BOARD OF DIRECTORS - Tata International: A global …tatainternational.com/wp-content/uploads/pdf/FY_15-16/... · · 2016-10-27BOARD OF DIRECTORS (As on May 27, 2016) G K PILLAI-

1

BOARD OF DIRECTORS (As on May 27, 2016)

G K PILLAI- Chairman

H S VACHHA

P G MANKAD

A K VORA

N N TATA- Managing Director

R MUKUNDAN

R PISHARODY

S S KUDTARKAR

P V GOPALAKRISHNA (Appointed as Additional Director w.e.f April 25, 2016)

REGISTERED OFFICETrent House, G-Block,

Plot No. C 60, Next to Citibank,

Bandra Kurla Complex, Bandra East,

Mumbai-400 051.

CIN: U51900MH1962PLC012528

AUDITORSDeloitte Haskins & Sells LLP

BANKERS State Bank of India

Standard Chartered Bank

ICICI Bank

Hong Kong and Shanghai Banking Corporation Ltd.

BNP Paribas

Fifty third annual report 2015-2016

Tata International Limited

INTERN ATIONAL

2

3

CONTENTS

Page No.(s)

Year in Brief .............................................................................................................................. 4

Directors’ Report ..................................................................................................................... 5-16

Annexure to the Directors’ Report ................................................................................... 17-44

Auditors’ Report ...................................................................................................................... 45-46

Annexure to the Auditors’ Report .................................................................................... 47-51

Balance Sheet ......................................................................................................................... 52

Statement of Profit and Loss ............................................................................................. 53

Cash Flow Statement ........................................................................................................... 54-55

Significant Accounting Policies ........................................................................................ 56-59

Notes forming part of the Financial Statements ........................................................ 60-101

Consolidated Financial Statements ................................................................................ 102-168



INTERN ATIONAL

4

YEAR IN BRIEF

2015-16

(₹ Lakhs)

2014-15

(₹ Lakhs)

TURNOVER 152,836 151,622

EXPORTS 93,762 103,845

DOMESTIC 59,073 47,777

GROSS REVENUE 167,504 164,948

PROFIT/(LOSS) BEFORE TAX 33,507 664

PROFIT/(LOSS) AFTER TAX 26,534 439

DIVIDEND 602 401

TAX ON DISTRIBUTED PROFITS 1 60

TRANSFER TO DEBENTRUE REDEMPTION RESERVE - 1,225

TRANSFER FROM DEBENTRUE REDEMPTION RESERVE 6,125 -

RETAINED EARNINGS 32,056 (1,247)

FIXED ASSETS

GROSS 29,363 26,066

NET 8,852 8,180

SHARE CAPITAL 4,010 4,010

RESERVES & SURPLUS 71,525 45,594

BORROWINGS 39,540 60,559

CAPITAL EMPLOYED 115,075 110,163

Rupees Rupees

EARNINGS PER SHARE 6,617 109

NET WORTH PER SHARE 18,837 12,370

Ratio Ratio

DEBT : EQUITY 0.52:1 1.3:1

5

DIRECTORS’ REPORTTO

THE MEMBERS,

The Directors are pleased to submit the Fifty-third Annual Report and the Audited financial statement for the year ended March 31, 2016.

FINANCIAL RESULTS:

Stand-alone (₹ Lakhs) Consolidated (₹ Lakhs)2015-16 2014-15 2015-16 2014-15

Turnover 152735 151573 1292415 1253513Profit / (Loss) before exceptional items and Tax (2887) (5661) (10288) (16461)Exceptional items 36394 6325 20061 9656Profit / (Loss) before Tax 33507 664 9773 6805Taxes 6973 225 10757 5733Profit / (Loss) from continuing Operations 26534 439 (985) (12537)Profit / (Loss) from Discontinuing operations - - (4816) 207.41Profit / (Loss) for the year before minority interest and share of profit / (loss) of associates

26534 439 (5800) (12330)

