TATA MOTORS

AS PER PROFIT & LOSS ACCOUNT ACTUAL &ESTIMATED FOR THE YEAR ENDED ON 31.03

2005-06 2006-07 2007-08

ACTUAL ESTIMATED PROJECTED

(2) (3) (4)

1 Gross Sales (net of returns)(a) Export 0.00 0.00 0.00 (b) Local 32.19 39.00 42.00

2 Less: Excise Duty 0.00 0.00 0.00 3 Net Sales (1 minus 2) 32.19 39.00 42.00

4 Cost of Sales:I. Purchases (a) Imported 0.00 0.00 0.00 (b) Indigenous 26.97 34.74 36.58 iv. Direct Expenses 0.91 1.10 1.19 vi. Other manufacturing exps 0.00 0.00 0.00

viii.Sub-total (i to vii) 27.88 35.84 37.77 ix. Add: Opg. stock-in-process 0.00 0.00 0.00

Sub-total 27.88 35.84 37.77 x. Deduct: Clg. stock-in-process 0.00 0.00 0.00

xi. Sub-total (Cost of Production) 27.88 35.84 37.77 xii. Add: Opg. stock of fin. goods 6.77 6.14 7.44

Sub-total 34.65 41.98 45.21 xiii.Deduct: Clg. stock of fin. goods 6.14 7.44 8.01

xiv. Sub-total (Cost of Sales) 28.51 34.54 37.20

5 Gross Profit (3 minus 4) 3.68 4.46 4.80 5a. Interest and commission income 0.00 0.00 0.00 5b Total of 5 & 5a 3.68 4.46 4.80

6 Depreciation 0.00 0.00 0.00 7 Interest Exp. 0.00 0.38 0.41 8 Selling, General and Administrative 2.12 2.37 2.55

Expenses (Net of other income) Total of Expenses 2.12 2.75 2.96 Book Profit 1.56 1.71 1.84 Transfer of Allowance to Partners 0.00 0.00 0.00

Tax Profit 1.56 1.71 1.84

9 Income Tax 0.06 0.09 0.12 10 Net Profit Subject to partner allowance 1.50 1.62 1.72

TATA MOTORS 0

FORM II Part B - Position regarding Current Assets and Current Liabilities

(Amounts - R As per Balance Sheet as at

2005-06 2006-07 2007-08

ACTUAL Current Year Projected Esimates

(2) (3) (4)

I Current Assets

i) Raw materials(incl stores & others)

(a) Imported 0.00 0.00 0.00 (months' consumption) 0.00 0.00 0.00 (b) Indigenous 0.00 0.00 0.00 (months' consumption) 0.00 0.00 0.00

ii) Other consumable spares (excl.those included in item i above) 0.00 0.00 0.00 (% of total inventory & months' consumption) 0.00 0.00 0.00

iii) Stocks-in process 0.00 0.00 0.00 (months' cost of production) 0.00 0.00 0.00

iv) Closing stock of goods 6.14 7.44 8.01 (months' cost of sales) 2.58 2.58 2.58

v) Receivables other than export and deferred receivables 2.75 5.33 5.74 (months' domestic sales) 1.03 1.64 1.64

vi) Export receivables 0.00 0.00 0.00 (months' export sales) 0.00 0.00 0.00

Advances to suppliers of raw and 0.00 0.00 0.00 stores/spares and consumables

Other Current assets including cash and bank balances and deferred receivables due within one year 0.20 0.66 0.96

TOTAL CURRENT ASSETS: (to agree with item 38 in Form III A) 9.09 13.43 14.71

TATA MOTORS0

FORM II Part - B (Contd...)As per Balance Sheet as at

2005-06 2006-07 2007-08

PROVISIONA Current Year Esimates

Projected

(2) (3) (4)

ii Current Liabilities (Other than bank borrowings for working capital)

i. (a) Creditors for purchases of raw 4.59 2.91 3.07 materials & stores, etc.

