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நிறுவன பெயரின் முதல் சில எழுத்துக்களை நிரப்பி 'கோ' பட்டனை கிளிக் செய்யவும்

Tata Motors Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2023

4. Leases

(a) Accounting policy

Lessee:

At inception of a contract, the Company assesses whether a contract is, or contain a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

• The contract involves the use of an identified asset -this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substation right, then the asset is not identified;

• The Company has the right to substantially all of the economic benefits from the use of the asset throughout the period of use; and

• The Company has the right to direct the use of the asset. The Company has this right when it has the decision making rights that are most relevant to changing how and for what purposes the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:

- The Company has the right to operate the asset; or

- The Company designed the asset in a way that predetermines how and for what purposes it will be used.

As a practical expedient, Ind AS 116 permits a lessee not to separate non-lease components, and instead account for any lease and associated nonlease components as a single arrangement. The Company has not used this practical expedient. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each

lease component on the basis of their relative stand-alone prices.

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and estimated dilapidation costs, less any lease incentives received. The right-of-use asset is subsequently amortised using the straight-line method over the shorter of the useful life of the leased asset or the period of lease. If ownership of the leased asset is automatically transferred at the end of the lease term or the exercise of a purchase option is reflected in the lease payments, the right-of-use asset is amortised on a straightline basis over the expected useful life of the leased asset.

The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date, discounted using, the Company''s incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments.

Lease payments include fixed payments, i.e. amounts expected to be payable by the Company under residual value guarantee, the exercise price of a purchase option if the Company is reasonably certain to exercise that option and payment of penalties for terminating the lease if the lease term considered reflects that the Company shall exercise termination option. The Company also recognises a right of use asset which comprises of amount of initial measurement of the lease liability, any initial direct cost incurred by the Company and estimated dilapidation costs.

Payment made towards short term leases (leases for which non-cancellable term is 12 months or lesser) and low value assets (lease of assets worth less than ''0.03 crores) are recognised in the statement of Profit and Loss as rental expenses over the tenor of such leases.

Lessor:

At the inception of a lease, the lease arrangement is classified as either a finance lease or an operating lease, based on contractual terms and substance of the lease arrangement. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company''s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company''s net investment outstanding in respect of the leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and

recognised on a straight-line basis over the lease term.

(b) The Company leases a number of buildings, plant and equipment, IT hardware and software assets, certain of which have a renewal and/or purchase option in the normal course of the business. Extension and termination options are included in a number of leases across the Company. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor. The Company assesses at lease commencement whether it is reasonably certain to exercise the extension or termination option. The Company re-assesses whether it is reasonably certain to exercise options if there is a significant event or significant change in circumstances within its control. It is recognised that there is potential for lease term assumptions to change in the future and this will continue to be monitored by the Company where relevant. The Company''s leases mature between 2024 and 2032. The weighted average rate applied is 8.08 % (2022: 8.22%).

5. Other Intangible assets (a) Accounting policy

I ntangible assets purchased are measured at cost or fair value as on the date of acquisition less accumulated amortisation and impairment, if any.

The amortisation period for intangible assets with finite useful lives is reviewed at each year-end. Changes in expected useful lives are treated as changes in accounting estimates.

Internally generated intangible asset

Research costs are charged to the statement of Profit and Loss in the year in which they are incurred.

Product development costs incurred on new vehicle platform, engines, transmission and new products are recognised as intangible assets, when feasibility has been established, the Company has committed technical, financial and other resources to complete the development and it is probable that asset will generate future economic benefits.

The cost of an internally generated intangible asset is the sum of directly attributable expenditure incurred from the date when the intangible asset first meets the recognition criteria to the completion of its development.

I nterest cost incurred is capitalised up to the date the asset is ready for its intended use, based on borrowings incurred specifically for financing the asset or the weighted average rate of all other borrowings if no specific borrowings have been incurred for the asset.

Product development expenditure is measured at cost less accumulated amortisation and impairment, if any. Amortisation is not recorded on product engineering in progress until development is complete.

Derecognition of intangible assets

An item of intangible assets is derecognized on disposal or when fully amortized and no longer in use. Any gain or loss arising from derecognition of an item of intangible assets is included in the statement of profit and loss.

6. Investments in subsidiaries, joint ventures and associates measured at cost - non-current (a) Accounting policy

I investments in Subsidiaries, Joint ventures and Associates are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investments in Subsidiaries, Joint ventures and Associates, the difference between net disposal proceeds and the carrying amounts are recognised in the statement of profit and loss.

(2) Includes option pricing value for call/ put option provided by the Company towards perpetual debt issued by TMF Holdings Limited.

(3) Converted 4,34,00,000 Cumulative convertible preference shares (unquoted) of '' 100 each into 9,33,00,000 Equity shares of ''10 each in the ratio of 2.15:1 issued by TMF Holdings Limited.

(4) The Company has given a letter of comfort to Bank of China, Shanghai Branch for RMB 5 billion (''5,980.75 crores as at March 31, 2023) against loan granted by the bank to Jaguar Land Rover (China) Investment Co. Ltd.

(5) The Company has given a letter of comfort to State Bank of India, Bahrain for USD 100 million (''821.83 crores as on March 31, 2023) against Credit Facility given to TML Holding PTE Ltd., Singapore and a letter of comfort to Bank of Baroda, London for GBP 100 million (''1,016.45 crores as on March 31, 2023) against the SBLC Facility extended to TML Holding PTE Ltd., Singapore.

(6) The Company has given a letter of comfort to Citi Corp International for USD 300 million (''2,465.48 crores as on March 31, 2023) and USD 425 million (''3,492.76 crores as on March 31, 2023) to TML Holding PTE Ltd., Singapore against ECB Bonds.

(7) Pursuant to the Scheme of Arrangement between, two wholly owned subsidiaries of the Company, viz., TML Distribution Company Limited (TMLD) and TML Business Services Limited (TMLBSL) and the Company, under order issued by NCLT dated March 11, 2022, with appointed date of April 1, 2021, TMLD has been merged with TMLBSL. TMLBSL has issued 117,22,50,000 equity share of face value of ''10 each fully paid-up in lieu of 22,50,00,000 equity shares of ''10 each fully paid-up held by the Company in T MLD. Further, as per the scheme, TMLBSL has done the reduction of its share capital by cancellation and extinguishment of 128,28,88,145 equity shares of ''10 each fully paid-up aggregating to ''1,282.89 crores and has paid ''131.83 crores to the Company for such cancellation and extinguishment. The amount of ''131.83 crores is return of capital.

15. Inventories

(a) Accounting policy

Inventories are valued at the lower of cost and net realisable value. Cost of raw materials, components and consumables are ascertained on a moving weighted average basis. Cost, including fixed and variable production overheads, are allocated to work-in-progress and finished goods determined on a full absorption cost basis. Net realisable value is the estimated selling price in the ordinary course of business less estimated cost of completion and selling expenses.

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

(i) Ordinary shares and ''A'' Ordinary shares both of ''2 each :

• The Company has two classes of shares - the Ordinary shares and the ''A'' Ordinary shares both of ''2 each (together referred to as shares). In respect of every Ordinary share (whether fully or partly paid), voting rights shall be in the same proportion as the capital paid up on such Ordinary share bears to the total paid up Ordinary share capital of the Company. In case of every ''A'' Ordinary share, if any resolution is put to vote on

a poll or by postal ballot at any general meeting of shareholders, the holder shall be entitled to one vote for every ten ''A'' Ordinary shares held as per the terms of its issue and if a resolution is put to vote on a show of hands, the holder of ''A'' Ordinary shares shall be entitled to the same number of votes as available to holders of Ordinary shares.

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

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

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

• The Company notified the New York Stock Exchange (the "NYSE") on November 9, 2022 of its intent to: (i) voluntarily delist its American Depositary Shares (the "ADSs"), each representing five (5) Ordinary Shares of the Company, par value of ''2 per share (the "Ordinary Shares"), from the NYSE; (ii) deregister such ADSs, its Ordinary Shares underlying such ADSs, and its ''A'' Ordinary Shares, par value of ''2 per share, issued in connection with the 2015 rights offering by the Company ("''A'' Ordinary Shares", and together with the ADSs and the Ordinary Shares underlying such ADSs, the "Securities") from the U.S. Securities and Exchange Commission (the "SEC"); and (iii) terminate its reporting obligations under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act").

Accordingly, the Company filled a Form 25 with the SEC on January 13, 2023 to delist its ADSs from the NYSE and the last trading day of the ADSs on the NYSE was January 23, 2023. Once the Company satisfies the conditions for deregistration, the Company will file a Form 15F with the SEC to deregister the Securities and to terminate its reporting obligations under the Exchange Act. Thereafter, all the Company''s reporting obligations under the Exchange Act will be suspended. The deregistration and termination of its reporting obligations under the Exchange Act is effective ninety (90) days after filing of the Company''s Form 15F

(B) Notes to reserves

a) Capital redemption reserve

The Indian Companies Act, 2013 (the “Companies Act") requires that where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up unissued shares of the company to be issued to shareholders of the company as fully paid bonus shares. Tata Motors Limited established this reserve pursuant to the redemption of preference shares issued in earlier years.

b) Debenture redemption reserve (DRR)

The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of profits of the Company available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve of 25% of the value of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve may not be utilised by the Company except to redeem debentures. No DRR is required for debentures issued after August 16, 2019.

c) Securities premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium.

d) Retained earnings

Retained earnings are the profits that the Company has earned till date, add/(less) any transfers from/(to) general reserve, securities premium and debenture redemption reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement gain/(loss) on defined benefit obligations, net of taxes that will not be reclassified to Profit and Loss.

e) Capital reserve

The capital reserve represents the excess of the identifiable assets and liabilities over the consideration paid/ received or vice versa in a common control sale/transfer of business/investment.

f) Share-based payments reserve

Share-based payments reserve represents amount of fair value, as on the date of grant, of unvested options and vested options not exercised till date, that have been recognised as expense in the statement of profit and loss till date.

e) Dividends

Any dividend declared by Tata Motors Limited is based on the profits available for distribution as reported in the statutory financial statements of Tata Motors Limited (standalone) prepared in accordance with Generally Accepted Accounting Principles in India or Ind AS. Indian law permits the declaration and payment of dividend out of profits for the year or previous financial year(s) as stated in the statutory financial statements of Tata Motors Limited (Standalone) prepared in accordance with Generally Accepted Accounting Principles in India, or Ind AS after providing for depreciation in accordance with the provisions of Schedule II to the Companies Act. However, in the absence of the said profits, it may declare dividend out of free reserves, subject to certain conditions as prescribed under the Companies (Declaration and Payment of Dividend) Rules, 2014. Accordingly, in certain years the net income reported in this Financial Statements may not be fully distributable.

For the year ended March 31, 2023, the Board of Directors has recommended a final dividend of '' 2.00 per share on Ordinary shares and '' 2.10 per share on ''A'' Ordinary shares subject to approval from shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of '' 771.07 crores (March 31, 2022: Nil).

(iv) The external commercial borrowings of USD 250 million (''1,943.80 crores) bearing floating interest rate of 3 months LIBOR 128bps is due for repayment in June 2025.

(v) The buyer''s line of credit from banks bearing floating interest ranging from 6.30% to 8.80%, amounting to ''1,850.00 crores is repayable within a maximum period of seven years from the drawdown dates. All the repayments are due from period ending September 30, 2024 to November 30, 2026. The Buyer''s line of credit of ''700.00 crores classified under Short Term Borrowings-current being maturity before March 31, 2024.

II. Information regarding short-term borrowings

(i) Loans, cash credits, overdrafts and buyers line of credit from banks bearing fixed interest rate from 4.00% to 7.45% are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

(ii) Inter-corporate deposits from subsidiaries and associates are unsecured bearing interest rate at 5% to 7.05%.

(iii) Commercial paper are unsecured short-term papers issued at discount bearing no coupon interest. The yield on commercial paper issued by the Company ranges from 4.58% to 4.67%

(iv) Loan from bank is availed as per the requirements of the Company at interest rates mutually agreed at the time of drawing the facility with interest rates varying from 5.90% - 700%

27. Provisions

(a) Accounting policy

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When the effect of the time value of money ismaterial, provisions are determined by discounting the expected future cash flows using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Product warranty expenses

The estimated liability for product warranties is recognised when products are sold or when new warranty programmes are initiated. These estimates are established using historical information on the nature, frequency and average cost of warranty claims and management estimates regarding possible future warranty claims, customer goodwill and recall complaints. The timing of outflows will vary depending on when warranty claim will arise, being typically up to six years. The Company also has back-to-back contractual arrangement with its suppliers in the event that a vehicle fault is proven to be a supplier''s fault.

Estimates are made of the expected reimbursement claim based upon historical levels of recoveries from supplier, adjusted for inflation and applied to the population of vehicles under warranty as on Balance Sheet date. Supplier reimbursements are recognised as separate asset.

Provision for onerous obligations

A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting its obligations under the contract. It is recognized when the Company has entered into a binding legal agreement for the purchase of components from suppliers that exceeds the benefits from the expected future use of the components and the Company sells the finished goods using the components at a loss.

28. Income taxes

(a) Accounting policy

I ncome tax expense comprises current tax and deferred tax. Income tax expense is recognised in the statement of Profit and Loss except when they relate to items that are recognised outside of profit and loss (whether in other comprehensive income or directly in equity), in which case tax is also recognised outside profit and loss. Current income taxes are determined based on respective taxable income of each taxable entity.

Deferred tax assets and liabilities are recognised for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and unutilised business loss and depreciation carry-forwards and tax credits. Such deferred tax assets and liabilities are computed separately for each taxable entity. Deferred tax assets are recognised to the extent it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses, depreciation carry-forwards and unused tax credits could be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. The extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forwards can be utilised.

Deferred tax liabilities on taxable temporary differences arising from interests in joint arrangements are not recognised if the Company is able to control the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future.

(1) The company has opted for the New Tax Regime inserted by section 115BAA of the Income Tax Act, 1961 ("Act") and enacted by the Taxation Laws (Amendment) Ordinance, 2019 ("the Ordinance") which is applicable from Financial year beginning April 1, 2019. It has accordingly applied the tax rate as applicable under the provision of section 115BAA of the Act, in the financial statement for the year ended March 31, 2023.

(2) During the year ended March 31, 2023, the Company recognised Deferred Tax Assets on previously unrecognised unused unabsorbed depreciation and long term capital losses incurred in the current year based on the probability of sufficient taxable profit in future periods, mostly those arising from planned divestments which will yield capital gains against which such unabsorbed depreciation and capital loss will be set off. Accordingly, ''1,615.42 crores deferred tax has been recognised as at March 31, 2023.

(b) Government incentives include ''167.96 crores as at March 31, 2023 (''143.16 crores as at March 31, 2022) grants relating to property, plant and equipment related to duty saved on import of capital goods and spares under the Exports Promotion Capital Goods (EPCG) scheme. Under such scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over a specified period of time. In case such commitments are not met, the Company would be required to pay the duty saved along with interest to the regulatory authorities.

31. Revenue recognition (a) Accounting policy

The Company generates revenue principally from-

i) Sale of products - commercial vehicles and vehicle parts

The Company recognises revenues from sale of products measured at the amount of transaction price (net of variable consideration), when it satisfies its performance obligation at a point in time which is when products are delivered to dealers or when delivered to a carrier for export sales, which is when control including risks and rewards and title of ownership pass to the customer, and when there are no longer any unfulfilled obligation. The transaction price of goods sold is net of variable consideration on account of various discounts and schemes offered by the Company as part of the contract.

The Company offers sales incentives in the form of variable marketing expense to customers, which vary depending on the timing and customer of any subsequent sale of the vehicle. This sales incentive is accounted for as a revenue reduction and is constrained to a level that is highly probable not to reverse the amount of revenue recognised when any associated uncertainty is subsequently resolved. The Company estimates the expected sales incentive by market and considers uncertainties including competitor pricing, ageing of retailer stock and local market conditions.

The consideration received in respect of transport arrangements for delivering of vehicles to the customers are recognised net of their costs within revenues in the income statement.

Revenues are recognised when collectability of the resulting receivable is reasonably assured.

ii) Sale of services - maintenance service and extended warranties for commercial vehicles.

I ncome from sale of maintenance services and extended warranties are recognised as income over the relevant period of service or extended warranty.

When the Company sells products that are bundled with maintenance service or extended period of warranty, such services are treated as a separate performance obligation only if the service or warranty is optional to the customer or includes an additional service component. In such cases, the transaction price allocated towards such maintenance service or extended period of warranty based on relative standalone selling price and is recognised as a contract liability until the service obligation has been met. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Company estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Company operates certain customer loyalty programs under which customer is entitled to reward points on the spend towards Company''s products. The reward points earned by customers can be redeemed to claim discounts on future purchase of certain products or services. Transaction price allocated towards reward points granted to customers is recognised as a deferred income liability and transferred to income when customers redeem their reward points.

Sales of services include certain performance obligations that are satisfied over a period of time. Any amount received in advance in respect of such performance obligations that are satisfied over a period of time is recorded as a contract liability and recorded as revenue when service is rendered to customers.

Refund liabilities comprise of obligation towards customers to pay for discounts and sales incentives.

32. Other income

(a) Accounting policy

Government Grants and Incentives

Other income includes export and other recurring and non-recurring incentives from Government (referred as "incentives").

Government grants are recognised when there is a reasonable assurance that the Company will comply with the relevant conditions and the grant will be received.

Government grants are recognised in the statement of profit and loss, either on a systematic basis when the Company recognises, as expenses, the related costs that the grants are intended to compensate or, immediately if the costs have already been incurred. Government grants related to assets are deferred and amortised over the useful life of the asset. Government grants related to income are presented as an offset against the related expenditure, and government grants that are awarded as incentives with no ongoing performance obligations to the Company are recognised as income in the period in which the grant is received.

(A) Share based payments Accounting policy

The Company recognises compensation expense relating to share based payments in accordance with Ind AS 102 Share-based Payment. Stock options granted by the Company to its employees are accounted as equity settled options. Accordingly, the estimated fair value of options granted that is determined on the date of grant, is charged to statement of Profit and Loss on a straight line basis over the vesting period of options which is the requisite service period, with a corresponding increase in equity.

Equity-settled share option plan

(i) Tata Motors Limited Employees Stock Option Scheme 2018

The Company has allotted share based incentives to certain employees during the year ended March 31, 2019, under Tata Motors Limited Employee Stock Options Scheme 2018 approved by Nomination and Remuneration Committee (NRC). As per the scheme, the number of shares that will vest is conditional upon certain performance measures determined by NRC. The performance is measured over vesting period of the options granted which ranges from 3 to 5 years. The performance measures under this scheme include growth in sales, earnings and free cash flow. The options granted under this scheme is exercisable by employees till one year from date of its vesting. The Company has granted options at an exercise price of ''345/-. Option granted will vest equally each year starting from three years from date of grant up to five years from date of grant. Number of shares that will vest range from 0.5 to 1.5 per option granted depending on performance measures.

(ii) Share-based Long Term Incentive Scheme 2021

The Company has granted Performance Stock Units ("PSUs") and Employee Stock Options ("ESOs") to its employees under the Tata Motors Limited Share-based Long Term Incentive Scheme 2021 ("TML SLTI Scheme 2021" or "Scheme").

As per the scheme, the number of shares that will vest is conditional upon certain performance measures determined by Nomination and Remuneration Committee (NRC). The performance is measured over vesting period of the options granted. The performance measures under this scheme include growth in sales, earnings and free cash flow. The options granted under this scheme is exercisable by employees till one year from date of its vesting. The Company has granted options at an exercise price of ''338/- for ESOs and ''2/- for PSUs. Option granted will vest after three years from date of grant. Number of shares that will vest range from 0.5 to 1.2 per option granted depending on performance measures.

Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company''s publicly-traded equity shares during a period equivalent to the expected term of the options.

(B) Employee benefits

(a) Accounting policy

(i) Gratuity

Tata Motors Limited and its Joint operation have an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump-sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 to 30 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. Tata Motors Limited makes annual contributions to gratuity funds established as trusts. Tata Motors Limited account for the liability for gratuity benefits payable in the future based on an actuarial valuation.

(ii) Superannuation

Tata Motors Limited have two superannuation plans, a defined benefit plan and a defined contribution plan. An eligible employee on April 1, 1996 could elect to be a member of either plan.

Employees who are members of the defined benefit superannuation plan are entitled to benefits depending on the years of service and salary drawn. The monthly pension benefits after retirement range

from 0.75% to 2% of the annual basic salary for each year of service. Tata Motors Limited account for superannuation benefits payable in future under the plan based on an actuarial valuation.

With effect from April 1, 2003, this plan was amended and benefits earned by covered employees have been protected as at March 31, 2003. Employees covered by this plan are prospectively entitled to benefits computed on a basis that ensures that the annual cost of providing the pension benefits would not exceed 15% of salary.

During the year ended March 31, 2015, the employees covered by this plan were given a one-time option to exit from the plan prospectively. Furthermore, the employees who opted for exit were given one- time option to withdraw accumulated balances from the superannuation plan.

The Company maintains a separate irrevocable trust for employees covered and entitled to benefits. The Company contributes up to 15% or ''1,50,000 whichever is lower of the eligible employee''s salary to the trust every year. The Company recognises such contribution as an expense when incurred and has no further obligation beyond this contribution.

(iii) Bhavishya kalyan yojana (BKY)

Bhavishya Kalyan Yojana is an unfunded defined benefit plan for employees of Tata Motors Limited. The benefits of the plan include pension in certain cases, payable up to the date of normal superannuation had the employee been in service, to an eligible employee at the time of death or permanent disablement, while in service, either as a result of an injury or as certified by the appropriate authority. The monthly payment to dependents of the deceased/disabled employee under the plan equals 50% of the salary drawn at the time of death or accident or a specified amount, whichever is greater. Tata Motors Limited account for the liability for BKY benefits payable in the future based on an actuarial valuation.

(iv) Provident fund and family pension

In accordance with Indian law, eligible employees of Tata Motors Limited and joint operations are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees'' salary (currently 12% of employees'' salary). The contributions, as specified under the law, were made to the provident fund and pension fund set up as an irrevocable trust or to respective Regional Provident Fund Commissioner and the Central Provident Fund under the State Pension scheme. The interest rate, payable to the members of the trust, was not to be lower than the statutory rate of interest declared by the Central Government under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, was made good by the Company. The embedded interest rate guarantee is considered to be defined benefit.

The provident fund trust and pension trust set up by Tata Motors Limited (the "Company") have lost its exempt status w.e.f. April 1, 2022, due to incurrence of losses for three consecutive years by the Company, as per its standalone financial statements prepared in accordance with Indian Accounting Standards. Accordingly, the Company has surrendered the provident fund exemption and transferred the assets and obligations of the trust to the government managed provident fund. With this transfer of assets and obligations, the Company will no longer be obligated to provide any interest rate guarantee and accordingly, the provident fund is considered as a defined contribution scheme from April 1, 2022. As regards pension, the Company is still maintaining the pension fund, as an ad interim measure, since EPFO has still not accepted the transfer of pension fund/corpus to its statutory pension fund.

(v) Post-retirement medicare

Under this unfunded scheme, employees of Tata Motors Limited receive medical benefits subject to certain limits on amounts of benefits, periods after retirement and types of benefits, depending on their grade and location at the time of retirement. Employees separated from the Company as part of an Early Separation Scheme, on medical grounds or due to permanent disablement are also covered under the scheme. Tata Motors Limited account for the liability for post-retirement medical scheme based on an actuarial valuation.

(vi) Compensated absences

The Company provides for the encashment of leave or leave with pay subject to certain rules. The employees are entitled to accumulate leave subject to certain limits, for future encashment. The liability is provided based on the number of days of unutilised leave at each balance sheet date on the basis of an independent actuarial valuation.

(vii) Remeasurement gains and losses

Remeasurement comprising actuarial gains and losses, the effect of the asset ceiling and the return on assets (excluding interest) relating to retirement benefit plans, are recognised directly in other comprehensive income in the period in which they arise. Remeasurement recorded in other comprehensive income is not reclassified to statement of Profit and Loss.

Actuarial gains and losses relating to long-term employee benefits are recognised in the statement of Profit and Loss in the period in which they arise.

(viii) Measurement date

The measurement date of retirement plans is March 31.

The present value of the defined benefit liability and the related current service cost and past service cost are measured using projected unit credit method.

The present value of the post-employment benefit obligations depends on a number of factors, it is determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost/(income) for pensions include the discount rate, inflation and mortality assumptions.Any changes in these assumptions will impact upon the carrying amount of post-employment benefit obligations. Key assumptions and sensitivities for post employment benefit obligations are disclosed in note below.

The Company''s policy is driven by considerations of maximising returns while ensuring credit quality of the debt instruments. The asset allocation for plan assets is determined based on investment criteria prescribed under the Indian Income Tax Act, 1961, and is also subject to other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To measure plan asset performance, the Company compares actual returns for each asset category with published bench marks.

The weighted average duration of the defined benefit obligation as at March 31, 2023 is 10.3 years ( March 31, 2022 : 11.7 years).

The Company expects to contribute ''59.54 crores to the funded pension plans in the year ending March 31, 2024.

(ii) On November 4, 2022, the Hon''ble Supreme Court of India, in the case of Employees'' Provident Fund Organisation and Anr. Etc. vs. Sunil Kumar B. and Ors. Etc., passed a judgment upholding the validity of the 2014 amendment to the Employees'' Pension Scheme 1995 and allowed the members of statutory pension fund as on September 1, 2014, to exercise the joint option for contribution into the pension fund beyond the statutory limit. The Hon''ble Supreme Court has clearly laid down that it was not addressing the case of the exempted establishments in the said judgment.

The Company has been operating its provident fund and pension scheme as an exempted establishment. The Company has been legally advised that due to the incurrence of losses for three consecutive years, the Company has lost its provident fund and pension fund exemption status w.e.f. April 1, 2022. While the Employees Provident Fund Organization ("EPFO") has already accepted the transfer of entire Provident Fund/ corpus into its statutory provident fund, the Company is still maintaining the pension fund, as an ad interim measure, since EPFO has still not accepted the transfer of pension fund/ corpus to its statutory pension fund.

Pending the transfer of the pension fund, the Company had communicated to its employees that if they wish to avail the option of contributing beyond the statutory limit, they may choose to apply on the EPFO portal to exercise the option, subject to EPFO accepting the joint option. This is also subject to EPFO''s decision on applicability, calculation formula, contribution, amount of higher pension and transfer of corpus from statutory provident fund to the statutory pension fund. The EPFO, in compliance with the Supreme Court judgment, has issued various circulars, calling upon eligible pensioners to exercise joint option, however, with no mention with regard to the treatment of the members of the exempted pension funds.

Considering all of the above, and more particularly the fact that the EPFO is in the process of providing clarity on various key elements referred to above, the non-applicability of the Supreme Court judgement to exempted establishments and the legal advice on status of the exemption, the Company believes that no provision is warranted on this matter as of March 31, 2023.

37. Commitments and contingencies

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

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

Litigation

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

Income Tax

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

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

The Company has a right of appeal to the Commissioner of Income Tax (Appeals), or CIT (A), the Dispute Resolution Panel, or DRP, and to the Income Tax Appellate Tribunal, or ITAT, against adverse decisions by the assessing officer, DRP or CIT (A), as applicable. The income tax authorities have similar rights of appeal to the ITAT against adverse decisions by the CIT (A) or DRP. The Company has a further right of appeal to the Bombay High Court or the Hon''ble Supreme Court of India against adverse decisions by the appellate authorities for matters involving substantial question of law. The income tax authorities have similar rights of appeal.

As at March 31, 2023, there are contingent liabilities towards matters and/or disputes pending in appeal amounting to ''161.94 crores (''216.10 crores as at March 31, 2022).

Customs, Excise Duty and Service Tax

As at March 31, 2023, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands, including interest and penalties, of ''398.26 crores (''610.78 crores as at March 31, 2022). These demands challenged the basis of valuation of the Company''s products and denied the Company''s claims of Central Value Added Tax, or CENVAT credit on inputs.

Sales Tax/VAT

The total sales tax demands (including interest and penalty), that are being contested by the Company amount to ''932.77 crores as at March 31, 2023 (''1,225.74 crores as at March 31, 2022). The details of the demands for more than ''100 crores are as follows:

The Sales Tax Authorities have raised demand of ''231.09 crores as at March 31, 2023 (''324.00 crores as at March 31, 2022) towards rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds and few other issues such as late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending at various levels.

The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to ''267.49 crores as at March 31, 2023 (''283.62 crores as at March 31, 2022). The reasons for disallowing credit was mainly due to Taxes not paid by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The matter is contested in appeal.

The Sales Tax authorities have raised demand for Check post/ Entry Tax liability at various states amounting to ''309.47 crores as at March 31, 2023 (''501.38 crores as at March 31, 2022). The company is contesting this issue.