Minority Interest - - 1712 (614)Share of Profit / (loss) of associates - - (947) 171Profit / ( loss) for the year 26534 439 (5036) (12773)Add : Balance brought forward from Previous Year 11046 12476 27441 44195Less: WDV of Assets whose life has expired - 183 - 277The amount available for appropriation is 37580 12732 22405 31145The appropriations are as follows:Proposed Dividend [including Tax on Distributed Profits: ₹ 59.63 (Previous Year: ₹ NIL)]

602 461 623 634

Transfer to Debenture Redemption Reserve - 1225 - 1225Transfer to General / Legal Reserve - - 191 30Charge on account of change in functional currency of subsidiary - - 1722 -Distribution on unsecured perpetual securities - - 4741 1815Add : Recoupment of minority interest of earlier years - - 167 -Add : Transfer from Debenture Redemption Reserve 6125 - 6125 -Leaving to be carried forward a balance of 43103 11046 21420 27441

GLOBAL OUTLOOK- SUBDUED DEMAND, DIMINISHED PROSPECTS

(Source – World Economic Outlook update by IMF dated January 2016)

GLOBAL ECONOMIC OUTLOOK

Global growth, currently estimated at 3.1 percent in 2015, is projected at 3.4 percent in 2016 and 3.6 percent in 2017. The pickup in global activity is projected to be more gradual than in the October 2015 World Economic Outlook (WEO), especially in emerging market and developing economies.

In advanced economies, a modest and uneven recovery is expected to continue, with a gradual further narrowing of output gaps. The picture for emerging market and developing economies is diverse but in many cases challenging. The slowdown and rebalancing of the Chinese economy, lower commodity prices and strains in some large emerging market economies will continue to weigh on growth prospects in 2016–17. The projected pickup in growth in the next two years—despite the



INTERN ATIONAL

6

ongoing slowdown in China—primarily reflects forecasts of a gradual improvement of growth rates in countries currently in economic distress, notably Brazil, Russia and some countries in the Middle East, though even this projected partial recovery could be frustrated by new economic or political shocks.

Risks to the global outlook remain tilted to the downside and relate to ongoing adjustments in the global economy: a generalized slowdown in emerging market economies, China’s rebalancing, lower commodity prices, and the gradual exit from extraordinarily accommodative monetary conditions in the United States. If these key challenges are not successfully managed, global growth could be derailed.

RECENT DEVELOPMENTS

In 2015, global economic activity remained subdued. Growth in emerging market and developing economies—while still accounting for over 70 percent of global growth—declined for the fifth consecutive year, while a modest recovery continued in advanced economies. Three key transitions continue to influence the global outlook: (1) the gradual slowdown and rebalancing of economic activity in China away from investment and manufacturing toward consumption and services, (2) lower prices for energy and other commodities, and (3) a gradual tightening in monetary policy in the United States in the context of a resilient U.S. recovery as several other major advanced economy central banks continue to ease monetary policy.

