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One Stop Report - Tata Motors
Transcript of One Stop Report - Tata Motors
OneSource One-Stop Report
Tata Motors Limited
16 September 2010
Tata Motors Limited
Bombay House 24 Homi Mody Street Mumbai, 400 001 India Tel: 91-22-66658282 Fax: 91-22-66657799 www.tatamotors.com
Employees: 24,310 Company Type: Public Subsidiary Corporate Family: 401 Companies Ultimate Parent: Tata Sons Ltd Traded: Bombay Stock
Exchange: 500570
New York Stock Exchange:
TTM
Incorporation Date: 01-Sep-1945
Auditor: Deloitte & Touche
Financials in: USD (mil)
Fiscal Year End: 31-Mar-2010 Reporting Currency: Indian Rupee Annual Sales: 19,872.4 1 Net Income: 541.7 Total Assets: 19,401.7 2 Market Value: 12,049.7
(27-Aug-2010)
Business Description
Tata Motors Limited (Tata Motors) is an automobile company. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company has two segments: automotive and others. The others segment includes construction equipment, engineering solutions and software operations. Tata Motors has operations in the United Kingdom, South Korea, Thailand and Spain. On October 16, 2009, the Company has acquired 79% shares in Tata Hispano Motors Carrocera S.A. by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia S.A., Spain. Consequently, Tata Hispano Motors Carrocera S.A. has become a 100% subsidiary of the Company. On March 30, 2010, the Company has sold 20% stake in Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co. Ltd. For the three months ended 30 June 2010, Tata Motors Limited's revenues increased 61% to RS270.9B. Net income totaled RS1.99B vs. a loss of RS328.8M. Revenues reflect an increase in income from Automotive & related activity and higher other operating income. Net income also reflect an increase in gross and operating profit margin of the company. The Company is into manufacturing & selling of automobiles and financing of the vehicles.Source: Reuters
Industry
Industry Auto and Truck Manufacturers ANZSIC 2006: 231 - Motor Vehicle and Motor Vehicle Part Manufacturing NACE 2002: 3410 - Manufacture of motor vehicles NAICS 2002: 336112 - Light Truck and Utility Vehicle Manufacturing US SIC 1987: 3711 - Motor Vehicles and Passenger Car Bodies
Key Executives
Name Title SourceCarl-Peter Forster Group Chief Executive Officer OneSourceC. Ramakrishnan Chief Financial Officer ReutersT. Leverton Head - Advanced and Product Engineering ReutersH. K. Sethna Compliance Officer, Company Secretary ReutersS. Ravishankar Vice President - Engg. Systems, ERC Reuters
Significant Developments
Topic #* Most Recent Headline Date
Regulatory 1 Delhi Warns Tata Motors Limited Over Bus Fire-Hindustan Times 15-Dec-2009
Mergers / Acquisitions 2 Tata Motors Limited Eyes SUMITOMO CORPORATION's Stake In Swaraj Mazda-Reuters 10-Dec-2009
Restructuring / Reorganization 2 Tata Motors Limited Plans To Combine Technologies With Jaguar Land Rover-
DJ 1-Sep-2010
Officer Changes 2 Tata Motors Limited Announces Appointment Of Managing Director 30-Mar-2010
Strategic Combinations 7 Tata Motors Limited In Talks For JLR JV Assembly Line Operations In China-Reuters 10-Aug-2010
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* number of significant developments within the last 12 months
News
Title DateADR REPORT: Shares Close Mixed As Japan Fights Strong Yen Nikkei English News (692 Words) 15-Sep-2010
Indian Commercial Vehicles Market - Force Field Dynamics Analysis Journal of India (230 Words) 15-Sep-2010
Indian stocks close up 0.8 pct Xinhua News Agency (207 Words) 15-Sep-2010
Markets trim some of their early gains Accord Fintech (India) (903 Words) 15-Sep-2010
Nifty continues to trade high; ends above 5850 mark Accord Fintech (India) (484 Words) 15-Sep-2010
Financial Summary
As of 30-Jun-2010
Key Ratios Company IndustrySales 5 Year Growth 36.83 -5.30
Net Profit Margin (TTM) %
4.61 1.01
Source: Reuters
Stock Snapshot
Traded: Bombay Stock Exchange: 500570 As of 27-Aug-2010 Financials in: INR
Recent Price 990.70 EPS 49.8352 Week High 1,055.00 Price/Sales 0.6052 Week Low 430.00 Dividend Rate 15.00Avg. Volume (mil) 0.85 Price/Earnings 6.97Market Value (mil) 565,250.80 Price/Book 6.89
Beta 1.44
Price % Change Rel S&P 500%4 Week 17.08% 16.23%13 Week 32.45% 24.10%52 Week 103.87% 78.75%Year to Date 24.99% 21.28%
Source: Reuters
1 - Profit & Loss Item Exchange Rate: USD 1 = INR 47.45907 2 - Balance Sheet Item Exchange Rate: USD 1 = INR 44.895
Key IDSM Number: 167677
© 1983-2010 Reuters Research Inc. All Rights Reserved.
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© 2010 OneSource Information Services, Inc. All Rights Reserved.Copyright © 2010 Graham & Whiteside Limited
Copyright © 2010 Business Monitor International Ltd. All rights reserved.© Copyright 2010, infoUSA. All Rights Reserved.
Stock quotes provided by Quote.com (security prices are at least 15 min. delayed) Published by OneSource Information Services, Inc., 2010
OneSource One-Stop Reports for Tata Motors Limited
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Tata Motors Limited Corporate Overview
Location Bombay House 24 Homi Mody Street Mumbai, 400 001 India
Tel: 91-22-66658282Fax: 91-22-66657799www.tatamotors.com
Quote Symbol - Exchange 500570 - Bombay Stock Exchange
Sales INR(mil): 943,123.7Assets INR(mil): 871,039.3Employees: 24,310Fiscal Year End: 31-Mar-2010
KeyIDSM: 167677Industry: Auto and Truck Manufacturers
Incorporation Date: 01-Sep-1945
Company Type: Public SubsidiaryQuoted Status: Quoted
Previous Name: Tata Engineering & Locomotive Co Ltd
Group Chief Executive Officer :
Carl-Peter Forster
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Employment Opportunities
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes: 231 - Motor Vehicle and Motor Vehicle Part Manufacturing
2462 - Mining and Construction Machinery Manufacturing
7000 - Computer System Design and Related Services
6240 - Financial Asset Investing
NACE 2002 Codes: 3410 - Manufacture of motor vehicles
7415 - Management activities of holding companies
2952 - Manufacture of machinery for mining, quarrying and construction
7222 - Other software consultancy and supply
NAICS 2002 Codes: 336112 - Light Truck and Utility Vehicle Manufacturing
551112 - Offices of Other Holding Companies
333120 - Construction Machinery Manufacturing
336312 - Gasoline Engine and Engine Parts Manufacturing
541511 - Custom Computer Programming Services
US SIC 1987: 6719 - Offices of Holding Companies, Not Elsewhere Classified
3714 - Motor Vehicle Parts and Accessories
3711 - Motor Vehicles and Passenger Car Bodies
7371 - Computer Programming Services
3531 - Construction Machinery and Equipment
UK SIC 2003: 3410 - Manufacture of motor vehicles
2952 - Manufacture of machinery for mining, quarrying and construction
7222 - Other software consultancy and supply
7415 - Management activities of holding companies
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Business Description
Tata Motors Limited (Tata Motors), incorporated on September 1, 1945, is an automobile company. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company has two segments: automotive and others. The others segment includes construction equipment, engineering solutions and software operations. Tata Motors has operations in the United Kingdom, South Korea, Thailand and Spain. . On October 16, 2009, the Company has acquired 79% shares in Tata Hispano Motors Carrocera S.A. by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia S.A., Spain. Consequently, Tata Hispano Motors Carrocera S.A. has become a 100% subsidiary of the Company. On March 30, 2010, the Company has sold 20% stake in Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co. Ltd. The Company's commercial and passenger vehicles are being marketed in several countries in Europe, Africa, the Middle East, South East Asia, South Asia and South America. It has franchisee/joint venture assembly operations in Kenya, Bangladesh, Ukraine, Russia, Senegal and South Africa. Through its subsidiaries, the company is engaged in engineering and automotive solutions, construction equipment manufacturing, automotive vehicle components manufacturing and supply chain activities, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for automotive and computer applications, and automotive retailing and service operations. It provides passenger cars, utility vehicles, trucks, commercial passenger carriers and defense vehicles.
Source: Reuters
More Business Descriptions
Tata Motors Limited (Tata Motors) is an automobile company. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company has two segments: automotive and others. The others segment includes construction equipment, engineering solutions and software operations. Tata Motors has operations in the United Kingdom, South Korea, Thailand and Spain. On October 16, 2009, the Company has acquired 79% shares in Tata Hispano Motors Carrocera S.A. by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia S.A., Spain. Consequently, Tata Hispano Motors Carrocera S.A. has become a 100% subsidiary of the Company. On March 30, 2010, the Company has sold 20% stake in Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co. Ltd. For the three months ended 30 June 2010, Tata Motors Limited's revenues increased 61% to RS270.9B. Net income totaled RS1.99B vs. a loss of RS328.8M. Revenues reflect an increase in income from Automotive & related activity and higher other operating income. Net income also reflect an increase in gross and operating profit margin of the company. The Company is into manufacturing & selling of automobiles and financing of the vehicles.Source: Reuters Manufacture of commercial vehicles, utility vehicles and passenger carsSource: Graham & Whiteside Tata Motors Limited (India) is the largest automobile company in the country and is a leader in commercial vehicles in each segment, and the second largest in the passenger vehicles market with winning products in the compact, midsize car and utility vehicle segments. The company is the world's fifth largest medium and heavy commercial vehicle manufacturer, and the world's second largest medium and heavy bus manufacturer.Source: BMI Heavy Duty Truck ManufacturingSource: infoUSA
Brand/Trade Names
TATA
TELCO
TATA Engineering
Indica
Sumo
Safari
EX range
Financial Data
Financials in: INR(mil)
Revenue: 943,123.7
Net Income: 25,710.6
Assets: 871,039.3
Long Term Debt: 351,923.6
Total Liabilities: 788,974.5
Working Capital: 69.5
Date of Financial Data: 31-Mar-2010
1 Year Growth
31.6%
NA
17.1%
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Market Data
Quote Symbol: 500570
Exchange: Bombay Stock Exchange
Currency: INR
Stock Price: 990.7
Stock Price Date: 08-27-2010
52 Week Price Change %: 103.9
Market Value (mil): 565,250.8
SEDOL: 6101509
ISIN: INE155A01014
Equity and Dept Distribution: FY'02: Consolidated C/F statement not reported. Fncls upto FY'01 are non-consolidated. 09/2008, Rights Issue, 1 new share for every 6 shares held @ INR 340 (Factor: 1.032599).
Subsidiaries
Company Percentage Owned Country
Telco Construction Equipment Company Ltd (TELCON) 100% INDIA
Tata Technologies Ltd 81.71% INDIA
Sheba Properties Ltd 100% INDIA
HV Transmissions Ltd 85% INDIA
HV Axles Ltd 85% INDIA
TAL Manufacturing Solutions Ltd 100% INDIA
Concorde Motors (India) Limited (CMIL) 100% INDIA
Tata Daewoo Commercial Vehicle Company Limited (TDCV) Korea 100% SOUTH KOREA
Tata Marcopolo Motors Ltd (TMML) 51% INDIA
Tata Motors (Thailand) Limited (TMTL) 70% THAILAND
Tata Motors European Technical Centre Plc (TMETC) 100% UK
Tata Motors Finance Limited (TMFL) 100% INDIA
Tata Motors Insurance Broking & Advisory Services Limited (TMIBASL) 100% INDIA
Shareholders
Major Shareholders
Tata Sons Ltd (20.92%); Tata Iron and Steel Co Ltd (9.37%); Daimler AG (8%); Life Insurance Corporation of India Ltd (6.82%); Unit Trust of India (1.53%)
Key Corporate Relationships
Auditor: Deloitte & Touche
Bank:
Bank of India, State Bank of India, Central Bank of India, Citibank NA, Deutsche Bank, Bank of Baroda, Standard Chartered Bank, Bank of Maharashtra, Hongkong and Shanghai Banking Corporation, Union Bank of India, Bank of Nova, Corporation Bank, Bank of America, HDFC Bank Ltd, Bank of Maharashtra, ICICI Bank Ltd, Standard Chartered Bank Ltd
Auditor: Deloitte & Touche, Deloitte & Touche
© 1983-2010 Reuters Research Inc. All Rights Reserved.
Copyright © 2010 Graham & Whiteside Limited
© 2010 OneSource Information Services, Inc. All Rights Reserved.
Copyright © 2010 Business Monitor International Ltd. All rights reserved.
© Copyright 2010, infoUSA. All Rights Reserved.
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Tata Motors Limited The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives
Strategic Initiatives
Key Organizational Changes
Amongst other products introduced in the market are the Indigo CS, Xenon Pickup truck and the new variant of the Safari. The second generation of Indigo is expected to be launched in the latter part of this year. The company's plans of spearheading industrial investment in West Bengal by locating the manufacturing plant for the Nano in the state was thwarted by a local political party, citing injustice done to the residents of the area by the state government in the acquisition of land for the project. After facing continuous agitation, and even periodic violence by this particular party and its supporters, Tata Motors came to the conclusion that the only option would be to move out of West Bengal and relocate the Nano manufacturing facilities in another state. The State of Gujarat was decided upon, and in an impressive display of leadership and pragmatism by the Chief Minister and the State officials, all approvals were received in a scant three days. Source: GlobalData, July 6, 2010
In addition, Tata Motors offers customized heavy vehicles for defense solutions. Under its Passenger Cars segment, it offers small mini and compact cars, mid size and utility vehicles. The company, through the acquisition of Jaguar in 2008, also began offering premium luxury cars. Thus a broad product portfolio helps the company cater to a diversified customer base, which in turn mitigates the various risks associated with the overdependence on a particular product segment.Decline in Sales of Core BusinessesAlthough recorded higher revenues in the fiscal year ended March 2009, it suffered lower unit sales in its core businesses. Industrial Sales of Sports Utility car reduced sharply by 6.5% from the previous year. Source: GlobalData, July 6, 2010
Under its Passenger Cars segment, it offers small mini and compact cars, mid size and utility vehicles. The company, through the acquisition of Jaguar in 2008, also began offering premium luxury cars. Thus a broad product portfolio helps the company cater to a diversified customer base, which in turn mitigates the various risks associated with the overdependence on a particular product segment.Decline in Sales of Core BusinessesAlthough recorded higher revenues in the fiscal year ended March 2009, it suffered lower unit sales in its core businesses. Industrial Sales of Sports Utility car reduced sharply by 6.5% from the previous year. Total passenger car sales also decreased marginally by 0.5% to 1,525,313. Source: GlobalData, July 6, 2010
Partnerships
It has also been able to gain market share in the bus segment with newly developed vehicles from its facilities in Goa and its joint venture facility at Dharwad. To some, the year under review would be viewed with great despondency. The company faces a major decline in demand across its product range, it must bear the burden of the major acquisition of JLR, and be faced with a major collapse in vehicle demand in Western Europe and the U.S. But to many in the company this is yet another year of challenges with the excitement of meeting such challenges head-on. The spirit, commitment and dedication of the whole Tata Motors team at all its locations and across all levels is truly phenomenal and this continues to be the company's greatest asset. I feel confident that if we can sustain our operations through this difficult period, taking whatever steps we need to take to see the year through, we could overcome all the obstacles in our path. Source: GlobalData, July 6, 2010
Sales and Distribution
In 2009, the company secured over GBP500m of funding for Jaguar Land Rover, including facilities from State Bank of India, Standard Chartered Bank, Bank of Baroda, ABC International bank, GE Capital, and Burdale Financial Limited, a subsidiary of the Bank of Ireland. Ravi Kant, vice chairman of Tata Motors, said: “We are very happy with the support extended to us by the European Investment Bank, State Bank of India, Credit Suisse, and other banks. “This will support the progress of turnaround in Jaguar Land Rover's business in challenging market conditions, alongside cost cutting measures, increase of volumes and the improved margins strategy currently being implemented by Jaguar Land Rover. We view Jaguar Land Rover as a key part of Tata Motors and we feel confident about its outlook for the future.”Feb 15, 2010Tata Motors Group Reports 93% Increase In Global SalesTata Motors has reported an increase of 93% in it's group global sales, comprising of Tata, Tata Daewoo and Hispano Carrocera range of commercial vehicles, Tata passenger vehicles along with distributed brands in India, and Jaguar and Land Rover.According to Tata, the global sales in January 2010 was 85,714, which is an increase of 93% over January 2009. Source: GlobalData, July 6, 2010
Miljo will produce electric vehicles based on Tata Motors’ products, besides manufacturing of state-of-the-art super polymer lithium ion batteries and the development of related technologies. This investment in Miljo will help the
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company to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles. Further, in October 2009, Tata Motors acquired the remaining 79% stake in the Spain based Hispano Carrocera S.A., as a part of its plans to emerge as a strong player in the Spanish as well as global bus and coach market. These acquisitions combined with Tata Motors’ strong brand image would help the company attract new customer across the globe and improve its sales performance in the overseas market.Product InnovationsTata Motors constantly focuses on new product innovations which helps the company create competitive advantage and build brand equity. Innovation continues to be a cornerstone of the company’s corporate strategy with significant efforts focused against consumer demands for products that are convenient and effective. Source: GlobalData, July 6, 2010
Further, in October 2009, Tata Motors acquired the remaining 79% stake in the Spain based Hispano Carrocera S.A., as a part of its plans to emerge as a strong player in the Spanish as well as global bus and coach market. These acquisitions combined with Tata Motors’ strong brand image would help the company attract new customer across the globe and improve its sales performance in the overseas market.Product InnovationsTata Motors constantly focuses on new product innovations which helps the company create competitive advantage and build brand equity. Innovation continues to be a cornerstone of the company’s corporate strategy with significant efforts focused against consumer demands for products that are convenient and effective. The company launched several new products during the year. These include Indica Vista a small car, digo CS, Xenon Pickup truck and Nano. Source: GlobalData, July 6, 2010
The global slowdown also had a significant impact on the Jaguar Land Rover company which Tata Motors acquired in June 2008. Sales of the Jaguar and Land Rover brands declined by 20% and 51% respectively from October 2008 – March 2009 as compared to the corresponding period in the previous year as the demand for premium vehicles declined. The Year in Review Jaguar Land Rover (JLR) This has been the first year since the acquisition of the company by Tata Motors and the working relationship has been evolving continuously. Tata Motors recognized that these two global brands, namely, Jaguar and Land Rover, needed to retain their identity, design and technical independence as also their image in the marketplace, while at the same time integrate with the management of Tata Motors, and find synergies in the capabilities and facilities between the two companies. Considerable progress has been made in identifying sources of components from India, recognizing engineering and Computer Aided Design capabilities within Tata Motors and marketing synergies in various geographies. Source: GlobalData, July 6, 2010
Copyright © 2010 GlobalData. All Rights Reserved. Published by OneSource Information Services, Inc.,Sep, 2010
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Tata Motors Limited is India’s largest automotive company, which is engaged in manufacturing commercial and passenger vehicles. The company's strong market position and diversified product portfolio are its strengths. Further, product innovations and strategic acquisitions could ensure a strong future. However, declining sales in its core businesses and limited liquidity position are areas of concern for the company. Global economic slowdown and intense competition could also affect the company's growth.
The company's compounded annual growth rate (CAGR) for revenue was 38.2% during 2005-2009. This was above the S&P 500 companies average* of 11.1%. A higher than S&P 500 companies average* revenue CAGR indicates that the company has outperformed the average S&P 500 companies growth and gained market share over the last four years. The company achieved this growth due to better competitive positioning and superior products and services offering compared to other companies in the S&P 500 index.
Tata Motors holds strong market position in Indian automobile industry particularly in commercial vehicle segment. It is the world's fourth largest truck manufacturer and second largest manufacturer of buses. It also holds a leading position in nearly all commercial vehicle segments. Further, it is the largest commercial vehicle manufacturer in India and second largest passenger car manufacturer. Tata Motors has emerged as an international automobile company. During the fiscal year that ended March 2009, it held a market share of 63.8% in the commercial vehicle sector in the Indian market. Also, it recently acquired Daewoo Commercial Vehicles Company which is the second largest truck maker in Korea. It also acquired Jaguar and Land Rover brands in UK. Jaguar Cars Limited was founded in 1922 and is one of the world’s leading manufacturers of luxury saloons and sports cars. Thus the company’s strong market position provides the company an advantage while attracting and serving a diverse customer base.
Tata Motors is a fully integrated automobile company, which provides the company full control over its value chain and in turn helps decrease its production and distribution costs. Its Jamshedpur commercial vehicle business unit is India’s largest and world’s sixth largest commercial vehicle manufacturer. The company has many manufacturing plants located at Jamshedpur, Pune, Lucknow, and Dharwad and R&D centers in India, South Korea, Spain, and the UK, which offers medium and heavy commercial vehicles, light commercial vehicles, multi-utility vehicles and passenger cars. Further, the company through its subsidiaries, is engaged in engineering and automotive solutions, construction equipment manufacturing, automotive vehicle components manufacturing and supply chain activities, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for automotive and computer applications and automotive retailing and service operations. This unit has captive forge and foundry facilities which cater all requirements of steel forgings and alloy iron castings. All this collectively gives the company a critical competitive advantage with better control over time, cost
Tata Motors Limited
Strengths/Weaknesses (SWOT)
Helpful to achieving the objective
Harmful to achieving the objective
Internal Origin (attributes of the organization)
Strengths
● Expanding Market Share in Sector ● Strong Market Position ● Integrated Automobile Company ● Diversified Product Portfolio
Weaknesses
● Decline in Sales of Core Businesses
● Limited Liquidity Position ● Declining Operating Margin ● Low Return on Equity
External Origin (attributes of the environment)
Opportunties
● Growing Demand for Small and Mid size Cars
● Positive Outlook for Indian Automobile Industry
● Product Innovations ● Increasing Demand for Fuel Efficient
Vehicles ● Strategic Acquisitions
Threats
● Increasing Costs of Input ● Global Economic Slowdown ● Stricter Emission Standards ● Intense Competition ● Currency Rate Fluctuations
Overview
Strengths
Expanding Market Share in Sector
Strong Market Position
Integrated Automobile Company
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and quality, long term service support to customers, technology integration and faster product rollout.
The company boasts of a broad product portfolio in the automobile industry that helps it attract and serve a wide customer base. Tata Motors product portfolio consists of broad range of product and services. Product line of the company comprises Commercial and Passenger Vehicles. Commercial Vehicles include Medium and Heavy Commercial Vehicles (M&HCV) and Light Commercial Vehicles (LCV). M&HCV includes multi axle rigid truck, tractors, trailers, small commercial vehicles, buses, intercity transportation and charter buses. In addition, Tata Motors offers customized heavy vehicles for defense solutions. Under its Passenger Cars segment, it offers small mini and compact cars, mid size and utility vehicles. The company, through the acquisition of Jaguar in 2008, also began offering premium luxury cars. Thus a broad product portfolio helps the company cater to a diversified customer base, which in turn mitigates the various risks associated with the overdependence on a particular product segment.
Although recorded higher revenues in the fiscal year ended March 2009, it suffered lower unit sales in its core businesses. Industrial Sales of Sports Utility car reduced sharply by 6.5% from the previous year. Total passenger car sales also decreased marginally by 0.5% to 1,525,313. Sale of commercial vehicles decreased by 17.4% from 503,218 in 2008 to 415,262 in the fiscal year ended March 2009. Of commercial vehicles, M&HCV experienced sharp decline in unit sold by 31.4%. Thus the declining sales in its core businesses could affect the company’s total sales and hamper its financial position.
The company's current ratio was 1.02 at the end of fiscal year 2009. This was below the S&P 500 companies average* of 1.4. A lower than S&P 500 companies average* current ratio indicates that the company is in a weaker financial position than other companies in the S&P 500 index. Also, the company's debt as of March 31, 2009 stood at INR 435,815 million with a debt to equity ratio of 10.6, compared to 1.7 the previous year. During the year, the credit rating for foreign currency borrowings of the company was revised to B (Credit Watch with Negative Implications) by Standard & Poor and to B3 (Stable) by Moodys’. However, for borrowing in local currency, the rating was revised by Crisil to A (Stable) and to LA+ by ICRA. With majority of the company’s earnings being diverted towards servicing of its debt obligations, the company is at a disadvantage while exploiting new opportunities arising in the market.
The company's operating margin was -2.97% for the fiscal year 2009. This was below the S&P 500 companies average* of 14.7%. A lower than S&P 500 companies average* operating margin may indicate inefficient cost management or a weak pricing strategy by the company. The operating margin has decreased 1156 bps over 2008 which may indicate management's low focus on profitability.
The company's return on equity (ROE) was -42.2% at the end of fiscal year 2009. This was below the S&P 500 companies average* of 12.9%. A lower than S&P 500 companies average* ROE may indicate that the company may not be using the shareholders' money as efficiently as other companies in the S&P 500 index and that it is generating low returns for its shareholders compared to other companies in the S&P 500 index.
The company may find increased opportunities in the small car segment. Owing to the current global economic recession and volatile fuel prices, the demand for small and mid-size vehicles has been witnessing a strong growth. According to a report by ACEA (European Automobile Manufacturers Association), European vehicle companies received 13.9% decrease in registration for passenger cars and 37.6% for commercial vehicles in the first five months of the fiscal year 2009. Similarly, market penetration for diesel cars also fell to 46.1% and market share of 4X4s fell to 8.4%. However, small cars market share increased from 38.8% in 2008 to 44.9% for the five month period of 2009. Thus the company, being a leading manufacturer of small and mid-size cars, can capitalize on its brand image to garner higher market share in the sector and generate higher revenues.
The company could benefit from the strong growth prospects in the Indian automobile industry. The growing economy coupled with the growing middle class over the past few years has fuelled the demand for automobiles in the country. Despite the economic slowdown, the overall production (including passenger vehicles, commercial vehicles, 2-wheelers and 3-wheelers) increased from 10.85 million vehicles in 2007-08 to 11.17 million vehicles in 2008-09. Passenger vehicles too witnessed an increase from 1.77 million to 1.83 million. The total vehicles sold during the period were 9.72 million compared to 9.65 million in 2007-08. It is expected that the passenger vehicle sales will
Diversified Product Portfolio
Weaknesses
Decline in Sales of Core Businesses
Limited Liquidity Position
Declining Operating Margin
Low Return on Equity
Opportunities
Growing Demand for Small and Mid size Cars
Positive Outlook for Indian Automobile Industry
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grow at a CAGR of 12% to reach 3.75 million units by 2014, up from 1.89 million units at the end of 2008-09. This would include 1 million units contributed from exports. According to Society of Indian Automobile Manufacturers (SIAM), the automobile sales in the overseas market increased from 1.23 million units to 1.53 million units during the period. Further, to make India a powerhouse in the global automobile industry, the government launched the Automotive Mission Plan (AMP) 2006-2012. It aims at making India a destination of choice in the world for design and manufacture of automobiles and auto components. With an output aimed at USD 145 billion, it would account for 10% of the GDP and would provide employment to 25 million people by 2016. Thus with a strong presence in the Indian market, Tata Motors stands to benefit from the plan and garner higher market share.
Tata Motors constantly focuses on new product innovations which helps the company create competitive advantage and build brand equity. Innovation continues to be a cornerstone of the company’s corporate strategy with significant efforts focused against consumer demands for products that are convenient and effective. The company launched several new products during the year. These include Indica Vista a small car, digo CS, Xenon Pickup truck and Nano. It also launched premium luxury vehicles Jaguar XF, XKR, and XFR, Land Rover Discovery 3, Range Rover and Range Rover Sport. Additionally, it introduced a new truck range. These innovative product launches helps the company cater to the changing consumer demands as well as serve diverse markets more efficiently. This helps the company drive top-line growth and keep the company’s categories vital.
The company could find increased opportunities in the area of fuel efficient vehicles which feature advanced technologies such as hybrids, clean diesel engines, flexible-fuel ethanol vehicles and a turbocharged direct injection system. According to 'Annual Energy Outlook 2009' report by Energy Information Administration (US Government), the sale of unconventional vehicles (hybrid) account for 63% of the total Light Duty Vehicles (LDV) sales. The total sale of hybrid vehicles is estimated to increase from 2.3% of new LDV sales in the year 2007 to 20.6%, and 39.6% by 2015 and 2030 respectively. It is further forecast that the number of hybrid vehicle sales could reach 7.9 million in 2030. Thus, with the unconventional and hybrid vehicles becoming a mainstay in the future automobile market, the company can find huge opportunities to garner higher market share and increase its revenues.
Tata Motors may benefit from its recent acquisitions of iconic British brands Jaguar and Land Rover. Jaguar and Land Rover are engaged in the manufacture and sale of high end luxury cars and SUVs. This acquisition could give the company entry into luxury and SUV segments. Further, it can benefit from new product categories and much broader geographies as Jaguar and Land Rover sells in more than 100 countries and has over 2,200 dealers worldwide. It also has three manufacturing plants, one component manufacturing facility and two state of the art design and engineering center. Key brand models include Jaguar XF, XJ and XK; and Land Rover’s Freelander 2, Defender, Discovery 4, Range Rover Sport and Range Rover. About 78% of Land Rovers are exported to over 160 countries while about 70% of Jaguars are exported to 63 countries. Also, Tata Motors’ UK subsidiary, Tata Motors European Technical Centre plc, acquired a 50.3% holding in Miljo Grenland/Innovasjon (Miljo), Norway. It specializes in the development of innovative solutions for electric vehicles. Miljo will produce electric vehicles based on Tata Motors’ products, besides manufacturing of state-of-the-art super polymer lithium ion batteries and the development of related technologies. This investment in Miljo will help the company to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles. Further, in October 2009, Tata Motors acquired the remaining 79% stake in the Spain based Hispano Carrocera S.A., as a part of its plans to emerge as a strong player in the Spanish as well as global bus and coach market. These acquisitions combined with Tata Motors’ strong brand image would help the company attract new customer across the globe and improve its sales performance in the overseas market.
The increasing price of raw materials could concern the company. The key raw materials used in the automobile industry include rolled steel, aluminum, glass, plastic and other resin materials. As per the Bureau of Labor Statistics, producer price indexes for core raw material inputs such as rolled steel, primary aluminum, plastic materials and resins have increased by 95.81%, 90% and 85.27% respectively for the last decade. Thus rising input costs could have a major impact on the operational costs of the company, which could not be easily transferred to the customers as the intense competition could lure away its customers through their low price offerings. As a result, the margins of the company could be affected.
The financial crisis in the US and its spillover to other economies of the world has caused a major concern to all the industries, which include automobile manufacturers. The reduced consumer spending in numerous markets worldwide could increase the cyclical downturn in the automobile industry. Furthermore, the volatility in financial and commodity markets poses risk to the automobile manufacturers. The private consumption and consumer confidence have dipped in the recent years due to the poor economic conditions. The softening employment market in the US would further reduce consumer spending on cars, despite a decrease in the crude oil prices. The growth rate in Europe and emerging markets is also expected to slow down in the next two years. Countries including Spain and the UK in Western Europe are suffering from weak property markets and the effects are expected to be similar on the automobile market as well. The effects of the financial crisis are much intense on the financial sector, as the credit spreads have increased sharply. Financial institutions have tightened their lending criteria and it would mean a fewer number of qualified individuals to avail financing for their cars. Overall, the adverse economic situation would reduce the growth in the international automobile market and the company may not be in a position to
Product Innovations
Increasing Demand for Fuel Efficient Vehicles
Strategic Acquisitions
Threats
Increasing Costs of Input
Global Economic Slowdown
OneSource One-Stop Reports for Tata Motors Limited
Page 13
shield itself against the backdrop. The financial crisis has already affected the financial results of the group in 2008 and if the scenario continues, the group may face a major decline in its earnings.
Stricter emission standards could challenge the company’s operations as a whole. After the directive adopted by the European Union (EU) Commission and the EU Parliament to establish stringent emission standards for passenger and light commercial vehicles in 2005 and subsequent years through EURO 4 legislation, new directives are on the way. There is an ongoing discussion among the EU legislative bodies to introduce a more stringent emission standard, EURO 5 by 2009 followed by even more stringent EURO 6 standards, which if adopted would be mandated by 2015. In China too, there are phase-wise regulations similar to the EURO series of emission regulations, implemented since 2005. The Step 4 regulations which would follow the Step 3 regulations (implemented earlier in 2005) are expected to be implemented from 2010. Similarly, in Australia, regulations equivalent to or more stringent than the Euro 4 are likely to be implemented. In addition, in the US market, the California Zero Emission Vehicle (ZEV) regulation has been adopted since 2005. The ZEV, which was earlier implemented in the states of New York, Massachusetts and Vermont, would be extended to the state of Maine and the state of New Jersey from 2009. The stricter emission standards could necessitate the company to redesign its vehicles, in turn increasing its compliance costs. In case of failure to adopt in the stipulated time or failure to comply with the regulations at any point of time could lead to hefty fines and penalties on the company.
The growing competition in the automobile industry could impact the business of the company. Companies in the industry compete on factors like product quality and features, pricing, reliability, safety, fuel economy, customer service, innovation and product development time, ability to control costs and financing terms. The competition in the industry is likely to further intensify with the continuing globalization and consolidation in the global market. Further, improving infrastructure and robust growth prospects in its domestic Indian market has lured many global players to foray and exploit the region’s opportunities. These players compete with larger financial capability, global brand image, and multiple product platforms. These competitive pressures could cause the company’s products to lose market share or result in significant price and margin erosion, which could have a material adverse effect on its business operations.
The company’s operations are subject to various risks arising from fluctuations in exchange rates related to countries in which it operates. These risks primarily relate to fluctuations of Indian Rupee against GBP, US Dollar and Euro. The company imports raw materials, capital equipment and components as well as sell its vehicles in various countries. Since these transactions are denominated in foreign currencies, primarily the US Dollar and Euro, any adverse fluctuation in these currencies may impact the operational performance of the company.
Stricter Emission Standards
Intense Competition
Currency Rate Fluctuations
© 2010 GlobalData. All Rights Reserved. Published by OneSource Information Services, Inc., Sep. 2010
OneSource One-Stop Reports for Tata Motors Limited
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OneSource One-Stop Reports for Tata Motors Limited
Page 15
Corporate Family Corporate Structure News: Tata Sons Ltd
Tata Motors Limited
Tata Motors Limited Total Corporate Family Members: 401
Excluded Small Branches: 5 (Available via export)
Company Name Company Type
Location Country Industry Sales (USD mil)
Employees Source
Tata Sons Ltd Parent Mumbai India Miscellaneous Financial Services
7,074.3 357,000 GW
Tata Consultancy Services Limited
Subsidiary Mumbai India Software and Programming
6,327.3 163,700 RT
CMC Limited Subsidiary Hyderabad India Computer Networks
187.4 5,551 RT
CMC Americas Inc Subsidiary Baton Rouge, LA United States
Retail (Technology)
41.6 7 IUSA
TCS do Brasil S.A. Subsidiary Brasilia Brazil Business Services
1,700 IUSA
WTI Advanced Technology Limited
Subsidiary Chennai India Business Services
1.0 850 IUSA
Tcs Business Transformation Solutions Ltd
Subsidiary Bangalore, Karnataka
India Software and Programming
420 ACP
Tata Consultancy Services Malaysia
Subsidiary Kuala Lumpur Malaysia Business Services
2.8 300 IUSA
Tata Consultancy Services, S.A. de C.V.
Subsidiary México, D.F. Mexico Software and Programming
74.0 200 GW
Tata Consultancy Services Asia Pacific Pte LTD
Subsidiary Singapore Singapore Business Services
99.3 61 DPI
Tata Consultancy Services De España Sa
Subsidiary Madrid Spain Business Services
10.3 36 AX
Tata Consultancy Services Luxembourg
Subsidiary Capellen Luxembourg Business Services
35 IUSA
Tata Consultany Services France Sas
Subsidiary Courbevoie France Computer Services
30.7 34 D&B
Tata Consultancy Services Italia SRL
Subsidiary Milano Italy Miscellaneous Financial Services
20.8 12 D&B
Tata Consultancy Services Ltd.
Subsidiary New York, NY United States
Software and Programming
0.2 1 IUSA
Tata Consultancy Services Ltd.
Branch Hartford, CT United States
Software and Programming
71.2 400 IUSA
Tata Consultancy Services Ltd.
Branch Iselin, NJ United States
Software and Programming
25.1 160 IUSA
Tata Consultancy Services Ltd.
Branch Atlanta, GA United States
Software and Programming
3.4 10 IUSA
Tata Consultancy Services Ltd.
Subsidiary Salford United Kingdom
595.5 RM
Tata Consultancy Services Deutschlan
Subsidiary München Germany Business Services
1.0 IUSA
Tata Consultancy Services Japan Ltd.
