Board of Directors Company Welcomes and Supports the Summarised Balance Sheet and Profit and Loss Account
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Profile Page Graph 1,2,3.indd 2 7/9/2011 2:39:40 AM Profile Page Graph 1,2,3.indd 1 7/9/2011 2:39:39 AM Profile Page Graph 1,2,3.indd 2 7/9/2011 2:39:40 AM Profile Page Graph 1,2,3.indd 3 7/9/2011 2:39:41 AM Steating Graph page.indd 1 7/9/2011 2:47:28 AM Distribution of Revenue (` in crores) 2010-11 2009-10 Depreciation, 1361 (2.60%) Shareholders, 1274 (2.44%) Depreciation, 1034 (2.57%) Shareholders, 859 (2.14%) Interest, 1144 (2.19%) Interest, 1104 (2.74%) Reserves, 345 (0.66%) Reserves, 1248 (3.10%) Employees, 2294 (4.38%) Employees, 1836 (4.57%) axes & Duties, 4749 (9.08%) Taxes & Duties, 3556 (8.84%) Operation & Other Operation & Other Expenses, Expenses, 5069 (12.60%) 5409 (10.34%) Materials, 35743 (68.32%) Materials, 25512 (63.44%) Sources of Revenue (` in crores) 2010-11 2009-10 Others, 1562 (2.98%) Vehicle Financing, 115 (0.22%) Others, 1108 (2.76%) Vehicle Financing, 220 (0.55%) Dividend/Other Income, 183 (0.35%) Divedend/Other Income, 1853 (4.61%) Exports, 3406 (6.51%) Exports,1978 (4.92%) Domestic Spare Part Sales, Domestic Spare Part Sales, 2161 (5.37%) 2620 (5.01%) Domestic Vehicles Sales, Domestic Vehicles Sales, 44433 (84.93%) 32898 (81.80%) Profile Page Graph 1,2,3.indd 3 7/9/2011 2:39:41 AM Steating Graph page.indd 1 7/9/2011 2:47:28 AM 7 CONTENTS Go Green Today As a responsible corporate citizen, the Board of Directors Company welcomes and supports the Summarised Balance Sheet and Profit and Loss Account ‘Green Initiative’ taken by the Ministry of Corporate Affairs, enabling the Chairman’s Statement ................................................................... 1 Company to effect electronic delivery Notice ................................................................................................. 5 of documents. The above initiative will go a long way in conserving paper Directors' Report ............................................................................. 10 which is a natural resource as also result in substantial savings on printing and Management Discussion and Analysis ................................... 23 posting of annual reports and other Report on Corporate Governance ............................................ 41 documents of your Company sent to shareholders. Fund Flow Statement .................................................................... 58 Members are requested to support this green initiative by updating their Standalone Accounts email addresses with the respective Depository Participants, in case of – Auditors’ Report ........................................................................... 59 electronic shareholding; or registering their email addresses with the Company’s – Balance Sheet ............................................................................... 62 Registrar and Transfer Agents, in case of – Profit and Loss Account ............................................................ 63 physical shareholding. Join this cause and make the world a cleaner, greener – Cash Flow Statement ................................................................. 64 and healthier place to live. – Schedules to Accounts .............................................................. 66 – Significant Accounting Policies ............................................. 83 – Notes to Accounts ...................................................................... 86 Balance Sheet Abstract and Company’s General Business Profile ............................................................................... 104 Consolidated Accounts – Auditors’ Report ........................................................................... 105 – Balance Sheet ............................................................................... 106 – Profit and Loss Account ............................................................ 107 – Cash Flow Statement ................................................................. 108 Annual General Meeting – Schedules to Accounts .............................................................. 110 Date : Friday, August 12, 2011 – Significant Accounting Policies ............................................. 119 Time : 3.00 p.m. – Notes to Accounts ...................................................................... 124 Venue : Birla Matushri Sabhagar, Subsidiary Companies: Financial Highlights 2010-11 ....... 134 19, Sir Vithaldas Financial Statistics .......................................................................... 136 Thackersey Marg, Mumbai 400 020. Awards ................................................................................................ 