Overall growth in China is evolving broadly as envisaged, but with a faster-than-expected slowdown in imports and exports, in part reflecting weaker investment and manufacturing activity. These developments, together with market concerns about the future performance of the Chinese economy, are having spillovers to other economies through trade channels and weaker commodity prices, as well as through diminishing confidence and increasing volatility in financial market. Manufacturing activity and trade remain weak globally, reflecting not only developments in China, but also subdued global demand and investment more broadly—notably a decline in investment in extractive industries. In addition, the dramatic decline in imports in a number of emerging market and developing economies in economic distress is also weighing heavily on global trade. Oil prices have declined markedly since September 2015, reflecting expectations of sustained increases in production by Organization of the Petroleum Exporting Countries (OPEC) members amid continued global oil production in excess of oil consumption. Futures market are currently suggesting only modest increases in prices in 2016 and 2017. Prices of other commodities, especially metals, have fallen as well. Lower oil prices strain the fiscal positions of fuel exporters and weigh on their growth prospects, while supporting household demand and lowering business energy costs in importers, especially in advanced economies, where price declines are fully passed on to end users. Though a decline in oil prices driven by higher oil supply should support global demand given a higher propensity to spend in oil importers relative to oil exporters, in current circumstances several factors have dampened the positive impact of lower oil prices. First and foremost, financial strains in many oil exporters reduce their ability to smooth the shock, entailing a sizable reduction in their domestic demand. The oil price decline has had a notable impact on investment in oil and gas extraction, also subtracting from global aggregate demand. Finally, the pickup in consumption in oil importers has so far been somewhat weaker than evidence from past episodes of oil price declines would have suggested, possibly reflecting continued deleveraging in some of these economies. Limited pass-through of price declines to consumers may also have been a factor in several emerging market and developing economies. Monetary easing in the euro area and Japan is proceeding broadly as previously envisaged,while in December 2015 the U.S. Federal Reserve lifted the federal funds rate from the zero lowerbound. Overall, financial conditions within advanced economies remain very accommodative. Prospects of a gradual increase in policy interest rates in the United States as well as bouts of financial volatility amid concerns about emerging market growth prospects have contributed to tighter external financial conditions, declining capital flows, and further currency depreciations in many emerging market economies.Headline inflation has broadly moved sideways in most countries, but with renewed declines in commodity prices and weakness in global manufacturing weighing on traded goods’ prices it is likely to soften again. Core inflation rates remain well below inflation objectives in advanced economies. Mixed inflation developments in emerging market economies reflect the conflicting implications of weak domestic demand and lower commodity prices versus marked currency depreciations over the past year. The Updated Forecast Global growth is projected at 3.4 percent in 2016 and 3.6 percent in 2017.

ADVANCED ECONOMIES

Growth in advanced economies is projected to rise by 0.2 percentage point in 2016 to 2.1 percent, and hold steady in 2017. Overall activity remains resilient in the United States, supported by still-easy financial conditions and strengthening housing and labor market, but with dollar strength weighing on manufacturing activity and lower oil prices curtailing investment in mining structures and equipment. In the euro area, stronger private consumption supported by lower oil prices and easy financial conditions is outweighing a weakening in net exports. Growth in Japan is also expected to firm in 2016, on the back of fiscal support, lower oil prices, accommodative financial conditions, and rising incomes.

7

EMERGING MARKET AND DEVELOPING ECONOMIES

1. Growth in emerging market and developing economies is projected to increase from 4 percent in 2015—the lowest since the 2008–09 financial crisis—to 4.3 and 4.7 percent in 2016 and 2017, respectively.

2. Growth in China is expected to slow to 6.3 percent in 2016 and 6.0 percent in 2017, primarily reflecting weaker investment growth as the economy continues to rebalance. India and the rest of emerging Asia are generally projected to continue growing at a robust pace, although with some countries facing strong headwinds from China’s economic rebalancing and global manufacturing weakness.

3. Aggregate GDP in Latin America and the Caribbean is now projected to contract in 2016 as well, albeit at a smaller rate than in 2015, despite positive growth in most countries in the region. This reflects the recession in Brazil and other countries in economic distress.

4. Higher growth is projected for the Middle East, but lower oil prices, and in some cases geopolitical tensions and domestic strife, continue to weigh on the outlook.

5. Emerging Europe is projected to continue growing at a broadly steady pace, albeit withs ome slowing in 2016. Russia, which continues to adjust to low oil prices and Western sanctions, is expected to remain in recession in 2016. Other economies of the Commonwealth of Independent States are caught in the slipstream of Russia’s recession and geopolitical tensions, and in some cases affected by domestic structural weaknesses and low oil prices; they are projected to expand only modestly in 2016 but gather speed in 2017.

6. Most countries in sub-Saharan Africa will see a gradual pickup in growth, but with lower commodity prices, to rates that are lower than those seen over the past decade.This mainly reflects the continued adjustment to lower commodity prices and higher borrowing costs, which are weighing heavily on some of the region’s largest economies (Angola, Nigeria, and South Africa) as well as a number of smaller commodity exporters.