Subsidiary Yokohoma Japan Business Services
1.0 IUSA
Tata Consultancy Services (Australia) Pty Ltd
Subsidiary Sydney, NSW Australia Software and Programming
ACP
Tata Consultancy Services Co Ltd
Subsidiary Seoul, Seoul Korea, Republic of
Software and Programming
ACP
TCS Argentina S.A. Subsidiary Buenos Aires Argentina Business Services
IUSA
TCS Solution Center S.A. (Uruguay)
Subsidiary Montevideo Uruguay Business Services
IUSA
Tata InfoTech Ltd BranchTata Consultancy Services Belgium
Subsidiary Bruxelles Belgium Business Services
58.4 118 EDB
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Page 16
Tata Infotech Ltd. Subsidiary London United Kingdom
0.0 RM
Tata Infotech Ltd Subsidiary North Sydney, NSW
Australia Software and Programming
ACP
Tata Steel Limited Subsidiary Mumbai India Iron and Steel 21,824.9 81,269 RT Corus Group Ltd. Subsidiary London United
KingdomCommercial Banks
40,000 EXP
Corus UK Ltd. Subsidiary Leeds United Kingdom
Iron and Steel 6,650.3 22,383 EXP
Corus Rail Consultancy Ltd
Subsidiary York United Kingdom
Engineering Consultants
31.7 226 EXP
Kalzip Ltd.Subsidiary St Helens United
KingdomMiscellaneous Fabricated Products
58.5 156 EXP
UK Steel Enterprise Ltd.
Subsidiary Sheffield United Kingdom
Commercial Banks
5.0 26 EXP
Thomson Pettie Tube Products Ltd.
Subsidiary Carluke United Kingdom
Miscellaneous Fabricated Products
23.5 195 EXP
Teelux Ltd.Subsidiary Carluke United
KingdomMiscellaneous Fabricated Products
RM
Ukse Fund Managers Ltd.
Subsidiary Sheffield United Kingdom
Investment Services
0.0 RM
Ukse Fund Managers (General Partner) Ltd.
Subsidiary Sheffield United Kingdom
Investment Services
0.4 RM
Tata Steel International (UK) Ltd.
Subsidiary London United Kingdom
Miscellaneous Capital Goods
836.1 16 EXP
Industrial Steels Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
7.2 EXP
Bailey Steels Ltd. Subsidiary London United Kingdom
Miscellaneous Capital Goods
7.2 13 EXP
Cogent Power Ltd. Subsidiary Newport United Kingdom
Commercial Banks
2.1 7 EXP
Euro-Laminations Ltd.
Subsidiary Newport United Kingdom
Nonclassifiable Industries
RM
Ees Group Services Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corby (Northants) And District Water Co.
Subsidiary Corby United Kingdom
Water Utilities 1.0 4 EXP
Plated Strip (International) Ltd.
Subsidiary London United Kingdom
Iron and Steel 1 RM
Corus International Ltd.
Subsidiary London United Kingdom
Commercial Banks
EXP
Corus Consulting Ltd.
Subsidiary Newport United Kingdom
Business Services
3.0 13 EXP
Corus Liaison Services (India) Ltd.
Subsidiary London United Kingdom
Iron and Steel RM
Simiop Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Simiop Investments Ltd.
Subsidiary London United Kingdom
Commercial Banks
RM
Stewarts And Lloyds (Overseas) Ltd.
Subsidiary Edinburgh United Kingdom
Business Services
RM
Catnic Ltd.Subsidiary Caerphilly United
KingdomMiscellaneous Fabricated Products
RM
British Steel Samson Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
9 RM
Corus Holdings Ltd. Subsidiary Edinburgh United Kingdom
Commercial Banks
RM
OneSource One-Stop Reports for Tata Motors Limited
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Cold Drawn Tubes Ltd.
Subsidiary London United Kingdom
Construction - Supplies and Fixtures
RM
Corus Brokers Ltd.Subsidiary London United
KingdomInsurance (Accident and Health)
RM
Newport And South Wales Tube Co. Ltd. (The)
Subsidiary London United Kingdom
Commercial Banks
RM
Grant Lyon Eagre Ltd. Subsidiary London United Kingdom
Construction Services
RM
Corus Finance Ltd.Subsidiary London United
KingdomConsumer Financial Services
RM
Hadfields Holdings Ltd.
Subsidiary London United Kingdom
Commercial Banks
RM
Firsteel Holdings Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Firsteel Group Ltd. Subsidiary Huddersfield United Kingdom
Commercial Banks
RM
Mistbury Investments Ltd.
Subsidiary London United Kingdom
Commercial Banks
3 RM
Firsteel Strip Mill Products Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
W. P. Butterfield (Engineers) Ltd.
Subsidiary Sutton Coldfield United Kingdom
Nonclassifiable Industries
RM
Corus Cold Drawn Tubes Ltd.
Subsidiary Warley United Kingdom
Construction - Supplies and Fixtures
RM
Blastmega Ltd. Subsidiary London United Kingdom
Iron and Steel RM
Seamless Tubes Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Quest Trustee Ltd.
Subsidiary London United Kingdom
Personal Services
RM
Bskh Corporate Services (Uk) Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Rail Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Stainless Uk Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Tinsley Trailers Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Cpn (85) Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Bs Quest Trustee Ltd. Subsidiary London United Kingdom
Personal Services
RM
Corus Properties (Germany) Ltd.
Subsidiary London United Kingdom
Commercial Banks
RM
Toronto Industrial Fabrications Ltd.
Subsidiary London United Kingdom
Iron and Steel RM
Templeborough Rolling Mills, Ltd. (The)
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
British Tubes Stockholding Ltd.
Subsidiary London United Kingdom
Miscellaneous Capital Goods
RM
British Steel Employee Share Ownership Trustees Ltd.
Subsidiary London United Kingdom
Personal Services
RM
British Steel Tubes Exports Ltd.
Subsidiary London United Kingdom
Iron and Steel RM
Westwood Steel Services Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
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Corus Nederland BV Subsidiary IJmuiden Netherlands Metal Mining 8,310.6 12,200 GW Corus Deutschland GmbH
Subsidiary Düsseldorf Germany Miscellaneous Fabricated Products
1,966.7 4,000 GW
Blume Stahlservice GmbH
Subsidiary Muelheim Germany Miscellaneous Capital Goods
299.2 150 IUSA
Corus Stahl GmbH Subsidiary Duesseldorf, Nordrhein-Westfalen
Germany Miscellaneous Capital Goods
324.5 90 D&B
Trierer Walzwerk GmbH
Subsidiary Trier, Rheinland-Pfalz
Germany Construction - Supplies and Fixtures
150 D&B
S. A. B. Profil GmbH
Subsidiary Niederaula, Hessen
Germany Construction - Supplies and Fixtures
29 D&B
Corus International Deutschland GmbH
Subsidiary Duesseldorf, Nordrhein-Westfalen
Germany Miscellaneous Capital Goods
27 D&B
Burgdorfer Grundstuecks GmbH
Subsidiary Duesseldorf, Nordrhein-Westfalen
Germany Waste Management Services
D&B
Unitol Sas Subsidiary Corbeil Essonnes
France Miscellaneous Fabricated Products
477.0 224 D&B
Corus Italia SRL Subsidiary Milano Italy Miscellaneous Capital Goods
3.7 8 D&B
Staalverwerking En Handel B.V.
Subsidiary Velsen-Noord, Noord-Holland
Netherlands Commercial Banks
D&B
S.A.B. Profiel B.V. Subsidiary Ijsselstein Ut, Utrecht
Netherlands Construction - Supplies and Fixtures
176.6 125 D&B
Corus Tubes B.V. Subsidiary Oosterhout Nb, Noord-Brabant
Netherlands Construction - Supplies and Fixtures
429.0 D&B
Corus Primary Aluminium B.V.
Subsidiary Ijmuiden Netherlands Miscellaneous Capital Goods
IUSA
Corus Packaging Plus Norway AS
Subsidiary Bergen Norway Iron and Steel 75.0 105 IUSA
Corus Met B.V. Subsidiary Velsen-Noord, Noord-Holland
Netherlands Metal Mining 95.1 4 D&B
Corus Investment B.V.
Subsidiary Velsen-Noord, Noord-Holland
Netherlands Miscellaneous Financial Services
D&B
Corus Distribution Europe B.V.
Subsidiary Velsen-Noord, Noord-Holland
Netherlands Miscellaneous Financial Services
9 D&B
Corus Consulting & Technical Services B.V.
Subsidiary Velsen-Noord, Noord-Holland
Netherlands Miscellaneous Capital Goods
D&B
Hille & Müller GmbH & Co KG
Subsidiary Düsseldorf Germany Iron and Steel 5,000 IUSA
Mannstaedt GmbH Subsidiary Troisdorf Germany Iron and Steel 152.0 680 GW Thomas Steel Strip Corp. Subsidiary Warren, OH United
StatesMiscellaneous Capital Goods
50.0 630 IUSA
Corus Engineering Steels Ltd
Subsidiary London United Kingdom
Miscellaneous Capital Goods
490 GW
Corus Aluminium Voerde GmbH
Subsidiary Voerde Germany Metal Mining 161.1 486 IUSA
Surahammars Bruks AB Subsidiary Surahammar Sweden Iron and Steel 140.2 399 IUSACorus Rail France Sa Subsidiary Hayange France Iron and Steel 492.8 374 D&B Corus Batiment Et Systemes
Subsidiary Chauny France Construction - Supplies and Fixtures
164.9 374 D&B
Corus Packaging Plus Norway AS
Subsidiary Bergen Norway Iron and Steel 115.9 294 GW
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Surahammars Bruks AB Subsidiary Surahammar Sweden Construction - Supplies and Fixtures
192.0 226 GW
Corus Bausysteme GmbH Subsidiary Koblenz Germany Construction - Supplies and Fixtures
105.5 195 IUSA
Fischer Profil GmbH Subsidiary Netphen Germany Construction - Supplies and Fixtures
121.1 180 GW
Color Steels LtdSubsidiary London United
KingdomMiscellaneous Fabricated Products
75.0 150 GW
Segal Subsidiary Ivoz-Ramet Belgium Iron and Steel 65.1 132 EDB
Apollo Metals Co.Subsidiary Bethlehem, PA United
StatesMiscellaneous Fabricated Products
25.0 120 IUSA
Montana-Bausysteme AGSubsidiary Villmergen AG Switzerland Construction -
Supplies and Fixtures
83.3 105 GW
Corus Metals Malaysia Sdn Bhd
Subsidiary Selangor, Kuala Lumpur
Malaysia Miscellaneous Capital Goods
42.0 100 BMI
Corus Brazil Consultancy Subsidiary Rio de Janeiro , Rio de Janeiro
Brazil Metal Mining 40.0 100 BMI
Corus Asia Ltd Subsidiary Jakarta Selatan Indonesia Metal Mining 35.0 100 BMI Corus Asia Ltd Subsidiary Quarry Bay,
Hong Kong Island
Hong Kong Construction Services
30.0 100 BMI
Corus Asia Ltd Subsidiary Quezon Philippines Coal 18.0 100 BMI Corus Middle East FZE Subsidiary Dubai United Arab
EmiratesIron and Steel 100 GW
Corus Celik Ticaret AS Subsidiary Istanbul Turkey Miscellaneous Capital Goods
100 GW
Corus Degels GmbH Subsidiary Neuss Germany Miscellaneous Capital Goods
189.6 98 IUSA
Corus New Zealand Ltd Subsidiary Manukau New Zealand
Miscellaneous Capital Goods
80 GW
Corus Hot Rolled Processing Centre
Subsidiary Wolverhampton United Kingdom
Iron and Steel 1,750.0 75 IUSA
Corus ByggeSystemer A/S
Subsidiary Ebeltoft Denmark Iron and Steel 30.5 74 GW
Corus Steel USA Inc Subsidiary Schaumburg, IL United States
Miscellaneous Capital Goods
16,599.8 51 IUSA
Namascor BV Subsidiary Moerdijk Netherlands Miscellaneous Capital Goods
176.7 50 GW
Afon Tinplate Co. Ltd. Subsidiary Swansea United Kingdom
Printing and Publishing
37.5 50 EXP
Corus South East Asia Pte Ltd
Subsidiary Singapore Singapore Miscellaneous Capital Goods
2.0 48 GW
Norsk Stål Tynnplater AS Subsidiary Fredrikstad Norway Construction - Supplies and Fixtures
114.8 42 GW
Corus France Sa Subsidiary Gennevilliers France Miscellaneous Capital Goods
11.7 34 D&B
Corus Aluminium Italia S.p.A.
Subsidiary Trezzano Sul Naviglio
Italy Miscellaneous Fabricated Products
1.0 24 IUSA
Corus Polska Sp. z.o.o. Subsidiary Katowice Poland Miscellaneous Capital Goods
21 GW
Corus Service Centre Ltd Subsidiary Dublin Ireland Miscellaneous Capital Goods
51.2 20 GW
Corus Benelux BV Subsidiary Maastricht Netherlands Miscellaneous Capital Goods
8 GW
Oremco Inc. Subsidiary New York, NY United States
Iron and Steel 3.8 4 IUSA
Corus Aluminum Rolled Products USA
Subsidiary Schaumburg, IL United States
Miscellaneous Fabricated Products
1.4 3 IUSA
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Corus Staal B.V. Subsidiary IJmuiden Netherlands Oil and Gas Operations
5,637.0 IUSA
Corus Aluminium N.V. Subsidiary Duffel Belgium Miscellaneous Fabricated Products
625.0 1,500 IUSA
Myriad Subsidiary Louvroil France Iron and Steel 720.1 530 D&B Hille & Müller GmbH Subsidiary Düsseldorf Germany Construction -
Supplies and Fixtures
250.0 470 IUSA
Oostflank B.V. Subsidiary Velsen-Noord, Noord-Holland
Netherlands Real Estate Operations
1 D&B
Danielli Corus Europe B.V.
Subsidiary Ijmuiden Netherlands Business Services
75.0 IUSA
Stichting Pensioenfonds Hoogovens
Subsidiary Beverwijk Netherlands Investment Services
IUSA
Corus Engineering Steels Subsidiary Rotherham United Kingdom
Iron and Steel 1,750.0 IUSA
Catnic Subsidiary Caerphilly United Kingdom
Iron and Steel 75.0 IUSA
Corus Construction & Industrial
Subsidiary Scunthorpe United Kingdom
Iron and Steel 1,750.0 IUSA
Corus Tubes Subsidiary Corby United Kingdom
Iron and Steel 625.0 IUSA
Laminación y Derivados S.A.U
Subsidiary Durango Spain Miscellaneous Fabricated Products
75.0 IUSA
Corus Firsteel Coated Strip
Subsidiary Walsall United Kingdom
Miscellaneous Capital Goods
75.0 IUSA
Orb Electrical Steels Ltd. Subsidiary Newport United Kingdom
Nonclassifiable Industries
75.0 RM
British Transformer Cores Ltd.
Subsidiary Newport United Kingdom
Nonclassifiable Industries
RM
Corus Colorsteels Ltd.Subsidiary Crosskeys United
KingdomMiscellaneous Fabricated Products
75.0 IUSA
Corus Rail Infrastructure Services
Subsidiary York United Kingdom
Engineering Consultants
75.0 IUSA
Corus Central Europe, s.r.o.
Subsidiary Praha Czech Republic
Miscellaneous Capital Goods
1.0 GW
Precoat International Ltd. Subsidiary London United Kingdom
Commercial Banks
RM
Precoat Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Europressings Ltd.Subsidiary London United
KingdomMiscellaneous Fabricated Products
RM
Corus Property Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Tata Steel International Subsidiary São Domingos de Rana
Portugal Miscellaneous Capital Goods
GW
Corus International Subsidiary Madrid Spain Miscellaneous Capital Goods
GW
Steelstock Ltd. Subsidiary London United Kingdom
Iron and Steel RM
Corus Metals Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Multi-Metals Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Engineering Steels Holdings Ltd.
Subsidiary London United Kingdom
Commercial Banks
RM
Corus Engineering Steels Overseas Holdings Ltd.
Subsidiary London United Kingdom
Commercial Banks
RM
Corus Engineering Steels (Uk) Ltd.
Subsidiary London United Kingdom
Chemical Manufacturing
RM
Subsidiary London United Construction - RM
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Runmega Ltd. Kingdom Supplies and Fixtures
Nationwide Steelstock Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Runblast Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
U. E. S. Bright Bar Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Bell & Harwood Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Hammermega Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
British Steel Engineering Steels (Exports) Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Cordor (C&B) Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus International (Overseas Holdings) Ltd.
Subsidiary London United Kingdom
Commercial Banks
EXP
Corus Large Diameter Pipes Ltd.
Subsidiary London United Kingdom
Miscellaneous Financial Services
RM
Hoogovens (Uk) Ltd Subsidiary London United Kingdom
Commercial Banks
RM
Hoogovens Aluminium U K Ltd.
Subsidiary Wolverhampton United Kingdom
Miscellaneous Capital Goods
EXP
Cladding And Decking Uk Ltd.
Subsidiary London United Kingdom
Miscellaneous Fabricated Products
RM
Corus Management Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
B. S. Pension Fund Trustee Ltd.
Subsidiary London United Kingdom
Personal Services
2 RM
Pension Services Ltd.
Subsidiary London United Kingdom
Business Services
2.1 EXP
C Walker & Sons Ltd. Subsidiary London United Kingdom
Commercial Banks
RM
Corus Service Centre Ltd.
Subsidiary Lisburn United Kingdom
Nonclassifiable Industries
RM
Walkersteelstock Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Walker Manufacturing And Investments Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
British Guide Rails Ltd.
Subsidiary London United Kingdom
Miscellaneous Fabricated Products
RM
Harrowmills Properties Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
British Steel Service Centres Ltd.
Subsidiary London United Kingdom
Iron and Steel RM
British Steel Trading Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
British Steel Corporation Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Steel Stockholdings Ltd.
Subsidiary London United Kingdom
Iron and Steel RM
The Clyde Alloy Steel Co.. Ltd.
Subsidiary Motherwell United Kingdom
Nonclassifiable Industries
RM
Corus Investments Ltd.
Subsidiary Edinburgh United Kingdom
Commercial Banks
RM
British Steel Directors (Nominees) Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Bore Samson Group Ltd.
Subsidiary London United Kingdom
Iron and Steel RM
Bore Steel Ltd. Subsidiary London United Kingdom
Iron and Steel RM
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H. E. Samson Ltd. Subsidiary London United Kingdom
Iron and Steel RM
Round Oak Steel Works Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Stanton Housing Co. Ltd. (The)
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Whitehead (Narrow Strip) Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Engineering Steels Pension Scheme Trustee Ltd.
Subsidiary London United Kingdom
Business Services
RM
Corus Liaison Services (India) Ltd
Subsidiary Chennai India Miscellaneous Capital Goods
GW
Corus Aluminium Japan Ltd
Subsidiary Tokyo Japan Miscellaneous Capital Goods
GW
Corus Steel Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Engineering Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Aluminium Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Stainless Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
European Electrical Steels Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Automotive Laser Technologies Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Corus Electrical Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Ore Carriers Ltd. Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Midland Steel Supplies Ltd.
Subsidiary London United Kingdom
Nonclassifiable Industries
RM
Walkersteel (Ni) Ltd. Subsidiary Lisburn United Kingdom
RM
Tata Steel International Subsidiary Benoni South Africa Iron and Steel GW Corus Subsidiary Tehran Iran Construction
ServicesBMI
Corus International Subsidiary Seoul Korea, Republic of
Construction Services
BMI
Corus Subsidiary Taipei Taiwan Construction Services
BMI
Corus Asia Ltd (CAL) Subsidiary Ho Chi Minh City Viet Nam Construction Services
BMI
Corus UK Ltd (Dammam Branch)
Subsidiary Dammam, Ash Sharqiyah
Saudi Arabia Construction Services
BMI
Corus International Subsidiary Katowice Poland Construction Services
BMI
NatSteel Holdings Pte Ltd Subsidiary Singapore Singapore Miscellaneous Capital Goods
3,500 GW
NatSteel (Xiamen) Ltd Subsidiary Xiamen, Fujian Province
China Iron and Steel GW
Tinplate Company of India Ltd
Subsidiary Kolkata India Containers and Packaging
169.2 2,878 RT
NSL Ltd Subsidiary Singapore Singapore Miscellaneous Capital Goods
242.4 2,113 RT
Eastern Pretech (Malaysia) Sdn Bhd
Subsidiary Kuala Lumpur Malaysia Construction - Raw Materials
23.5 450 GW
Eastern Pretech Pte LTD Subsidiary Singapore Singapore Construction - Raw Materials
120.3 342 DPI
Eastern Industries Pte Ltd Subsidiary Singapore Singapore Miscellaneous Financial Services
200 GW
Raffles Marina Ltd Subsidiary Singapore Singapore Recreational Activities
185 GW
NSL Engineering Pte Ltd Subsidiary Singapore Singapore Miscellaneous Capital Goods
38.8 100 GW
OneSource One-Stop Reports for Tata Motors Limited
Page 23
NSL Chemicals LTD Subsidiary Singapore Singapore Construction - Raw Materials
18.0 74 DPI
NSL Chemicals (M) Sdn Bhd
Subsidiary Kepayang, Perak
Malaysia Construction - Raw Materials
12.5 70 GW
NSL OilChem Services Pte Ltd
Subsidiary Singapore Singapore Waste Management Services
15 GW
Limetreat (M) Sdn Bhd Subsidiary Pasir Gudang, Pasir Gudang
Malaysia Construction - Raw Materials
15 ACP
Eastech Indonesia, PT Subsidiary Putri, Bogor Indonesia Construction - Raw Materials
GW
NSL EnviroTech Pte Ltd Subsidiary Singapore Singapore Construction - Supplies and Fixtures
GW
NSL Properties Pte Ltd Subsidiary Singapore Singapore Real Estate Operations
GW
NSL Resorts International Pte Ltd
Subsidiary Singapore Singapore Miscellaneous Financial Services
GW
Eastern Pretech (HK) Ltd Subsidiary New Territories Hong Kong Construction - Raw Materials
GW
Eastern Steel Fabricators Philippines Inc
Subsidiary Pasig, Pasig Philippines Iron and Steel ACP
Tata Ryerson Limited Subsidiary Kolkata India Iron and Steel 46.0 2,000 IUSATata Steel (Thailand) PCL Subsidiary Bangkok Thailand Iron and Steel 667.6 1,376 RT
N. T. S. Steel Group PCL Subsidiary Chonburi Thailand Iron and Steel 339 IUSATRF Ltd. Subsidiary Jamshedpur India Miscellaneous
Capital Goods185.1 1,336 RT
Hewitt Robins International Holdings Ltd.
Subsidiary Swadlincote United Kingdom
Commercial Banks
RM
Hewitt Robins International Ltd
Subsidiary Swadlincote United Kingdom
Construction and Agriculture Machinery
EXP
Tayo Rolls Ltd(NDA) Joint Venture
Jamshedpur India Iron and Steel 27.9 671 RT
Tata Ssl Ltd Subsidiary Mumbai (Bombay), Maharashtra
India Miscellaneous Fabricated Products
473 ACP
NatSteel Asia Pte. Limited Subsidiary Singapore Singapore Iron and Steel 350.0 450 IUSABest Bar Pty Limited Subsidiary East
Rockingham, WA
Australia Miscellaneous Fabricated Products
1.0 100 IUSA
NatFerrous Pte. Limited Subsidiary Singapore Singapore Iron and Steel 1.0 100 IUSAFlextronics Industries (Hk) Ltd
Subsidiary Kowloon, Kowloon
Hong Kong Fabricated Plastic and Rubber
49 ACP
NatSteel Trade International Pte Ltd
Subsidiary Singapore Singapore Miscellaneous Capital Goods
502.7 20 GW
SteelAsia Manufacturing Corporation
Joint Venture
Taguig City Philippines Iron and Steel 1.0 GW
Wuxi Jinyang Metal Products Co Ltd
Subsidiary Wuxi, Jiangsu Province
China Construction - Raw Materials
1.0 GW
NatSteel Australia Pty Limited
Subsidiary Prestons, NSW Australia Miscellaneous Fabricated Products
1.0 IUSA
Tata Sponge Iron Ltd Subsidiary Keonjhar India Iron and Steel 114.2 442 RT Eastern Wire Pte Ltd Subsidiary Singapore Singapore Miscellaneous
Fabricated Products
295 GW
Best Bar Pty Ltd Subsidiary Henderson, WA Australia Miscellaneous Fabricated Products
8 ACP
Eastern Steel Services Pte Ltd
Subsidiary Singapore Singapore Iron and Steel 199.3 270 GW
Easteel Construction Services Pte Ltd
Subsidiary Singapore Singapore Construction - Supplies and Fixtures
10 SDS
OneSource One-Stop Reports for Tata Motors Limited
Page 24
Tata Pigments Limited Subsidiary Jamshedpur India Chemical Manufacturing
1.0 200 IUSA
Jamshedpur Utilities & Services Ltd.
Subsidiary Jamshedpur India Electric Utilities 1.0 120 IUSA
The Tinplate Company of India Ltd.
Subsidiary Kolkotta India Business Services
65.5 IUSA
Siam Industrial Wire Co Ltd Subsidiary Bangkok Thailand Construction - Supplies and Fixtures
GW
Tata Motors Limited Subsidiary Mumbai India Auto and Truck Manufacturers
19,872.4 24,310 RT
Land Rover Subsidiary Warwick United Kingdom
Auto and Truck Manufacturers
8,352.8 7,841 EXP
Land Rover (M) Sdn Bhd Subsidiary Selangor Darul Ehsan, Selangor
Malaysia Auto and Truck Manufacturers
21.9 100 BMI
Land Rover Exports Ltd. Subsidiary Warwick United Kingdom
Retail (Specialty) 6,468.2 EXP
Stratstone of Perth Land Rover
Subsidiary Perth United Kingdom
Retail (Specialty) IUSA
Jaguar Cars Ltd. Subsidiary Coventry United Kingdom
Auto and Truck Manufacturers
3,858.1 7,268 EXP
Ford Jl Ltd. Subsidiary Brentwood United Kingdom
Commercial Banks
640 RM
Jaguar Italia SpA Subsidiary Roma, RM Italy Auto and Truck Manufacturers
186.6 60 D&B
Jaguar Cars Finance Ltd.
Subsidiary Redhill United Kingdom
Miscellaneous Financial Services
EXP
Jaguar Hungary Kft Subsidiary Budapest Hungary Auto and Truck Manufacturers
60.0 200 BMI
Jaguar Philippines Inc Subsidiary Makati , Metro Manila
Philippines Miscellaneous Capital Goods
64.0 100 BMI
Jaguar Canada Inc Subsidiary Brampton, ON Canada Auto and Truck Parts
33.7 35 IUSA
Jaguar Cars Exports Ltd. Subsidiary Coventry United Kingdom
Retail (Specialty) 2,129.1 11 EXP
Jaguar Collection Ltd. (The)
Subsidiary Coventry United Kingdom
Miscellaneous Capital Goods
RM
Jaguar Cars Overseas Holdings Ltd.
Subsidiary Coventry United Kingdom
Commercial Banks
RM
The Daimler Motor Co. Ltd.
Subsidiary Coventry United Kingdom
Nonclassifiable Industries
RM
Daimler Transport Vehicles Ltd
Subsidiary Coventry United Kingdom
Nonclassifiable Industries
RM
S. S. Cars Ltd. Subsidiary Coventry United Kingdom
Nonclassifiable Industries
RM
Lanchester Motor Co. Ltd. (The)
Subsidiary Coventry United Kingdom
Nonclassifiable Industries
RM
GB Cars Distribudora de Veiculos
Subsidiary São Paulo , São Paulo
Brazil Auto and Truck Manufacturers
BMI
Jaguar Dominicana Subsidiary Santo Domingo Dominican Republic
Auto and Truck Manufacturers
BMI
Jaguar Croatia Subsidiary Zagreb Croatia Auto and Truck Manufacturers
BMI
Jaguar Cars South Africa (Pty) Ltd
Subsidiary Pretoria South Africa Auto and Truck Manufacturers
BMI
Tata Daewoo Commercial Vehicle Co Ltd
Subsidiary Kunsan, Chonbuk-do
Korea, Republic of
Auto and Truck Parts
597.5 867 ACP
Tata Hispano Motors Carrocera Sa
Subsidiary Zaragoza Spain Auto and Truck Manufacturers
30.0 383 AX
Tata Precision Industries Pte Ltd
Affiliates Singapore Singapore Miscellaneous Capital Goods
1.0 150 GW
TAL Manufacturing Solutions Limited
Subsidiary Chinchwad India Engineering Consultants
1.0 150 IUSA
Concorde Motors (India) Limited
Subsidiary Bangalore India Auto and Truck Manufacturers
1.0 100 IUSA
Tata Technologies Limited Subsidiary Pune India Engineering 1.0 100 IUSA
OneSource One-Stop Reports for Tata Motors Limited
Page 25
ConsultantsTata Technologies Inc Subsidiary Novi, MI United
StatesRetail (Technology)
205.8 600 IUSA
INCAT GmbH Subsidiary Stuttgart Germany Software and Programming
20 IUSA
Incat International PLC Subsidiary Bristol United Kingdom
Commercial Banks
EXP
Tata Technologies Europe Ltd.
Subsidiary Luton United Kingdom
Software and Programming
76.1 265 EXP
Jaguar Deutschland GmbH Subsidiary Schwalbach am Taunus
Germany Retail (Specialty) 99.4 45 GW
Concorde Motors Ltd Subsidiary Chennai (Madras), Tamil Nadu
India Auto and Truck Parts
25 ACP
Ford Lrh Subsidiary Brentwood United Kingdom
Commercial Banks
EXP
Jaguar Land Rover (South Africa) (Pty) Ltd
Subsidiary Pierre Van Ryneveld
South Africa Auto and Truck Parts
150.0 60 GW
Tata Investment Corporation Limited
Subsidiary Mumbai India Investment Services
49.0 18,406 RT
The Indian Hotels Company Limited
Subsidiary Mumbai India Hotels and Motels 548.9 10,018 RT
Taj GVK Hotels & Resorts Limited
Subsidiary Hyderabad India Hotels and Motels 48.3 1,769 RT
Oriental Hotels Limited Subsidiary Chennai India Hotels and Motels 48.3 1,614 RT The Taj Hotels Resorts and Palaces
Subsidiary Mumbai India Hotels and Motels 2,000.0 IUSA
Pierre Hotel Branch New York, NY United States
Hotels and Motels 43.6 1,000 IUSA
Voltas Limited Subsidiary Mumbai India Scientific and Technical Instruments
1,029.3 8,608 RT
Rohini Industrial Electricals Pvt Ltd
Subsidiary Mumbai (Bombay), Maharashtra
India Electric Utilities 150 ACP
Voltas Ltd Subsidiary Aberdeen Hong Kong Miscellaneous Capital Goods
100 BMI
Metrovol FZE Subsidiary Dubai United Arab Emirates
Miscellaneous Capital Goods
2.0 11 GW
Tata Communications Limited Subsidiary Mumbai India Communications Services
2,358.7 6,457 RT
Tata Communications (UK) Ltd.
Subsidiary London United Kingdom
Business Services
141.7 121 EXP
Tata Communications International
Subsidiary Singapore Singapore Communications Services
1.0 100 IUSA
Tata Communications Subsidiary Montreal, QC Canada Communications Services
1,750.0 IUSA
VSNL International Subsidiary Montreal, QC Canada Communications Services
1,297.9 8 BMI
Teleglobe Canada Inc.
Subsidiary London United Kingdom
RM
Téléglobe France International S.A.S
Subsidiary Paris France Communications Services
40.0 8 IUSA
Tata Communications Ltd Subsidiary Abu Dhabi United Arab Emirates
Communications Services
6 BMI
Neotel (Pty) Ltd Subsidiary Gallo Manor South Africa Communications Services
GW
Tata Coffee Ltd. Subsidiary Bangalore India Crops 273.3 6,086 RT Tata Teleservices Ltd Subsidiary Mumbai
(Bombay), Maharashtra
India Communications Equipment
5,500 ACP
Tata Teleservices (Maharashtra) Limited
Subsidiary Mumbai India Communications Services
486.6 1,992 RT
Tata Chemicals Limited Subsidiary Mumbai India Chemical Manufacturing
2,046.5 4,656 RT
Brunner Mond Group Ltd. Subsidiary Northwich United Kingdom
Business Services
456.7 1,529 EXP
OneSource One-Stop Reports for Tata Motors Limited
Page 26
Brunner Mond Ltd. Subsidiary Northwich United Kingdom
Chemical Manufacturing
EXP
Brunner Mond (UK) Ltd.
Subsidiary Northwich United Kingdom
Chemical Manufacturing
227.8 487 EXP
Transcontinental Holdings Ltd.
Subsidiary Northwich United Kingdom
Construction Services
RM
The Magadi Soda Co. Ltd.
Subsidiary Northwich United Kingdom
Miscellaneous Fabricated Products
128.1 925 EXP
Brunner Mond Generation Co. Ltd.
Subsidiary Northwich United Kingdom
Construction Services
RM
Northwich Resource Management Ltd.
Subsidiary Northwich United Kingdom
Personal Services
RM
Brunner Mond (South Africa) Pty Ltd
Subsidiary Durban South Africa Miscellaneous Transportation
GW
General Chemical Industrial Products, Inc.
Subsidiary East Hanover, NJ
United States
Chemical Manufacturing
48 IUSA
Titan Industries Limited Subsidiary Hosur India Jewelry and Silverware
988.2 4,353 RT
Titan Watches & Jewellery Int'l (Asia Pacific) Pte Ltd
Subsidiary Singapore Singapore Jewelry and Silverware
ACP
Tata Power Company Limited Subsidiary Mumbai India Electric Utilities 4,124.5 3,809 RT Tata Projects Limited Subsidiary Hyderabad India Electric Utilities 234.2 5,000 IUSANorth Delhi Power Ltd (NDPL)
Joint Venture
Delhi India Metal Mining 540.4 3,989 BMI
Kaltim Prima Coal Pt Subsidiary Kutai, East Kalimantan
Indonesia Miscellaneous Capital Goods
1,820.0 3,800 ACP
Chemical Terminal Trombay Ltd
Subsidiary Mumbai (Bombay), Maharashtra
India Miscellaneous Transportation
ACP
Tata Elxsi Limited Subsidiary Bangalore India Software and Programming
82.0 3,568 RT
Tata Global Beverages Limited Subsidiary Kolkata India Food Processing 1,233.7 2,422 RT Tata Global Beverages Services Ltd.
Subsidiary Greenford United Kingdom
Commercial Banks
16.1 42 EXP
Tetley USA Inc. Subsidiary Shelton, CT United States
Beverages (Non-Alcoholic)
250.0 45 IUSA
Tata Tea Inc Subsidiary Plant City, FL United States
Food Processing 4.6 27 IUSA
Tata Global Beverages Capital Ltd.
Subsidiary Greenford United Kingdom
Commercial Banks
EXP
Tata Projects Ltd Subsidiary Secunderabad India Construction Services
424.5 2,087 GW
Artson Engineering Ltd Subsidiary Mumbai India Engineering Consultants
27.8 140 RT
Tata International Ltd Subsidiary Mumbai India Auto and Truck Manufacturers
85,000.0 1,366 GW
Tata Holdings Moçambique Lda
Subsidiary Maputo Mozambique Auto and Truck Manufacturers
170 GW
Tata Africa Holdings (SA) (Pty) Limited
Subsidiary Northlands South Africa Auto and Truck Manufacturers
100.0 50 GW
Tata South-East Asia Ltd Subsidiary Kowloon, Kowloon
Hong Kong Apparel and Accessories
18 ACP
Tata Africa Holdings (Ghana) Limited
Subsidiary Accra Ghana Auto and Truck Manufacturers
GW
Tata Africa Services (Nigeria)
Subsidiary Lagos Nigeria Auto and Truck Manufacturers
GW
Tata Africa Holdings (Tanzania)
Subsidiary Dar es Salaam Tanzania Auto and Truck Manufacturers
GW
Tata Zambia Subsidiary Lusaka Zambia Auto and Truck Manufacturers
GW
Tata Uganda Subsidiary Kampala Uganda Auto and Truck Manufacturers
GW
Diligenta Ltd. Subsidiary Peterborough United Kingdom
Miscellaneous Financial Services
104.1 964 EXP
OneSource One-Stop Reports for Tata Motors Limited
Page 27
Rallis India Limited Subsidiary Mumbai India Chemical Manufacturing
191.2 846 RT
Tata Metaliks Limited Subsidiary Kolkata India Iron and Steel 226.1 711 RT Trent Limited Subsidiary Mumbai India Retail (Apparel) 239.7 447 RT
Landmark Limited Subsidiary Chennai India Printing and Publishing
GW
Infiniti Retail Limited Subsidiary Mumbai India Retail (Specialty) GW Nelco Limited Subsidiary Mumbai India Security Systems
and Services75.1 412 RT
TCS Chile Subsidiary Santiago Chile Office Equipment 350 BMI Hitech Drilling Services India Ltd.
Subsidiary New Delhi India Metal Mining 1.0 150 IUSA
Tata Communications Subsidiary Moscow Russian Federation
Communications Services
100 BMI
Tata South East Asia Ltd Subsidiary Shanghai, Shanghai
China Miscellaneous Capital Goods
100 BMI
Tata South East Asia Ltd Subsidiary Kowloon, Kowloon
Hong Kong Textiles - Non Apparel
100 BMI
Tata South Africa Holdings SA Pty Ltd
Subsidiary Johannesburg South Africa Miscellaneous Capital Goods
8.0 50 BMI
Tata Ltd. Subsidiary London United Kingdom
Business Services
10.0 21 EXP
Tata Global Beverages Holdings Ltd.
