Tata Motors

Balance Sheet(2009-2000) in US Format for Tata Motors *All numbers are in INR and in x10M

Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Gross Block Less : Accumulated Depreciation Less:Impairment of Assets Net Block Lease Adjustment Capital Work in Progress Investments Miscellaneous Expenses not written off Deferred Tax Assets Total Asset Current Liabilities Provisions Total Current Liabilities Deferred Tax Liability Secured Loans Unsecured Loans Total Debt Share Capital Reserves Total Equity Share Warrants Equity Application Money Total Shareholders Funds Total Liability Check Integrity* *It checks asset and liability mismatch if any

200903 2229.81 1555.2 1141.82 4764.86 9691.69 13905.17 6259.9 0 7645.27 0 6954.04 12968.13 2.02 1144.89 38406.04 9122.37 1877.26 10999.63 2010.7 5251.65 7913.91 13165.56 514.05 11716.1 0 0 12230.15 38406.04 0

200803 2421.83 1130.73 2397.31 4410.38 10360.25 10830.83 5443.52 0 5387.31 0 5064.96 4910.27 6.05 397.45 26126.29 8643.67 1989.43 10633.1 1373.17 2461.99 3818.53 6280.52 385.54 7453.96 0 0 7839.5 26126.29 0

200703 200603 200503 200403 2500.95 2012.24 1601.36 1147.44 782.18 716.6 798.58 614.99 826.76 1119.43 2005.04 770.49 6402.16 5639.54 2681.05 1162.78 10512.05 9487.81 7086.03 3695.7 8775.8 7971.55 6611.95 5985.4 4894.54 4401.51 3454.28 3023.69 0 0 0 0 3881.26 3570.04 3157.67 2961.71 0 0 0 0 2513.32 951.19 538.84 286.09 2477 2015.15 2912.06 3056.77 10.09 14.12 18.16 22.19 176.6 150.75 102.69 135.06 19570.32 16189.06 13815.45 10157.52 6363.68 5726.82 5414.61 4228.13 1364.32 1215.04 1126.06 430.64 7728 6941.86 6540.67 4658.77 963.43 773.29 667.97 649.21 2022.04 822.76 489.81 942.65 1987.1 2114.08 2005.61 317.12 4009.14 2936.84 2495.42 1259.77 385.41 382.87 361.79 353 6484.34 5154.2 3749.6 3236.77 0 0 0 0 0 0 0 0 6869.75 5537.07 4111.39 3589.77 19570.32 16189.06 13815.45 10157.52 0 0 0 0

200303 1159.29 946.1 245.35 631.27 2982.01 5888.99 2713.07 0 3175.92 0 192.15 1271.8 30.06 548 8199.94 3175.26 315.91 3491.17 653.3 1037.32 420.99 1458.31 319.83 2277.33 0 0 2597.16 8199.94 0

200203 987.51 785.62 326.63 595.87 2695.63 5769.5 2431.72 0 3337.78 0 140.56 1189.92 0 708.17 8072.06 2528.81 160.06 2688.87 613.17 1344.78 960.18 2304.96 319.82 2145.24 0 0 2465.06 8072.06 0

200103 1105.1 758.02 115.46 782.98 2761.56 5638.14 2090.67 0 3547.47 0 276.13 1387.18 891.88 0 8864.22 2434.38 177.18 2611.56 0 1813.33 1185.55 2998.88 255.9 2997.88 0 0 3253.78 8864.22 0

200003 990.86 865.21 65.27 1081.83 3003.17 5420.44 1828.18 0 3592.26 0 391.89 1200.74 787.18 0 8975.24 1957.21 259.65 2216.86 0 1650.27 1353.99 3004.26 255.9 3498.22 0 0 3754.12 8975.24 0

Income Statement(2009-2000) - Tata Motors *All numbers are in INR and in x10M

200903 (12) 200803 (12) INCOME : Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments

28292.56 32885.03 2877.53 4347.04 25415.03 28537.99 1369.9 996.05 -238.04 -40.48

Total Income

26546.89 29493.56

EXPENDITURE : Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Administration Expenses Miscellaneous Expenses Less: Pre-operative Expenses Capitalised

18398.94 20190.19 304.94 325.19 1539.26 1534.41 1300.24 1396.22 1350.93 1298.67 1869.4 1838.72 916.02 744.23

Total Expenditure

23847.69 25839.17

Operating Profit Interest Gross Profit Depreciation Profit Before Tax Tax Fringe Benefit tax Deferred Tax Reported Net Profit Extraordinary Items Adjusted Net Profit