(months purchases) 2.04 1.01 1.01

ii. Advances from customers 0.00 0.00 0.00

iii. Accrued expenses and provisions 0.00 0.00 0.00

iv. Statutory liabilities 0.00 0.00 0.00

v. Other current liabilities 0.00 0.00 0.00

(a) Short Term Marketing Borrowings 0.00 0.00 0.00

(b)

(c) 0.00 0.00 0.00

SUB TOTAL 4.59 2.91 3.07

III Working capital gap (I minus II) 4.50 10.52 11.64

IV Actual/projected bank borrowingsfor working capital incl billspurchases and discounted and excessborrowings placed on repayment 0.00 5.00 5.00 basis

V TOTAL CURRENT LIABILITIES 4.59 7.91 8.07 ( II plus IV )

VI Net working capital 4.50 5.52 6.64 ( I minus V )

TATA MOTORS0

FORM II Part C - Computation of Maximum Permissible Bank Finance for Working Capital

2005-06 2006-07 2007-08

PROVISIONA Current Year Esimates

Projected

(2) (3) (4) 1st Method of Lending:

1 1. Working capital gap 4.50 10.52 11.64 ( item III of part B )

2 2. Minimum stipulated net WC 1.13 2.63 2.91 ( 25% of item 1)

3 3. Actual/projected net WC 4.50 5.52 6.64 ( item VI of part B)

4 4. Item 1 minus item 2 3.38 7.89 8.73

5 5. Item 1 minus item 3) 0.00 5.00 5.00

6 6. Maximum permissible bank finance 0.00 5.00 5.00 ( item 4 or 5 whichever is lower)

7 7. Excess borrowings representing 0.00 0.00 0.00 shortfall in net working capital to be converted into working capital term loan ( item 2 minus 3)

2nd Method of Lending:

8 Working capital gap 4.50 10.52 11.64 (item III of part B )

9 Minimum stipulated net WC 2.27 3.36 3.68 ( 25% of item I part B )

10 Actual/projected net WC 4.50 5.52 6.64 (item VI of part B)

11 Item 8 minus item 9 2.23 7.16 7.96

12 Item 8 minus item 10) 0.00 5.00 5.00

13 Maximum permissible bank finance 0.00 5.00 5.00 ( item 11 or 12 whichever is lower)

14 Excess borrowings (representing 0.00 0.00 0.00 short fall in net working capital) ( item 9 minus 10)

TATA MOTORS

0

Balance Sheet Spread 2005-06 2006-07 2007-08LIABILITIES:

PROVISIONA Current Year Esimates

Projection

CURRENT LIABILITIES: (2) (3) (4)

1 Short term borrowings from banks i) from applicant Bank 0.00 5.00 5.00 ii) from other banks 0.00 0.00 0.00 Sub - total (A) 0.00 5.00 5.00

2 Short term borrowings from others 0.00 0.00 0.00

3 Deposits maturings within one year 0.00 0.00 0.00

4 Sundry Creditors (trade) 4.59 2.91 3.07

5 Unsecured loans 0.00 0.00 0.00

6 Advances/progress payments fromcustomers/deposits form dealers etc 0.00 0.00 0.00

7 Interest and other charges accruedbut not due for payment 0.00 0.00 0.00

8 Provision for taxation 0.00 0.00 0.00

9 Dividend payable/Overdue intt loans 0.00 0.00 0.00

10 Other statutory liabilities(due within one year) 0.00 0.00 0.00

11 Instalments of term loans/deferredpayments credits/ debs/ redeemablepreference share( due in one year) 0.00 0.00 0.00

12 Other current liabilities andprovisions (due within one year) 0.00 0.00 0.00 (specify major items separately)

Sub - total (B) 4.59 2.91 3.07

13 Total Current liabilities 4.59 7.91 8.07 (total 1 to 12)

TATA MOTORS0

FORM III Part A (Contd...)

TERM LIABILITIES

14 Term loans (excl of instalments 0.00 0.00 0.00 payable within one year)

15 Deferred payment credits (excl. 0.00 0.00 0.00 instalments payments within one yr)

16 Term deposits (repayable after 0.00 0.00 0.00 one year)

17 Other term liabilities 0.00 0.00 0.00 Unsecured Loan

18 Total term liabilities 0.00 0.00 0.00

19 Total outside liabilities 4.59 7.91 8.07 (13 plus 20)

NET WORTH:

20 Ordinary share capital 3.17 4.07 5.09

21 Preference share capital(maturing after 12 years) 0 0 0

22 General reserve- SUBSIDY 0.00 0.00 0.00

23 Development/Inv. Allow. Reserve 0.00 0.00 0.00

24 Other reserves (excl provisions) 0.00 0.00 0.00

25 Surplus or Deficit in P & L accountLESS : Income Tax Paid 1.50 1.62 1.72

26 Net worth ( total 22 to 27) 4.67 5.69 6.81

27 TOTAL LIABILITIES 9.26 13.60 14.88 ( 21 PLUS 28)

TATA MOTORS0

FORM III Part A (Contd...) 2005-06 2006-07 2007-08

ASSETS :PROVISIONA Current

year ProjectionsEstimate

(2) (3) (4)