Subsidiary Greenford United Kingdom
Commercial Banks
EXP
Tata Global Beverages Gb Ltd.
Subsidiary Greenford United Kingdom
Food Processing 275.3 624 EXP
Teapigs Ltd. Subsidiary Brentford United Kingdom
Food Processing 1.4 4 EXP
Stansand Ltd. Subsidiary Greenford United Kingdom
Nonclassifiable Industries
RM
Lyons Tetley Ltd. Subsidiary Greenford United Kingdom
Nonclassifiable Industries
RM
Stansand (Brokers) Ltd.
Subsidiary Greenford United Kingdom
Nonclassifiable Industries
RM
Drassington Ltd. Subsidiary Greenford United Kingdom
Food Processing RM
Tata Global Beverages Overseas Holdings Ltd.
Subsidiary Greenford United Kingdom
Commercial Banks
0.0 3 EXP
Tata Global Beverages Overseas Ltd.
Subsidiary Greenford United Kingdom
Food Processing 0.3 1 EXP
Tata West Asia Subsidiary Dubai United Arab Emirates
Miscellaneous Capital Goods
24.0 10 BMI
Tata International AG Subsidiary Zug Switzerland Business Services
100.0 IUSA
Tata Industries Ltd Subsidiary Mumbai India Miscellaneous Financial Services
1.0 GW
Advinus Therapeutics Limited Subsidiary Bangalore India Biotechnology and Drugs
GW
Tata International (Uk) Ltd. Subsidiary London United Kingdom
Miscellaneous Capital Goods
RM
Tata Textile Mills Ltd. Subsidiary Karachi Pakistan Textiles - Non Apparel
IUSA
Indian Resort Hotels Ltd Subsidiary Mumbai India Hotels and Motels GW Tata Inc Subsidiary
Tata Incorporated (Uk) Subsidiary London United Kingdom
RM
Data Noted as Source: GW, Copyright © 2010 Graham & Whiteside Limited
Data Noted as Source: RT, © 1983-2010 Reuters Research Inc. All Rights Reserved.Data Noted as Source: IUSA, © Copyright 2010, infoUSA. All Rights Reserved.
Data Noted as Source: ACP, Copyright© 2010 Asian Company Profiles Ltd. All Rights Reserved.Data Noted as Source: DPI, Copyright © 2010 DP Information Group Ltd. All Rights Reserved
Data Noted as Source: AX, Copyright © 2010 by Infotel Información y Telecomunicaciones SA. All Rights Reserved.
OneSource One-Stop Reports for Tata Motors Limited
Page 28
Data Noted as Source: D&B, © 2010 Dun & Bradstreet, Inc. All rights reserved.Data Noted as Source: RM, © 2010 RM Online, Ltd. All Rights Reserved
Data Noted as Source: EDB, Copyright© 2010 Coface Euro DB. All Rights Reserved.Data Noted as Source: EXP, © 2010 Experian Ltd. All rights reserved.
Data Noted as Source: BMI, Copyright © 2010 Business Monitor International Ltd. All rights reserved.Data Noted as Source: SDS, Copyright © 2010 Singapore Data Service
Corporate linkage data:
© Copyright 2010, infoUSA. All Rights Reserved.Copyright© 2010 Asian Company Profiles Ltd. All Rights Reserved.
Copyright © 2010 Business Monitor International Ltd. All rights reserved.Published by OneSource Information Services, Inc., 2010
OneSource One-Stop Reports for Tata Motors Limited
Page 29
Tata Motors Limited
Competitors Report
CompanyName Location Employees Ownership Ashok Leyland Limited Chennai, India 13,662 Public Daimler AG Stuttgart, Germany 257,658 Public Eicher Motors Limited New Delhi, India 646 Public Fiat SpA Turin, Italy 197,649 Public Ford Motor Company Dearborn, Michigan, United States 178,000 Public Hyundai Motor Company Seoul, Korea, Republic of 55,984 Public Maruti Suzuki India Ltd New Delhi, India 7,159 Public Motors Liquidation Company Detroit, Michigan, United States 205,000 Public Swaraj Mazda Limited Punjab, India 878 Public
© 1983-2010 Reuters Research Inc. All Rights Reserved.
Published by OneSource Information Services, Inc.,Sep, 2010
OneSource One-Stop Reports for Tata Motors Limited
Page 30
Tata Motors LimitedMumbai, , India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/, Executives Page
Executives Report
Board of Directors
Name Title Function Source
Ratan Naval Tata Non-Executive Chairman of the Board Chairman RT
Reuters Biography (Tata Motors Limited)Mr. Ratan Naval Tata is Non-Executive Chairman of the Board of Tata Motors Limited. He holds a B.Sc. (Architecture) degree from Cornell University, USA and has completed the Advanced Management Program at Harvard University, USA. He joined the Tata Group in 1962 and is the Chairman of the Tata Group of companies and Tata Sons Ltd., the holding company for majority of Tata Companies. As Chairman of Tata Industries Limited since 1981, he is responsible for transforming the company into a Group strategy think-tank and a promoter of new ventures in high technology businesses. He was honored by the Government of India with the Padma Bhushan in January 2000 and awarded an Honorary Doctorate degree in Business Administration by the Ohio State University. Mr. Tata has been on the Company's Board since August 1981 and has spent more than 13 years in an executive capacity and is actively involved with product development and other business strategies pursued by the Company. One of his achievements include designing and developing India's first indigenous car - the "Indica" which has been recognized as one of the strongest brands to have been created of late. Education (Source: RT )BS Architecture, Cornell University
Ravi Kant Non Executive Vice Chairman Vice-Chairman OSX
Reuters Biography (Tata Motors Limited)Mr. Ravi Kant is Non-Executive Vice Chairman of the Board of Tata Motors Limited since June 2, 2009. He holds a Bachelor of Technology degree from the Indian Institute of Technology, Kharagpur and a Masters in Science from the University of Aston, Birmingham, UK. Mr. Kant has wide and varied experience in the manufacturing and marketing field, particularly in the automobile industry. Prior to joining the Company, he was with Philips India Limited as Director of Consumers Electronics business and prior to which with LML Ltd. as Senior Executive Director (Marketing) and Titan Watches Limited as Vice President (Sales & Marketing). Mr. Kant was also employed with Kinetic Engineering Limited and Hawkins Cookers Limited. Mr. Kant has been with the Company since July 2000 as the Executive Director (Commercial Vehicle Business Unit) responsible for manufacturing & marketing of the Commercial Vehicle Business Unit. He has been appointed as Managing Director of the Company effective July 29, 2005. Education (Source: OSX )M Science, Aston University B , Indian Institute of Technology Compensation/Salary: 1,322,000
Subodh Bhargava Non-Executive Independent Director Director/Board Member RT
Reuters Biography (Tata Motors Limited)Mr. Subodh Bhargava is Non-Executive Independent Director of Tata Motors Limited. He holds a degree in Mechanical Engineering from the University of Roorkee and retired from Eicher Group of Companies as group chairman and chief executive in March 2000. He was the past president of the confederation of Indian Industry and the Association of Indian Automobile Manufacturers and the vice president of the Tractor Manufacturers Association. He was also a member of the Insurance Tariff Advisory Committee, the Economic Development Board of the government of Rajasthan. He has held various prominent positions on various Chambers/Associations in the field of research in engineering and technology and technical and management education and is currently associated as a director of several Indian corporates, including Tata Communications Limited and Tata Steel Limited. He was appointed as a Independent Director of the Tata Motors Limited on June 27, 2008. Education (Source: RT )Mechanical Engineering, University of Roorkee
R. Gopalakrishnan Director Director/Board Member IUSA
Jamshed J. Irani Non-Executive Director - Representative of Tata Steel Director/Board Member RT
Reuters Biography (Tata Motors Limited)Dr. Jamshed J. Irani is Non-Executive Director - Representative of Tata Steel for Tata Motors Limited. He has obtained a Bachelor of Science degree from Science College, Nagpur in 1956 with a Gold Medal in Geology and a M.Sc. (Geology) degree from the Nagpur University in 1958, both with first class. He also obtained M.Met. and Ph.D. degrees from the University of Sheffield, UK, in 1960 and 1963 respectively, with a Gold Medal for the Ph.D. Thesis. In 1993, the University of Sheffield conferred upon him the Honorary Degree of “Doctor of Metallurgy”. In 1996, the Royal Academy of Engineering, London elected him as a foreign member and he is amongst the five Indians who
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Page 31
have been bestowed with this honour. Dr. Irani was conferred honorary knighthood in 1997 by the Queen of England for his contribution towards strengthening the Indo-British Partnership. He is also on the boards of various Tata companies and has been on the Company's Board as a Tata Steel Nominee since June 1993. Education (Source: RT )PHD , University of Sheffield M Metallurgy, University of Sheffield MS Geology, Rashtrasant Tukadoji Maharaj Nagpur University
Vinesh Kumar Jairath Non-Executive Independent Director Director/Board Member RT
Reuters Biography (Tata Motors Limited)Mr. Vinesh Kumar Jairath is Non-Executive Independent Director of the Tata Motors Ltd., since March 31, 2009. Mr. Jairath holds Bachelor of Arts Degree in Public Administration and Bachelor of Laws Degree, both, from the Punjab University, Masters in Economics from the University of Manchester, U K and joined Indian Administrative Service in 1982. Mr. Jairath served as the Principal Secretary (Industries), Government of Maharashtra before he took voluntary retirement from Government Services on March 31, 2008. He is presently providing Consultancy and Advisory Services on Legal, Financial and Regulatory issues related to Infrastructure Development and Industrial Investment to a U.S. based fund and some European Manufacturing Companies. Mr. Jairath has over 25 years of experience in public administration, rural development, poverty alleviation, infrastructure, finance, industry, urban development, environmental Management and a touch of the private sector occupying various important positions in the Government of India and the State Government of Maharashtra. He has held various positions as the Managing Director of SICOM, Secretary to the Governor of Maharashtra, Municipal Commissioner of Kolhapur, Collector of Wardha, besides being an Independent Director on the Boards of Public Sector Companies and Banks. He is currently on the Boards of Maharashtra Airport Development Company and Avantha Power and Infrastructure Limited. Education (Source: RT )M Economics, University of Manchester LLB , Punjab University BA Public Administration, Punjab University
Raghunath Anant Mashelkar Non-Executive Independent Director Director/Board Member RT
Reuters Biography (Tata Motors Limited)Dr. Raghunath Anant Mashelkar is Non-Executive Independent Director of Tata Motors Limited. He has eminent chemical engineering scientist having recently retired from the post of Director General from the CSIR, the chain of industrial research and development institutions in the world with about 38 laboratories and about 20,000 employees. During his tenure at CSIR for over 11 years, his leadership transformed CSIR into a user focused, performance driven and accountable organization. Dr Mashelkar is the President of Indian National Science Academy (INSA),National Innovation Foundation, Institution of Chemical Engineers, UK and Global Research Alliance, a network of 60,000 scientists from five continents and has been honored with honorary doctorates from 26 universities, including Universities of London, Salford, Pretoria, Wisconsin and Delhi. Dr. Mashelkar has also been elected as Fellow / Associate of Royal Society (FRS), London, National Academy of Science (USA) in 2005, US National Academy of Engineering (2003), Royal Academy of Engineering, U.K. (1996) and World Academy of Art & Science, USA (2000). Dr Mashelkar has won over 50 awards and medals at national and international levels, including the JRD Tata Corporate Leadership Award and the Stars of Asia Award (2005). In the post liberalized India, Dr Mashelkar through leadership of various organizations/ Government Committees has propagated a culture of innovation and balanced intellectual property rights regime and played a critical role in shaping India's S&T policies. The President of India honored Dr Mashelkar with the Padmashri (1991) and the Padmabhushan (2000). He was appointed as a Director of Tata Motors w.e.f. August 28,2007.
V R Mehta Non-Executive Director Director/Board Member GW Nasser Munjee Non-Executive Independent Director Director/Board Member RT
Reuters Biography (Tata Motors Limited)Mr. Nasser Munjee is Non-Executive Independent Director of Tata Motors Limited. Mr. Munjee holds a Bachelor's degree from Chicago and a Master's degree from the London School of Economics, UK. His journey in financial sector began with HDFC where he served for over 20 years at various positions including as its Executive Director. He is the Chairman of Development CreditBank (DCB) since June 2005 and is also on the Board of various Multinational companies and Trusts. Mr Munjee is a Technical Advisor on the World Bank - Public Private Partnership Infrastructure and Advisory Fund. Education (Source: RT )M , London School of Economics
Sam M. Palia Non-Executive Independent Director Director/Board Member RT Reuters Biography (Tata Motors Limited)Mr. Sam M. Palia is Non-Executive Independent Director of Tata Motors Limited. He is a Development Banker by profession. He was with IDBI from 1964-1989 during which period he held various responsible positions including that of an Executive Director. He has also acted as an advisor to Industrial Bank of Yeman, Saana (North Yeman) and Industrial Bank of Sudan, Khartoum ( Sudan ) under World Bank Assistance programmes. He was also the Managing
OneSource One-Stop Reports for Tata Motors Limited
Page 32
Director of Kerala Industrial and Technical Consultancy Organisation Limited, set up to provide consultancy services to micro enterprises and small and medium enterprises. Mr. Palia is on the Boards of various companies in the industrial and financial service sectors and is also actively involved as a trustee in various NGOs and Trusts.
Ranendra Sen Non-Executive Director Director/Board Member RT
Reuters Biography (Tata Motors Limited)Mr. Ranendra Sen is Non-Executive Director of Tata Motors Limited. Mr. Sen graduated from St. Xavier’s College and joined the Indian Foreign Service in 1966. From 1986 to 1991, he was Joint Secretary to successive Prime Ministers, responsible for foreign and defence policies, atomic energy, space and other tasks. During his 43 years as a public servant, he participated in about 180 multilateral and bilateral summits. Mr Sen served as a political appointee as Ambassador to the United States during the most rapid and far-reaching transformation of India-US relations from 2004 to 2009.
N. A. Soonawala Director Director/Board Member IUSA
Prakash M. Telang Managing Director-India Operations, Executive Director Director/Board Member RT
Reuters Biography (Tata Motors Limited)Mr. Prakash M. Telang is Managing Director-India Operations, Executive Directorof Tata Motors Limited. Mr. Telang served as Executive Director (Commercial Vehicles) of the Company. He is a Mechanical Engineer from Nagpur University and a Post Graduate Diploma holder in Business Administration from IIM, Ahmedabad. Mr. Telang joined the Company in June 1972 and has been responsible, in various executive positions, for product development, manufacturing, sales and marketing functions in the Company. Prior to his induction on the Board, Mr. Telang was the President (Light & Small Commercial Vehicles) and was responsible for manufacturing activities at Pune, Dharwad and Pantnagar works. Mr. Telang played a role in cost reduction and e-procurement initiatives which have enabled the Company to turnaround and improve its operations. Education (Source: RT ), Rashtrasant Tukadoji Maharaj Nagpur University Compensation/Salary: 5,400,000
N. N. Wadia Non-Executive Independent Director Director/Board Member RT
Reuters Biography (Tata Motors Limited)Mr. N. N. Wadia is Non-Executive Independent Director of Tata Motors Limited. He is the Chairman of Bombay Dyeing & Manufacturing Company Limited and heads the Wadia Group. He is also the Chairman/Trustee of various charitable institutions and non-profit organizations. Mr. Wadia has been on the Company's Board since December 1998.
Executives
Name Title Function Source
Carl-Peter Forster Group Chief Executive Officer Chief Executive Officer OSX P. M. Telang Managing Director Chief Executive Officer IUSA Rajiv Dube President-Passenger Cars President IUSA A. M. Mankad Head-Car Plant Division Head Executive IUSA
Ravindra Pisharody President - Commercial Vehicles Business Unit Division Head Executive RT
Prakash M. Telang Managing Director-India Operations, Executive Director Division Head Executive RT
Reuters Biography (Tata Motors Limited)Mr. Prakash M. Telang is Managing Director-India Operations, Executive Directorof Tata Motors Limited. Mr. Telang served as Executive Director (Commercial Vehicles) of the Company. He is a Mechanical Engineer from Nagpur University and a Post Graduate Diploma holder in Business Administration from IIM, Ahmedabad. Mr. Telang joined the Company in June 1972 and has been responsible, in various executive positions, for product development, manufacturing, sales and marketing functions in the Company. Prior to his induction on the Board, Mr. Telang was the President (Light & Small Commercial Vehicles) and was responsible for manufacturing activities at Pune, Dharwad and Pantnagar works. Mr. Telang played a role in cost reduction and e-procurement initiatives which have enabled the Company to turnaround and improve its operations. Education (Source: RT ), Rashtrasant Tukadoji Maharaj Nagpur University Compensation/Salary: 5,400,000
Shrikrishna N. Ambardekar Senior Vice President - Manufacturing Operations-CVBU Operations Executive RT
S B Borwankar Plant Head Jamshedpur Administration Executive GW H. K. Sethna Compliance Officer, Company Secretary Company Secretary RT
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Abhijit Gajendragadkar Vice President - Corporate Finance, Business Planning Finance Executive RT
Prakash Y. Gurav Senior Vice President - Corporate Finance - Accounts and Taxation Finance Executive RT
PY Gurav Vice President-Corporate Finance, A/c & Taxation Finance Executive IUSA
C. Ramakrishnan Chief Financial Officer Finance Executive RT
Reuters Biography (Tata Motors Limited)Mr. C. Ramakrishnan is the Chief Financial Officer of Tata Motors Limited. He handled corporate treasury and accounting functions as well as management accounting. After a two- year company-wide IT project responsibility covering R&D, manufacturing, sourcing and sales & service, he has been working in the Chairman’s Office for the last 6 years. Mr. Ramakrishnan holds a Bachelors of Commerce. degree and is a qualified Chartered Accountant and Cost Accountant.
C. Ramakrishnan Chief Financial Officer Finance Executive IUSA S. J. Tambe Vice President-Human Resource Human Resources Executive IUSA
Debasis Ray Head-Corporate Communications Corporate Communications Executive IUSA
T. Leverton Head - Advanced and Product Engineering Advertising Executive RT S. Ravishankar Vice President - Engg. Systems, ERC Information Executive RT Zackria Sait Vice President-Technical Services Information Executive IUSA
Girish Wagh Head - Small Car Project Engineering/Technical Executive RT
S. Krishnan Senior Vice President - Commercial-PCBU Commercial Executive RT R. Bagga Vice President - Legal Legal Executive RT Satish B. Borwankar Head - Jamshedpur Plant Manufacturing Executive RT M. V. Rajarao Vice President-Manufacturing Manufacturing Executive IUSA Vikram Sinha Head - Car Plant, PCBU Manufacturing Executive RT Uday K. Mishra Vice President - ADD and Materials, CVBU Purchasing Executive RT Bharatkumar B. Parekh Chief - Strategic Sourcing Other RT Nagesh Pinge Chief Internal Auditor Other RT
Data Noted as Source: OSX , © 2010 OneSource Information Services, Inc. All Rights Reserved. Data Noted as Source: IUSA , © Copyright 2010, infoUSA. All Rights Reserved.
Data Noted as Source: GW , Copyright © 2010 Graham & Whiteside Limited Data Noted as Source: RT , © 1983-2010 Reuters Research Inc. All Rights Reserved.
Published by OneSource Information Services, Inc., Sep, 2010
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Tata Motors Limited
Significant Developments
Tata Motors Limited Plans To Combine Technologies With Jaguar Land Rover-DJ Sep 01, 2010 Dow Jones reported that Tata Motors Limited is planning to integrate technologies with Jaguar and Land Rover as the Mumbai based auto maker tries to cut vehicle development costs. Increased cooperation between Tata Motors and its U.K.-based luxury car brands Jaguar and Land Rover could lower the cost of developing new engines and vehicle platforms via joint sourcing from auto parts vendors and increased economies of scale due to the Indian maker's robust presence in its domestic market.
Tata Motors Limited To Raise Up To $1 Billion-Reuters Aug 26, 2010 Reuters reported that Tata Motors Limited could raise up to $1 billion through a mix of instruments. The Company would raise about INR47 billion ($1.02 billion) through shares, bonds, debentures and other equity linked instruments to cut debt and grow its business.
Tata Motors Limited To Consider INR12 Billion Plant In Mexico-DJ Aug 19, 2010 Dow Jones reported that Tata Motors Limited is likely to set up a INR12 billion ($257.3 million) factory in Mexico this year as part of a plan to sell its vehicles in South America, according to livemint.com. The plant would have initial capacity of 100,000 cars a year, which could be increased to 300,000, the website reported one of the people as saying. The Company's spokesperson, Debasis Ray, told the website, however, that the Company hadn't made a decision on the Mexico project.
Tata Motors Limited May Raise $700 Million Via Sale Of Shares-DJ Aug 18, 2010 Dow Jones reported that Tata Motors Limited is likely to sell shares with differential voting rights to raise around $700 million. The size of the issue will depend on what investors want and a sense of where the markets are headed, but at the moment the thinking is around $700 million. It will use the funds to expand and reduce debt on its balance sheet. Tata Motors has been raising funds to repay its debt.
Tata Motors Limited May Set Up India Plant For Small Trucks-Reuters Aug 12, 2010 Reuters reported that Tata Motors Limited is looking at setting up a new plant in India to manufacture small trucks.
Tata Motors Limited In Talks For JLR JV Assembly Line Operations In China-Reuters Aug 10, 2010 Reuters reported that Tata Motors Limited is talking to potential joint venture partners (JV) to start assembly line operations for its Jaguar and Land Rover (JLR) brands in China.
Tata Motors Limited Considering New Jaguar, Land Rover Models-DJ Aug 02, 2010 Dow Jones reported that Tata Motors Limited is considering the introduction of new models under the U.K-based Jaguar and Land Rover luxury brands and will likely develop variants of its small car Nano for international markets, its Chairman said. Tata Motors Limited is looking to introduce a station wagon, an entry level vehicle and a new roadster under the Jaguar brand, Ratan Tata said in the Company's annual report for the last fiscal year ended March 31.
Tata Motors Limited In Barter Deal For Commonwealth Games-Economic Times Jul 27, 2010
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The Economic Times reported that Tata Motors Limited will provide as many as 1,800 new cars to the organisers of Commonwealth Games to ferry athletes in lieu of its advertisements as a logistics solutions sponsor for the 12 day sporting event. According to the unique arrangement with the Commonwealth Games Committee, Tata Motors would provide these vehicles in exchange for association with the event and will take them back after the event.
Tata Motors Limited Mandates UBS For Convertible Note Issue-DJ Jul 02, 2010 Dow Jones reported that Tata Motors Limited has appointed UBS to lead manage a convertible note issue as part of its plans to raise INR47 billion ($1 billion), mydigitalfc.com reported, citing Tata group officials. The Company decided on an issue of convertible bonds overseas rather than a rights issue of ordinary shares or 'A' class ordinary shares because most shareholders would expect a rights issue to be priced at a discount to the market price, the website reported the officials as saying.
Tata Motors Limited To Launch Smaller Land Rover In UK Next Year-DJ Jun 30, 2010 Dow Jones reported that Land Rover, a car brand owned by Tata Motors Limited, plans to launch a small vehicle in the U.K. next year.
Tata Motors Limited To Raise $1 Billion To Reduce Debt, Expand Operations-DJ Jun 28, 2010 Dow Jones reported that Tata Motors Limited's Board approved raising about INR47 billion ($1 billion) via a mix of debt and equity. The Company, part of the salt to software Tata group, will use the funds for expansion and to reduce the debt on its balance sheet. The auto maker also sought shareholder approval to raise its borrowing limit to INR300 billion from INR200 billion. It will raise the funds through an issue of A class shares, warrants, convertible debentures and bonds in one or more tranches. The Company, which owns the U.K.-based Jaguar and Land Rover brands, will decide the structure and timing of the issues depending on market conditions.
Tata Motors Limited And Jaguar Land Rover Plan Emerging Market Car-DJ Jun 28, 2010 Dow Jones reported that Tata Motors Limited and Jaguar Land Rover are working on a concept car for emerging markets, DNA Money reported, citing Tata Motors' Managing Director, P.M. Telang. The car is at a development stage, the website said.
Tata Motors Limited To Launch Magic Iris Van By September Or October-DJ Jun 25, 2010 Dow Jones reported that Tata Motors Limited expects to launch its Magic Iris van by September or October. Besides, the Company are also aiming to launch a truck with lower payload than the Ace in this fiscal.
Tata Motors Limited Plans Assembly Unit In South Africa-DJ Jun 25, 2010 Reuters reported that Tata Motors Limited is looking at setting up an assembly unit in South Africa for medium-sized and small trucks.
Tata Motors Limited To Raise Long Term Capital Funds Jun 23, 2010 Tata Motors Limited announced that a meeting of the Board of Directors of the Company will be held on June 28, 2010, to consider various options for raising long term capital funds.
Tata Motors Limited Plans To Assemble Land Rover Models In India-DJ Jun 23, 2010 Dow Jones reported that Tata Motors Limited is planning to assemble a few Land Rover models in India, the Mint newspaper reported, citing two unnamed people familiar with the development. Tata Motors Limited will likely start assembly operations by the end of 2010, and launch the locally assembled Freelander model by the end of June 2011, the newspaper said. Tata Motors Limited will use its factory at Pimpri near Pune in the western state of Maharashtra to assemble the Freelander.
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Tata Motors Limited To Be Sole Supplier Of Vehicles For Commonwealth Games-DJ Jun 18, 2010 Dow Jones reported that Tata Motors Limited will be the sole supplier of close to 2,000 cars, jeeps and trucks for the Commonwealth Games in Delhi in October, the Business Standard reported, citing the organizing committee of the Commonwealth Games. Orders have been placed with Tata Motors Limited for nearly 1,800 cars for during the games, and further vehicles for the Queen Baton Relay starting June 25.
Tata Motors Limited Aims To Raise INR1.5 Billion Via Bonds- DJ Jun 11, 2010 Dow Jones reported that Tata Motors Limited aims to raise INR1.5 billion via bonds. The Company plans to sell 10-year bonds paying a yield of 9.70%. The issue will open later Friday and close Wednesday. Other details such as the use of the funds were not immediately available.
Tata Motors Limited Sells INR1 Billion Of Commercial Paper-Reuters Jun 03, 2010 Reuters reported that Tata Motors Limited raised INR1 billion via short-term debt. It sold one-year notes yielding 6.85% to a bank.
Tata Motors Limited Inaugurates West India Factory For Nano Mini Car-DJ Jun 02, 2010 Dow Jones reported that Tata Motors Limited has opened the first dedicated factory for the Nano mini car, a move which will help the Company clear a large backlog of orders. The 624 cubic centimeter, snub nosed car with a rear gasoline engine will now also be produced at Tata Motors' plant at Sanand, in the western state of Gujarat. Built with an investment of INR20 billion, the factory will have an initial capacity of 250,000 cars a year, which will be ramped up in phases. Tata Motors began deliveries of the Nano, last July from an existing factory at Pantnagar in the northern state of Uttarakhand after receiving a record 206,703 bookings during April-June 2009. It plans to complete delivering the first 100,000 Nano cars by December 2010. The Company isn't taking new orders for the car due to the backlog.
Tata Motors Limited And Jaguar Land Rover To Combine Expertise -DJ Jun 01, 2010 Dow Jones reported that Tata Motors Limited and Jaguar Land Rover are to form a joint management team to combine their expertise, with Tata Motors Limited handling the engineering side and Jaguar Land Rover the design, the Economic Times reported, citing people familiar with the move. With Tata Motors Limited making country-specific models of Jaguar and Land Rover for certain markets like China and Russia, common parts will reduce expenses, the website quoted a senior JLR executive as saying.
Tata Motors Limited Recommends Dividend May 27, 2010 Tata Motors Limited announced that the Board of Directors has recommended a dividend of INR15 per share on ordinary shares for financial year 2009-2010 and a dividend of INR15.50 per share on A ordinary shares for financial year 2009 (INR6 per share on ordinary shares and INR6.50 per share on A ordinary shares for financial year 2008-2009).
Tata Motors Limited In Talks With Mexico's Metalsa For Contract Manufacturing Deal-DJ May 18, 2010 Dow Jones reported that Tata Motors Limited is in talks with Mexico-based Metalsa SA de CV for a contract manufacturing arrangement, livemint.com reported, citing two people familiar with the development. If the talks are successful, the unit will manufacture the Indica Vista, Indigo Manza and the Nano, the website said.
Tata Motors Limited Plans To Launch Passenger Car In Thailand-DJ May 17, 2010 Dow Jones reported that Tata Motors Limited plans to launch a fuel-efficient and environment-friendly passenger car in Thailand despite pulling out of an eco-car project there, the Press Trust of India reported, citing a Tata Motors spokesperson.
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Genovation Cars Selects Tata Motors Limited's Tata Technologies To Design and Prototype Its Green Electric Automobile May 10, 2010 Genovation Cars Inc. announced that it has selected and contracted with Tata Motors Limited's Tata Technologies to design and prototype its G2 model. Tata Technologies was one of four design firms vying for the Genovation contract. The G2 model that Tata will develop will incorporate Genovation's research and development that went into its G1 model, an electric conversion of a Ford Focus. The conversion included the installation of an electric motor, battery string, battery management system, safety system, HVAC, controller and instrumentation. During the first phase of development, which will occur over a five-month period, Tata will provide Genovation with two design iterations to include two-door and four-door versions; two quarter-scale models; detailed time-line; and bill of material, aerodynamic analysis, and crash analyses. Tata serves as the prime contractor and will sub-contract with Metalsa for the structural design and manufacturability analysis, and with Dana Thermal Products for the cars' thermal operations (electric systems cooling and cabin climate control).
Tata Motors Limited To Sell INR1 Billion Of Bonds-Reuters May 10, 2010 Reuters reported that Tata Motors Limited will sell INR1 billion of bonds this week. The 10-year bonds carry a coupon rate of 9.75% and are rated 'AA-minus' by CARE and 'A-plus' by ICRA. Yes Bank is arranger to the issue.
Tata Motors Limited Arm Plans To Raise INR1 Billion Via Short-Term Debt-DJ May 05, 2010 Dow Jones reported that the vehicle financing arm of Tata Motors Limited aims to raise INR1 billion via short-term debt. Tata Motors Finance Ltd. is selling INR500 million of three-month commercial paper and INR500 million of four-month commercial paper. The three-month paper pays a yield of 4.60% and the four-month paper has been priced at 4.80%. Both issues will be privately placed. Other details, such as the end use of the funds, weren't immediately available.
Tata Motors Limited Aims To Raise INR1.5 Billion Via Bonds-DJ May 03, 2010 Dow Jones reported that Tata Motors Limited aims to raise INR1.5 billion by selling bonds. India's auto maker by revenue plans to sell 10-year bonds paying a coupon of 9.90%.
Tata Motors Limited Ties Up With Indian Overseas Bank For Vehicle Financing-Business Standard Apr 26, 2010 Business Standard reported that Tata Motors Limited said it has entered into an understanding with public sector lender Indian Overseas Bank for financing its commercial vehicles across the country.
India Regulator Says Tata Motors Limited Can Issue Fresh Class A Shares-DJ Apr 26, 2010 Dow Jones reported that India's capital markets regulator said Tata Motors Limited's existing listed class A ordinary shares will continue to have their existing rights. In a notice, the Securities and Exchange Board of India said also that the auto maker can make a fresh issue of ordinary A shares through either a public offering, preferential allotment, an institutional share sale, a bonus issue or a rights issue. The regulator's notice was in response to a query by Tata Motors Limited on whether existing holders of its class A shares will continue to hold all existing rights and be entitled to receive superior dividends as compared with holders of other ordinary shares. The regulator said also that Tata Motors Limited can issue class A shares when holders of convertible alternative reference securities or employee stock options opt to convert their holdings to these kind of shares. The conversion into fresh A shares will be on the same terms as the existing A shares, it added.
France's Moselle Province To Approach Tata Motors Limited Over Possible Nano Plant-DJ Apr 14, 2010 Dow Jones reported that the French province of Moselle said Tata Motors Limited should examine the possibility of setting up a manufacturing unit there for its Nano car, a move that would help the Company quickly expand the car's market across Europe, the Press Trust of India (PTI) reported, citing Moselle Development Agency Director General David Malingrey. Tata Motors Limited should take a look at the Moselle province for establishing manufacturing and logistics units for Nano cars, the PTI quoted Malingrey as saying on the sidelines of the JEC Composites Show. By the end of this month, they are planning to contact Tata Motors Limited in India with a proposal to look at the investment opportunities here for the Nano, Malingrey said, the PTI reported.
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Tata Motors Limited May Sell 24% Of Cummins Engine Joint Venture-DJ Apr 12, 2010 Dow Jones reported that Tata Motors Limited is looking at selling a 24% stake in an equal joint venture with U.S. based Cummins Engine Co. for INR5 billion.
Tata Motors Limited May Sell 24% Of Cummins Engine Joint Venture Apr 12, 2010 Dow Jones reported that Tata Motors Limited is looking at selling a 24% stake in an equal joint venture with U.S.based Cummins Engine Co. for INR5 billion.
Tata Motors Limited Calls For Quotes For 10 Year Bond-DJ Apr 09, 2010 Dow Jones reported that Tata Motors Limited has called for quotes to price a 10 year bond. The Company is exploring raising INR2 billion via the issue of the 10 year bond.
Tata Motors Limited's Arm Aims To Raise INR2 Billion Via Bonds-DJ Apr 08, 2010 Dow Jones reported that the vehicle financing arm of Tata Motors Limited aims to raise INR2 billion by selling bonds. Tata Motors Finance Ltd. is selling 10 year bonds paying a coupon of 10.70%. The issue is currently open and is likely to close on April 12, 2010.
Tata Motors Limited's Bondholders Opt For Conversion-Business Line Mar 31, 2010 Business Line reported that Tata Motors Limited's bondholders had opted to convert their bonds into ordinary shares. Through this offer, the Company was able to extinguish debt worth $345 million (about INR1,550 crore) of these bonds at current exchange rates. The Company has allotted 26.64 million equity shares to the bondholders. Bondholders representing 93% of the Yen bonds and 76% of the dollar bonds opted to convert their bonds into ordinary shares. The Company had offered bondholders of zero per cent JPN11,760 million and 1% $300 million convertible bonds an option to convert the bonds into ordinary shares between March 23, 2010 and March 29, 2010 .
Tata Motors Limited Announces Appointment Of Managing Director Mar 30, 2010 Tata Motors Limited announced that at the meeting of the Board of Directors held on March 30, 2010, Mr. Carl-Peter Forster was appointed as the Managing Director of the Company with effect from April 01, 2010.
Tata Motors - Divests 20% stake In Telcon In Favour Of Hitachi Construction Company Ltd, Japan Mar 30, 2010 Tata Motors Limited, Hitachi Construction Machinery Co. Ltd. and Telco Construction Equipment Company Limited, a 60:40 joint venture company between Tata Motors and Hitachi, signed an agreement under which Tata Motors has sold a further 20% stake in Telcon in favour of Hitachi for a consideration of INR1159 crores. Consequently Telecon will be owned 60% by Hitachi and Tata Motors. Standard Chartered Bank and AZB Partners have been Financial and Legal Advisors respectively for the Company to this transaction.
Tata Motors Limited Sells INR1 Billion Of MIBOR Linked Bonds-Reuters Mar 23, 2010 Reuters reported that Tata Motors Limited has raised INR1 billion via MIBOR-linked bonds with a daily put/call option. The coupon rate on the bonds is just the MIBOR rate, with no spread as premium. Settlement is in T+1 format, overnight NSE MIBOR is 3.60%.
Tata Motors Limited Announces Proposed Conversion Offer Mar 23, 2010 Tata Motors Limited announced that it is inviting holders of its outstanding JPY11,760,000,000 zero coupon convertible notes due March 2011 convertible into shares or American depository shares (ADS) (the Yen Notes) and USD300,000,000 1% convertible notes due April 2011 convertible into share or global depositary share (GDS) (the Dollar Notes, and together with the Yen notes, the Notes) to submit
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applications in an auction to convert the Notes into share ( invitation) between March 23, 2010 and 4.00 p.m. (London time) on March 29, 2010 (the Auction period) upon the terms of set out in an invitation memorandum dated March 23, 2010 that has been sent to holders of the notes. the option to convert the Yen notes into ADSs or Dollar notes into GDSs is not available to converting pursuant invitation. Note holders will receive on the terms set out in the invitation memorandum, share upon conversion of the Yen notes and the Dollar notes at certain enhanced conversion rations (based on the price options and volume weighted average price across the auction period) upon submission during the auction period of a valid application selecting at least one price option in respect of the Yen notes or the Dollar notes, as the case may be.
