations - Post-Ret. 19.4 16.8 17.6 14.1 -
Expected Rate of Return -Gratuity 8.00% 8.00% - 8.00% -
Provision for Retirement & Other - - - - -65.4
Benefit
Liability - Superann. - - - -9.2 -
Liability - BKY/PSY - - - -9.5 -
Liability - Gratuity -13.1 -11.5 -15.2 - -
Liability - Post Ret. -19.4 -16.8 -17.6 -14.1 -
Asset - Gratuity - - - 0.1 -
Sheet
Debt Securities % - Gratuity 76.00% 78.00% 69.00% 53.00% -
Balances with Banks %-Gratuity 24.00% 22.00% 31.00% 47.00% -
Debt Securities % - Superann. - - - 73.00% -
Balances with Banks %- Superann. - - - 27.00% -
Annual Cash Flows
Page 78

31-Mar-2010 31-Mar-2008 31-Mar-2007
Profit after Tax 541.7 -544.8 538.2 479.9 390.8

Depreciation 818.1 544.1 193.0 151.3 141.3
Gain on Asset Sale 15.7 3.0 -4.9 -3.8 -1.3
Relocation Expenditure 14.2 0.0 - - -
Profit on Sale of Control Stake in -222.9 0.0 - - -
Subs
Gain on Sale of Investment -146.2 -156.2 -33.7 -9.5 -38.0
Reversal of Provision for Diminuition 0.0 -0.4 -0.7 0.3 0.4
Impairment of Goodwill 8.4 0.0 - - -
Provision for Inter-Corporate 0.0 -1.3 -0.2 0.0 -
Deposits
Gain - Financing of Const. - - -18.9 0.0 -
Equipment
Gain on Buy Back of FCCN & CARS 0.0 -11.0 0.0 - -
Share of Associate -17.8 11.2 -16.2 -8.7 -9.9
Minority Interest 6.4 -2.5 32.8 16.4 5.0
Income Tax 211.9 73.0 211.4 195.3 112.6
Wealth Tax - - -0.1 0.2 0.1
Deferred Tax - - - - 32.1
Interest/Dividend 485.8 402.7 153.9 65.8 40.5
Unrealized Exchange Gain -55.4 284.7 -6.5 -15.3 7.3
Profit on Issue of Shares by a Subs. - - -1.2 -0.4 -1.9
Loss on Liquidation of Subsidiary - - -0.2 0.7 0.0
Amortization Miscellaneous 16.3 1.1 0.2 0.1 0.6
Expenditure
Employee Separation - - 1.0 0.9 1.3
Employee Separation Cost of 0.0 -18.3 0.0 - -
subsidiary c
Trade/Other Receivable -915.0 142.6 -173.4 -174.1 -112.3
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Trade/Other Payables 1,835.1 -649.7 724.0 280.3 77.0
Vehicle Loans & Hire Purchase -109.8 64.0 -13.1 -869.7 -403.2
Receivable
Direct Taxes Paid, Net -259.0 -130.2 -165.9 -151.8 -125.8
Cash & Bank Balance Taken on 0.7 278.4 - - -
Acquisiti
Cash and Bank balances on sale of -9.5 0.0 - - -
contro
Acquisition - - - - 13.1
Cash from Amalgamation - - - - 44.0

Purchase of Investments in -0.3 -7.2 -23.7 0.0 0.0
Associates
Page 79
Sale/Purchase of Mutual Fund -206.4 183.4 -196.7 30.6 182.7

Investment in JLR Business 0.0 -2,340.9 0.0 - -
Investment in Subsidiary -11.9 -30.1 0.0 - -
Companies
Investments - Others -2.1 -0.5 -104.7 -4.1 -15.6
Proceeds from Sale of stake in 244.3 0.0 - - -
Telcon
Decrease in Investments in retained - - - -6.3 -
inte
Decrease in Investments in retained 10.8 1.9 3.5 - 20.7
inte
Sale of Investments in associate 0.0 35.4 4.6 0.3 0.0
company
Sale/Redemption of Investments- 202.0 185.4 60.9 9.3 9.0
Other
Deposits of Margin Money / Cash -129.4 -297.6 - - -
Collater
Realisation of Margin Money / Cash 117.5 268.1 - - -
Colla
Fixed deposits with scheduled banks -86.9 0.0 - - -
made
Fixed deposits with scheduled banks 0.5 0.0 - - -
real
Increase in restricted deposits with -1.5 -0.4 - - -
sch
Interest Received 50.1 52.1 38.4 10.0 17.0
Acquisition of Stake in Joint Venture - - -109.8 0.0 -
Proc. from Transfer Activity - Con. - - 220.3 0.0 -
Equ.
Acquisition of Subsidiary - - - 0.0 -103.8
Refund from Escrow Account - - - 0.0 0.8
Sale of Investments - - - 0.0 46.7
Proceeds from Liquidation of - - 0.2 0.0 -
Subsidiary
Sale of Investment in Subsdiary - - 40.8 0.0 -
Company
Payment for Purchase of Business - - 0.0 -0.1 0.0
Admin.
Dividend from Associate 2.0 6.5 4.5 6.8 0.0
Dividend Received 6.6 16.1 20.1 22.7 17.0
Short Term Inter Corporate -1.4 -12.0 7.6 -13.3 5.8
Deposits
Loans to Associates & Others - - -13.2 0.0 -
Inter-Corporate Deposits Received - - 6.7 0.0 -
Proceeds from Issue of CARS - - 489.1 0.0 -

Issue of Foreign Currency Con. - - - 0.0 100.6
Notes
Stamp Duty on FCCN Conversion - - 0.0 0.0 -0.1
Premium on Redemption of FCCN 0.0 0.0 0.0 - -
Expenses on Non-convertible -31.8 -0.2 0.0 - -
debenture
Proceeds from issue of shares held 0.0 0.0 - - -
in ab
Proceeds from issue of shares by 3.7 0.0 - - -
Joint v
Proceeds from GDS issue 351.3 0.0 - - -
LT Debt Proceeds 5,621.9 4,261.7 1,356.3 931.8 61.4
Page 80
LT Debt Payments -4,440.2 -1,792.1 -1,091.3 -216.3 -141.7

ST Borrowings, Net -725.6 915.6 282.7 190.4 22.4
Issue of Right Shares 0.0 893.6 0.0 - -
Proceeds from fixed deposits 429.7 268.0 0.0 - -
Repayment of Fixed Deposits -16.0 0.0 - - -
Issue of Shares to Minority Interests 11.5 0.1 15.6 3.4 8.4
Premium on Long Term Forward - - 0.0 -0.7 0.0
Contracts
Preliminary Expenses Incurred - - 0.0 -0.6 0.0
Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Tax Paid on Interim Dividend by - - 0.0 -1.0 0.0
Subs.
Dividend Paid to Minority Interest -0.7 -13.5 -4.2 -1.6 0.0
Interest Paid -601.6 -519.0 -260.6 -102.9 -73.6


Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8

Page 81
Tata Motors Limited Financial Health


Key Indicators USD (mil)

Quarter Quarter Annual
Ending Ending Year End 1 Year 3 Year 5 Year
30-Jun-2010 Yr Ago 31-Mar-2010 Growth Growth Growth
Total Revenue1 (?) 5,938.7 61.31% 19,872.4 31.57% 42.61% 36.83%
Research &
Development1 (?) 21.5 5.23% 105.0 43.26% 80.29% 49.32%
Operating Income1 (?) 498.8 - 742.2 - 4.49% 13.77%
Income Available to
Common Excl Extraord
Items1 (?) 436.0 - 541.7 - 5.82% 13.16%
Basic EPS Excl Extraord
Items1 (?) 1.54 - 1.03 - -3.77% 5.49%
Capital Expenditures2 (?) - - 1,785.8 -15.00% 45.37% 57.52%
Cash from Operating
Activities2 (?) - - 1,956.5 357.33% - 45.84%
Free Cash Flow (?) - - 180.4 - - 8.72%
Total Assets3 (?) - - 19,401.7 17.10% 50.76% 42.24%
Total Liabilities3 (?) - - 17,573.8 15.27% 64.57% 49.50%
Total Long Term Debt3
(?) - - 7,838.8 0.62% 68.92% 66.94%
Employees3 (?) - - 24310 2.84% 2.84% -2.80%
Total Common Shares
Outstanding3 (?) - - 570.6 11.00% 12.76% 8.84%
1-ExchangeRate: INR to USD
Average for Period 45.616613 47.459072
Average for Period 47.459072
Period End Date 44.895000
Utility Industry Specific USD (mil)

Deferred Charges 3 (?) 0.0 17.0 1.7 2.7 3.1
3-ExchangeRate: INR to USD Period End
Date 44.895000 50.735000 40.120000 43.465000 44.565000
Key Ratios
Profitability
Gross Margin (?) 29.10% 27.87% 30.32% 30.41% 30.90%
Operating Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%
Pretax Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%
Net Profit Margin (?) 2.73% -3.50% 6.03% 6.67% 7.20%
Financial Strength
Current Ratio (?) 1.02 1.02 1.41 1.74 1.41
Long Term Debt/Equity (?) 4.29 5.89 1.33 0.95 0.55
Total Debt/Equity (?) 5.16 6.60 1.81 1.26 1.03
Interest Coverage (?) 6.25 -3.44 12.42 - -
Management Effectiveness
Return on Assets (?) 3.12% -4.49% 7.36% 10.11% 10.31%
Return on Equity (?) 36.35% -34.23% 26.40% 31.33% 32.83%
Page 82
Efficiency
Receivables Turnover (?) 5.68 5.34 2.99 3.40 4.29
Inventory Turnover (?) 5.77 7.02 7.69 7.97 7.21
Asset Turnover (?) 1.17 1.31 1.18 1.49 1.45
Market Valuation USD (mil)