2699.2 810.9 1888.3 874.54 1013.76 0 15 -2.5 1001.26 531.63 469.63

3654.39 425.61 3228.78 652.31 2576.47 139.01 7 401.54 2028.92 149.49 1879.43

Adjst. below Net Profit P & L Balance brought forward Statutory Appropriations Appropriations P & L Balance carried down

15.29 1383.07 0 713.63 1685.99

0 1013.83 0 1659.68 1383.07

311.61 0 60 21.5

578.43 0 150 48.93

Dividend Preference Dividend Equity Dividend % Earnings Per Share(Adj)-Unit Curr

Earnings Per Share-Unit Curr Earnings Per Share(Adj)-Unit Curr Book Value-Unit Curr

21.5 21.5 269.88

50.52 48.93 202.68

200703 (12)200603 (12) 200503 (12)200403 (12) 200303 (12)200203 (12)200103 (12) 200003 (12) 31611.21 23673.43 20152.03 15165.85 10585.43 4425.44 3380.13 3063.44 2270.3 1743.79 27185.77 20293.3 17088.59 12895.55 8841.64 574.11 693.92 560.29 427.79 323.65 349.68 256.91 144 -141.98 119.74

8676.86 1389.29 7287.57 271.67 -49.03

7927.63 1292.24 6635.39 284.5 56.67

8691.62 1487.82 7203.8 457.44 154.14

28109.56 21244.13 17792.88 13181.36

9285.03

7510.21

6976.56

7815.38

19374.93 14263.86 11929.48 327.41 258.51 237.81 1361.2 1141.48 1037.93 1618.68 1251.02 1017.11 1322.88 985.74 795.03 1153.53 784.56 673.78 577.05 308.85 218.13

8341.39 214.52 879.49 722.95 645.73 644.75 144.89

5699.58 193.51 720.37 510.39 606.25 529.6 156.46

4716.47 184.78 716.07 639.15 290.12 447.23 144.63

4728.07 185.18 624.3 457.32 279.52 475.97 112.32

5086.54 213.8 701.64 547.86 186.06 414.99 226.58

24581.58 18376.32 15473.01 11303.94

8103.24

6849.19

6638.04

6924.31

3527.98 368.51 3159.47 586.29 2573.18 476 6.5 177.22 1913.46 37.4 1876.06

2867.81 293.49 2574.32 520.94 2053.38 363.35 19 142.15 1528.88 145.42 1383.46

2319.87 217.81 2102.06 450.16 1651.9 363.82 0 51.13 1236.95 24.77 1212.18

1877.42 202.48 1674.94 382.6 1292.34 96 0 386 810.34 -29.95 840.29

1181.79 309.29 872.5 362.13 510.37 19.71 0 190.55 300.11 4.94 295.17

661.02 415.55 245.47 354.68 -109.21 0 0 -55.48 -53.73 -45.46 -8.27

338.52 491.49 -152.97 347.37 -500.34 0 0 0 -500.34 -9.79 -490.55

891.07 473.26 417.81 342.61 75.2 4 0 0 71.2 258.23 -187.03

0 776.76 0 1676.39 1013.83

0 585.6 0 1337.72 776.76

0 365.8 0 1017.15 585.6

0 123.71 0 568.25 365.8

0 0 0 176.4 123.71

0 0 0 -53.73 0

0 135.49 0 -364.85 0

0 130.77 0 66.48 135.49

578.07 0 150 45.61

497.94 19.94 130 36.4

452.19 0 125 31.42

282.11 0 80 21.24

127.91 0 40 8.59

0 0 0 0

0 0 0 0

63.96 0 25 2.16

47.1 45.61 177.57

37.59 36.4 143.93

32.44 31.42 113.64

21.93 21.24 101.69

8.87 8.59 81.2

0 0 77.08

0 0 127.15

2.23 2.16 146.7

00003 (12)

Cash Flow Statement(2009-2000) - Tata Motors *All numbers are in INR and in x10M

200903 Cash Flow Summary Cash and Cash Equivalents at Beginning of the year Net Cash from Operating Activities Cash Flow From Operating Activities Net Profit before Tax & Extraordinary Items Adjustment For Depreciation Interest (Net) Dividend Received P/L on Sales of Assets P/L on Sales of Invest Prov. & W/O (Net) P/L in Forex Fin. Lease & Rental Chrgs Others Total Adjustments (PBT & Extraordinary Items) Op. Profit before Working Capital Changes Adjustment For Trade & 0th receivables Inventories Trade Payables Loans & Advances Investments Net Stock on Hire Leased Assets Net of Sale Trade Bill(s) Purchased Change in Borrowing Change in Deposits Others Total (OP before Working Capital Changes) Cash Generated from/(used in) Operations Interest Paid(Net) Direct Taxes Paid Advance Tax Paid Others Total-others Cash Flow before Extraordinary Items Extraordinary Items Excess Depreciation W/b Premium on Lease of land Payment Towards VRS Prior Year 's Taxation