138 Attendance Slip/Proxy `1 crore = `10 million Board of Directors Management Team Carl-Peter Forster, Managing Director & Group CEO Ratan N Tata P M Telang, Managing Director - India Operations C Ramakrishnan, Chief Financial Officer Chairman R Pisharody, President - Commercial Vehicles Business Unit Ravi Kant T Leverton, Head, Advanced and Product Engineering S B Borwankar, Sr Vice President (Mfg Operations-CVBU) Vice-Chairman Prabir Jha, Sr Vice President (Human Resources) N N Wadia P Y Gurav, Sr Vice President (Corp Finance - Accts & Taxation) Girish Wagh, Head (Passenger Car Operations) S M Palia S Ravishankar, Vice President (Engg Systems, ERC) B B Parekh, Chief (Strategic Sourcing) R A Mashelkar R Bhaskar, Plant Head -CVBU Vikram Sinha, Head (Car Plant - PCBU) S Bhargava A K Jindal, Head Engineering (Comm. Vehicles - ERC) R Ramakrishnan,Vice President (Commercial - PCBU) N Munjee N Pinge, Vice President (Internal Audit) R Bagga, Vice President (Legal) V K Jairath A S Puri, Vice President (Govt Affairs & Collab) R Sen Company Secretary H K Sethna Ralf Speth S hare Registrars Carl-Peter Forster TSR Darashaw Limited Managing Director & Group CEO 6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai-400 011 P M Telang Tel: +91-22-6656 8484; Fax: +91-22-6656 8494 Email: [email protected] Managing Director – India Operations S olicitors AZB & Partners; Mulla & Mulla & Craigie, Blunt & Caroe Auditors Deloitte Haskins & Sells (Registration No. 117366W) Registered Office Bankers Bombay House State Bank of India, Bank of America, Bank of Baroda, Bank 24, Homi Mody Street of India, Bank of Maharashtra, Central Bank of India, Citibank Mumbai 400 001 N.A., Corporation Bank, Deutsche Bank, HDFC Bank, Hongkong Tel: +91-22-6665 8282 and Shanghai Banking Corporation, ICICI Bank, Standard Fax: +91-22-6665 7799 Chartered Bank, Union Bank of India, Punjab National Bank, Email: [email protected] Indian Bank, IDBI Bank, Karur Vysya Bank, Federal Bank, United Website: www.tatamotors.com Bank of India, Allahabad Bank, State Bank of Patiala, Andhra Bank, State Bank of Mysore, ING Vysya Bank Works Jamshedpur, Pune, Lucknow, Corporate Identity Number (CIN) Pantnagar, Sanand L28920MH1945PLC004520 Summarised Balance Sheet (` in crores) Company Tata Motors’ Group WHAT THE COMPANY OWNED As at As at As at As at March 31, March 31, March 31, March 31, 2011 2010 2011 2010 1 T T .NEFIXED ASSE S 17,475.63 16,436.04 43,493.12 38,506.33 2. GOODWILL - - 3,584.79 3,422.87 3. INVESTMENTS 22,624.21 22,336.90 2,544.26 2,219.12 4. DEFERRED TAX ASSETS (NET) - - 632.34 425.97 5. FOREIGN CURRENCY MONETARY ITEM TRANSLATION - 161.69 - - DIFFERENCE ACCOUNT (NET) 6. NET CURRENT ASSETS (2,164.63) (5,865.98) 4,051.10 724.81 7. TOTAL ASSETS (NET) 37,935.21 33,068.65 54,305.61 45,299.10 WHAT THE COMPANY OWED 1. LOANS 15,898.75 16,594.54 32,791.41 35,108.36 2. NET WORTH 20,013.30 14,965.47 19,171.47 8,206.48 3. MINORITY INTEREST - - 246.60 213.51 4. FOREIGN CURRENCY MONETARY ITEM TRANSLATION - - - 191.15 DIFFERENCE ACCOUNT (NET) 5. DEFERRED TAX LIABILITY (NET) 2,023.16 1,508.64 2,096.13 1,579.60 6. TOTAL FUNDS EMPLOYED 37,935.21 33,068.65 54,305.61 45,299.10 161 Contentsp i-ii.indd 2 7/9/2011 2:17:35 AM Sixty-sixth annual report 2010-2011 Tata Motors Limited Summarised Profit and Loss Account (` in crores) Company Tata Motors’ Group 2010-2011 2009-2010 2010-2011 2009-2010 1. INCOME SALE OF PRODUCTS AND OTHER INCOME FROM 52,135.97 38,364.10 127,419.62 95,567.42 OPERATIONS LESS : EXCISE DUTY 4,095.51 2,771.05 4,286.32 3,048.17 48,040.46 35,593.05 123,133.30 92,519.25 DIVIDEND AND OTHER INCOME 183.26 1,853.45 89.61 1,793.12 48,223.72 37,446.50 123,222.91 94,312.37 2. EXPENDITURE RAW MATERIALS / COMPONENTS, MANUFACTURING AND 40,975.13 29,578.64 96,010.66 75,153.32 OTHER EXPENSES EMPLOYEE COST 2,294.02 1,836.13 9,342.67 8,751.77 PRODUCT DEVELOPMENT EXPENDITURE 106.17 144.03 962.49 498.20 DEPRECIATION / AMORTISATION 1,360.77 1,033.87 4,655.51 3,887.13 INTEREST AND DISCOUNTING CHARGES 1,143.99 1,103.84 2,045.42 2,239.71 EXCEPTIONAL ITEMS - LOSS / (GAIN) 147.12 920.45 (231.01) 259.60 TOTAL EXPENDITURE 46,027.20 34,616.96 112,785.74 90,789.73 3. PROFIT BEFORE TAX 2,196.52 2,829.54 10,437.17 3,522.64 4. TAX EXPENSE (384.70) (589.46) (1,216.38) (1,005.75) 5. PROFIT AFTER TAX 1,811.82 2,240.08 9,220.79 2,516.89 6. SHARE OF MINORITY INTEREST - - (48.52) (30.33) 7. SHARE OF PROFIT / (LOSS) IN RESPECT OF INVESTENTS IN ASSOCIATE COMPANIES - - 101.35 84.50 8. PROFIT FOR THE YEAR 1,811.82 2,240.08 9,273.62 2,571.06 1624 Chairman speech p1-4.indd 1 7/9/2011 1:41:01 AM Chairman‘s Statement Dear Shareholder, In 2010, the world as a whole continued on a path of moderate economic recovery, but with dramatic differences between major geographic regions. In the western hemisphere, the U.S. showed distinct signs of GDP growth at 2.8% in 2010, although job levels and home mortgage figures did not improve. Western Europe