P/E (TTM) (?) 9.66 . Enterprise Value2 (?) 12,170.3
Price/Sales (TTM) (?) 0.54 . Enterprise Value/Revenue (TTM) (?) 0.54
Enterprise Value/EBITDA (TTM) (?) 4.48 . Market Cap1 (?) 12,049.7
1-ExchangeRate: INR to USD on 27-Aug-
2010 46.910000
2-ExchangeRate: INR to USD on 30-Jun-2010 46.445000

Page 83
Tata Motors Limited Ratio Comparisons

Traded: New York Stock Exchange: TTM Financials in: USD (actual units)
Industry: Auto & Truck Manufacturers As of 27-Aug-2010
Sector: Consumer Cyclical
Company Industry Sector S&P 500

Valuation Ratios
P/E Excluding Extraordinary (TTM) (?) - 23.95 21.84 17.60
P/E High Excluding Extraordinary -
Last 5 Yrs (?) - 31.71 29.53 32.44
P/E Low Excluding Extraordinary - Last
5 Yrs (?) - 7.87 9.73 10.37
Beta (?) 2.37 2.12 1.67 1.00
Price/Revenue (TTM) (?) - 0.81 1.12 2.27
Price/Book (MRQ) (?) - 3.91 3.06 3.32
Price to Tangible Book (MRQ) (?) - 3.61 5.04 4.90
Price to Cash Flow Per Share (TTM) (?) - 10.61 11.86 12.28
Price to Free Cash Flow Per Share
(TTM) (?) - 11.50 13.63 20.43
Dividends
Dividend Yield (?) 1.45% 1.15% 2.01% 2.61%
Dividend Per Share - 5 Yr Avg (?) 0.30 1.96 1.70 2.06
Dividend 5 Yr Growth (?) 30.26% -70.11% -19.46% 4.77%
Payout Ratio (TTM) (?) - 12.30% 18.55% 28.09%
Growth Rates (%)

Revenue (MRQ) vs Qtr 1 Yr Ago (?) - 33.48% 26.14% 16.49%
Revenue (TTM) vs TTM 1 Yr Ago (?) - -7.31% 2.37% 5.59%
Revenue 5 Yr Growth (?) 36.06% -5.30% 2.79% 9.46%
EPS (MRQ) vs Qtr 1 Yr Ago (?) - 0.12% 43.36% 18.37%
EPS (TTM) vs TTM 1 Yr Ago (?) - -41.34% 14.77% 19.32%
EPS 5 Yr Growth (?) 5.07% -15.59% -0.03% 11.28%
Capital Spending 5 Yr Growth (?) - -4.33% 0.55% 6.44%
Financial Strength
Quick Ratio (MRQ) (?) - 1.25 1.43 1.25
Current Ratio (MRQ) (?) - 2.12 2.53 1.86
LT Debt/Equity (MRQ) (?) - 1.12 0.68 0.67
Total Debt/Equity (MRQ) (?) - 1.42 0.79 0.75
Interest Coverage (TTM) (?) - 7.81 8.25 13.75
Profitability Ratios (%)

Gross Margin (TTM) (?) - 14.49% 30.53% 44.67%
Gross Margin - 5 Yr Avg (?) 29.21% 19.60% 31.68% 44.66%
EBITD Margin (TTM) (?) - 5.29% 10.20% 24.50%
EBITD Margin - 5 Yr Avg (?) 7.71% 6.19% 9.98% 22.91%
Operating Margin (TTM) (?) - 2.52% 7.64% 19.62%
Operating Margin - 5 Yr Avg (?) 3.85% -1.66% 6.21% 18.20%
Pretax Margin (TTM) (?) - 4.47% 7.38% 17.01%
Pretax Margin - 5 Yr Avg (?) 3.63% -0.41% 5.83% 17.14%
Net Profit Margin (TTM) (?) - 1.01% 4.93% 13.01%
Page 84
Net Profit Margin - 5 Yr Avg (?) 2.21% 0.18% 4.19% 12.06%

Effective Tax Rate (TTM) (?) - 16.21% 23.40% 28.17%
Effective Tax rate - 5 Yr Avg (?) 39.17% 22.80% 30.69% 30.13%
Management Effectiveness (%)

Return on Assets (TTM) (?) - 0.41% 6.13% 8.15%
Return on Assets - 5 Yr Avg (?) - 1.48% 5.96% 8.37%
Return on Investment (TTM) (?) - 4.31% 8.82% 10.52%
Return on Investment - 5 Yr Avg (?) - 2.51% 7.87% 12.00%
Return on Equity (TTM) (?) - 12.49% 14.65% 18.79%
Return on Equity - 5 Yr Avg (?) - 21.95% 14.99% 20.15%
Efficiency
Revenue/Employee (TTM) (?) - 644,754.44 461,996.70 848,998.16
Net Income/Employee (TTM) (?) - 29,525.15 42,426.57 109,750.56
Receivables Turnover (TTM) (?) - 3.41 6.86 10.87
Inventory Turnover (TTM) (?) - 31.24 13.52 12.73
Asset Turnover (TTM) (?) - 0.68 1.13 0.91

Page 85
Tata Motors Limited Annual Ratios



Financial Strength
Current Ratio (?) 1.02 1.02 1.41 1.74 1.41
Quick/Acid Test Ratio (?) 0.61 0.53 1.05 1.40 1.10
Working Capital1 (?) 180.2 111.5 1,401.5 1,598.3 726.5
Long Term Debt/Equity (?) 4.29 5.89 1.33 0.95 0.55
Total Debt/Equity (?) 5.16 6.60 1.81 1.26 1.03
Long Term Debt/Total Capital (?) 0.70 0.77 0.47 0.42 0.27
Total Debt/Total Capital (?) 0.84 0.87 0.64 0.56 0.51
Interest Coverage (?) 6.25 -3.44 12.42 - -
Payout Ratio (?) 30.80% -10.55% 26.67% 26.58% 28.35%
Effective Tax Rate (?) 28.55% - 27.59% 28.60% 27.25%
Total Capital1 (?) 11,267.0 8,900.0 6,085.2 4,019.3 2,796.1
Efficiency
Asset Turnover (?) 1.17 1.31 1.18 1.49 1.45
Inventory Turnover (?) 5.77 7.02 7.69 7.97 7.21
Days In Inventory (?) 63.28 52.02 47.46 45.77 50.61
Receivables Turnover (?) 5.68 5.34 2.99 3.40 4.29
Days Receivables Outstanding (?) 64.25 68.29 122.24 107.39 85.01
Revenue/Employee2 (?) 864,143 597,694 385,494 334,717 182,000
Operating Income/Employee2 (?) 32,276 -17,754 33,115 31,789 17,804
EBITDA/Employee2 (?) 74,043 7,151 44,406 38,873 22,528
Profitability
Gross Margin (?) 29.10% 27.87% 30.32% 30.41% 30.90%
Operating Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%
EBITDA Margin (?) 8.57% 1.20% 11.52% 11.61% 12.38%
EBIT Margin (?) 4.45% -2.30% 9.34% 9.50% 9.78%
Pretax Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%
Net Profit Margin (?) 2.73% -3.50% 6.03% 6.67% 7.20%
R&D Expense/Revenue (?) 0.53% 0.49% 0.18% 0.26% 0.30%
COGS/Revenue (?) 68.08% 69.72% 69.16% 69.26% 68.40%
SG&A Expense/Revenue (?) 19.87% 24.05% 20.98% 19.89% 19.47%
Management Effectiveness
Return on Assets (?) 3.12% -4.49% 7.36% 10.11% 10.31%
Return on Equity (?) 36.35% -34.23% 26.40% 31.33% 32.83%
Valuation
Free Cash Flow/Share2 (?) 0.32 -3.04 0.20 -2.10 -0.51
Operating Cash Flow/Share 2 (?) 3.62 0.78 3.50 -0.51 0.21
1-ExchangeRate: INR to USD Period End Date 44.895 50.735 40.12 43.465 44.565
2-ExchangeRate: INR to USD Average for Period 44.895 50.735 40.12 43.465 44.565
Page 86
Current Market Multiples

Market Cap/Revenue (TTM) (?) 0.54
Market Cap/EBIT (TTM) (?) 6.59
Market Cap/EBITDA (TTM) (?) 4.48
Enterprise Value/Revenue (TTM) (?) 0.54
Enterprise Value/EBIT (TTM) (?) 6.59
Enterprise Value/EBITDA (TTM) (?) 4.48

Page 87
Tata Motors Limited Stock Report

Stock Snapshot
Traded: New York Stock Exchange: TTM 2 Year Weekly End Price & Volume
As of 27-Aug-2010 US Dollars
Recent Price $22.08 EPS $1.02

52 Week High $22.93 Price/Sales 0.50
52 Week Low $11.32 Dividend Rate $0.32
Avg. Volume (mil) 1.20 Beta 2.37
Market Value (mil) $9,931.10
Price % Change Rel S&P 500%

4 Week 16.76% 20.82%
13 Week 32.37% 35.46%
52 Week 83.08% 77.30%
Year to Date 30.96% 37.17%
Source: Reuters
Stock History
Yearly Price History

2010 % Chg 2009 % Chg 2008 % Chg 2007 % Chg 2006 % Chg
High Price 22.93 31.9 17.39 -13.3 20.05 -9.3 22.11 0.5 21.99 51.3
Low Price 13.85 354.1 3.05 -12.9 3.50 -76.7 15.00 7.7 13.93 50.6
Year End Price 22.08 31.0 16.86 278.9 4.45 -76.4 18.86 -7.7 20.43 42.2
Monthly Price History >> View More