CURRENT ASSETS :

28 Cash and bank balances 0.20 0.66 0.96

29 Investments (other than long terminvestments eg. sinking fund etc.)i) Govt & other trustee securitiesii) Fixed deposits with banks L.C. Margin 0.00 0.00 0.00

30 i) Receivables 2.75 5.33 5.74 ii) Export receivables

31 Instalments of deferred receivables(due within one year) 0.00 0.00 0.00

32 Inventory:i) Raw materials a) Imported 0.00 0.00 0.00 b) Indigenous 0.00 0.00 0.00

ii) Stocks in progress 0.00 0.00 0.00

iii) Finished goods 6.14 7.44 8.01

iv) Other consumables spares 0.00 0.00 0.00

33 Adv. to suppliers of raw materials 0.00 0.00 0.00

34 Advance payment of tax0 0 0

35 Other current Assets 0.00 0.00 0.00

36 Total current assets ( 30 to 37) 9.09 13.43 14.71

TATA MOTORS0

FORM III Part A (Contd...)

FIXED ASSETS:39 Gross block 0.09 0.09 0.09 40 Depreciation to date 0.00 0.00 0.00

41 Net block ( 39 minus 40) 0.09 0.09 0.09

OTHER NON/CURRENT ASSETS :

42 Investment etc which are not current assets

i) a) Investments in subsidiary companies/affiliates 0.00 0.00 0.00 b) Others F.D.R. 0.00 0.00 0.00

ii) Advances to suppliers of capital goods & cap exp. 0.00 0.00 0.00

iii) Deferred receivable (other 0.00 0.00 0.00 than maturing within 1 year)

iv) Deposit 0.08 0.08 0.08

43 Non-consumable stores and spares 0.00 0.00 0.00

44 Other assets incl dues from directors 0.00 0.00 0.00

45 Total non-current assets (42 to 44) 0.08 0.08 0.08

46 Intangible assets

47 Total assets (38 + 41 + 45 + 46) 9.26 13.60 14.88

48 Tangible net worth (28 minus 46) 4.67 5.69 6.81

49 Net working capital (38 minus 13) 4.50 5.52 6.64

TATA MOTORS0

PART B- ANALYTICAL AND COMPARATIVE RATIOS :

2005-06 2006-07 2007-08PROVISIONA Current

year ProjectionsEstimate

Net Sales 32.19 39.00 42.00

% rise or fall(-) in net Sales 21.16% 7.69%during the year as compared toprevious year.

Profit before tax or loss(-) 1.56 1.71 1.84

Withdrawals 0.00 0.60 0.60

Retained Profit 1.56 1.11 1.24

Retained Profit % net profit 100.00% 64.91% 67.42%

Raw Materials 0.00 0.00 0.00 How many months consumption 0.00 0.00 0.00 do these represent ?

Stock in processHow many months cost of prod-uction do these represent ?Finished Goods 6.14 7.44 8.01 How many months cost of sales 2.58 2.58 2.58 do these represent ?

Receivables 2.75 5.33 5.74 How many months domestic sales 1.03 1.64 1.64 do these represent ?Other current assets 0.2 0.66 0.96

Sundry Creditors 4.59 2.91 3.07 How many months purchase do these represent ?

Other current liabilities 0 5.00 5.00

Net Working Capital 4.50 5.52 6.64

Current Ratio 1.98 1.70 1.82

Tangible Net Worth 4.67 5.69 6.81 Total Outside liabilities/Tang- 0.98 1.39 1.18 ible net worth

Total Term Liabilities/Tang- - - -ible net worthBank Borrowing/Total Outside 0.00 0.63 0.62 LiabilitiesNet sales/Total Tangible assets 3.48 2.87 2.82

S.NO.SOURCES OF FUND 2005-06 2006-07 2007-08

1. Net Profit beforetaxes with intt.added back but after depreciation 1.56 2.09 2.25

2. Increase in sharecapital 0.00 Err:520 Err:520

3. Depreciation 0.00 0.00 0.00 4. Increase in Long

term loans/deben- 0.00 0.00 0.00 6. Increase in unsec-

ured loans & Deposits 0.00 28.16 33.24 7. Inc.in W.C.Loan 15.13 39.64 0.00 Decrease in current ass. 29.98 0.00 0.00