Other Taxes and Dues

Other amounts for which the Company may contingently be liable aggregate to ''305.04 crores as at March 31, 2023 (''242.66 crores as at March 31, 2022). Following are the cases involving more than ''100 crores:

As at March 31, 2023, property tax amounting to ''150.58 crores (''100.07 crores as at March 31, 2022) has been demanded by the local municipal authorities in respect of vacant land of the Company in the plant in Pimpri (including residential land), Chinchwad and Chikhali. The Company had filed Special Leave Petition (SLP) before the Hon''ble Supreme Court of India against an unfavorable decision of the Bombay High Court. The Hon''ble Supreme Court of India had disposed of the SLP and remanded the matter back to the local municipal corporation for fresh adjudication. After fresh hearing, the municipal authority again passed the same order as it had passed earlier, which the Company has challenged before the Civil Court. The Civil Court has passed an injunction order restraining the municipal authority from taking any action of recovery.

Other claims

The Hon''ble Supreme Court of India ("SC") by their order dated February 28, 2019, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. There are interpretative challenges and considerable uncertainty, including estimating the amount retrospectively. Pending the directions from the EPFO, the impact for past periods, if any, is not ascertainable reliably and consequently no financial effect has been provided for in the financial statements. The Company has complied with this on a prospective basis, from the date of the SC order. Also refer note 33 (B) (b) (ii) for pension.

Commitments

The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and various civil contracts of a capital nature amounting to ''634.96 crores as at March 31, 2023 (''587.13 crores as at March 31, 2022), which are yet to be executed.

The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature amounting to ''82.91 crores as at March 31, 2023, (''102.29 crores as at March 31, 2022), which are yet to be executed.

38. Earnings/(loss) per Share ("EPS")

(a) Accounting policy

Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Partly paid up shares are included as fully paid equivalents according to the fraction paid up. Diluted earnings per share has been computed using the weighted average number of shares and dilutive potential shares, except where the result would be antidilutive.

39. Capital Management

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of longterm and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity, non-convertible debentures, senior notes and other long-term/short-term borrowings. The Company''s policy is aimed at combination of short-term and long-term borrowings.

The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

Total borrowings includes all long and short-term borrowings as disclosed in notes 22 and 23 to the financial statements. Equity comprises all components excluding (profit)/loss on cash flow hedges.

40. Financial instruments

(a) Accounting policy

(i) Recognition:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial instruments are recognised on the balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Initial measurement

Financial instruments are initially recognised at its fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments are recognised in determining the carrying amount, if it is not classified as at fair value through profit or loss. However, trade receivables that do not contain a significant financing component are measured at transaction price. Transaction costs of financial instruments carried at fair value through profit or loss are expensed in the statement of profit and loss.

Subsequently, financial instruments are measured according to the category in which they are classified. Classification and measurement - financial assets

Classification of financial assets is based on the business model in which the instruments are held as well as the characteristics of their contractual cash flows. The business model is based on management''s intentions and past pattern of transactions. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The Company reclassifies financial assets when and only when its business model for managing those assets changes.

Financial assets are classified into three categories

Financial assets at amortised cost: Financial assets having contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash flows are classified in this category. Subsequently, these are measured at amortised cost using the effective interest method less any impairment losses.

Equity investments at fair value through other comprehensive income (Equity instruments): These include financial assets that are equity instruments and are designated as such upon initial recognition irrevocably. Subsequently, these are measured at fair value and changes therein are recognised directly in other comprehensive income, net of applicable income taxes.

Dividends from these equity investments are recognised in the statement of Profit and Loss when the right to receive payment has been established.

When the equity investment is derecognised, the cumulative gain or loss in equity is transferred to retained earnings.

Financial assets at fair value through other comprehensive income (Debt instruments): Financial assets having contractual terms that give rise on specified dates, to cash flows that are solely payments of principal and interest on the principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash flows as well as to sell the financial asset, are classified in this

category. Subsequently, these are measured at fair value, with unrealised gains or losses being recognised in other comprehensive income apart from any expected credit losses or foreign exchange gains or losses, which are recognised in profit or loss.

Financial assets at fair value through profit and loss: Financial assets are measured at fair value through profit and loss unless it is measured at amortised cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit and loss are immediately recognised in profit and loss.

Classification and measurement - financial liabilities:

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

Financial guarantee contracts: These are initially measured at their fair values and, are subsequently measured at the higher of the amount of loss allowance determined or the amount initially recognised less, the cumulative amount of income recognised.

Other financial liabilities: These are measured at amortised cost using the effective interest method.

Equity instruments: Equity instruments: An equity instrument is any contract that evidences residual interests in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

(ii) Determination of fair value:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.

The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given or r


Mar 31, 2022

4. LEASES

(a) Accounting policy Lessee:

At inception of a contract, the Company assesses whether a contract is, or contain a lease. A contract is, or contains, a lease if the

contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess

whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

• The contract involves the use of an identified asset -this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substation right, then the asset is not identified;

• The Company has the right to substantially all of the economic benefits from the use of the asset throughout the period of use; and

• The Company has the right to direct the use of the asset. The Company has this right when it has the decision making rights that are most relevant to changing how and for what purposes the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:

• The Company has the right to operate the asset; or

• The Company designed the asset in a way that predetermines how and for what purposes it will be used.

As a practical expedient, Ind AS 116 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has not used this practical expedient. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and estimated dilapidation costs, less any lease incentives received. The right-of-use asset is subsequently amortised using the straight-line method over the shorter of the useful life of the leased asset or the period of lease. If ownership of the leased asset is automatically transferred at the end of the lease term or the exercise of a purchase option is reflected in the lease payments, the right-of-use asset is amortised on a straightline basis over the expected useful life of the leased asset.

The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date, discounted using, the Company''s incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is re measured when there is a change in future lease payments.

Lease payments include fixed payments, i.e. amounts expected to be payable by the Company under residual value guarantee, the exercise price of a purchase option if the Company is reasonably certain to exercise that option and payment of penalties for terminating the lease if the lease term considered reflects that the Company shall exercise termination option. The Company also recognises a right of use asset which comprises of amount of initial measurement of the lease liability, any initial direct cost incurred by the Company and estimated dilapidation costs.

Payment made towards short term leases (leases for which non-cancellable term is 12 months or lesser) and low value assets (lease of assets worth less than ''0.03 crore) are recognised in the statement of Profit and Loss as rental expenses over the tenor of such leases.

Lessor:

At the inception of a lease, the lease arrangement is classified as either a finance lease or an operating lease, based on contractual terms & substance of the lease arrangement. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company''s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company''s net investment outstanding in respect of the leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

(b) The Company leases a number of buildings, plant and equipment, IT hardware and software assets, certain of which have a renewal and/or purchase option in the normal course of the business. Extension and termination options are included in a number of leases across the Company. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor. The Company assesses at lease commencement whether it is reasonably certain to exercise the extension or termination option. The Company re-assesses whether it is reasonably certain to exercise options if there is a significant event or significant change in circumstances within its control. It is recognised that there is potential for lease term assumptions to change in the future due to the effects of the COVID-19 pandemic, and this will continue to be monitored by the Company where relevant. The Company''s leases mature between 2022 and 2032. The weighted average rate applied is 8.22 % (2021: 8.58%).

5. OTHER INTANGIBLE ASSETS

(a) Accounting policy

Intangible assets purchased are measured at cost or fair value as on the date of acquisition less accumulated amortisation and impairment, if any.

Amortisation is provided on a straight-line basis over estimated useful lives of the intangible assets as per details below:

Estimated amortisation period

Technological know-how 8 to 10 years

Software 4 years

The amortisation period for intangible assets with finite useful lives is reviewed at each year-end. Changes in expected useful lives are treated as changes in accounting estimates.

Internally generated intangible asset

Research costs are charged to the statement of Profit and Loss in the year in which they are incurred.

Product development costs incurred on new vehicle platform, engines, transmission and new products are recognised as intangible assets, when feasibility has been established, the Company has committed technical, financial and other resources to complete the development and it is probable that asset will generate future economic benefits.

The cost of an internally generated intangible asset is the sum of directly attributable expenditure incurred from the date when the intangible asset first meets the recognition criteria to the completion of its development.

Interest cost incurred is capitalised up to the date the asset is ready for its intended use, based on borrowings incurred specifically for financing the asset or the weighted average rate of all other borrowings if no specific borrowings have been incurred for the asset.

Product development costs is amortised over the life of the related product, being a period of 24 months to 120 months.

Product development expenditure is measured at cost less accumulated amortisation and impairment, if any. Amortisation is not recorded on product engineering in progress until development is complete.

Derecognition of intangible assets

An item of intangible assets is derecognized on disposal or when fully amortized and no longer in use. Any gain or loss arising from derecognition of an item of intangible assets is included in profit or loss.

(2) includes option pricing value for call/ put option provided by the Company towards perpetual debt issued by TMF Holdings Limited.

(3) The Company has given a letter of comfort to Bank of China, Shanghai Branch for RMB 5 billion (''5,977.00 crores as at March 31, 2022) against loan

granted by the bank to Jaguar Land Rover (China) investment Co. Ltd.

(4) The Company has given a letter of comfort to State Bank of India, Bahrain for USD 10 0 milion (''757.89 crores as on March 31, 2022) against Credit Facility

given to TML Holding PTE Ltd., Singapore and a letter of comfort to Bank of Baroda, London for GBP 100 milion (''994.23 crores as on March 31, 2022) against the SBLC Facility extended to TML Holding PTE Ltd., Singapore.

(5) The Company has given a letter of comfort to Citi Corp international for USD 425 milion (''3,221.02 crores as on March 31, 2022) given to TML Holding PTE Ltd., Singapore against ECB Bonds.

(6) The Company has given a letter of comfort to Unicredit S.P.A., Italy for EUR 1.5 milion ('' 12.63 crores as on March 31, 2022) against Credit Facility given to Trilix S.R.L. The Company will not dilute its stake in Trilix S.R.L. below 51% during the tenor of the facility.

7. INVESTMENTS IN JOINT ARRANGEMENT:

(i) Fiat India Automobiles Private Limited conversion of Joint operation to Joint venture:

Certain of the Company''s activities were condutcted through joint operation namely Fiat India Automobiles Private Limited ("FIAPL"). FIAPL manufactures certain models of passengers cars and powertrains used in the passenger cars.

Pursuant to the Scheme of Arrangement between the Company and Tata Motors Passenger Vehicles Limited (TMPVL), the PV undertaking of the Company has been transferred as a going concern, on a slump sale basis effective January 1, 2022. The economic benefits arising out of the assets of FIAPL has been transferred to TMPVL, whilst the ownership of equity shares of FIAPL continues to be retained by Tata Motors Limited and thus the above arrangement has been classified as joint venture effective January 1, 2022 in the financial statements. Accordingly, the proportionate net assets and liabilities as at January 1, 2022 has been considered as deemed cost of investment in joint venture in the financial statements.

16. INVENTORIES (a) Accounting policy

Inventories are valued at the lower of cost and net realisable value. Cost of raw materials, components and consumables are ascertained on a moving weighted average basis. Cost, including fixed and variable production overheads, are allocated to work-in-progress and finished goods determined on a full absorption cost basis. Net realisable value is the estimated selling price in the ordinary course of business less estimated cost of completion and selling expenses.

(h) During the year ended March 31, 2020, the Company has allotted 20,16,23,407 Ordinary Shares at a price of ''150 per Ordinary Share aggregating to ''3,024.35 crores and 23,13,33,871 Convertible Warrants (''Warrants''), each carrying a right to subscribe to one Ordinary Share per Warrant, at a price of ''150 per Warrant (''Warrant Price''), aggregating to ''3,470.00 crores on a preferential basis to Tata Sons Private Limited. An amount equivalent to 25% of the Warrant Price was paid at the time of subscription and the balance 75% of the Warrant Price was payable by the Warrant holder against each Warrant at the time of allotment of Ordinary Shares pursuant to exercise of the options attached to Warrant(s) to subscribe to Ordinary Share(s) by June 2021.The Company has fully utilised the amount of ''3,891.85 crores towards repayment of debt, and other general corporate purposes of the Company and its subsidiaries.

During the year ended March 31, 2021, on exercise of options by Tata Sons Pvt Ltd and on receipt of the balance subscription money of ''2,602.51 crores, the Company has fully converted 23,13,33,871 convertible warrants into Ordinary Shares. As at March 31, 2022 the Company has fully utilised amount towards repayment of debt, and other general corporate purposes of the Company.

(i) The entitlements to 4,92,559 Ordinary shares of ''2 each (as at March 31, 2021 : 4,92,559 Ordinary shares of ''2 each) and 2,33,214 ''A'' Ordinary shares of ''2 each (as at March 31, 2021: 2,33,214 ''A'' Ordinary shares of ''2 each) are subject matter of various suits filed in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.

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

(i) Ordinary shares and ''A'' Ordinary shares both of ''2 each :

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

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

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

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

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

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

a) Capital redemption reserve

The Indian Companies Act, 2013 (the "Companies Act") requires that where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up unissued shares of the company to be issued to shareholders of the company as fully paid bonus shares. Tata Motors Limited established this reserve pursuant to the redemption of preference shares issued in earlier years.

b) Debenture redemption reserve (DRR)

The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of profits of the Company available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve of 25% of the value of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve may not be utilised by the Company except to redeem debentures. No DRR is required for debentures issued after August 16, 2019.

c) Securities premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium.

d) Retained earnings

Retained earnings are the profits that the Company has earned till date.

e) Capital reserve

The capital reserve represents the excess of the identifiable assets and liabilities over the consideration paid/received or vice versa in a common control sale/transfer of business/investment.

f) Dividends

The final dividend is recommended by the Board of Directors and is recorded in the books of accounts upon its approval by the Shareholders. For the year ended March 31, 2022 and 2021, considering the accumulated losses in the Tata Motors Limited Standalone, no dividend was permitted to be paid to the members, as per the Companies Act, 2013 and the rules framed thereunder.

g) Share-based payments reserve

Share-based payments reserve represents amount of fair value, as on the date of grant, of unvested options and vested options not exercised till date, that have been recognised as expense in the statement of profit and loss till date.

(i) Nature of security (on loans including interest accrued thereon) :

(a) The term loan of ''2,400.00 crores from HDFC Ltd, (recorded in books at ''2,395.11 crores) included within Longterm borrowings of ''1,345.11 crores in note 23 and included within Current maturities of Long-term borrowings of ''1,050.00 crores in note 24, is due for repayment from the quarter ending June 30, 2022 to quarter ending June 30, 2026, along with a simple interest of 7.50% p.a. The loan is secured by a charge over Company''s leasehold land together with building structures, plant and machinery, fixtures and other assets.

(b) The term loan of ''112.82 crores (recorded in books at ''40.64 crores) is due for repayment from the quarter ending June 30, 2030 to March 31, 2034, along with a simple interest of 0.01% p.a. The loan is secured by bank guarantee for the due performance of the conditions as per the terms of the agreement.

(iv) The external commercial borrowings of USD 250 million (1,788.35 crores) bearing floating interest rate of 3 months LIBOR 128bps is due for repayment in June 2025.

(v) The buyer''s line of credit from banks bearing floating interest ranging from 6.30% to 8.85%, amounting to ''2,883.33 crores is repayable within a maximum period of seven years from the drawdown dates. All the repayments are due from period ending April 28, 2023 to November 30, 2026. The Buyer''s line of credit of 1,175.00 crores classified under Short Term Borrowings-current being maturity before March 31, 2023.

II. Information regarding short-term borrowings

(i) Loans, cash credits, overdrafts and buyers line of credit from banks bearing fixed interest rate from 4.00% to 7.45% are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semifinished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

(ii) Inter-corporate deposits from subsidiaries and associates are unsecured bearing interest rate at 5% to 7.75%.

(i) The quarterly returns or statements filed by the Company for working capital limits with such banks and financial institutions are in agreement with the books of account of the Company except for statements filed for quarters during the year ended March 31, 2022, where differences were noted between the amount as per books of account for respective quarters and amount as reported in the quarterly statements. The differences were in case of Debtors amounting to '' 689 crores (amount reported '' 3,166 crores vs amount per books of account '' 2,477 crores), '' 490 crores (amount reported '' 2,799 crores vs amount per books of account '' 2,309 crores) and '' 758 crores (amount reported '' 3,191 crores vs amount per books of account '' 2,433 crores) for the quarter ended June 30, 2021, September 30, 2021 and December 31, 2021 respectively. Further, Creditors had a difference of '' 38 crores (amount reported '' 3,246 crores vs amount per books of account '' 3,208 crores) for the quarter ended June 30, 2021; and Inventory had a difference of '' 44 crores (amount reported '' 5,472 crores vs amount per books of account '' 5,516 crores) for the quarter ended September 30, 2021. These statements were subsequently rectified after year ended March 31, 2022 and submitted to the respective banks.

(ii) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

28. PROVISIONS

(a) Accounting policy

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When the effect of the time value of money ismaterial, provisions are determined by discounting the expected future cash flows using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Product warranty expenses

The estimated liability for product warranties is recognised when products are sold or when new warranty programmes are initiated. These estimates are established using historical information on the nature, frequency and average cost of warranty claims and management estimates regarding possible future warranty claims, customer goodwill and recall complaints. The timing of outflows will vary depending on when warranty claim will arise, being typically up to six years. The Company also has back-to-back contractual arrangement with its suppliers in the event that a vehicle fault is proven to be a supplier''s fault.

Estimates are made of the expected reimbursement claim based upon historical levels of recoveries from supplier, adjusted for inflation and applied to the population of vehicles under warranty as on Balance Sheet date. Supplier reimbursements are recognised as separate asset.

Provision for onerous obligations

A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting its obligations under the contract. It is recognized when the Company has entered into a binding legal agreement for the purchase of components from suppliers that exceeds the benefits from the expected future use of the components and the Company sells the finished goods using the components at a loss.

29. INCOME TAXES

(a) Accounting policy

Income tax expense comprises current tax and deferred tax. Income tax expense is recognised in the statement of Profit and Loss except when they relate to items that are recognised outside of profit and loss (whether in other comprehensive income or directly in equity), in which case tax is also recognised outside profit and loss. Current income taxes are determined based on respective taxable income of each taxable entity.

Deferred tax assets and liabilities are recognised for the future tax consequences of temporary differences between the carrying values of assets and liabilities and their respective tax bases, and unutilised business loss and depreciation carryforwards and tax credits. Such deferred tax assets and liabilities are computed separately for each taxable entity. Deferred tax assets are recognised to the extent it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses, depreciation carry-forwards and unused tax credits could be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Current and deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and

the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax liabilities on taxable temporary differences arising from investments in subsidiaries, branches and associated companies and interests in joint arrangements are not recognised if the Company is able to control the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future.

1. Tata Motors Limited (TML) has presently, decided not to opt for the New Tax Regime inserted by Section 115BAA of the Income-tax Act, 1961 and enacted by the Taxation Laws (Amendment) Ordinance, 2019 (''the Ordinance'') which is applicable from Financial Year beginning April 1, 2019. TML has accordingly applied the existing tax rates in the financial statements for the year ended March 31, 2022.

2. Tata Cummins Ltd. has from FY 2019-20, adopted and shifted to the New Tax Regime, under Section 115BAA as inserted in the Income-tax Act, 1961.

Performance obligations in respect of amount received in respect of future maintenance service and extended warranty will be fulfilled over a period of 6 years from year ending March 31, 2022 till March 31, 2027.

(b) Government incentives include ''143.16 crores as at March 31, 2022 (''101.01 crores as at March 31, 2021) grants relating to property, plant and equipment related to duty saved on import of capital goods and spares under the Exports Promotion Capital Goods (EPCG) scheme. Under such scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over a specified period of time. In case such commitments are not met, the Company would be required to pay the duty saved along with interest to the regulatory authorities.

32. REVENUE RECOGNITION (a) Accounting policy

The Company generates revenue principally from-

i) Sale of products - commercial and passenger vehicles and vehicle parts

The Company recognises revenues on the sale of products, net of discounts, sales incentives, customer bonuses and rebates granted, when products are delivered to dealers or when delivered to a carrier for export sales, which is when control including risks and rewards and title of ownership pass to the customer.

The Company offers sales incentives in the form of variable marketing expense to customers, which vary depending on the timing and customer of any subsequent sale of the vehicle. This sales incentive is accounted for as a revenue reduction and is constrained to a level that is highly probable not to reverse the amount of revenue recognised when any associated uncertainty is subsequently resolved. The Company estimates the expected sales incentive by market and considers uncertainties including competitor pricing, ageing of retailer stock and local market conditions.

The consideration received in respect of transport arrangements for delivering of vehicles to the customers are recognised net of their costs within revenues in the income statement.

Revenues are recognised when collectability of the resulting receivable is reasonably assured.

ii) Sale of services - maintenance service and extended warranties for commercial and passenger vehicles.

Income from sale of maintenance services and extended warranties are recognised as income over the relevant period of service or extended warranty.

When the Company sells products that are bundled with maintenance service or extended period of warranty, such services are treated as a separate performance obligation only if the service or warranty is optional to the customer or includes an additional service component. In such cases, the transaction price allocated towards such maintenance service or extended period of warranty is recognised as a contract liability until the service obligation has been met.

The Company operates certain customer loyalty programs under which customer is entitled to reward points on the spend towards Company''s products. The reward points earned by customers can be redeemed to claim discounts on future purchase of certain products or services. Transaction price allocated towards reward points granted to customers is recognised as a deferred income liability and transferred to income when customers redeem their reward points.

Sales of services include certain performance obligations that are satisfied over a period of time. Any amount received in advance in respect of such performance obligations that are satisfied over a period of time is recorded as a contract liability and recorded as revenue when service is rendered to customers.

33. OTHER INCOME

(a) Accounting policy

Government Grants and Incentives

Other income includes export and other recurring and non-recurring incentives from Government (referred as "incentives").

Government grants are recognised when there is a reasonable assurance that the Company will comply with the relevant conditions and the grant will be received.

Government grants are recognised in the statement of profit and loss, either on a systematic basis when the Company recognises, as expenses, the related costs that the grants are intended to compensate or, immediately if the costs have already been incurred. Government grants related to assets are deferred and amortised over the useful life of the asset. Government grants related to income are presented as an offset against the related expenditure, and government grants that are awarded as incentives with no ongoing performance obligations to the Company are recognised as income in the period in which the grant is received.

Share based payments Accounting policy

The Company recognises compensation expense relating to share based payments in accordance with Ind AS 102 Share-based Payment. Stock options granted by the Company to its employees are accounted as equity settled options. Accordingly, the estimated fair value of options granted that is determined on the date of grant, is charged to statement of Profit and Loss on a straight line basis over the vesting period of options which is the requisite service period, with a corresponding increase in equity.

Equity-settled share option plan

(i) Tata Motors Limited Employees Stock Option Scheme 2018

The Company has allotted share based incentives to certain employees during the year ended March 31, 2019, under Tata Motors Limited Employee Stock Options Scheme 2018 approved by Nomination and Remuneration Committee (NRC). As per the scheme, the number of shares that will vest is conditional upon certain performance measures determined by NRC. The performance is measured over vesting period of the options granted which ranges from 3 to 5 years. The performance measures under this scheme include growth in sales, earnings and free cash flow. The options granted under this scheme is exercisable by employees till one year from date of its vesting. The Company has granted options at an exercise price of ''345/-. Option granted will vest equally each year starting from 3 years from date of grant up to 5 years from date of grant. Number of shares that will vest range from 0.5 to 1.5 per option granted depending on performance measures.

Share based payments

Share-based Long Term Incentive Scheme 2021

The Company has granted Performance Stock Units ("PSUs") and Employee Stock Options ("ESOs") to its employees under the Tata Motors Limited Share-based Long Term Incentive Scheme 2021 ("TML SLTI Scheme 2021" or "Scheme").

As per the scheme, the number of shares that will vest is conditional upon certain performance measures determined by NRC. The performance is measured over vesting period of the options granted. The performance measures under this scheme include growth in sales, earnings and free cash flow. The options granted under this scheme is exercisable by employees till one year from date of its vesting. The Company has granted options at an exercise price of ?338/- for ESOs and ?2/- for PSUs. Option granted will vest after 3 years from date of grant. Number of shares that will vest range from 0.5 to 1.2 per option granted depending on performance measures.

38. COMMITMENTS AND CONTINGENCIES

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

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

Litigation

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

Income Tax

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

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

The Company has a right of appeal to the Commissioner of Income Tax (Appeals), or CIT (A), the Dispute Resolution Panel, or DRP, and to the Income Tax Appellate Tribunal, or ITAT, against adverse decisions by the assessing officer, DRP or CIT (A), as applicable. The income tax authorities have similar rights of appeal to the ITAT against adverse decisions by the CIT (A) or DRP. The Company has a further right of appeal to the Bombay High Court or the Hon''ble Supreme Court of India against adverse decisions by the appellate authorities for matters involving substantial question of law. The income tax authorities have similar rights of appeal.

As at March 31, 2022, there are contingent liabilities towards matters and/or disputes pending in appeal amounting to ?216.10 crores (''101.89 crores as at March 31, 2021).

Customs, Excise Duty and Service Tax

As at March 31, 2022, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands, including interest and penalties, of ?610.78 crores (?580.45 crores as at March 31, 2021). These demands challenged the basis of valuation of the Company''s products and denied the Company''s claims of Central Value Added Tax, or CENVAT credit on inputs. The details of the demands for more than ?100 crores are as follows:

As at March 31, 2022, the Excise Authorities have raised a demand and penalty of ?268.27 crores, (?268.27 crores as at March 31, 2021), due to the classification of certain chassis (as goods transport vehicles instead of dumpers) which were sent to automotive body builders by the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty (NCCD). The Company has obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise & Service Tax Appellate Tribunal.

Sales Tax/VAT

The total sales tax demands (including interest and penalty), that are being contested by the Company amount to 1,225.74 crores as at March 31, 2022 (''1,359.51 crores as at March 31, 2021). The details of the demands for more than 100 crores are as follows:

The Sales Tax Authorities have raised demand of ?324.00 crores as at March 31, 2022 (?326.85 crores as at March 31, 2021) towards rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds and few other issues such as late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending at various levels.

The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to ?283.62 crores as at March 31, 2022 (?270.50 crores as at March 31, 2021). The reasons for disallowing credit was mainly due to Taxes not paid by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The matter is contested in appeal.

The Sales Tax authorities have raised demand for Check post/ Entry Tax liability at various states amounting to ?501.38 crores as at March 31, 2022 (?434.59 crores as at March 31, 2021). The company is contesting this issue.

Other Taxes and Dues

Other amounts for which the Company may contingently be liable aggregate to ?242.66 crores as at March 31, 2022 (?231.53 crores as at March 31, 2021). Following are the cases involving more than 100 crores:

As at March 31, 2022, property tax amounting to 100.07 crores (?95.75 crores as at March 31, 2021) has been demanded by the local municipal authorities in respect of vacant land of the Company in the plant in Pimpri (including residential land), Chinchwad and Chikhali. The Company had filed Special Leave Petition (SLP) before the Hon''ble Supreme Court of India against an unfavorable decision of the Bombay High Court. The Hon''ble Supreme Court of India had disposed of the SLP and remanded the matter back to the local municipal corporation for fresh adjudication. After fresh hearing, the municipal authority again passed the same order as it had passed earlier, which the Company has challenged before the Civil Court. The Civil Court has passed an injunction order restraining the municipal authority from taking any action of recovery.

Other claims

The Hon''ble Supreme Court of India ("SC") by their order dated February 28, 2019, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. There are interpretative challenges and considerable uncertainty, including estimating the amount retrospectively. Pending the directions from the EPFO, the impact for past periods, if any, is not ascertainable reliably and consequently no financial effect has been provided for in the financial statements. The Company has complied with this on a prospective basis, from the date of the SC order.

The Company has, consequent to an Order of the Hon''ble Supreme Court of India in the case of R.C.Gupta Ors. Vs Regional Provident Fund Organisation and Ors., evaluated the impact on its employee pension scheme and concluded that this is not applicable to the Company based on external legal opinion and hence it is not probable that there will be an outflow of resources. Further a Supreme Court of India bench, allowed the review petitions filed by the Employees Provident Fund Organisation (EPFO) and decided to reconsider the previous order that permitted grant of Provident Fund pension on last drawn salary. The Supreme Court has recalled its 2019 order which had paved way for pension on last drawn salary for employees by removing the current salary ceiling of 15,000.

Commitments

The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and various civil contracts of a capital nature amounting to ''587.13 crores as at March 31, 2022 (''957.16 crores as at March 31, 2021), which are yet to be executed.

The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature amounting to ''102.29 crores as at March 31, 2022, (''99.64 crores as at March 31, 2021), which are yet to be executed.

39. EARNINGS/(LOSS) PER SHARE (“EPS")

(a) Accounting policy

Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Partly paid up shares are included as fully paid equivalents according to the fraction paid up. Diluted earnings per share has been computed using the weighted average number of shares and dilutive potential shares, except where the result would be antidilutive.

40. CAPITAL MANAGEMENT

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and shortterm goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity, non-convertible debentures, senior notes and other long-term/short-term borrowings. The Company''s policy is aimed at combination of short-term and long-term borrowings.