Price Ending Date Open High Low Close Volume
27-Aug-10 19.11 22.93 18.80 22.08 33,443,716
30-Jul-10 17.00 19.32 16.72 18.91 20,849,649
30-Jun-10 16.32 18.47 16.06 17.19 21,313,954
28-May-10 20.48 20.84 15.25 16.68 33,808,481
30-Apr-10 18.71 20.76 18.58 20.41 20,804,047
31-Mar-10 16.20 18.79 16.20 18.46 40,227,169
26-Feb-10 15.20 16.29 13.85 16.18 24,110,982
29-Jan-10 17.57 18.09 14.55 14.63 31,722,144
31-Dec-09 14.95 17.39 14.65 16.86 27,500,335
30-Nov-09 11.62 14.38 11.46 14.32 28,809,231
30-Oct-09 12.65 13.10 11.32 11.38 32,453,787
30-Sep-09 12.10 13.58 11.47 12.96 19,450,977
31-Aug-09 10.66 12.34 10.50 11.59 26,654,474

Page 88

Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/ Standardized

Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Gross Revenue 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4

Excise Tax Receipts -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Revenue 19,082.3 15,066.9 8,853.3 7,156.3 5,376.0
Interest Income, Non-Bank 609.2 381.5 66.4 33.9 55.1
Other Revenue 180.8 138.2 - - -
Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Cost of Revenue 13,511.2 10,880.2 6,171.9 4,962.7 3,707.6

Excise Taxes Payments 18.3 -12.8 -3.3 17.1 7.5
Gross Profit 5,552.8 4,199.4 2,684.7 2,176.4 1,661.0
Selling/General/Administrative 1,478.2 1,588.6 1,189.9 896.1 654.1

Expense
Labor & Related Expense 1,844.1 1,586.8 681.5 534.2 403.3
Advertising Expense 626.7 572.7 - - -
Total 3,948.9 3,748.0 1,871.5 1,430.3 1,057.4
Expenses
Depreciation 819.0 545.1 194.2 152.2 141.0
Interest Capitalized - Operating -70.0 -63.6 -30.0 -4.7 -0.7
Investment Income - Operating -158.1 285.8 -39.9 - -
Interest/Investment Income - -205.6 233.6 -82.0 -13.1 -14.4
Operating
Interest Expense (Income) - Net 141.4 104.4 67.1 - -
Operating
Operating Total
Loss (Gain) on Sale of Assets - 15.7 3.0 - - -
Operating
Page 89
Other Unusual Expense (Income) 72.5 0.0 - - 0.0

Unusual Expense (Income) 88.2 3.0 - - 0.0
Other Operating Expense 1,293.3 1,113.4 0.0 0.0 -
Other, Net -967.7 -1,008.7 -241.7 -163.6 -85.5
Other Operating Expenses, Total 325.6 104.7 -241.7 -163.6 -85.5
Operating Income 742.2 -463.0 766.2 682.9 531.3
Income Before Tax 742.2 -463.0 766.2 682.9 531.3
Total Income Tax 211.9 73.0 211.4 195.3 144.8

Income After Tax 530.3 -536.0 554.8 487.6 386.5

Equity In Affiliates 17.8 -11.2 16.2 8.7 9.4
Net Income Before Extraord Items 541.7 -544.8 538.2 479.9 390.8
Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Common Excl 541.7 -544.8 538.2 479.9 390.8

Extraord Items
Income Available to Common Incl 541.7 -544.8 538.2 479.9 390.8

Extraord Items
Basic/Primary Weighted Average 527.9 440.5 398.0 397.1 389.1

Shares
Basic EPS Excl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Basic/Primary EPS Incl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Diluted EPS Excl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Incl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Primary Issue
Dividends per Share - Common Stock 0.33 0.14 0.00 - -
Issue 2
Interest Capitalized, Supplemental -70.0 -63.6 -30.0 -4.7 -0.7
Total Special Items 88.2 -8.0 - - 0.0
Normalized Income Before Tax 830.4 -471.0 766.2 682.9 531.3
Effect of Special Items on Income 25.2 -2.8 - - 0.0

Taxes
Normalized Income After Tax 593.3 -541.2 554.8 487.6 386.5

Amort of Intangibles, Supplemental 165.9 63.3 0.0 - -
Page 90
Rental Expenses 47.5 43.1 19.1 10.3 6.7

Advertising Expense, Supplemental 626.7 572.7 77.3 57.0 43.8
Supplemental
Normalized EBIT 1,144.3 234.6 910.8 772.6 586.9
Normalized EBITDA 1,963.3 779.7 1,105.0 924.8 727.9
Other Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Interest Cost - Domestic 9.5 9.6 10.1 7.1 -
Service Cost - Domestic 6.7 6.9 6.6 4.4 -
Prior Service Cost - Domestic 0.1 0.7 0.0 - -
Expected Return on Assets - Domestic -8.9 -8.4 -9.0 -6.6 -
Actuarial Gains and Losses - Domestic 10.7 -1.2 13.1 15.1 -
Service Cost - Post-Retirement 0.7 0.6 0.7 0.6 -
Actuarial Gains and Losses - Post- 0.0 2.3 1.4 3.7 -
Retir.
Defined Contribution Expense - 45.5 38.5 63.5 57.6 31.5
Domestic
Expected Rate of Return - Domestic 8.00% 8.00% 8.00% - -
Total Plan Interest Cost 11.0 10.8 11.3 7.8 -
Total Plan Service Cost 7.3 7.5 7.4 5.0 -
Total Plan Expected Return -8.9 -8.4 -9.0 -6.6 -

Page 91
Tata Motors Limited Interim Income Statement


Financial Glossary
30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 30-Jun-2009
UpdateType/Date Updated Normal Updated Normal Updated Normal Updated Normal Reclassified
30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 Normal
30-Jun-2010
Gross Revenue 6,088.1 6,620.1 5,724.1 4,464.2 3,446.1

Excise Tax Receipts -196.3 -229.3 -156.5 -146.4 -97.5
Revenue 5,891.7 6,390.8 5,567.6 4,317.8 3,348.6
Other Revenue 46.9 147.5 14.9 127.6 87.7
Total Revenue 5,938.7 6,538.4 5,582.5 4,445.5 3,436.3
Cost of Revenue 3,737.1 4,081.0 3,736.8 2,904.1 2,303.3

Gross Profit 2,154.7 2,309.8 1,830.8 1,413.7 1,045.4
Labor & Related Expense 471.1 464.8 487.6 474.9 418.2

Total 471.1 464.8 487.6 474.9 418.2
Expenses
Depreciation 221.7 193.2 280.1 175.3 172.7
Investment Income - Operating 9.1 -8.3 26.7 33.7 -68.3
Interest/Investment Income - -28.8 -50.4 1.6 1.7 -87.3
Operating
Operating Total
Other Unusual Expense (Income) 0.0 39.0 23.5 11.4 0.0
Unusual Expense (Income) 0.0 39.0 23.5 11.4 0.0
Other Operating Expense 1,105.1 1,287.4 937.8 888.2 765.0
Other, Net -248.8 -259.0 -236.0 -234.8 -237.8
Other Operating Expenses, Total 856.3 1,028.3 701.8 653.4 527.2
Operating Income 498.8 569.4 190.6 59.4 -55.2
Income Before Tax 498.8 569.4 190.6 59.4 -55.2
Total Income Tax 64.9 89.1 52.0 59.8 13.1
Page 92
Income After Tax 433.9 480.3 138.5 -0.4 -68.4
Minority Interest -1.4 -5.3 -3.3 0.9 1.0

Equity In Affiliates 3.4 9.8 4.2 4.1 0.1
Net Income Before Extraord Items 436.0 484.9 139.4 4.5 -67.3
Net Income 436.0 484.9 139.4 4.5 -67.3
Income Available to Common Excl 436.0 484.9 139.4 4.5 -67.3

Extraord Items
Income Available to Common Incl 436.0 484.9 139.4 4.5 -67.3

Extraord Items
Basic/Primary Weighted Average 283.7 1,410.9 265.4 178.5 256.9

Shares
Basic EPS Excl Extraord Items 1.54 0.34 0.53 0.03 -0.26
Basic/Primary EPS Incl Extraord Items 1.54 0.34 0.53 0.03 -0.26
Dilution Adjustment - 9.1 - - 0.0
Diluted Net Income 436.0 494.0 139.4 4.5 -67.3
Diluted Weighted Average Shares 307.2 1,607.1 289.3 184.6 256.9
Diluted EPS Excl Extraord Items 1.42 0.31 0.48 0.02 -0.26
Diluted EPS Incl Extraord Items 1.42 0.31 0.48 0.02 -0.26
Primary Issue
Dividends per Share - Common Stock - 0.34 - - -
Issue 2
Total Special Items 0.0 39.0 23.5 11.4 0.0
Normalized Income Before Tax 498.8 608.4 214.1 70.8 -55.2
Effect of Special Items on Income 0.0 6.1 6.4 4.0 0.0

Taxes
Normalized Income After Tax 433.9 513.2 155.6 7.0 -68.4
Normalized Inc. Avail to Com. 436.0 517.8 156.5 11.9 -67.3
Basic Normalized EPS 1.54 0.37 0.59 0.07 -0.26

Diluted Normalized EPS 1.42 0.33 0.54 0.06 -0.26
Supplemental
Normalized EBIT 631.0 720.1 357.7 220.1 -4.1
Normalized EBITDA 852.7 913.3 637.9 395.3 168.6

Page 93
Tata Motors Limited Annual Balance Sheet


Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Exchange Rate 44.895 50.735 40.12 43.465 44.565
Cash 1,349.8 422.4 270.7 - -

Cash & Equivalents - - - 265.6 311.1
Short Term Investments 194.9 47.9 286.3 - -
Cash and Short Term Investments 1,544.7 470.3 557.0 265.6 311.1
Accounts Receivable - Trade, 54.0 56.5 529.9 404.6 315.2
Gross
Provision for Doubtful Accounts -58.1 -36.6 -16.4 -13.0 -11.3
Trade Accounts Receivable - Net -4.1 19.9 513.6 391.6 303.9
Other Receivables 4,123.4 2,879.3 2,506.1 2,357.8 1,307.8
Total Receivables, Net 4,119.3 2,899.2 3,019.6 2,749.4 1,611.8
Inventories - Finished Goods 1,925.3 1,538.6 409.4 344.9 236.5
Inventories - Work In Progress 222.4 205.8 92.2 84.0 76.9
Inventories - Raw Materials 357.1 399.9 312.9 293.6 238.2
Inventories - Other 14.8 14.1 6.7 6.1 5.1
Total Inventory 2,519.7 2,158.4 821.2 728.6 556.7
Restricted Cash - Current 402.8 377.2 398.5 - -
Other Current Assets 570.5 367.1 0.3 1.4 1.5
Other Current Assets, Total 973.3 744.3 398.8 1.4 1.5
Buildings 1,446.6 1,305.9 381.8 285.1 262.6