Tata Motors Limited In Pact To Build Heavy Truck Plant In Myanmar-DJ Mar 22, 2010 Dow Jones reported that Tata Motors Limited has signed a pact with Myanmar Automobile & Diesel Industries Ltd. to set up a factory for making heavy trucks in the Southeast Asian country. The factory at Magwe in Myanmar is expected to be operational during January-March 2011
Tata Motors Limited Plans To Sell Stake In Joint Venture To Partner Hitachi Construction Machinery Co., Ltd.-DJ Mar 22, 2010 Dow Jones reported that Tata Motors Limited plans to sell its 60% stake in unit Telco Construction Equipment Co. Ltd. to its Japanese partner Hitachi Construction Machinery Co., Ltd., the Mint reported on its Web site, citing a person familiar with the development. Talks have already begun and a deal is likely in three months, the report said. It didn't give any reason for the likely stake sale by Tata Motors Limited. Telco Construction Equipment makes backhoe loaders, excavators, wheel loaders and other equipment used in infrastructure projects.
Daimler AG Sells Equity Interest In Tata Motors Limited Mar 09, 2010 Daimler AG announced that it has on March 9, 2010, sold all of its 5.34% of the ordinary shares of Tata Motors Limited, to various groups of investors through the capital market. Tata Motors' share price has risen significantly, especially last year, so Daimler will receive a substantial cash inflow of approximately EUR300 million from the sale of its shares.
Daimler AG To Sell Up To $429 Million Stake In Tata Motors Limited-Reuters Mar 08, 2010 Reuters reported that Daimler AG is selling up to $429 million worth of shares in Tata Motors Limited at a discount of up to 7% to the stock's Monday closing price. Daimler is offering 25.6 million shares in Tata Motors at INR737.4 to INR761.3 each, a discount of 4% to 7% below the stock's Monday close of INR796.75. The shares represent a 5.34% stake in Tata Motors.
Tata Motors Limited Up On Robust February Sales, Result-Reuters Mar 02, 2010 Reuters reported that shares in Tata Motors Limited rallied more than 11% as investors cheered the Company's strong sales growth in February and improved working at its UK based Jaguar and Land Rover unit.
Tata Motors Limited Eyeing Stake Sale In Financing Unit-Reuters Feb 16, 2010 Reuters reported that Tata Motors Limited is keen to sell a stake in its financing arm. The Company has been divesting holdings in group firms to raise funds.
State Bank of India May Buy Stake In Tata Motors Limited's Tata Motors Finance-Reuters Feb 16, 2010 Reuters reported that according to the Mint newspaper, State Bank of India may take a 49% stake in Tata Motors Finance, the vehicle financing unit of Tata Motors Limited. A stake in the Tata Motors unit would allow State Bank of India to expand into the trucks and buses segment where it currently has no presence.
Tata Motors Limited Announces Appointment Of Group Chief Executive Officer Feb 15, 2010
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Tata Motors Limited announced that the Company has appointed Mr Carl-Peter Forster as the Group Chief Executive Officer of the Company. He will have the overall responsibility of Tata Motors Operations globally, including Jaguar Land Rover.
Tata Motors Limited Aims To Raise At Least INR2 Billion Via Bonds-DJ Feb 11, 2010 Dow Jones reported that Tata Motors Limited aims to raise at least INR2 billion by selling bonds. The Company plans to sell 10 year bonds paying a coupon of 9.95%. The issue has an option to retain an unspecified additional amount. Other details were not immediately available.
Tata Motors Limited Plans To Launch Nano In Africa-DJ Jan 08, 2010 Dow Jones reported that Tata Motors Limited is making initial preparations for a launch of its Nano car in Africa, livemint.com reported, citing Managing Director of Tata Africa Holdings (SA)(Pty) Ltd.
Tata Motors Limited And Ashok Leyland Limited To Launch New Trucks-DJ Jan 06, 2010 Dow Jones reported that Tata Motors Limited and Ashok Leyland Limited will introduce 15 new truck models. Ashok Leyland plans to launch 15 new truck models under its new U-Truck platform by March 2011. Tata Motors will introduce three new heavy trucks in India by March from its Prima range of so-called world trucks.
Tata Motors Limited Expanding Joint Venture With Fiat S.p.A. To Other Models-DJ Dec 17, 2009 Dow Jones reported that Tata Motors Limited is ready to strengthen its ties with Fiat S.p.A. and expand its joint venture with Fiat S.p.A. on any platform and product, La Repubblica reported in its Thursday Internet edition, citing Ratan Tata, chairman of Tata Group at a meeting with Italian Industry Minister, Claudio Scajola, in Mumbai. He was quoted by the paper as saying that Tata Motors Limited's business with Fiat S.p.A. is growing and it's expanding to other models.
Tata Motors Limited Denies Interest In Swaraj Mazda Limited-Reuters Dec 16, 2009 Reuters reported that Tata Motors Limited denied it had any interest in acquiring a stake in Indian truck and bus maker Swaraj Mazda Limited.
Delhi Warns Tata Motors Limited Over Bus Fire-Hindustan Times Dec 15, 2009 Hindustan Times reported that the Delhi government threatened to initiate criminal proceedings against Tata Motors Limited if another low-floor bus caught fire in future. The government imposed a penalty of INR4 crore (INR40 million) on Tata Motors Limited and decided to withhold payment of INR150 crore (INR1500 million) against the delivery of 390 buses till the maintenance issues were sorted out.
Tata Motors Limited, Vijaya Bank In Tie Up For Financing Vehicles-Business Standard Dec 10, 2009 Business Standard reported that Tata Motors Limited has tied up with Vijaya Bank for financing its range of commercial and passenger vehicles to provide an added facility of finance to its customers.
Tata Motors Limited Eyes SUMITOMO CORPORATION's Stake In Swaraj Mazda-Reuters Dec 10, 2009 Reuters reported that according to the Economic Times, Tata Motors Limited plans to acquire SUMITOMO CORPORATION's 53.5% stake in truck and bus maker Swaraj Mazda in a deal worth up to $54 million to boost its commercial vehicles business. The deal value, if the plan succeeds, includes a mandatory 20% open offer to other shareholders. It is said that private equity investors, CDC Group and Actis, which own 9.3% and 7.7% respectively in Swaraj, are likely to participate in the open offer if Tata Motors buy SUMITOMO's stake.
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Tata Motors Limited Plans Nano Hybrid Cars-Reuters Nov 30, 2009 Reuters reported that Tata Motors Limited is planning to produce hybrid versions of its Nano.
Tata Motors Limited Declines To Comment On Swaraj Mazda Stake Buy-DJ Nov 24, 2009 Dow Jones reported that Tata Motors Limited declined to comment on a newspaper report that Tata Motors Limited is looking to buy private equity firm Actis' stake in commercial vehicle maker Swaraj Mazda Limited. No comments, P.M. Telang, managing director in-charge of India at Tata Motors, told reporters on the sidelines of an industry conference. The Economic Times reported earlier in the day, citing unnamed people, that Swaraj Mazda Limited is among other auto makers, a Kolkata-based engineering company and other private equity funds who are exploring the possibility of buying the stake from Actis. Actis holds a 7.7% direct stake in Swaraj Mazda Limited and a further 9.3% through its CDC unit, the newspaper said.
Tata Motors Limited Eyes Actis Stake In Swaraj Mazda-DJ Nov 23, 2009 Dow Jones reported that Tata Motors Limited is looking at buying private equity company Actis' stake in commercial vehicle and bus maker Swaraj Mazda Limited, the Economic Times reported on its Web site, citing people familiar with the matter. Actis holds a 7.7% direct stake in Swaraj Mazda Limited and a further 9.3% through its CDC unit, the Web site said.
Tata Motors Limited Raises INR2.64 Billion In New Fixed-Deposit Scheme-DJ Nov 17, 2009 Dow Jones reported that Tata Motors Limited has raised INR2.64 billion ($56.8 million) through its revised fixed-deposit scheme, launched in August, the Business Standard reported on its Web site, citing a spokesperson for the Company.
Tata Motors Limited's Jaguar Land Rover Gets GBP170 Million Loan-Reuters Nov 16, 2009 Reuters reported that Jaguar Land Rover is expected to announce on Monday that it has secured a GBP170-million ($282.5 million) working capital facility from GE Capital, according to the Financial Times newspaper. The five-year loan would help the Jaguar Land Rover, owned by Tata Motors Limited, as it is struggling in the global financial downturn. The loan will be drawn down as soon as vehicles are made in its three UK production lines, the paper said. It will boost the working capital for Jaguar by shortening the 30- to 40-day gap it has to wait between producing cars and delivering them to dealerships, the paper said.
Tata Motors Limited Mulls Letting Assemblers Brand Nano-DJ Nov 01, 2009 Dow Jones reported that Tata Motors Limited is considering allowing local assemblers to build its Nano car and sell it under a brand of their own, the Business Standard reported on its Web site, citing the Company's Vice Chairman. The newspaper reported Vice Chairman as saying at the Economist Innovation conference in London that the Company may allow the setting up of micro-assembly sites, each producing around 10,000 units a year.
Tata Motors Limited Acquires Remaining 79% In Hispano Carrocera S.A. Oct 20, 2009 Tata Motors Limited announced that it has acquired 79% stake in Hispano Carrocera S. A., by way of exercise of the existing call option, through mutual agreement with the other share holder, Investalia S.A, Spain. The Company has previously acquired 21% stake in Hispano Carrocera S. A..
Tata Motors Limited To Launch New Indigo Manza Sedan Later Wednesday-DJ Oct 14, 2009 Dow Jones reported that Tata Motors Limited said that it will introduce later Wednesday its new Indigo Manza sedan that will replace the current Indigo model. The new car will be offered in four versions with the base model costing INR480,000 at showrooms in New Delhi and the top end model will cost INR675,000.
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Tata Motors Limited's Jaguar Land Rover Gets $90 Million Trade Facility From ABC International Bank-DJ Oct 12, 2009 Dow Jones reported that ABC International Bank said that it had completed a $90 million committed trade financing facility for U.K. carmaker Jaguar Land Rover, a unit of India's Tata Motors Limited, supporting the Company's exports to the Middle East and North Africa. The facility complements existing trade financing facilities between ABC and Jaguar Land Rover, according to Jaguar's chief financial officer.
Tata Motors Limited Raises $750 Million Through Issue Of Global Depositary Shares (GDSs) and Convertible Notes (Notes) Oct 09, 2009 Tata Motors Limited announced that it has issued 29904306 new equity shares in the form of Global Depositary shares (GDSs) at a price of $12.54 per GDS, aggregating $375 million and 3750, 4% coupon convertible notes due 2014 at a price of $100000 per note, aggregating $375 million (together, the offering). These GDSs and notes together aggregating $750 million will be listed on the Luxembourg Stock Exchange. The intends to use the net proceeds from this offering for repayment of debt incurred in connection with the acquisition of Jaguar Land Rover, the outstanding of which stands at $700 million and for the other purposes such as capital expenditure, working capital and other general corporate purposes.
Tata Motors Limited Launches GDR And Convertible Notes Issue Oct 09, 2009 Tata Motors Limited announced that its Board has authorized a committee of the Board to consider and approve raising of long term capital by the Company including the quantum, size, terms and type of security as permissible under the existing shareholders resolution. After the approval of the Committee, the Company has launched an issuance of GDSs and convertible notes for an aggregate amount upto $600 million, with an option to retain higher amount in the international market.
Tata Motors Limited's Jaguar Land Rover Gets GBP175 Million Loan From State Bank India-DJ Oct 07, 2009 Dow Jones reported that according to BBC report, Tata Motors Limited's Jaguar Land Rover has secured a GBP175 million loan from the State Bank of India.
Tata Motors Limited To Merge 2 U.K. Jaguar Land Rover Plants-Reuters Sep 24, 2009 Reuters reported that Tata Motors Limited said that it will merge two of its three Jaguar Land Rover (JLR) auto plants in England by 2014. The Company said that there would be no compulsory redundancies and it would develop a new low carbon Range Rover model, creating new jobs. The Company said a review was under way as to which of the two plants would be closed, with the decision due to be announced in the first half of 2010.
Tata Motors Limited Gets INR780 Million Loan From UK Government For Electric Car-Business Standard Sep 18, 2009 Business Standard reported that Tata Motors Limited said its wholly owned European subsidiary, Tata Motors European Technical Centre, has got a loan of GBP10 million (INR780 million) from the UK government for its INR195 crore (INR1,950 million) electric car project. The loan is under the UK government's Automotive Assistance Programme (AAP), to develop and manufacture the Tata Indica Vista Electric Vehicle in the UK with an investment of GBP25 million (about INR195 crore).
Tata Motors Limited To Launch Freelander SUV On September 22-Business Standard Sep 18, 2009 Business Standard reported that Tata Motors Limited is launching its product, Freelander 2 on September 22, 2009.
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ADR REPORT: Shares Close Mixed As Japan Fights Strong Yen
Nikkei English News 15 September 2010
[What follows is the full text of the news story.]
By Adam Cancryn
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--International companies trading in New York closed mixed Wednesday as investors weighed Japan's decision to increase its monetary base and weaken the yen.
The Bank of New York index of ADRs closed up 0.18% at 130.56.
Japan turned to a $16 billion foreign-exchange intervention to curb the yen's strength, which threatens to cripple its economy. The decision sent the dollar higher against the yen, and marked the first time Japanese authorities publicly intervened in currency markets since 2004.
The country's leading exporters, which are the engine of the country's economic growth and had been complaining vociferously about the yen's strength for months, cautiously welcomed the currency intervention. But for many, it won't be enough to impact their bottom line for the rest of the year.
The strong yen has been a huge concern for the country's most powerful and recognizable brand names abroad because it makes their products more expensive overseas. Automotive companies Toyota Motor Corp. (TM, 7203.TO) and Nissan Motor Co. (NSANY, 7201.TO) gained 2% to $71.22 and 2.5% to $16.66, respectively, while Honda Motor Co. (HMC, 7267.TO) rose 2.5% to $34.80. Sony Corp. (SNE, 6758.TO) climbed 2.7% to $30.69.
The European index rose 0.23% 199.98.
French drug giant Sanofi-Aventis (SNY, SAN.FR) said it plans to remain disciplined in its pursuit of U.S-based biotech Genzyme Corp. (GENZ), which reiterated that Sanofi-Aventis's initial takeover offer is too low. Sanofi made its $18.5 billion bid public last month. Genzyme's board rejected the bid as "an unrealistic starting price" and declined to start talks, but has suggested that it could be open to selling the company at a higher price. Sanofi-Aventis climbed 1.4% to $32.29.
Goldman Sachs cut its rating on Logitech International SA (LOGI, LOGN.VX) to sell from neutral, saying signals indicate sales of TVs, PCs and notebooks are slowing down. Logitech stock lost 3.2% to $15.82.
Deutsche Telekom AG's (DTEGY, DTE.XE) supervisory board can't understand allegations linked to suspected bribery against Chief Executive Rene Obermann, an executive board member said. The Bonn state prosecutor is investigating Obermann's role in alleged acts of bribery in Macedonia and Montenegro, where Magyar Telekom Telecommunications PLC (MTA, MTELEKOM.BU) operates. Deutsche Telekom has a majority stake in the Hungarian telecom operator. Shares of Magyar Telekom fell 1.9% to $16.02, while Deutsche Telekom edged up 0.2% to $13.61.
The Latin American index lost 0.23% to 380.12.
Brazilian steelmaker Companhia Siderurgica Nacional ADS (SID, CSNA3.BR) received nearly $7 billion in orders for its perpetual bond offer, set to price later today. The size of the deal hasn't been announced, but market participants were expecting a $1 billion sale. Shares lost 1.6% to $16.58.
The Asian index edged up 0.36% to 126.57.
South Korea's National Pension Service would consider investing in South Korean banks like Woori Finance Holdings Co. (WF, 053000.SE) and Korea Exchange Bank (004940.SE) should
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such a deal be favorable for the fund's investment objectives. That highlights the potential role that the world's fifth-largest pension fund could play in domestic mergers and acquisitions. Woori Finance slid 2.5% to $35.11.
The emerging-markets index fell 0.2% to 312.13.
AngloGold Ashanti Ltd. (AU, ANG.JO) said it plans to sell at least 15.8 million American depositary shares and notes that will convert into the same amount of ADS as the South African gold miner raises money to "effectively" eliminate its gold-hedging position. Shares lost 4.8% to $44.50.
Tata Motors Ltd. (TTM, 500570.BY) fell 2.3% to $23.07 after the auto maker's global sales performance came in below market expectations.
-By Adam Cancryn, Dow Jones Newswires; 212-416-3261; [email protected]
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=cJdz2JxiZS7vFT9S8oSBMw%3D%3D. You can use this link on the day this article is published and the following day.
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Indian Commercial Vehicles Market - Force Field Dynamics Analysis
Research and Markets
Journal of India 15 September 2010
[What follows is the full text of the news story.]
Research and Markets (http://www.researchandmarkets.com/research/e2b05d/indian_commercial) has announced the addition of the "Indian Commercial Vehicles Market - Force Field Dynamics Analysis" report to their offering.
The market for commercial vehicles in India has seen a rapid & consistent growth over the years reflecting India's robust economic growth coupled with a strong & well developed domestic commercial vehicles manufacturing industry spearheaded by industry veterans, namely, Tata Motors & Ashok Leyland.
With the resilience shown by BRIC markets during the recent global economic crisis; presence across these markets has become a key component of strategic plans of almost all major global truck-makers as they vie for a share of the BRIC growth pie by either making a foray in or by consolidating existing presence across these markets.
Indian Commercial Vehicle market has been no exception to this shift in dynamics of the global commercial vehicles industry as key global players including Volvo, Daimler & MAN are set to expand business presence as well as portfolio while several others are planning a foray.
With the rapidly evolving landscape; the competitive intensity as well as overall market dynamics are set to undergo major transformation. Amid this backdrop; this comprehensive force-field analysis of the Indian commercial vehicles market generates insights into the key driving & restraining forces that are active and shaping the future of it in addition to analyzing the emerging market landscape.
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Indian stocks close up 0.8 pct
Xinhua News Agency 15 September 2010
[What follows is the full text of the news story.]
MUMBAI, Sept. 15 (Xinhua) -- The Indian stock benchmark Sensex advanced 155.15 points or 0.8 percent Wednesday on flooded liquidity and growing optimistic in the market.
The index saw strong growth momentum during the session and ended at 19,502.11 points with daily high of 19,554.50 points.
IT, oil and gas, technological and metal sectors gained 2.49 percent, 1.85 percent, 1.78 percent and 0.95 percent, respectively.
Software outsourcing player Infosys, Reliance Industries, WIPRO and Tata Consultancy Services jacked up 2.49 percent, 2.3 percent, 2.25 percent and 2.16 percent.
Still, automobile sector weakened 0.24 percent with Tata Motors losing 2.86 percent.
Indian top lender State Bank of India, cement maker ACC, industrial firm Jaiprakash
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Associates and drug maker CIPLA dipped 1.7 percent, 1.14 percent, 1.03 percent and 0.93 percent.
The turnover with Sensex stayed at high level of 240.97 million U.S. dollars Wednesday, compared with 268.86 million U.S. dollars in the previous session.
Sensex is the common name for the Bombay Stock Exchange Sensitive Index. It consists of the 30 largest and most actively traded stocks, representative of various sectors, on the Bombay Stock Exchange.
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Markets trim some of their early gains
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Accord Fintech (India) 15 September 2010
[What follows is the full text of the news story.]
India, Sept. 15 -- The domestic equity markets trimmed some of their early gains in late afternoon trades tracking flat start for European markets and decline in Dow future. Among regional counterparts, influential Chinese market (Shanghai Composite index) was witnessing intense selling pressure towards the end of the session and was down by about one and a half percent. Meanwhile, the local benchmark indices remained in a rally mood prompted by sustained value picking in blue-chip stocks from investors. The BSE Sensex and the NSE Nifty were marginally below the crucial 19,500 and 5,850 levels, respectively at this point of time. Gains on the bourses remained broad based. Oil & gas space continued to hog the limelight on the back of strong gains in ONGC and RIL. Software, technology and metal stocks also remained in a good shape. On the other hand, the broader indices were on the verge of slipping into the negative terrain. Investors were keeping a close watch on advance tax numbers from India Inc. in trade for further course of action. The market breadth on the BSE has turned negative; the losers outnumbered the gainers in a ratio of 1594:1316 while 93 shares were unchanged. The BSE Sensex was up by 130.04 points or 0.67% at 19,477.00. The index touched a high and a low of 19,554.50 and 19,340.99, respectively.The BSE Mid-cap and Small-cap indices gained 0.03% and 0.06%, respectively.The main gainers in the BSE sectoral space were Oil & Gas up 2.12%, Information Technology (IT) up 1.39%, TECk up 0.97%, Metal up 0.96% and Consumer Durables (CD) up 0.74%, while there were no losers in the BSE sectoral space. Meanwhile, India's iron ore exports are likely to witness a steep decline in the current fiscal owing to slowdown in Chinese demand and high export duty imposed by the Indian government. The ban by Karnataka government to curb illegal mining will also contribute to decline in domestic production and export of the raw material. The Federation of Indian Mineral Industries (FIMI) said on Tuesday that the steep decline in iron ore output and exports in the current fiscal would have a huge negative impact on the investment in this sector, adding that the government should take steps to support the industry by bringing down the export levy. Siddharth Rungta, president of the FIMI, said that going by the current trend, exports in the fiscal year 2010-11 will come down by 25-30%. India is the third largest exporter of iron ore in world, though its overall output is much lower compared to Australia and Brazil. According to the FIMI, iron ore production over the fiscal will decline by 22.5% to 175 million tonne from 226 million tonne last year. ONGC up 2.91%, RIL up 2.22%, Wipro up 1.98%, Tata Steel up 1.78% and Hindalco Industries up 1.72% were the major gainers on the Sensex. On the flip side, SBI down 1.50%, Jaiprakash Associates down 1.47%, Tata Motors down 1.37%, Jindal Steel down 0.82% and HUL down 0.70% were the main losers on the index. Amidst a hyper competitive telecom space, the government may consider granting some exit route to new telecom players that got license in 2008 as most of them have been unable to compete with existing players and some have not been able to fulfil their rollout obligations. These operators face a three-year lock-in period that was put in place following sale of stake by some of the players at a high premium compared to what the government had got. Communications Minister A Raja said in this regard on Tuesday that the Telecom Commission was considering providing an exit route to these players as they have been under enormous financial strain due to a tariff war in the sector. Most of these face substantial penalties due to failing in meeting minimum rollout obligations. "At the last operators' meeting, bailout provisions were highlighted. It will be discussed in the Telecom Commission," said the minister without giving any details of what kind of package could be worked out for them. The S&P CNX Nifty increased by 53.95 points or 0.93% to 5,849.50. The index touched a high and a low of 5,869.00 and 5,792.20, respectively. The top gainers on the Nifty were IDFC up 3.89%, GAIL up 3.74%, Siemens up 3.13%, ONGC up 2.91% and Axis Bank up 2.53%. The top losers on the index were Jaiprakash Associates down 2.51%, Tata Motors down 1.45%, SBI down 1.40%, BHEL down 0.80% and Jindal Steel down 0.63%.Other Asian indices were trading mostly in the positive terrain. Hang Seng rose 0.02%, Jakarta Composite zoomed 3.66%, Nikkei 225 soared 2.34%, Straits Times advanced 0.48%, Seoul Composite increased 0.48% and Taiwan Weighted gained 0.38% while Shanghai Composite slipped 1.34% and KLSE Composite trimmed 0.26%. European markets were flat in early trades. CAC-40 increased 0.02%, DAX added 0.03% and FTSE 100 gained 0.04%. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
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Nifty continues to trade high; ends above 5850 mark
Accord Fintech (India)
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15 September 2010
[What follows is the full text of the news story.]
India, Sept. 15 -- The local equity markets closed another day of trade with healthy gain as the investor sentiments remained optimistic throughout the session. The benchmarks gained on the back of stellar performance by heavyweights and strong domestic cues. The markets got off to a flat start this morning but surged later on before paring some of its gains towards the end of the first half. But Nifty gained back its momentum in the second half to close above the psychological 5,850 mark. Heavyweight stocks outperformed the broader markets for the second straight day today. The Asian markets on the other hand closed mostly in the green terrain while the European counterparts were trading well below their previous close. All indices in the sectoral space on the NSE, gained with IT surging 2.49% followed by the realty index which rose 0.51%. India VIX, a gauge for market's short term expectation of volatility, advanced 4.46% and reached 19.43, while S&P Nifty gained 65.40 points at 5,860.95. The market breadth remained in favour of declines which stood at 768 against advances of 517 on the NSE. The India VIX soared 4.46% to 19.43 on Wednesday compared to its previous close of 18.60 on Tuesday. Finally, the 50-share S&P CNX Nifty settled at 5,860.95, after soaring 65.40 points or 1.13%. Nifty September futures saw an addition of 8.56% or 3.20 million (mn) units, taking the total outstanding open interest (OI) to 40.62 mn units. For Nifty calls, 5900 strike price (SP) from the September series was the most active call with an addition of 0.71 mn or 20.17%. Among Nifty puts, 5800 SP from the September month expiry was the most active put with an addition of 1.75 mn or 37.94%. The maximum Call OI outstanding was at 5900 SP (4.24 mn) and that for Puts at 5800 SP (6.38 mn). The respective Support and Resistance levels are: Resistance 5,889.53 Pivot Point 5,840.87 Support 5812.28.The Nifty Put Call Ratio (PCR) OI wise stood at 2.46 for September-month contracts. The top five scrips with highest PCR on OI were Axis Bank 2.03, Polaris 1.84, HDFC Bank 1.25, ICICI Bank 1.24 and ACC 1.24. Among most active underlyings Reliance witnessed a contraction of 0.16% in the September month futures contract, followed by Tata Motors which saw an addition of 2.38% of OI in the near month contract. Tata Steel witnessed an addition of 1.67% in the near-month futures. SBI saw an addition of 2.60% in the current month futures contract. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
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US markets get a halt to their rally; Dow and S&P close in red
Accord Fintech (India) 15 September 2010
[What follows is the full text of the news story.]
India, Sept. 15 -- The rally mood of the US markets faltered a bit on Tuesday when concern about the European economy erupted once again. The indices edged higher for much of the day following positive reports on US retail sales and business inventories, but retreated in the final hours of trading as investors' enthusiasm waned and Dow and S&P lost their winning streak, closing marginally in red. There was disappointing news from the European markets, German investor confidence fell sharply in September and industrial production unexpectedly stagnated during July in the countries that use the euro. The Commerce Department said Tuesday that retail sales rose in August at their fastest pace in five months and slightly beat
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forecasts. In another encouraging sign on the economy, business inventories jumped in July by their largest amount in two years and business sales rebounded after two months of declines. The Dow Jones Industrial Average lost 17.64 points, or 0.17%, to close at 10,526.49. S&P 500 was tad lower by 0.8 point, or 0.07%, to end at 1,121.10.On the other hand Nasdaq edged up by 4.06 points, or 0.18%, at 2,289.77.The Indian ADRs closed mixed on Tuesday, Infosys was up by 0.62%, Wipro was up by 2.16%, HDFC Bank was up by 0.19% and Tata Motors was up by 2.88%.On the other hand ICICI Bank was down by 1.54%, Satyam Computers was down by 1.70% and MTNNL was down by 1.40%. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
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Markets likely to make a positive start; may take a pause afterwards
Accord Fintech (India) 15 September 2010
[What follows is the full text of the news story.]
India, Sept. 15 -- The Indian markets have continued their rally undeterred by the global jitters and now stand at their fresh highs. The new series of the wholesale price index showed a sharply lower inflation in August and the apex bank will tomorrow consider whether to raise interest rates for a fifth time this year. Finance Minister Pranab Mukherjee has said that the government is consulting the central bank to take "appropriate measures at the appropriate time" to control inflation. The start of the markets today is likely to be flat-to-positive though the trade is likely to remain range bound. Auto and IT sector are likely to continue their momentum. The robust fund flows in the markets have kept the spirit high; foreign funds have pumped in $13.7 billion so far this year, following the record inflow of $17.5 billion last year, which led to an 81 percent jump in the benchmark index and their further move will be now closely watched for cues in the markets.The US markets lost their winning streak on Tuesday, though the domestic economic indicators were good but the concern from the Europe led the markets a bit cautious and the indices ended mixed. The Asian markets too have made a mixed start but the Japanese markets bounced back into green after the country intervened to weaken its currency for the first time since 2004.Back home, the domestic markets have finally continued their gaining streak for the sixth straight day on Tuesday, though there was some volatility during the first part of the day but indices managed to recover soon to close with good gains for yet another day. The global cues had put some pressure during the day otherwise the markets looked firm from the very beginning and both the benchmark indices surged to their high in the early part of the day. The Sensex regained the psychological 19,300-level while the Nifty settled a tad below the crucial 5,800-mark. This is sixth straight session of positive close for benchmark indices. Though cues from across the globe were not so encouraging today, the benchmark indices rejoiced over better-than-expected monthly inflation data. August month inflation (based on new WPI series) cooled off to 8.5% from 9.97% in the earlier month. Consumer durables, software and auto stocks were the star performers of the session while metal, realty and power shares saw some profit taking in trade today. The mid-cap and small-cap space also took some beating from the bears on valuation concerns. The main bourses rallied to their new multi-month highs in early trades despite mixed cues from regional peers. The indices, however, failed to hold on to the higher levels as investors opted to take some profit off the table ahead of release of monthly inflation data and pared some of their early gains in late-morning trades
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following release of August month inflation figure. Meanwhile, uninterrupted buying in frontliners from investors helped the markets to regain strength in the noon session. Flat-to-positive start for European markets failed to provide any significant cues to local bourses. The key indices witnessed minor pullback in late-afternoon trades. The domestic markets spent the entire last session of trade within a very narrow range, however, with a positive bias. Among heavyweights, Wipro, Jaiprakash Associates and Tata Motors topped the gainers list while Hindalco Industries, ACC and SBI languished at the bottom of the list. India's largest private sector company, Reliance Industries (RIL), shed close to half a percent in trade. Finally, the BSE Sensex advanced 138.63 points or 0.72% to close at 19,346.96 and the S&P CNX Nifty rose 35.55 points or 0.62% to finish at 5,795.55.The rally mood of the US markets faltered a bit on Tuesday when concern about the European economy erupted once again. The indices edged higher for much of the day following positive reports on US retail sales and business inventories, but retreated in the final hours of trading as investors' enthusiasm waned and Dow and S&P lost their winning streak, closing marginally in red. There was disappointing news from the European markets, German investor confidence fell sharply in September and industrial production unexpectedly stagnated during July in the countries that use the euro.The Commerce Department said Tuesday that retail sales rose in August at their fastest pace in five months and slightly beat forecasts. In another encouraging sign on the economy, business inventories jumped in July by their largest amount in two years and business sales rebounded after two months of declines.The Dow Jones Industrial Average lost 17.64 points, or 0.17%, to close at 10,526.49. S&P 500 was tad lower by 0.8 point, or 0.07%, to end at 1,121.10.On the other hand Nasdaq edged up by 4.06 points, or 0.18%, at 2,289.77.Crude rally too got a halt along with the equity markets on hopes of a quicker restart for a damaged Enbridge pipeline that sends oil from Canada to the US Midwest. Enbridge resumed operations on a separate, smaller pipeline in New York that was shut down late on Monday on suspicions of a leak. It was further set to complete repairs on the pipeline, known as Line 6A and said it may not need to give regulators a formal plan before resuming operations, easing fears of a prolonged outage.Benchmark crude for October delivery settled down 39 cents, or 0.51 percent, at $76.80 a barrel, after trading in a range of $76.21 to $77.99 on the New York Mercantile Exchange. In London October Brent crude rose 13 cents to settle at $79.16 a barrel on the ICE. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
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Tata Motors' group global sales rise 29% in August
Accord Fintech (India) 15 September 2010
[What follows is the full text of the news story.]
India, Sept. 15 -- Auto major Tata Motors' group global sales grew by 29% in August 2010 to 85,114 vehicles compared to the same month of last year. The company's commercial and passenger vehicles sales during the month under review increased by 25% and 33% on year-on-year basis to 40,882 units and 44,232 units, respectively. Jaguar Land Rover global sales in the month of August 2010 stood at 16,220 vehicles, up 29% compared to the year ago period. Jaguar sales soared 33% while Land Rover sales advanced 28% to 3,788 units and 12,432 units, respectively during the reporting month. For the five months ended August 31, 2010, the group's total sales have gone up by whopping 42% to 4,24,938 vehicles. Tata Motors had reported a consolidated net profit of Rs 1,988.73 crore for the June 2010 quarter against a net loss of Rs 328.78 crore for the June 2009 quarter. Total income increased by 61.31% to Rs 27,090.12 crore during the Q1FY11 from Rs 16,794.04 crore for the Q1FY10. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
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Benchmarks continue to inch higher despite valuation concern
Accord Fintech (India) 15 September 2010
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[What follows is the full text of the news story.]