The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

Total borrowings includes all long and short-term borrowings as disclosed in notes 23 and 24 to the financial statements. Equity comprises all components excluding (profit)/loss on cash flow hedges.

40. FINANCIAL INSTRUMENTS (a) Accounting policy

(i) Recognition:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial instruments are recognised on the balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Initial measurement

Initially, a financial instrument is recognised at its fair value. Transaction costs directly attributable to the acquisition or issue of financial instruments are recognised in determining the carrying amount, if it is not classified as at fair value through profit or loss. Transaction costs of financial instruments carried at fair value through profit or loss are expensed in profit or loss.

Subsequently, financial instruments are measured according to the category in which they are classified.

Classification and measurement - financial assets

Classification of financial assets is based on the business model in which the instruments are held as well as the characteristics of their contractual cash flows. The business model is based on management''s intentions and past pattern of transactions. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The Company reclassifies financial assets when and only when its business model for managing those assets changes.

Financial assets are classified into three categories

Financial assets at amortised cost: Financial assets having contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash flows are classified in this category. Subsequently, these are measured at amortised cost using the effective interest method less any impairment losses.

Equity investments at fair value through other comprehensive income (Equity instruments): These include financial assets that are equity instruments and are designated as such upon initial recognition irrevocably. Subsequently, these are measured at fair value and changes therein are recognised directly in other comprehensive income, net of applicable income taxes.

Dividends from these equity investments are recognised in the statement of Profit and Loss when the right to receive payment has been established.

When the equity investment is derecognised, the cumulative gain or loss in equity is transferred to retained earnings.

Financial assets at fair value through other comprehensive income (Debt instruments): Financial assets having contractual terms that give rise on specified dates, to cash flows that are solely payments of principal and interest on the principal outstanding and that are held within a business model whose objective is to hold such assets in order to collect such contractual cash flows as well as to sell the financial asset, are classified in this category. Subsequently, these are measured at fair value, with unrealised gains or losses being recognised in other comprehensive income apart from any expected credit losses or foreign exchange gains or losses, which are recognised in profit or loss.

Financial assets at fair value through profit and loss: Financial assets are measured at fair value through profit and loss unless it is measured at amortised cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit and loss are immediately recognised in profit and loss.

Classification and measurement - financial liabilities:

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

Financial guarantee contracts: These are initially measured at their fair values and, are subsequently measured at the higher of the amount of loss allowance determined or the amount initially recognised less, the cumulative amount of income recognised.

Other financial liabilities: These are measured at amortised cost using the effective interest method.

Equity instruments: An equity instrument is any contract that evidences residual interests in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

(ii) Determination of fair value:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.

The fair value of a financial instrument on initial recognition is normally the transaction price (fair value of the consideration given or received).

In estimating the fair value of an asset or liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.

Subsequent to initial recognition, the Company determines the fair value of financial instruments that are quoted in active markets using the quoted bid prices (financial assets held) or quoted ask prices (financial liabilities held) and using valuation techniques for other instruments. Valuation techniques include discounted cash flow method and other valuation methods.

(iii) Derecognition oF Financial assets and Financial liabilities:

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Any gain or loss arising on derecognition is recognised in profit or loss. When a financial instrument is derecognised, the cumulative gain or loss in equity is transferred to the statement of profit and loss unless it was an equity instrument electively held at fair value through other comprehensive income. In this case, any cumulative gain or loss in equity is transferred to retained earnings. Financial assets are written off when there is no reasonable expectation of recovery. The Company reviews the facts and circumstances around each asset before making a determination. Financial assets that are written off could still be subject to enforcement activities.

Financial liabilities are decrecognised when these are extinguished, that is when the obligation is discharged, cancelled or has expired.

(iv) Impairment oF Financial assets:

The Company recognises a loss allowance for expected credit losses on a financial asset that is at amortised cost or at fair value through other comprehensive income. Expected credit losses are forward looking and are measured in a way that is unbiased and represents a probability-weighted amount, takes into account the time value of money (values are discounted using the applicable effective interest rate) and uses reasonable and supportable information.

(v) Hedge accounting:

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable forecast transactions. The Company designates these forward contracts in a cash flow hedging relationship by applying the hedge accounting principles. The Company also uses interest rate swaps to hedge its variability in cash flows from interest payments arising from floating rate liabilities i.e. when interests are paid according to benchmark market interest rates.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss.

At inception of the hedge relationship, the Company documents the economic relationship between the hedging instrument and the hedged item, including whether changes in the cash flows of the hedging instrument are expected to offset changes in the cash flows of the hedged item. The Company documents its risk management objective and strategy for undertaking its hedging transactions. The Company designates only the intrinsic value of foreign exchange options in the hedging relationship. The Company designates amounts excluding foreign currency basis spread in the hedging relationship for both foreign exchange forward contracts and cross- currency interest rate swaps. Changes in the fair value of the derivative contracts that are designated and effective as hedges of future cash flows are recognised in the cash flow hedge reserve within other comprehensive income (net of tax), and any ineffective portion is recognised immediately in the statement of profit and loss.

Amounts accumulated in equity are reclassified to the statement of Profit and Loss in the periods in which the forecasted transactions occurs.

For forwards and options, forward premium and the time value are not considered part of the hedge. These are treated as cost of hedge and the changes in fair value attributable to forward premium is recognised in the other comprehensive income along with the changes in fair value determined to be effective portion of the hedge.

Effective portion of fair value changes of interest rate swaps that are designated as hedges against interest rate risk arising from floating rate debt are recognised in other comprehensive income.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Amounts accumulated in equity are reclassified to the statement of profit and loss in the periods

in which the forecast transactions affect profit or toss or as an adjustment to a non-financiat item (e.g. inventory) when that item is recognised on the balance sheet. These deferred amounts are ultimately recognised in profit or loss as the hedged item affects profit or loss (for example through cost of goods sold). For forecast transactions, any cumulative gain or loss on the hedging instrument recognised in equity is retained there until the forecast transaction occurs.

If the forecast transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is immediately transferred to the statement of Profit and Loss for the year.

Fair Value Hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below.

Quoted prices in an active market (Level 1): This level of hierarchy includes financial instruments that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.

Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e; as prices) or indirectly (i.e; derived from prices). This level of hierarchy include Company''s over-the-counter (OTC) derivative contracts.

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

There has been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2022 and 2021.

Costs of certain unquoted equity instruments have been considered as an appropriate estimate of fair value because these investments are subject to a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. These investments in equity instruments are not held for trading. Instead, they are held for medium or long term strategic purpose. Upon the application of Ind AS 109, the Company has chosen to designate these investments in equity instruments at FVTOCI as the directors believes this provides a more meaningful presentation for medium or long term strategic investments, than reflecting changes in fair value in profit or loss.

The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair value is estimated by discounting expected future cash flows, using a discount rate equivalent to the risk-free rate of return, adjusted for the credit spread considered by the lenders for instruments of similar maturity.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, substantially for all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realised or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective report


Mar 31, 2021

LEASES

The Company leases a number of buildings, plant and equipment, IT hardware and software assets, certain of which have a renewal and/ or purchase option in the normal course of the business. Extension and termination options are included in a number of leases across the Company. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor. The Company assesses at lease commencement whether it is reasonably certain to exercise the extension or termination option. The Company re-assesses whether it is reasonably certain to exercise options if there is a significant event or significant change in circumstances within its control. It is recognised that there is potential for lease term assumptions to change in the future due to the effects of the COVID-19 pandemic, and this will continue to be monitored by the Company where relevant. The Company''s leases mature between 2021 and 2029.

When measuring lease liability, the Company discounted lease payments using its incremental borrowing rate at April 1, 2019. The weighted average rate applied is 8.58 %.

IMPAIRMENT LOSSES/(REVERSAL) OF PASSENGER VEHICLE SEGMENT AND OTHER PROVISIONS(a) Impairment losses/(reversal) of Passenger vehicle segment

The Company tests its passenger vehicle cash generating unit (CGU) for impairment at feast annually and more frequently when there is an indication of impairment. An impairment loss is recognized if the recoverable amount is lower than the carrying value. The Company also periodically assesses if there are any triggers for reversal of previously recognised impairment loss. A reversal of impairment loss is recognised if there is a trigger for reversal and the recoverable value exceeds the carrying value.

As at March 31, 2020, the Company assessed the recoverable value for this CGU, due to refresh of its strategy in response to change in market conditions on account of various factors (economic environment, demand forecasts etc.) including COVID 19 pandemic. The recoverable value determined by Fair Value less Cost of Disposal (''FVLCD'') was lower than the carrying value of the CGU and this resulted in an impairment charge for the year ended March 31, 2020 recognised within ''Exceptional items''.

As at March 31, 2021, the Company identified certain triggers for reversal of the previously recorded impairment based on both external and internal indicators. Accordingly, the Company reassessed its estimates and determined the recoverable value for this CGU considering the significant improvement in the absolute and relative performance and outlook of the business when compared with the assumed performance at the time when the impairment loss was recorded. Based on this reassessment, the Company has reversed the initially recognised impairment for this CGU.

The key drivers for this improved performance include:

1. New and Improved product portfolio

2. Product positioning in segments where the Company did not have a presence earlier

3. Revamp of dealer and service network

4. Capacity de-bottlenecking

5. Cost reduction initiatives

In addition to the above, the post COVID pent up demand was a tailwind and the changing consumer preference towards personal mobility as well as changes to the economic outlook have improved the outlook on the industry. A combination of these factors enabled the Company to enhance it''s market share to 8.1% for the year ended March 31, 2021 as compared to 4.8% for the year ended March 31, 2020.

The recoverable value was determined using the Fair value less cost of disposal ("FVLCD"). CGU''s FVLCD has been valued using Comparable Company Market Multiple method (CCM). The average of enterprise value to sales multiple of Comparable Companies applied to actual sales of the CGU for year ended March 31, 2021 has been considered as the FVLCD as per CCM. The fair value of the CGU is as follows:

(b) Other provisions

During the year ended March 31, 2020, a provision had been recognized for certain supplier contracts ranging from 5 to 10 years, which had become onerous, as the Company estimated that it will procure lower quantities than committed and the costs will exceed the future economic benefit.

As at March 31, 2021, the Company has reassessed the onerous provision created and based on the revised volume outlook a reversal of provision aggregating ''777.00 crores has been accounted. During the year the Company has also made provision for estimated supplier claims of ''114.00 crores, which are under negotiations with supplier.

(2) The Company has given a letter of comfort to ANZ Bank, London for GBP 2 million (''20.15 crores as at March 31, 2021) against loar extended by the bank to Tata Motors European Technical Centre PLC. UK (TMETC). Also the Company has given an undertaking to ANZ Bank London to retain 51% ownership of TMETC at all times during the tenor of the loan.

(3) Includes option pricing value for call/ put option provided by the Company towards perpetual debt issued by TMF Holdings Limited.

(4) The Company has given a letter of comfort to Unicredit S.P.A., Italy for EUR 1.5 million (''12.87 crores as on March 31, 2021) against Credi Facility given to Trilix S.R.L. The Company will not dilute its stake in Trilix S.R.L. below 51% during the tenor of the facility.

(5) The Company has given a letter of comfort to Bank of China, Shanghai Branch for RMB 5,000 million (''5,578.50 crores as at March 31, 2021 against loan granted by the bank to Jaguar Land Rover (China) Investment Co. Ltd.

(6) The Company has given a letter of comfort to State Bank of India, Bahrain for USD 100 milion (''731.13 crores as on March 31, 2021 against Credit Facility given to TML Holding PTE Ltd., Singapore and a letter of comfort to Bank of Baroda, London for GBP 100 milion (''1,007.66 crores as on March 31, 2021) against the SBLC Facility extended to TML Holding PTE Ltd., Singapore.

(7) The Company has given a letter of comfort to Citi Corp International for USD 300 milion (''2,193.38 crores as on March 31, 2021) given to TML Holding PTE Ltd., Singapore against ECB Bonds

Earmarked balances with banks as at March 31, 2021 of ''316.83 crores (as at March 31, 2020 ''198.19 crores) is held as security in relation to repayment of borrowings.

Earmarked balances with banks as at March 31, 2021 includes restricted deposits of ''73.47 crores (as at March 31, 2020 ''Nil) towards Company''s contribution for Family Pension from October 1, 2019, in lieu of Tata Motors Pension Trust exemption surrender application pending with Employee Provident Fund Organization. Subsequent to the year end, these balances are transferred to Tata Motors Pension Trust.

During the year ended March 31, 2020, the Company has allotted 20,16,23,407 Ordinary Shares at a price of ''150 per Ordinary Share aggregating to ''3,024.35 crores and 23,13,33,871 Convertible Warrants (''Warrants''), each carrying a right to subscribe to one Ordinary Share per Warrant, at a price of ''150 per Warrant (''Warrant Price''), aggregating to ''3,470.00 crores on a preferential basis to Tata Sons Private Limited. An amount equivalent to 25% of the Warrant Price was paid at the time of subscription and the balance 75% of the Warrant Price was payable by the Warrant holder against each Warrant at the time of allotment of Ordinary Shares pursuant to exercise of the options attached to Warrant(s) to subscribe to Ordinary Share(s) by June 2021.The Company has fully utilised the amount of ''3,891.85 crores towards repayment of debt and other general corporate purposes of the Company and its subsidiaries.

During the quarter and year ended March 31, 2021, on exercise of options by Tata Sons Pvt Ltd and on receipt of the balance subscription money of ''2,602.51 crores, the Company has fully converted 23,13,33,871 convertible warrants into Ordinary Shares, that were issued during the year ended March 31, 2020. The Company has not utilised any of this amount as at March 31, 2021.

The entitlements to 4,92,559 Ordinary shares of ''2 each (as at March 31, 2020 : 4,92,559 Ordinary shares of ''2 each) and 2,33,214 ''A'' Ordinary shares of ''2 each (as at March 31, 2020: 2,33,214 ''A'' Ordinary shares of ''2 each) are subject matter of various suits filed in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.

Rights, preferences and restrictions attached to shares :

(i) Ordinary shares and ''A'' Ordinary shares both of ''2 each :

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

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

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

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

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

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

Notes to reserves

a) Capital redemption reserve

The Indian Companies Act, 2013 (the "Companies Act") requires that where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the company, in paying up unissued shares of the company to be issued to shareholders of the company as fully paid bonus shares. Tata Motors Limited established this reserve pursuant to the redemption of preference shares issued in earlier years.

b) Debenture redemption reserve (DRR)

The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of profits of the Company available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve of 25% of the value of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve may not be utilised by the Company except to redeem debentures. No DRR is required for debentures issued after August 16, 2019.

c) Securities premium

The amount received in excess of face value of the equity shares is recognised in Securities Premium.

d) Retained earnings

Retained earnings are the profits that the Company has earned till date.

e) Capital reserve

The capital reserve represents the excess of the identifiable assets and liabilities over the consideration paid.

f) Dividends

The final dividend is recommended by the Board of Directors and is recorded in the books of accounts upon its approval by the Shareholders. For the year ended March 31, 2021 and 2020 , considering the accumulated losses in the Tata Motors Limited Standalone, no dividend was permitted to be paid to the members, as per the Companies Act, 2013 and the rules framed thereunder.

g) Share-based payments reserve

Share-based payments reserve represents amount of fair value, as on the date of grant, of unvested options and vested options not exercised till date, that have been recognised as expense in the statement of profit and loss till date.

Information regarding long-term borrowings

(i) Nature of security (on loans including interest accrued thereon) :

(a) The term Loan of ''3,000.00 crores from HDFC Ltd, (recorded in books at ''2,992.85 crores) is due for repayment from the quarter ending June 30, 2022 to quarter ending June 30, 2026, along with a simple interest of 8.50% p.a. The loan is secured by a charge over Company''s LeasehoLd Land together with buiLding structures, pLant and machinery, fixtures and other assets.

(b) The term loan of ''587.08 crores (recorded in books at ''176.67 crores) is due for repayment from the quarter ending March 31, 2033

to quarter ending March 31, 2039, along with simple interest at the rate of 0.10% p.a. The loan is secured by a second and subservient

charge (creation of charge is under process) over Company''s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat.

(c) The term loan of ''112.82 crores (recorded in books at ''37.34 crores) is due for repayment from the quarter ending June 30, 2030

to March 31, 2034, along with a simple interest of 0.01% p.a. The loan is secured by bank guarantee for the due performance of the conditions as per the terms of the agreement.

(d) Term loan from banks of ''521.07 crores included within Long-term borrowings and ''187.89 crores included within Current maturities of Long-term borrowings in note 26, bearing floating interest rate of 1 month LIBOR 1.63% and 6 months MCLR 0.60% are taken by joint

operation Fiat India Automobiles Private Ltd which is due for repayment from June 2021 to September 2025. The loan is secured by first charge over movable fixed assets procured from its loan/jeep project.

The external commercial borrowings of USD 237.47 million (''1,721.12 crores) bearing floating interest rate of 3 months LIBOR 128bps is due for repayment in June 2025.

The buyer''s line of credit from banks bearing floating interest ranging from 6.42% to 8.85%, amounting to ''3,083.33 crores is repayable within a maximum period of seven years from the drawdown dates. All the repayments are due from period ending September 30, 2021 to June 30, 2026. The Buyer''s line of credit of ''291.67 crores classified under other financial liabilities-current being maturity before March 31, 2022.

II. Information regarding short-term borrowings

(i) Loans, cash credits, overdrafts and buyers line of credit from banks bearing fixed interest rate from 5.05% to 7.00% are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

(ii) Inter-corporate deposits from subsidiaries and associates are unsecured bearing interest rate at 6.00%

(iii) Commercial paper are unsecured short-term papers issued at discount bearing no coupon interest. The yield on commercial paper issued by the Company ranges from 6.83% to 7.33%

1. Tata Motors Limited (TML) has presently, decided not to opt for the New Tax Regime inserted as section 115BAA of the Income-tax Act, 1961 and enacted by the Taxation Laws (Amendment) Ordinance, 2019 ("the Ordinance”) which is applicable from Financial Year beginning April 1, 2019. TML has accordingly applied the existing tax rates in the financial statements for the year ended March 31, 2021.

2. In case of Tata Cummins Ltd, the new section 115BBA has been inserted in the Income tax Act, 1961 to give benefit of a reduced corporate tax rate for domestic companies. Section 115BBA states that the domestic companies have the option to pay tax a rate of 25.168% from FY 2019-20 (AY 2020-21) During the current year, while filing Income Tax Return for FY 19-20 the Company has adopted and shifted to the new tax regime from FY 19-20. The impact on tax due to this rate change has been disclosed above. In the current financial year, owing to the adoption of the new tax regime, the existing MAT credit is derecognized in the financial statements in accordance with the tax laws

(b) Government incentives include ''101.01 crores as at March 31, 2021 (''148.11 crores as at March 31, 2020) grants relating to property,

plant and equipment related to duty saved on import of capital goods and spares under the Exports Promotion Capital Goods (EPCG) scheme. Under such scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over a specified period of time. In case such commitments are not met, the Company would be required to pay the duty saved along with interest to the regulatory authorities.

Share based payments

The Company has allotted share based incentives to certain employees during the year ended March 31, 2019, under Tata Motors Limited Employee Stock Options Scheme 2018 approved by Nomination and Remuneration Committee (NRC). As per the scheme, the number of shares that will vest is conditional upon certain performance measures determined by NRC. The performance is measured over vesting period of the options granted which ranges from 3 to 5 years. The performance measures under this scheme include growth in sales, earnings and free cash flow. The options granted under this scheme is exercisable by employees till one year from date of its vesting. The Company has granted options at an exercise price of ''345/-. Option granted will vest equally each year starting from 3 years from date of grant up to 5 years from date of grant. Number of shares that will vest range from 0.5 to 1.5 per option granted depending on performance measures.

( c) Works operation and other expenses for the year March 31, 2021 includes ''23.99 crores (''22.72 crores for the year March 31, 2020) spent by Tata Motors Ltd on standalone basis excluding interest in the joint operations, towards various schemes of Corporate Social Responsibility (CSR) as prescribed under Section 135 of the Companies Act, 2013. No amount has been spent on construction / acquisition of an asset of the Company. The prescribed CSR expenditure required to be spent in the year 2020-21 as per the Companies Act, 2013 is ''Nil, in view of average net profits of the Company being ''Nil (under section 198 of the Act) for last three financial years.

(d) Works operation and other expenses include remuneration payable to non- executive independent directors aggregating ''1.70 crores which is subject to approval of the shareholders, which the Company proposes to obtain in the forthcoming Annual General Meeting, in accordance with the provisions of the Companies Act, 2013.

(e) During the year ended March 31, 2020, provision for certain Indirect taxes for matters under litigation for FY 2002 to FY 2006 were made for ''241.25 crores, which is included in other expenses.

38. EXCEPTIONAL ITEMS

Exceptional amount of ''114.00 crores and ''(73.03) crores during the year ended March 31, 2021 and 2020, is related to write off/provision (reversal) of certain property, plant and equipment, capital work-in-progress and intangibles under development.

39. COMMITMENTS AND CONTINGENCIES

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

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

Litigation

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

Income Tax

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

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

The Company has a right of appeal to the Commissioner of Income Tax (Appeals), or CIT (A), the Dispute Resolution Panel, or DRP, and to the Income Tax Appellate Tribunal, or ITAT, against adverse decisions by the assessing officer, DRP or CIT (A), as applicable. The income tax authorities have similar rights of appeal to the ITAT against adverse decisions by the CIT (A) or DRP. The Company has a further right of appeal to the Bombay High Court or the Hon''ble Supreme Court of India against adverse decisions by the appellate authorities for matters involving substantial question of law. The income tax authorities have similar rights of appeal.

As at March 31, 2021, there are contingent liabilities towards matters and/or disputes pending in appeal amounting to ''101.89 crores (''90.21 crores as at March 31, 2020).

Customs, Excise Duty and Service Tax

As at March 31, 2021, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands, including interest and penalties, of ''580.45 crores (''603.87 crores as at March 31, 2020). These demands challenged the basis of valuation of the Company''s products and denied the Company''s claims of Central Value Added Tax, or CENVAT credit on inputs. The details of the demands for more than ''100 crores are as follows:

As at March 31, 2021, the Excise Authorities have raised a demand and penalty of ''268.27 crores, (''268.27 crores as at March 31, 2020), due to the classification of certain chassis (as goods transport vehicles instead of dumpers) which were sent to automotive body builders by the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty (NCCD). The Company has obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise & Service Tax Appellate Tribunal.

Sales Tax/VAT

The total sales tax demands (including interest and penalty), that are being contested by the Company amount to ''1,359.51 crores as at March 31, 2021 (''914.12 crores as at March 31, 2020). The details of the demands for more than ''100 crores are as follows:

The Sales Tax Authorities have raised demand of ''326.85 crores as at March 31, 2021 (''207.80 crores as at March 31, 2020) towards rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds and few other issues such as late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending at various levels.

The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to ''270.50 crores as at March 31, 2021 (''221.77 crores as at March 31, 2020). The reasons for disallowing credit was mainly due to Taxes not paid by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The matter is contested in appeal.

The Sales Tax authorities have raised demand for Check post/ Entry Tax liability at various states amounting to ''434.59 crores as at March 31, 2021 (''65.81 crores as at March 31, 2020). The company is contesting this issue.

The Sales Tax Authorities have raised demand of ''148.84 crores as at March 31, 2021 (''148.84 crores as at March 31, 2020) towards full CST liability on Chassis exported after enroot body building and interest thereon considering as CST sale. The Company has contended that the Company''s manufacturing plant dispatching chassis for enroot body building to bodybuilders as bill to the Company and ship to bodybuilders is constituted as export sale after Chassis export. The matter is contested in appeal.

Other Taxes and Dues

Other amounts for which the Company may contingently be liable aggregate to ''231.53 crores as at March 31, 2021 (''288.17 crores as at March 31, 2020). Following are the cases involving more than ''100 crores:

Other claims

The Hon''ble Supreme Court of India ("SC") by their order dated February 28, 2019, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. There are interpretative challenges and considerable uncertainty, including estimating the amount retrospectively. Pending the directions from the EPFO, the impact for past periods, if any, is not ascertainable reliably and consequently no financial effect has been provided for in the financial statements. The Company has complied with this on a prospective basis, from the date of the SC order.

The Company has, consequent to an Order of the Hon''ble Supreme Court of India in the case of R.C.Gupta Ors. Vs Regional Provident Fund Organisation and Ors., evaluated the impact on its employee pension scheme and concluded that this is not applicable to the Company based on external legal opinion and hence it is not probable that there will be an outflow of resources. Further, a Supreme Court of India bench, allowed the review petitions filed by the Employees Provident Fund Organisation (EPFO) and decided to reconsider the previous order that permitted grant of Provident Fund pension on last drawn salary. The Supreme Court has recalled its 2019 order which had paved way for pension on last drawn salary for employees by removing the current salary ceiling of ''15,000.

Commitments

The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and various civil contracts of a capital nature amounting to ''957.16 crores as at March 31, 2021 (''1,320.67 crores as at March 31, 2020), which are yet to be executed.

The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature amounting to ''99.64 crores as at March 31, 2021, (''146.15 crores as at March 31, 2020), which are yet to be executed.

The Company has contractual obligation towards Purchase Commitment (net of provisions) for ''2024.00 crores as at March 31, 2021 (''1,374.00 crores as at March 31, 2020).

tmpioyee stock options ai e not consider eo to be ouutive based on the avei aye mar ket pi ice or oi oinai y snai es oui iny the pei ioo.

41. CAPITAL MANAGEMENT

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-tern product and other strategic investment plans. The funding requirements are met through equity, non-convertible debentures, senior notes and other long-term/short-term borrowlnys. The Company''s policy is aimed at combination of short-term and long-tern borrowings.

The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

Total borrowings includes all long and short-term borrowings as disclosed in notes 23, 24 and 26 (a) to the financial statements. Equity comprises all components excluding (profit)/loss on cash flow hedges.

Fair Value Hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below.

Quoted prices in an active market (Level 1): This level of hierarchy includes financial instruments that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.

Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e; as prices) or indirectly (i.e; derived from prices). This level of hierarchy include Company''s over-the-counter (OTC) derivative contracts.

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

There has been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2021 and 2020.

Costs of certain unquoted equity instruments have been considered as an appropriate estimate of fair value because these investments are subject to a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. These investments in equity instruments are not held for trading. Instead, they are held for medium or long term strategic purpose. Upon the application of Ind AS 109, the Company has chosen to designate these investments in equity instruments at FVTOCI as the directors believes this provides a more meaningful presentation for medium or long term strategic investments, than reflecting changes in fair value in profit or loss.

The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair value is estimated by discounting expected future cash flows, using a discount rate equivalent to the risk-free rate of return, adjusted for the credit spread considered by the lenders for instruments of similar maturity.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, substantially for all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realised or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

Offsetting

Certain financial assets and financial liabilities are subject to offsetting where there is currently a legally enforceable right to set off recognised amounts and the Company intends to either settle on a net basis, or to realise the asset and settle the liability, simultaneously.

Certain derivative financial assets and financial liabilities are subject to master netting arrangements, whereby in the case of insolvency, derivative

(c) Financial risk management

In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.

The Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The risk management framework aims to:

• Create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company''s business plan.

• Achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.

(i) Market risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

(a) Foreign currency exchange rate risk:

The fluctuation in foreign currency exchange rates may have potential impact on the income statement, statement of comprehensive income, balance sheet, statement of changes in equity and statement of cash flows where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency.

Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar, Euro and GBP against the respective functional currencies of the Company.

The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge foreign exchange and interest rate exposure. Any weakening of the functional currency may impact the Company''s cost of exports and cost of borrowings and consequently may increase the cost of financing the Company''s capital expenditures.

The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. It hedges a part of these risks by using derivative financial instruments in accordance with its risk management policies.

The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate exposure of each currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each currency by 10% while keeping the other variables as constant.

The exposure as indicated below is mitigated by some of the derivative contracts entered into by the Company as disclosed in (iv) derivative financial instruments and risk management below.

The following table sets forth information relating to foreign currency exposure (other than risk arising from derivatives disclosed at clause (iv) below) as of March 31, 2021:

1 Others mainly include currencies such as the Russian ruble, Japanese yen, Swiss franc, Indonesian Rupiahs, Thai bahts and Korean won.

10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease/increase in the Company''s net profit/(loss) before tax by approximately ''39.88 crores and ''719.28 crores for financial assets and financial liabilities respectively for the year ended March 31, 2021.

The following table sets forth information relating to foreign currency exposure (other than risk arising from derivatives disclosed at clause (iv) below) as of March 31, 2020:

2 Others mainly include currencies such as the Russian ruble, Japanese yen, Swiss franc, Australian dollars, South African rand and Korean won.

10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease/increase in the Company''s net profit/(loss) before tax by approximately ''145.71 crores and ''980.21 crores for financial assets and financial liabilities, respectively for the year ended March 31, 2020.

(Note: The impact is indicated on the profit/(loss) before tax basis.)

(b) Interest rate risk

Interest rate risk is the risk that changes in market interest rates will lead to changes in fair value of financial instruments or changes in interest income, expense and cash flows of the Company.