Land/Improvements 420.2 311.0 109.3 54.4 35.1
Machinery/Equipment 10,219.2 8,765.6 2,546.3 1,862.3 1,610.3
Construction in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Leases 88.9 81.1 102.6 145.5 151.7
Other Property/Plant/Equipment - - 94.2 36.0 28.3
Property/Plant/Equipment - Gross 13,972.0 12,539.7 4,716.8 2,977.3 2,306.6
Accumulated Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Property/Plant/Equipment - Net 6,679.4 6,171.0 3,206.2 1,728.8 1,219.8
Goodwill, Net 762.4 733.0 141.1 101.9 92.5
Intangibles - Gross 2,270.3 1,060.9 0.0 - -
Accumulated Intangible -372.7 -188.7 0.0 - -
Amortization
Intangibles, Net 1,897.6 872.1 0.0 - -
LT Investment - Affiliate Companies 134.8 63.1 - - -
Page 94
LT Investments - Other 359.5 184.7 664.5 270.2 283.1

Long Term Investments 494.3 247.8 664.5 270.2 283.1
Deferred Charges 0.0 17.0 1.7 2.7 3.1
Deferred Income Tax - Long Term 94.9 53.1 - - -
Asset
Other Long Term Assets 0.0 125.5 0.0 - -
Other Long Term Assets, Total 94.9 195.5 1.7 2.7 3.1
Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Accounts Payable 4,942.1 3,650.1 1,684.9 1,121.0 686.7

Accrued Expenses 84.1 24.7 9.3 6.2 4.3
Notes Payable/Short Term Debt 1,600.2 835.6 1,029.8 562.8 662.0
Dividends Payable 191.3 61.4 144.2 133.0 -
Customer Advances 395.7 67.2 83.3 79.0 90.3
Income Taxes Payable 79.8 76.4 - - -
Other Current Liabilities 1,999.8 1,615.6 443.7 244.8 311.2
Other Current liabilities, Total 2,666.6 1,820.5 671.1 456.8 401.5
Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2

Total Debt 9,439.1 7,729.1 3,917.3 2,242.7 1,420.3
Deferred Income Tax - LT Liability 351.8 187.2 242.9 188.0 151.9

Deferred Income Tax 351.8 187.2 242.9 188.0 151.9
Other Long Term Liabilities 42.6 0.0 - - -
Other Liabilities, Total 42.6 0.0 - - -
Common Stock 127.1 101.3 96.1 88.7 85.9

Common Stock 127.1 101.3 96.1 88.7 85.9
Additional Paid-In Capital 1,575.6 1,123.9 474.3 540.1 501.9
Retained Earnings (Accumulated 696.4 355.4 1,587.1 1,122.6 771.1
Deficit)
Unrealized Gain (Loss) 41.4 21.8 6.4 6.0 5.9
Translation Adjustment -612.5 -431.5 4.0 19.2 10.9
Other Equity, Total -612.5 -431.5 4.0 19.2 10.9
Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders’ 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5

Equity
Shares Outstanding - Common 506.4 449.8 398.1 397.9 395.3

Stock Primary Issue
Shares Outstanding - Common 64.2 64.2 0.0 - -
Stock Issue 2
Treasury Shares - Common Stock - - - - 0.0
Primary Issue
Employees 24,310 23,638 23,230 22,349 29,606
Accumulated Intangible Amort, Suppl. 372.7 188.7 0.0 - -
Total Capital Leases, Supplemental 7.3 9.5 12.3 0.1 0.2
Page 95
Years
Years
Cap. Lease Pymts. Due in Year 6 & 0.2 0.0 0.0 0.0 0.0
Beyond
Total Operating Leases, Supplemental 43.7 41.2 11.4 10.7 5.5
1
2
3
4
5
Years
Years
Oper. Lse. Pymts. Due in Year 6 & 0.0 0.0 0.0 0.0 0.0
Beyond
Pension Obligation - Domestic 135.2 113.2 139.2 118.2 -
Post-Retirement Obligation 19.4 16.8 17.6 14.1 -
Plan Assets - Domestic 122.2 101.7 124.0 99.7 -
Funded Status - Domestic -13.1 -11.5 -15.2 -18.5 -
Expected Rate of Return - Domestic 8.00% 8.00% - - -
Prepaid Benefits - Domestic - - - 0.1 -
Accrued Liabilities - Domestic -13.1 -11.5 -15.2 -18.7 -65.4
Accrued Liabilities - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Sheet
Debt Securities % - Domestic 76.00% 78.00% 69.00% - -
Other Investments % - Domestic 24.00% 22.00% 31.00% - -
Total Plan Obligations 154.7 130.0 156.7 132.3 -
Total Plan Assets 122.2 101.7 124.0 99.7 -

Page 96
Tata Motors Limited Annual Cash Flows


Financial Glossary
31-Mar-2010 31-Mar-2008 31-Mar-2007
Net Income/Starting Line 541.7 -544.8 538.2 479.9 390.8

Depreciation 818.1 544.1 193.0 151.3 141.3
Depreciation/Depletion 818.1 544.1 193.0 151.3 141.3
Deferred Taxes - - - - 32.1
Unusual Items -330.8 -164.2 -38.8 -12.7 -39.3
Equity in Net Earnings (Loss) -17.8 11.2 -16.2 -8.7 -9.9
Other Non-Cash Items 665.0 757.3 371.9 263.2 209.8
Non-Cash Items 316.4 604.4 316.8 241.8 160.6
Accounts Receivable -1,024.8 206.7 -186.5 -1,043.8 -515.5
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Other Assets 0.0 -18.3 0.0 - -
Accounts Payable 1,835.1 -649.7 724.0 280.3 77.0
Other Operating Cash Flow -267.8 148.3 -165.9 -151.8 -112.7
Changes in Working Capital 280.2 -162.3 341.1 -1,066.6 -642.8
Purchase of Fixed Assets -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8

Acquisition of Business - - - 0.0 -103.8
Sale/Maturity of Investment 457.6 222.8 109.8 9.6 76.3
Investment, Net -206.4 183.4 -196.7 24.3 182.7
Purchase of Investments -101.2 -2,378.7 -238.2 -4.1 -15.6
Other Investing Cash Flow 43.9 32.8 284.5 26.1 40.6
Other Investing Cash Flow Items, 198.6 -1,923.5 -29.1 77.9 183.6
Total
Other Financing Cash Flow -618.9 -532.6 -249.3 -103.4 -65.3

Financing Cash Flow Items -618.9 -532.6 -249.3 -103.4 -65.3
Cash Dividends Paid - Common -73.0 -151.6 -170.1 -127.2 -118.5
Total Cash Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Sale/Issuance of Common 351.4 893.6 0.0 - -
Common Stock, Net 351.4 893.6 0.0 - -
Page 97
Issuance (Retirement) of Stock, 351.4 893.6 0.0 - -

Net
Short Term Debt, Net -725.6 915.6 282.7 190.4 22.4
Long Term Debt Issued 6,051.5 4,529.7 1,845.4 931.8 162.0
Long Term Debt Reduction -4,456.2 -1,792.1 -1,091.3 -216.3 -141.7
Long Term Debt, Net 1,595.3 2,737.6 754.1 715.5 20.4
Issuance (Retirement) of Debt, 869.8 3,653.2 1,036.8 905.9 42.7
Net


Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8

Page 98

Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/ As Reported


31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Gross Sales 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4

Excise Duty -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Income on securitisation / sale of 48.9 14.6 - - -
recei
Interest income on Loan contracts 231.4 207.8 - - -
(net)
Miscellaneous income 131.9 123.6 - - -
Profit on sale of current investments 146.2 0.7 - - -
Profit on sale of controlling stake in 222.9 0.0 - - -
a
Profit on sale of other long term 0.0 155.5 - - -
invest
Dividend & Other Income 8.8 17.6 66.4 33.9 55.1
Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Stock in Trade & WIP -242.0 172.4 -0.1 -90.9 -54.4

Purchase of Product for Sale Etc 1,799.1 1,517.4 575.5 422.7 307.8
Consumption of Raw Material and 11,400.5 8,753.0 5,476.2 4,524.7 3,369.5
Compon.
Processing Charges 185.2 121.7 120.2 106.2 84.8
Salaries, Wages 1,844.1 1,586.8 681.5 534.2 403.3
Stores, spare parts and tools 223.1 166.5 - - -
consumed
Power and fuel 145.3 149.2 - - -
Excise Duty on Stock in Trade 18.3 -12.8 -3.3 17.1 7.5
Publicity 626.7 572.7 - - -
General & Admin Expenses 755.1 916.4 - - -
Exchange (Gain) / Loss -140.3 212.0 - - -
Loss on sale of assets 6.2 2.8 - - -
Loss on Assets Scrapped / Written 9.5 0.2 - - -
off
Other Expenses 1,293.3 1,113.4 - - -
Selling & General Expenses 723.0 672.2 1,189.7 896.0 654.1
Expenditure Transfer to Capital & -967.7 -1,008.7 -241.7 -163.6 -85.9
Other
Page 99
Depreciation 819.0 545.1 194.2 152.2 141.0