FORECAST REVISIONS

Overall, forecasts for global growth have been revised downward by 0.2 percentage point for both 2016 and 2017. These revisions reflect to a substantial degree, but not exclusively, a weaker pickup in emerging economies than was forecast in October. In terms of the country composition, the revisions are largely accounted for by Brazil, where the recession caused by political uncertainty amid continued fallout from the Petrobras investigation is proving to be deeper and more protracted than previously expected; the Middle East, where prospects are hurt by lower oil prices; and the United States, where growth momentum is now expected to hold steady rather than gather further steam. Prospects for global trade growth have also been marked down by more than ½ percentage point for 2016 and 2017, reflecting developments in China as well as distressed economies.

RISKS TO THE FORECAST

Unless the key transitions in the world economy are successfully navigated, global growth could be derailed. Downside risks, which are particularly prominent for emerging market and developing economies, include the following:

• a sharper-than-expected slowdown along China’s needed transition to more balanced growth, with more international spillovers through trade, commodity prices, and confidence, with attendant effects on global financial market and currency valuations.

• Adverse corporate balance sheet effects and funding challenges related to potential further dollar appreciation and tighter global financing conditions as the United States exits from extraordinarily accommodative monetary policy.

• a sudden rise in global risk aversion, regardless of the trigger, leading to sharp further depreciations and possible financial strains in vulnerable emerging market economies. Indeed, in an environment of higher risk aversion and market volatility, even idiosyncratic shocks in a relatively large emerging market or developing economy could generate broader contagion effects.

• An escalation of ongoing geopolitical tensions in a number of regions affecting confidence and disrupting global trade, financial, and tourism flows. Commodity market pose two-sided risks. On the downside, further declines in commodity prices would worsen the outlook for already-fragile commodity producers and increasing yields on energy sector debt threaten a broader tightening of credit conditions. On the upside, the recent decline in oil prices may provide a stronger boost to demand in oil importers than currently envisaged, including through consumers’ possible perception that prices will remain lower for longer.



INTERN ATIONAL

8

CORPORATE & FINANCIAL RESTRUCTURING

Merger of Bachi Shoes Ltd with the Company

Tata International Ltd, which was holding 76% in Bachi Shoes Ltd, acquired the balance 24% shareholding form the promoters of Bachi Shoes Ltd. Through this acquisition, Bachi Shoes Ltd became a wholly owned subsidiary of the Company with effect from March 2, 2016.

At the Board Meeting held on April 25, 2016, the draft scheme of amalgamation of Bachi Shoes Limited with the Company was approved. The Company is in the process of filing the necessary applications before the respective High Courts at Mumbai and Chennai.

Divestment of shareholding in Tata Africa Holdings and Tata South East Asia

During the year, the Company sold its shareholding in Tata Africa holdings Ltd (TAHL) & Tata South East Asia (TSEA), to its overseas subsidiary `Tata International Singapore (Pte) Ltd as part of its restructuring process.

OPERATING PERFORMANCE – STANDALONE

The financial year 2015-16 continued to be a year full of challenges and opportunities for the Company. The Company on a stand-alone basis achieved an operating revenue of ₹ 1,611 crores (previous year: ₹ 1,591 crores) registering a growth of 1%.

TRANSFER TO RESERVES

The appropriations for the year are:

₹ in lakhsNet Profit for the year 26534Balance of Reserve at the beginning of the year 11046Add: Transfer from debenture redemption reserve 6125Less: Dividend proposed to be distributed to equity shareholders 602Less: Tax on dividend 1Transfer to General Reserve -Balance of Reserve at the end of the year 43103

DIVIDEND-

The Directors recommend payment of dividend @ 15% (previous year: 10%) on 401,000 ordinary shares of ₹ 1,000 each.

DONATIONS

The amount of donations and contributions amounting to ₹ 2.75 lakhs (Previous year- ₹ 5.20 lakhs) were made during the year towards community welfare and for educational, social and charitable causes.