The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company''s interest rate exposure is mainly related to debt obligations. The Company also uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like short term loans.

As at March 31, 2021 and 2020, financial liabilities of ''5,843.60 crores and ''6,638.55 crores, respectively, were subject to variable interest rates. Increase/decrease of 100 basis points in interest rates at the balance sheet date would result in decrease/increase in profit/(loss) before tax of ''58.44 crores and ''66.39 crores for the year ended March 31, 2021 and 2020, respectively.

The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets and liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in market interest rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market interest rates, while interest rates on other types of assets may change with a lag.

The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

(Note: The impact is indicated on the profit/(loss) before tax basis).

( c) Equity Price risk

Equity Price Risk is related to the change in market reference price of the investments in equity securities.

The fair value of some of the Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as of March 31, 2021 and 2020 was ''446.22 crores and ''140.96 crores, respectively. A 10% change in equity price as of March 31, 2021 and 2020 would result in a pre- tax impact of ''44.62 crores and ''14.10 crores, respectively.

(Note: The impact is indicated on equity before consequential tax impact, if any).

(ii) Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.

Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit and loss, trade receivables, loans and advances and derivative financial instruments. The Company strives to promptly identify and reduce concerns about collection due to a deterioration in the financial conditions and others of its main counterparties by regularly monitoring their situation based on their financial condition. None of the financial instruments of the Company result in material concentrations of credit risks.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was ''12,119.25 crores and ''9,966.54 crores as at March 31, 2021 and 2020, respectively, being the total of the carrying amount of balances with banks, short term deposits with banks, trade receivables, finance receivables, margin money and other financial assets excluding equity investments.

Financial assets that are neither past due nor impaired

None of the Company''s cash equivalents, including short term deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31, 2021, and March 31, 2020, that defaults in payment obligations will occur.

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Trade receivables overdue more than six months include ''538.91 crores as at March 31, 2021 (''471.35 crores as at March 31, 2020) outstanding from Government organizations in India, which are considered recoverable.

Trade receivables consist of a large number of various types of customers, spread across geographical areas. Ongoing credit evaluation is performed on the financial condition of these trade receivables and where appropriate allowance for losses are provided. Further the Company, groups the trade receivables depending on type of customers and accordingly credit risk is determined.

(iii) Liquidity risk

Liquidity risk refers to the risk that the Company will encounter difficulty to meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

The Company has obtained fund and non-fund based working capital lines from various banks. Further, the Company has access to funds from debt markets through commercial paper programs, non-convertible debentures, senior notes and other debt instruments. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds, which carry no/low mark to market risks. The Company has also invested 15% of the amount of non-convertible debentures (taken/issued by the Company) falling due for repayment in the next 12 months in bank deposits, to meet the regulatory norms of liquidity requirements.

The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

(iv) Derivative financial instruments and risk management

The Company has entered into a variety of foreign currency, interest rates and commodity forward contracts and options to manage its exposure to fluctuations in foreign exchange rates, interest rates and commodity price risk. The counterparty is generally a bank. These financial exposures are managed in accordance with the Company''s risk management policies and procedures.

The Company also enters into interest rate swaps and cross currency interest rate swap agreements, mainly to manage exposure on its fixed rate or variable rate debt. The Company uses interest rate derivatives or currency swaps to hedge exposure to exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies.

Specific transactional risks include risks like liquidity and pricing risks, interest rate and exchange rate fluctuation risks, volatility risks, counterparty risks, settlement risks and gearing risks.

Fair value of derivative financial instruments are determined using valuation techniques based on information derived from observable market data.

43. SEGMENT REPORTING

The Company primarily operates in the automotive segment. The automotive segment includes all activities relating to development, design, manufacture, assembly and sale of vehicles, as well as sale of related parts and accessories. The Company''s products mainly include commercial vehicles and passenger vehicles.

44. RELATED-PARTY TRANSACTIONS

The Company''s related parties principally includes subsidiaries, joint operations, associates and their subsidiaries, Tata Sons Pvt Limited, subsidiaries and joint ventures of Tata Sons Pvt Limited. The Company routinely enters into transactions with these related parties in the ordinary course of business.

All transactions with related parties are conducted at arm''s length price under normal terms of business and all amounts outstanding are unsecured and will be settled in cash

The compensation of CEO and Managing Director is ''20.58 crores and ''16.48 crores for the year ended March 31, 2021 and 2020, respectively. This compensation for year ended March 31, 2021, includes ''2.83 crores of performance bonus and long term incentive for the year ended March 31, 2020, approved in the year ended March 31, 2021. The amount for year ended March 31, 2021 excludes Performance and Long Term Incentives, which will be accrued post approval by the Board of Directors. The Company has reappointed CEO and Managing Director from February 15, 2021 till June 30, 2021, which is subject to the approval of the Central Government and the Shareholders. Remuneration for the period February 15, 2021 to March 31, 2021 of ''1.89 crores (''11.82 crores for the year ended March 31, 2020) included above is subject to the approval.

* For the year ended March 31, 2020, the Compensation of COO and Executive Director includes ''2.41 crores for Gratuity, leave encashment and Ex-gratia paid on superannuation.

Refer note 47 for information on transactions with post employment benefit plans.

The Company''s policy is driven by considerations of maximising returns while ensuring credit quality of the debt instruments. The asset allocation for plan assets is determined based on investment criteria prescribed under the Indian Income Tax Act, 1961, and is also subject to other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To measure plan asset performance, the Company compares actual returns for each asset category with published bench marks.

The weighted average duration of the defined benefit obligation as at March 31, 2021 is 13.1 years ( March 31, 2020 : 14.0 years).

The Company expects to contribute ''87.73 crores to the funded pension plans during the year ended March 31, 2022.

i ne company expects to contriDute ''82./3 crores to tne aerinea Denerit proviaent runa ptan in Fiscal 2022.

(ii) The Company''s contribution to defined contribution plan aggregated to ''78.79 crores and ''77.89 crores for the years ended March 31, 2021

and 2020, respectively.

ii) The Board of Directors has, at its meeting held on July 31, 2020, approved (subject to the requisite regulatory and other approvals) a Scheme of Arrangement between Tata Motors Limited and TML Business Analytics Services Limited (Transferee Company) for:

a) Transfer of the PV Undertaking of the Company as a going concern, on a slump sale basis as defined under Section 2(42C) of the Income-tax Act, 1961, to the Transferee Company for a lump sum consideration of ''9,417.00 crores through issuance of equity shares; and

b) Reduction of its share capital without extinguishing or reducing its liability on any of its shares by writing down a portion of its securities premium account to the extent of ''11,173.59 crores, with a corresponding adjustment to the accumulated losses of the Company.

The Scheme of Arrangement has been filed with National Company Law Tribunal for approval.

iii) The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in books of account.

(iv) The Company''s certain assets related to defence business are classified as "Held for Sale” as they meet the criteria laid out under Ind AS 105. The transaction has been completed in April 2021.

(v) During the year ended March 31, 2021, the Company has transferred its Global Delivery Centre / Process Shared Service business (''GDC Business'') unit to subsidiary company TML Business Services Limited (TMLBSL) on a slump sale basis for a lump sum consideration of ''10.30 crores. The difference between the consideration paid and net assets of GDC business of ''9.22 crores, has been credited to Capital reserve (on merger/sale of business).

(vi) During the year ended March 31, 2021, the Company and Marcopolo S.A. have entered into a share purchase agreement where the Company will purchase the balance 49% shareholding in Tata Marcopolo Motors Ltd (TMML) for a cash consideration of ''99.96 crores, subject to certain closing conditions to be complied by both Parties. On completion of the transaction, TMML will become a wholly owned subsidiary of the Company.

(vii) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.


Mar 31, 2019

Note:

(1) The investment in the Company''s subsidiary Tata Motors Insurance Broking and Advisory Services Ltd and associate Tata Hitachi Construction Machinery Company Private Ltd are classified as "Held for Sale" as they meet the criteria laid out under Ind AS 105.

(2) The Company has given a letter of comfort to HDFC bank amounting to Rs,1 crore against Working Capital Facility to Tata Motors Insurance Broking and Advisory Services Limited (TMIBASL). Also the Company has given an undertaking to HDFC bank that it will not dilute its stake below 51% in TMIBASL during the tenor of the loan.

(h) The entitlements to 494,352 Ordinary shares of Rs,2 each (as at March 31, 2018 : 494,352 Ordinary shares of Rs,2 each) and 233,739 ''A'' Ordinary shares of Rs,2 each (as at March 31, 2018: 233,739 ''A'' Ordinary shares of Rs,2 each) are subject matter of various suits filed in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.

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

(i) Ordinary shares and ''A'' Ordinary shares both of Rs,2each :

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

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

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

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

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

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

# held by Citibank, N.A. as depository for American Depository Receipts (ADRs) and Global Depository Receipts (GDRs)

(k) Information regarding issue of shares in the last five years

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

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

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

(B) Notes to reserves

a) Capital redemption reserve

The Indian Companies Act, 2013 (the "Companies Act") requires that where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the company, in paying up unissued shares of the company to be issued to shareholders of the company as fully paid bonus shares. Tata Motors Limited established this reserve pursuant to the redemption of preference shares issued in earlier years.

b) Debenture redemption reserve

The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of profits of the company available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve of 25% of the value of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve may not be utilized by the company except to redeem debentures.

c) Securities premium

The amount received in excess of face value of the equity shares is recognized in Securities Premium.

d) Retained earnings

Retained earnings are the profits that the Company has earned till date.

e) Capital reserve

The capital reserve represents the excess of the identifiable assets and liabilities over the consideration paid.

f) Dividends

The final dividend is recommended by the Board of Directors and is recorded in the books of accounts upon its approval by the Shareholders. For the year ended March 31, 2019 and 2018 , considering the accumulated losses in the Tata Motors Limited Standalone, no dividend was permitted to be paid to the members, as per the Companies Act, 2013 and the rules framed there under. For the year ended March 31, 2019, considering the previous years'' losses in Tata Motors Limited (standalone), no dividend is permitted to be paid to members, as per the Companies Act, 2013 and the Rules framed there under.

g) Share-based payments reserve

Share-based payments reserve represents amount of fair value, as on the date of grant, of unvested options and vested options not exercised till date, that have been recognized as expense in the statement of profit and loss till date.

I. Information regarding long-term borrowings

(i) Nature of security (on loans including interest accrued thereon) :

(a) Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to Rs,200 crores included within Current maturities of Long-term borrowings in note 26 are secured by a pari passu charge by way of an English mortgage of the Company''s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat.

(b) The term loan of Rs,587.08 crores (recorded in books at Rs,146.73 crores) is due for repayment from the quarter ending March 31, 2033 to quarter ending March 31, 2039, along with simple interest at the rate of 0.10% p.a. The loan is secured by a second and subservient charge (creation of charge is under process) over Company''s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat.

The term loan of Rs,51.36 crores (recorded in books at Rs,16.33 crores) is due for repayment from the quarter ending June 30, 2030 to March 31, 2034, along with a simple interest of 0.01% p.a. The loan is secured by bank guarantee for the due performance of the conditions as per the terms of the agreement.

( c) Term loan from banks of Rs,587.58 crores included within Long-term borrowings and Rs,88.48 crores included within Current maturities of Long-term borrowings in note 26, bearing floating interest rate of 1 month LIBOR

1.63% and 1 year MCLR 0.10% are taken by joint operation Fiat India Automobiles Private Ltd which is due for repayment from June 2019 to May 2023. The loan is secured by first charge over fixed assets procured from its loan/jeep project.

During the year ended March 31, 2019, the Company prepaid USD 237.47 million (Rs,1,544.71 crores) of 4.625% Senior Notes at a premium of 2.5%, from fund raised through External Commercial Borrowings of USD 237.47 million.

(iv) The external commercial borrowings of USD 237.47 million (Rs,1,642.27 crores) bearing floating interest rate of 3months LIBOR 128bps is due for repayment in June 2025.

(v) The buyer''s line of credit from banks amounting to Rs,2,500 crores, bearing floating interest rate based on marginal cost of funds lending rate (MCLR) of respective bank is repayable within a maximum period of five years from the drawdown dates. All the repayments are due from year ending March 31, 2021 to March 31, 2024.

II. Information regarding short-term borrowings

(i) Loans, cash credits, overdrafts and buyers line of credit from banks bearing fixed interest rate from 8.00% to 8.65% are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

(ii) Inter-corporate deposits from subsidiaries and associates are unsecured bearing interest rate at 7.50%

(iii) Commercial paper are unsecured short-term papers issued at discount bearing no coupon interest. The yield on commercial paper issued by the Company ranges from 7.21% to 8.28%

III. Collateral

Inventory, trade receivables, other financial assets, property, plant and equipment with a carrying amount of Rs,4,580.01 crores and Rs,4,415.30 crores are pledged as collateral/security against the borrowings as at March 31, 2019 and March 31, 2018, respectively.

Performance obligations in respect of amount received in respect of future maintenance service and extended warranty will be fulfilled over a period of 6 years from year ending March 31, 2020 till March 31, 2025.

Until the previous year, advances received from customers and deferred revenue were separately presented which currently as per Ind AS 115 are presented as contract liabilities

(b) Government incentives include Rs,245.93 crores as at March 31, 2019 (Rs,187.67 crores as at March 31, 2018) grants relating to property, plant and equipment related to duty saved on import of capital goods and spares under the Exports Promotion Capital Goods (EPCG) scheme. Under such scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over a specified period of time. In case such commitments are not met, the Company would be required to pay the duty saved along with interest to the regulatory authorities.

(2) Consequent to the introduction of Goods and Service Tax (GST) with effect from July 1, 2017, Central Excise, Value Added Tax (VAT), etc have been replaced by GST. In accordance with Ind AS 115/Ind AS 18 on Revenue and Schedule III of the Companies Act, 2013, GST, GST Compensation Cess, etc. are not included in sale of products for applicable periods. In view of the aforesaid restructuring of indirect taxes, sale of products for the year ended March 31, 2019 is not comparable with year ended March 31, 2018. Following additional information is being provided to facilitate such comparison:

(2) Consequent to clarifications published by the Institute of Chartered Accountants of India during the year ended March 31, 2019; various Government Grants (incentives) have been reported as "Other Income". Previously, these were reported as "Other Operating Revenue" in the Statement of Profit and Loss. The change is retrospectively applied by reclassifying the previous year to conform to current year''s presentation and is not considered material to the Company''s prior period financial statements.

Share based payments

The Company has allotted share based incentives to certain employees during the year ended March 31, 2019, under Tata Motors Limited Employee Stock Options Scheme 2018 approved by Nomination and Remuneration Committee (NRC). As per the scheme, the number of shares that will vest is conditional upon certain performance measures determined by NRC. The performance is measured over vesting period of the options granted which ranges from 3 to 5 years. The performance measures under this scheme include growth in sales, earnings and free cash flow. The options granted under this scheme is exercisable by employees till one year from date of its vesting. The Company has granted options at an exercise price of Rs,345/-. Option granted will vest equally each year starting from 3 years from date of grant up to 5 years from date of grant. Number of shares that will vest range from 0.5 to 1.5 per option granted depending on performance measures.

Note: The weighted average rate for capitalization of interest relating to general borrowings was approximately 7.87% and 7.43% for the years ended March 31, 2019 and 2018, respectively.

( c) Works operation and other expenses for the year March 31, 2019 includes Rs,22.21 crores (Rs,21.44 crores for the year March 31, 2018) spent by Tata Motors Ltd on standalone basis excluding interest in the joint operations, towards various schemes of Corporate Social Responsibility (CSR) as prescribed under Section 135 of the Companies Act, 2013. No amount has been spent on construction / acquisition of an asset of the Company. The prescribed CSR expenditure required to be spent in the year 2018-19 as per the Companies Act, 2013 is ''Nil, in view of average net profits of the Company being ''Nil (under section 198 of the Act) for last three financial years.

38. (a) Exceptional debit of Rs,180.66 crores and Rs,962.98 crores during the year ended March 31, 2019 and 2018, respectively are related to write off/provision for impairment of certain capital work-in-progress and intangibles under development.

The company reviewed product development programs and capital work-in-progress and consequently provided for impairment during the year ended March 31, 2018. During the year ended March 31, 2019, the Company has written off intangibles under development of Rs,550 crores, which were provided for during the year ended March 31, 2018. These projects are not viable for future due to changing market conditions and emission regulations.

(b) During the year ended March 31, 2019, the Company has sold investment in TAL Manufacturing Solutions Limited to Tata Advanced Systems Ltd (TASL).

( c) The Company has entered into an agreement for transfer of its Defense undertaking, which had a value of Rs,209.27 crores as at December 31, 2017 to Tata Advanced Systems Ltd (transferee company), for an upfront consideration of Rs,100 crores and a future consideration of 3% of the revenue generated from identified Specialized Defense Projects for up to 15 years from the financial year ended FY 2020 subject to a maximum of Rs,1,750 crores. The future consideration of 3% of revenue depends on future revenue to be generated from the said projects by the transferee company. On account of the same, the Company has recognized a provision of Rs,109.27 crores, which may get reversed in future once projects start getting executed from FY 2020 onwards. The assets related to defense undertaking are classified as "Held for Sale" as they meet the criteria laid out under Ind AS 105.

39. Commitments and contingencies

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

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

Litigation

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

Income Tax

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

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

The Company has a right of appeal to the Commissioner of Income Tax (Appeals), or CIT (A), the Dispute Resolution Panel, or DRP, and to the Income Tax Appellate Tribunal, or ITAT, against adverse decisions by the assessing officer, DRP or CIT (A), as applicable. The income tax authorities have similar rights of appeal to the ITAT against adverse decisions by the CIT (A) or DRP. The Company has a further right of appeal to the Bombay High Court or the Hon''ble Supreme Court of India against adverse decisions by the appellate authorities for matters involving substantial question of law. The income tax authorities have similar rights of appeal.

As at March 31, 2019, there are matters and/or disputes pending in appeal amounting to Rs,58.77 crores (Rs,60.89 crores as at March 31, 2018).

Customs, Excise Duty and Service Tax

As at March 31, 2019, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands, including interest and penalties, of Rs,907.78 crores (Rs,1,491.36 crores as at March 31, 2018). These demands challenged the basis of valuation of the Company''s products and denied the Company''s claims of Central Value Added Tax, or CENVAT credit on inputs. The details of the demands for more than Rs,20 crores are as follows:

The Excise Authorities have raised a demand for Rs,90.72 crores as at March 31, 2019 (Rs,90.72 crores as at March 31, 2018), on account of alleged undervaluation''s of ex-factory discounts given by Company on passenger vehicles through invoices. The matter is being contested by the Company before the Bombay High Court.

As at March 31, 2019, the Excise Authorities have raised a demand and penalty of Rs,243.24 crores (Rs,239.95 crores as at March 31, 2018), due to the classification of certain chassis (as dumpers instead of goods transport vehicles) which were sent to automotive body builders by the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty, or NCCD. The Company has obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise & Service Tax Appellate Tribunal.

The Excise Authorities had denied the Company''s claim of a CENVAT credit of Rs,20.14 crores (Rs,36.03 crores as at March 31, 2018) claimed by the Company from Fiscal 1992 to Fiscal 2013, on technical grounds. The matter is being contested by the Company before the Appellate Authorities.

As at March 31, 2019, the Excise Authorities had levied penalties and interest amounting to Rs,90.32 crores (Rs,679.88 crores as at March 31, 2018) with respect to CENVAT credit claimed by the Company from March 2010 to June 2017, on inputs, stating that vehicles manufactured at Uttarakhand plant are "Exempted Products" and the Company may not claim a CENVAT credit on these vehicles. The Company has challenged this demand as NCCD and the automobile cess is assessed on those vehicles, which are "duties of excise". Therefore, the Company asserts that these vehicles are not "Exempted Products". The matter is being contested by the Company before the appellate authorities.

As at March 31, 2019, the Excise Authorities have raised a demand amounting to Rs,29.54 crores (Rs,29.54 crores as at March 31, 2018)on pre-delivery inspection charges and free after-sales service charges incurred by dealers on Company''s products on the alleged grounds that the pre-delivery inspection charges and free after-sales services are provided by the dealer on behalf of the Company and should be included in excisable value of the vehicle. The case is pending before Tribunal.

As at March 31, 2019, the Excise Authorities have confirmed demand & penalty totaling to Rs,90.88 crores (Rs,90.88 crores as at March 31, 2018) towards vehicles allegedly sold below cost of production with an intention to penetrate the market. The matter is being contested by the Company before the appellate authorities.

The Excise Authorities had denied the Company''s claim of a CENVAT credit of Rs,81.51 crores as at March 31, 2019 on various inputs services like authorized service station services, erection, commissioning and installation services, common services etc. claimed by the Company from financial year 2006 to 2017. The matters are being contested by the Company before the Appellate Authorities.

As at March 31, 2019, the Excise Authorities have confirmed the demand and penalty totaling to Rs,92.42 crores alleging undervaluation of products sold by the Company. The matter is being contested by the Company before appellate authorities.

As at March 31, 2019, demand and penalty totaling to Rs,23.50 crores has been confirmed for alleged non-payment of service tax on services like event management services, authorised service station services, heat treatment services etc. The matter is being contested by the Company before appellate authorities.

Sales Tax /VAT

The total sales tax demands (including interest and penalty), that are being contested by the Company amount to Rs,1,123.47 crores as at March 31, 2019 (Rs,949.54 crores as at March 31, 2018). The details of the demands for more than Rs,20 crores are as follows:

The Sales Tax Authorities have raised demand of Rs,260.15 crores as at March 31, 2019 (Rs,269.38 crores as at March 31, 2018) towards rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds such as late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending at various levels.

The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to Rs,487.96 crores as at March 31, 2019 (Rs,435.96 crores as at March 31, 2018). The reasons for disallowing credit was mainly due to Taxes not paid by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The matter is contested in appeal.

Sales tax demand aggregating Rs,80.02 crores as at March 31, 2019 (Rs,95.75 as at March 31, 2018) has been raised by Sales Tax Authorities for non submission of Maharashtra Trial Balance. The matter is contested in appeal.

The Sales Tax authorities have raised demand for Entry Tax liability at various states amounting to Rs,64.14 crores as at March 31, 2019 (Rs,23.92 as at March 31, 2018). The company is contesting this issue.

In case of one of the joint operation, the Sales Tax Authorities have held back the refund of VAT on debit notes raised for Take or Pay arrangements (TOP) totaling to Rs,51.60 crores pertaining to financial years 2009-10 to 2014-2015. The department is of the view that TOP is not part of sale and hence tax to be paid. The matter is contested in appeal.

Other Taxes and Dues

Other amounts for which the Company may contingently be liable aggregate to Rs,232.54 crores as at March 31, 2019 (Rs,205.19 crores as at March 31, 2018). Following are the cases involving more than Rs,20 crores:

The municipal authorities in certain states levy octroi duty (a local indirect tax) on goods brought inside the municipal limits at rates based on the classification of goods. Demands aggregating Rs,61.65 crores as at March 31, 2019 (Rs,61.65 crores as at March 31, 2018) had been raised demanding higher octroi duties on account of classification disputes relating to components purchased for the manufacture of vehicles and retrospective increase in octroi rates relating to past periods. The dispute relating to classification is presently pending before the Bombay High Court and the other dispute is pending before the Hon''ble Supreme Court of India

As at March 31, 2019, property tax amounting to Rs,63.81 crores (Rs,56.84 crores as at March 31, 2018) has been demanded by the local municipal authorities in respect of vacant land of the Company in the plant in Pimpri, Chinchwad and Chikhali. The Company has filed Special Leave Petition (SLP) before the Supreme Court against an unfavorable decision of the Bombay High Court. The Hon''ble Supreme Court of India has disposed of the SLP and remanded the matter back to the local municipal corporation for fresh adjudication.

As at March 31, 2019, Sales tax / VAT amounting to Rs,32.47 crores (Rs,30.54 crores as at March 31, 2018) has been demanded by local authorities on dealers in respect of spare parts used for carrying out warranty repairs. The dispute is pending before the Hon''ble Supreme Court of India.

As at March 31, 2019, possession tax amounting to Rs,36.25 crores have been demanded in respect of motor vehicles in the possession of the manufacturer and the authorization of trade certificate granted under the Central Motor Vehicle Rules, 1989. The matter is being contested before the Hon''ble Supreme Court of India.

Other claims

The Hon''ble Supreme Court of India ("SC") by their order dated February 28, 2019, set out the principles based on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. Subsequently, a review petition against this decision has been filed and is pending before the SC for disposal. Further, there are interpretative challenges and considerable uncertainty, including estimating the amount retrospectively. Pending the outcome of the review petition and directions from the EPFO, the impact for past periods, if any, is not ascertainable reliably and consequently no financial effect has been provided for in the financial statements. The Company has made a provision on a prospective basis, from the date of the SC order.

The Company has, consequent to an Order of the Hon''ble Supreme Court of India in the case of R.C. Gupta and Ors. Vs Regional Provident Fund Commissioner, Employees ''''Provident Fund Organisation and Ors., evaluated the impact on its employee pension scheme and concluded that this is not applicable to the Company based on external lega opinion and hence it is not probable that there will be an outflow of resources.

Post the sale of investments of TAL Manufacturing Solutions Ltd. (TAL) to Tata Advanced Systems Ltd. (TASL), the Company has continued its performance guarantee amounting to Rs,691.49 crores (USD 100 million) in respect of TAL''s obligations to its customer to cover the event post the share sale, against a back-to-back indemnity by TASL to the Company. Steps are currently under way to transfer the said guarantee to TASL in due course.

Commitments

The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and various civil contracts of a capital nature amounting to Rs,1,929.86 crores at March 31, 2019 (Rs,2,096.64 crores as at March 31, 2018), which are yet to be executed.

The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature amounting to Rs,397.81 crores as at March 31, 2019, (Rs,466.01 crores as at March 31, 2018), which are yet to be executed.

*''A'' Ordinary Shareholders are entitled to receive dividend @ 5% points more than the aggregate rate of dividend determined by the Company on Ordinary Shares for the financial year.

#Since there is a loss for the year ended March 31, 2018, potential equity shares are not considered as dilutive and hence Diluted EPS is same as Basic EPS.

Note :

Employee Stock options are not considered to be dilutive based on the average market price of ordinary shares during the period.

41. Capital Management

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity, non-convertible debentures, senior notes and other long-term/short-term borrowings. The Company''s policy is aimed at combination of short-term and long-term borrowings.

The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

Total borrowings includes all long and short-term borrowings as disclosed in notes 23, 24 and 26 (a) to the financial statements. Equity comprises all components excluding (profit)/loss on cash flow hedges.

The following table summarizes33 the capital of the Company:

42. Disclosures on financial instruments

This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance sheet items that contain financial instruments.

The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2 to be financial statements.

(a) Financial assets and liabilities

The following table presents the carrying amounts and fair value of each category of financial assets and liabilities as at March 31,2019.

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below.

Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.

Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e; as prices) or indirectly (i.e; derived from prices). This level of hierarchy include Company''s over-the-counter (OTC) derivative contracts.

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

There has been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2019 and 2018.

Costs of certain unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. These investments in equity instruments are not held for trading. Instead, they are held for medium or long term strategic purpose. Upon the application of Ind AS 109, the Company has chosen to designate these investments in equity instruments at FVTOCI as the directors believes this provides a more meaningful presentation for medium or long term strategic investments, than reflecting changes in fair value immediately in profit or loss.

Derivatives are fair valued using market observable rates and published prices together with forecast cash flow information where applicable.

The short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.

The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair value is estimated by discounting expected future cash flows, using a discount rate equivalent to the risk-free rate of return, adjusted for the credit spread considered by the lenders for instruments of similar maturity.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, substantially for all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

Offsetting

Certain financial assets and financial liabilities are subject to offsetting where there is currently a legally enforceable right to set off recognized amounts and the Company intends to either settle on a net basis, or to realize the asset and settle the liability, simultaneously.

Certain derivative financial assets and financial liabilities are subject to master netting arrangements, whereby in the case of insolvency, derivative financial assets and financial liabilities will be settled on a net basis.

The following table discloses the amounts that have been offset, in arriving at the balance sheet presentation and the amounts that are available for offset only under certain conditions as at March 31, 2019:

The following table discloses the amounts that have been offset in arriving at the balance sheet presentation and the amounts that are available for offset only under certain conditions as at March 31, 2018:

( c) Financial risk management

In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.

The Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The risk management framework aims to:

- Create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company''s business plan.

- Achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.

(i) Market risk

Market risk is the risk of any loss in future earnings, in realizable

fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

(i) (a) Foreign currency exchange rate risk:

The fluctuation in foreign currency exchange rates may have potential impact on the income statement and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency.

Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar, Euro and Thai Baht against the respective functional currencies of the Company.

The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge foreign exchange and interest rate exposure. Any weakening of the functional currency may impact the Company''s cost of exports and cost of borrowings and consequently may increase the cost of financing the Company''s capital expenditures.

The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. It hedges a part of these risks by using derivative financial instruments in accordance with its risk management policies.