Capitalized Interest -70.0 -63.6 -30.0 -4.7 -0.7
Interest Received -47.5 -52.1 -42.1 -13.1 -14.4
Discount Charges, net 141.4 104.4 67.1 - -
Amort. of Miscellaneous Exp. in - - 0.2 0.1 0.0
Subs.
Adjustment of Misc. Expenditure in - - 0.0 0.0 -
Sub.
National Exchange Loss/Gain on -17.8 73.8 -39.9 - -
Revaluati
Others 72.5 0.0 - - -
Provision for Investment - - - - 0.4
Separation Cost - - - - 0.0
Net Income Before Taxes 742.2 -463.0 766.2 682.9 531.3

Net Income After Taxes 530.3 -536.0 554.8 487.6 386.5

Share of Associate 17.8 -11.2 16.2 8.7 9.9
Amort. of Misc. Exp. in Subsidiaries - - - - -0.6
Net Income Before Extra. Items 541.7 -544.8 538.2 479.9 390.8
Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Com Excl 541.7 -544.8 538.2 479.9 390.8

ExtraOrd
Income Available to Com Incl 541.7 -544.8 538.2 479.9 390.8

ExtraOrd
Basic Weighted Average Shares 527.9 440.5 398.0 397.1 389.1

Basic EPS Excluding ExtraOrdinary 1.03 -1.24 1.35 1.21 1.00
Items
Basic EPS Including ExtraOrdinary 1.03 -1.24 1.35 1.21 1.00
Item
Diluted EPS Excluding ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Including ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
DPS-A Ordinary Shares 0.33 0.14 0.00 - -
Normalized Income Before Taxes 830.4 -471.0 766.2 682.9 531.3

Normalized Income After Taxes 593.3 -541.2 554.8 487.6 386.5

Page 100

Amortization 165.9 63.3 0.0 - -
Interest Capitalized -70.0 -63.6 -30.0 -4.7 -0.7
Advertsing Expense 626.7 572.7 77.3 57.0 43.8
Rental Expense 47.5 43.1 19.1 10.3 6.7
Fringe Benefit Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Current Service Cost - Gratuity 6.7 6.9 6.6 3.1 -
Interest Cost - Gratuity 9.5 9.6 10.1 4.6 -
Exp. Return on Assets - Gratuity -8.9 -8.4 -9.0 -5.3 -
Prior Service Cost 0.1 0.7 0.0 - -
Actuarial Gain/Loss - Gratuity 10.7 -1.2 13.1 15.2 -
Current Service Cost - Superannuation - - - 1.0 -
Interest Cost - Superannuation - - - 1.9 -
Expected Return on Assets - - - - -1.3 -
Superannuati
Actuarial Gain/Loss - Superannuation - - - -1.2 -
Current Service Cost - BKY/PSY - - - 0.3 -
Interest Cost - BKY/PSY - - - 0.6 -
Actuarial Gain/Loss - BKY/PSY - - - 1.1 -
Current Service Cost - Post- 0.7 0.6 0.7 0.6 -
Retirement
Actuarial Gain/Loss - Post Ret. 0.0 2.3 1.4 3.7 -
Provident Fund Expenses 45.5 38.5 63.5 57.6 31.5
Expected Rate of Return - Gratuity 8.00% 8.00% 8.00% 8.00% -

Page 101
Tata Motors Limited Interim Income Statement



UpdateType/Date Updated Normal Updated Normal Updated Normal Updated Normal Reclassified
30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 Normal
30-Jun-2010
Gross Sales 6,088.1 6,620.1 5,724.1 4,464.2 3,446.1

Excise Duty -196.3 -229.3 -156.5 -146.4 -97.5
Other Operating Income 39.3 -83.3 13.9 43.6 22.0
Other Income 7.6 230.9 1.0 84.1 65.7
Total Revenue 5,938.7 6,538.4 5,582.5 4,445.5 3,436.3
Stock in Trade & WIP -72.7 -295.7 64.5 49.4 0.3

Consumption of Raw Materials & 3,256.0 3,836.7 3,201.5 2,466.0 1,897.8
Component
Purchase of Products for Sale 553.8 540.1 470.9 388.7 405.1
Salaries, Wages 471.1 464.8 487.6 474.9 418.2
Depreciation 221.7 193.2 280.1 175.3 172.7
Other Expenditure 1,105.1 1,287.4 937.8 888.2 765.0
Amount Capitalised -248.8 -259.0 -236.0 -234.8 -237.8
Gross interest and discounting 161.0 162.1 142.0 147.6 138.3
charges
Interest income/interest capitalised -37.9 -42.1 -25.1 -32.0 -18.9
Exchange Gain 9.1 -8.3 26.7 33.7 -68.3
Other Exceptional Item 0.0 39.0 23.5 11.4 0.0
Net Income Before Taxes 498.8 569.4 190.6 59.4 -55.2

Net Income After Taxes 433.9 480.3 138.5 -0.4 -68.4
Minority Interest -1.4 -5.3 -3.3 0.9 1.0

Share of Associate 3.4 9.8 4.2 4.1 0.1
Net Income Before Extra. Items 436.0 484.9 139.4 4.5 -67.3
Net Income 436.0 484.9 139.4 4.5 -67.3
Income Available to Com Excl 436.0 484.9 139.4 4.5 -67.3

ExtraOrd
Income Available to Com Incl 436.0 484.9 139.4 4.5 -67.3

ExtraOrd
Page 102
Basic Weighted Average Shares 283.7 1,410.9 265.4 178.5 256.9

Basic EPS Excluding ExtraOrdinary 1.54 0.34 0.53 0.03 -0.26
Items
Basic EPS Including ExtraOrdinary 1.54 0.34 0.53 0.03 -0.26
Item
Dilution Adjustment - 9.1 - - 0.0
Diluted Net Income 436.0 494.0 139.4 4.5 -67.3
Diluted Weighted Average Shares 307.2 1,607.1 289.3 184.6 256.9
Diluted EPS Excluding ExtraOrd Items 1.42 0.31 0.48 0.02 -0.26
Diluted EPS Including ExtraOrd Items 1.42 0.31 0.48 0.02 -0.26
DPS-A Ordinary Shares - 0.34 - - -
Normalized Income Before Taxes 498.8 608.4 214.1 70.8 -55.2

Normalized Income After Taxes 433.9 513.2 155.6 7.0 -68.4
Normalized Inc. Avail to Com. 436.0 517.8 156.5 11.9 -67.3
Basic Normalized EPS 1.54 0.37 0.59 0.07 -0.26

Diluted Normalized EPS 1.42 0.33 0.54 0.06 -0.26
Interest 161.0 162.1 142.0 147.6 138.3

Page 103
Tata Motors Limited Annual Balance Sheet



31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007
Exchange Rate 44.895 50.735 40.12 43.465 44.565

Stores & Spare Parts 49.3 38.3 33.1 36.4 34.1
Consumable Tools 14.8 14.1 6.7 6.1 5.1
Raw Materials 307.8 361.6 279.8 257.2 204.2
Work in Progress 222.4 205.8 92.2 84.0 76.9
Stock in Trade 1,831.8 1,492.6 332.0 306.6 211.8
Goods in Transit 93.5 46.0 77.3 38.3 24.7
Sundry Debtors, Gross 54.0 56.5 529.9 404.6 315.2
Provision for Doutful Debts -58.1 -36.6 -16.4 -13.0 -11.3
Others 1,605.8 925.2 - - -
Cash/Bank Balances - - - 265.6 311.1
Cash in Hand & in Current Account 1,349.8 422.4 270.7 - -
Short term deposits with Banks 194.9 47.9 286.3 - -
Restricted deposits 4.9 1.1 1.1 - -
Margin Money / Cash Collateral with 397.8 340.9 397.3 - -
Bank
Deposit with Governmet, Public 570.0 366.6 - - -
Bodies
Deposit Given as Collateral Security 0.0 35.2 - - -
MAT Credit Entitlement 163.0 43.4 - - -
Loans/Advances 2,517.5 1,954.1 2,506.1 2,357.8 1,307.8
Land - - - 36.5 25.1

Railway Sidings - - 0.0 0.0 0.0
Water System - - - 12.8 10.2
Leased Plant - - - 34.7 42.3
Leased Premises - - - 8.1 7.0
Leasehold Land 420.2 311.0 109.3 17.9 10.0
Buildings 1,446.6 1,305.9 381.8 285.1 262.6
Plant/Machinery 9,635.2 8,309.3 2,370.4 1,752.5 1,519.6
Furniture/Fixtures 203.0 190.1 34.8 23.5 20.7
Technical Know-how 9.7 8.9 11.3 8.9 8.6
Vehicles/Transport 32.1 30.4 34.4 28.7 25.8
Assets Taken on Lease 34.6 34.3 32.6 0.0 -
Page 104
Assets Given on Lease 88.9 81.1 102.6 102.7 102.3

Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Product Development Costs - - 94.2 36.0 28.3
Product Development Costs 1,477.5 306.1 - - -
Trade marks and brands 602.9 569.5 0.0 - -
Developed Technologies 190.0 185.3 0.0 - -
Software 304.7 192.6 62.8 36.0 25.4
Accumulated amortization -372.7 -188.7 0.0 - -
Work in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Goodwill 762.4 733.0 141.1 101.9 92.5
Investment in Associate 134.8 63.1 - - -
Investments 359.5 184.7 664.5 270.2 283.1
Deferred Taxes 94.9 53.1 - - -
Foreign currency monetary item 0.0 125.5 0.0 - -
Miscellaneous Expenditure 0.0 17.0 1.7 2.7 3.1
Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Acceptances 1,600.2 835.6 1,029.8 562.8 662.0

Sundry Creditors 4,942.1 3,650.1 1,684.9 1,121.0 686.7
Liabilities for buyback arrangement 203.9 153.3 - - -
Advance Payments 395.7 67.2 83.3 79.0 90.3
Liability towards premium on 388.9 0.0 - - -
redemption
Investor Fund 7.8 2.7 2.8 2.5 2.5
Amount Due from Customer - - 5.4 0.2 0.0
Contract Work
Proposed Dividends 191.3 61.4 144.2 133.0 -
Provision for tax on dividends 32.2 7.0 - - -
Provision for Income tax 79.8 76.4 - - -
Provision for retirement and other 288.9 212.7 - - -
emplo
Provisions 1,110.3 1,246.9 435.4 242.1 308.6
Secured Loans 4,742.2 2,701.4 1,498.5 1,026.7 197.8