India, Sept. 15 -- The benchmark indices extended their gains for the seventh successive session on Wednesday despite valuation concerns. The BSE Sensex and the NSE Nifty reclaimed the psychological levels of 19,500 and 5,850, respectively in trade today while scaling their fresh 32-month highs. Recovery in the country's exports and surge in indirect tax collections during the month of August boosted investor sentiment in trade. Cues from most of the regional peers were also good today. India's exports grew by 22% to $16.64 billion in the last month after registering just 13% increase in the month of July 2010. At the same time, indirect tax collections in the country stood at Rs 27,947 crore in August 2010 against Rs 19,295 crore in August 2009, up by whopping 45%. Meanwhile, advance tax payment from India Inc showed mixed picture. On advance tax front, Reliance Industries (RIL) has paid Rs 1,308 crore for the second quarter of the current fiscal versus Rs 1,157 crore for the same quarter of the previous fiscal, HDFC Bank is believed to have paid Rs 600 crore worth of advance tax for the Q2FY11 against Rs 425 crore in Q2FY10. ICICI Bank has also paid advance tax of Rs 600 crore for the current quarter as compared to Rs 500 crore for the year ago period, HDFC has paid Rs 400 crore versus Rs 320 crore, State Bank of India (SBI) has paid Rs 1,924 crore against Rs 1,832 crore, Hindalco Industries' advance tax for the July-September 2010 quarter has surged to Rs 140 crore from Rs 70 crore in July-September 2009, SAIL has paid Rs 725 crore against Rs 918 crore, Tata Motors paid Rs 95 crore versus Rs 130 crore, RCF paid Rs 19 crore against Rs 43 crore and HUL paid Rs 140 crore as compared to Rs 170 crore. After getting off to a flat start influenced by global cues, the local markets resumed their northward journey within few minutes of the opening bell. The early gains were aided by across the board buying from investors. The markets extended their gains in the mid-morning session as marketmen made a beeline for index heavyweights. The key indices touched their fresh intraday peaks in late-morning trades but cooled off from those levels on profit booking in selective pockets. Flat start for European markets and down-tick on Dow future also caused some selling pressure back home in afternoon trades. However, the bulls looked in no mood to loosen their grip on the equities and they once again became dominant in late-afternoon trades. The markets gyrated in a narrow band with a positive bias in late trades and finally settled the session with handsome gains. All sectoral indices of the BSE, except Auto counter, finished in the positive terrain. Software, oil & gas and technology stocks led the gainers list in trade. The broader indices, however, failed to gain momentum during the session. The market breadth on the BSE was in favour of declines; the losers outpaced the gainers in a ratio of 1702:1253 while 136 shares were unchanged. Meanwhile, experts are advising caution at these levels as the liquidity driven rally mainly on the back of inflows from Foreign Institutional Investors (FIIs) may fizzle out if global scenario turns worse. The local benchmark indices have been showing strong momentum since last week. The BSE's 30-share sensitive index -- Sensex -- has rallied close to 1300 points or 7% since September 3, 2010 till date. The NSE's 50-share Nifty has also zoomed around 7% during the same period. All eyes are now on the Reserve Bank of India's (RBI) mid-quarter review on Thursday (September 16). The central bank of the country is likely to hike repo and reverse repo rates by 25 basis points each in its review. From frontliners, Infosys Technologies, RIL and Wipro gained anywhere between 2% and 2.50% during the session. ONGC, after topping the gainers list for most part of the session, saw some profit booking in late trades and finished around one and a half percent higher. On the other hand, Tata Motors, SBI and ACC were the major laggards on the main index. Finally, the BSE Sensex soared 155.15 points or 0.80% to end at 19,502.11 while the S&P CNX Nifty zoomed 65.40 points or 1.13% to settle at 5,860.95. The BSE Sensex touched a high and a low of 19,554.50 and 19,340.99, respectively. Infosys up 2.49%, RIL up 2.30%, Wipro up 2.25%, TCS up 2.18% and HDFC Bank up 1.76% were the major gainers on the index. On the other hand, Tata Motors down 2.86%, SBI down 1.70%, ACC down 1.14%, Jaiprakash Associates down 1.03% and Cipla down 0.93% were the major losers on the Sensex.The BSE Mid-cap index rose 0.08% while the Small-cap index shed 0.09%.Meanwhile, after dipping in July, growth in India's exports again picked up in August and shipments from the country expanded by 22%. Last month the growth had come down to 13% after remaining over 30% in previous two months. Total exports in the month under review stood at $16.64 billion, said the Commerce Secretary Rahul Khullar in a media briefing on Wednesday. As the domestic economy recovers rapidly, imports too have been rising fast and clocked a growth of 32.2% year-on-year to touch $29.7 billion in August 2010. Trade deficit for the month further widened to $13.06 billion. In the previous month, trade deficit, or the excess of imports over exports, was at $12.93 billion. 'Export growth is relatively slow, well below the level of 2008-2009. From next month onwards hopefully, you should see growth at the level of 2008-2009,' Khullar said adding that the government has been taking various measures including providing additional incentives to exporters to ensure a sustainable recovery in this sector. The main gainers in the BSE sectoral space were Information Technology (IT) up 2.49%, Oil & Gas up 1.85%, TECk up 1.78%, Metal up 0.95% and Fast Moving Consumer Goods (FMCG) up 0.48%. On the other hand, Auto down 0.24% was the sole loser in the BSE sectoral space. Too much focus on fiscal consolidation in the developed world including the US and Europe, ahead of the full recovery in world economy, can result in a deflationary spiral that will lead to reduced consumption, higher unemployment and hence lower growth in world economy, said a report by the United Nations (UN). The UN's annual report on Trade and Development said that rebalancing the world economy was necessary and should happen to ensure a
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sustainable recovery and start of the next phase of growth in global economy. This will also require China, Germany and Japan to enhance domestic consumption while the US will have to cut domestic consumption in long run. However, at the moment, it was necessary to continue providing the fiscal stimulus to major economies for global recovery to proceed undisrupted. "A continuation of the expansionary fiscal stance is necessary to prevent a deflationary spiral and a further worsening of the employment situation," read the report. The S&P CNX Nifty touched a high and a low of 5,869.45 and 5,792.20, respectively.The top gainers on the Nifty were IDFC up 4.25%, Siemens up 4.24%, GAIL up 3.89%, Sun Pharma up 3.64% and HCL Technologies up 3.64%.The top losers on the index were Tata Motors down 2.63%, Jaiprakash Associates down 2.08%, ACC down 1.55%, SBI down 1.43% and BHEL down 1.07%.In yet another signal of robust recovery in the Indian economy, Central government's indirect tax collections have registered a growth of whopping 45% in the month of August 2010 to touch Rs 27,947 crore as against Rs 19,295 crore of indirect taxes collected in the same month a year ago. While customs duty collections have increased by 51% in the month under review to Rs 10,321 crore against Rs 6,827 crore a year ago, excise collections have jumped 38% to reach at Rs 11,412 crore against Rs 8,261 crore last year. Service tax collections in August 2010 has also increased buoyantly to touch Rs 6,214 crore against Rs 4,207 crore a year ago, a growth rate of nearly 48%.Looking at the cumulative figures, overall indirect tax collections in the April-August 2010 period stood at Rs 1,24,170 crore compared with Rs 85,097 crore in the corresponding period of previous fiscal, thus clocking growth of about 46%. Disaggregating figures shows that over the first five month period of the fiscal, the government has mopped up Rs 51,866 crore through customs collection, an increase of 66.5% over the last year while revenue from central excise increased to Rs 49,672 crore, showing an increase of 41.7% on annual basis. Total service tax collections in April- August 2010 also grown by nearly 20% to Rs 22,632 crore. Most of the Asian equity indices finished in the positive terrain on Wednesday led by gains in Japanese markets, that surged more than two percent as yen declined from a 15-year high against the dollar after government intervened in foreign exchange markets for the first time since 2004 to curb gains that threatened an export-led economy. The dollar rose more than two percent to 85.18 yen by mid-afternoon, rebounding from a fresh 15-year low of 82.87 yen.Hang Seng was up by 29.60 points or 0.14% to 21,725.64, Jakarta Composite zoomed 126.14 points or 3.90% to 3,357.03, Nikkei 225 surged 217.25 points or 2.34% to 9,516.56, Straits Times jumped 22.38 points or 0.73% to 3,071.03, Seoul Composite gained 8.63 points or 0.48% to 1,823.88 and Taiwan Weighted added 31.22 points or 0.38% to 8,163.82.On the other hand, Shanghai Composite declined 36.02 points or 1.34% to 2,652.50 and KLSE Composite slipped 1.49 points or 0.10% to 1,472.95. European markets were trading in the red. France's CAC 40 slipped 0.49%, Germany's DAX declined 0.45% and Britain'sFTSE 100 trimmed 0.33%. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
© 2010 Acquire Media Corporation. Published by OneSource Information Services, Inc., September 2010
Post session - Quick review
Accord Fintech (India) 15 September 2010
[What follows is the full text of the news story.]
India, Sept. 15 -- The Indian markets are not looking in a mood to give up when other global markets have started showing fatigue. The relentless support of the FIIs is keeping the markets on high note; the market heavyweights have been continuously making fresh highs. Though the stupendous gains have given a sense of caution among the investors but still they are opting to bet big keeping in mind the solid economic condition of the country. Earlier, the day started on a flat note and as the regional peers were trading cautiously, it was being speculated that the domestic markets too will consolidate today after their continuous rally. But the initial jitters faded within moments and the markets started moving higher that continued till last, some profit booking was seen during the mid morning session but that too was unable to stop the bull run. It was again the surge in the market heavy weights that helped the markets move higher otherwise the broader indices lost their momentum mid way taking the market breadth into red. The good showing in the screen trade of US and European futures gave the further boost, though the European markets after a flat start slipped into red, but that too was unable to impact the roaring indian bulls. The recovery in the Asian markets gave a sense of confidance to the markets; on sectoral front IT lead the pack followed by TECk and oil & gas while Auto was the lone losing index. Meanwhile, the Advance tax numbers started trickling out and give a mixed picture while the banking sector once again emerged as the higher advance taxpaying lot, cement companies were slightly on the negative side.PSU Banking major SBI paid Rs 1924 crore against Rs 1834 crore, up by 5%,
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RIL paid Rs 1300 crore against Rs 1157 crore up by 12%. From the banking pack Central Bank showed a huge surge of 161% in its advance tax payments to Rs 206 crore from Rs 79 crore in corresponding quarter last year, while on the same time fertilizers major RCF reported a decline of 56% in its advance tax payment to Rs 19 crore from Rs 43 crore paid in same quarter last year.The BSE Sensex surged 156.38 points or 0.81% to settle at 19,503.34 (provisional) while the S&P CNX Nifty rose 65.50 points or 1.13% to end at 5,861.05 (provisionally). The BSE Sensex touched a high and a low of 19,554.50 and 19,340.99, respectively. Infosys up 2.62%, RIL up 2.29%, Wipro up 2.24%, HDFC Bank up 2% and TCS up 1.74% were the major gainers on the Sensex. (provisional).On the other hand, Tata Motors down 2.60%, SBI down 1.70%, ACC down 1.48%, Jaiprakash Associates down 1.23% and BHEL down 0.93% were the losers on the index.The main gainers in the BSE sectoral space were Information Technology (IT) up 2.48%, Oil and Gas up 1.87%, TECk up 1.75%, Metal up 0.84% and Fast Moving Consumer Goods (FMCG) up 0.50%, while Auto down by 0.22% was the lone losers in the BSE sectoral space. The BSE Mid-cap indices advanced 0.06%, while Small-cap indices slipped 0.10%.Meanwhile, the UN's annual report on Trade and Development said that rebalancing the world economy was necessary and should happen to ensure a sustainable recovery and start of the next phase of growth in global economy. This will also require China, Germany and Japan to enhance domestic consumption while the US will have to cut domestic consumption in long run. However, at the moment, it was necessary to continue providing the fiscal stimulus to major economies for global recovery to proceed undisrupted. "A continuation of the expansionary fiscal stance is necessary to prevent a deflationary spiral and a further worsening of the employment situation," read the report. The report however sees a lot of potential in the Indian economy in terms of providing a parallel engine to global growth along with the US and China. At present, though, the country is nowhere near reaching that kind of potential. "India may play an equally (if not more) important role as China as a future engine of growth and employment creation in other countries," it said. However, to achieve such a potential, India will have to continue emphasising domestic consumption led growth as export led growth model cannot succeed for all the developing economies together. It also urges for greater reforms in economic and financial spheres in India to ensure the country is able to fully exploit its growth potential and match China in long term. India VIX, a gauge for market's short term expectation of volatility, surged by 4.46% and reached 19.43, compared to its previous day closing of 18.60.The S&P CNX Nifty touched a high and a low of 5,869.45 and 5,792.20, respectively. (provisional).IDFC up by 4.25%, Siemens up 4.24%, GAIL up 3.89%, Sun Pharma up 3.64% and HCL Technologies up 3.64% were the top gainers on the Nifty.On the other hand, Tata Motors down 2.63%, Jaiprakash Associates down 2.08%, ACC down 1.55%, SBI down by 1.43% and BHEL down 1.07% were the top losers on the index.Most of the Asian equity indices finished in the positive terrain on Wednesday led by gains in Japanese markets, that surged more than two percent as yen declined from a 15-year high against the dollar after government intervened in foreign exchange markets for the first time since 2004 to curb gains that threatened an export-led economy. The dollar rose more than two percent to 85.18 yen by mid-afternoon, rebounding from a fresh 15-year low of 82.87 yen.Hang Seng was up by 29.60 points or 0.14% to 21,725.64, Jakarta Composite zoomed 126.14 points or 3.90% to 3,357.03, Nikkei 225 surged 217.25 points or 2.34% to 9,516.56, Straits Times jumped 22.38 points or 0.73% to 3,071.03, Seoul Composite gained 8.63 points or 0.48% to 1,823.88 and Taiwan Weighted added 31.22 points or 0.38% to 8,163.82.On the other hand, Shanghai Composite declined 36.02 points or 1.34% to 2,652.50 and KLSE Composite slipped 1.49 points or 0.10% to 1,472.95. Major European markets were trading in the negative terrain; CAC-40 dropped 0.53%, DAX shed 0.24% and FTSE 100 slipped 0.14%. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]
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Tata Motors Limited Files Patent Application for Improved Cooling System for IC Engines
Indian Patent News 14 September 2010
[What follows is the full text of the article.]
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for improved cooling system for IC engines. The inventors are Deepak S Kulkarni and Vivek R Jalgaonkar.
Tata Motors Limited filed the patent application on July 15, 2008. The patent application number is 1484/MUM/2008 A. The international classification number is F02M25/07.
According to the Controller General of Patents, Designs & Trade Marks, "The fusible disc type thermostat bypass device comprises of a bypass tube wherein the fusible disc fitted. The disc is held in position by clamping it in between two bypass tubes. The composition of the tube is decided by the temperature at which the disc is expected to fuse. Rubber gaskets are provided on both sides of the disc to give a leak proof joint. The assembly bypass tube is fitted in parallel to the conventional thermostat. It provides a positive bypass in case of engine overheating on account of thermostat malfunction."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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Tata Motors Limited Files Patent Application for a Novel Integrated Flywheel Assembly for Two Cylinder Direct Injection High Pressure Common Rail Four Stroke Reciprocating Piston Internal Combustion Diesel Engine
Indian Patent News 14 September 2010
[What follows is the full text of the article.]
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for a novel integrated flywheel assembly for two cylinder direct injection high pressure common rail four stroke reciprocating piston internal combustion diesel engine. The inventors are Milind D Peshave and Niraj R Dharkar.
Tata Motors Limited filed the patent application on Jan. 1, 2008. The patent application number is 6/MUM/2008 A. The international classification number is F16C15/00.
According to the Controller General of Patents, Designs & Trade Marks, "This invention relates to an integrated flywheel assembly for twin cylinder internal combustion inline common rail diesel engine comprising; plurality of cylindrical surfaces, said surfaces being integrally provided as a single structure mounted rigidly on a plurality of bolts onto a crankshaft; a ring gear fitted at the periphery of the flywheel, said ring gear comprising plurality of teeth sufficient to ensure required engine rpm during starting, said teeths being in association with the teeths on a pinion of a starter motor; and inside periphery of said fly wheel is provided
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with plurality of teeths to accurately detect the engine speed of the common rail diesel engine with the help of a engine speed sensor."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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Tata Motors Limited Files Patent Application for Improved Lower Body Structure for a Vehicle
Indian Patent News 14 September 2010
[What follows is the full text of the article.]
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for improved lower body structure for a vehicle. The inventors are Mahendrakumar M S, Anilkumar C, Ajendra G Patil and Ravindra G Rajhans.
Tata Motors Limited filed the patent application on March 29, 2007. The patent application number is 590/MUM/2007 A. The international classification number is B62D25/20.
According to the Controller General of Patents, Designs & Trade Marks, "This invention relates to a lower body structure for a vehicle comprising of sill long members, floor long members, at least one central long member and plurality of cross members, wherein said members are connected to each other to provide rigidity to the lower body structure, said central long member is provided in between said floor long members."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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Tata Motors Limited Files Patent Application for Engine Cradle for a Vehicle
Indian Patent News 14 September 2010
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[What follows is the full text of the article.]
New Delhi, Sept. 14 -- India based Tata Motors Limited filed patent application for engine cradle for a vehicle. The inventors are Soheb Ahmed, Abhay Deshpande and Umesh Abhyankar.
Tata Motors Limited filed the patent application on Jan. 1, 2008. The patent application number is 5/MUM/2008 A. The international classification number is B60K5/00.
According to the Controller General of Patents, Designs & Trade Marks, "This invention relates to An engine cradle assembly for a vehicle comprising a front cross member and a rear cross member, said front and rear cross members being interconnected by a left side member and a right side member; said front cross member being provided with end mounting locations and a center mounting location, said front cross member is having provisions for mounting suspension and engine units; said front cross member further comprises of elliptical sections at intermediate portions between the end mounting locations and the center mounting locations and the center mounting location which is oriented to have maximum stiffness for engine and suspension mounting; said engine cradle assembly is adapted to be attached to a vehicle body by fastening top surface of said end mountings of said front cross member with bottom surface of an reinforcement assembly of the vehicle body; and by fastening top end surfaces of said rear cross member to bottom surfaces of the vehicle body mounting means."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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Tata Motors wins CII energy efficiency award; Its Pune commercial vehicles business unit bags excellent energy efficient unit prize
DNA (Daily News & Analysis) 10 September 2010 By DNA Correspondent
[What follows is the full text of the article.]
Tata Motors' commercial vehicles business unit (CVBU) in Pune has received the excellent energy efficient unit award instituted by the Confederation of Indian Industry's (CII) at its 11th national awards for excellence in energy management for 2010.
Thirty-eight out of 106 companies from various sectors were shortlisted for the competition and 19 were declared excellent energy efficient units. The awards include a trophy and a citation.
Tata Motors' CVBU in Pune has won this award in 2004, 2005, 2006 and 2008.
Some of the criteria for the award include best specific energy consumption performance compared with global benchmarks, projects for carbon emission reduction, innovation and team work in energy conservation projects implemented in the past three years, utilisation of renewable energy sources and waste material, and dissemination of best practices through associates.
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Central plant engineering department's assistant general manager, KG Ghude, senior officer Anand Kale, and maintenance manager, P Kaulgud, received the award on behalf of the company from the Bureau of Energy Efficiency (BEE) director general, Ajay Mathur, in Chennai on September 2.
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Tata Motors Limited Files Patent Application for Vehicle Roof Structure and Method of Assembling Thereof
Indian Patent News 08 September 2010
[What follows is the full text of the article.]
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for vehicle roof structure and method of assembling thereof. The inventors are A. K. Agarwal and Pramod Mhaske.
Tata Motors Limited filed the patent application on June 18, 2007. The patent application number is 1188/MUM/2007 A. The international classification number is B60R9/00.
According to the Controller General of Patents, Designs & Trade Marks, "This invention relates to a vehicle roof structure comprising of a canopy, at least one reinforcing strip affixed with said canopy to reinforce the edge of said canopy, and a support plate fixed with the vehicle body for holding the canopy having reinforced edge; said reinforcing strip being provided with apertures for inserting fasteners; and through apertures are provided on support plate to fasten said reinforced canopy edge into the support plate and to the vehicle body."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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Tata Motors Limited Files Patent Application for Automobile Air Conditioning System
Indian Patent News 08 September 2010
[What follows is the full text of the article.]
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for automobile air conditioning system. The inventors are Abhishek Gupta and Ram Mohan Bothuca.
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Tata Motors Limited filed the patent application on Jan. 30, 2009. The patent application number is 183/MUM/2009 A. The international classification numbers are B60H1/00 and B60H1/32.
According to the Controller General of Patents, Designs & Trade Marks, "An automobile air conditioning system comprising of multiple condenser system for an air conditioning adapted for mounting at least one main condenser unit in front of the radiator and at least one auxiliary condenser unit below the vehicle floor. At least one fan is mounted on said auxiliary condenser unit mounted below the vehicle floor. Plurality of brackets is mounted on the auxiliary condenser below the vehicle floor and one auxiliary condenser guard. - Also the front air conditioning unit is provided with flexible hoses for the plumbing of condenser and compressor to the front air-conditioning unit adapted for removing said front air conditioning unit along with engine hood without dismantling any parts of air conditioning circuit to facilitate access to the engine parts for servicing."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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3711 Motor vehicles and car bodies Auto & Truck Manufacturers
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2812 Motor Vehicle Body Manufacturing
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Tata Motors Limited Files Patent Application for Automated Power Train System
Indian Patent News 08 September 2010
[What follows is the full text of the article.]
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for automated power train system. The inventors are Suresh Arikapudi, Ilango Panneerselvan and S Govindarajan.
Tata Motors Limited filed the patent application on Jan. 22, 2009. The patent application number is 141/MUM/2009 A. The international classification number is B60L.
According to the Controller General of Patents, Designs & Trade Marks, "The present invention relates to power train system for hybrid vehicle propulsion system; said power train system comprises; heat engine, automated clutch, transmission and electric motor / generator. Said power train system can be operated only with engine or motor or combination of both. Said transmission constitutes input shaft, out put shaft, at least three secondary shafts and chain or gear train to couple said secondary shaft to motor. The said power train system uses single motor for both traction and starting engine; said motor is used as secondary source during gear shifting. While shifting, speed synchronization is performed with engine and at the same time said motor can drive vehicle through existing engaged gear ratio or any one of the possible motor coupling ratio. For regeneration, said motor can be coupled to wheels through multiple gear ratios to capture maximum possible energy even at very low shaft speeds. No separate starting device is required for cranking engine since the said power train system is capable of providing multiple gear ratio options for cranking the engine even at low state of charge of battery. Layout of input shaft, lay shaft and output shaft gives flexibility for power train to have only motor drive during the gear shift. It also gives freedom for the engine to do speed synchronization between lay shafts and output shafts with out losing traction during gear change. Layout of the shafts is compact for transverse arrangement and the said system provides minimum seven speed ratios. Manual transmission can be operated through electronic actuators to enact as automated transmission."
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3612 Transformers, except electronic Electronic Instr. & Controls
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2859 Electrical and Equipment Manufacturing n.e.c.
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Page 62
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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COPYRIGHT 2010 Indian Patent News
Copyright 2010 Gale, Cengage Learning. All rights reserved. Published by OneSource Information Services, Inc.
Tata Motors Limited Files Patent Application for Device for Wheel Choke Mounting in a Vehicle
Indian Patent News 08 September 2010
[What follows is the full text of the article.]
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for device for wheel choke mounting in a vehicle. The inventors are Chimad Mahavir and Kannan R.
Tata Motors Limited filed the patent application on Jan. 27, 2009. The patent application number is 163/MUM/2009 A. The international classification number is B60K7/00.
According to the Controller General of Patents, Designs & Trade Marks, "In accordance with the present invention, a device for wheel chock mounting comprises a clamp plate which is connected to long member or frame with the help of fasteners, a c type hinge bracket welded on said clamp plate, a locking plate hinged by means of a split pin with said c type hinge plate, a lock and rubber pads. Present device provides easy accessibility of wheel chocks of a vehicle while removing and fixing and it also provides locking arrangement to prevent the theft of wheel chocks of a vehicle."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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3965 Fasteners, buttons, needles, & pins Apparel/Accessories [profile]2769 Fabricated Metal Product Manufacturing n.e.c.
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Tata Motors Limited Files Patent Application for Method and Apparatus for Testing Static Strength of Transmission Housing
Indian Patent News 08 September 2010
OneSource One-Stop Reports for Tata Motors Limited
Page 63
[What follows is the full text of the article.]
New Delhi, Sept. 8 -- India based Tata Motors Limited filed patent application for method and apparatus for testing static strength of transmission housing. The inventors are Bhaskar B God bole, Yuvaraj M Jadhav and Sudhir M Sutar
Tata Motors Limited filed the patent application on Jan. 27, 2009. The patent application number is 164/MUM/2009 A. The international classification numbers are G01M19/00 and G01N3/00.
According to the Controller General of Patents, Designs & Trade Marks, "A method and apparatus for testing static strength of transmission housing under various load conditions are disclosed. The method involves mounting a gear box on a mounting bracket, and fitting a loading wheel on an input shaft of the gear box. A wire rope can be wound on the loading wheel, and an output shaft of the gear box can be locked by means of a locking lever supported on a locking bracket. Load is gradually applied to an input side of said loading wheel through a crane hook, depending on a test mode until a desired torque. Then, the readings of the applied load are recorded through a load indicator, and torque from a load obtained value can be calculated using a torque formula, which achieves effective testing of the transmission housing at aggregate level and in a simple manner."
Tata Motors Limited is engaged in manufacturing automotive vehicles. The Company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. It manufactures commercial vehicle, three passenger vehicle, truck and bus. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight, trucks and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano, which was introduced during the fiscal year ended March 31, 2009 (fiscal 2009). Its segments include automotive, and others, which include information technology services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business.
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OneSource One-Stop Reports for Tata Motors Limited
Page 64
OneSource One-Stop Reports for Tata Motors Limited
Page 65
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Income Statement
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Reclassified Normal
31-Mar-2010
Reclassified Normal
31-Mar-2009
Reclassified Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Gross Revenue 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4
Excise Tax Receipts -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Revenue 19,082.3 15,066.9 8,853.3 7,156.3 5,376.0 Interest Income, Non-Bank 609.2 381.5 66.4 33.9 55.1
Other Revenue 180.8 138.2 - - -
Other Revenue, Total 790.0 519.7 66.4 33.9 55.1Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Cost of Revenue 13,511.2 10,880.2 6,171.9 4,962.7 3,707.6
Excise Taxes Payments 18.3 -12.8 -3.3 17.1 7.5
Cost of Revenue, Total 13,529.5 10,867.5 6,168.6 4,979.8 3,715.1Gross Profit 5,552.8 4,199.4 2,684.7 2,176.4 1,661.0
Selling/General/Administrative Expense
1,478.2 1,588.6 1,189.9 896.1 654.1
Labor & Related Expense 1,844.1 1,586.8 681.5 534.2 403.3
Advertising Expense 626.7 572.7 - - -
Total Selling/General/Administrative Expenses
3,948.9 3,748.0 1,871.5 1,430.3 1,057.4
Research & Development 105.0 75.6 16.4 18.8 16.2
Depreciation 819.0 545.1 194.2 152.2 141.0
Depreciation/Amortization 819.0 545.1 194.2 152.2 141.0 Interest Expense - Operating 448.0 431.2 189.5 107.6 70.7
Interest Capitalized - Operating -70.0 -63.6 -30.0 -4.7 -0.7
Interest Expense - Net Operating 378.0 367.6 159.5 102.8 70.0
Interest Income - Operating -47.5 -52.1 -42.1 -13.1 -14.4
Investment Income - Operating -158.1 285.8 -39.9 - -
Interest/Investment Income - Operating
-205.6 233.6 -82.0 -13.1 -14.4
Interest Expense (Income) - Net Operating
141.4 104.4 67.1 - -
Interest Expense (Income) - Net Operating Total
313.8 705.6 144.6 89.7 55.6
Loss (Gain) on Sale of Assets - Operating
15.7 3.0 - - -
Other Unusual Expense (Income) 72.5 0.0 - - 0.0
OneSource One-Stop Reports for Tata Motors Limited
Page 66
Unusual Expense (Income) 88.2 3.0 - - 0.0 Other Operating Expense 1,293.3 1,113.4 0.0 0.0 -
Other, Net -967.7 -1,008.7 -241.7 -163.6 -85.5
Other Operating Expenses, Total 325.6 104.7 -241.7 -163.6 -85.5
Total Operating Expense 19,130.1 16,049.6 8,153.5 6,507.3 4,899.8
Operating Income 742.2 -463.0 766.2 682.9 531.3
Income Before Tax 742.2 -463.0 766.2 682.9 531.3
Total Income Tax 211.9 73.0 211.4 195.3 144.8
Income After Tax 530.3 -536.0 554.8 487.6 386.5
Minority Interest -6.4 2.5 -32.8 -16.4 -5.0
Equity In Affiliates 17.8 -11.2 16.2 8.7 9.4
Net Income Before Extraord Items 541.7 -544.8 538.2 479.9 390.8Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Common Excl Extraord Items
541.7 -544.8 538.2 479.9 390.8
Income Available to Common Incl Extraord Items
541.7 -544.8 538.2 479.9 390.8
Basic/Primary Weighted Average Shares
527.9 440.5 398.0 397.1 389.1
Basic EPS Excl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Basic/Primary EPS Incl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Dilution Adjustment 8.8 0.0 2.3 2.2 2.3
Diluted Net Income 550.6 -544.8 540.4 482.1 393.2
Diluted Weighted Average Shares 584.4 440.5 435.9 420.4 416.0
Diluted EPS Excl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Incl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Dividends per Share - Common Stock Primary Issue
0.32 0.13 0.36 0.32 0.28
Dividends per Share - Common Stock Issue 2
0.33 0.14 0.00 - -
Gross Dividends - Common Stock 181.0 67.8 143.6 127.8 112.6
Interest Expense, Supplemental 378.0 367.6 159.5 102.8 70.0
Interest Capitalized, Supplemental -70.0 -63.6 -30.0 -4.7 -0.7
Depreciation, Supplemental 653.2 481.8 194.2 152.2 141.0
Total Special Items 88.2 -8.0 - - 0.0
Normalized Income Before Tax 830.4 -471.0 766.2 682.9 531.3
Effect of Special Items on Income Taxes
25.2 -2.8 - - 0.0
Inc Tax Ex Impact of Sp Items 237.1 70.2 211.4 195.3 144.8
Normalized Income After Tax 593.3 -541.2 554.8 487.6 386.5
Normalized Inc. Avail to Com. 604.8 -550.0 538.2 479.9 390.8
Basic Normalized EPS 1.15 -1.25 1.35 1.21 1.00
Diluted Normalized EPS 1.05 -1.25 1.24 1.15 0.95
Amort of Intangibles, Supplemental 165.9 63.3 0.0 - -
OneSource One-Stop Reports for Tata Motors Limited
Page 67
Rental Expenses 47.5 43.1 19.1 10.3 6.7
Advertising Expense, Supplemental 626.7 572.7 77.3 57.0 43.8
Research & Development Exp, Supplemental
105.0 75.6 16.4 18.8 16.2
Normalized EBIT 1,144.3 234.6 910.8 772.6 586.9
Normalized EBITDA 1,963.3 779.7 1,105.0 924.8 727.9
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Other Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Interest Cost - Domestic 9.5 9.6 10.1 7.1 -
Service Cost - Domestic 6.7 6.9 6.6 4.4 -
Prior Service Cost - Domestic 0.1 0.7 0.0 - -
Expected Return on Assets - Domestic -8.9 -8.4 -9.0 -6.6 -
Actuarial Gains and Losses - Domestic 10.7 -1.2 13.1 15.1 -
Domestic Pension Plan Expense 18.1 7.5 20.8 20.1 -
Interest Cost - Post-Retirement 1.5 1.3 1.2 0.7 -
Service Cost - Post-Retirement 0.7 0.6 0.7 0.6 -
Actuarial Gains and Losses - Post-Retir.
0.0 2.3 1.4 3.7 -
Post-Retirement Plan Expense 2.1 4.2 3.4 5.0 -
Defined Contribution Expense - Domestic
45.5 38.5 63.5 57.6 31.5
Total Pension Expense 65.7 50.1 87.8 82.8 31.5
Discount Rate - Domestic 6.75% 6.75% 7.75% - -
Discount Rate - Post-Retirement 8.50% 8.50% 8.50% 8.50% -
Expected Rate of Return - Domestic 8.00% 8.00% 8.00% - -
Total Plan Interest Cost 11.0 10.8 11.3 7.8 -
Total Plan Service Cost 7.3 7.5 7.4 5.0 -
Total Plan Expected Return -8.9 -8.4 -9.0 -6.6 -
Annual Balance Sheet
Financials in: USD (mil)
Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006UpdateType/Date Updated Normal
31-Mar-2010Restated
Normal 31-Mar-2010
Restated Normal
31-Mar-2009
Restated Normal
31-Mar-2008
Restated Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate 44.895 50.735 40.12 43.465 44.565
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Cash 1,349.8 422.4 270.7 - -
Cash & Equivalents - - - 265.6 311.1
Short Term Investments 194.9 47.9 286.3 - -
Cash and Short Term Investments 1,544.7 470.3 557.0 265.6 311.1 Accounts Receivable - Trade, Gross
54.0 56.5 529.9 404.6 315.2
OneSource One-Stop Reports for Tata Motors Limited
Page 68
Provision for Doubtful Accounts -58.1 -36.6 -16.4 -13.0 -11.3
Trade Accounts Receivable - Net -4.1 19.9 513.6 391.6 303.9
Other Receivables 4,123.4 2,879.3 2,506.1 2,357.8 1,307.8
Total Receivables, Net 4,119.3 2,899.2 3,019.6 2,749.4 1,611.8 Inventories - Finished Goods 1,925.3 1,538.6 409.4 344.9 236.5
Inventories - Work In Progress 222.4 205.8 92.2 84.0 76.9
Inventories - Raw Materials 357.1 399.9 312.9 293.6 238.2
Inventories - Other 14.8 14.1 6.7 6.1 5.1
Total Inventory 2,519.7 2,158.4 821.2 728.6 556.7Prepaid Expenses 316.1 170.3 - - -
Restricted Cash - Current 402.8 377.2 398.5 - -
Other Current Assets 570.5 367.1 0.3 1.4 1.5
Other Current Assets, Total 973.3 744.3 398.8 1.4 1.5Total Current Assets 9,473.1 6,442.5 4,796.6 3,745.1 2,481.1
Buildings 1,446.6 1,305.9 381.8 285.1 262.6
Land/Improvements 420.2 311.0 109.3 54.4 35.1
Machinery/Equipment 10,219.2 8,765.6 2,546.3 1,862.3 1,610.3
Construction in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Leases 88.9 81.1 102.6 145.5 151.7
Other Property/Plant/Equipment - - 94.2 36.0 28.3
Property/Plant/Equipment - Gross 13,972.0 12,539.7 4,716.8 2,977.3 2,306.6
Accumulated Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Property/Plant/Equipment - Net 6,679.4 6,171.0 3,206.2 1,728.8 1,219.8Goodwill, Net 762.4 733.0 141.1 101.9 92.5 Intangibles - Gross 2,270.3 1,060.9 0.0 - -
Accumulated Intangible Amortization
-372.7 -188.7 0.0 - -
Intangibles, Net 1,897.6 872.1 0.0 - - LT Investment - Affiliate Companies 134.8 63.1 - - -
LT Investments - Other 359.5 184.7 664.5 270.2 283.1
Long Term Investments 494.3 247.8 664.5 270.2 283.1 Deferred Charges 0.0 17.0 1.7 2.7 3.1
Deferred Income Tax - Long Term Asset
94.9 53.1 - - -
Other Long Term Assets 0.0 125.5 0.0 - -
Other Long Term Assets, Total 94.9 195.5 1.7 2.7 3.1Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Accounts Payable 4,942.1 3,650.1 1,684.9 1,121.0 686.7
Accrued Expenses 84.1 24.7 9.3 6.2 4.3
Notes Payable/Short Term Debt 1,600.2 835.6 1,029.8 562.8 662.0
Dividends Payable 191.3 61.4 144.2 133.0 -
Customer Advances 395.7 67.2 83.3 79.0 90.3
Income Taxes Payable 79.8 76.4 - - -
Other Current Liabilities 1,999.8 1,615.6 443.7 244.8 311.2
Other Current liabilities, Total 2,666.6 1,820.5 671.1 456.8 401.5Total Current Liabilities 9,293.0 6,331.0 3,395.1 2,146.7 1,754.5
Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2
Total Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2Total Debt 9,439.1 7,729.1 3,917.3 2,242.7 1,420.3
Deferred Income Tax - LT Liability 351.8 187.2 242.9 188.0 151.9
OneSource One-Stop Reports for Tata Motors Limited
Page 69
Deferred Income Tax 351.8 187.2 242.9 188.0 151.9Minority Interest 47.6 79.4 116.7 57.5 39.0
Other Long Term Liabilities 42.6 0.0 - - -
Other Liabilities, Total 42.6 0.0 - - -Total Liabilities 17,573.8 13,491.0 6,642.2 4,072.2 2,703.7
Common Stock 127.1 101.3 96.1 88.7 85.9
Common Stock 127.1 101.3 96.1 88.7 85.9Additional Paid-In Capital 1,575.6 1,123.9 474.3 540.1 501.9
Retained Earnings (Accumulated Deficit)
696.4 355.4 1,587.1 1,122.6 771.1
Unrealized Gain (Loss) 41.4 21.8 6.4 6.0 5.9
Translation Adjustment -612.5 -431.5 4.0 19.2 10.9
Other Equity, Total -612.5 -431.5 4.0 19.2 10.9Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders’ Equity
19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Shares Outstanding - Common Stock Primary Issue
506.4 449.8 398.1 397.9 395.3
Shares Outstanding - Common Stock Issue 2
64.2 64.2 0.0 - -
Total Common Shares Outstanding 570.6 514.0 398.1 397.9 395.3Treasury Shares - Common Stock Primary Issue
- - - - 0.0
Employees 24,310 23,638 23,230 22,349 29,606
Number of Common Shareholders 371,310 391,969 292,097 234,629 221,403
Accumulated Intangible Amort, Suppl. 372.7 188.7 0.0 - -
Deferred Revenue - Current 395.7 67.2 83.3 79.0 90.3
Total Capital Leases, Supplemental 7.3 9.5 12.3 0.1 0.2
Capital Lease Payments Due in Year 1 4.3 4.0 4.3 0.0 0.1
Capital Lease Payments Due in Year 2 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in Year 3 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in Year 4 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in Year 5 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in 2-3 Years
1.4 2.8 4.0 0.0 0.0
Capital Lease Payments Due in 4-5 Years
1.4 2.8 4.0 0.0 0.0
Cap. Lease Pymts. Due in Year 6 & Beyond
0.2 0.0 0.0 0.0 0.0
Total Operating Leases, Supplemental 43.7 41.2 11.4 10.7 5.5
Operating Lease Payments Due in Year 1
15.1 13.1 3.8 3.3 2.1
Operating Lease Payments Due in Year 2
7.1 7.0 1.9 1.8 0.9
Operating Lease Payments Due in Year 3
7.1 7.0 1.9 1.8 0.9
Operating Lease Payments Due in Year 4
7.1 7.0 1.9 1.8 0.9
Operating Lease Payments Due in Year 5
7.1 7.0 1.9 1.8 0.9
Operating Lease Pymts. Due in 2-3 Years
14.3 14.1 3.8 3.7 1.7
Operating Lease Pymts. Due in 4-5 Years
14.3 14.1 3.8 3.7 1.7
OneSource One-Stop Reports for Tata Motors Limited
Page 70
Oper. Lse. Pymts. Due in Year 6 & Beyond
0.0 0.0 0.0 0.0 0.0
Pension Obligation - Domestic 135.2 113.2 139.2 118.2 -
Post-Retirement Obligation 19.4 16.8 17.6 14.1 -
Plan Assets - Domestic 122.2 101.7 124.0 99.7 -
Funded Status - Domestic -13.1 -11.5 -15.2 -18.5 -
Funded Status - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Total Funded Status -32.5 -28.3 -32.7 -32.7 -
Discount Rate - Domestic 6.75% 6.75% 7.75% - -
Discount Rate - Post-Retirement 8.50% 8.50% 8.50% 8.50% -
Expected Rate of Return - Domestic 8.00% 8.00% - - -
Prepaid Benefits - Domestic - - - 0.1 -
Accrued Liabilities - Domestic -13.1 -11.5 -15.2 -18.7 -65.4
Accrued Liabilities - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Net Assets Recognized on Balance Sheet
-32.5 -28.3 -32.7 -32.7 -65.4
Debt Securities % - Domestic 76.00% 78.00% 69.00% - -
Other Investments % - Domestic 24.00% 22.00% 31.00% - -
Total Plan Obligations 154.7 130.0 156.7 132.3 -
Total Plan Assets 122.2 101.7 124.0 99.7 -
Annual Cash Flows
Financials in: USD (mil)
Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Restated Normal
31-Mar-2010
Updated Normal 31-Mar-2008
Restated Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Net Income/Starting Line 541.7 -544.8 538.2 479.9 390.8
Depreciation 818.1 544.1 193.0 151.3 141.3
Depreciation/Depletion 818.1 544.1 193.0 151.3 141.3Deferred Taxes - - - - 32.1
Unusual Items -330.8 -164.2 -38.8 -12.7 -39.3
Equity in Net Earnings (Loss) -17.8 11.2 -16.2 -8.7 -9.9
Other Non-Cash Items 665.0 757.3 371.9 263.2 209.8
Non-Cash Items 316.4 604.4 316.8 241.8 160.6 Accounts Receivable -1,024.8 206.7 -186.5 -1,043.8 -515.5
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Other Assets 0.0 -18.3 0.0 - -
Accounts Payable 1,835.1 -649.7 724.0 280.3 77.0
Other Operating Cash Flow -267.8 148.3 -165.9 -151.8 -112.7
Changes in Working Capital 280.2 -162.3 341.1 -1,066.6 -642.8
Cash from Operating Activities 1,956.5 441.5 1,389.2 -193.6 82.1
OneSource One-Stop Reports for Tata Motors Limited
Page 71
Purchase of Fixed Assets -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8
Capital Expenditures -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8
Acquisition of Business - - - 0.0 -103.8
Sale of Fixed Assets 4.7 16.3 11.5 22.0 3.5
Sale/Maturity of Investment 457.6 222.8 109.8 9.6 76.3
Investment, Net -206.4 183.4 -196.7 24.3 182.7
Purchase of Investments -101.2 -2,378.7 -238.2 -4.1 -15.6
Other Investing Cash Flow 43.9 32.8 284.5 26.1 40.6
Other Investing Cash Flow Items, Total
198.6 -1,923.5 -29.1 77.9 183.6
Cash from Investing Activities -1,587.3 -4,091.6 -1,340.0 -532.2 -101.2
Other Financing Cash Flow -618.9 -532.6 -249.3 -103.4 -65.3
Financing Cash Flow Items -618.9 -532.6 -249.3 -103.4 -65.3
Cash Dividends Paid - Common -73.0 -151.6 -170.1 -127.2 -118.5
Total Cash Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Sale/Issuance of Common 351.4 893.6 0.0 - -
Common Stock, Net 351.4 893.6 0.0 - -
Issuance (Retirement) of Stock, Net
351.4 893.6 0.0 - -
Short Term Debt, Net -725.6 915.6 282.7 190.4 22.4
Long Term Debt Issued 6,051.5 4,529.7 1,845.4 931.8 162.0
Long Term Debt Reduction -4,456.2 -1,792.1 -1,091.3 -216.3 -141.7
Long Term Debt, Net 1,595.3 2,737.6 754.1 715.5 20.4
Issuance (Retirement) of Debt, Net
869.8 3,653.2 1,036.8 905.9 42.7
Cash from Financing Activities 529.3 3,862.5 617.4 675.3 -141.1
Foreign Exchange Effects -24.4 -179.7 -6.0 -0.7 -0.6
Net Change in Cash 874.1 32.7 660.6 -51.2 -160.8
Net Cash - Beginning Balance 501.8 485.1 286.6 306.6 474.4
Net Cash - Ending Balance 1,375.9 517.9 947.2 255.1 313.6
Cash Interest Paid 601.6 519.0 260.6 102.9 73.6
Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 72
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Income Statement
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Reclassified Normal
31-Mar-2010
Reclassified Normal
31-Mar-2009
Reclassified Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Gross Sales 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4
Excise Duty -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Income on securitisation / sale of recei
48.9 14.6 - - -
Interest income on Loan contracts (net)
231.4 207.8 - - -
Miscellaneous income 131.9 123.6 - - -
Profit on sale of current investments 146.2 0.7 - - -
Profit on sale of controlling stake in a
222.9 0.0 - - -
Profit on sale of other long term invest
0.0 155.5 - - -
Dividend & Other Income 8.8 17.6 66.4 33.9 55.1
Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Stock in Trade & WIP -242.0 172.4 -0.1 -90.9 -54.4
Purchase of Product for Sale Etc 1,799.1 1,517.4 575.5 422.7 307.8
Consumption of Raw Material and Compon.