The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each currency by 10%.

The exposure as indicated below is mitigated by some of the derivative contracts entered into by the Company as disclosed in (iv) derivative financial instruments and risk management below.

The following table sets forth information relating to foreign currency exposure (other than risk arising from derivatives disclosed at clause (iv) below) as of March 31, 2019:

10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease/increase in the Company''s net profit/(loss) before tax by approximately Rs,54.01 crores and Rs,682.31 crores for financial assets and financial liabilities respectively for the year ended March 31, 2019.

2 Others mainly include currencies such as the Russian ruble, Japanese yen, Swiss franc, Australian dollars, South African rand and Korean won.

10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease/increase in the Company''s net profit/(loss) before tax by approximately Rs,86.10 crores and Rs,689.03 crores for financial assets and financial liabilities, respectively for the year ended March 31, 2018.

(Note: The impact is indicated on the profit/(loss) before tax basis.)

(i) (b) Interest rate risk

Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rates. Any movement in the reference rates could have an impact on the Company''s cash flows as well as costs.

The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company''s interest rate exposure is mainly related to debt obligations. The Company also uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like short term loans.

As at March 31, 2019 and 2018, financial liability of Rs,5,176.20 crores and Rs,3,239.35 crores, respectively, was subject to variable interest rates. Increase/decrease of 100 basis points in interest rates at the balance sheet date would result in decrease/increase in profit/(loss) before tax of Rs,51.76 crores and Rs,32.39 crores for the year ended March 31, 2019 and 2018, respectively.

The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets and liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in market interest rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market interest rates, while interest rates on other types of assets may change with a lag.

The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

(Note: The impact is indicated on the profit/(loss) before tax basis).

(i) ( c) Equity Price risk

Equity Price Risk is related to the change in market reference price of the investments in equity securities.

The fair value of some of the Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as of March 31, 2019 and 2018 was Rs,271.07 crores and Rs,303.84 crores, respectively. A 10% change in equity price as of March 31, 2019 and 2018 would result in an impact of Rs,27.11 crores and Rs,30.38 crores, respectively.

(Note: The impact is indicated on equity before consequential tax impact, if any).

(ii) Credit risk

Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.

Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit and loss, trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of credit risks.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was Rs,8,619.83 crores and Rs,7,819.91 crores as at March 31, 2019 and 2018, respectively, being the total of the carrying amount of balances with banks, short term deposits with banks, trade receivables, finance receivables, margin money and other financial assets excluding equity investments.

Financial assets that are neither past due nor impaired

None of the Company''s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31, 2019, that defaults in payment obligations will occur.

Credit quality of financial assets and impairment loss

The ageing of trade receivables as of balance sheet date is given below. The age analysis has been considered from the due date.

Trade receivables overdue more than six months include Rs,513.08 crores as at March 31, 2019 (Rs,462.22 crores as at March 31, 2018) outstanding from state government organisations in India, which are considered recoverable.

Trade receivables consist of a large number of various types of customers, spread across geographical areas. Ongoing credit evaluation is performed on the financial condition of these trade receivables and where appropriate allowance for losses are provided. Further the Company, groups the trade receivables depending on type of customers and accordingly credit risk is determined.

(iii) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

The Company has obtained fund and non-fund based working capital lines from various banks. Further, the Company has access to funds from debt markets through commercial paper programs, non-convertible debentures, senior notes and other debt instruments. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds, which carry no/low mark to market risks. The Company has also invested 15% of the non-convertible debentures (taken/issued by the Company) falling due for repayment in the next 12 months in bank deposits, to meet the regulatory norms of liquidity requirements.

The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

The table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments as at March 31, 2019:

(iv) Derivative financial instruments and risk management

The Company has entered into a variety of foreign currency, interest rates and commodity forward contracts and options to manage its exposure to fluctuations in foreign exchange rates, interest rates and commodity price risk. The counter-party is generally a bank. These financial exposures are managed in accordance with the Company''s risk management policies and procedures.

The Company also enters into interest rate swaps and interest rate currency swap agreements, mainly to manage exposure on its fixed rate or variable rate debt. The Company uses interest rate derivatives or currency swaps to hedge exposure to exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies.

Specific transactional risks include risks like liquidity and pricing risks, interest rate and exchange rate fluctuation risks, volatility risks, counter-party risks, settlement risks and gearing risks.

Fair value of derivative financial instruments are determined using valuation techniques based on information derived from observable market data.

The gain/loss due to fluctuation in foreign currency exchange rates on derivative contracts, recognized in the income statement was Rs,36.84 crores (gain) and Rs,6.31 crores (loss) for the years ended March 31, 2019 and 2018, respectively.

The gain/(loss) on commodity derivative contracts, recognized in the income statement was Rs,2.46 crores and Rs,6.07 crores for the years ended March 31, 2019 and 2018, respectively.

1. Segment reporting

The Company primarily operates in the automotive segment. The automotive segment includes all activities relating to development, design, manufacture, assembly and sale of vehicles, as well as sale of related parts and accessories. The Company''s products mainly include commercial vehicles and passenger vehicles.

A core initiative of the Company was the implementation of the Organization Effectiveness (OE) program, a strategic program designed to overhaul and transform the Company pursuant to the changes implemented as a result of the OE program, the Company has drawn separate strategies for commercial vehicles and passenger vehicles from Fiscal 2019

Consequent to these changes, from April 1, 2018, the automotive segment is bifurcated into the following:

(i) Commercial vehicles

(ii) Passenger vehicles

2. Related-party transactions

The Company''s related parties principally consist of subsidiaries, joint operations, associates and their subsidiaries, Tata Sons Private Limited, subsidiaries and joint ventures of Tata Sons Private Limited. The Company routinely enters into transactions with these related parties in the ordinary course of business. The Company enters into transactions for sale and purchase of products and services with its related parties.

The following table summarizes related-party transactions and balances for the year ended / as at March 31, 2019:

The Company''s policy is driven by considerations of maximizing returns while ensuring credit quality of the debt instruments. The asset allocation for plan assets is determined based on investment criteria prescribed under the Indian Income Tax Act, 1961, and is also subject to other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To measure plan asset performance, the Company compares actual returns for each asset category with published bench marks.

The weighted average duration of the defined benefit obligation as at March 31, 2019 is 14.4 years ( March 31, 2018 : 14.5 years).

The Company expects to contribute Rs,87.58 crores to the funded pension plans during the year ended March 31, 2020.

The table below outlines the effect on the service cost, the interest cost and the defined benefit obligation in the event of a decrease/increase of 1% in the assumed rate of discount rate, salary escalation and health care cost:

The Company''s contribution to defined contribution plan aggregated to Rs,184.80 crores and Rs,182.20 crores for the years ended March 31, 2019 and 2018 respectively.

3. Additional information

The financial statements include the Company''s proportionate share of assets, liabilities, income and expenditure in its two Joint Operations, namely Tata Cummins Private Limited and Fiat India Automobile Private Limited. Below are supplementary details of Tata Motors Limited on standalone basis excluding interest in the aforesaid two Joint Operations:

iii) On March 29, 2019, TAL Manufacturing Solutions Limited (TAL) has transferred the Non-aerospace business to the Company including but not limited to the transfer of (i) all the employees (ii) all assets related to non-aerospace business and (iii) all past, present and future liabilities in respect of the non-aerospace business. The transaction is between entities within the Group (common control business combination). Hence, the financial statements in respect of prior periods should be restated as if the business combination had occurred from the beginning of the earliest period presented in the financial statements. However, as the amounts are not material, previous year financial statements are not restated.

(iv) The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in books of account.


Mar 31, 2018

Note:

(1) The investment in the Company''s subsidiaries Tata Technologies Ltd, TAL Manufacturing Solutions Ltd and Tata Motors Insurance Broking and Advisory Services Ltd and associate Tata Hitachi Construction Machinery Company Private Ltd are classified as "Held for Sale" as they meet the criteria laid out under Ind AS 105.

(2) The Company has given a letter of comfort to HDFC bank amounting to '' 1 crore against Working Capital Facility to Tata Motors Insurance Broking and Advisory Services Ltd (TMIBASL). Also the Company has given an undertaking to HDFC bank that it will not dilute its stake below 51% in TMIBASL during the tenor of the loan.

- less than RS, 50,000/-

(h) The entitlements to 494,352 Ordinary shares of RS, 2 each (as at March 31, 2017 : 494,618 Ordinary shares of RS, 2 each) and

233,739 RS,A'' Ordinary shares of RS, 2 each (as at March 31, 2017: 233,819 ''A'' Ordinary shares of RS, 2 each) are subject matter of

various suits filed in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.

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

(i) Ordinary shares and ''A'' Ordinary shares both of '' 2 each :

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

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

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

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

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

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

(B) Notes to reserves

a) Capital redemption reserve

The indian Companies Act, 2013 (the "Companies Act") requires that where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the company, in paying up unissued shares of the company to be issued to shareholders of the company as fully paid bonus shares. Tata Motors Limited established this reserve pursuant to the redemption of preference shares issued in earlier years.

b) Debenture redemption reserve

The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of profits of the company available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve of 25% of the value of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve may not be utilized by the company except to redeem debentures.

c) Securities premium

The amount received in excess of face value of the equity shares is recognized in Securities Premium Account.

d) Retained earnings

Retained earnings are the profits that the Company has earned till date.

e) Dividends

For the year ended March 31, 2018 and 2017, considering the losses in the Tata Motors Limited (Standalone), no dividend is permitted to be paid to the Members, as per the Companies Act, 2013 and the Rules framed there under.

I. Information regarding long-term borrowings

(i) Nature of security (on loans including interest accrued thereon) :

(a) Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to RS, 200 crores included within Long-term borrowings in note 23 and 10.25% Coupon, Non-Convertible Debentures amounting to RS, 500 crores included within Current maturities of Long-term borrowings in note 26 are secured by a pari passu charge by way of an English mortgage of the Company''s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat.

(b) The term loan of RS, 584.82 crores (recorded in books at RS, 133.39 crores) is due for repayment from the quarter ending March 31, 2033 to quarter ending March 31, 2038, along with simple interest at the rate of 0.10% p.a. The loan is secured by a second and subservient charge (creation of charge is under process) over Company''s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat.

The term loan of RS, 35.92 crores (recorded in books at RS, 11.36 crores) is due for repayment from the quarter ending June 30, 2030 to March 31, 2033, along with a simple interest of 0.01% p.a. The loan is secured by bank guarantee for the due performance of the conditions as per the terms of the agreement.

( c) Term loan of RS, 635.45 is taken by joint operation Fiat india Automobiles Private Ltd which is due for repayment from December 2017 to May 2023. The loan is secured by first charge over fixed assets procured from its loan/jeep project.

(iv) The Buyer''s line of credit from banks amounting to RS, 1,500 crores is repayable within a maximum period of four years from the drawdown dates. All the repayments are due from quarter ending September 30, 2018 to March 31, 2021. The Buyer''s line of credit of RS, 500 crores classified under other financial liabilities-current being maturity before March 31, 2019.

II. Information regarding short-term borrowings

Loans, cash credits, overdrafts and buyers line of credit from banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

III. Collateral

Inventory, trade receivables, other financial assets, property, plant and equipment with a carrying amount of RS, 4,415.30 crores and RS, 4,460.45 crores are pledged as collateral/security against the borrowings as at March 31, 2018 and 2017, respectively.

Note:

Deferred revenue includes RS, 187.67 crores as at March 31, 2018 ( RS, 227.92 crores as at March 31, 2017) grants relating to property, plant and equipment related to duty saved on import of capital goods and spares under the Export Promotion Capital Goods (EPCG) scheme. Under such scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over a specified period of time. in case such commitments are not met, the Company would be required to pay the duty saved along with interest to the regulatory authorities.

(2) Consequent to the introduction of Goods and Service Tax (GST) with effect from July 1, 2017, Central Excise, Value Added Tax (VAT), etc have been replaced by GST. In accordance with Ind AS 18 on Revenue and Schedule III of the Companies Act, 2013, GST, GST Compensation Cess, etc. are not included in Revenue from Operations for applicable periods. In view of the aforesaid restructuring of indirect taxes, Sale of products for the year ended March 31, 2018 is not comparable with year ended March 31, 2017. Following additional information is being provided to facilitate such comparison:

1. a) Exceptional debit of RS, 962.98 crores is related to provision for impairment of certain capital work-in-progress and intangibles

under development. The company reviewed product development programs and capital work-in-progrees and consequently provided for impairment during the year ended March 31, 2018.

b) Exceptional debit of RS, 147.93 crores for the year ended March 31, 2017, relates to provision for inventory of BS iii vehicles as at March 31, 2017. This does not include higher level of customer discounts and variable marketing expenses in March 2017, to support higher level of retail sales, which have been netted off against ''Revenue from operations.

2. Commitments and contingencies

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

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

Litigation

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

Income Tax

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

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

The Company has a right of appeal to the Commissioner of income Tax (Appeals), or CiT (A), the Dispute Resolution Panel, or DRP, and to the income Tax Appellate Tribunal, or iTAT, against adverse decisions by the assessing officer, DRP or CiT (A), as applicable. The income tax authorities have similar rights of appeal to the iTAT against adverse decisions by the CiT (A) or DRP. The Company has a further right of appeal to the Bombay High Court or the Supreme Court against adverse decisions by the appellate authorities for matters involving substantial question of law. The income tax authorities have similar rights of appeal.

As at March 31, 2018, there are matters and/or disputes pending in appeal amounting to RS, 60.89 crores (RS, 148.60 crores as at March 31, 2017).

Customs, Excise Duty and Service Tax

As at March 31, 2018, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands, including interest and penalties, of RS, 1,491.36 crores (RS, 1,425.12 crores as at March 31, 2017). These demands challenged the basis of valuation of the Company''s products and denied the Company''s claims of Central Value Added Tax, or CENVAT credit on inputs. The details of the demands for more than RS, 20 crores are as follows:

The Excise Authorities have raised a demand for RS, 90.72 crores as at March 31, 2018 (RS, 90.72 crores as at March 31, 2017), on account of alleged undervaluation''s of ex-factory discounts given by Company on passenger vehicles through invoices. The matter is being contested by the Company before the Bombay High Court.

As at March 31, 2018, the Excise Authorities have raised a demand and penalty of '' 239.95 crores, ('' 218.23 crores as at March 31, 2017), due to the classification of certain chassis (as dumpers instead of goods transport vehicles) which were sent to automotive body builders by the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty, or

NCCD. The Company has obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise & Service Tax Appellate Tribunal.

The Excise Authorities had denied the Company''s claim of a CENVAT credit of RS, 36.03 crores as at March 31, 2018 (RS, 24.96 crores as at March 31, 2017) claimed by the Company from financial year 1992 to 2013, on technical grounds. The matter is being contested by the Company before the appellate authorities.

As at March 31, 2018, the Excise Authorities had levied penalties and interest amounting to RS, 679.88 crores (RS, 679.88 crores as at March 31, 2017) with respect to CENVAT credit claimed by the Company from March 2010 to November 2012, on inputs, stating that vehicles manufactured at Uttarakhand plant are "Exempted Products" and the Company may not claim a CENVAT credit on these vehicles. The Company has challenged this demand as NCCD and the automobile cess is assessed on those vehicles, which are "duties of excise". Therefore, the Company asserts that these vehicles are not "Exempted Products". The matter is being contested by the Company before the appellate authorities.

As at March 31, 2018, the Excise Authorities have raised a demand amounting to RS, 29.54 crores (RS, 29.54 crores as at March 31, 2017) on pre-delivery inspection charges and free after-sales service charges incurred by dealers on Company''s products on the alleged grounds that the pre-delivery inspection charges and free after-sales services are provided by the dealer on behalf of the Company and should be included in excisable value of the vehicle. The case is pending before Tribunal.

As at March 31, 2018, the Exicse Authorities have confirmed demand & penalty totalling to RS, 90.88 crores (RS, Nil as at March 31, 2017) towards vehicles allegedly sold below cost of production with an intention to penetrate the market. The matter is being contested by the Company before appellate authorities.

As at March 31, 2018, the Exicse Authorities have filed Appeal before appellate authority against the Order of adjudicating authority allowing Cenvat credit of service tax of RS, 36.15 crores (RS, 36.15 crores as at March 31, 2017) availed on consulting engineers services.

Sales Tax

The total sales tax demands (including interest and penalty), that are being contested by the Company amount to RS, 949.54 crores as at March 31, 2018 (RS, 965.80 crores as at March 31, 2017). The details of the demands for more than RS, 20 crores are as follows:

The Sales Tax Authorities have raised demand of RS, 269.38 crores as at March 31, 2018 (RS, 208.59 crores as at March 31, 2017) towards rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds such as late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending at various levels.

The Sales Tax Authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to '' 435.96 crores as at March 31, 2018 (RS, 305.46 crores as at March 31, 2017). The reasons for disallowing credit was mainly due to Taxes not paid by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The matter is contested in appeal.

Sales tax demand aggregating RS, 95.75 crores as at March 31, 2018 (RS, Nil as at March 31, 2017) has been raised by Sales Tax Authorities for non submission of Maharashtra Trial Balance. This is relating to VAT assessment for the financial year 2010 to 2013. The matter is contested in appeal.

The Sales Tax Authorities have raised demand for Entry Tax liability at various states amounting to RS, 23.92 crores as at March 31, 2018 (RS, Nil as at March 31, 2017) . The company is contesting this issue.

Other Taxes and Dues

Other amounts for which the Company may contingently be liable aggregate to RS, 205.19 crores as at March 31, 2018 (RS, 221.14 crores as at March 31, 2017). Following are the cases involving more than RS, 20 crores:

The municipal authorities in certain states levy octroi duty (a local indirect tax) on goods brought inside the municipal limits at rates based on the classification of goods. Demands aggregating RS, 61.65 crores as at March 31, 2018 (RS, 61.65 crores as at March 31, 2017) had been raised demanding higher octroi duties on account of classification disputes relating to components purchased for the manufacture of vehicles and retrospective increase in octroi rates relating to past periods. The dispute relating to classification is presently pending before the Bombay High Court and the other dispute is pending before the Supreme Court.

As at March 31, 2018, property tax amounting to RS, 56.84 crores (RS, 53.70 crores as at March 31, 2017) has been demanded by the local municipal authorities in respect of vacant land of the Company in the plants in Pimpri, Chinchwad and Chikhali. The Company has filed Special Leave Petition (SLP) before the Supreme Court against an unfavorable decision of the Bombay High Court. The Supreme Court has disposed of the SLP and remanded the matter back to the local municipal corporation for fresh adjudication.

As at March 31, 2018, Sales tax / VAT amounting to RS, 30.54 crores (RS, 29.95 crores as at March 31, 2017) has been demanded by local authorities on dealers in respect of spare parts used for carrying out warranty repairs. The dispute is pending before the Supreme Court.

Commitments

The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and various civil contracts of a capital nature amounting to RS, 2,096.64 crores at March 31, 2018 (RS, 1,606.45 crores as at March 31, 2017), which are yet to be executed.

The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature amounting to RS, 466.01 crores as at March 31, 2018, (RS, 420.06 crores as at March 31, 2017), which are yet to be executed.

* ''A'' Ordinary Shareholders are entitled to receive dividend @ 5% points more than the aggregate rate of dividend determined by the Company on Ordinary Shares for the financial year.

# Since there is a loss for year ended March 31, 2018 and 2017 potential equity shares are not considered as dilutive and hence Diluted EPS is same as Basic EPS.

3. Capital Management

The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity, non-convertible debentures, senior notes and other long-term/short-term borrowings. The Company''s policy is aimed at combination of short-term and long-term borrowings.

The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

Total borrowings includes all long and short-term borrowings as disclosed in notes 23, 24 and 26 (a) to the financial statements. Equity comprises all components excluding (profit)/loss on cash flow hedges.

The following table summarizes the capital of the Company:

in rrnroc^

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below.

Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.

Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e; as prices) or indirectly (i.e; derived from prices). This level of hierarchy include Company''s over-the-counter (OTC) derivative contracts.

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

There has been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2018 and 2017.

Costs of certain unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. These investments in equity instruments are not held for trading. Instead, they are held for medium or long term strategic purpose. Upon the application of Ind AS 109, the Company has chosen to designate these investments in equity instruments at FVTOCI as the directors believes this provides a more meaningful presentation for medium or long term strategic investments, than reflecting changes in fair value immediately in profit or loss.

Derivatives are fair valued using market observable rates and published prices together with forecast cash flow information where applicable.

The short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.

The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair value is estimated by discounting expected future cash flows, using a discount rate equivalent to the risk-free rate of return, adjusted for the credit spread considered by the lenders for instruments of similar maturity.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, substantially for all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

(c) Financial risk management

in the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.

The Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The risk management framework aims to:

- Create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company''s business plan.

- Achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.

(i) Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

(i) (a) Foreign currency exchange rate risk:

The fluctuation in foreign currency exchange rates may have potential impact on the income statement and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency.

Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar, Euro and Thai Baht against the respective functional currencies of the Company.

The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge foreign exchange and interest rate exposure. Any weakening of the functional currency may impact the Company''s cost of exports and cost of borrowings and consequently may increase the cost of financing the Company''s capital expenditures.

The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. it hedges a part of these risks by using derivative financial instruments in accordance with its risk management policies.

The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each currency by 10%.

The exposure as indicated below is mitigated by some of the derivative contracts entered into by the Company as disclosed in (iv) derivative financial instruments and risk management below.

The following table sets forth information relating to foreign currency exposure (other than risk arising from derivatives disclosed at clause (iv) below) as of March 31, 2018:

1 Others mainly include currencies such as the Russian ruble, Japanese yen, Swiss franc, Australian dollars, South African rand, Thai baht and Korean won.

10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease/increase in the Company''s net profit/(loss) before tax by approximately RS, 86.10 crores and RS, 689.03 crores for financial assets and financial liabilities respectively for the year ended March 31,

2018.

2 Others mainly include currencies such as the Russian rouble, Japanese yen, Swiss franc, Australian dollars, South African rand, Thai baht and Korean won.

10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease/increase in the Company''s net profit/(loss) before tax by approximately RS, 55.23 crores and RS, 653.42 crores for financial assets and financial liabilities, respectively for the year ended March 31, 2017.

(Note: The impact is indicated on the profit/(loss) before tax basis.)

(i) (b) Interest rate risk

Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rates. Any movement in the reference rates could have an impact on the Company''s cash flows as well as costs.

The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company''s interest rate exposure is mainly related to debt obligations. The Company also uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like short term loans.

As at March 31, 2018 and 2017, financial liability of RS, 3,239.35 crores and RS, 3,418.97 crores, respectively, was subject to variable interest rates. Increase/decrease of 100 basis points in interest rates at the balance sheet date would result in decrease/increase in profit/(loss) before tax of RS,32.39 crores and RS, 34.19 crores for the year ended March 31, 2018 and 2017, respectively.

The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets and liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in market interest rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market interest rates, while interest rates on other types of assets may change with a lag.

The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

(Note: The impact is indicated on the profit/(loss) before tax basis).

(i) ( c) Equity Price risk

Equity Price Risk is related to the change in market reference price of the investments in equity securities.

The fair value of some of the Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as of March 31, 2018 and 2017 was RS, 303.84 crores and RS, 218.18 crores, respectively. A 10% change in equity price as of March 31, 2018 and 2017 would result in an impact of RS,30.38 crores and RS, 21.82 crores, respectively.

(Note: The impact is indicated on equity before consequential tax impact, if any).

(ii) Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.

Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit and loss, trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of credit risks.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was RS, 7,819.91 crores and RS, 6,069.96 crores as at March 31, 2018 and 2017, respectively, being the total of the carrying amount of balances with banks, short term deposits with banks, trade receivables, finance receivables, margin money and other financial assets excluding equity investments.

Financial assets that are neither past due nor impaired

None of the Company''s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31, 2018, that defaults in payment obligations will occur.

Credit quality of financial assets and impairment loss

The ageing of trade receivables as of balance sheet date is given below. The age analysis has been considered from the due date.

1 Trade receivables overdue more than six months include RS, 462.22 crores as at March 31, 2018 (RS, 212.29 crores as at March 31, 2017) outstanding from state government organizations in india, which are considered recoverable.

Trade receivables consist of a large number of various types of customers, spread across geographical areas. Ongoing credit evaluation is performed on the financial condition of these trade receivables and where appropriate allowance for losses are provided. Further the Company, groups the trade receivables depending on type of customers and accordingly credit risk is determined.

(iii) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

The Company has obtained fund and non-fund based working capital lines from various banks. Further, the Company has access to funds from debt markets through commercial paper programs, non-convertible debentures, senior notes and other debt instruments. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds, which carry no/low mark to market risks. The Company has also invested 15% of the non-convertible debentures (taken/issued by the Company) falling due for repayment in the next 12 months in bank deposits, to meet the regulatory norms of liquidity requirements.

The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

The table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments as at March 31, 2018:

(iv) Derivative financial instruments and risk management

The Company has entered into a variety of foreign currency, interest rates and commodity forward contracts and options to manage its exposure to fluctuations in foreign exchange rates, interest rates and commodity price risk. The counterparty is generally a bank. These financial exposures are managed in accordance with the Company''s risk management policies and procedures.

The Company also enters into interest rate swaps and interest rate currency swap agreements, mainly to manage exposure on its fixed rate or variable rate debt. The Company uses interest rate derivatives or currency swaps to hedge exposure to exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies.

Specific transactional risks include risks like liquidity and pricing risks, interest rate and exchange rate fluctuation risks, volatility risks, counterparty risks, settlement risks and gearing risks.

Fair value of derivative financial instruments are determined using valuation techniques based on information derived from observable market data.

The gain/loss due to fluctuation in foreign currency exchange rates on derivative contracts, recognized in the income statement was RS, 6.31 crores (loss) and RS,85.41 crores (loss) for the years ended March 31, 2018 and 2017, respectively.

The gain/(loss) on commodity derivative contracts, recognized in the income statement was RS, 6.07 crores and RS, 9.06 crores for the years ended March 31, 2018 and 2017, respectively.

4. Related-party transactions

The Company''s related parties principally consist of subsidiaries, joint operations, associates and their subsidiaries, Tata Sons Ltd, subsidiaries and joint ventures of Tata Sons Ltd. The Company routinely enters into transactions with these related parties in the ordinary course of business. The Company enters into transactions for sale and purchase of products and services with its related parties.

iii) Effective April 30, 2018, the Company completed the merger of TML Drivelines Ltd (TML Drivelines) pursuant to a scheme of arrangement of merger. As TML Drivelines is a wholly owned subsidiary of the Company, the merger has been accounted in accordance with "Pooling of Interest Method" laid down by Appendix C of Indian Accounting Standard 103 (Ind AS 103): (Business combinations of entities under common control), notified under the Companies Act, 2013.

Accordingly, all assets, liabilities and reserves of TML Drivelines have been recorded in the books of account of the Company at their existing carrying amounts and in the same form. To the extent that there are inter-company loans, advances, deposits, balances or other obligations as between TML Drivelines and the Company, have been eliminated. The difference, between the investments held by the Company and all assets, liabilities and reserves of TML Drivelines, has been debited to capital reserve. Comparative accounting period presented in the financial statements of the Company has been restated for the accounting impact of the merger, as stated above, as if the merger had occurred from the beginning of the comparative period in the financial statements i.e. April 1, 2016.

iv) The Company''s certain assets related to defence business are classified as "Held for Sale'''' as they meet the criteria laid out under ind AS 105.

v) The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in the books of account.


Mar 31, 2017

1. Background and operations

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

The Company is a public limited Company incorporated and domiciled in India and has its registered office at Mumbai, India. As at March 31, 2017, Tata Sons Limited, together with its subsidiaries owns 31.69 % of the Ordinary shares and 0.09 % of’A’ Ordinary shares of the Company, and has the ability to significantly influence the Company’s operation.

The standalone financial statements were approved by the Board of Directors and authorized for issue on May 23, 2017.

2. Equity Share Capital

(a) The entitlements to 4,94,618 Ordinary shares of RS.2 each (as at March 31, 2016 : 6,39,444 Ordinary shares of RS.2 each and as at April 1, 2015 : 4,85,165 Ordinary shares of RS.2 each) and 2,33,819 ‘A’ Ordinary shares of RS.2 each (as at March 31, 2016: 2,59,406 ‘A’ Ordinary shares of RS.2 each and as at April 1, 2015: 2,38,875 ‘A’ Ordinary shares of RS.2 each; are subject matter of various suits filed in the courts/forums by third parties for which final order is awaited and hence kept in abeyance.

(b) During the year ended, the Company has allotted 68,180 Ordinary Shares each of RS.2 each, previously unissued on account of unpaid calls.

* amounts less than RS.50,000/-

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

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

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

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

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

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

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

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

(d) Information regarding issue of shares in the last five years

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

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

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

(e) During the year ended March 31, 2016, the Company alloted 15,04,90,480 Ordinary Shares (including 3,20,49,820 shares underlying the ADRs) of RS.2 each at a premium of RS.448 per share, aggregating RS.6,772.07 crores and 2,65,09,759 ‘A’ Ordinary Shares of RS.2 each at a premium of RS.269 per share, aggregating RS.718.42 crores pursuant to the Rights issue. 1,54,279 Ordinary Shares and 20,531 ‘A’ Ordinary Shares were kept in abeyance.