OPERATING PERFORMANCE – CONSOLIDATED

On a consolidated basis, the Company achieved an operating revenue of ₹13,312 crores and incurred a loss of ₹50.35 crores. The performance for the year under review was adversely affected due to the operations of the Distribution in Africa business, drop in volumes in Footwear business in the last quarter of the year and adverse foreign currency fluctuations in Africa. African economies continued to suffer due to falling commodity prices. As a result, Company could not pass on high import cost on account of depreciating currencies, to the consumers. Further continued depreciating currencies in Africa adversely affected the margins, though Company took several steps to mitigate its impact. The Company has taken necessary steps to mitigate these losses and is confident that in FY 2016-17, adverse currency fluctuations would be managed by matching forex exposures across the world.

The Company continues to pursue various improvement initiatives identified and initiated. Given below is a detailed analysis of the operations of the various verticals of the Company

9

1. Fashion Leather Business-

Fashion Leather business ((FLB) showed marked turnaround during the year due to continued focus on Branded segment, thrust on exports and continued cost reduction initiatives and improving yield and productivity.

2. Footwear Business-

During the year, footwear business was affected by the economic situation prevailing in Europe affecting the flow of orders and prices adversely. In spite of the challenging environment, the business has improved on many areas of operations and has built the foundation for a stronger performance in coming years. Dewas unit has further improved its quality and delivery performance leading to consistency in customer base. While pricing remained challenging, various improvements have been made in the area of material yields. The unit has also successfully got certified in various customer audits paving the way for orders from new customers. Company has recently bagged initial orders from customers in US. Company will focus on US market and have drawn plans to increase its foothold in US market.

3. Distribution Business-

AUTO & ALLIED

Auto & Allied business achieved turnover of USD 256 Mio (₹ 1,662 crores) for FY 15-16,vs. USD 268 Mio (₹ 1,636 crores) previous year,

During the year Company opened new Showrooms in Nigeria, Ghana, and also upgraded its facilities in Kenya. Company will reap the benefit of these investments in the coming years. .

Economic conditions worsened in Africa this year due to crashes in commodity and oil prices. Currencies declined across virtually all market but most severely in South Africa, Zambia and Mozambique. High interest rates, coupled with high inflation added to the slowdown of business in general. Vehicle distribution business was worst affected in Nigeria (-50%), South Africa (-16%) and Tanzania (-18%). However, despite the economic slowdown, Kenya, Uganda and Senegal showed growth over last year largely on the back of strong first half performances.

Cost and efficiency optimization initiatives included approvals being obtained to maintain USD books of account in Ghana and Uganda, operationalization of the Motor Hub in Dar es Salaam, Tanzania for East Africa and a significant manpower redundancy exercise in Nigeria.

NON-AUTO

Non-auto business reported a turnover of USD 71 Mio (₹ 459 crores) for the year as against USD 80 Mio (₹ 490 crores) for the previous year. Major market for this business are Tanzania, Uganda, Kenya, Nigeria, Ghana, Mozambique and Zambia. Non-auto business has faced similar challenges like Auto business. Major product portfolio includes, Health, Chemicals and other products.

4. Metals Vertical

(i) Steel Trading Business:

During the year the global steel trading operations achieved growth of 17 % over previous year in terms of volumes. However due to continued falling prices, it could achieve a turnover of USD 750 Mio (₹ 4,874 crores)– against USD 896 Mio (₹ 5,469 crores) achieved in the previous year. As a consequence of falling prices, margins were adversely affected, both in absolute value as well as in % terms. Various steps initiated by the Company to reduce costs & eliminate waste, has helped business salvage the situation.

(ii) Products for Aluminum Industry:

Business achieved a turnover of ₹ 249 crores against ₹ 220 crores achieved in the previous year. Business could improve its margins substantially due to strategic sourcing of raw materials at the right time and efficiently managing its working capital management. Business has initiated steps for new product development as a part of its long term strategy.

(iii) Metallics & Rolls:

The business achieved turnover of ₹ 331 crores as against ₹ 348 crores in the previous year. As a new initiative, it made 1st break bulk shipment of Scrap.