2397.31 1284.48 1001.26 870.05 270.69 0 -13.07 -518.56 -57.77 126.4 0 -134.8 542.94 1544.2 -256.18 192.02 -30.83 0 0 0 0 0 0 0 0 -94.99 1449.21 0 -154.19 0 0 -154.19 1295.02 0 0 0 0

Gain on Forex Exch. Tran Others Net Cash Used in Investing Activities Cash Flow from Investing Activities Investment in Assets : Purchased of Fixed Assets Sale of Fixed Assets capital WIP Capital Subsidy Recd Financial/Capital Investment : Purchase of Investments Sale of Investments Investment Income Interest Received Dividend Received Invest.In Subsidiaires Loans to Subsidiaires Investment in Group Cos Issue of Sh. on Acqu. of Cos Canc. of Invest. in Cos Acq. Acquisition of Companies Inter Corporate Deposits Others Net Cash Used in Financing Activities Cash Flow From Financing Activities Proceeds: Proceeds from Issue of shares (incl share premium) Proceed from Issue of Debentures Proceed from 0ther Long Term Borrowings Proceed from Bank Borrowings Proceed from Short Tem Borrowings Proceed from Deposits Share Application Money Cash/Capital Investment Subsidy Loans from a Corporate Body Payments: Share Application Money Refund On Redemption of Debenture Of the Long Tem Borrowings Of the short term Borrowings Of financial Liabilities Dividend Paid Shelter Assistance Reserve Interest Paid Others

-10.54 0 -10644.67

-4029.06 17.76 0 0 0 1664.53 0 136.94 458.42 -8046.76 -524.05 -151.17 0 0 0 -179.67 8.39 8104.7

4109.66 0 7695.57 0 0 1232.47 0 0 0 0 -0.96 -3178.46 0 0 -642.41 0 -1111.17 0

Net Cash Used in Financing Activities Net Inc/(Dec) in Cash and Cash Equivalent Cash and Cash Equivalents at End of the year

8104.7 -1255.49 1141.82

200803

200703

200603

200503

200403

200303

200203

200103

826.76 6164.92

1119.43 2208.85

2005.04 -223.93

771.12 1242.93

245.35 2719.11

326.62 1375.51

115.44 857.87

65.12 662.68

2028.92

1913.46

1528.88

1236.95

810.34

300.11

-53.73

-500.34

647.82 33.36 0 -20.56 -168.62 -64 -46.34 0 -195.36 186.3 2215.22

582.51 103.36 0 -14.64 -35.48 1.74 -62.17 0 4.03 579.35 2492.81

522.48 114.88 0 -5.6 -177.64 -9.26 34.32 0 4.04 483.22 2012.1

450.16 36 0 -0.03 -47.94 10.22 -11.61 0 4.03 440.83 1677.78

382.6 116.18 0 8.73 -13.82 78.91 -40.95 0 4.56 536.21 1346.55

362.13 267.41 0 -14.54 -6.5 6 0 0 210.81 825.31 1125.42

354.68 365.63 0 1.88 -3.61 111.2 0.01 0 -36.55 793.24 739.51

347.37 419.27 0 4.07 -42 181.19 0.13 0 -8.81 901.22 400.88

1558.28 79.12 2076.32 0 0 0 0 0 0 0 0 3713.72 5928.94 0 250.53 0 0 250.53 6179.47

-185.26 -488.71 221.96 0 0 0 0 0 0 0 0 -452.01 2040.8 0 169.33 0 0 169.33 2210.13

-2102.41 -410.88 194.17 0 0 0 0 0 0 0 0 -2319.12 -307.02 0 85.99 0 0 85.99 -221.03

-1139.44 -451.93 1156.31 0 0 0 0 0 0 0 0 -435.06 1242.72 0 7.77 0 0 7.77 1250.49

-259.22 11.85 1164.11 0 0 0 0 0 0 0 -26.75 889.99 2236.54 0 482.57 0 0 482.57 2719.11

-211.66 -171.78 672.76 0 0 0 0 0 0 0 -30.06 259.26 1384.68 0 -9.17 0 0 -9.17 1375.51

43.84 117.59 129.75 0 0 0 0 0 0 0 -173.82 117.36 856.87 0 1 0 0 1 857.87

143.05 -114.24 517.1 0 0 0 0 0 0 0 -258.77 287.14 688.02 0 -25.34 0 0 -25.34 662.68