(A) Notes to reserves

(a) Capital redemption reserve

The Companies Act, 2013 (the “Companies Act”) requires that where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the company, in paying up unissued shares of the company to be issued to shareholders of the company as fully paid bonus shares. Tata Motors Limited established this reserve pursuant to the redemption of preference shares issued in earlier years.

(b) Debenture redemption reserve

The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of profits of the company available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve of 25% of the value of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve may not be utilized by the company except to redeem debentures.

(c) Dividends

The final dividend is recommended by the Board of Directors and is recorded in the books of account upon its approval by the shareholders. For the year ended March 31, 2016, dividend per share of R0.20 per Ordinary share of RS.2 each and R0.30 per ‘A’ Ordinary share of RS.2 each was declared.

For the year ended March 31, 2017, considering the losses in the Tata Motors Limited (Standalone), no dividend is permitted to be paid to the Members, as per the Companies Act, 2013 and the Rules framed thereunder.

I. Information regarding long-term borrowings

(i) Nature of security (on loans including interest accrued thereon) :

(a) Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to RS.200 crores and 10.25% Coupon, Non-Convertible Debentures amounting to RS.500 crores are secured by a pari passu charge by way of an English mortgage of the Company’s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat.

(b) Buyers line of credit from banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other movable current assets except cash and bank balances, loans and advances of the Company both present and future. Classified under other current liabilities being maturity before March 31, 2018.

Buyers credit facility taken by joint operation Tata Cummins Private Ltd are obtained in multiple tranches and are repayable at the end of three years from the individual drawdown dates commencing from 2016-2017. Interest @ LIBOR Spread is payable. The loan is secured by pari passu charge on plant and machinery and other movable assets of its Phaltan plant.

(c) The term loan of RS.581.00 crores (recorded in books at RS.120.82 crores) is due for repayment from the quarter ending March 31, 2033 to quarter ending March 31, 2037, along with simple interest at the rate of 0.10% p.a. The loan is secured by a second and subservient charge (creation of charge is under process) over Company’s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat.

The term loan of RS.31.69 crores (recorded in books at RS.9.34 crores) is due for repayment from the quarter ending June 30, 2030 to March 31, 2032, along with a simple interest of 0.10% p.a. The loan is secured by bank guarantee for the due performance of the conditions as per the terms of the agreement.

(d) Term loan is taken by joint operation Fiat India Automobiles Private Ltd which is due for repayment from December.2017 to May 2023. The loan is secured by first charge over fixed assets procured from its loan/jeep project.

Term loan taken by joint operation Tata Cummins Private Ltd is repayable in four equal quarterly instalments starting from December.2016. Interest rate is basec on prevailing Base rate fixed spread. The loan is secured by exclusive charge on factory land and building of its Phaltan plant and hypothecation charge on other movable assets on pari passu basis.

II. Information regarding short-term borrowings

Loans, cash credits, overdrafts and buyers line of credit from banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

III. Collateral

Inventory, trade receivables, other financial assets, property, plant and equipment with a carrying amount of RS.4,460.45 crores, RS.5,921.33 crores and RS.7,328.17 crores are pledged as collateral/ security against the borrowings as at March 31, 2017, 2016 and April 1, 2015, respectively.

3. Exceptional item VI (e) of RS.147.93 crores for the year ended March 31, 2017, relates to provision for inventory of BSIII vehicles as at March 31, 2017. This does not include higher level of customer discounts and variable marketing expenses in March 2017, to support higher level of retail sales, which have been netted off against ‘Income from operations’.

4. Commitments and contingencies

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

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

Litigation

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

Income Tax

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

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

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

As at March 31, 2017, there are matters and/or disputes pending in appeal amounting to RS.145.43 crores (RS.108.15 crores as at March 31, 2016 and RS.100.56 crores as at April 1, 2015).

Customs, Excise Duty and Service Tax

As at March 31, 2017, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands, including interest and penalties, of RS.1,324.19 crores (RS.1,284.60 crores as at March 31, 2016 and RS.1,334.21 crores as at April 1, 2015). These demands challenged the basis of valuation of the Company’s products and denied the Company’s claims of Central Value Added Tax, or CENVAT, credit on inputs. The details of the demands for more than RS.20 crores are as follows:

As at March 31, 2017, the Excise Authorities had denied a CENVAT credit of RS.29.43 crores and imposed a penalty of Rs.Nil for the period between April 2011 to September2012 (RS.52.41 crores and a RS.23.00 crores CENVAT credit and penalty, respectively, as at March 31, 2016 and RS.52.41 crores and a RS.23.00 crores CENVAT credit and penalty, respectively, as at April 1, 2015) in respect of consulting engineering services alleged to have been used exclusively for producing prototypes at the Engineering Research Centre, in Pune. The contention of the Excise Authorities is that since the Company claims exemptions from CENVAT under Notification No.167/71-CE, dated September11, 1971, the Company is not entitled to avail service tax credits on consulting engineering services used in the Engineering Research Centre. The matter is being contested by the Company before the appellate authorities. The Company believes it has a merit in its case, since the consulting engineering services are not exclusively used in the manufacture of prototypes and they form part of the assessable value of final products manufactured by the Company on which CENVAT is paid.

The Excise Authorities have raised a demand for RS.90.72 crores as at March 31, 2017 (RS.90.72 crores as at March 31, 2016 and RS.90.72 crores as at April 1, 2015), on account of alleged undervaluation’s of ex-factory discounts given by Company on passenger vehicles through invoices. The matter is being contested by the Company before the High Court of Bombay.

As at March 31, 2017, the Excise Authorities have raised a demand and penalty of RS.218.23 crores, (RS.198.56 crores as at March 31, 2016 and RS.187.60 crores as at April 1, 2015), due to the classification of certain chassis (as dumpers instead of goods transport vehicles) which were sent to automotive body builders by the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty, or NCCD. The Company has obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise & Service Tax Appellate Tribunal.

The Excise Authorities had denied the Company’s claim of a CENVAT credit of RS.24.96 crores (RS.22.74 crores as at March 31, 2016 and RS.83.67 crores as at April 1, 2015) claimed by the Company from Fiscal 1992 to Fiscal 2013, on technical grounds. The matter is being contested by the Company before the appellate authorities.

As at March 31, 2017, the Excise Authorities had levied penalties and interest amounting to RS.679.88 crores (RS.679.88 crores as at March 31, 2016 and RS.679.88 crores as at April 1, 2015) with respect to CENVAT credit claimed by the Company from March 2010 to November2012, on inputs, stating that vehicles manufactured at Uttarakhand plant are “Exempted Products” and the Company may not claim a CENVAT credit on these vehicles. The Company has challenged this demand as NCCD and the automobile cess is assessed on those vehicles, which are “duties of excise”. Therefore, the Company asserts that these vehicles are not “Exempted Products”. The matter is being contested by the Company before the appellate authorities.

As at March 31, 2017, the Excise Authorities have raised a demand amounting to RS.29.54 crores (RS.29.54 crores as at March 31, 2016 and RS.29.54 crores as at April 1, 2015) on pre-delivery inspection charges and free after-sales service charges incurred by dealers on certain of the Company’s products on the alleged grounds that the pre-delivery inspection charges and free after-sales services are provided by the dealer on behalf of the Company and should be included in excisable value of the vehicle. The case is pending before Tribunal.

As at March 31, 2017, the Excise Authorities have raised a demand amounting to Rs.Nil (RS.21.89 crores as at March 31, 2016 and RS.21.89 crores as at April 1, 2015) with respect to customs duties on dies and fixtures imported under the EPCG Scheme and, in the case of the fixtures, are installed at premises of a vendor. The Tribunal has rejected the stay application filed by the department. The department has further filed an appeal with CESTAT.

As at March 31, 2017, the Excise Authorities have raised demand amounting to RS.34.68 crores (RS.14.73 crores as at March 31, 2016 and RS.12.70 crores as at April 1, 2015) with respect to denial of CENVAT credit on service tax availed on freight outward and courier services. The Company asserts that since freight forms part of the services on which the taxes have been paid, CENVAT credit can be availed. The Company is contesting the show cause notice.

Sales Tax

The total sales tax demands (including interest and penalty), that are being contested by the Company amount to RS.949.69 crores (RS.1134.14 crores as at March 31, 2016 and RS.907.84 crores as at April 1, 2015). The details of the demands for more than RS.20 crores are as follows:

The Sales Tax Authorities have raised demand of RS.208.59 crores (RS.403.38 crores as at March 31, 2016 and RS.120.12 crores as at April 1, 2015) towards rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds such as late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending at various levels.

In some of the states in India, the Sales Tax Authorities have raised disputes totaling up to RS.40.80 crores as at March 31, 2017 (RS.41.10 crores as at March 31, 2016 and RS.41.10 crores as at April 1, 2015), treating the stock transfers of vehicles from the Company’s manufacturing plants to regional sales offices and the transfers between two regional sales offices as sales liable for levy of sales tax. The Company is contesting this issue.

The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to RS.305.46 crores as at March 31, 2017 (RS.330.17 crores as at March 31, 2016 and RS.366.45 crores as at April 1, 2015). The reasons for disallowing credit was mainly due to Taxes not paid by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The matter is contested in appeal.

Sales tax demand aggregating RS.258.35 crores as at March 31, 2017 (RS.252.66 crores as at March 31, 2016 and RS.258.40 crores as at April 1, 2015) has been raised by Sales Tax Authorities disallowing the concessional rate of 2% on certain purchases of raw materials in case the final product is stock transferred for sale outside the state. The matter is pending with various authorities.

Other Taxes and Dues

Other amounts for which the Company may contingently be liable aggregate to RS.221.14 crores (RS.229.42 crores as at March 31, 2016 and RS.258.09 crores as at April 1, 2015). Following are the cases involving more than RS.20 crores:

The municipal authorities in certain states levy octroi duty (a local indirect tax) on goods brought inside the municipal limits at rates based on the classification of goods. Demands aggregating RS.61.65 crores as at March 31, 2017 (RS.61.65 crores as at March 31, 2016 and RS.61.65 crores as at April 1, 2015) had been raised demanding higher octroi duties on account of classification disputes relating to components purchased for the manufacture of vehicles and retrospective increase in octroi rates relating to past periods. The dispute relating to classification is presently pending before the Supreme Court and the other dispute is pending before the Bombay High Court on remand by the Supreme Court.

As at March 31, 2017, property tax amounting to RS.53.70 crores (RS.50.56 crores as at March 31, 2016 and RS.49.10 crores as at April 1, 2015) has been demanded by the local municipal authorities in respect of vacant land of the Company in the plant in Pimpri, Pune. The Company has filed Special Leave Petition (SLP) before the Supreme Court against an unfavourable decision of the Bombay High Court. The Supreme Court has disposed of the SLP and remanded the matter back to the local municipal corporation for fresh adjudication.

As at March 31, 2017, a penalty of RS.20.31 crores (RS.20.31 crores as at March 31, 2016 and RS.56.21 crores as at April 1, 2015) is likely to be imposed relating to a matter of regularization of construction of certain buildings in respect of which approvals from appropriate authorities are awaited. However, as the buildings were constructed as per the applicable development rules, the Company believes it will be possible to get the waiver of the same.

As at March 31, 2017, Sales tax / VAT amounting to RS.29.95 crores (RS.24.10 crores as at March 31, 2016 and RS.15.10 crores as at April 1, 2015) has been demanded by local authorities on dealers in respect of spare parts used for carrying out warranty repairs. The dispute is pending before the Supreme Court.

Commitments

The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and various civil contracts of a capital nature amounting to RS.1,493.73 crores at March 31, 2017 (RS.1,953.50 crores as at March 31, 2016 and RS.1,074.51 crores as at April 1, 2015), which are yet to be executed.

The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature amounting to RS.420.06 crores as at March 31, 2017 (RS.398.25 crores as at March 31, 2016 and RS.382.02 crores as at April 1, 2015), which are yet to be executed.

The Company has contractual obligation towards Purchase Commitment for Rs.Nil (RS.1,603.90 crores as at March 31, 2016 and RS.3,206.79 crores as at April 1, 2015).

5. Capital Management

The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity, non-convertible debentures, senior notes and other long-term/short-term borrowings. The Company’s policy is aimed at combination of short-term and long term borrowings.

The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

Total borrowings includes all long and short-term borrowings as disclosed in notes 23,24 and 26 (a) to the financial statements. Equity comprises all components excluding (profit)/loss on cash flow hedges.

6. Disclosures on financial instruments

This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance sheet items that contain financial instruments.

The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2 to the financial statements.

(a) Financial assets and liabilities

The following table presents the carrying amounts and fair value of each category of financial assets and liabilities as at March 31, 2017.

Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.

Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e; as prices) or indirectly (i.e; derived from prices). This level of hierarchy include Company’s over-the-counter (OTC) derivative contracts.

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based or observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

There has been no transfers between level 1, level 2 and level 3 for the years ended March 31, 2017 and 2016.

Costs of certain unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. These investments in equity instruments are not held for trading. Instead, they are held for medium or long term strategic purpose. Upon the application of Ind AS 109, the group has chosen to designate these investments in equity instruments as at FVTOCI as the directors believes this provides a more meaningful presentation for medium or long term strategic investments, than reflecting changes in fair value immediately in profit or loss.

Derivatives are fair valued using market observable rates and published prices together with forecast cash flow information where applicable.

The short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.

The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair value is estimatec by discounting expected future cash flows, using a discount rate equivalent to the risk-free rate of return, adjusted for the credit spread considered by the lenders for instruments of similar maturity.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique.

Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

Offsetting

Certain financial assets and financial liabilities are subject to offsetting where there is currently a legally enforceable right to set off recognized amounts and the Company intends to either settle on a net basis, or to realise the asset and settle the liability, simultaneously.

Certain derivative financial assets and financial liabilities are subject to master netting arrangements, whereby in the case of insolvency, derivative financial assets and financial liabilities will be settled on a net basis.

The following table discloses the amounts that have been offset, in arriving at the balance sheet presentation and the amounts that are available for offset only under certain conditions as at March 31, 2017:

(b) Financial risk management

In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.

The Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The risk management framework aims to:

- Create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company’s business plan.

- Achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.

(c) Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

(a) Foreign currency exchange rate risk:

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and loss and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency. Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates. The risks primarily relate to fluctuations in U.S. dollar, Euro, GBP and Thai Baht against the functional currencies of the Company.

The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge foreign exchange and interest rate exposure. Any weakening of the functional currency may impact the Company’s exports and cost of borrowings and consequently may increase the cost of financing the Company’s capital expenditures.

The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. It hedges a part of these risks by using derivative financial instruments in accordance with its risk management policies.

The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each currency by 10%.

(b) Interest rate risk

Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rates. Any movement in the reference rates could have an impact on the Company’s cash flows as well as costs.

The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company’s interest rate exposure is mainly related to debt obligations. The Company also uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like short-term loans.

As at March 31, 2017 and 2016, financial liability of RS.3,418.97 crores and RS.4,848.39 crores, respectively, was subject to variable interest rates. Increase/decrease of 100 basis points in interest rates at the balance sheet date would result in decrease/increase in profit/(loss) before tax of RS.34.19 crores and RS.48.48 crores for the year ended March 31, 2017 and 2016, respectively.

The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets and liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in market interest rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market interest rates, while interest rates on other types of assets may change with a lag.

The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

(Note: The impact is indicated on the profit/(loss) before tax basis).

(c) Equity Price risk

Equity Price Risk is related to the change in market reference price of the investments in equity securities.

The fair value of some of the Company’s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company’s investment in quoted equity securities as at March 31, 2017, 2016 and April 1, 2015 was RS.218.18 crores, RS.143.34 crores and RS.143.53 crores, respectively. A 10% change in equity price as at March 31, 2017, 2016 and April 1, 2015 would result in an impact of RS.21.82 crores, RS.14.43 crores and RS.14.35 crores, respectively (Note: The impact is indicated on equity before consequential tax impact, if any).

(ii) Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.

Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit or loss, trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of exposure to credit risks.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was Rs.5,732.64 crores as at March 31, 2017, RS.5,717.59 crores as at March 31,2016, being the total of the carrying amount of balances with banks, short term deposits with banks, trade receivables, finance receivables, margin money and other financial assets excluding equity investments.

Financial assets that are neither past due nor impaired

None of the Company’s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31,2017, that defaults in payment obligations will occur.

In addition, exposure to credit risk is also in relation to financial guarantee contracts for which the Company has created a liability for potentional exposures.

(iii) Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

The Company has obtained fund and non-fund based working capital lines from various banks. Further, the Company has access to funds from debt markets through commercial paper programs, non-convertible debentures, senior notes and other debt instruments. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds, which carry no/low mark to market risks. The Company has also invested 15% of the non-convertible debentures (taken/issued by the Company) falling due for repayment in the next 12 months in bank deposits, to meet the regulatory norms of liquidity requirements.

The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

The table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments as at March 31,2017:

(iv) Derivative financial instruments and risk management

The Company has entered into variety of foreign currency, interest rates and commodity forward contracts and options to manage its exposure to fluctuations in foreign exchange rates, interest rates and commodity price risk. These financial exposures are managed in accordance with the Company’s risk management policies and procedures. The Company also enters into interest rate swaps and interest rate currency swap agreements, mainly to manage exposure on its fixed rate or variable rate debt. The Company uses interest rate derivatives or currency swaps to hedge exposure to exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies.

Specific transactional risks include risks like liquidity and pricing risks, interest rate and exchange rate fluctuation risks, volatility risks, counterparty risks, settlement risks and gearing risks.

Fair value of derivative financial instruments are determined using valuation techniques based on information derived from observable market data.

The gain/(loss) on due to fluctuation in foreign currency exchange rates on derivative contract, recognized in the statement of profit and loss was RS.85.41 crores and RS.26.51 crores for the years ended March 31, 2017 and 2016, respectively.

The gain/(loss) on commodity derivative contracts, recognized in the statement of profit and loss was RS.9.06 crores and (RS.8.58 crores) for the years ended March 31, 2017 and 2016, respectively.

7. Related-party transactions

The Company’s related parties principally consist of subsidiaries, joint operations, associates and their subsidiaries, Tata Sons Limited., subsidiaries and joint ventures of Tata Sons Limited. The Company routinely enters into transactions with these related parties in the ordinary course of business. The Company enters into transactions for sale and purchase of products and services with its related parties.

The following table summarizes related-party transactions and balances for the year ended/as at March 31, 2017:

8. Employee benefits

Defined Benefit Plan

Pension and post retirement medical plans

The following table sets out the funded and unfunded status and the amounts recognized in the financial statements for the pension and the post retirement medical plans in respect of Tata Motors and joint operations:

9. Additional information

The financial statements include the Company’s proportionate share of assets, liabilities, income and expenditure in its two Joint Operations, namely Tata Cummins Private Limited and Fiat India Automobiles Private Limited. Below are supplementary details of Tata Motors Limited on standalone basis excluding interest in the aforesaid two Joint Operations:

10. Other Notes:

i) Micro, Small and Medium Enterprises Development Act, 2006

The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. The amount of principal and interest outstanding during the year is given below :

ii) Disclosure on Specified Bank Notes (SBNs)

As required by MCA notification G.S.R. 308 (E) dated March 30, 2017, details in respect of Specified Bank Notes (SBNs) held and transacted during the period from November8, 2016 to December.30, 2016 are given below:

iii) Expenditure incurred on Research and Development by Tata Motors Ltd on standalone basis excluding interest in the joint operations

iv) The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/ accounting standards for material foreseeable losses on such lone term contracts (including derivative contracts) has been made in the books of account.

v) Current year figures are shown in bold prints.


Mar 31, 2016

1. Capital work-in-progress as at March 31, 2014 included building under construction at Singur in West Bengal of Rs.309.88 crores for the purposes of manufacturing automobiles. In October 2008, the Company moved the Nano project from Singur in West Bengal to Sanand in Gujarat. In June 2011, the newly elected Government of West Bengal (State Government) enacted a law cancelling the land lease agreement at Singur, and took over possession of the land. The Company challenged the constitutional validity of the law. In June 2012, the Calcutta High Court declared the law unconstitutional and restored Company''s rights under the land lease agreement. The State Government fi led an appeal in the Supreme Court of India in August 2012, which is pending disposal. Though the Company continues to rigorously press its rights, contentions and claims in the matter, the Company has been advised that the time it may take in disposal of the appeal is uncertain. The Company has also been advised that it has a good case and can strongly defend the appeal, but the questions that arise are issues of constitutional law and thus the result of the appeal cannot be predicted. In these circumstances, in view of the uncertainty on the timing of resolution, following the course of prudence, the management has during the year ended March 31, 2015, made a provision for carrying capital cost of buildings at Singur amounting to Rs.309.88 crores included under the head "works operations and other expenses" excluding other assets (electrical installations etc.) and expenses written off / provided in earlier years, security expenses, lease rent and claim for interest on the whole amount (including Rs.309.88 crores). The Company shall however continue to pursue the case and assert its rights and its claims in the Courts.

2. The Company has joint ventures with (a) Fiat Group Automobiles S.p.A., Italy, Fiat India Automobiles Private Limited (FIAL), for manufacturing passenger cars, engines and transmissions at Ranjangaon in India and (b) Cummins Inc, USA, Tata Cummins Private Limited (TCL), for manufacturing engines in India. The Company has an investment of Rs.1,567.04 crores as at March 31, 2016, representing 50% shareholding in FIAL and Rs.90.00 crores as at March 31,2016 representing 50% shareholding in TCL.

(a) The proportionate share of assets and liabilities as at March 31, 2016 and income and expenditure for the year 2015-2016 of FIAL as per their unaudited financial statement are given below:

3. Other notes

(i) The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/ accounting standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in the books of account.

(ii) Micro, Small and Medium Enterprise Development Act, 2006

The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. The amount of principal and interest outstanding during the year is given below :

(iii) Current year figures are shown in bold prints.

(iv) Previous year figures have been regrouped / reclassified wherever necessary to correspond with the current year classification / disclosure.


Mar 31, 2014

(Rs. in crores)

As at As at

1. Contingent liabilities, commitments (to the extent not provided for) March 31, March 31, 2014 2013

Description of claims and assertions where a potential loss is possible, but not probable is reported under note (1) and (2) below:

1 Claims against the Company not acknowledged as debts

(i) Sales tax - Gross 869.50 353.54

- Net of tax 573.96 238.84

(ii) Excise duty - Gross 856.67 867.35

- Net of tax 565.49 585.94

(iii) Others - Gross 250.34 173.90

- Net of tax 157.52 117.48

(iv) IncomeTax in respect of matters pending in appeal /others 92.58 95.20

2 The claims / liabilities in respect of excise duty, sales tax and other matters where the issues were decided in favour of the Company for which the Department is in further appeal 71.42 70.80

3 Other money for which the Company is contingently liable in respect of bills discounted and export sales on deferred credit 348.39 204.30

4 Estimated amount of contracts remaining to be executed on capital account and not provided for 1,629.65 1,526.11

5 Purchase commitments 9,597.72 12,142.44

2. Other notes

(i) Capital Work-in-progress as at March 31,2014 includes building under construction at Singur in West Bengal of Rs.309.88 crores for the purposes of manufacturing automobiles. In October 2008, the Company moved the Nano project from Singur in West Bengal to Sanand in Gujarat. In June 2011, the newly elected Government of West Bengal (State Government) enacted a legislation to cancel land lease agreement. The Company challenged the legal validity of the legislation. In June 2012, the High Court of Calcutta ruled against the validity of the legislation and restored Company''s rights under the land lease agreement. The State Government filed an appeal in the Supreme Court of India, which is pending disposal. Based on management''s assessment no provision is considered necessary to the carrying cost of buildings at Singur.

(ii) The Company has substantially completed the process of divesting its investments in certain foreign subsidiary companies to TML Holding Pte Ltd, Singapore, a wholly owned subsidiary. Conseguently, the year ended March 31, 2014 includes a profit of Rs.1,966.12 crores on such divestment (Rs. Nil for the year ended March 31,2013).

(iii) During FY 2012-13, the Company sold the Forge division at Jamshedpur to its wholly-owned subsidiary, TML Drivelines Ltd on a slump sale basis for a consideration of X110 crores vide an agreement dated March 28,2013.


Mar 31, 2013

1. (i) Related party disclosures for the year ended March 31, 2013

(a) Related party and their relationship

1. Subsidiaries :

Tata Technologies Ltd

TAL Manufacturing Solutions Ltd

TML Drivelines Ltd

Sheba Properties Ltd

Concorde Motors (India) Ltd

Tata Daewoo Commercial Vehicle Co. Ltd

Tata Motors Insurance Broking & Advisory Services Ltd

Tata Motors European Technical Centre PLC

Tata Motors Finance Ltd

Tata Marcopolo Motors Ltd

Tata Motors (Thailand) Ltd

Tata Motors (SA) (Proprietary) Ltd

PT Tata Motors Indonesia

TML Holdings Pte. Ltd, Singapore

TML Distribution Company Ltd

Tata Hispano Motors Carrocera S.A.

Trilix S.r.l

Tata Precision Industries Pte. Ltd

Jaguar Land Rover Automotive PLC

(formerly known as Jaguar Land Rover PLC)

Jaguar Cars Ltd

(formerly known as Jaguar Cars Overseas Holdings Ltd)

Jaguar Land Rover Austria GmbH

Jaguar Belux NV

Jaguar Land Rover Ltd

(formerly kno wn as Jaguar Cars Ltd)

Jaguar Land Rover Japan Ltd

Jaguar Cars South Africa (pty) Ltd

Jaguar Land Rover Exports Ltd (Land Rover Exports Ltd

Business transferred on April 1,2012)

The Daimler Motor Company Ltd

The Jaguar Collection Ltd

Daimler Transport Vehicles Ltd

S S Cars Ltd

The Lanchester Motor Company Ltd

Jaguar Hispania SL

Jaguar Land Rover Deutschland GmbH

Land Rover Ireland Ltd

2. Associates :

Tata AutoComp Systems Ltd

Tata Cummins Ltd

Tata Precision Industries (India) Ltd

Tata Hitachi Construction Machinery Company Ltd

(formerly known as Telco Construction Equipment Co. Ltd)

Jaguar Cars Finance Ltd

Nita Company Ltd

Tata Sons Ltd (Investing Party)

Automobile Corporation of Goa Ltd

Spark44 (JV) Ltd

INCAT International Plc.

Tata Technologies Europe Ltd

INCAT GmbH

Tata Technologies Inc

Tata Technologies de Mexico, S.A. de CV

Tata Technologies (Canada) Inc

Tata Technologies (Thailand) Ltd

Tata Technologies Pte Ltd, Singapore

Miljobil Grenland AS (upto August30,2012)

Tata Hispano Motors Carrocerries Maghreb

Tata Daewoo Commercial Vehicles Sales and Distribution Co. Ltd

Tata Engineering Services (Pte) Ltd

(Liquidated w.e.f July7,2012)

Jaguar Land Rover North America LLC

Land Rover Belux SA/NV

Jaguar Land Rover Nederland BV

Jaguar Land Rover Portugal - Veiculos e Pecas, LDA

Jaguar Land Rover Australia Pty Ltd

Jaguar Land Rover Italia SpA

Land Rover Espana SL

Jaguar Land Rover Korea Co. Ltd

Jaguar Land Rover Automotive Trading (Shanghai) Ltd

Jaguar Land Rover Canada ULC

Jaguar Land Rover France, SAS

Jaguar Land Rover (South Africa) (Pty) Ltd

Jaguar e Land Rover Brazil Importacao e Comercio de Veiculos Ltda

Jaguar Land Rover (Russia) Limited Liability Company

Land Rover Parts Ltd

Jaguar Land Rover (South Africa) Holdings Ltd

Jaguar Land Rover India Ltd

(incorporated w.e.f. October25,2012)

Land Rover (business and assets transferred to

Jaguar Land Rover Ltd except Jaguar Land Rover Automotive

Trading (Shanghai) Co Ltd w.e.f. January 1,2013)

Land Rover Group Ltd

PT Tata Motors Distribusi Indonesia

(incorporated w.e.f. February 11,2013)

3. Joint Ventures :

Fiat India Automobiles Ltd

Tata HAL Technologies Ltd

Suzhou Chery Jaguar Land Rover Trading Co. Ltd (Interim JV)

Chery Jaguar Land Rover Automotive Co. Ltd (Incorporated in November 2012)

4. Key Management Personnel

Mr. P M Telang (upto June 21,2012)

Mr. Karl Slym (from September 13,2012)

Mr. R Pisharody (from June 21,2012)

Mr. S B Borwankar (from June 21,2012)

2. The Company has a joint venture with Fiat Group Automobiles S.p.A., Italy, Fiat India Automobiles Limited (FIAL), for manufacturing passenger cars, engines anc transmissions at Ranjangaon in India. The Company has an investment of Rs. 1,242.04 crores as at March 31, 2013, representing 50% shareholding in FIAL .