Unsecured Loans 3,096.6 4,192.0 1,389.1 653.2 560.4
Deferred Tax 351.8 187.2 242.9 188.0 151.9

Foreign Currenty Monetary Items 42.6 0.0 - - -
Capital 127.1 101.3 96.1 88.7 85.9

Securities Premium 1,495.6 1,057.7 383.2 445.5 410.3
Capital Redemption Reserve 0.5 0.4 0.6 0.5 0.5
Capital Reserve on Consolidation 79.9 66.2 91.2 94.6 91.6
Debenture Redemption Reserve 245.5 118.7 83.3 76.9 75.0
Amalgamation Reserve 0.0 0.0 0.0 0.0 0.0
Special Reserve 15.4 22.5 19.6 15.3 13.7
Revaluation Reserve 41.4 21.8 6.4 6.0 5.9
Hedging Reserve 0.0 -17.2 0.0 - -
Pension reserve -383.7 -287.2 0.0 - -
Page 105
General Reserve 1,020.8 803.2 1,018.7 699.9 459.8

Earned Surplus Reserve 2.4 1.5 0.4 0.0 -
Reserves on Research & HRD 22.2 19.6 24.8 15.5 1.3
Restricted Reserve 0.1 0.0 - - -
Translation Reserve -612.5 -431.5 4.0 19.2 10.9
Proft & Loss Account -226.7 -306.2 439.7 314.4 220.8
Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders' 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5

Equity
S/O-Equity Shares 506.4 449.8 398.1 397.9 395.3

S/O-A Ordinary Shares 64.2 64.2 0.0 - -
T/S-Equity Shares - - - - 0.0
Accumulated Intangible Amortization 372.7 188.7 0.0 - -
Full-Time Employees 24,310 23,638 23,230 22,349 29,606
Capital Leases Maturing within 1 Year 4.3 4.0 4.3 0.0 0.1
Capital Leases Maturing within 5 Years 2.8 5.5 8.0 0.1 0.1
Capital Leases - Remaining Maturities 0.2 0.0 - - -
Total Capital Leases 7.3 9.5 12.3 0.1 0.2
Year
Years
Total Operating Leases 43.7 41.2 11.4 10.7 5.5
PV of Funded Obligations - Gatuity 135.2 113.2 139.2 83.3 -
FV of Plan Assets - Gatuity 122.2 101.7 124.0 83.5 -
Funded Status - Gatuity -13.1 -11.5 -15.2 0.1 -
PV of Funded Obligations - Superann. - - - 25.4 -
FV of Plan Assets - Superann. - - - 16.2 -
Funded Status - Superann. - - - -9.2 -
PV of Funded Obligations - BKY/PSY - - - 9.5 -
Funded Status - BKY/PSY - - - -9.5 -
PV of Funded Obligations - Post-Ret. 19.4 16.8 17.6 14.1 -
Expected Rate of Return -Gratuity 8.00% 8.00% - 8.00% -
Provision for Retirement & Other - - - - -65.4
Benefit
Liability - Superann. - - - -9.2 -
Liability - BKY/PSY - - - -9.5 -
Liability - Gratuity -13.1 -11.5 -15.2 - -
Liability - Post Ret. -19.4 -16.8 -17.6 -14.1 -
Asset - Gratuity - - - 0.1 -
Page 106
Sheet
Debt Securities % - Gratuity 76.00% 78.00% 69.00% 53.00% -
Balances with Banks %-Gratuity 24.00% 22.00% 31.00% 47.00% -
Debt Securities % - Superann. - - - 73.00% -
Balances with Banks %- Superann. - - - 27.00% -

Page 107
Tata Motors Limited Annual Cash Flows



31-Mar-2010 31-Mar-2008 31-Mar-2007
Profit after Tax 541.7 -544.8 538.2 479.9 390.8

Depreciation 818.1 544.1 193.0 151.3 141.3
Gain on Asset Sale 15.7 3.0 -4.9 -3.8 -1.3
Relocation Expenditure 14.2 0.0 - - -
Profit on Sale of Control Stake in -222.9 0.0 - - -
Subs
Gain on Sale of Investment -146.2 -156.2 -33.7 -9.5 -38.0
Reversal of Provision for Diminuition 0.0 -0.4 -0.7 0.3 0.4
Impairment of Goodwill 8.4 0.0 - - -
Provision for Inter-Corporate 0.0 -1.3 -0.2 0.0 -
Deposits
Gain - Financing of Const. - - -18.9 0.0 -
Equipment
Gain on Buy Back of FCCN & CARS 0.0 -11.0 0.0 - -
Share of Associate -17.8 11.2 -16.2 -8.7 -9.9
Minority Interest 6.4 -2.5 32.8 16.4 5.0
Income Tax 211.9 73.0 211.4 195.3 112.6
Wealth Tax - - -0.1 0.2 0.1
Deferred Tax - - - - 32.1
Interest/Dividend 485.8 402.7 153.9 65.8 40.5
Unrealized Exchange Gain -55.4 284.7 -6.5 -15.3 7.3
Profit on Issue of Shares by a Subs. - - -1.2 -0.4 -1.9
Loss on Liquidation of Subsidiary - - -0.2 0.7 0.0
Amortization Miscellaneous 16.3 1.1 0.2 0.1 0.6
Expenditure
Employee Separation - - 1.0 0.9 1.3
Employee Separation Cost of 0.0 -18.3 0.0 - -
subsidiary c
Trade/Other Receivable -915.0 142.6 -173.4 -174.1 -112.3
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Trade/Other Payables 1,835.1 -649.7 724.0 280.3 77.0
Vehicle Loans & Hire Purchase -109.8 64.0 -13.1 -869.7 -403.2
Receivable
Direct Taxes Paid, Net -259.0 -130.2 -165.9 -151.8 -125.8
Cash & Bank Balance Taken on 0.7 278.4 - - -
Acquisiti
Page 108
Cash and Bank balances on sale of -9.5 0.0 - - -

contro
Acquisition - - - - 13.1
Cash from Amalgamation - - - - 44.0

Purchase of Investments in -0.3 -7.2 -23.7 0.0 0.0
Associates
Sale/Purchase of Mutual Fund -206.4 183.4 -196.7 30.6 182.7
Investment in JLR Business 0.0 -2,340.9 0.0 - -
Investment in Subsidiary -11.9 -30.1 0.0 - -
Companies
Investments - Others -2.1 -0.5 -104.7 -4.1 -15.6
Proceeds from Sale of stake in 244.3 0.0 - - -
Telcon
Decrease in Investments in retained - - - -6.3 -
inte
Decrease in Investments in retained 10.8 1.9 3.5 - 20.7
inte
Sale of Investments in associate 0.0 35.4 4.6 0.3 0.0
company
Sale/Redemption of Investments- 202.0 185.4 60.9 9.3 9.0
Other
Deposits of Margin Money / Cash -129.4 -297.6 - - -
Collater
Realisation of Margin Money / Cash 117.5 268.1 - - -
Colla
Fixed deposits with scheduled banks -86.9 0.0 - - -
made
Fixed deposits with scheduled banks 0.5 0.0 - - -
real
Increase in restricted deposits with -1.5 -0.4 - - -
sch
Interest Received 50.1 52.1 38.4 10.0 17.0
Acquisition of Stake in Joint Venture - - -109.8 0.0 -
Proc. from Transfer Activity - Con. - - 220.3 0.0 -
Equ.
Acquisition of Subsidiary - - - 0.0 -103.8
Refund from Escrow Account - - - 0.0 0.8
Sale of Investments - - - 0.0 46.7
Proceeds from Liquidation of - - 0.2 0.0 -
Subsidiary
Sale of Investment in Subsdiary - - 40.8 0.0 -
Company
Payment for Purchase of Business - - 0.0 -0.1 0.0
Admin.
Dividend from Associate 2.0 6.5 4.5 6.8 0.0
Dividend Received 6.6 16.1 20.1 22.7 17.0
Short Term Inter Corporate -1.4 -12.0 7.6 -13.3 5.8
Deposits
Loans to Associates & Others - - -13.2 0.0 -
Inter-Corporate Deposits Received - - 6.7 0.0 -
Proceeds from Issue of CARS - - 489.1 0.0 -

Issue of Foreign Currency Con. - - - 0.0 100.6
Notes
Page 109
Stamp Duty on FCCN Conversion - - 0.0 0.0 -0.1

Premium on Redemption of FCCN 0.0 0.0 0.0 - -
Expenses on Non-convertible -31.8 -0.2 0.0 - -
debenture
Proceeds from issue of shares held 0.0 0.0 - - -
in ab
Proceeds from issue of shares by 3.7 0.0 - - -
Joint v
Proceeds from GDS issue 351.3 0.0 - - -
LT Debt Proceeds 5,621.9 4,261.7 1,356.3 931.8 61.4
LT Debt Payments -4,440.2 -1,792.1 -1,091.3 -216.3 -141.7
ST Borrowings, Net -725.6 915.6 282.7 190.4 22.4
Issue of Right Shares 0.0 893.6 0.0 - -
Proceeds from fixed deposits 429.7 268.0 0.0 - -
Repayment of Fixed Deposits -16.0 0.0 - - -
Issue of Shares to Minority Interests 11.5 0.1 15.6 3.4 8.4
Premium on Long Term Forward - - 0.0 -0.7 0.0
Contracts
Preliminary Expenses Incurred - - 0.0 -0.6 0.0
Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Tax Paid on Interim Dividend by - - 0.0 -1.0 0.0
Subs.
Dividend Paid to Minority Interest -0.7 -13.5 -4.2 -1.6 0.0
Interest Paid -601.6 -519.0 -260.6 -102.9 -73.6


Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8

Page 110
Tata Motors Limited Geographic Segments

Financials in: As Reported (mil)

Annual
External Revenue USD (mil)

United States 2,129.5 10.9 % 1,632.9 10.6 % 140.8 1.6 % - - - -
UK 2,437.8 12.5 % 3,317.6 21.5 % 45.5 0.5 % - - - -
Rest of Europe 2,770.0 14.2 % 2,904.1 18.8 % 170.9 1.9 % - - - -
India 7,956.5 40.8 % 5,675.8 36.8 % 7,225.7 81.6 % 5,889.6 82.3 % 4,449.8 82.8 %
Rest of World 4,200.7 21.5 % 1,882.5 12.2 % 1,270.5 14.4 % - - - -
Outside India - - - - 1,627.6 18.4 % 1,266.7 17.7 % 926.2 17.2 %
Segment Total 19,494.5 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %
Consolidated Total 19,494.5 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %
Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
Total Revenue USD (mil)

United States 2,129.5 10.9 % 1,632.9 10.6 % 140.8 1.6 % - - - -
UK 2,437.8 12.5 % 3,317.6 21.5 % 45.5 0.5 % - - - -
Rest of Europe 2,770.0 14.2 % 2,904.1 18.8 % 170.9 1.9 % - - - -
India 7,956.5 40.8 % 5,675.8 36.8 % 7,225.7 81.6 % 5,889.6 82.3 % 4,449.8 82.8 %
Rest of World 4,200.7 21.5 % 1,882.5 12.2 % 1,270.5 14.4 % - - - -
Outside India - - - - 1,627.6 18.4 % 1,266.7 17.7 % 926.2 17.2 %
Segment Total 19,494.5 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %
Total Assets USD (mil)

United States 592.6 3.3 % 343.4 2.5 % 314.3 4% - - - -
UK 7,557.5 42.3 % 5,326.7 39.1 % 28.5 0.4 % - - - -
Rest of Europe 416.8 2.3 % 440.6 3.2 % 43.2 0.5 % - - - -
India 8,136.4 45.6 % 6,634.7 48.7 % 6,941.3 88 % 4,956.6 91.6 % 3,140.1 86.4 %
Rest of World 1,150.2 6.4 % 871.4 6.4 % 564.8 7.2 % - - - -
Outside India - - - - 950.8 12 % 456.7 8.4 % 494.7 13.6 %
Segment Total 17,853.5 100 % 13,616.8 100 % 7,892.2 100 % 5,413.2 100 % 3,634.8 100 %
Purchase of Fixed Assets USD (mil)

United States 7.0 0.4 % 0.3 0% 0.5 0% - - - -
UK 1,134.1 60.7 % 2,305.7 61.3 % 2.8 0.2 % - - - -
Rest of Europe 13.6 0.7 % 5.2 0.1 % 0.5 0% - - - -
India 677.4 36.3 % 1,431.7 38.1 % 1,338.3 92.1 % 605.9 96.4 % 315.1 95.2 %
Rest of World 35.0 1.9 % 18.0 0.5 % 111.4 7.7 % - - - -
Outside India - - - - 115.2 7.9 % 22.6 3.6 % 15.9 4.8 %
Segment Total 1,867.2 100 % 3,761.0 100 % 1,453.5 100 % 628.5 100 % 331.0 100 %
Consolidated Total 1,867.2 100 % 3,761.0 100 % 1,453.5 100 % 628.5 100 % 331.0 100 %
Page 111
Page 112
Tata Motors Limited Business Segments


Annual

Tata vehicles/spares and
8,495.9 43.5 % 6,212.0 40.3 % 8,018.4 90.6 % - - - -
financing
Jaguar and Land Rover
10,397.2 53.3 % 8,539.3 55.4 % 0.0 0% - - - -
Business
Others 620.1 3.2 % 661.6 4.3 % 834.9 9.4 % 548.2 7.7 % 364.4 6.8 %
Automotive - - - - 8,016.3 90.5 % 6,608.0 92.3 % 5,011.7 93.2 %
Segment Total 19,513.2 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %
Intersegment Eliminations -18.6 -0.1 % 0.0 0% - - - - - -
Consolidated Total 19,494.5 99.9 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %
Intersegment Revenue USD (mil)

8.2 7.3 % 8.4 8.3 % 14.2 14.3 % - - - -
financing
0.0 0% 0.0 0% 0.0 0% - - - -
Business
Others 104.3 92.7 % 92.0 91.7 % 84.6 85.7 % 50.6 84.4 % 44.3 85.2 %
Automotive - - - - 14.2 14.3 % 9.3 15.6 % 7.7 14.8 %
Segment Total 112.5 100 % 100.4 100 % 98.8 100 % 59.9 100 % 52.0 100 %
Intersegment Eliminations 0.0 0% 0.0 0% - - - - - -
Eliminations -112.5 -100 % -100.4 -100 % -98.8 -100 % -59.9 -100 % -52.0 -100 %
Consolidated Total 0.0 0% 0.0 0% 0.0 0% 0.0 0% 0.0 0%

8,504.0 43.3 % 6,220.4 40.1 % 8,032.6 89.7 % - - - -
financing
10,397.2 53 % 8,539.3 55 % 0.0 0% - - - -
Business
Others 724.4 3.7 % 753.6 4.9 % 919.5 10.3 % 598.8 8.3 % 408.7 7.5 %
Automotive - - - - 8,030.4 89.7 % 6,617.3 91.7 % 5,019.4 92.5 %
Segment Total 19,625.6 100 % 15,513.3 100 % 8,952.1 100 % 7,216.1 100 % 5,428.0 100 %
Intersegment Eliminations -18.6 -0.1 % 0.0 0% - - - - - -
Eliminations -112.5 -0.6 % -100.4 -0.6 % -98.8 -1.1 % -59.9 -0.8 % -52.0 -1 %
Consolidated Total 19,494.5 99.3 % 15,412.9 99.4 % 8,853.3 98.9 % 7,156.3 99.2 % 5,376.0 99 %
Depreciation USD (mil)

279.2 34.1 % 227.0 41.6 % 185.1 95.3 % - - - -
financing
530.1 64.7 % 308.6 56.6 % 0.0 0% - - - -
Business
Others 9.8 1.2 % 9.5 1.7 % 9.1 4.7 % 7.6 5% 10.2 7.3 %
Page 113
Automotive - - - - 185.1 95.3 % 144.6 95 % 130.7 92.7 %

Segment Total 819.0 100 % 545.1 100 % 194.2 100 % 152.2 100 % 141.0 100 %
Eliminations 0.0 0% 0.0 0% 0.0 0% 0.0 0% 0.0 0%
Consolidated Total 819.0 100 % 545.1 100 % 194.2 100 % 152.2 100 % 141.0 100 %
Operating Income/Loss USD (mil)

31-Mar-10 31-Mar-09
Tata vehicles/spares and financing 791.9 91.6 % 208.4 -159.4 %
Jaguar and Land Rover Business 11.3 1.3 % -386.5 295.5 %
Others 60.9 7% 47.3 -36.2 %
Segment Total 864.1 100 % -130.8 100 %
Intersegment Eliminations -0.2 0% 0.0 0%
Eliminations -21.4 -2.5 % -12.3 9.4 %
Consolidated Total 842.5 97.5 % -143.1 109.4 %
Exchange Rate: INR to USD 47.459072 45.988130
Operating Margin (%)

31-Mar-10 31-Mar-09
Tata vehicles/spares and financing 9.3 - 3.4 -
Jaguar and Land Rover Business 0.1 - -4.5 -
Others 8.4 - 6.3 -
Segment Total 4.4 - -0.8 -
Intersegment Eliminations 1.1 - - -
Eliminations 19.0 - 12.3 -
Consolidated Total 4.3 - -0.9 -
Earn. bef. Int. & Tax USD (mil)

31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 208.4 -159.4 % 706.4 83.6 % - - - -
Jaguar and Land Rover Business -386.5 295.5 % 0.0 0% - - - -
Others 47.3 -36.2 % 138.6 16.4 % 73.6 9.9 % 39.2 7.4 %
Automotive - - 746.3 88.3 % 667.7 90.1 % 493.2 92.6 %
Segment Total -130.8 100 % 844.9 100 % 741.3 100 % 532.4 100 %
Eliminations -12.3 9.4 % -0.5 -0.1 % -2.5 -0.3 % -0.2 0%
Consolidated Total -143.1 109.4 % 844.4 99.9 % 738.7 99.7 % 532.2 100 %
Exchange Rate: INR to USD 45.988130 40.278756 45.220850 44.213701
EBIT Margin (%)

31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 3.3 - 8.8 - - - - -
Jaguar and Land Rover Business -4.5 - - - - - - -
Others 6.3 - 15.1 - 12.3 - 9.6 -
Automotive - - 9.3 - 10.1 - 9.8 -
Segment Total -0.8 - 9.4 - 10.3 - 9.8 -
Eliminations 12.3 - 0.6 - 4.2 - 0.3 -
Consolidated Total -0.9 - 9.5 - 10.3 - 9.9 -
Total Assets USD (mil)

Tata vehicles/spares
8,848.6 49.3 % 6,625.5 48.5 % 7,536.8 94.5 % - - - -
and financing
Page 114

8,831.5 49.2 % 6,430.9 47.1 % 0.0 0% - - - -
Business
Others 255.4 1.4 % 608.5 4.5 % 436.1 5.5 % 321.8 5.9 % 260.6 7.1 %
Automotive - - - - 7,542.6 94.6 % 5,159.4 94.1 % 3,419.9 92.9 %
Segment Total 17,935.5 100 % 13,664.8 100 % 7,972.9 100 % 5,481.2 100 % 3,680.5 100 %
Intersegment
-2.7 0% 0.0 0% - - - - - -
Eliminations
Eliminations -79.4 -0.4 % -48.1 -0.4 % -80.7 -1 % -67.9 -1.2 % -45.7 -1.2 %
Unallocable Expenses 1,548.2 8.6 % 1,045.2 7.6 % - - - - - -
Consolidated Total 19,401.7 108.2 % 14,661.9 107.3 % 7,892.2 99 % 5,413.2 98.8 % 3,634.8 98.8 %
Exchange Rate: INR to
44.895000 50.735000 40.120000 43.465000 44.565000
USD
Operating Return on Assets (%)