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

-14.55 0 -5724.65

-1.28 0 -2805.1

-2.9 0 193.59

-7.56 0 -956.57

0 0 -2043.06

0 0 -248.03

0 0 113.09

0 0 217.13

-4411.26 39.32 0 0

-2461.19 95.15 0 0

-1123.49 14.04 0 0

-817.47 3.82 0 0

-288.97 15.58 0 0

-275.72 49.21 0 0

-136.4 2.76 0 0

-48.42 396.19 0 0

-1103.98 289.01 0 125.56 144.5 -664.44 -53.39 -693.5 0 0 0 209.26 394.27 1130.28

-6.75 171.67 0 41.2 207.63 -561.64 0 0 0 0 0 -262.51 -28.66 303.58

-236.65 1068.21 0 79.17 108.1 0 0 0 0 0 194.65 2.49 87.07 -855.27

-462.49 606.27 0 46.65 118.15 0 0 0 0 0 0 -5.71 -445.79 947.56

-1858.76 39.31 0 40.56 45.08 0 0 0 0 0 0 -11.19 -24.67 -150.91

-42.28 16.72 0 33.4 11.26 0 0 0 0 0 0 -40.62 0 -1208.75

-67.98 254.08 0 31.08 16.02 0 0 0 0 0 0 10.48 3.05 -759.78

-227.22 54.85 0 48.02 24.22 0 0 0 0 0 0 -30.51 0 -829.49

0 0 2827.7 0 405.48 0 0 0 0

0 0 1783.92 0 273.8 0 0 0 0

0 0 1 0 84.77 0 0 0 0

71.81 0 98.54 0 0 0 0 0 0

234.21 0 447.7 0 2.74 0 0 0 0

0.01 0 364.66 0 0 0 0 0 0

0 415.51 347.33 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 -2831.24 0 0 -674.91 0 -566.73 1969.98

0 0 -817.33 0 0 -566.7 0 -370.02 -0.09

0 0 -561.81 0 0 -514.16 0 -309.69 444.62

0 -11.86 -499.36 -54.77 0 -165.39 0 -222.91 1731.5

0 -37.14 -712.2 0 0 -298.61 0 -236.75 449.14

0 -16.92 -1018.54 -210.44 0 -0.05 0 -327.21 -0.26

0 -3.9 -604.91 -459.43 0 -0.28 0 -446.89 -7.21

0 0 -222.32 0 0 -74.28 0 0 -532.89

1130.28 1570.55 2397.31

303.58 -292.67 826.76

-855.27 -885.61 1119.43

947.56 1233.92 2005.04

-150.91 525.14 770.49

-1208.75 -81.27 245.35

-759.78 211.18 326.62

-829.49 50.32 115.44

200003 430.42 444.1 75.2 342.61 362.6 0 -135.04 -127.19 57.33 11.4 2.95 -6.98 507.68 582.88 619.8 -204.75 -434.25 0 0 0 0 0 0 0 -104.26 -123.46 459.42 0 -15.32 0 0 -15.32 444.1 0 0 0 0

0 0 323.73

-420.08 198.12 0 0 -281.95 229.66 0 69.38 41.11 0 0 0 0 0 0 487.49 0 -1133.13

0 0 0 0 0 0 0 0 0 0 0 -455.22 0 0 -85.73 0 0 -592.18

-1133.13 -365.3 65.12

Key Ratios for Tata Motors Key Ratios Debt-Equity Ratio Long Term Debt-Equity Ratio Current Ratio Turnover Ratios Fixed Assets Inventory Debtors Interest Cover Ratio Profitability Ratio PBIDTM (%) PBITM (%) PBDTM (%) CPM (%) APATM (%) Return on Capital Ratio ROCE (%) RONW (%)