INTERN ATIONAL

10

5. Minerals Business

Minerals business recorded USD 334 Mio Turnover with 7 Mio Ton volume in current FY a substantial increase by 150% in volume from 4.5 Mio Ton in the previous Year. During the year business launched its `stock & sale’ model by importing coal from US.

6. Agricultural Trading Business

The division achieved a turnover of USD 243 Mio (₹ 1,576 crores) as against USD 100 Mio (₹ 613 crores) during previous year. Vertical continued its focus on consolidating its sourcing from Myanmar. As a result it has already achieved the status of among the top three exporters of pulses from Myanmar. It has set up an office in Canada for sourcing lentilsfrom Canada. In FY 16-17 Vertical would explore sourcing of pigeon peas from African countries like Tanzania & Malawi.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in FORM MGT 9 is annexed herewith as ANNEXURE A.

NUMBER OF MEETINGS OF THE BOARD

The Board met eight times in the current financial year viz., on May 15, 2015, June 8, 2015, July 17, 2015, August 31, 2015, October 20, 2015, December 1, 2015, February 16, 2016 & March 28, 2016. The maximum interval between any two meetings did not exceed 120 days.

DIRECTORS’ RESPONSIBILITY STATEMENT

Based on the framework of compliance systems established and maintained by the Company, work performed by the internal, statutory, cost and secretarial auditors and external consultant(s) and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company’s compliance systems were adequate and effective during the financial year 2015-16. Accordingly, pursuant to Section 134(5) of the Companies Act, 2013 (“Act”), the Board of Directors, to the best of their knowledge and ability, confirm that:

i. in the preparation of the annual accounts for financial year ended March 31, 2016 the applicable accounting standards had been followed and there were no material departures;

ii. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2016 and of the profit and loss of the Company for that period;

iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. they have prepared the Annual Accounts for financial year ended March 31, 2016 on a ‘going concern’ basis;

v. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit (IA) function is defined in the Internal Audit Charter. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board.

The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal controls in the Company, its compliance with operating systems, accounting procedures and policies at all company locations and its subsidiaries. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

COST AUDITORS

Pursuant to Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company in respect of its steel division is required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed M/s Sohan Lal Jalan& Associates, Cost and Management

11

Accountants, (Membership No. 7442 and Firm Registration No. 000521) to audit the cost accounts of the Company for the financial year 2015-16. The cost audit fees payable are ₹ 50,000 plus statutory levies. As required under the Act, the cost audit fees payable to the cost auditor is required to be placed before the Members in a General Meeting for their ratification. Accordingly, a Resolution seeking Members’ ratification for the cost audit fees payable to M/s Sohan Lal Jalan & Associates is included in the Notice convening the Annual General Meeting.

FIXED DEPOSITS

Your Company has not accepted or renewed any deposit from public in terms of the provisions of the Act.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no significant material orders passed by the Regulators / Courts/Tribunals which would impact the going concern status of the Company and its future operations.

BOARD’S INDEPENDENCE

The Independent Directors have submitted a declaration of independence, as required pursuant to Section 149(7) of the Act, stating that they meet the criteria of independence as provided in sub section (6) of Section 149 of the Act. The following Non-Executive Directors are Independent in terms Section 149(6) of the Act:-

• Mr. Gopal Krishna Pillai

• Mr. Piyush Gunwantrai Mankad

• Dr. Homiar Sorabji Vachha

NOMINATION AND REMUNERATION COMMITTEE

In compliance with Section 178 of the Act the Board has, on the recommendation of the Nomination & Remuneration Committee framed a charter for laying down provisions relating to selection and appointment of Directors, Senior Management and their remuneration.