11,400.5 8,753.0 5,476.2 4,524.7 3,369.5
Processing Charges 185.2 121.7 120.2 106.2 84.8
Salaries, Wages 1,844.1 1,586.8 681.5 534.2 403.3
Stores, spare parts and tools consumed
223.1 166.5 - - -
Power and fuel 145.3 149.2 - - -
Excise Duty on Stock in Trade 18.3 -12.8 -3.3 17.1 7.5
Publicity 626.7 572.7 - - -
General & Admin Expenses 755.1 916.4 - - -
Exchange (Gain) / Loss -140.3 212.0 - - -
Loss on sale of assets 6.2 2.8 - - -
Loss on Assets Scrapped / Written off
9.5 0.2 - - -
Other Expenses 1,293.3 1,113.4 - - -
Selling & General Expenses 723.0 672.2 1,189.7 896.0 654.1
Expenditure Transfer to Capital & Other
-967.7 -1,008.7 -241.7 -163.6 -85.9
Product Development Expenses 105.0 75.6 16.4 18.8 16.2
OneSource One-Stop Reports for Tata Motors Limited
Page 73
Depreciation 819.0 545.1 194.2 152.2 141.0
Interest Expense 448.0 431.2 189.5 107.6 70.7
Capitalized Interest -70.0 -63.6 -30.0 -4.7 -0.7
Interest Received -47.5 -52.1 -42.1 -13.1 -14.4
Discount Charges, net 141.4 104.4 67.1 - - Amort. of Miscellaneous Exp. in Subs.
- - 0.2 0.1 0.0
Adjustment of Misc. Expenditure in Sub.
- - 0.0 0.0 -
National Exchange Loss/Gain on Revaluati
-17.8 73.8 -39.9 - -
Others 72.5 0.0 - - -
Provision for Investment - - - - 0.4
Separation Cost - - - - 0.0
Total Operating Expense 19,130.1 16,049.6 8,153.5 6,507.3 4,899.8
Net Income Before Taxes 742.2 -463.0 766.2 682.9 531.3
Provision for Income Taxes 211.9 73.0 211.4 195.3 144.8
Net Income After Taxes 530.3 -536.0 554.8 487.6 386.5
Minority Interest -6.4 2.5 -32.8 -16.4 -5.0
Share of Associate 17.8 -11.2 16.2 8.7 9.9
Amort. of Misc. Exp. in Subsidiaries - - - - -0.6
Net Income Before Extra. Items 541.7 -544.8 538.2 479.9 390.8Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Com Excl ExtraOrd
541.7 -544.8 538.2 479.9 390.8
Income Available to Com Incl ExtraOrd
541.7 -544.8 538.2 479.9 390.8
Basic Weighted Average Shares 527.9 440.5 398.0 397.1 389.1
Basic EPS Excluding ExtraOrdinary Items
1.03 -1.24 1.35 1.21 1.00
Basic EPS Including ExtraOrdinary Item
1.03 -1.24 1.35 1.21 1.00
Dilution Adjustment 8.8 0.0 2.3 2.2 2.3
Diluted Net Income 550.6 -544.8 540.4 482.1 393.2
Diluted Weighted Average Shares 584.4 440.5 435.9 420.4 416.0
Diluted EPS Excluding ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Including ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
DPS-Equity Shares 0.32 0.13 0.36 0.32 0.28
DPS-A Ordinary Shares 0.33 0.14 0.00 - -
Gross Dividends - Common Stock 181.0 67.8 143.6 127.8 112.6
Normalized Income Before Taxes 830.4 -471.0 766.2 682.9 531.3
Inc Tax Ex Impact of Sp Items 237.1 70.2 211.4 195.3 144.8
Normalized Income After Taxes 593.3 -541.2 554.8 487.6 386.5
Normalized Inc. Avail to Com. 604.8 -550.0 538.2 479.9 390.8
Basic Normalized EPS 1.15 -1.25 1.35 1.21 1.00
Diluted Normalized EPS 1.05 -1.25 1.24 1.15 0.95
OneSource One-Stop Reports for Tata Motors Limited
Page 74
Research & Development Exp 105.0 75.6 16.4 18.8 16.2
Depreciation and Amortization 653.2 481.8 194.2 152.2 141.0
Amortization 165.9 63.3 0.0 - -
Interest Expense 378.0 367.6 159.5 102.8 70.0
Interest Capitalized -70.0 -63.6 -30.0 -4.7 -0.7
Advertsing Expense 626.7 572.7 77.3 57.0 43.8
Rental Expense 47.5 43.1 19.1 10.3 6.7
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Fringe Benefit Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Current Service Cost - Gratuity 6.7 6.9 6.6 3.1 -
Interest Cost - Gratuity 9.5 9.6 10.1 4.6 -
Exp. Return on Assets - Gratuity -8.9 -8.4 -9.0 -5.3 -
Prior Service Cost 0.1 0.7 0.0 - -
Actuarial Gain/Loss - Gratuity 10.7 -1.2 13.1 15.2 -
Current Service Cost - Superannuation - - - 1.0 -
Interest Cost - Superannuation - - - 1.9 -
Expected Return on Assets - Superannuati
- - - -1.3 -
Actuarial Gain/Loss - Superannuation - - - -1.2 -
Current Service Cost - BKY/PSY - - - 0.3 -
Interest Cost - BKY/PSY - - - 0.6 -
Actuarial Gain/Loss - BKY/PSY - - - 1.1 -
Domestic Pension Plan Expense 18.1 7.5 20.8 20.1 -
Current Service Cost - Post-Retirement
0.7 0.6 0.7 0.6 -
Interest Cost - Post-Retirement 1.5 1.3 1.2 0.7 -
Actuarial Gain/Loss - Post Ret. 0.0 2.3 1.4 3.7 -
Post-Retirement Plan Expense 2.1 4.2 3.4 5.0 -
Provident Fund Expenses 45.5 38.5 63.5 57.6 31.5
Total Pension Expense 65.7 50.1 87.8 82.8 31.5
Discount Rate - Gratuity 6.75% 6.75% 7.75% 8.50% -
Expected Rate of Return - Gratuity 8.00% 8.00% 8.00% 8.00% -
Salary Increase Rate - Gratuity - - - 4.00% -
Discount Rate - Superann. - - - 8.00% -
Expected Rate of Return - Superann. - - - 8.00% -
Discount Rate - BKY/PSY - - - 8.50% -
Salary Increase Rate - BKY/PSY - - - 4.00% -
Discount Rate - Post Ret. 8.50% 8.50% 8.50% 8.50% -
Annual Balance Sheet
Financials in: USD (mil)
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006UpdateType/Date Updated Normal
31-Mar-2010Restated
Normal 31-Mar-2010
Restated Normal
31-Mar-2009
Restated Normal
31-Mar-2008
Restated Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate 44.895 50.735 40.12 43.465 44.565
OneSource One-Stop Reports for Tata Motors Limited
Page 75
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Interest Accrued 0.5 0.5 0.3 1.4 1.5
Stores & Spare Parts 49.3 38.3 33.1 36.4 34.1
Consumable Tools 14.8 14.1 6.7 6.1 5.1
Raw Materials 307.8 361.6 279.8 257.2 204.2
Work in Progress 222.4 205.8 92.2 84.0 76.9
Stock in Trade 1,831.8 1,492.6 332.0 306.6 211.8
Goods in Transit 93.5 46.0 77.3 38.3 24.7
Sundry Debtors, Gross 54.0 56.5 529.9 404.6 315.2
Provision for Doutful Debts -58.1 -36.6 -16.4 -13.0 -11.3
Others 1,605.8 925.2 - - -
Cash/Bank Balances - - - 265.6 311.1
Cash in Hand & in Current Account 1,349.8 422.4 270.7 - -
Short term deposits with Banks 194.9 47.9 286.3 - -
Restricted deposits 4.9 1.1 1.1 - -
Margin Money / Cash Collateral with Bank
397.8 340.9 397.3 - -
Deposit with Governmet, Public Bodies
570.0 366.6 - - -
Deposit Given as Collateral Security 0.0 35.2 - - -
MAT Credit Entitlement 163.0 43.4 - - -
Prepaid Expenses 153.1 126.9 - - -
Loans/Advances 2,517.5 1,954.1 2,506.1 2,357.8 1,307.8
Total Current Assets 9,473.1 6,442.5 4,796.6 3,745.1 2,481.1
Land - - - 36.5 25.1
Railway Sidings - - 0.0 0.0 0.0
Water System - - - 12.8 10.2
Leased Plant - - - 34.7 42.3
Leased Premises - - - 8.1 7.0
Leasehold Land 420.2 311.0 109.3 17.9 10.0
Buildings 1,446.6 1,305.9 381.8 285.1 262.6
Plant/Machinery 9,635.2 8,309.3 2,370.4 1,752.5 1,519.6
Furniture/Fixtures 203.0 190.1 34.8 23.5 20.7
Technical Know-how 9.7 8.9 11.3 8.9 8.6
Vehicles/Transport 32.1 30.4 34.4 28.7 25.8
Assets Taken on Lease 34.6 34.3 32.6 0.0 -
Assets Given on Lease 88.9 81.1 102.6 102.7 102.3
Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Product Development Costs - - 94.2 36.0 28.3
Product Development Costs 1,477.5 306.1 - - -
Trade marks and brands 602.9 569.5 0.0 - -
Developed Technologies 190.0 185.3 0.0 - -
Software 304.7 192.6 62.8 36.0 25.4
Accumulated amortization -372.7 -188.7 0.0 - -
Work in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Goodwill 762.4 733.0 141.1 101.9 92.5 Investment in Associate 134.8 63.1 - - -
Investments 359.5 184.7 664.5 270.2 283.1
Deferred Taxes 94.9 53.1 - - -
OneSource One-Stop Reports for Tata Motors Limited
Page 76
Foreign currency monetary item 0.0 125.5 0.0 - -
Miscellaneous Expenditure 0.0 17.0 1.7 2.7 3.1
Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Acceptances 1,600.2 835.6 1,029.8 562.8 662.0
Sundry Creditors 4,942.1 3,650.1 1,684.9 1,121.0 686.7
Liabilities for buyback arrangement 203.9 153.3 - - -
Advance Payments 395.7 67.2 83.3 79.0 90.3
Liability towards premium on redemption
388.9 0.0 - - -
Interest Accrued 51.8 17.6 9.3 6.2 4.3
Investor Fund 7.8 2.7 2.8 2.5 2.5
Amount Due from Customer Contract Work
- - 5.4 0.2 0.0
Proposed Dividends 191.3 61.4 144.2 133.0 -
Provision for tax on dividends 32.2 7.0 - - -
Provision for Income tax 79.8 76.4 - - -
Provision for retirement and other emplo
288.9 212.7 - - -
Provisions 1,110.3 1,246.9 435.4 242.1 308.6
Total Current Liabilities 9,293.0 6,331.0 3,395.1 2,146.7 1,754.5
Secured Loans 4,742.2 2,701.4 1,498.5 1,026.7 197.8
Unsecured Loans 3,096.6 4,192.0 1,389.1 653.2 560.4
Total Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2
Deferred Tax 351.8 187.2 242.9 188.0 151.9
Minority Interest 47.6 79.4 116.7 57.5 39.0
Foreign Currenty Monetary Items 42.6 0.0 - - -
Total Liabilities 17,573.8 13,491.0 6,642.2 4,072.2 2,703.7
Capital 127.1 101.3 96.1 88.7 85.9
Securities Premium 1,495.6 1,057.7 383.2 445.5 410.3
Capital Redemption Reserve 0.5 0.4 0.6 0.5 0.5
Capital Reserve on Consolidation 79.9 66.2 91.2 94.6 91.6
Debenture Redemption Reserve 245.5 118.7 83.3 76.9 75.0
Amalgamation Reserve 0.0 0.0 0.0 0.0 0.0
Special Reserve 15.4 22.5 19.6 15.3 13.7
Revaluation Reserve 41.4 21.8 6.4 6.0 5.9
Hedging Reserve 0.0 -17.2 0.0 - -
Pension reserve -383.7 -287.2 0.0 - -
General Reserve 1,020.8 803.2 1,018.7 699.9 459.8
Earned Surplus Reserve 2.4 1.5 0.4 0.0 -
Reserves on Research & HRD 22.2 19.6 24.8 15.5 1.3
Restricted Reserve 0.1 0.0 - - -
Translation Reserve -612.5 -431.5 4.0 19.2 10.9
Proft & Loss Account -226.7 -306.2 439.7 314.4 220.8
Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders' Equity
19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
S/O-Equity Shares 506.4 449.8 398.1 397.9 395.3
S/O-A Ordinary Shares 64.2 64.2 0.0 - -
OneSource One-Stop Reports for Tata Motors Limited
Page 77
Total Common Shares Outstanding 570.6 514.0 398.1 397.9 395.3T/S-Equity Shares - - - - 0.0
Deferred Revenue - Current 395.7 67.2 83.3 79.0 90.3
Accumulated Intangible Amortization 372.7 188.7 0.0 - -
Full-Time Employees 24,310 23,638 23,230 22,349 29,606
Number of Common Shareholders 371,310 391,969 292,097 234,629 221,403
Capital Leases Maturing within 1 Year 4.3 4.0 4.3 0.0 0.1
Capital Leases Maturing within 5 Years 2.8 5.5 8.0 0.1 0.1
Capital Leases - Remaining Maturities 0.2 0.0 - - -
Total Capital Leases 7.3 9.5 12.3 0.1 0.2
Operating Leases Maturing within 1 Year
15.1 13.1 3.8 3.3 2.1
Operating Leases Maturing within 5 Years
28.6 28.1 7.7 7.3 3.4
Total Operating Leases 43.7 41.2 11.4 10.7 5.5
PV of Funded Obligations - Gatuity 135.2 113.2 139.2 83.3 -
FV of Plan Assets - Gatuity 122.2 101.7 124.0 83.5 -
Funded Status - Gatuity -13.1 -11.5 -15.2 0.1 -
PV of Funded Obligations - Superann. - - - 25.4 -
FV of Plan Assets - Superann. - - - 16.2 -
Funded Status - Superann. - - - -9.2 -
PV of Funded Obligations - BKY/PSY - - - 9.5 -
Funded Status - BKY/PSY - - - -9.5 -
PV of Funded Obligations - Post-Ret. 19.4 16.8 17.6 14.1 -
Funded Status - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Total Funded Status -32.5 -28.3 -32.7 -32.7 -
Discount Rate - Gratuity 6.75% 6.75% 7.75% 8.00% -
Expected Rate of Return -Gratuity 8.00% 8.00% - 8.00% -
Salary Increase Rate - Gratuity - - - 4.00% -
Discount Rate - Superann. - - - 8.00% -
Expected Rate of Return - Superann. - - - 8.00% -
Discount Rate - BKY/PSY - - - 8.50% -
Salary Increase Rate - BKY/PSY - - - 4.00% -
Discount Rate - Post Ret. 8.50% 8.50% 8.50% 8.50% -
Provision for Retirement & Other Benefit
- - - - -65.4
Liability - Superann. - - - -9.2 -
Liability - BKY/PSY - - - -9.5 -
Liability - Gratuity -13.1 -11.5 -15.2 - -
Liability - Post Ret. -19.4 -16.8 -17.6 -14.1 -
Asset - Gratuity - - - 0.1 -
Net Assets Recognized on Balance Sheet
-32.5 -28.3 -32.7 -32.7 -65.4
Debt Securities % - Gratuity 76.00% 78.00% 69.00% 53.00% -
Balances with Banks %-Gratuity 24.00% 22.00% 31.00% 47.00% -
Debt Securities % - Superann. - - - 73.00% -
Balances with Banks %- Superann. - - - 27.00% -
Annual Cash Flows
Financials in: USD (mil)
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006
OneSource One-Stop Reports for Tata Motors Limited
Page 78
Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Restated Normal
31-Mar-2010
Updated Normal 31-Mar-2008
Restated Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Profit after Tax 541.7 -544.8 538.2 479.9 390.8
Depreciation 818.1 544.1 193.0 151.3 141.3
Gain on Asset Sale 15.7 3.0 -4.9 -3.8 -1.3
Relocation Expenditure 14.2 0.0 - - -
Profit on Sale of Control Stake in Subs
-222.9 0.0 - - -
Gain on Sale of Investment -146.2 -156.2 -33.7 -9.5 -38.0
Reversal of Provision for Diminuition 0.0 -0.4 -0.7 0.3 0.4
Impairment of Goodwill 8.4 0.0 - - -
Provision for Inter-Corporate Deposits
0.0 -1.3 -0.2 0.0 -
Gain - Financing of Const. Equipment
- - -18.9 0.0 -
Gain on Buy Back of FCCN & CARS 0.0 -11.0 0.0 - -
Share of Associate -17.8 11.2 -16.2 -8.7 -9.9
Minority Interest 6.4 -2.5 32.8 16.4 5.0
Income Tax 211.9 73.0 211.4 195.3 112.6
Wealth Tax - - -0.1 0.2 0.1
Deferred Tax - - - - 32.1
Interest/Dividend 485.8 402.7 153.9 65.8 40.5
Unrealized Exchange Gain -55.4 284.7 -6.5 -15.3 7.3
Profit on Issue of Shares by a Subs. - - -1.2 -0.4 -1.9
Loss on Liquidation of Subsidiary - - -0.2 0.7 0.0
Amortization Miscellaneous Expenditure
16.3 1.1 0.2 0.1 0.6
Employee Separation - - 1.0 0.9 1.3
Employee Separation Cost of subsidiary c
0.0 -18.3 0.0 - -
Trade/Other Receivable -915.0 142.6 -173.4 -174.1 -112.3
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Trade/Other Payables 1,835.1 -649.7 724.0 280.3 77.0
Vehicle Loans & Hire Purchase Receivable
-109.8 64.0 -13.1 -869.7 -403.2
Direct Taxes Paid, Net -259.0 -130.2 -165.9 -151.8 -125.8
Cash & Bank Balance Taken on Acquisiti
0.7 278.4 - - -
Cash and Bank balances on sale of contro
-9.5 0.0 - - -
Acquisition - - - - 13.1
Cash from Amalgamation - - - - 44.0
Cash from Operating Activities 1,956.5 441.5 1,389.2 -193.6 82.1
Capital Expenditures -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8
Sale of Fixed Assets 4.7 16.3 11.5 22.0 3.5
Purchase of Investments in Associates
-0.3 -7.2 -23.7 0.0 0.0
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Page 79
Sale/Purchase of Mutual Fund -206.4 183.4 -196.7 30.6 182.7
Investment in JLR Business 0.0 -2,340.9 0.0 - -
Investment in Subsidiary Companies
-11.9 -30.1 0.0 - -
Investments - Others -2.1 -0.5 -104.7 -4.1 -15.6
Proceeds from Sale of stake in Telcon
244.3 0.0 - - -
Decrease in Investments in retained inte
- - - -6.3 -
Decrease in Investments in retained inte
10.8 1.9 3.5 - 20.7
Sale of Investments in associate company
0.0 35.4 4.6 0.3 0.0
Sale/Redemption of Investments-Other
202.0 185.4 60.9 9.3 9.0
Deposits of Margin Money / Cash Collater
-129.4 -297.6 - - -
Realisation of Margin Money / Cash Colla
117.5 268.1 - - -
Fixed deposits with scheduled banks made
-86.9 0.0 - - -
Fixed deposits with scheduled banks real
0.5 0.0 - - -
Increase in restricted deposits with sch
-1.5 -0.4 - - -
Interest Received 50.1 52.1 38.4 10.0 17.0
Acquisition of Stake in Joint Venture - - -109.8 0.0 -
Proc. from Transfer Activity - Con. Equ.
- - 220.3 0.0 -
Acquisition of Subsidiary - - - 0.0 -103.8
Refund from Escrow Account - - - 0.0 0.8
Sale of Investments - - - 0.0 46.7
Proceeds from Liquidation of Subsidiary
- - 0.2 0.0 -
Sale of Investment in Subsdiary Company
- - 40.8 0.0 -
Payment for Purchase of Business Admin.
- - 0.0 -0.1 0.0
Dividend from Associate 2.0 6.5 4.5 6.8 0.0
Dividend Received 6.6 16.1 20.1 22.7 17.0
Short Term Inter Corporate Deposits
-1.4 -12.0 7.6 -13.3 5.8
Loans to Associates & Others - - -13.2 0.0 -
Inter-Corporate Deposits Received - - 6.7 0.0 -
Cash from Investing Activities -1,587.3 -4,091.6 -1,340.0 -532.2 -101.2
Proceeds from Issue of CARS - - 489.1 0.0 -
Issue of Foreign Currency Con. Notes
- - - 0.0 100.6
Stamp Duty on FCCN Conversion - - 0.0 0.0 -0.1
Premium on Redemption of FCCN 0.0 0.0 0.0 - -
Expenses on Non-convertible debenture
-31.8 -0.2 0.0 - -
Proceeds from issue of shares held in ab
0.0 0.0 - - -
Proceeds from issue of shares by Joint v
3.7 0.0 - - -
Proceeds from GDS issue 351.3 0.0 - - -
LT Debt Proceeds 5,621.9 4,261.7 1,356.3 931.8 61.4
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LT Debt Payments -4,440.2 -1,792.1 -1,091.3 -216.3 -141.7
ST Borrowings, Net -725.6 915.6 282.7 190.4 22.4
Issue of Right Shares 0.0 893.6 0.0 - -
Proceeds from fixed deposits 429.7 268.0 0.0 - -
Repayment of Fixed Deposits -16.0 0.0 - - -
Issue of Shares to Minority Interests 11.5 0.1 15.6 3.4 8.4
Premium on Long Term Forward Contracts
- - 0.0 -0.7 0.0
Preliminary Expenses Incurred - - 0.0 -0.6 0.0
Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Tax Paid on Interim Dividend by Subs.
- - 0.0 -1.0 0.0
Dividend Paid to Minority Interest -0.7 -13.5 -4.2 -1.6 0.0
Interest Paid -601.6 -519.0 -260.6 -102.9 -73.6
Cash from Financing Activities 529.3 3,862.5 617.4 675.3 -141.1
Foreign Exchange Effects -24.4 -179.7 -6.0 -0.7 -0.6
Net Change in Cash 874.1 32.7 660.6 -51.2 -160.8
Net Cash - Beginning Balance 501.8 485.1 286.6 306.6 474.4
Net Cash - Ending Balance 1,375.9 517.9 947.2 255.1 313.6
Cash Interest Paid 601.6 519.0 260.6 102.9 73.6
Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 81
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Financial Health
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
Key Indicators USD (mil)
Total Revenue1 (?) 5,938.7 61.31% 19,872.4 31.57% 42.61% 36.83%Research & Development1 (?) 21.5 5.23% 105.0 43.26% 80.29% 49.32%Operating Income1 (?) 498.8 - 742.2 - 4.49% 13.77%Income Available to Common Excl Extraord Items1 (?) 436.0 - 541.7 - 5.82% 13.16%Basic EPS Excl Extraord Items1 (?) 1.54 - 1.03 - -3.77% 5.49%Capital Expenditures2 (?) - - 1,785.8 -15.00% 45.37% 57.52%Cash from Operating Activities2 (?) - - 1,956.5 357.33% - 45.84%Free Cash Flow (?) - - 180.4 - - 8.72%Total Assets3 (?) - - 19,401.7 17.10% 50.76% 42.24%Total Liabilities3 (?) - - 17,573.8 15.27% 64.57% 49.50%Total Long Term Debt3 (?) - - 7,838.8 0.62% 68.92% 66.94%Employees3 (?) - - 24310 2.84% 2.84% -2.80%Total Common Shares Outstanding3 (?) - - 570.6 11.00% 12.76% 8.84%1-ExchangeRate: INR to USD Average for Period 45.616613 47.459072 2-ExchangeRate: INR to USD Average for Period 47.459072 3-ExchangeRate: INR to USD Period End Date 44.895000
Utility Industry Specific USD (mil)
Deferred Charges3 (?) 0.0 17.0 1.7 2.7 3.13-ExchangeRate: INR to USD Period End Date 44.895000 50.735000 40.120000 43.465000 44.565000
Key Ratios
Profitability Gross Margin (?) 29.10% 27.87% 30.32% 30.41% 30.90%Operating Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%Pretax Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%Net Profit Margin (?) 2.73% -3.50% 6.03% 6.67% 7.20%
Financial Strength Current Ratio (?) 1.02 1.02 1.41 1.74 1.41Long Term Debt/Equity (?) 4.29 5.89 1.33 0.95 0.55Total Debt/Equity (?) 5.16 6.60 1.81 1.26 1.03Interest Coverage (?) 6.25 -3.44 12.42 - -
Management Effectiveness Return on Assets (?) 3.12% -4.49% 7.36% 10.11% 10.31%Return on Equity (?) 36.35% -34.23% 26.40% 31.33% 32.83%
Quarter Ending
30-Jun-2010
Quarter Ending Yr Ago
Annual Year End
31-Mar-2010 1 Year Growth
3 Year Growth
5 Year Growth
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006
OneSource One-Stop Reports for Tata Motors Limited
Page 82
Efficiency Receivables Turnover (?) 5.68 5.34 2.99 3.40 4.29Inventory Turnover (?) 5.77 7.02 7.69 7.97 7.21Asset Turnover (?) 1.17 1.31 1.18 1.49 1.45
Market Valuation USD (mil)
P/E (TTM) (?) 9.66 . Enterprise Value2 (?) 12,170.3Price/Sales (TTM) (?) 0.54 . Enterprise Value/Revenue (TTM) (?) 0.54Enterprise Value/EBITDA (TTM) (?) 4.48 . Market Cap1 (?) 12,049.71-ExchangeRate: INR to USD on 27-Aug-2010 46.9100002-ExchangeRate: INR to USD on 30-Jun-2010 46.445000
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 83
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Ratio Comparisons
Traded: New York Stock Exchange: TTM Financials in: USD (actual units)Industry: Auto & Truck Manufacturers As of 27-Aug-2010Sector: Consumer Cyclical
Valuation RatiosP/E Excluding Extraordinary (TTM) (?) - 23.95 21.84 17.60P/E High Excluding Extraordinary - Last 5 Yrs (?) - 31.71 29.53 32.44P/E Low Excluding Extraordinary - Last 5 Yrs (?) - 7.87 9.73 10.37Beta (?) 2.37 2.12 1.67 1.00Price/Revenue (TTM) (?) - 0.81 1.12 2.27Price/Book (MRQ) (?) - 3.91 3.06 3.32Price to Tangible Book (MRQ) (?) - 3.61 5.04 4.90Price to Cash Flow Per Share (TTM) (?) - 10.61 11.86 12.28Price to Free Cash Flow Per Share (TTM) (?) - 11.50 13.63 20.43
DividendsDividend Yield (?) 1.45% 1.15% 2.01% 2.61%Dividend Per Share - 5 Yr Avg (?) 0.30 1.96 1.70 2.06Dividend 5 Yr Growth (?) 30.26% -70.11% -19.46% 4.77%Payout Ratio (TTM) (?) - 12.30% 18.55% 28.09%
Growth Rates (%)Revenue (MRQ) vs Qtr 1 Yr Ago (?) - 33.48% 26.14% 16.49%Revenue (TTM) vs TTM 1 Yr Ago (?) - -7.31% 2.37% 5.59%Revenue 5 Yr Growth (?) 36.06% -5.30% 2.79% 9.46%EPS (MRQ) vs Qtr 1 Yr Ago (?) - 0.12% 43.36% 18.37%EPS (TTM) vs TTM 1 Yr Ago (?) - -41.34% 14.77% 19.32%EPS 5 Yr Growth (?) 5.07% -15.59% -0.03% 11.28%Capital Spending 5 Yr Growth (?) - -4.33% 0.55% 6.44%
Financial StrengthQuick Ratio (MRQ) (?) - 1.25 1.43 1.25Current Ratio (MRQ) (?) - 2.12 2.53 1.86LT Debt/Equity (MRQ) (?) - 1.12 0.68 0.67Total Debt/Equity (MRQ) (?) - 1.42 0.79 0.75Interest Coverage (TTM) (?) - 7.81 8.25 13.75
Profitability Ratios (%)Gross Margin (TTM) (?) - 14.49% 30.53% 44.67%Gross Margin - 5 Yr Avg (?) 29.21% 19.60% 31.68% 44.66%EBITD Margin (TTM) (?) - 5.29% 10.20% 24.50%EBITD Margin - 5 Yr Avg (?) 7.71% 6.19% 9.98% 22.91%Operating Margin (TTM) (?) - 2.52% 7.64% 19.62%Operating Margin - 5 Yr Avg (?) 3.85% -1.66% 6.21% 18.20%Pretax Margin (TTM) (?) - 4.47% 7.38% 17.01%Pretax Margin - 5 Yr Avg (?) 3.63% -0.41% 5.83% 17.14%Net Profit Margin (TTM) (?) - 1.01% 4.93% 13.01%
Company Industry Sector S&P 500
OneSource One-Stop Reports for Tata Motors Limited
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Net Profit Margin - 5 Yr Avg (?) 2.21% 0.18% 4.19% 12.06%Effective Tax Rate (TTM) (?) - 16.21% 23.40% 28.17%Effective Tax rate - 5 Yr Avg (?) 39.17% 22.80% 30.69% 30.13%
Management Effectiveness (%)Return on Assets (TTM) (?) - 0.41% 6.13% 8.15%Return on Assets - 5 Yr Avg (?) - 1.48% 5.96% 8.37%Return on Investment (TTM) (?) - 4.31% 8.82% 10.52%Return on Investment - 5 Yr Avg (?) - 2.51% 7.87% 12.00%Return on Equity (TTM) (?) - 12.49% 14.65% 18.79%Return on Equity - 5 Yr Avg (?) - 21.95% 14.99% 20.15%
EfficiencyRevenue/Employee (TTM) (?) - 644,754.44 461,996.70 848,998.16Net Income/Employee (TTM) (?) - 29,525.15 42,426.57 109,750.56Receivables Turnover (TTM) (?) - 3.41 6.86 10.87Inventory Turnover (TTM) (?) - 31.24 13.52 12.73Asset Turnover (TTM) (?) - 0.68 1.13 0.91
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 85
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Ratios
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
Financial StrengthCurrent Ratio (?) 1.02 1.02 1.41 1.74 1.41Quick/Acid Test Ratio (?) 0.61 0.53 1.05 1.40 1.10Working Capital1 (?) 180.2 111.5 1,401.5 1,598.3 726.5Long Term Debt/Equity (?) 4.29 5.89 1.33 0.95 0.55Total Debt/Equity (?) 5.16 6.60 1.81 1.26 1.03Long Term Debt/Total Capital (?) 0.70 0.77 0.47 0.42 0.27Total Debt/Total Capital (?) 0.84 0.87 0.64 0.56 0.51Interest Coverage (?) 6.25 -3.44 12.42 - -Payout Ratio (?) 30.80% -10.55% 26.67% 26.58% 28.35%Effective Tax Rate (?) 28.55% - 27.59% 28.60% 27.25%Total Capital1 (?) 11,267.0 8,900.0 6,085.2 4,019.3 2,796.1
EfficiencyAsset Turnover (?) 1.17 1.31 1.18 1.49 1.45Inventory Turnover (?) 5.77 7.02 7.69 7.97 7.21Days In Inventory (?) 63.28 52.02 47.46 45.77 50.61Receivables Turnover (?) 5.68 5.34 2.99 3.40 4.29Days Receivables Outstanding (?) 64.25 68.29 122.24 107.39 85.01Revenue/Employee2 (?) 864,143 597,694 385,494 334,717 182,000Operating Income/Employee2 (?) 32,276 -17,754 33,115 31,789 17,804EBITDA/Employee2 (?) 74,043 7,151 44,406 38,873 22,528
ProfitabilityGross Margin (?) 29.10% 27.87% 30.32% 30.41% 30.90%Operating Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%EBITDA Margin (?) 8.57% 1.20% 11.52% 11.61% 12.38%EBIT Margin (?) 4.45% -2.30% 9.34% 9.50% 9.78%Pretax Margin (?) 3.74% -2.97% 8.59% 9.50% 9.78%Net Profit Margin (?) 2.73% -3.50% 6.03% 6.67% 7.20%R&D Expense/Revenue (?) 0.53% 0.49% 0.18% 0.26% 0.30%COGS/Revenue (?) 68.08% 69.72% 69.16% 69.26% 68.40%SG&A Expense/Revenue (?) 19.87% 24.05% 20.98% 19.89% 19.47%
Management EffectivenessReturn on Assets (?) 3.12% -4.49% 7.36% 10.11% 10.31%Return on Equity (?) 36.35% -34.23% 26.40% 31.33% 32.83%
ValuationFree Cash Flow/Share2 (?) 0.32 -3.04 0.20 -2.10 -0.51Operating Cash Flow/Share 2 (?) 3.62 0.78 3.50 -0.51 0.211-ExchangeRate: INR to USD Period End Date 44.895 50.735 40.12 43.465 44.5652-ExchangeRate: INR to USD Average for Period 44.895 50.735 40.12 43.465 44.565
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006
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Current Market MultiplesMarket Cap/Revenue (TTM) (?) 0.54Market Cap/EBIT (TTM) (?) 6.59Market Cap/EBITDA (TTM) (?) 4.48Enterprise Value/Revenue (TTM) (?) 0.54Enterprise Value/EBIT (TTM) (?) 6.59Enterprise Value/EBITDA (TTM) (?) 4.48
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 87
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Stock Report
Traded: New York Stock Exchange: TTM
As of 27-Aug-2010 US Dollars
Recent Price $22.08 EPS $1.0252 Week High $22.93 Price/Sales 0.5052 Week Low $11.32 Dividend Rate $0.32Avg. Volume (mil) 1.20 Beta 2.37Market Value (mil) $9,931.10
Price % Change Rel S&P 500%4 Week 16.76% 20.82%13 Week 32.37% 35.46%52 Week 83.08% 77.30%Year to Date 30.96% 37.17%
Source: Reuters
2 Year Weekly End Price & Volume
Yearly Price History
High Price 22.93 31.9 17.39 -13.3 20.05 -9.3 22.11 0.5 21.99 51.3
Low Price 13.85 354.1 3.05 -12.9 3.50 -76.7 15.00 7.7 13.93 50.6
Year End Price 22.08 31.0 16.86 278.9 4.45 -76.4 18.86 -7.7 20.43 42.2
Monthly Price History >> View More
27-Aug-10 19.11 22.93 18.80 22.08 33,443,716
30-Jul-10 17.00 19.32 16.72 18.91 20,849,649
30-Jun-10 16.32 18.47 16.06 17.19 21,313,954
28-May-10 20.48 20.84 15.25 16.68 33,808,481
30-Apr-10 18.71 20.76 18.58 20.41 20,804,047
31-Mar-10 16.20 18.79 16.20 18.46 40,227,169
26-Feb-10 15.20 16.29 13.85 16.18 24,110,982
29-Jan-10 17.57 18.09 14.55 14.63 31,722,144
31-Dec-09 14.95 17.39 14.65 16.86 27,500,335
30-Nov-09 11.62 14.38 11.46 14.32 28,809,231
30-Oct-09 12.65 13.10 11.32 11.38 32,453,787
30-Sep-09 12.10 13.58 11.47 12.96 19,450,977
31-Aug-09 10.66 12.34 10.50 11.59 26,654,474
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
Stock Snapshot
Stock History
2010 % Chg 2009 % Chg 2008 % Chg 2007 % Chg 2006 % Chg
Price Ending Date Open High Low Close Volume
OneSource One-Stop Reports for Tata Motors Limited
Page 88
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Income Statement
Standardized
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Reclassified Normal
31-Mar-2010
Reclassified Normal
31-Mar-2009
Reclassified Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Gross Revenue 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4
Excise Tax Receipts -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Revenue 19,082.3 15,066.9 8,853.3 7,156.3 5,376.0 Interest Income, Non-Bank 609.2 381.5 66.4 33.9 55.1
Other Revenue 180.8 138.2 - - -
Other Revenue, Total 790.0 519.7 66.4 33.9 55.1Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Cost of Revenue 13,511.2 10,880.2 6,171.9 4,962.7 3,707.6
Excise Taxes Payments 18.3 -12.8 -3.3 17.1 7.5
Cost of Revenue, Total 13,529.5 10,867.5 6,168.6 4,979.8 3,715.1Gross Profit 5,552.8 4,199.4 2,684.7 2,176.4 1,661.0
Selling/General/Administrative Expense
1,478.2 1,588.6 1,189.9 896.1 654.1
Labor & Related Expense 1,844.1 1,586.8 681.5 534.2 403.3
Advertising Expense 626.7 572.7 - - -
Total Selling/General/Administrative Expenses
3,948.9 3,748.0 1,871.5 1,430.3 1,057.4
Research & Development 105.0 75.6 16.4 18.8 16.2
Depreciation 819.0 545.1 194.2 152.2 141.0
Depreciation/Amortization 819.0 545.1 194.2 152.2 141.0 Interest Expense - Operating 448.0 431.2 189.5 107.6 70.7
Interest Capitalized - Operating -70.0 -63.6 -30.0 -4.7 -0.7
Interest Expense - Net Operating 378.0 367.6 159.5 102.8 70.0
Interest Income - Operating -47.5 -52.1 -42.1 -13.1 -14.4
Investment Income - Operating -158.1 285.8 -39.9 - -
Interest/Investment Income - Operating
-205.6 233.6 -82.0 -13.1 -14.4
Interest Expense (Income) - Net Operating
141.4 104.4 67.1 - -
Interest Expense (Income) - Net Operating Total
313.8 705.6 144.6 89.7 55.6
Loss (Gain) on Sale of Assets - Operating
15.7 3.0 - - -
OneSource One-Stop Reports for Tata Motors Limited
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Other Unusual Expense (Income) 72.5 0.0 - - 0.0
Unusual Expense (Income) 88.2 3.0 - - 0.0 Other Operating Expense 1,293.3 1,113.4 0.0 0.0 -
Other, Net -967.7 -1,008.7 -241.7 -163.6 -85.5
Other Operating Expenses, Total 325.6 104.7 -241.7 -163.6 -85.5
Total Operating Expense 19,130.1 16,049.6 8,153.5 6,507.3 4,899.8
Operating Income 742.2 -463.0 766.2 682.9 531.3
Income Before Tax 742.2 -463.0 766.2 682.9 531.3
Total Income Tax 211.9 73.0 211.4 195.3 144.8
Income After Tax 530.3 -536.0 554.8 487.6 386.5
Minority Interest -6.4 2.5 -32.8 -16.4 -5.0
Equity In Affiliates 17.8 -11.2 16.2 8.7 9.4
Net Income Before Extraord Items 541.7 -544.8 538.2 479.9 390.8Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Common Excl Extraord Items
541.7 -544.8 538.2 479.9 390.8
Income Available to Common Incl Extraord Items
541.7 -544.8 538.2 479.9 390.8
Basic/Primary Weighted Average Shares
527.9 440.5 398.0 397.1 389.1
Basic EPS Excl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Basic/Primary EPS Incl Extraord Items 1.03 -1.24 1.35 1.21 1.00
Dilution Adjustment 8.8 0.0 2.3 2.2 2.3
Diluted Net Income 550.6 -544.8 540.4 482.1 393.2
Diluted Weighted Average Shares 584.4 440.5 435.9 420.4 416.0
Diluted EPS Excl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Incl Extraord Items 0.94 -1.24 1.24 1.15 0.95
Dividends per Share - Common Stock Primary Issue
0.32 0.13 0.36 0.32 0.28
Dividends per Share - Common Stock Issue 2
0.33 0.14 0.00 - -
Gross Dividends - Common Stock 181.0 67.8 143.6 127.8 112.6
Interest Expense, Supplemental 378.0 367.6 159.5 102.8 70.0
Interest Capitalized, Supplemental -70.0 -63.6 -30.0 -4.7 -0.7
Depreciation, Supplemental 653.2 481.8 194.2 152.2 141.0
Total Special Items 88.2 -8.0 - - 0.0
Normalized Income Before Tax 830.4 -471.0 766.2 682.9 531.3
Effect of Special Items on Income Taxes
25.2 -2.8 - - 0.0
Inc Tax Ex Impact of Sp Items 237.1 70.2 211.4 195.3 144.8
Normalized Income After Tax 593.3 -541.2 554.8 487.6 386.5
Normalized Inc. Avail to Com. 604.8 -550.0 538.2 479.9 390.8
Basic Normalized EPS 1.15 -1.25 1.35 1.21 1.00
Diluted Normalized EPS 1.05 -1.25 1.24 1.15 0.95
Amort of Intangibles, Supplemental 165.9 63.3 0.0 - -
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Page 90
Rental Expenses 47.5 43.1 19.1 10.3 6.7
Advertising Expense, Supplemental 626.7 572.7 77.3 57.0 43.8
Research & Development Exp, Supplemental
105.0 75.6 16.4 18.8 16.2
Normalized EBIT 1,144.3 234.6 910.8 772.6 586.9
Normalized EBITDA 1,963.3 779.7 1,105.0 924.8 727.9
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Other Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Interest Cost - Domestic 9.5 9.6 10.1 7.1 -
Service Cost - Domestic 6.7 6.9 6.6 4.4 -
Prior Service Cost - Domestic 0.1 0.7 0.0 - -
Expected Return on Assets - Domestic -8.9 -8.4 -9.0 -6.6 -
Actuarial Gains and Losses - Domestic 10.7 -1.2 13.1 15.1 -
Domestic Pension Plan Expense 18.1 7.5 20.8 20.1 -
Interest Cost - Post-Retirement 1.5 1.3 1.2 0.7 -
Service Cost - Post-Retirement 0.7 0.6 0.7 0.6 -
Actuarial Gains and Losses - Post-Retir.