The proportionate share of assets and liabilities as at March 31, 2013 and income and expenditure for the year 2012-2013 of FIAL as per their unaudited financial statement are given below :

3. Other notes

(i) Capital work-in-progress as at March 31, 2013 includes building under construction at Singur in West Bengal of Rs. 309.88 crores for the purposes of manufacturing automobiles. In October 2008, the Company moved the Nano project from Singur in West Bengal to Sanand in Gujarat. In June 2011, the Government of West Bengal (State Government) enacted a legislation to cancel land lease agreement. The Company challenged the legal validity of the legislation. In June 2012, the High Court of Calcutta ruled against the validity of the legislation and restored Companys rights under the land lease agreement. The State Government has filed an appeal in the Supreme Court of India, which is pending disposal. Based on managements assessment no provision is considered necessary to the carrying cost of buildings at Singur.

(ii) The Company sold the Forge division at Jamshedpur to its wholly-owned subsidiary, TML Drivelines Ltd on a slump sale basis for a consideration of Rs. 110 crores vide an agreement dated March 28, 2013.

(iii) Micro, Small and Medium Enterprises Development Act, 2006 :

The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. The amount of principal and interest outstanding during the year is given below :

(iv) Current year figures are shown in bold prints

(v) Previous year figures have been regrouped / reclassified wherever necessary to correspond with the current year classification / disclosure.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

(1) The Company has given a letter of comfort to HDFC Bank against the short term and long term loans aggregating Rs.235 crores given by HDFC Bank to Tata Marcopolo Motors Ltd (TMML). The letter of comfort is restricted to 51% of loan amount i.e. Rs. 120 crores. Also the Company has given an undertaking to HDFC Bank that it will not dilute its stake below 51% during the tenor of the loan.

(2) The Company has given a letter of comfort to Citibank NA towards the short term and long term loans aggregating THB 1,055 million (Rs. 174.19 crores as on March 31, 2012) given by Citibank NA to Tata Motors (Thailand) Ltd (TMTL). The Company has also given letter of comfort to ICICI Bank towards working capital facility aggregating THB 300 million (Rs. 49.53 crores as on March 31,2012) given by ICICI Bank to TMTL. Further the Company has given an undertaking to Citibank NA as well as to ICICI Bank for non- disposal of its shareholding in TMTL below 51% during the tenor of the loan.

(3) The Company has given a letter of comfort to GE Commercial Distribution Finance Europe Ltd for revolving syndicated loan facility to Jaguar Cars Ltd and Land Rover for outstanding balance of GBP 50.20 million (Rs. 409.31 crores as on March 31, 2012). Also the Company has given an undertaking to GE Commercial Distribution Finance Europe Ltd to retain ultimate 100% ownership of Jaguar Cars Ltd and Land Rover at all times during the tenor of the loan.

(4) The Company has given a letter of comfort to Citibank NA against working capital loans extended by the bank to Tata Hispano Motors Carrocera, S.A. (Hispano) aggregating Euro 25 million (Rs. 169.86 crores as on March 31, 2012). The Company has also given a letter of comfort to Banco de Valencia against bill discounting facility extended by the bank to Hispano aggregating Euro 2 million (Rs. 13.59 crores as on March 31, 2012).The Company has also given an undertaking to Citibank NA and Banco de Valencia for non-disposal of its shareholding in Hispano during the tenor of the loan.

(5) The Company has given letter of comfort to certain banks and other lenders against credit facilities extended to Fiat India Automobiles Ltd for Rs 1,600 crores and Euro 130 million (Rs. 883.29 crores as on March 31, 2012). The letter of comfort is restricted to 50% of the value of credit facilities extended i.e. Rs. 1,241.65 crores.

(6) The Company has given a letter of comfort to HDFC Bank amounting to Rs. 1 crore against working capital facility to Tata Motors Insurance Broking and Advisory Services Limited (TMIBASL). Also the Company has given an undertaking to HDFC Bank that it will not dilute its stake below 51% during the tenor of the loan.

(7) Trilix Srl., Turin (Italy) is a limited liability company.

(8) In terms of the Scheme of Amalgamation sanctioned by order dated July 29, 2011 of Hon'ble High Court of Bombay, HV Transmission Ltd has been amalgamated with TML Drivelines Ltd (formerly known as HV Axles Ltd) with effect from April 1, 2011.

9. Contingent liabilities, commitments (to the extent not provided for) :

Description of claims and assertions where a potential loss is possible, but not probable is reported under note (1) and (2) below :

As at As at March 31, March 31,

1 Claims against the Company not acknowledged as debts - 2012 2011

(i) Sales tax - Gross 413.12 1,003.68

- Net of tax 279.08 670.28

(ii) Excise duty - Gross 656.93 492.55

- Net of tax 443.79 328.94

(iii) Others - Gross 157.02 156.92

- Net of tax 106.07 104.80

(iv) Income Tax in respect of matters :

(a) Decided in the Company's favour by Appellate Authorities and for which the Department is in further appeal 2.38 2.38

(b) Pending in appeal / other matters 95.20 105.19

2 The claims / liabilities in respect of excise duty, sales tax and other matters where the issues were decided in favour of the Company for which the Department is in further appeal 69.77 31.28

3 Other money for which the Company is contingently liable -

(i) In respect of bills discounted and export sales on deferred credit 139.21 170.60

(ii) The Company has given guarantees for liability in respect of receivables assigned by way of securitisation 107.80 634.34

(iii) Cash margins / collateral [Note 20, page 152] 90.29 428.82

(iv) In respect of subordinated receivables 9.51 37.16

(v) Others 6.64 13.68

4 Estimated amount of contracts remaining to be executed on capital account and not provided for 1,536.25 1,857.43

5 Purchase commitments 12,527.63 14,699.18

10. Other Notes

(i) The revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year figures have been regrouped/ reclassified wherever necessary to correspond with the current year classification / disclosure.

(ii) During the year ended March 31, 2012, TML Holding Pte Ltd. (Singapore) (TMLHS), a wholly owned subsidiary of the Company, bought back 91,666,700 equity shares for a consideration of USD 2.2 per share (Rs.108.79 per share), based on an independent valuation of TMLHS. The consideration of Rs. 997.24 crores has been credited to Investment account.

(iii) Capital work-in-progress as at March 31, 2012 includes building under construction at Singur in West Bengal of Rs.309.88 crores for the purposes of manufacturing automobiles. In October 2008, the Company moved the Nano project from Singur in West Bengal to Sanand in Gujarat.The newly elected Government of West Bengal enacted a legislation on June 14, 2011, which was notified on June 20, 2011, to cancel the land lease relating to the project at Singur. The Company has challenged the legal validity of the legislation including the process of compensation in the Courts of Law, the outcome of which is pending as of the date of approval of these financials by the Board of Directors. Based on management's assessment no provision is considered necessary to the carrying cost of buildings at Singur.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2012

Company Overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has five branches located at Mumbai, Lucknow, Jamshedpur, Bangalore and Chennai that enables it to provide high quality, cost-effective services to clients in India.

Financial Liabilities :

(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or

(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

(b) a contract that will or may be settled in the entity''s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity''s own equity instruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity''s own equity instruments. For this purpose the entity''s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the entity''s own equity instruments.

Note 2(i) Of the above 30,300,600 shares (P.Y. 30,300,600 shares) equity shares are held by holding company (Tata Motors Limited)

Note 2(ii) 114,671 shares (as at Mar 31, 2012) of Rs.10 each were outstanding towards employee stock options granted/available for grant

Note 3(i)

During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs. 46.66 Crore towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.17.31 crores had been adjusted to the Securities Premium Account. An amount of Rs.29.34 crores equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.1.58 crores and Rs.16.58 crores related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts. During the year ended March 31, 2012, the Company and its subsidiary companies have received amounts aggregating to Rs. 0.01 Crore (Rs. 1.47 Crore for the year ended March 31, 2011) and Rs. 0.75 Crore (Rs. 5.43 Crore for the year ended March 31, 2011) respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

Note 3 (ii) :

Defined contribution plans :

The Company''s contribution to defined contribution plan aggregated Rs. 13.15 crores (2010-11 Rs. 10.73 crores) for the year ended March 31, 2012 has been recognised in the statement of Profit and Loss Account.

Notes :

(a) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(b) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(c) Also refer note 2 (k) for brief description of employee benefit schemes.

Note 4(i) Vehicles includes gross Rs.1.64 Crore (W.D.V.Rs.l.OOCrore)acquiredon loan, hypothecated with Tata Finance Ltd, Tata Motors Finance Limited, ICICI Bank Ltd,andTATACapital Ltd (as at March 31,2011 Rs.1.51 Crore) (W.D.V Rs. 1.04 Crore))

Note 4(ii) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.4.58 crores as at March 31,2012 (Yearended March 31,2011 :Rs.6.42 Crore).

Note 5 (i) Capital Commitment :The estimated amount of contracts remaining to be executed on capital account,and not provided for is Rs. 3.31 Crore as at March 31,2012 (Yearended March 31,2011 :Rs. 10.42 Crore).

Note 6 (ii) Contingent Liabilities ,r

(Amount in Rs. Crore) As at As at Particulars Mar 31, 2012 Mar 31, 2011

(a) Income Tax demands disputed in appeals 1.98 2.19

(b) Sales Tax demands disputed in appeals 21.81 0.53

(c) Service Tax demands disputed in appeals 3.39 3.14

(d) Corporate Guarantees issued to Bank in respect of loan taken 257.35 228.14 by subsidiary companies

Note 7 (vi) Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Note 8 (vii) Segment Reporting Primary Segment

Segment reporting is made on the basis of geographical location of the customer.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably by reported segments. Secondary segment

The complete operations of the Company have been treated as a single segment "Information Technology Services''.

Previous year figures have been shown in italic.

Previous year''s figures have been shown in bracket.

Disclosure of material transactions:

Services received:

Tata Technologies Inc Rs. 24.47 crores (March 31, 2011 Rs. 21.92 crores)

Tata Technologies Europe Ltd. Rs. 4.58 crores (March 31, 2011 Rs. 6.11 crores) Tata Technologies (Thailand) Ltd. Rs. 4.10 crores (March 31, 2011 Rs. 2.21 crores) Services rendered:

Tata Motors Ltd. Rs. 371.74 crores (March 31, 2011 Rs. 294.50 crores)

Tata Technologies Inc Rs. 74.58 crores (March 31, 2011 Rs. 50.11 crores)

Tata Technologies Europe Ltd Rs. 94.48 crores (March 31, 2011 Rs. 35.98 crores)

Note 10 (ix) The Company has a joint venture with Hindustan Aeronautics Ltd.,TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aerostructures for aerospace industry. The Company has an investment of Rs. 4.32 crores as at March 31, 2012, representing 50% shareholding in THTL. The proportionate share of assets and liabilities as on March 31, 2012 and income and expenditure for the year 2011-12 ofTHTL are given below.

Note 11 (x) The Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous Year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classifications / disclosures.

The Company has entered into operating lease arrangements for office premises.

This includes lease obligations on account of a lease arrangements for premises in Thane entered during the year which has no impact on Profit and Loss Account for the current year.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

1 I. The Issued and subscribed capital includes :

(a) Ordinary Shares allotted as fully paid up shares for consideration other than cash:

7,53,470 Ordinary Shares allotted to Daimler - Benz AG in consideration of materials supplied to the Company in the financial year 1956-57,

3,00,000 Ordinary Shares allotted to the Shareholders of erstwhile Investa Machine Tools and Engineering Company Limited in terms of the Scheme of Amalgamation sanctioned by the Bombay High Court in the fnancial year 1966-67,

7,59,510 Ordinary Shares allotted to the Shareholders of the erstwhile Central Bank of India in terms of the Scheme of Amalgamation in the fnancial year 1970-71,

1,83,823 Ordinary Shares issued to the Shareholders of the erstwhile Noduron Founders Maharashtra Limited in terms of the merger in the fnancial year 1992-93,

15,24,30,083 Ordinary Shares issued to Financial Institutions and holders of convertible debentures / bonds on conversion of term loans / debentures / bonds,

1,45,04,949 Ordinary Shares issued to the Shareholders of the erstwhile Tata Finance Limited in terms of the merger in the fnancial year 2005- 06.

(b) 11,12,92,760 Ordinary Shares issued as fully paid up Bonus Shares by utilising Securities Premium Account, Capital Reserve, Capital Redemption Reserve, Amalgamation Reserve, contribution for Capital Expenditure Account and General Reserve.

(c) 2,55,02,678 (as at March 31, 2010 2,55,02,622) Ordinary Shares allotted against the exercise of equivalent number of warrants pertaining to the rights issue of 2001 at Rs.120/- per share.

(d) 7,60,78,654 (as at March 31, 2010 5,25,08,228) Ordinary Shares issued upon conversions of Foreign Currency Convertible Notes (FCCNs). Details are as follows:

(i) 1% FCCN due 2008 :

1,83,98,095 (as at March 31, 2010 : 1,83,98,095) Ordinary Shares issued against 99,940 (as at March 31, 2010 : 99,940) Notes.

(ii) 0% FCCN due 2009 :

74,66,867 (as at March 31, 2010 : 74,66,867) Ordinary Shares issued against 97,590 (as at March 31, 2010 : 97,590) Notes.

(iii) 1% FCCN due 2011 :

2,29,50,915 (as at March 31, 2010 : 1,88,16,152) Ordinary Shares issued against 2,99,102 (as at March 31, 2010 : 2,29,634) Notes.

(iv) 0% FCCN due 2011

78,39,043 (as at March 31, 2010 : 78,27,114) Ordinary Shares issued against 1,074 (as at March 31, 2010 : 1,071) Notes.

(v) 4% FCCN due 2014 :

1,94,23,734 (as at March 31, 2010 : Nil) Ordinary Shares issued against 2,576 (as at March 31, 2010 : Nil) Notes.

(e) 6,42,77,215 (as at March 31, 2010 : 6,42,76,883) Ordinary Shares atRs. 340 per share and 6,42,77,215 (as at March 31, 2010 : 6,42,76,883) A Ordinary Shares atRs. 305 per share were allotted on exercising of options pertaining to Rights issue of 2008.

(f) 2,99,04,306 Global Depository Shares (GDS) each representing one share at a price of US$ 12.54 per GDS, aggregating US$ 375 million (Rs. 1794.19 crores), issued in the year 2009-2010.

(g) During the year, the Company has issued 8,320,300 Ordinary Shares at a price ofRs. 1,074 per Ordinary Share and 32,165,000 A Ordinary Shares at a price ofRs. 764 per A Ordinary Share through Qualifed Institutional Placement (QIP).

II. The entitlements to 99,310 (as at March 31, 2010 : 1,49,534) Ordinary Shares and 54,832 (as at March 31, 2010: 99,790) A Ordinary Shares are subject matter of various suits fled in the courts / forums by third parties for which fnal order is awaited and hence kept in abeyance.

The application for 49,836 Ordinary Shares and 44,626 A Ordinary Shares have been received, to be issued out of shares kept in abeyance as on March 31, 2011, for which allotment is pending.

2 Secured Loans :

(i) Nature of Security (on loans including interest accrued thereon) :

(a) Rated, Listed, Secured, Credit Enhanced, 2% Coupon, Premium Redemption Non-Convertible Debentures amounting toRs. 3,400 crores are secured by a second charge in favour of Vijaya Bank , Debenture Trustee and frst ranking parri passu charge in favour of State Bank of India as Security trustee on behalf of the Guarantors, by way of English mortgage of the Companys lands, freehold and leasehold, together with all buildings, constructions and immovable and movable properties situated at Chinchwad, Pimpri, Chikhali and Maval in Pune District and plant and machinery and other movable assets situated at Pantnagar in the State of Uttarakhand and at Jamshedpur in the state of Jharkhand.

(b) Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to Rs. 200 crores is being secured by frst ranking charge by way of an English mortgage of the Companys freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat.

(c) Rated, Listed, Secured, 10.25% Coupon, Non-Convertible Debentures amounting to Rs. 500 crores is being secured by frst ranking charge by way of an English mortgage of the Companys freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat.

(d) Loans, Cash Credits, Overdrafts and Buyers line of credit from Banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-fnished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from Hire Purchase / Leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

4. Future instalments receivable in respect of vehicle loans [Schedule 10 (A), page 80] includes Rs. 452.13 crores (as at March 31, 2010 Rs. 595.71 crores) in respect of instalments that have become due but have not been recovered. Out of these Rs. 337.85 crores (as at March 31, 2010 Rs. 351.50 crores) are due for over six months. T here is an aggregate provision of Rs. 245.77 crores (as at March 31, 2010 Rs. 269.29 crores) made in respect of overdue instalments.

6 i) Related party disclosures for the year ended March 31, 2011

a) Related Party and their relationship

1. Subsidiaries :

Tata Technologies Ltd INCAT International Plc.

TAL Manufacturing Solutions Ltd Tata Technologies Europe Ltd

H V Axles Ltd INCAT SAS (liquidated w.e.f. April 30, 2010)

H V Transmissions Ltd INCAT GmbH

Sheba Properties Ltd Tata Technologies Inc

Concorde Motors (India) Ltd Tata Technologies de Mexico, S.A. de CV

Tata Daewoo Commercial Vehicle Co. Ltd Tata Technologies (Canada) Inc

Tata Motors Insurance Broking & Advisory Services Ltd Tata Technologies (Thailand) Ltd

Tata Motors European Technical Centre Plc Tata Technologies Pte Ltd

Tata Motors Finance Ltd Miljobil Grenland AS

Tata Marcopolo Motors Ltd Tata Hispano Motors Carrocerries Maghreb

Tata Motors (Thailand) Ltd (Formerly known as Carrocerries Hispano Maghreb, Morocco)

Tata Motors (SA) (Proprietary) Ltd Tata Daewoo Commercial Vehicles Sales and Distribution Co. Ltd

TML Holdings Pte. Ltd, Singapore (Incorporated on April 9, 2010)

TML Distribution Company Ltd Tata Engineering Services (Pte) Ltd (from February 15, 2011)

Tata Hispano Motors Carrocera S.A. Jaguar Land Rover North America LLC

Trilix S.r.l (w.e.f September 29, 2010) Land Rover Belux SA/NV

Tata Precision Industries Pte. Ltd Land Rover Ireland Ltd

(w.e.f February 15, 2011) Jaguar Land Rover Nederland BV

JaguarLandRover Ltd Jaguar Land Rover Portugal - Veiculos e Pecas, LDA

Jaguar Cars Overseas Holdings Ltd Jaguar Land Rover Australia Pty Ltd

Jaguar Land Rover Austria GmbH Land Rover Exports Ltd

Jaguar Belux NV Land Rover Italia SpA

Jaguar Cars Ltd Land Rover Espana SL

Jaguar Land Rover Japan Ltd Land Rover Deutschland GmbH

Jaguar Cars South Africa (pty) Ltd Jaguar Land Rover Mexico SA de CV (upto July 12, 2010)

Jaguar Italia SpA Jaguar Land Rover Korea Co. Ltd

Jaguar Cars Exports Ltd Jaguar Land Rover Automotive Trading (Shanghai) Co. Ltd

The Daimler Motor Company Ltd Jaguar Land Rover Canada ULC

The Jaguar Collection Ltd Jaguar Land Rover France, SAS

Daimler Transport Vehicles Ltd Jaguar Land Rover (South Africa) (Pty) Limited

S.S. Cars Ltd Jaguar Land Rover Brazil LLC

The Lanchester Motor Company Ltd Limited Liability Company "Jaguar Land Rover" (Russia)

Jaguar Hispania Sociedad Land Rover Parts Ltd

Jaguar Deutschland GmbH Land Rover Parts US LLC

Land Rover

Land Rover Group Ltd

2. Associates :

Tata AutoComp Systems Ltd Nita Company Ltd

Tata Cummins Ltd Tata Sons Ltd (Investing Party)

Tata Precision Industries Pte. Ltd (upto February 14, 2011) Automobile Corporation of Goa Ltd

(subsidiary from February 15, 2011) Telco Construction Equipment Co. Ltd

Tata Precision Industries (India) Ltd Jaguar Cars Finance Ltd

(w.e.f. February 15, 2011)

3. Joint Ventures :

Fiat India Automobiles Ltd TATA HAL Technologies Ltd

4. Key Management Personnel

Mr. Carl-Peter Forster (w.e.f. April 1, 2010) Mr. P M Telang


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2011

(a) Defined Contribution Plans- The Company''s contribution to defined contribution plan aggregated Rs.296.37 lakhs (2009-10 Rs. 278.32 lakhs) for the year ended March 31, 2011 has been recognised in the statement of Profit and Loss Account.

(b) The expected rate of return on plan assets is based on market expectation, at the beginning of the year, for returns over the entire life of the related obligation.

(c) The assumption of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

d . Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs.1,684.05 lakhs as at March 31, 2011 (Year ended March 31, 2010 : Rs.378.36 Lakhs).

e . Contingent Liabilities

As at March 31, 2011 As at March 31, 2010 Rs. Lakhs Rs. Lakhs

a) Bills discounted - 5,156.18

b) Income Tax demands disputed in appeals 219.40 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 313.74 100.91

e) Corporate Guarantees issued to Bank in 22,813.51 23,250.14 respect of loan taken by subsidiary companies

The Company has entered into operating lease arrangements for office premises. This includes lease obligations on account of a lease agreement for premises in SEZ Unit, signed on March 31, 2011 which has no impact on Profit and Loss account for current year.

f. Derivative transactions.

The Company uses forward exchange contracts to hedge its exposure in foreign currency. The information on derivative instruments is as follows:

g. During the prior year, based on the approval of Shareholders of the Company at the Extra-Ordinary General Meeting held on March 5, 2010 and on the basis of Order of the High Court of Judicature at Mumbai vide its order dated April 16, 2010, the Company had utilized balance in the securities premium account to the tune of Rs.4,665.77 lakhs towards one time charges/cost (including change in accounting policy for provision for doubtful debts) incurred by the Company and its subsidiary companies. The amounts relating to the Company amounting to Rs.1,731.44 lakhs had been adjusted to the Securities Premium Account. An amount of Rs.2,934.33 lakhs equivalent to the total amount of adjustments relating to the subsidiaries had been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation. Of this total adjustment made, Rs.158.31 lakhs and Rs.1,657.63 lakhs related to provision for doubtful debts of the Company and its subsidiary companies respectively on account of change in accounting with regard to provision for doubtful debts.

During the year ended 31st March 2011, the Company and its subsidiary companies have received amounts aggregating to Rs. 146.95 lakhs and Rs. 543.03 lakhs respectively against the balances for which the provision were made on account of change in accounting policy. Consequently, such excess provisions for doubtful debts on account of the said collections have been written back to the securities premium account.

h. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italic.

Related Party Disclosures for the period March 31, 2011

a) Related party and their relationship

Disclosure of material transactions:

There are no material transactions with related parties except for Tata Motors Ltd. (parent Company) as disclosed above.

Previous year''s figures have been shown in bracket.

i. The Company has a joint venture with Hindustan Aeronautics Ltd., TATA HAL Technologies Ltd (THTL) for providing engineering and design solutions and services in the domain of aero structures for aerospace industry. The Company has an investment of Rs.307 lakhs as at March 31, 2011, representing 50% shareholding in THTL. During the year, the Company has further remitted Rs.125 lakhs to THTL, towards application money and allotment of shares for the same is pending.

j. The previous year figures have been reclassified / regrouped, wherever necessary, to conform to the current year''s classification.

The proportionate share of assets and liabilities as on March 31, 2011 and income and expenditure for the year 2010-11of THTL are given below.


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1 I. The Issued and subscribed capital includes :

(a) Ordinary Shares allotted as fully paid up shares for consideration other than cash:

- 7,53,470 Ordinary Shares allotted to Daimler – Benz AG in consideration of materials supplied to the Company in the financial year 1956-57,

- 3,00,000 Ordinary Shares allotted to the Shareholders of erstwhile Investa Machine Tools and Engineering Company Limited in terms of the Scheme of Amalgamation sanctioned by the Bombay High Court in the financial year 1966-67,

- 7,59,510 Ordinary Shares allotted to the Shareholders of the erstwhile Central Bank of India in terms of the Scheme of Amalgamation in the financial year 1970-71,

- 1,83,823 Ordinary Shares issued to the Shareholders of the erstwhile Noduron Founders Maharashtra Limited in terms of the merger in the financial year 1992-93,

- 15,24,30,083 Ordinary Shares issued to Financial Institutions and holders of convertible debentures / bonds on conversion of term loans / debentures / bonds,

- 1,45,04,949 Ordinary Shares issued to the Shareholders of the erstwhile Tata Finance Limited in terms of the merger in the financial year 2005-06.

(b) 11,12,92,760 Ordinary Shares issued as fully paid up Bonus Shares by utilising Securities Premium Account, Capital Reserve, Capital Redemption Reserve, Amalgamation Reserve, contribution for Capital Expenditure Account and General Reserve.

(c) 2,55,02,622 (as at March 31, 2009 2,55,02,402) Ordinary Shares allotted against the exercise of equivalent number of warrants pertaining to the rights issue of 2001 at Rs.120/- per share.

(d) 5,25,08,228 (as at March 31, 2009 2,58,64,962) Ordinary Shares issued upon conversions of Foreign Currency Convertible Notes (FCCNs). Details are as follows:

(i) 1% FCCN due 2008

1,83,98,095 (as at March 31, 2009 : 1,83,98,095) Ordinary Shares issued against 99,940 (as at March 31, 2009 : 99,940) Notes. The balance 60 notes have been redeemed during the year 2008-09.

(ii) 0% FCCN due 2009

74,66,867 (as at March 31, 2009 : 74,66,867) Ordinary Shares issued against 97,590 (as at March 31, 2009 : 97,590) Notes. The balance 2,410 notes have been redeemed during the year 2009-10.

(iii) 1% FCCN due 2011

1,88,16,152 (as at March 31, 2009 : Nil) Ordinary Shares issued against 2,29,634 (as at March 31, 2009 : Nil) Notes.

(iv) 0% FCCN due 2011

78,27,114 (as at March 31, 2009 : Nil) Ordinary Shares issued against 1,071 (as at March 31, 2009 : Nil) Notes.

(e) 6,42,76,883 (as at March 31, 2009 : 6,42,76,164) Ordinary Shares at Rs. 340 per share and 6,42,76,883 (as at March 31, 2009 : 6,42,76,164) ‘A’ Ordinary Shares at Rs. 305 per share were allotted on exercising of options pertaining to Rights issue of 2008.

(f) The Company has issued 2,99,04,306 Global Depository Shares (GDS) each representing one share at a price of US$ 12.54 per GDS, aggregating US$ 375 million (Rs. 1794.19 crores).

II. The entitlements to 1,49,534 (as at March 31, 2009 : 1,50,473) Ordinary Shares and 99,790 (as at March 31, 2009: 1,00,509) ‘A’ Ordinary Shares are subject matter of various suits filed in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.

2 Secured Loans :

(i) Nature of Security (on loans including interest accrued thereon) :

(a) Rated, Listed, Secured, Credit Enhanced, 2% Coupon, Premium Redemption Non-Convertible Debentures are secured by a second charge in favour of Vijaya Bank , Debenture Trustee and first ranking parri passu charge in favour of State Bank of India as Security trustee on behalf of the Guarantors, by way of English mortgage of the Company’s lands, freehold and leasehold, together with all buildings, constructions and immovable and movable properties situated at Chinchwad, Pimpri, Chikhali and Maval in Pune District and plant and machinery and other movable assets situated at Pantnagar in the State of Uttarakhand.

(b) Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures is being secured by a parri passu charge by way of an English mortgage of the Company’s freehold land together with immovable properties, plant and machinery and other movable assets situated at Sanand in the State of Gujarat.

(c) Loans, Cash Credits, Overdrafts and Buyers line of credit from Banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from Hire Purchase / Leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future.

(A) Notes to Balance Sheet (contd.)

3 i) Related party disclosures for the year ended March 31, 2010

a) Related Party and their relationship

1. Subsidiaries :

Tata Technologies Ltd

TAL Manufacturing Solutions Ltd

H V Axles Ltd

H V Transmissions Ltd

Sheba Properties Ltd

Concorde Motors (India) Ltd

Telco Construction Equipment Co. Ltd (till March 29, 2010)

Tata Daewoo Commercial Vehicle Co. Ltd

Tata Motors Insurance Broking & Advisory Services Ltd

Tata Motors European Technical Centre Plc

Tata Motors Finance Ltd

Tata Marcopolo Motors Ltd

Tata Motors (Thailand) Ltd

Tata Motors (SA) (Proprietary) Ltd

TML Holdings Pte. Ltd, Singapore

TML Distribution Company Ltd

Tata Hispano Motors Carrocera S.A. (from October 16, 2009)

(formerly known as Hispano Carrocera, S.A.)