200903

200803

200703

200603

0.97 0.49 0.62

0.7 0.41 0.86

0.56 0.36 1.07

0.56 0.49 1.08

2.29 12.16 21.07 1.59

3.36 13.36 34.38 7.05

3.79 14.01 42.18 7.98

3.25 13.1 31.25 8

7.66 4.57 4.8 4.75 1.66

11.11 9.13 9.82 8.15 6.17

11.16 9.31 9.99 7.91 6.05

12.11 9.91 10.87 8.66 6.46

6.55 4.71

24.08 27.68

30.52 30.98

31.25 31.36

200503

200403

200303

200203

200103

200003

0.49 0.47 0.87

0.44 0.4 0.76

0.74 0.65 0.88

0.93 0.74 0.88

0.86 0.64 0.91

0.86 0.64 1.08

3.2 14.66 28.51 8.58

2.55 13.15 19.43 7.38

1.82 9.86 12.23 2.65

1.52 8.29 11.24 0.85

1.43 7.56 9.77 -0.02

1.78 9.41 7.19 0.6

11.51 9.28 10.43 8.37 6.14

12.38 9.86 11.04 7.87 5.34

11.16 7.74 8.24 6.26 2.84

8.14 4.05 3.35 3.99 -0.1

4.27 -0.11 -1.93 -1.93 -6.31

7.24 3.29 1.79 1.79 -2.15

32.76 32.12

33.77 26.2

18.64 11.86

6.95 -0.29

-0.16 -14.28

4.6 -4.98

Balance Sheet(2009-2000) - Tata Motors (India Format) *All numbers are in x10MN 200903 SOURCES OF FUNDS : Share Capital 514.05 Reserves Total 11716.1 Equity Share Warrants 0 Equity Application Money 0 Total Shareholders Funds 12230.15 Secured Loans 5251.65 Unsecured Loans 7913.91 Total Debt 13165.56 Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Less:Impairment of Assets Net Block Lease Adjustment Capital Work in Progress Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets Deferred Tax Liability Net Deferred Tax

200803 385.54 7453.96 0 0 7839.5 2461.99 3818.53 6280.52

25395.71 14120.02

13905.17 10830.83 6259.9 5443.52 0 0 7645.27 5387.31 0 0 6954.04 5064.96 12968.13 4910.27 2229.81 2421.83 1555.2 1130.73 1141.82 2397.31 4764.86 4410.38 9691.69 10360.25 9122.37 1877.26 10999.63 -1307.94 2.02 1144.89 2010.7 -865.81

8643.67 1989.43 10633.1 -272.85 6.05 397.45 1373.17 -975.72

Total Assets

25395.71 14120.02

Contingent Liabilities

15524.91

2953.57

200703

200603

200503

200403

200303

200203

200103

200003

385.41 6484.34 0 0 6869.75 2022.04 1987.1 4009.14

382.87 5154.2 0 0 5537.07 822.76 2114.08 2936.84

361.79 3749.6 0 0 4111.39 489.81 2005.61 2495.42

353 3236.77 0 0 3589.77 942.65 317.12 1259.77

319.83 2277.33 0 0 2597.16 1037.32 420.99 1458.31

319.82 2145.24 0 0 2465.06 1344.78 960.18 2304.96

255.9 2997.88 0 0 3253.78 1813.33 1185.55 2998.88

255.9 3498.22 0 0 3754.12 1650.27 1353.99 3004.26

10878.89

8473.91

6606.81

4849.54

4055.47

4770.02

6252.66

6758.38

8775.8 4894.54 0 3881.26 0 2513.32 2477

7971.55 4401.51 0 3570.04 0 951.19 2015.15

6611.95 3454.28 0 3157.67 0 538.84 2912.06

5985.4 3023.69 0 2961.71 0 286.09 3056.77

5888.99 2713.07 0 3175.92 0 192.15 1271.8

5769.5 2431.72 0 3337.78 0 140.56 1189.92

5638.14 2090.67 0 3547.47 0 276.13 1387.18

5420.44 1828.18 0 3592.26 0 391.89 1200.74

2500.95 782.18 826.76 6402.16 10512.05

2012.24 716.6 1119.43 5639.54 9487.81

1601.36 798.58 2005.04 2681.05 7086.03

1147.44 614.99 770.49 1162.78 3695.7

1159.29 946.1 245.35 631.27 2982.01

987.51 785.62 326.63 595.87 2695.63

1105.1 758.02 115.46 782.98 2761.56

990.86 865.21 65.27 1081.83 3003.17

6363.68 1364.32 7728 2784.05 10.09 176.6 963.43 -786.83

5726.82 1215.04 6941.86 2545.95 14.12 150.75 773.29 -622.54

5414.61 1126.06 6540.67 545.36 18.16 102.69 667.97 -565.28

4228.13 430.64 4658.77 -963.07 22.19 135.06 649.21 -514.15

3175.26 315.91 3491.17 -509.16 30.06 548 653.3 -105.3

2528.81 160.06 2688.87 6.76 0 708.17 613.17 95

2434.38 177.18 2611.56 150 891.88 0 0 0

1957.21 259.65 2216.86 786.31 787.18 0 0 0

10878.89

8473.91

6606.81

4849.54

4055.47

4770.02

6252.66

6758.38

2527.78

1558.65

1102.68

839.45

914.05

1434.07

1168.73

1811.47