Objectives & Scope of the Nomination and Remuneration Committee

The Nomination and Remuneration Committee (the “Committee”) of the Board of Directors (the “Board”) of Tata International Limited (the “Company”) shall discharge the Board’s responsibilities towards shareholders, the investment community, society and other stakeholders with respect to Appointment, Performance Evaluation, Remuneration and Removal of Board members, Key Management Personnel and members of the Executive team. The Committee shall also perform such other duties and responsibilities as may be consistent with the provisions of this charter.

a. Recommend to the Board the setup and composition of the Board and its committees. This shall include “Formulation of the criteria for determining qualifications, positive attributes and independence of a director”. The committee will consider periodically reviewing the composition of the Board with the objective of achieving an optimum balance of size, skills, independence, knowledge, age, gender and experience.

b. Recommend to the Board the appointment or reappointment of directors.

c. Devise a policy on Board diversity.

d. Recommend to the Board appointment of Key Managerial Personnel and Executive team members of the company.

e. Support the Board and IDs in evaluation of the performance of the Board, its committees and individual directors. This shall include “Formulation of criteria for evaluation of Independent Directors and the Board.” Additionally, the committee may also oversee the performance review process of the KMP and the Executive team members of the company.

f. Recommend to the Board the remuneration policy for directors, KMP, Executive team members and for other employees of the Company.

g. On an annual basis, recommend to the Board the remuneration payable to directors and KMP and Executive team members of the Company.

h. Oversee familiarization programs for directors.

i. Oversee the HR philosophy, HR and People strategy and HR practices including those for leadership development, rewards and recognition, talent management and succession planning (specifically for Board, KMP and Executive team).



INTERN ATIONAL

12

j. Provide guidelines for remuneration of directors on material subsidiaries.

k. The Committee of a parent/ holding company shall recommend to its Board how the company will vote on resolutions for appointment and remuneration of directors on the Boards of its material subsidiary companies.

l. Performing such other duties and responsibilities as may be consistent with the provisions of the committee charter.

The composition of the Nomination and Remuneration Committee as on March 31, 2016 and the details of Members’ participation at the Meetings of the Committee are as under:

Name of the Member

Category Attendance at the Nomination and Remuneration Committee Meetings held on

14th May, 2015

8th June, 2015

20th October, 2015

18th Jan, 2016

28th March, 2016

Dr. H S Vachha (Chairman)

Non - Executive/ Independent

Present Leave of absence

Present Present Present

Mr. P G Mankad (Member)

Non- Executive/ Independent

Present Present Present Present Present

Mr. G K Pillai (Member)

Non Executive/ Independent

Present Present Present Present Leave of absence

AUDIT COMMITTEE

The Audit Committee acts as a link between the statutory and internal auditors and the Board of Directors. Its purpose is to assist the Board in fulfilling its oversight responsibilities of monitoring financial reporting processes, reviewing the Company’s established systems and processes for internal financial controls, governance and reviewing the Company’s statutory and internal audit activities. All recommendations of the Audit Committee were accepted by the Board of Directors.

The Board has constituted a well-qualified Audit Committee. All the members of the Committee are Non-Executive Directors with majority of them are Independent Directors including Chairman. They possess sound knowledge on accounts, audit, finance, taxation, internal controls etc.

The terms of reference of the Committee inter alia, include the following:

• Review the scope of the Statutory Auditors, the annual audit plan and the Internal Audit Plan with a view to ensure adequate coverage

• Examination of the financial statements and the auditors’ report thereon

• Review the significant audit findings from the statutory and internal audits carried out, the recommendations and Management’s response thereto

• Review and recommend to the Board the appointment/re-appointment of the Statutory Auditors considering their independence and effectiveness and their replacement and removal.

• To recommend to the Board the remuneration of the Statutory Auditors

• To discuss with the Statutory Auditors any significant difficulties encountered during the course of the Audit

• Approval or any subsequent modification of transactions of the company with related parties

• Scrutiny of inter-corporate loans and investments

• Valuation of undertakings or assets of the company, wherever it is necessary

• Evaluation of internal financial controls and risk management systems

The composition of the Audit Committee as on March 31, 2016 and details of the Members participation at the Meetings of the Committee are as under:

Name of the Member

Category Attendance at the Audit Committee Meetings held on

14th May, 2015

8th June, 2015

7th July, 2015

31st August, 2015

19th Oct, 2015

1st Dec, 2015

Dr. H S Vachha

(Chairman)