0.0 2.3 1.4 3.7 -
Post-Retirement Plan Expense 2.1 4.2 3.4 5.0 -
Defined Contribution Expense - Domestic
45.5 38.5 63.5 57.6 31.5
Total Pension Expense 65.7 50.1 87.8 82.8 31.5
Discount Rate - Domestic 6.75% 6.75% 7.75% - -
Discount Rate - Post-Retirement 8.50% 8.50% 8.50% 8.50% -
Expected Rate of Return - Domestic 8.00% 8.00% 8.00% - -
Total Plan Interest Cost 11.0 10.8 11.3 7.8 -
Total Plan Service Cost 7.3 7.5 7.4 5.0 -
Total Plan Expected Return -8.9 -8.4 -9.0 -6.6 -
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 91
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Interim Income Statement
Standardized
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
Financial Glossary
30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 30-Jun-2009Period Length 3 Months 3 Months 3 Months 3 Months 3 Months
UpdateType/Date Updated Normal 30-Jun-2010
Updated Normal 31-Mar-2010
Updated Normal 31-Dec-2009
Updated Normal 30-Sep-2009
Reclassified Normal
30-Jun-2010 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 45.616613 45.941758 46.661882 48.37947 48.872473
Gross Revenue 6,088.1 6,620.1 5,724.1 4,464.2 3,446.1
Excise Tax Receipts -196.3 -229.3 -156.5 -146.4 -97.5
Revenue 5,891.7 6,390.8 5,567.6 4,317.8 3,348.6 Other Revenue 46.9 147.5 14.9 127.6 87.7
Other Revenue, Total 46.9 147.5 14.9 127.6 87.7Total Revenue 5,938.7 6,538.4 5,582.5 4,445.5 3,436.3
Cost of Revenue 3,737.1 4,081.0 3,736.8 2,904.1 2,303.3
Cost of Revenue, Total 3,737.1 4,081.0 3,736.8 2,904.1 2,303.3Gross Profit 2,154.7 2,309.8 1,830.8 1,413.7 1,045.4
Labor & Related Expense 471.1 464.8 487.6 474.9 418.2
Total Selling/General/Administrative Expenses
471.1 464.8 487.6 474.9 418.2
Research & Development 21.5 50.9 18.4 17.7 19.0
Depreciation 221.7 193.2 280.1 175.3 172.7
Depreciation/Amortization 221.7 193.2 280.1 175.3 172.7 Interest Expense - Operating 161.0 162.1 142.0 147.6 138.3
Interest Expense - Net Operating 161.0 162.1 142.0 147.6 138.3
Interest Income - Operating -37.9 -42.1 -25.1 -32.0 -18.9
Investment Income - Operating 9.1 -8.3 26.7 33.7 -68.3
Interest/Investment Income - Operating
-28.8 -50.4 1.6 1.7 -87.3
Interest Expense (Income) - Net Operating Total
132.2 111.8 143.6 149.3 51.1
Other Unusual Expense (Income) 0.0 39.0 23.5 11.4 0.0
Unusual Expense (Income) 0.0 39.0 23.5 11.4 0.0 Other Operating Expense 1,105.1 1,287.4 937.8 888.2 765.0
Other, Net -248.8 -259.0 -236.0 -234.8 -237.8
Other Operating Expenses, Total 856.3 1,028.3 701.8 653.4 527.2Total Operating Expense 5,439.8 5,969.0 5,391.9 4,386.1 3,491.5
Operating Income 498.8 569.4 190.6 59.4 -55.2
Income Before Tax 498.8 569.4 190.6 59.4 -55.2
Total Income Tax 64.9 89.1 52.0 59.8 13.1
OneSource One-Stop Reports for Tata Motors Limited
Page 92
Income After Tax 433.9 480.3 138.5 -0.4 -68.4
Minority Interest -1.4 -5.3 -3.3 0.9 1.0
Equity In Affiliates 3.4 9.8 4.2 4.1 0.1
Net Income Before Extraord Items 436.0 484.9 139.4 4.5 -67.3
Net Income 436.0 484.9 139.4 4.5 -67.3
Income Available to Common Excl Extraord Items
436.0 484.9 139.4 4.5 -67.3
Income Available to Common Incl Extraord Items
436.0 484.9 139.4 4.5 -67.3
Basic/Primary Weighted Average Shares
283.7 1,410.9 265.4 178.5 256.9
Basic EPS Excl Extraord Items 1.54 0.34 0.53 0.03 -0.26
Basic/Primary EPS Incl Extraord Items 1.54 0.34 0.53 0.03 -0.26
Dilution Adjustment - 9.1 - - 0.0
Diluted Net Income 436.0 494.0 139.4 4.5 -67.3
Diluted Weighted Average Shares 307.2 1,607.1 289.3 184.6 256.9
Diluted EPS Excl Extraord Items 1.42 0.31 0.48 0.02 -0.26
Diluted EPS Incl Extraord Items 1.42 0.31 0.48 0.02 -0.26
Dividends per Share - Common Stock Primary Issue
0.00 0.33 0.00 0.00 0.00
Dividends per Share - Common Stock Issue 2
- 0.34 - - -
Gross Dividends - Common Stock 0.0 187.0 0.0 0.0 0.0
Interest Expense, Supplemental 161.0 162.1 142.0 147.6 138.3
Depreciation, Supplemental 221.7 193.2 280.1 175.3 172.7
Total Special Items 0.0 39.0 23.5 11.4 0.0
Normalized Income Before Tax 498.8 608.4 214.1 70.8 -55.2
Effect of Special Items on Income Taxes
0.0 6.1 6.4 4.0 0.0
Inc Tax Ex Impact of Sp Items 64.9 95.2 58.5 63.8 13.1
Normalized Income After Tax 433.9 513.2 155.6 7.0 -68.4
Normalized Inc. Avail to Com. 436.0 517.8 156.5 11.9 -67.3
Basic Normalized EPS 1.54 0.37 0.59 0.07 -0.26
Diluted Normalized EPS 1.42 0.33 0.54 0.06 -0.26
Research & Development Exp, Supplemental
21.5 50.9 18.4 17.7 19.0
Normalized EBIT 631.0 720.1 357.7 220.1 -4.1
Normalized EBITDA 852.7 913.3 637.9 395.3 168.6
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 93
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Balance Sheet
Standardized
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006UpdateType/Date Updated Normal
31-Mar-2010Restated
Normal 31-Mar-2010
Restated Normal
31-Mar-2009
Restated Normal
31-Mar-2008
Restated Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate 44.895 50.735 40.12 43.465 44.565
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Cash 1,349.8 422.4 270.7 - -
Cash & Equivalents - - - 265.6 311.1
Short Term Investments 194.9 47.9 286.3 - -
Cash and Short Term Investments 1,544.7 470.3 557.0 265.6 311.1 Accounts Receivable - Trade, Gross
54.0 56.5 529.9 404.6 315.2
Provision for Doubtful Accounts -58.1 -36.6 -16.4 -13.0 -11.3
Trade Accounts Receivable - Net -4.1 19.9 513.6 391.6 303.9
Other Receivables 4,123.4 2,879.3 2,506.1 2,357.8 1,307.8
Total Receivables, Net 4,119.3 2,899.2 3,019.6 2,749.4 1,611.8 Inventories - Finished Goods 1,925.3 1,538.6 409.4 344.9 236.5
Inventories - Work In Progress 222.4 205.8 92.2 84.0 76.9
Inventories - Raw Materials 357.1 399.9 312.9 293.6 238.2
Inventories - Other 14.8 14.1 6.7 6.1 5.1
Total Inventory 2,519.7 2,158.4 821.2 728.6 556.7Prepaid Expenses 316.1 170.3 - - -
Restricted Cash - Current 402.8 377.2 398.5 - -
Other Current Assets 570.5 367.1 0.3 1.4 1.5
Other Current Assets, Total 973.3 744.3 398.8 1.4 1.5Total Current Assets 9,473.1 6,442.5 4,796.6 3,745.1 2,481.1
Buildings 1,446.6 1,305.9 381.8 285.1 262.6
Land/Improvements 420.2 311.0 109.3 54.4 35.1
Machinery/Equipment 10,219.2 8,765.6 2,546.3 1,862.3 1,610.3
Construction in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Leases 88.9 81.1 102.6 145.5 151.7
Other Property/Plant/Equipment - - 94.2 36.0 28.3
Property/Plant/Equipment - Gross 13,972.0 12,539.7 4,716.8 2,977.3 2,306.6
Accumulated Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Property/Plant/Equipment - Net 6,679.4 6,171.0 3,206.2 1,728.8 1,219.8Goodwill, Net 762.4 733.0 141.1 101.9 92.5 Intangibles - Gross 2,270.3 1,060.9 0.0 - -
Accumulated Intangible Amortization
-372.7 -188.7 0.0 - -
Intangibles, Net 1,897.6 872.1 0.0 - - LT Investment - Affiliate Companies 134.8 63.1 - - -
OneSource One-Stop Reports for Tata Motors Limited
Page 94
LT Investments - Other 359.5 184.7 664.5 270.2 283.1
Long Term Investments 494.3 247.8 664.5 270.2 283.1 Deferred Charges 0.0 17.0 1.7 2.7 3.1
Deferred Income Tax - Long Term Asset
94.9 53.1 - - -
Other Long Term Assets 0.0 125.5 0.0 - -
Other Long Term Assets, Total 94.9 195.5 1.7 2.7 3.1Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Accounts Payable 4,942.1 3,650.1 1,684.9 1,121.0 686.7
Accrued Expenses 84.1 24.7 9.3 6.2 4.3
Notes Payable/Short Term Debt 1,600.2 835.6 1,029.8 562.8 662.0
Dividends Payable 191.3 61.4 144.2 133.0 -
Customer Advances 395.7 67.2 83.3 79.0 90.3
Income Taxes Payable 79.8 76.4 - - -
Other Current Liabilities 1,999.8 1,615.6 443.7 244.8 311.2
Other Current liabilities, Total 2,666.6 1,820.5 671.1 456.8 401.5Total Current Liabilities 9,293.0 6,331.0 3,395.1 2,146.7 1,754.5
Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2
Total Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2Total Debt 9,439.1 7,729.1 3,917.3 2,242.7 1,420.3
Deferred Income Tax - LT Liability 351.8 187.2 242.9 188.0 151.9
Deferred Income Tax 351.8 187.2 242.9 188.0 151.9Minority Interest 47.6 79.4 116.7 57.5 39.0
Other Long Term Liabilities 42.6 0.0 - - -
Other Liabilities, Total 42.6 0.0 - - -Total Liabilities 17,573.8 13,491.0 6,642.2 4,072.2 2,703.7
Common Stock 127.1 101.3 96.1 88.7 85.9
Common Stock 127.1 101.3 96.1 88.7 85.9Additional Paid-In Capital 1,575.6 1,123.9 474.3 540.1 501.9
Retained Earnings (Accumulated Deficit)
696.4 355.4 1,587.1 1,122.6 771.1
Unrealized Gain (Loss) 41.4 21.8 6.4 6.0 5.9
Translation Adjustment -612.5 -431.5 4.0 19.2 10.9
Other Equity, Total -612.5 -431.5 4.0 19.2 10.9Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders’ Equity
19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Shares Outstanding - Common Stock Primary Issue
506.4 449.8 398.1 397.9 395.3
Shares Outstanding - Common Stock Issue 2
64.2 64.2 0.0 - -
Total Common Shares Outstanding 570.6 514.0 398.1 397.9 395.3Treasury Shares - Common Stock Primary Issue
- - - - 0.0
Employees 24,310 23,638 23,230 22,349 29,606
Number of Common Shareholders 371,310 391,969 292,097 234,629 221,403
Accumulated Intangible Amort, Suppl. 372.7 188.7 0.0 - -
Deferred Revenue - Current 395.7 67.2 83.3 79.0 90.3
Total Capital Leases, Supplemental 7.3 9.5 12.3 0.1 0.2
OneSource One-Stop Reports for Tata Motors Limited
Page 95
Capital Lease Payments Due in Year 1 4.3 4.0 4.3 0.0 0.1
Capital Lease Payments Due in Year 2 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in Year 3 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in Year 4 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in Year 5 0.7 1.4 2.0 0.0 0.0
Capital Lease Payments Due in 2-3 Years
1.4 2.8 4.0 0.0 0.0
Capital Lease Payments Due in 4-5 Years
1.4 2.8 4.0 0.0 0.0
Cap. Lease Pymts. Due in Year 6 & Beyond
0.2 0.0 0.0 0.0 0.0
Total Operating Leases, Supplemental 43.7 41.2 11.4 10.7 5.5
Operating Lease Payments Due in Year 1
15.1 13.1 3.8 3.3 2.1
Operating Lease Payments Due in Year 2
7.1 7.0 1.9 1.8 0.9
Operating Lease Payments Due in Year 3
7.1 7.0 1.9 1.8 0.9
Operating Lease Payments Due in Year 4
7.1 7.0 1.9 1.8 0.9
Operating Lease Payments Due in Year 5
7.1 7.0 1.9 1.8 0.9
Operating Lease Pymts. Due in 2-3 Years
14.3 14.1 3.8 3.7 1.7
Operating Lease Pymts. Due in 4-5 Years
14.3 14.1 3.8 3.7 1.7
Oper. Lse. Pymts. Due in Year 6 & Beyond
0.0 0.0 0.0 0.0 0.0
Pension Obligation - Domestic 135.2 113.2 139.2 118.2 -
Post-Retirement Obligation 19.4 16.8 17.6 14.1 -
Plan Assets - Domestic 122.2 101.7 124.0 99.7 -
Funded Status - Domestic -13.1 -11.5 -15.2 -18.5 -
Funded Status - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Total Funded Status -32.5 -28.3 -32.7 -32.7 -
Discount Rate - Domestic 6.75% 6.75% 7.75% - -
Discount Rate - Post-Retirement 8.50% 8.50% 8.50% 8.50% -
Expected Rate of Return - Domestic 8.00% 8.00% - - -
Prepaid Benefits - Domestic - - - 0.1 -
Accrued Liabilities - Domestic -13.1 -11.5 -15.2 -18.7 -65.4
Accrued Liabilities - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Net Assets Recognized on Balance Sheet
-32.5 -28.3 -32.7 -32.7 -65.4
Debt Securities % - Domestic 76.00% 78.00% 69.00% - -
Other Investments % - Domestic 24.00% 22.00% 31.00% - -
Total Plan Obligations 154.7 130.0 156.7 132.3 -
Total Plan Assets 122.2 101.7 124.0 99.7 -
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 96
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Cash Flows
Standardized
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
Financial Glossary
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Restated Normal
31-Mar-2010
Updated Normal 31-Mar-2008
Restated Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Net Income/Starting Line 541.7 -544.8 538.2 479.9 390.8
Depreciation 818.1 544.1 193.0 151.3 141.3
Depreciation/Depletion 818.1 544.1 193.0 151.3 141.3Deferred Taxes - - - - 32.1
Unusual Items -330.8 -164.2 -38.8 -12.7 -39.3
Equity in Net Earnings (Loss) -17.8 11.2 -16.2 -8.7 -9.9
Other Non-Cash Items 665.0 757.3 371.9 263.2 209.8
Non-Cash Items 316.4 604.4 316.8 241.8 160.6 Accounts Receivable -1,024.8 206.7 -186.5 -1,043.8 -515.5
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Other Assets 0.0 -18.3 0.0 - -
Accounts Payable 1,835.1 -649.7 724.0 280.3 77.0
Other Operating Cash Flow -267.8 148.3 -165.9 -151.8 -112.7
Changes in Working Capital 280.2 -162.3 341.1 -1,066.6 -642.8
Cash from Operating Activities 1,956.5 441.5 1,389.2 -193.6 82.1
Purchase of Fixed Assets -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8
Capital Expenditures -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8
Acquisition of Business - - - 0.0 -103.8
Sale of Fixed Assets 4.7 16.3 11.5 22.0 3.5
Sale/Maturity of Investment 457.6 222.8 109.8 9.6 76.3
Investment, Net -206.4 183.4 -196.7 24.3 182.7
Purchase of Investments -101.2 -2,378.7 -238.2 -4.1 -15.6
Other Investing Cash Flow 43.9 32.8 284.5 26.1 40.6
Other Investing Cash Flow Items, Total
198.6 -1,923.5 -29.1 77.9 183.6
Cash from Investing Activities -1,587.3 -4,091.6 -1,340.0 -532.2 -101.2
Other Financing Cash Flow -618.9 -532.6 -249.3 -103.4 -65.3
Financing Cash Flow Items -618.9 -532.6 -249.3 -103.4 -65.3
Cash Dividends Paid - Common -73.0 -151.6 -170.1 -127.2 -118.5
Total Cash Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Sale/Issuance of Common 351.4 893.6 0.0 - -
Common Stock, Net 351.4 893.6 0.0 - -
OneSource One-Stop Reports for Tata Motors Limited
Page 97
Issuance (Retirement) of Stock, Net
351.4 893.6 0.0 - -
Short Term Debt, Net -725.6 915.6 282.7 190.4 22.4
Long Term Debt Issued 6,051.5 4,529.7 1,845.4 931.8 162.0
Long Term Debt Reduction -4,456.2 -1,792.1 -1,091.3 -216.3 -141.7
Long Term Debt, Net 1,595.3 2,737.6 754.1 715.5 20.4
Issuance (Retirement) of Debt, Net
869.8 3,653.2 1,036.8 905.9 42.7
Cash from Financing Activities 529.3 3,862.5 617.4 675.3 -141.1
Foreign Exchange Effects -24.4 -179.7 -6.0 -0.7 -0.6
Net Change in Cash 874.1 32.7 660.6 -51.2 -160.8
Net Cash - Beginning Balance 501.8 485.1 286.6 306.6 474.4
Net Cash - Ending Balance 1,375.9 517.9 947.2 255.1 313.6
Cash Interest Paid 601.6 519.0 260.6 102.9 73.6
Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 98
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Income Statement
As Reported
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Reclassified Normal
31-Mar-2010
Reclassified Normal
31-Mar-2009
Reclassified Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Gross Sales 19,724.6 15,765.4 10,015.4 8,165.0 6,166.4
Excise Duty -642.3 -698.5 -1,162.1 -1,008.7 -790.3
Income on securitisation / sale of recei
48.9 14.6 - - -
Interest income on Loan contracts (net)
231.4 207.8 - - -
Miscellaneous income 131.9 123.6 - - -
Profit on sale of current investments 146.2 0.7 - - -
Profit on sale of controlling stake in a
222.9 0.0 - - -
Profit on sale of other long term invest
0.0 155.5 - - -
Dividend & Other Income 8.8 17.6 66.4 33.9 55.1
Total Revenue 19,872.4 15,586.6 8,919.7 7,190.1 5,431.1
Stock in Trade & WIP -242.0 172.4 -0.1 -90.9 -54.4
Purchase of Product for Sale Etc 1,799.1 1,517.4 575.5 422.7 307.8
Consumption of Raw Material and Compon.
11,400.5 8,753.0 5,476.2 4,524.7 3,369.5
Processing Charges 185.2 121.7 120.2 106.2 84.8
Salaries, Wages 1,844.1 1,586.8 681.5 534.2 403.3
Stores, spare parts and tools consumed
223.1 166.5 - - -
Power and fuel 145.3 149.2 - - -
Excise Duty on Stock in Trade 18.3 -12.8 -3.3 17.1 7.5
Publicity 626.7 572.7 - - -
General & Admin Expenses 755.1 916.4 - - -
Exchange (Gain) / Loss -140.3 212.0 - - -
Loss on sale of assets 6.2 2.8 - - -
Loss on Assets Scrapped / Written off
9.5 0.2 - - -
Other Expenses 1,293.3 1,113.4 - - -
Selling & General Expenses 723.0 672.2 1,189.7 896.0 654.1
Expenditure Transfer to Capital & Other
-967.7 -1,008.7 -241.7 -163.6 -85.9
Product Development Expenses 105.0 75.6 16.4 18.8 16.2
OneSource One-Stop Reports for Tata Motors Limited
Page 99
Depreciation 819.0 545.1 194.2 152.2 141.0
Interest Expense 448.0 431.2 189.5 107.6 70.7
Capitalized Interest -70.0 -63.6 -30.0 -4.7 -0.7
Interest Received -47.5 -52.1 -42.1 -13.1 -14.4
Discount Charges, net 141.4 104.4 67.1 - - Amort. of Miscellaneous Exp. in Subs.
- - 0.2 0.1 0.0
Adjustment of Misc. Expenditure in Sub.