JaguarLandRover Ltd

Jaguar Cars Overseas Holdings Ltd

Jaguar Land Rover Austria GmbH

Jaguar Belux NV

Jaguar Cars Limited

Jaguar Land Rover Japan Limited

Jaguar Cars South Africa (pty) Ltd

Jaguar Italia SpA

Jaguar Cars Exports Ltd

The Daimler Motor Company Ltd

The Jaguar Collection Ltd

Daimler Transport Vehicles Ltd

S.S. Cars Ltd

The Lanchester Motor Company Ltd

Jaguar Hispania Sociedad

Jaguar Deutschland GmbH

Land Rover

Land Rover Group Ltd

Jaguar Land Rover North America LLC

Land Rover Belux SA/NV

Land Rover Ireland Ltd

Jaguar Land Rover Nederland BV (formerly known as Land Rover Nederland BV)

INCAT International Plc.

Tata Technologies Europe Limited

INCAT SAS

INCAT GmbH

INCAT Holdings B.V. (liquidated w.e.f. April 11, 2009)

Lemmerpoort B.V (under Bankruptcy proceedings)

INCAT K.K (liquidated w.e.f. July 31, 2009)

Tata Technologies Inc (formerly known as INCAT Systems Inc)

Tata Technologies de Mexico, S.A. de CV

(formerly known as Integrated Systems Technologies de Mexico, S.A. de C.V.)

Tata Technologies (Canada) Inc (formerly known as INCAT Solutions of Canada Inc)

Tata Technologies (Thailand) Limited (formerly known as INCAT (Thailand) Ltd)

Tata Technologies Pte Ltd, Singapore

Miljobil Grenland AS

Miljobil Innovasjan AS (merged with Miljobil Grenland AS w.e.f. October 12, 2009)

Carrosseries Hispano Maghreb, Morocco (from October 16, 2009)

Serviplem S.A (upto March 29, 2010)

Eurl Lebrero France (upto March 29, 2010)

Inner Mongolia North Baryval Engineering Special Vehicle

Corporation Ltd (upto March 29, 2010)

Comoplesa Lebrero S.A (upto March 29, 2010)

Baryval Assistencia Tecnica S.L (upto March 29, 2010)

Jaguar Land Rover Portugal - Veiculos e Pecas, LDA

Jaguar Land Rover Australia Pty Ltd

Land Rover Exports Ltd

Land Rover Italia SpA

Land Rover Espana SL

Land Rover Deutschland GmbH

Jaguar & Land Rover Asia Pacific Company Limited (liquidated w.e.f. October 12, 2009)

Jaguar Land Rover Mexico SA de CV

Jaguar Land Rover Korea Co. Ltd

Jaguar Land Rover Automotive Trading (Shanghai) Co. Ltd

Jaguar Land Rover Canada ULC

Jaguar Land Rover France, SAS

Jaguar Land Rover (South Africa) (Pty) Limited

Jaguar Land Rover Brazil LLC (from April 1, 2009)

Limited Liability Company “Jaguar Land Rover” (Russia) (from April 1, 2009)

Land Rover Parts Ltd (from April 2, 2009)

Land Rover Parts US LLC (from June 19, 2009)

2. Associates :

Tata AutoComp Systems Ltd

Tata Cummins Ltd

Tata Precision Industries Pte. Ltd

Nita Company Ltd

Tata Sons Ltd (Investing Party)

Automobile Corporation of Goa Ltd

Tata Hispano Motors Carrocera S.A. (upto October 15, 2009)

(formerly known as Hispano Carrocera, S.A.) (subsidiary from October 15, 2009)

Telco Construction Equipment Co. Ltd (from March 30, 2010)

(subsidiary upto March 29, 2010)

Telcon Ecoroad Resurfaces Pvt. Ltd (upto March 29, 2010)

Jaguar Cars Finance Ltd

4. Joint Ventures :

Fiat India Automobiles Ltd TATA HAL Technologies Ltd

4. Key Management Personnel

Mr. Ravi Kant (upto June 1, 2009)

Mr. P M Telang


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2010

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Company''s range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Captial Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 378.36 lakhs as at March 31, 2010 (Year ended March 31, 2009 : Rs. 265.07 Lakhs).

b. Contingent Liablities

As at As at March 31, 2010 March 31, 2009 Rs. Lakhs Rs. Lakhs

a) Bills discounted 5,156.18 6,533.16

b) Income Tax demands disputed in appeals 196.97 196.97

c) Sales Tax demands disputed in appeals 53.01 53.01

d) Service Tax demands disputed in appeals 100.91 -

e) Corporate Guarantees issued to Bank in respect of loan taken by subsidiary companies 23,250.14 -

c. Considering the financial position and business strategies, management has liquidated INCAT KK, Japan effective July 31, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

d. During the year, the Company has revised its policy of providing for doubtful debts from a specific identification method. Currently provision for doubtful debts is created as a percentage of the outstanding debts based on ageing. The impact of this change was an additional provision of Rs.158.31 lakhs, which in accordance with the approval of the High Court as explained in Note 3.q of this Schedule, has been debited to the securities premium account.

e. During the year, the Company implemented Employee Separation Scheme and the amount payable under the Scheme amounting to Rs. 627.55 lakhs has been debited the Securities Premium Account as per the Court approval.

The amounts relating to the Company have been adjusted to the Securities Premium Account. An amount equivalent to the total amount of adjustment relating to the subsidiaries has been identified and segregated from the balance in the Securities Premium Account for adjustment on consolidation.

Fixed assets used in the Company''s business or liabilities contracted have not been identified to any of the reported segments, as fixed assets and services are used interchangeably between reported segments.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services".

Previous year figures have been shown in italics.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. The previous year''s figure have been recast/restated wherever necessary, to confirm to the current year''s classification


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2009

1. Company overview

TATA Technologies Limited ("TTL or the Company") was incorporated on August 22, 1994 as a Private Limited company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed to Tata Technologies (India) Limited. On February 8, 2001, the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The Companys range of services includes IT Consultancy, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. The Company is headquartered in Pune, India. The Company has seven branches located at Mumbai, Lucknow, Jamshedpur, Bangalore, Puducherry, Chennai and South Korea that enables it to provide high quality, cost-effective services to clients in India and abroad.

a. Capital Commitments

The estimated amount of contracts remaining to be executed on capital account, and not provided for is Rs. 265.07 lakhs as at March 31, 2009 (Year ended March 31, 2008 : Rs. 274.94 Lakhs).

b. Contingent Liabilities

As at March 31, As at March 31, 2009 2008 Rs. Lakhs Rs. Lakhs

a) Bills discounted 6,533.16 4,881.13 b) Income Tax demands disputed in appeals 196.97 150.95 c) Sales Tax demands disputed in appeals 53.01 53.01 d) Service Tax demands disputed in appeals - 464.38

c. Investment in Joint Venture

During-the period, the Company entered into joint venture agreement with Hindustan Aeronautics Limited and formed a new Company with equal ownership under the name and styleiof Tata HAL Technologies Limited (formerly known as INCAT HAL Aerostructures Limited). The new Company came into existence effective May 28, 2008.

d. Provision for doubtful debts

Periodically, Management evaluates all customer dues to the company for their collectibility. The need for provision is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which affect the customers ability to settle.

e. Considering the financial position and business strategies, management has decided to liquidate INCAT KK, Japan effective April 1, 2009. Accordingly, consequential adjustments have been made in the books of accounts.

Secondary Segment

The complete operations of the Company have been treated as a single segment "Information technology services"

Previous year figures have been shown in italic.

f. Dues to micro, small and medium scale enterprises

Based on the information available with the Company, none of the vendors fall under the definition of micro, small and medium scale enterprises. This information is not verifiable by the auditors.

g. Related Party Disclosures for the year ended March 31,2009 a) Related party and their relationship

1 Parent Company Tata Motors Limited

2 Subsidiary Tata Technologies Pte.Limited, Singapore_

3 Indirect Subsidiaries 1 Tata Technologies (Thailand) Limited (formerly

known as INCAT (Thailand) Ltd.) Name changed w.e.f. March 13,2009

2 INCAT International PIc.Ltd.

3 Tata Technologies Europe Limited (formerly known as INCAT Ltd.) Name changed w.e.f. March 31,2009

4 INCAT SAS

5 INCAT GmbH

6 INCAT Holdings BV

7 INCAT KK

8 Tata Technologies iKS Inc.

9 INCAT Systems Inc. (Name changed to Tata Technologies Inc w.e.f. April 1, 2009)

10 Integrated Systems Technologies de Mexico, S.A. de CV.fName changed to Tata Technologies de Mexico, S.A. de C.V. w.e.f. April 1,2009)

11 INCAT Solutions of Canada Inc (Name changed to Tata Technologies (Canada) Inc. w.e.f. April 1, 2009)

12 Lemmerpoort BV

4 Fellow subsidiaries 1 TAL Manufacturing Solutions Ltd.

2 HV Axle Ltd.

3 HV Transmission Ltd.

4 Sheba Properties Ltd.

5 Concorde Motors (India) Ltd.

6 Telco Construction Equipment Co.Ltd.

7 Tata Daewoo Commercial Vehicle Co.Ltd.

8 Tata Motors Insurance Broking & Services Ltd.

9 Tata Motors European Technical Centre Pic.

10 Tata Motors Finance Limited

11 Tata Macropolo Motors Ltd.

12 Tata Motors (Thailand) Ltd.

13 TML Holdings Pte Ltd., Singapore

14 TML Distribution Company Limited

15 Tata Motors (SA) (Proprietory) Limited

16 Miljobil Grenland AS

17 Miljobil Innovasjan AS

18 Serviplem S.A

19 Eurl Lebrero France

4 Fellow subsidiaries

20 Comoplesa Lebrero S.A

21 Baryval Assistencia Tecnica S.L

22 Inner Mongolia North Baryval Engineering Special Vehicle Company Limited

23 Jaguar Land Rover Limited

24 Jaguar Cars Ltd

25 Jaguar Cars Overseas Holdings Ltd

26 Jaguar Land Rover Austria GmbH

27 Jaguar Belux NV

28 Jaguar Land Rover Japan Ltd.

29 Jaguar Cars South Africa (pty) Ltd

30 Jaguar Italia SPA

31 Jaguar Cars Exports Ltd

32 The Daimler Motor Co Ltd

33 The Jaguar Collection Ltd

34 Daimler Transport Vehicles Ltd

35 SS Cars Ltd

36 The Lanchester Motors Company Ltd

37 Jaguar Hispania Sociedad

38 Jaguar Deutschland GmbH

39 Land Rover UK

40 Land Rover Group Ltd and UK Branch

41 Jaguar Land Rover North America LLC

42 Land Rover Belux S.A./N.V

43 Land Rover Ireland Ltd

44 Land Rover Nederland BV

45 Jaguar Land Rover Portugal - Veiculos e Pecas Lda

46 Jaguar Land Rover Australia Pty Ltd.

47 Land Rover Exports Ltd

48 Land Rover Italia SpA

49 Land Rover Espana SL

50 Land Rover Deutschland GmbH

51 Jaguar & Land Rover Asia Pacific Company Limited

52 Jaguar Land Rover Mexico SA de CV

53 Jaguar Land Rover Korea Company Ltd

54 Jaguar Land Rover Brand Management Consulting (Shanghai) Ltd

55 Jaguar Land Rover Canada ULC

56 Jaguar Land Rover France, SAS w.e.f. February 2, 2009

57 Jaguar Land Rover (South Africa) (Pty) Ltd. February 1,2009

5 Joint Venture TATA HAL Technologies Limited (formerly known

as INCAT HAL Aerostructures Limited). Name changed w.e.f. February 17, 2009

6 Associates of Parent 1 Tata Cummins Ltd Company 2 Tata Precision Industries Pte. Ltd

3 Fiat India Automobiles Ltd.

4 Automobile Corporation of Goa Ltd

5 Nita Co Ltd

6 Tata AutoComp Systems Ltd

7 Telcon Ecoroad Resurfaces Private Limited

8 Hispano Carrocera S.A.

9 Carrosseries Hispano Maghreb, Morocco

7 Key Management Personnel Mr. P. R. McGoldrick

b) Transactions with the related parties

A statement of transactions with the related parties is attached.

h. The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2005

1. Capital commitments

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 55,836,754/- as at March 31,2005 (previous year - Rs. 1,891,779/-).

2. Contingent liabilities

a) Bills discounted Rs. 217,510,194/- (previous year Rs. 130,644,724/-).

b) Income Tax demands disputed in appeals (Assessment Year 1998-99) Rs. 492,391/- (previous year - Rs. 492,391/-), (Assessment Year 2000-01) Rs. 776,165/- (previous year Rs. 776,165/-) & (Assessment Year 2001-02) Rs.4,758,348/- (Previous year Rs. 4,758,348/-).

c) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 295,301/- (previous year - Rs. 295,301/-) (Year 1998-99) Rs. 4,980,207/- (previous year Rs. 4,980,207/-).

d) Service Tax demands disputed in appeals Rs.3,254,885/- (previous year - Rs. 3,254,885/-).

3. Borrowing costs capitalised

In compliance with the mandatory accounting standard AS - 16 Borrowing Costs issued by The Institute of Chartered Accountants of India, the Company has capitalized Rs. 96,107/- (previous year Rs. Nil) towards borrowing costs incurred by it in connection with the funds borrowed for Hinjawadi project.

4. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

5. Investments

The investment of Rs. 155,664,460/- represents 150,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company. A sum of Rs. 30,000,000/- has been provided in 2002-03 towards diminution in the value of the said investment.

6. Provisions for doubtful debts & bad debts written off

Periodically, management evaluates all customer dues to the company for their collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2005, the company has a provision for doubtful debts of Rs. 5,735,003/- (previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.

The company has written of Rs. 1,489,991/- as Bad debts during the current year (previous year Rs. 2,674,074/-).

7. Secured Loans

The Company has availed Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

8. Segment Reporting

The accounting standard (AS - 17) on Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. Segmental reporting is made on the basis of the geographical location of customers. Geographical revenues are segregated based on the location of the customer.


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2002

SHARE CAPITAL

(i) Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co. Ltd. as fully paid pursuant to a contract, without payments being received in cash.

(ii) 83,73,000 ordinary shares of Rs.10/- each were issued during the year 2000-01 at a premium of Rs, 15/- per share, out of which 80,00,000 shares were issued to Tata Engineering & Locomotive Co. Ltd., taking their total shareholding to 1,01,00,200 shares.

NOTES ON ACCOUNTS

The previous years figures have been recast/restated, wherever necessary, to conform to the current years classification.

1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for (net of advances) is Rs. 546.99 lakhs as at March 31, 2002 (previous year-Rs. 26.38 lakhs).

b) Bills discounted but not matured Rs. Nil as at March 31, 2002 (previous year-Rs. 6,06,40,000)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Rs. 4,92,391).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs.2,94,671 (previous year-Rs.2,94,671), (Year 1998-99) Rs.49,80,207 (previous year Nil) for which the Company has preferred an appeal.

2. Quantitative details

(Values in Rupees) 2001-2002 OPENING PURCHASES OPENING STOCK STOCK

Computers Value - 21,39,203 -

Qty - 26 -

Networking Stems Value - 50,51,491 -

Qty - 5,668 -

Software & Value 3,39,08,333 1,08,33,430 6,06,07,949

End user Licenses Qty 446 10,334 891

2001-2002 SALES CLOSING SALES STOCK

Computers Value 23,99,063 - 1,50,000

Qty 26 - 2

Networking items Value 59,28,219 3,706 94,20,617

Qty 5,594 74 4,520

Software & Value @**6,80,16,468 17,500 6,33,43,417

End user Licenses Qty @** 10,779 1 2,096

2000-2001 OPENING PURCHASES STOCK

- 1,34,000

- 2

- 80,49,304

- 4,520

6,06,07,949 2,41,73,655

891 1,651

2000-2001 SALES CLOSING STOCK

1,50,000 -

2 -

94,20,617 -

4,520 -

6,33,43,417 3,39,08,333

2,096 446

Note : ** Includes captive consumption of SAP licenses worth Rs. 50,35,415/- (Qty 46 Nos), @Includes SAP licenses returned back to SAP for Rs. 2,93,52,400/- (Qty 275 Nos).

Schedules to the Balance Sheet and Profit and Loss Account

3. Information as required under clause 4{D), Part 11, Schedule VI to the Companies Act.

2001-2002 2000-2001 Rupees Rupees

(a) Earnings in foreign exchange 2,27,95,621 2,57,49,435

(b) C I F value of imports 52,74,605 1,27,51,464

(c) Expenditure in foreign currency (Travel/Training) 62,19,309 37,24,818

4. Auditors Remuneration

2001-2002 2000-2001 Rupees Rupees Statutory Audit Fees [including service tax Rs. 6250/- (2000-2001 : Rs. 5000/-)] 1,31,250 1,05,000

Tax Audit Fees [including service tax Rs. 1750/- (2000-2001 : Rs. 1750/-)] 36,750 36,750

Other Services [including service tax Rs.500/-(2000-2001 : Rs. ISO/-)] 10,500 15,150

Out of Pocket Expenses 67,420 18,120

2,45,920 1,75,020

5. Managerial Remuneration

2001-2002 2000-2001 Rupees Rupees

Managerial Remuneration for Director

(excluding provision for encashable leave) 15,62,000 12,70,000

The above is inclusive of

(a) Estimated expenditure on perquisites 1,67,000 -

(b) Commission 4,35,000 7,10,000

Commission to Wholetime Director

(a) Profit before Taxes as per Profit & loss Account 4,22,12,017 7,01,90,719

(b) Add : Managerial Remuneration 15,62,000 12,70,000

Depreciation as per Books _ 15,62,000 2,41,12,212

4,37,74,017 9,55,72,931

(c) less : Capital Profit on Sale of Assets - - Depreciation as per Section 350 of the Companies Act [after deducting Rs. Nil (2000-2001 after deducting Rs.1,97,371/-) being adjustment of Depreciation in respect of assets sold/ scrapped] - - 2,37,95,854

(d) Net Profit as per Section 309(5) 4,37,74,017 7,17,77,077

(e) Commission to Wholetime Director 4,35,000 7,10,000

6. Borrowing costs capitalised

In compliance of the mandatory accounting standard AS-16 `Borrowing Costs issued by the institute of Chartered Accountants of India, the Company has capitalized interest and other costs incurred by it in connection with the funds borrowed for Hinjawadi project. The capitalization of borrowing cost would cease when all activities necessary to prepare the fixed asset for their intended use are substantially complete.

7. Stock option plans

The company introduced Employee Stock Option Plan 2001 (TTESOP 2001) in 2000-01. The options exercised during the year were nil. Details of the Employee Stock Option Plan 2001 (TTESOP 2001) are mentioned below :

Particulars Quantity

Total Options granted 8,39,200

Options vested as on 31.03.2002 1,42,200

Options exercised 0

Options outstanding as on 31.03.2002 8,39,200

8. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors and amounts accrued for various other operational expenses.

9. Investments

The investment of Rs. 15,56,64,460/- represents 1,50,000 shares at no par value in Tata Technologies, USA, a Wholly Owned Subsidiary of the company.

10. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for collectibility. The need for provisions is assessed based on various factors including collectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31, 2002, the company has provided for doubtful debts of Rs. 51,43,204/- (previous year Rs. 73,306/-). Management continues pursuing the parties for recovery of the dues, in part or full.

11. Secured Loans

The Company has taken Term Loan and Cash Credit facilities from Corporation Bank. These loans are secured against Book debts and Fixed assets of the Company.

12. Segmental Reporting

The accounting standard (AS-17) on `Segment Reporting, which is mandatory effective April 01, 2001, is applicable to the Company. However, no separate segment reporting is included since the revenue from sales to external customers & from transactions with other segments is less than 10% of the total revenue of all segments.

13. Related Party Disclosures

As per the accounting standard (AS -18) on `Related Party Disclosures, which is mandatory effective April 01, 2001, the Company is required to disclose related party transactions. A summary of such transactions is attached.

Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956

Balance Sheet Abstract and Companys General Business Profile :

I) Registration Details :

Registration No. U72200PN1999PLC13313 Balance Sheet Date 31.03.2002

II) Capital Raised during the Year (Amount in Rs. Thousands)

Public Issue Nil

Rights Issue Nil

Bonus Issue Nil

Private Placement Nil

III) Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 709833

Total Assets 709833

Sources of Funds :

Paid-up Capital 104732

Reserves & Surplus 171269

Secured Loans 106726

Unsecured Loans 118697

Application of Funds :

Net Fixed Assets 223194

Investments 155664

Net Current Assets 137289

Deferred Tax Asset/(Liability) (25685)

Misc. Expenditure 10961

Accumulated Losses -

IV) Performance of Company (Amount in Rs. Thousands)

Turnover 706504

Total Expenditure 637095

Profit/(Loss) Before Tax 42212

Profit/(Loss) After Tax 25263

Earning Per Share (Rs.) 2.41

Dividend Rate 20%

V) Generic Names of Three Principal Products/Services of Company

(as per monetary terms)

Item Code No. (ITC Code) Nil

Product Description Information Technology Consultancy

item Code No. (ITC Code) Nil

Product Description Trading in Computer Hardware/Software

Statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary companies

1. Name of the subsidiary Tata Technologies, USA

2. Financial year of the subsidiary ended on March 31, 2002

3. Shares of the subsidiary held by the company on the above date :

(a) Number and face value 1,50,000 Ordinary shares, at no par value

(b) Extent of holding 100%

4. Net aggregate amount of profits/(tosses) of the subsidiary for the above financial year of the subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company

for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs. 15,22,637 US$31,414

5. Net aggregate amount of profits/(losses) for previous financial years of the subsidiary, since it became a subsidiary so far as they concern members of the Company :

(a) dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.Nil US$ Nil

(b) not dealt with in the accounts of the Company for the year ended March 31, 2002. Rs.(13,21,922) US$(27,273)

Related Party transactions during the year 2001-2002

nature of Relationship parent Company Tata Engineering and Groups Particulars Locomotive Company Limited

Group 1 Goods and services received by the Reporting Enterprise

Expenditure

1.1 Purchase of Services Rent, License fees. Medical, Canteen Power, Water, etc. 27,86,378

1.2 Managerial Remuneration -

Group 2 Goods and services provided by the Reporting Enterprise

Income

2.1 Sale of Goods & Raw Materials 58,20,846

2.2 Services provided by the Company IT Support 39,52,12,137

SAP Licences & AMC 7,28,51,000 SAP Implementation & IT Support - Other Services 6,14,64,592

Group 3 Financial services received by the Reporting Enterprise

Financial Receipts

3.1 Interest accrued on Loan -

3.2 interest received on Loans -

3.3 Repayement of Loan to Reporting enterprises by related party -

Group 4 Financial services provided by the Reporting Enterprise

4.1 Dividend for FY 2000-01 paid in 2001-2002 1,67,29,567

4.2 Interim Dividend paid in 2001-02 2,02,00,400

Group 5 Due Receivable by the Reporting Enterprise as on the date of the Reporting Period

Receivables

5.1 Loans outstanding -

5.2 Dues Receivable on Supplies and Services 12,36,93,200

Fellow Subsidiary Telco TAL Constuction HV Axles HV Manufacturing Equipment Limited Transmissions Solutions Company Limited Limited Limited

- - - -

- - - -

1,61,200 6,566 6,359 9,07,260

- - - 1,38,456

2,38,15,076 - - -

- 5,150 11,400 -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

31,77,303 11,782 61,082 95,019

(Amount in Rs.)

Key Subsidiary Management Personnel

Tata Mr. P. R. Technologies Mc Golddrick USA

- -

- 15,62,000

- -

- -

- -

- -

80,29,264 -

4,00,701 -

16,19,052 -

78,91,020 -

- 1,04,110

- 2,00,000

2,53,30,900 -

11,23,125 -


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 2001

Share Capital

(0 Of the above shares, 20,00,000 shares were allotted to Tata Engineering & Locomotive Co ltd as fully paid pursuant to a contract, without payments being received in cash.

(it) 83,73,000 ordinary shares of Rs. 10/- each have been issued during the year at a premium of Rs. 15/- per share, out of which 80,00,000 shares were Issued to Tata Engineering & locomotive Co. Ltd, taking thelrtotal shareholding to 1,01,00,200shares.

fixed assets

Note: * Comparative Figures for the previous year. Note: ** Includes SAP Software worth Rs. 37,85,986 & Installation Charges Rs, 15,000

Other notes

Overview

1.TATA Technologies Limited ("TTL or the Company") was incorporated on August 22,1994 as a Private Limited Company in the name of Core Software Systems Private Limited. The name of the Company was subsequently changed toTata Technologies (India) Limited. On February 8,2001 the Company changed its name from Tata Technologies (India) Limited to Tata Technologies Limited. The companys range of services includes IT Consultancy, transfer of SAP licenses, SAP implementation and maintenance, providing networking solutions, CAD/CAM engineering & design consultancy. Headquartered in Pune, India, TTL has 3 branches located at Mumbai, Lucknow 8(Jamshedpurthat enables it to provide high quality, cost-effective services to clients in India and abroad.

The previous years figures have been recast / restated, wherever necessary, to conform to the current years classification.

2.1. Capital commitments and contingent liabilities

a) The estimated amount of contracts remaining to be executed on capital account, and not provided for net of advances is Rs.26.38 fakhs as at March 31,2001 (previous year - Rs.126.78 lakhs).

b) Bills discounted but not matured Rs. 6,06,40,000 as at March 31, 2001 (previous year- Nil)

c) Income Tax demands disputed in appeals (Assessment Year 1997-98) Rs. 4,92,391 (previous year-Nil).

d) Sales Tax demands disputed in appeals (Year 1997-98) Rs. 2,94,671 (previous year- Nil)

2.2. Information as required under clause 4(D), Part II, Schedule VI to the Companies Act.

2000-2001 1999-2000 Rupees Rupees

a) Earnings in foreign exchange 2,57,49,435 68,54,066 C I F value of imports 1.27,51,464 9,54,005

c) Expenditure in foreign currency (Travel /Training) 37,24,818 40,34,906

2.3 Auditorsremuneration

2000-2001 1999-2000 Rupees Rupees

Statutory Audit Fees [including service tax Rs. 5000/- (1999-2000: 7000/-)] 1,05,000 82,000

Tax Audit Fees [including service tax Rs. 1750/- (1999-2000:2000/-)] 36,750 27,000

Company Law Matters

Other Services [including service tax Rs. 150/- (1999-2000:150/-)] ,. 15,150 3,150

Out of Pocket Expenses 18,120 31,954

2.4. Managerial remuneration

2000-2001 1999-2000 Rupees Rupees

Managerial Remuneration for Director (excluding provision for encashable leave) 12,70,000 23,40,860

(a) Estimated expenditure on perquisites - 2,18,505

(b) Commission 7,10,000 8,00,000 Commission to Whole time Director

(a) Profit before Taxes as per Profit& Loss Account 7,01,90,719 5,90,44,534

(b) Add: Managerial Remuneration 12,70,000 23,40,860 Depreciation as per Books 2,41,12,212 2,53,82,212 1.61,64,453 9,55,72,931 7.75,49,847

2000-2001 1999-2000 Rupees Rupees

(c) Less; Capital Profit on Sale of Assets Weaith Tax - 4,093

Depreciation as per Section 350 of the Companies Act [after. deducting Rs.1,97,371/- (1999-2000 after deducting Rs. 52,777/-) being adjustment of Depreciation in respect of assets sold/scrapped] 2,37,95,854 2,37,95,854 1,65,03,575

(d) Net Profit as per Section 309(5) 7,17,77,077 6,10,42,179

(e) Commission to Wholetime Director 7,10,000 8,00,000

2.5. Depreciation on assets costing less than Rs. 5000/- each

During the year/the Company charged depreciation at 100% in respect of assets costing less than Rs. 5.000/" each amounting to Rs. 1,51,086/-(previous year- Rs.3,659/-).

2.6. Stock option plans

The Company introduced Employee Stock Option Plan 2001 (TTESOP 2001) 5,68,000

options were granted during the year.The options exercised during the year were nil.

2.7. Current liabilities

Sundry creditors for other liabilities represent mainly the amounts payable to the vendors, and amounts accrued for various other operational expenses.

2.8. Investments

During the year the Company made a strategic investment of Rs. 15,56,64,460/- comprising of 1,50,000 shares at no par value in Tata Technologies, LISA, making it aWholly Owned Subsidiary of the Company. The acquisition would help the Company to establish its presence in the US market especially in procuring onsite and offshore orders from US.

2.9. Provisions for doubtful debts

Periodically, management evaluates all customer dues to the company for coliectibility. The need for provisions is assessed based on various factors including coliectibility of specific dues, risk perceptions of the industry in which the customer operates, general economic factors, which could affect the customers ability to settle. For the year ended March 31,2001, the Company has provided for doubtful debts of Rs. 73,306/-(previous year Rs. Nil). Management continues pursuing the parties for recovery of the dues, in part or full.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1999

The Company has revised the SLM rate of depreciation on Computers & Peripherals from 16.21% p.a. to 25% p.a. The current year's depreciation charge includes Rs. 35,18,202/- pertaining to prior years. Had the Company continued to charge depreciation as per previous practice, the profits for the year would have been higher by Rs. 69,84,715/-.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1998

Information not available in the annual report 1998-99.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.


Mar 31, 1997

Details not available in 1997-98 report.

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