Tata vehicles/spares and financing 9.5 - 2.9 - 9.4 - - - - -
Jaguar and Land Rover Business 0.1 - -5.4 - - - - - - -
Others 25.2 - 7.0 - 31.9 - 23.8 - 14.9 -
Automotive - - - - 9.9 - 13.5 - 14.3 -
Segment Total 5.1 - -0.9 - 10.6 - 14.1 - 14.4 -
Intersegment Eliminations 8.2 - - - - - - - - -
Eliminations 28.5 - 23.2 - 0.7 - 3.9 - 0.3 -
Consolidated Total 4.6 - -0.9 - 10.7 - 14.2 - 14.5 -
Total Liabilities USD (mil)

Tata vehicles/spares
3,741.2 44.9 % 2,285.4 38.3 % 2,805.1 92.7 % - - - -
and financing
4,509.5 54.1 % 3,451.6 57.9 % 0.0 0% - - - -
Business
Others 85.1 1% 229.4 3.8 % 219.4 7.3 % 160.8 8.3 % 104.0 6.7 %
Automotive - - - - 2,811.0 92.9 % 1,766.4 91.7 % 1,457.5 93.3 %
Segment Total 8,335.7 100 % 5,966.4 100 % 3,024.6 100 % 1,927.2 100 % 1,561.6 100 %
Intersegment
-0.5 0% 0.0 0% - - - - - -
Eliminations
Eliminations -15.3 -0.2 % -16.4 -0.3 % -29.5 -1 % -12.5 -0.6 % -10.2 -0.7 %
Unallocable Expenses 9,253.8 111 % 7,541.0 126.4 % - - - - - -
Consolidated Total 17,573.8 210.8 % 13,491.0 226.1 % 2,995.1 99 % 1,914.7 99.4 % 1,551.4 99.3 %
44.895000 50.735000 40.120000 43.465000 44.565000
USD
Purchase of Fixed Assets USD (mil)

732.8 38.7 % 1,360.1 36.1 % 1,411.0 96.9 % - - - -
financing
1,146.3 60.5 % 2,305.7 61.3 % 0.0 0% - - - -
Business
Others 14.8 0.8 % 97.7 2.6 % 45.3 3.1 % 13.8 2.2 % 10.3 3.1 %
Automotive - - - - 1,411.0 96.9 % 617.4 97.8 % 320.9 96.9 %
Segment Total 1,894.0 100 % 3,763.6 100 % 1,456.3 100 % 631.2 100 % 331.2 100 %
Eliminations -26.8 -1.4 % -2.6 -0.1 % -2.8 -0.2 % -2.8 -0.4 % -0.2 -0.1 %
Consolidated Total 1,867.2 98.6 % 3,761.0 99.9 % 1,453.5 99.8 % 628.5 99.6 % 331.0 99.9 %
47.459072 45.988130 40.278756 45.220850 44.213701
USD
Page 115
Page 116
Tata Motors Limited Business Segments


Interim

Automotive 2,524.6 42.3 % 2,922.7 46.1 % 2,236.9 39.8 % 1,888.4 43 % 1,513.1 44.6 %
Jaguar and land Lan Rover
3,373.1 56.5 % 3,171.7 50.1 % 3,203.3 57 % 2,339.4 53.3 % 1,740.8 51.3 %
Business
Other 76.4 1.3 % 239.6 3.8 % 183.0 3.3 % 163.9 3.7 % 141.1 4.2 %
Segment Total 5,974.2 100 % 6,334.1 100 % 5,623.3 100 % 4,391.7 100 % 3,395.1 100 %
Inter segment
-43.1 -0.7 % -26.6 -0.4 % -41.8 -0.7 % -30.3 -0.7 % -24.5 -0.7 %
revenue/Eliminations
Consolidated Total 5,931.1 99.3 % 6,307.5 99.6 % 5,581.5 99.3 % 4,361.4 99.3 % 3,370.6 99.3 %
45.616613 45.941758 46.661882 48.379470 48.872473
USD

Automotive 2,524.6 42.3 % 2,922.7 46.1 % 2,236.9 39.8 % 1,888.4 43 % 1,513.1 44.6 %
Jaguar and land Lan Rover
3,373.1 56.5 % 3,171.7 50.1 % 3,203.3 57 % 2,339.4 53.3 % 1,740.8 51.3 %
Business
Other 76.4 1.3 % 239.6 3.8 % 183.0 3.3 % 163.9 3.7 % 141.1 4.2 %
Segment Total 5,974.2 100 % 6,334.1 100 % 5,623.3 100 % 4,391.7 100 % 3,395.1 100 %
Inter segment
-43.1 -0.7 % -26.6 -0.4 % -41.8 -0.7 % -30.3 -0.7 % -24.5 -0.7 %
Consolidated Total 5,931.1 99.3 % 6,307.5 99.6 % 5,581.5 99.3 % 4,361.4 99.3 % 3,370.6 99.3 %
45.616613 45.941758 46.661882 48.379470 48.872473
USD
Operating Income/Loss USD (mil)

Automotive 248.9 39.7 % 271.6 60.9 % 247.5 66.6 % 184.5 128.2 % 94.7 -122.4 %
Jaguar and land Lan
368.9 58.8 % 148.6 33.3 % 104.4 28.1 % -50.2 -34.9 % -178.7 231 %
Rover Business
Other 9.6 1.5 % 25.4 5.7 % 20.0 5.4 % 9.7 6.7 % 6.6 -8.5 %
Adjustment - - 0.1 0% -0.1 0% - - - -
Segment Total 627.4 100 % 445.7 100 % 371.9 100 % 143.9 100 % -77.4 100 %
Inter segment
-4.0 -0.6 % -9.4 -2.1 % -14.2 -3.8 % -7.9 -5.5 % 7.5 -9.7 %
Consolidated Total 623.4 99.4 % 436.2 97.9 % 357.7 96.2 % 136.0 94.5 % -69.8 90.3 %
45.616613 45.941758 46.661882 48.379470 48.872473
USD
Operating Margin (%)

Automotive 9.9 - 9.3 - 11.1 - 9.8 - 6.3 -
Jaguar and land Lan Rover Business 10.9 - 4.7 - 3.3 - -2.1 - -10.3 -
Other 12.5 - 10.6 - 10.9 - 5.9 - 4.7 -
Segment Total 10.5 - 7.0 - 6.6 - 3.3 - -2.3 -
Inter segment revenue/Eliminations 9.2 - 35.4 - 34.0 - 26.2 - -30.7 -
Consolidated Total 10.5 - 6.9 - 6.4 - 3.1 - -2.1 -
Page 117
Page 118
Page 119

One Stop Report - Tata Motors

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

One Stop Report - Tata Motors

Uploaded by

Copyright:

Available Formats

OneSource One-Stop Report

Tata Motors Limited

Tata Motors Limited

Industry Auto and Truck Manufacturers

Name Title Source

Topic #* Most Recent Headline Date

Tata Motors Limited Eyes SUMITOMO CORPORATION's Stake In Swaraj

* number of significant developments within the last 12 months

Key Ratios Company Industry

Traded: Bombay Stock Exchange: 500570

As of 27-Aug-2010 Financials in: INR

Recent Price 990.70 EPS 49.83

Price % Change Rel S&P 500%

Key IDSM Number: 167677

1 - Profit & Loss Item Exchange Rate: USD 1 = INR 47.45907

© 1983-2010 Reuters Research Inc. All Rights Reserved.

© 2010 OneSource Information Services, Inc. All Rights Reserved.

Tata Motors Limited Corporate Overview

Company Web Links

ANZSIC 2006 Codes:

NACE 2002 Codes:

NAICS 2002 Codes:

More Business Descriptions

Manufacture of commercial vehicles, utility vehicles and passenger cars

Heavy Duty Truck Manufacturing

Key Corporate Relationships

© 1983-2010 Reuters Research Inc. All Rights Reserved.

Tata Motors Limited

Key Organizational Changes

Sales and Distribution

Copyright © 2010 GlobalData. All Rights Reserved.

Tata Motors Limited

Internal Origin ● Expanding Market Share in Sector ● Decline in Sales of Core

Strong Market Position

Integrated Automobile Company

Diversified Product Portfolio

Limited Liquidity Position

Declining Operating Margin

Low Return on Equity

Positive Outlook for Indian Automobile Industry

Increasing Demand for Fuel Efficient Vehicles

Global Economic Slowdown

Stricter Emission Standards

Currency Rate Fluctuations

© 2010 GlobalData. All Rights Reserved.

Corporate Family Corporate Structure News:

Tata Motors Limited

Company Name Company Location Country Industry Sales Employees Source

Subsidiary London United 0.0 RM

Subsidiary London United Construction - RM

Corus Nederland BV Subsidiary IJmuiden Netherlands Metal Mining 8,310.6 12,200 GW

Surahammars Bruks AB Subsidiary Surahammar Sweden Construction - 192.0 226 GW

Runmega Ltd. Kingdom Supplies and

Subsidiary London United Iron and Steel RM

NSL Chemicals LTD Subsidiary Singapore Singapore Construction - 18.0 74 DPI

Subsidiary Northwich United Chemical EXP

Rallis India Limited Subsidiary Mumbai India Chemical 191.2 846 RT

Corporate linkage data:

Tata Motors Limited

CompanyName Location Employees Ownership

© 1983-2010 Reuters Research Inc. All Rights Reserved.

Published by OneSource Information Services, Inc.,Sep, 2010

Tata Motors Limited Executives Report