========= ============= ============T O T A L : 46.67 Err:520 Err:520

========= ============= ============---------------- ---------------------- ---------------------

S.NO.DEPOSITION OF FUND 1999.00 2000.00 2001.00 ---------------- ---------------------- ---------------------

1. Increase incapital expenditure 0.84 0.00 0.00

2. Increase in working capital 0.00 85.60 43.46

3. Increase inNon Current assets 10.12 0.00 0.00

4. Decrease in Unsecured loans 25.73 0.00 0.00 share capital 4.92 0.00 0.00

5. Remuneration to Partner's 0.00 0.00 0.00 6. Interest 0.00 0.38 0.41 7. Taxation 0.06 0.09 0.12 8. Withdrawals 0.00 0.60 0.60

---------------- ---------------------- ---------------------T O T A L 41.67 86.67 44.59

---------------- ---------------------- ---------------------C. Opening Balance 6.67 11.67 Err:520D. Net Surplus (A-B) 5.00 Err:520 Err:520E. Closing Balance 11.67 Err:520 Err:520

TATA MOTORS

2005-06 2006-07 2007-08

OPENING STOCK 6.77 6.14 7.44 SALESPURCHASE 26.97 34.74 36.58 CLO.STODIRECT EXP. 0.91 1.10 1.19 GROSS PROFIT 3.68 4.46 4.80

------------- ------------- ------------- 38.33 46.44 50.01

======= ======= =======PROFIT & LOSS ACCOUNT

DEPRICATION 0.00 0.00 0.00 GROSS PR INTEREST 0.00 0.38 0.41 OTHER INCOMESELLING & ADMI. EXP. 2.12 2.37 2.55 PARTNERS` INTT. 0 0.00 0.00 PARTNERS` SALARY 0 0 0NET PROFIT BEFORTAX 1.56 1.71 1.84

------------- ------------- -------------3.68 4.46 4.80

======= ======= =======TO INCOME TAX 0.06 0.09 0.12 NET PROFIT BEFORTO NET PROFIT TAXAFTER TAX 1.50 1.62 1.72

------------- ------------- -------------1.56 1.710028 1.841569

======= ======= =======

CAPITAL ACCOUNT 4.67 5.69 6.81 FIXED ASSETSSEC. LOANS 0.00 5.00 5.00 INVESTMENTSUNS. LOANS 0.00 0.00 0.00 CLO. STOCKSUNDRY CRS 4.59 2.91 3.07 ADVANCES TO SUPPADVANCES 0.00 0.00 0.00 DEBTORSPROVISION 0.00 0.00 0.00 DEPOSITS ETC.

CASH & BANK BALA

------------- ------------- ------------- 9.26 13.60 14.88

======= ======= =======

OPEN. BAL 9.49 9.00 10.02 Withdrawal 1.99 0.60 0.60

------------- ------------- ------------- 1. Interest on Unsecured Loans: 7.50 8.40 9.42 Total outstanding

INTEREST 0 0 0 Interest @18%SALARY 0 0 0Net Profit 1.50 1.62 1.72 2. Interest on Bank CC Account

======= ======= ======= Interest @15% on 15 lacs9 10.02003 11.1416 for 1.5 months

======= ======= =======

Total Interest

2005-06 2006-07 2007-0832.19 39.00 42.00

6.14 7.44 8.01

------------- ------------- -------------38.33 46.44 50.01

======= ======= =======

3.68 4.46 4.80 0.00 0.00 0.00

------------- ------------- -------------3.68 4.46 4.80

======= ======= =======NET PROFIT BEFOR

1.56 1.710028 1.841569

------------- ------------- -------------1.56 1.710028 1.841569

======= ======= =======

0.09 0.09 0.09 0.00 0.00 0.00 6.14 7.44 8.01 0.00 0.00 0.00

2.75 5.33 5.74 0.08 0.08 0.08 0.20 0.66 0.96

------------- ------------- -------------9.26 13.60 14.88

======= ======= =======9.26 13.60204 14.87832

Details of Interest exp.------------- ------------- -------------

1. Interest on Unsecured Loans:Total outstanding 0.00 0.00 Interest @18% 0.00 0.00

2. Interest on Bank CC AccountInterest @15% on 15 lacs for 1.5 months 2.25 2.25

------------- -------------2.25 2.25

------------- -------------------------- -------------

Total Interest 2.25 2.25 ======= =======