- - 0.0 0.0 -
National Exchange Loss/Gain on Revaluati
-17.8 73.8 -39.9 - -
Others 72.5 0.0 - - -
Provision for Investment - - - - 0.4
Separation Cost - - - - 0.0
Total Operating Expense 19,130.1 16,049.6 8,153.5 6,507.3 4,899.8
Net Income Before Taxes 742.2 -463.0 766.2 682.9 531.3
Provision for Income Taxes 211.9 73.0 211.4 195.3 144.8
Net Income After Taxes 530.3 -536.0 554.8 487.6 386.5
Minority Interest -6.4 2.5 -32.8 -16.4 -5.0
Share of Associate 17.8 -11.2 16.2 8.7 9.9
Amort. of Misc. Exp. in Subsidiaries - - - - -0.6
Net Income Before Extra. Items 541.7 -544.8 538.2 479.9 390.8Net Income 541.7 -544.8 538.2 479.9 390.8
Income Available to Com Excl ExtraOrd
541.7 -544.8 538.2 479.9 390.8
Income Available to Com Incl ExtraOrd
541.7 -544.8 538.2 479.9 390.8
Basic Weighted Average Shares 527.9 440.5 398.0 397.1 389.1
Basic EPS Excluding ExtraOrdinary Items
1.03 -1.24 1.35 1.21 1.00
Basic EPS Including ExtraOrdinary Item
1.03 -1.24 1.35 1.21 1.00
Dilution Adjustment 8.8 0.0 2.3 2.2 2.3
Diluted Net Income 550.6 -544.8 540.4 482.1 393.2
Diluted Weighted Average Shares 584.4 440.5 435.9 420.4 416.0
Diluted EPS Excluding ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
Diluted EPS Including ExtraOrd Items 0.94 -1.24 1.24 1.15 0.95
DPS-Equity Shares 0.32 0.13 0.36 0.32 0.28
DPS-A Ordinary Shares 0.33 0.14 0.00 - -
Gross Dividends - Common Stock 181.0 67.8 143.6 127.8 112.6
Normalized Income Before Taxes 830.4 -471.0 766.2 682.9 531.3
Inc Tax Ex Impact of Sp Items 237.1 70.2 211.4 195.3 144.8
Normalized Income After Taxes 593.3 -541.2 554.8 487.6 386.5
Normalized Inc. Avail to Com. 604.8 -550.0 538.2 479.9 390.8
Basic Normalized EPS 1.15 -1.25 1.35 1.21 1.00
Diluted Normalized EPS 1.05 -1.25 1.24 1.15 0.95
OneSource One-Stop Reports for Tata Motors Limited
Page 100
Research & Development Exp 105.0 75.6 16.4 18.8 16.2
Depreciation and Amortization 653.2 481.8 194.2 152.2 141.0
Amortization 165.9 63.3 0.0 - -
Interest Expense 378.0 367.6 159.5 102.8 70.0
Interest Capitalized -70.0 -63.6 -30.0 -4.7 -0.7
Advertsing Expense 626.7 572.7 77.3 57.0 43.8
Rental Expense 47.5 43.1 19.1 10.3 6.7
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Current Tax - Total 120.5 94.8 117.2 157.5 107.2
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Deferred Tax - Total 91.4 -26.6 91.2 35.6 32.1
Fringe Benefit Tax 0.0 4.7 3.0 2.2 5.4
Income Tax - Total 211.9 73.0 211.4 195.3 144.8
Current Service Cost - Gratuity 6.7 6.9 6.6 3.1 -
Interest Cost - Gratuity 9.5 9.6 10.1 4.6 -
Exp. Return on Assets - Gratuity -8.9 -8.4 -9.0 -5.3 -
Prior Service Cost 0.1 0.7 0.0 - -
Actuarial Gain/Loss - Gratuity 10.7 -1.2 13.1 15.2 -
Current Service Cost - Superannuation - - - 1.0 -
Interest Cost - Superannuation - - - 1.9 -
Expected Return on Assets - Superannuati
- - - -1.3 -
Actuarial Gain/Loss - Superannuation - - - -1.2 -
Current Service Cost - BKY/PSY - - - 0.3 -
Interest Cost - BKY/PSY - - - 0.6 -
Actuarial Gain/Loss - BKY/PSY - - - 1.1 -
Domestic Pension Plan Expense 18.1 7.5 20.8 20.1 -
Current Service Cost - Post-Retirement
0.7 0.6 0.7 0.6 -
Interest Cost - Post-Retirement 1.5 1.3 1.2 0.7 -
Actuarial Gain/Loss - Post Ret. 0.0 2.3 1.4 3.7 -
Post-Retirement Plan Expense 2.1 4.2 3.4 5.0 -
Provident Fund Expenses 45.5 38.5 63.5 57.6 31.5
Total Pension Expense 65.7 50.1 87.8 82.8 31.5
Discount Rate - Gratuity 6.75% 6.75% 7.75% 8.50% -
Expected Rate of Return - Gratuity 8.00% 8.00% 8.00% 8.00% -
Salary Increase Rate - Gratuity - - - 4.00% -
Discount Rate - Superann. - - - 8.00% -
Expected Rate of Return - Superann. - - - 8.00% -
Discount Rate - BKY/PSY - - - 8.50% -
Salary Increase Rate - BKY/PSY - - - 4.00% -
Discount Rate - Post Ret. 8.50% 8.50% 8.50% 8.50% -
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 101
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Interim Income Statement
As Reported
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 30-Jun-2009Period Length 3 Months 3 Months 3 Months 3 Months 3 Months
UpdateType/Date Updated Normal 30-Jun-2010
Updated Normal 31-Mar-2010
Updated Normal 31-Dec-2009
Updated Normal 30-Sep-2009
Reclassified Normal
30-Jun-2010 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 45.616613 45.941758 46.661882 48.37947 48.872473
Gross Sales 6,088.1 6,620.1 5,724.1 4,464.2 3,446.1
Excise Duty -196.3 -229.3 -156.5 -146.4 -97.5
Other Operating Income 39.3 -83.3 13.9 43.6 22.0
Other Income 7.6 230.9 1.0 84.1 65.7
Total Revenue 5,938.7 6,538.4 5,582.5 4,445.5 3,436.3
Stock in Trade & WIP -72.7 -295.7 64.5 49.4 0.3
Consumption of Raw Materials & Component
3,256.0 3,836.7 3,201.5 2,466.0 1,897.8
Purchase of Products for Sale 553.8 540.1 470.9 388.7 405.1
Salaries, Wages 471.1 464.8 487.6 474.9 418.2
Depreciation 221.7 193.2 280.1 175.3 172.7
Product Development Expenses 21.5 50.9 18.4 17.7 19.0
Other Expenditure 1,105.1 1,287.4 937.8 888.2 765.0
Amount Capitalised -248.8 -259.0 -236.0 -234.8 -237.8
Gross interest and discounting charges
161.0 162.1 142.0 147.6 138.3
Interest income/interest capitalised -37.9 -42.1 -25.1 -32.0 -18.9
Exchange Gain 9.1 -8.3 26.7 33.7 -68.3
Other Exceptional Item 0.0 39.0 23.5 11.4 0.0
Total Operating Expense 5,439.8 5,969.0 5,391.9 4,386.1 3,491.5
Net Income Before Taxes 498.8 569.4 190.6 59.4 -55.2
Provision for Income Taxes 64.9 89.1 52.0 59.8 13.1
Net Income After Taxes 433.9 480.3 138.5 -0.4 -68.4
Minority Interest -1.4 -5.3 -3.3 0.9 1.0
Share of Associate 3.4 9.8 4.2 4.1 0.1
Net Income Before Extra. Items 436.0 484.9 139.4 4.5 -67.3
Net Income 436.0 484.9 139.4 4.5 -67.3
Income Available to Com Excl ExtraOrd
436.0 484.9 139.4 4.5 -67.3
Income Available to Com Incl ExtraOrd
436.0 484.9 139.4 4.5 -67.3
OneSource One-Stop Reports for Tata Motors Limited
Page 102
Basic Weighted Average Shares 283.7 1,410.9 265.4 178.5 256.9
Basic EPS Excluding ExtraOrdinary Items
1.54 0.34 0.53 0.03 -0.26
Basic EPS Including ExtraOrdinary Item
1.54 0.34 0.53 0.03 -0.26
Dilution Adjustment - 9.1 - - 0.0
Diluted Net Income 436.0 494.0 139.4 4.5 -67.3
Diluted Weighted Average Shares 307.2 1,607.1 289.3 184.6 256.9
Diluted EPS Excluding ExtraOrd Items 1.42 0.31 0.48 0.02 -0.26
Diluted EPS Including ExtraOrd Items 1.42 0.31 0.48 0.02 -0.26
DPS-Equity Shares 0.00 0.33 0.00 0.00 0.00
DPS-A Ordinary Shares - 0.34 - - -
Gross Dividends - Common Stock 0.0 187.0 0.0 0.0 0.0
Normalized Income Before Taxes 498.8 608.4 214.1 70.8 -55.2
Inc Tax Ex Impact of Sp Items 64.9 95.2 58.5 63.8 13.1
Normalized Income After Taxes 433.9 513.2 155.6 7.0 -68.4
Normalized Inc. Avail to Com. 436.0 517.8 156.5 11.9 -67.3
Basic Normalized EPS 1.54 0.37 0.59 0.07 -0.26
Diluted Normalized EPS 1.42 0.33 0.54 0.06 -0.26
Depreciation and Amortization 221.7 193.2 280.1 175.3 172.7
Research & Development Exp 21.5 50.9 18.4 17.7 19.0
Interest 161.0 162.1 142.0 147.6 138.3
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 103
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Balance Sheet
As Reported
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006UpdateType/Date Updated Normal
31-Mar-2010Restated
Normal 31-Mar-2010
Restated Normal
31-Mar-2009
Restated Normal
31-Mar-2008
Restated Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate 44.895 50.735 40.12 43.465 44.565
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Interest Accrued 0.5 0.5 0.3 1.4 1.5
Stores & Spare Parts 49.3 38.3 33.1 36.4 34.1
Consumable Tools 14.8 14.1 6.7 6.1 5.1
Raw Materials 307.8 361.6 279.8 257.2 204.2
Work in Progress 222.4 205.8 92.2 84.0 76.9
Stock in Trade 1,831.8 1,492.6 332.0 306.6 211.8
Goods in Transit 93.5 46.0 77.3 38.3 24.7
Sundry Debtors, Gross 54.0 56.5 529.9 404.6 315.2
Provision for Doutful Debts -58.1 -36.6 -16.4 -13.0 -11.3
Others 1,605.8 925.2 - - -
Cash/Bank Balances - - - 265.6 311.1
Cash in Hand & in Current Account 1,349.8 422.4 270.7 - -
Short term deposits with Banks 194.9 47.9 286.3 - -
Restricted deposits 4.9 1.1 1.1 - -
Margin Money / Cash Collateral with Bank
397.8 340.9 397.3 - -
Deposit with Governmet, Public Bodies
570.0 366.6 - - -
Deposit Given as Collateral Security 0.0 35.2 - - -
MAT Credit Entitlement 163.0 43.4 - - -
Prepaid Expenses 153.1 126.9 - - -
Loans/Advances 2,517.5 1,954.1 2,506.1 2,357.8 1,307.8
Total Current Assets 9,473.1 6,442.5 4,796.6 3,745.1 2,481.1
Land - - - 36.5 25.1
Railway Sidings - - 0.0 0.0 0.0
Water System - - - 12.8 10.2
Leased Plant - - - 34.7 42.3
Leased Premises - - - 8.1 7.0
Leasehold Land 420.2 311.0 109.3 17.9 10.0
Buildings 1,446.6 1,305.9 381.8 285.1 262.6
Plant/Machinery 9,635.2 8,309.3 2,370.4 1,752.5 1,519.6
Furniture/Fixtures 203.0 190.1 34.8 23.5 20.7
Technical Know-how 9.7 8.9 11.3 8.9 8.6
Vehicles/Transport 32.1 30.4 34.4 28.7 25.8
Assets Taken on Lease 34.6 34.3 32.6 0.0 -
OneSource One-Stop Reports for Tata Motors Limited
Page 104
Assets Given on Lease 88.9 81.1 102.6 102.7 102.3
Depreciation -7,292.6 -6,368.7 -1,510.6 -1,248.5 -1,086.9
Product Development Costs - - 94.2 36.0 28.3
Product Development Costs 1,477.5 306.1 - - -
Trade marks and brands 602.9 569.5 0.0 - -
Developed Technologies 190.0 185.3 0.0 - -
Software 304.7 192.6 62.8 36.0 25.4
Accumulated amortization -372.7 -188.7 0.0 - -
Work in Progress 1,797.1 2,076.1 1,482.6 594.0 218.7
Goodwill 762.4 733.0 141.1 101.9 92.5 Investment in Associate 134.8 63.1 - - -
Investments 359.5 184.7 664.5 270.2 283.1
Deferred Taxes 94.9 53.1 - - -
Foreign currency monetary item 0.0 125.5 0.0 - -
Miscellaneous Expenditure 0.0 17.0 1.7 2.7 3.1
Total Assets 19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
Acceptances 1,600.2 835.6 1,029.8 562.8 662.0
Sundry Creditors 4,942.1 3,650.1 1,684.9 1,121.0 686.7
Liabilities for buyback arrangement 203.9 153.3 - - -
Advance Payments 395.7 67.2 83.3 79.0 90.3
Liability towards premium on redemption
388.9 0.0 - - -
Interest Accrued 51.8 17.6 9.3 6.2 4.3
Investor Fund 7.8 2.7 2.8 2.5 2.5
Amount Due from Customer Contract Work
- - 5.4 0.2 0.0
Proposed Dividends 191.3 61.4 144.2 133.0 -
Provision for tax on dividends 32.2 7.0 - - -
Provision for Income tax 79.8 76.4 - - -
Provision for retirement and other emplo
288.9 212.7 - - -
Provisions 1,110.3 1,246.9 435.4 242.1 308.6
Total Current Liabilities 9,293.0 6,331.0 3,395.1 2,146.7 1,754.5
Secured Loans 4,742.2 2,701.4 1,498.5 1,026.7 197.8
Unsecured Loans 3,096.6 4,192.0 1,389.1 653.2 560.4
Total Long Term Debt 7,838.8 6,893.4 2,887.6 1,679.9 758.2
Deferred Tax 351.8 187.2 242.9 188.0 151.9
Minority Interest 47.6 79.4 116.7 57.5 39.0
Foreign Currenty Monetary Items 42.6 0.0 - - -
Total Liabilities 17,573.8 13,491.0 6,642.2 4,072.2 2,703.7
Capital 127.1 101.3 96.1 88.7 85.9
Securities Premium 1,495.6 1,057.7 383.2 445.5 410.3
Capital Redemption Reserve 0.5 0.4 0.6 0.5 0.5
Capital Reserve on Consolidation 79.9 66.2 91.2 94.6 91.6
Debenture Redemption Reserve 245.5 118.7 83.3 76.9 75.0
Amalgamation Reserve 0.0 0.0 0.0 0.0 0.0
Special Reserve 15.4 22.5 19.6 15.3 13.7
Revaluation Reserve 41.4 21.8 6.4 6.0 5.9
Hedging Reserve 0.0 -17.2 0.0 - -
Pension reserve -383.7 -287.2 0.0 - -
OneSource One-Stop Reports for Tata Motors Limited
Page 105
General Reserve 1,020.8 803.2 1,018.7 699.9 459.8
Earned Surplus Reserve 2.4 1.5 0.4 0.0 -
Reserves on Research & HRD 22.2 19.6 24.8 15.5 1.3
Restricted Reserve 0.1 0.0 - - -
Translation Reserve -612.5 -431.5 4.0 19.2 10.9
Proft & Loss Account -226.7 -306.2 439.7 314.4 220.8
Total Equity 1,827.9 1,170.9 2,167.9 1,776.5 1,375.8
Total Liabilities & Shareholders' Equity
19,401.7 14,661.9 8,810.1 5,848.8 4,079.5
S/O-Equity Shares 506.4 449.8 398.1 397.9 395.3
S/O-A Ordinary Shares 64.2 64.2 0.0 - -
Total Common Shares Outstanding 570.6 514.0 398.1 397.9 395.3T/S-Equity Shares - - - - 0.0
Deferred Revenue - Current 395.7 67.2 83.3 79.0 90.3
Accumulated Intangible Amortization 372.7 188.7 0.0 - -
Full-Time Employees 24,310 23,638 23,230 22,349 29,606
Number of Common Shareholders 371,310 391,969 292,097 234,629 221,403
Capital Leases Maturing within 1 Year 4.3 4.0 4.3 0.0 0.1
Capital Leases Maturing within 5 Years 2.8 5.5 8.0 0.1 0.1
Capital Leases - Remaining Maturities 0.2 0.0 - - -
Total Capital Leases 7.3 9.5 12.3 0.1 0.2
Operating Leases Maturing within 1 Year
15.1 13.1 3.8 3.3 2.1
Operating Leases Maturing within 5 Years
28.6 28.1 7.7 7.3 3.4
Total Operating Leases 43.7 41.2 11.4 10.7 5.5
PV of Funded Obligations - Gatuity 135.2 113.2 139.2 83.3 -
FV of Plan Assets - Gatuity 122.2 101.7 124.0 83.5 -
Funded Status - Gatuity -13.1 -11.5 -15.2 0.1 -
PV of Funded Obligations - Superann. - - - 25.4 -
FV of Plan Assets - Superann. - - - 16.2 -
Funded Status - Superann. - - - -9.2 -
PV of Funded Obligations - BKY/PSY - - - 9.5 -
Funded Status - BKY/PSY - - - -9.5 -
PV of Funded Obligations - Post-Ret. 19.4 16.8 17.6 14.1 -
Funded Status - Post-Retirement -19.4 -16.8 -17.6 -14.1 -
Total Funded Status -32.5 -28.3 -32.7 -32.7 -
Discount Rate - Gratuity 6.75% 6.75% 7.75% 8.00% -
Expected Rate of Return -Gratuity 8.00% 8.00% - 8.00% -
Salary Increase Rate - Gratuity - - - 4.00% -
Discount Rate - Superann. - - - 8.00% -
Expected Rate of Return - Superann. - - - 8.00% -
Discount Rate - BKY/PSY - - - 8.50% -
Salary Increase Rate - BKY/PSY - - - 4.00% -
Discount Rate - Post Ret. 8.50% 8.50% 8.50% 8.50% -
Provision for Retirement & Other Benefit
- - - - -65.4
Liability - Superann. - - - -9.2 -
Liability - BKY/PSY - - - -9.5 -
Liability - Gratuity -13.1 -11.5 -15.2 - -
Liability - Post Ret. -19.4 -16.8 -17.6 -14.1 -
Asset - Gratuity - - - 0.1 -
Net Assets Recognized on Balance -32.5 -28.3 -32.7 -32.7 -65.4
OneSource One-Stop Reports for Tata Motors Limited
Page 106
Sheet
Debt Securities % - Gratuity 76.00% 78.00% 69.00% 53.00% -
Balances with Banks %-Gratuity 24.00% 22.00% 31.00% 47.00% -
Debt Securities % - Superann. - - - 73.00% -
Balances with Banks %- Superann. - - - 27.00% -
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
Page 107
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Annual Cash Flows
As Reported
Financials in: USD (mil)Except for share items (millions) and per share items (actual units)
31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006Period Length 12 Months 12 Months 12 Months 12 Months 12 Months
UpdateType/Date Updated Normal 31-Mar-2010
Restated Normal
31-Mar-2010
Updated Normal 31-Mar-2008
Restated Normal
31-Mar-2008
Reclassified Normal
31-Mar-2007 Filed Currency INR INR INR INR INR
Exchange Rate (Period Average) 47.459072 45.98813 40.278756 45.22085 44.213701
Auditor Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Deloitte Haskins & Sells
Auditor Opinion Unqualified with Explanation
Unqualified with Explanation
Unqualified Unqualified Unqualified
Profit after Tax 541.7 -544.8 538.2 479.9 390.8
Depreciation 818.1 544.1 193.0 151.3 141.3
Gain on Asset Sale 15.7 3.0 -4.9 -3.8 -1.3
Relocation Expenditure 14.2 0.0 - - -
Profit on Sale of Control Stake in Subs
-222.9 0.0 - - -
Gain on Sale of Investment -146.2 -156.2 -33.7 -9.5 -38.0
Reversal of Provision for Diminuition 0.0 -0.4 -0.7 0.3 0.4
Impairment of Goodwill 8.4 0.0 - - -
Provision for Inter-Corporate Deposits
0.0 -1.3 -0.2 0.0 -
Gain - Financing of Const. Equipment
- - -18.9 0.0 -
Gain on Buy Back of FCCN & CARS 0.0 -11.0 0.0 - -
Share of Associate -17.8 11.2 -16.2 -8.7 -9.9
Minority Interest 6.4 -2.5 32.8 16.4 5.0
Income Tax 211.9 73.0 211.4 195.3 112.6
Wealth Tax - - -0.1 0.2 0.1
Deferred Tax - - - - 32.1
Interest/Dividend 485.8 402.7 153.9 65.8 40.5
Unrealized Exchange Gain -55.4 284.7 -6.5 -15.3 7.3
Profit on Issue of Shares by a Subs. - - -1.2 -0.4 -1.9
Loss on Liquidation of Subsidiary - - -0.2 0.7 0.0
Amortization Miscellaneous Expenditure
16.3 1.1 0.2 0.1 0.6
Employee Separation - - 1.0 0.9 1.3
Employee Separation Cost of subsidiary c
0.0 -18.3 0.0 - -
Trade/Other Receivable -915.0 142.6 -173.4 -174.1 -112.3
Inventories -262.2 150.7 -30.5 -151.3 -91.6
Trade/Other Payables 1,835.1 -649.7 724.0 280.3 77.0
Vehicle Loans & Hire Purchase Receivable
-109.8 64.0 -13.1 -869.7 -403.2
Direct Taxes Paid, Net -259.0 -130.2 -165.9 -151.8 -125.8
Cash & Bank Balance Taken on Acquisiti
0.7 278.4 - - -
OneSource One-Stop Reports for Tata Motors Limited
Page 108
Cash and Bank balances on sale of contro
-9.5 0.0 - - -
Acquisition - - - - 13.1
Cash from Amalgamation - - - - 44.0
Cash from Operating Activities 1,956.5 441.5 1,389.2 -193.6 82.1
Capital Expenditures -1,785.8 -2,168.1 -1,311.0 -610.1 -284.8
Sale of Fixed Assets 4.7 16.3 11.5 22.0 3.5
Purchase of Investments in Associates
-0.3 -7.2 -23.7 0.0 0.0
Sale/Purchase of Mutual Fund -206.4 183.4 -196.7 30.6 182.7
Investment in JLR Business 0.0 -2,340.9 0.0 - -
Investment in Subsidiary Companies
-11.9 -30.1 0.0 - -
Investments - Others -2.1 -0.5 -104.7 -4.1 -15.6
Proceeds from Sale of stake in Telcon
244.3 0.0 - - -
Decrease in Investments in retained inte
- - - -6.3 -
Decrease in Investments in retained inte
10.8 1.9 3.5 - 20.7
Sale of Investments in associate company
0.0 35.4 4.6 0.3 0.0
Sale/Redemption of Investments-Other
202.0 185.4 60.9 9.3 9.0
Deposits of Margin Money / Cash Collater
-129.4 -297.6 - - -
Realisation of Margin Money / Cash Colla
117.5 268.1 - - -
Fixed deposits with scheduled banks made
-86.9 0.0 - - -
Fixed deposits with scheduled banks real
0.5 0.0 - - -
Increase in restricted deposits with sch
-1.5 -0.4 - - -
Interest Received 50.1 52.1 38.4 10.0 17.0
Acquisition of Stake in Joint Venture - - -109.8 0.0 -
Proc. from Transfer Activity - Con. Equ.
- - 220.3 0.0 -
Acquisition of Subsidiary - - - 0.0 -103.8
Refund from Escrow Account - - - 0.0 0.8
Sale of Investments - - - 0.0 46.7
Proceeds from Liquidation of Subsidiary
- - 0.2 0.0 -
Sale of Investment in Subsdiary Company
- - 40.8 0.0 -
Payment for Purchase of Business Admin.
- - 0.0 -0.1 0.0
Dividend from Associate 2.0 6.5 4.5 6.8 0.0
Dividend Received 6.6 16.1 20.1 22.7 17.0
Short Term Inter Corporate Deposits
-1.4 -12.0 7.6 -13.3 5.8
Loans to Associates & Others - - -13.2 0.0 -
Inter-Corporate Deposits Received - - 6.7 0.0 -
Cash from Investing Activities -1,587.3 -4,091.6 -1,340.0 -532.2 -101.2
Proceeds from Issue of CARS - - 489.1 0.0 -
Issue of Foreign Currency Con. Notes
- - - 0.0 100.6
OneSource One-Stop Reports for Tata Motors Limited
Page 109
Stamp Duty on FCCN Conversion - - 0.0 0.0 -0.1
Premium on Redemption of FCCN 0.0 0.0 0.0 - -
Expenses on Non-convertible debenture
-31.8 -0.2 0.0 - -
Proceeds from issue of shares held in ab
0.0 0.0 - - -
Proceeds from issue of shares by Joint v
3.7 0.0 - - -
Proceeds from GDS issue 351.3 0.0 - - -
LT Debt Proceeds 5,621.9 4,261.7 1,356.3 931.8 61.4
LT Debt Payments -4,440.2 -1,792.1 -1,091.3 -216.3 -141.7
ST Borrowings, Net -725.6 915.6 282.7 190.4 22.4
Issue of Right Shares 0.0 893.6 0.0 - -
Proceeds from fixed deposits 429.7 268.0 0.0 - -
Repayment of Fixed Deposits -16.0 0.0 - - -
Issue of Shares to Minority Interests 11.5 0.1 15.6 3.4 8.4
Premium on Long Term Forward Contracts
- - 0.0 -0.7 0.0
Preliminary Expenses Incurred - - 0.0 -0.6 0.0
Dividends Paid -73.0 -151.6 -170.1 -127.2 -118.5
Tax Paid on Interim Dividend by Subs.
- - 0.0 -1.0 0.0
Dividend Paid to Minority Interest -0.7 -13.5 -4.2 -1.6 0.0
Interest Paid -601.6 -519.0 -260.6 -102.9 -73.6
Cash from Financing Activities 529.3 3,862.5 617.4 675.3 -141.1
Foreign Exchange Effects -24.4 -179.7 -6.0 -0.7 -0.6
Net Change in Cash 874.1 32.7 660.6 -51.2 -160.8
Net Cash - Beginning Balance 501.8 485.1 286.6 306.6 474.4
Net Cash - Ending Balance 1,375.9 517.9 947.2 255.1 313.6
Cash Interest Paid 601.6 519.0 260.6 102.9 73.6
Cash Taxes Paid 259.0 130.2 165.9 151.8 125.8
© 1983-2010 Reuters Research Inc. All Rights Reserved. Published by OneSource Information Services, Inc., September, 2010.
OneSource One-Stop Reports for Tata Motors Limited
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Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Geographic Segments
Financials in: As Reported (mil)Annual
External Revenue USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
United States 2,129.5 10.9 % 1,632.9 10.6 % 140.8 1.6 % - - - -
UK 2,437.8 12.5 % 3,317.6 21.5 % 45.5 0.5 % - - - -
Rest of Europe 2,770.0 14.2 % 2,904.1 18.8 % 170.9 1.9 % - - - -
India 7,956.5 40.8 % 5,675.8 36.8 % 7,225.7 81.6 % 5,889.6 82.3 % 4,449.8 82.8 %
Rest of World 4,200.7 21.5 % 1,882.5 12.2 % 1,270.5 14.4 % - - - -
Outside India - - - - 1,627.6 18.4 % 1,266.7 17.7 % 926.2 17.2 %
Segment Total 19,494.5 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %Consolidated Total 19,494.5 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
Total Revenue USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
United States 2,129.5 10.9 % 1,632.9 10.6 % 140.8 1.6 % - - - -
UK 2,437.8 12.5 % 3,317.6 21.5 % 45.5 0.5 % - - - -
Rest of Europe 2,770.0 14.2 % 2,904.1 18.8 % 170.9 1.9 % - - - -
India 7,956.5 40.8 % 5,675.8 36.8 % 7,225.7 81.6 % 5,889.6 82.3 % 4,449.8 82.8 %
Rest of World 4,200.7 21.5 % 1,882.5 12.2 % 1,270.5 14.4 % - - - -
Outside India - - - - 1,627.6 18.4 % 1,266.7 17.7 % 926.2 17.2 %
Segment Total 19,494.5 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %Consolidated Total 19,494.5 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
Total Assets USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
United States 592.6 3.3 % 343.4 2.5 % 314.3 4 % - - - -
UK 7,557.5 42.3 % 5,326.7 39.1 % 28.5 0.4 % - - - -
Rest of Europe 416.8 2.3 % 440.6 3.2 % 43.2 0.5 % - - - -
India 8,136.4 45.6 % 6,634.7 48.7 % 6,941.3 88 % 4,956.6 91.6 % 3,140.1 86.4 %
Rest of World 1,150.2 6.4 % 871.4 6.4 % 564.8 7.2 % - - - -
Outside India - - - - 950.8 12 % 456.7 8.4 % 494.7 13.6 %
Segment Total 17,853.5 100 % 13,616.8 100 % 7,892.2 100 % 5,413.2 100 % 3,634.8 100 %Consolidated Total 17,853.5 100 % 13,616.8 100 % 7,892.2 100 % 5,413.2 100 % 3,634.8 100 %Exchange Rate: INR to USD 44.895000 50.735000 40.120000 43.465000 44.565000
Purchase of Fixed Assets USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
United States 7.0 0.4 % 0.3 0 % 0.5 0 % - - - -
UK 1,134.1 60.7 % 2,305.7 61.3 % 2.8 0.2 % - - - -
Rest of Europe 13.6 0.7 % 5.2 0.1 % 0.5 0 % - - - -
India 677.4 36.3 % 1,431.7 38.1 % 1,338.3 92.1 % 605.9 96.4 % 315.1 95.2 %
Rest of World 35.0 1.9 % 18.0 0.5 % 111.4 7.7 % - - - -
Outside India - - - - 115.2 7.9 % 22.6 3.6 % 15.9 4.8 %
Segment Total 1,867.2 100 % 3,761.0 100 % 1,453.5 100 % 628.5 100 % 331.0 100 %Consolidated Total 1,867.2 100 % 3,761.0 100 % 1,453.5 100 % 628.5 100 % 331.0 100 %
OneSource One-Stop Reports for Tata Motors Limited
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Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
© 1983-2010 Reuters Research Inc. All Rights Reserved.
OneSource One-Stop Reports for Tata Motors Limited
Page 112
Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Business Segments
Financials in: As Reported (mil)Annual
External Revenue USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 8,495.9 43.5 % 6,212.0 40.3 % 8,018.4 90.6 % - - - -
Jaguar and Land Rover Business 10,397.2 53.3 % 8,539.3 55.4 % 0.0 0 % - - - -
Others 620.1 3.2 % 661.6 4.3 % 834.9 9.4 % 548.2 7.7 % 364.4 6.8 %
Automotive - - - - 8,016.3 90.5 % 6,608.0 92.3 % 5,011.7 93.2 %
Segment Total 19,513.2 100 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %Intersegment Eliminations -18.6 -0.1 % 0.0 0 % - - - - - -
Consolidated Total 19,494.5 99.9 % 15,412.9 100 % 8,853.3 100 % 7,156.3 100 % 5,376.0 100 %Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
Intersegment Revenue USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 8.2 7.3 % 8.4 8.3 % 14.2 14.3 % - - - -
Jaguar and Land Rover Business 0.0 0 % 0.0 0 % 0.0 0 % - - - -
Others 104.3 92.7 % 92.0 91.7 % 84.6 85.7 % 50.6 84.4 % 44.3 85.2 %
Automotive - - - - 14.2 14.3 % 9.3 15.6 % 7.7 14.8 %
Segment Total 112.5 100 % 100.4 100 % 98.8 100 % 59.9 100 % 52.0 100 %Intersegment Eliminations 0.0 0 % 0.0 0 % - - - - - -
Eliminations -112.5 -100 % -100.4 -100 % -98.8 -100 % -59.9 -100 % -52.0 -100 %
Consolidated Total 0.0 0 % 0.0 0 % 0.0 0 % 0.0 0 % 0.0 0 %Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
Total Revenue USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 8,504.0 43.3 % 6,220.4 40.1 % 8,032.6 89.7 % - - - -
Jaguar and Land Rover Business 10,397.2 53 % 8,539.3 55 % 0.0 0 % - - - -
Others 724.4 3.7 % 753.6 4.9 % 919.5 10.3 % 598.8 8.3 % 408.7 7.5 %
Automotive - - - - 8,030.4 89.7 % 6,617.3 91.7 % 5,019.4 92.5 %
Segment Total 19,625.6 100 % 15,513.3 100 % 8,952.1 100 % 7,216.1 100 % 5,428.0 100 %Intersegment Eliminations -18.6 -0.1 % 0.0 0 % - - - - - -
Eliminations -112.5 -0.6 % -100.4 -0.6 % -98.8 -1.1 % -59.9 -0.8 % -52.0 -1 %
Consolidated Total 19,494.5 99.3 % 15,412.9 99.4 % 8,853.3 98.9 % 7,156.3 99.2 % 5,376.0 99 %Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
Depreciation USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 279.2 34.1 % 227.0 41.6 % 185.1 95.3 % - - - -
Jaguar and Land Rover Business 530.1 64.7 % 308.6 56.6 % 0.0 0 % - - - -
Others 9.8 1.2 % 9.5 1.7 % 9.1 4.7 % 7.6 5 % 10.2 7.3 %
OneSource One-Stop Reports for Tata Motors Limited
Page 113
Automotive - - - - 185.1 95.3 % 144.6 95 % 130.7 92.7 %
Segment Total 819.0 100 % 545.1 100 % 194.2 100 % 152.2 100 % 141.0 100 %Intersegment Eliminations 0.0 0 % 0.0 0 % - - - - - -
Eliminations 0.0 0 % 0.0 0 % 0.0 0 % 0.0 0 % 0.0 0 %
Consolidated Total 819.0 100 % 545.1 100 % 194.2 100 % 152.2 100 % 141.0 100 %Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
Operating Income/Loss USD (mil)
31-Mar-10 31-Mar-09
Tata vehicles/spares and financing 791.9 91.6 % 208.4 -159.4 %
Jaguar and Land Rover Business 11.3 1.3 % -386.5 295.5 %
Others 60.9 7 % 47.3 -36.2 %
Segment Total 864.1 100 % -130.8 100 %Intersegment Eliminations -0.2 0 % 0.0 0 %
Eliminations -21.4 -2.5 % -12.3 9.4 %
Consolidated Total 842.5 97.5 % -143.1 109.4 %Exchange Rate: INR to USD 47.459072 45.988130
Operating Margin (%)
31-Mar-10 31-Mar-09
Tata vehicles/spares and financing 9.3 - 3.4 -
Jaguar and Land Rover Business 0.1 - -4.5 -
Others 8.4 - 6.3 -
Segment Total 4.4 - -0.8 -Intersegment Eliminations 1.1 - - -
Eliminations 19.0 - 12.3 -
Consolidated Total 4.3 - -0.9 -
Earn. bef. Int. & Tax USD (mil)
31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 208.4 -159.4 % 706.4 83.6 % - - - -
Jaguar and Land Rover Business -386.5 295.5 % 0.0 0 % - - - -
Others 47.3 -36.2 % 138.6 16.4 % 73.6 9.9 % 39.2 7.4 %
Automotive - - 746.3 88.3 % 667.7 90.1 % 493.2 92.6 %
Segment Total -130.8 100 % 844.9 100 % 741.3 100 % 532.4 100 %Eliminations -12.3 9.4 % -0.5 -0.1 % -2.5 -0.3 % -0.2 0 %
Consolidated Total -143.1 109.4 % 844.4 99.9 % 738.7 99.7 % 532.2 100 %Exchange Rate: INR to USD 45.988130 40.278756 45.220850 44.213701
EBIT Margin (%)
31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 3.3 - 8.8 - - - - -
Jaguar and Land Rover Business -4.5 - - - - - - -
Others 6.3 - 15.1 - 12.3 - 9.6 -
Automotive - - 9.3 - 10.1 - 9.8 -
Segment Total -0.8 - 9.4 - 10.3 - 9.8 -Eliminations 12.3 - 0.6 - 4.2 - 0.3 -
Consolidated Total -0.9 - 9.5 - 10.3 - 9.9 -
Total Assets USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 8,848.6 49.3 % 6,625.5 48.5 % 7,536.8 94.5 % - - - -
OneSource One-Stop Reports for Tata Motors Limited
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Jaguar and Land Rover Business 8,831.5 49.2 % 6,430.9 47.1 % 0.0 0 % - - - -
Others 255.4 1.4 % 608.5 4.5 % 436.1 5.5 % 321.8 5.9 % 260.6 7.1 %
Automotive - - - - 7,542.6 94.6 % 5,159.4 94.1 % 3,419.9 92.9 %
Segment Total 17,935.5 100 % 13,664.8 100 % 7,972.9 100 % 5,481.2 100 % 3,680.5 100 %Intersegment Eliminations -2.7 0 % 0.0 0 % - - - - - -
Eliminations -79.4 -0.4 % -48.1 -0.4 % -80.7 -1 % -67.9 -1.2 % -45.7 -1.2 %
Unallocable Expenses 1,548.2 8.6 % 1,045.2 7.6 % - - - - - -
Consolidated Total 19,401.7 108.2 % 14,661.9 107.3 % 7,892.2 99 % 5,413.2 98.8 % 3,634.8 98.8 %Exchange Rate: INR to USD 44.895000 50.735000 40.120000 43.465000 44.565000
Operating Return on Assets (%)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 9.5 - 2.9 - 9.4 - - - - -
Jaguar and Land Rover Business 0.1 - -5.4 - - - - - - -
Others 25.2 - 7.0 - 31.9 - 23.8 - 14.9 -
Automotive - - - - 9.9 - 13.5 - 14.3 -
Segment Total 5.1 - -0.9 - 10.6 - 14.1 - 14.4 -Intersegment Eliminations 8.2 - - - - - - - - -
Eliminations 28.5 - 23.2 - 0.7 - 3.9 - 0.3 -
Consolidated Total 4.6 - -0.9 - 10.7 - 14.2 - 14.5 -
Total Liabilities USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 3,741.2 44.9 % 2,285.4 38.3 % 2,805.1 92.7 % - - - -
Jaguar and Land Rover Business 4,509.5 54.1 % 3,451.6 57.9 % 0.0 0 % - - - -
Others 85.1 1 % 229.4 3.8 % 219.4 7.3 % 160.8 8.3 % 104.0 6.7 %
Automotive - - - - 2,811.0 92.9 % 1,766.4 91.7 % 1,457.5 93.3 %
Segment Total 8,335.7 100 % 5,966.4 100 % 3,024.6 100 % 1,927.2 100 % 1,561.6 100 %Intersegment Eliminations -0.5 0 % 0.0 0 % - - - - - -
Eliminations -15.3 -0.2 % -16.4 -0.3 % -29.5 -1 % -12.5 -0.6 % -10.2 -0.7 %
Unallocable Expenses 9,253.8 111 % 7,541.0 126.4 % - - - - - -
Consolidated Total 17,573.8 210.8 % 13,491.0 226.1 % 2,995.1 99 % 1,914.7 99.4 % 1,551.4 99.3 %Exchange Rate: INR to USD 44.895000 50.735000 40.120000 43.465000 44.565000
Purchase of Fixed Assets USD (mil)
31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Tata vehicles/spares and financing 732.8 38.7 % 1,360.1 36.1 % 1,411.0 96.9 % - - - -
Jaguar and Land Rover Business 1,146.3 60.5 % 2,305.7 61.3 % 0.0 0 % - - - -
Others 14.8 0.8 % 97.7 2.6 % 45.3 3.1 % 13.8 2.2 % 10.3 3.1 %
Automotive - - - - 1,411.0 96.9 % 617.4 97.8 % 320.9 96.9 %
Segment Total 1,894.0 100 % 3,763.6 100 % 1,456.3 100 % 631.2 100 % 331.2 100 %Intersegment Eliminations 0.0 0 % 0.0 0 % - - - - - -
Eliminations -26.8 -1.4 % -2.6 -0.1 % -2.8 -0.2 % -2.8 -0.4 % -0.2 -0.1 %
Consolidated Total 1,867.2 98.6 % 3,761.0 99.9 % 1,453.5 99.8 % 628.5 99.6 % 331.0 99.9 %Exchange Rate: INR to USD 47.459072 45.988130 40.278756 45.220850 44.213701
OneSource One-Stop Reports for Tata Motors Limited
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© 1983-2010 Reuters Research Inc. All Rights Reserved.
OneSource One-Stop Reports for Tata Motors Limited
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Tata Motors Limited
Mumbai, India, Tel: 91-22-66658282, URL: http://www.tatamotors.com/
Business Segments
Financials in: As Reported (mil)Interim
External Revenue USD (mil)
30-Jun-10 31-Mar-10 31-Dec-09 30-Sep-09 30-Jun-09
Automotive 2,524.6 42.3 % 2,922.7 46.1 % 2,236.9 39.8 % 1,888.4 43 % 1,513.1 44.6 %
Jaguar and land Lan Rover Business 3,373.1 56.5 % 3,171.7 50.1 % 3,203.3 57 % 2,339.4 53.3 % 1,740.8 51.3 %
Other 76.4 1.3 % 239.6 3.8 % 183.0 3.3 % 163.9 3.7 % 141.1 4.2 %
Segment Total 5,974.2 100 % 6,334.1 100 % 5,623.3 100 % 4,391.7 100 % 3,395.1 100 %Inter segment revenue/Eliminations -43.1 -0.7 % -26.6 -0.4 % -41.8 -0.7 % -30.3 -0.7 % -24.5 -0.7 %
Consolidated Total 5,931.1 99.3 % 6,307.5 99.6 % 5,581.5 99.3 % 4,361.4 99.3 % 3,370.6 99.3 %Exchange Rate: INR to USD 45.616613 45.941758 46.661882 48.379470 48.872473
Total Revenue USD (mil)
30-Jun-10 31-Mar-10 31-Dec-09 30-Sep-09 30-Jun-09
Automotive 2,524.6 42.3 % 2,922.7 46.1 % 2,236.9 39.8 % 1,888.4 43 % 1,513.1 44.6 %
Jaguar and land Lan Rover Business 3,373.1 56.5 % 3,171.7 50.1 % 3,203.3 57 % 2,339.4 53.3 % 1,740.8 51.3 %
Other 76.4 1.3 % 239.6 3.8 % 183.0 3.3 % 163.9 3.7 % 141.1 4.2 %
Segment Total 5,974.2 100 % 6,334.1 100 % 5,623.3 100 % 4,391.7 100 % 3,395.1 100 %Inter segment revenue/Eliminations -43.1 -0.7 % -26.6 -0.4 % -41.8 -0.7 % -30.3 -0.7 % -24.5 -0.7 %
Consolidated Total 5,931.1 99.3 % 6,307.5 99.6 % 5,581.5 99.3 % 4,361.4 99.3 % 3,370.6 99.3 %Exchange Rate: INR to USD 45.616613 45.941758 46.661882 48.379470 48.872473
Operating Income/Loss USD (mil)
30-Jun-10 31-Mar-10 31-Dec-09 30-Sep-09 30-Jun-09
Automotive 248.9 39.7 % 271.6 60.9 % 247.5 66.6 % 184.5 128.2 % 94.7 -122.4 %
Jaguar and land Lan Rover Business 368.9 58.8 % 148.6 33.3 % 104.4 28.1 % -50.2 -34.9 % -178.7 231 %
Other 9.6 1.5 % 25.4 5.7 % 20.0 5.4 % 9.7 6.7 % 6.6 -8.5 %
Adjustment - - 0.1 0 % -0.1 0 % - - - -
Segment Total 627.4 100 % 445.7 100 % 371.9 100 % 143.9 100 % -77.4 100 %Inter segment revenue/Eliminations -4.0 -0.6 % -9.4 -2.1 % -14.2 -3.8 % -7.9 -5.5 % 7.5 -9.7 %
Consolidated Total 623.4 99.4 % 436.2 97.9 % 357.7 96.2 % 136.0 94.5 % -69.8 90.3 %Exchange Rate: INR to USD 45.616613 45.941758 46.661882 48.379470 48.872473
Operating Margin (%)
30-Jun-10 31-Mar-10 31-Dec-09 30-Sep-09 30-Jun-09
Automotive 9.9 - 9.3 - 11.1 - 9.8 - 6.3 -
Jaguar and land Lan Rover Business 10.9 - 4.7 - 3.3 - -2.1 - -10.3 -
Other 12.5 - 10.6 - 10.9 - 5.9 - 4.7 -
Segment Total 10.5 - 7.0 - 6.6 - 3.3 - -2.3 -Inter segment revenue/Eliminations 9.2 - 35.4 - 34.0 - 26.2 - -30.7 -
Consolidated Total 10.5 - 6.9 - 6.4 - 3.1 - -2.1 -
OneSource One-Stop Reports for Tata Motors Limited
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© 1983-2010 Reuters Research Inc. All Rights Reserved.
OneSource One-Stop Reports for Tata Motors Limited
Page 118
OneSource One-Stop Reports for Tata Motors Limited
Page 119