Non - Executive/ Independent

Present Present Present Present Present Present

13

Name of the Member

Category Attendance at the Audit Committee Meetings held on

14th May, 2015

8th June, 2015

7th July, 2015

31st August, 2015

19th Oct, 2015

1st Dec, 2015

Mr. P G Mankad (Member)

Non- Executive/ Independent

Present Present Present Present Present Present

Mr. R Pisharody (Member)

Non Executive Present Present Present Present Present Present

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

No loans and investments as per Section 186 of the Act were made by the Company during the financial year 2016-17. The Company has provided following guarantees pursuant to Section 186 of the Act:

Name of entity Amount Full Particulars Purpose

31st March 2016

Foreign Currency in Million

₹ in lakhs

Tata International Singapore Pte Limited (wholly-owned subsidiary)

SGD 325 158,894.78 Guarantee to the holders of Senior bonds of value SGD 50 Million and the holders of perpetual bonds of value SGD 150 Million.

Repayment of debts, general corporate purpose and re-capitalization of some subsidiaries at Africa

Tata International Wolverine Brands Limited (joint venture)

- 500.00 Corporate Guarantee against Working Capital facilities of INR 10 Crores provided by HSBC to the joint venture entity.

Trading operations of the joint venture entity.

RELATED PARTY TRANSACTIONS

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Act in FORM AOC -2, prescribed in Rule 8(2) of the Companies (Accounts) Rules, 2014 is appended as Annexure B.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of thisReport.

HUMAN RESOURCES

FY 2015-16 witnessed a strong focus on Leadership hiring for critical roles in line with the strategic direction of the businesses. The year also saw an increased focus on Sr. Management Learning & Development, with focused need-based interventions done for key talent within identified businesses.

The Company-wide Employee Engagement survey (YourViews), now in its second year, was successfully deployed for all employees globally and saw an overall participation rate of 91%. At the Company level, the survey recorded improved engagement levels for both managerial and non-managerial employees.

Specific initiatives were taken to improve performance and productivity standards especially in the manufacturing and distribution businesses through the Performance Management System. Productivity measurement was successfully initiated in the Leather Products business in India.

The 4-year Long Term Settlement was successfully signed with the Dewas Union in 2015.

Strengthening of the core people processes as well as improving the quality of HR Operations continues to be a priority, thereby building a strong foundation for the company. An important project towards this is the roll-out of the HR ERP, for which an in-depth requirement gathering exercise was done by the teams to cater to the requirements of the globally spread and diverse organization.



INTERN ATIONAL

14

As of 31st March 2016, the Company had 2976 permanent employees.

CORPORATE GOVERNANCE

The Company reviews its Corporate Governance process on an ongoing basis. In order to achieve greater cohesiveness with its overseas subsidiaries, the Company has put in place a structured Governance process in terms of reporting / accountability and submission of financial and non-financial information.

The Company has also revisited its Standard Operating Procedures for its various operations and has taken steps to strengthen its Risk Management process in keeping with the changes in the external environment and business needs.

CORPORATE SOCIAL RESPONSIBILITY AND AFFIRMATIVE ACTION

The Company has formulated a Corporate Social Responsibility Committee under the provisions of Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014. The Corporate Social Responsibility Committee comprises of the following Board members:

1. Mr. P. G. Mankad - Non Executive & Independent

2. Mr. R. Mukundan - Non Executive

3. Mr. N. N. Tata - Managing Director

The Company has framed a CSR policy in compliance with the provisions of the Act and the same is attached to this report as Annexure C. The Company is committed to improving the quality of life of the communities in which it operates.

Affirmative Action (AA) initiatives of the Company are a sub-set of the CSR, and the Company’s CSR programmes are designed with major focus on AA initiatives. The Company’s AA approach is integrated with the business strategy of its Leather and Leather Products Business and deployed at Dewas and Chennai. The Company participates in the annual external AA assessment conducted by Tata Affirmative Action Program (TAAP).

The Company partners with Madhya Pradesh Council of Employment and Training and Central Footwear Training Institute , Chennai for training youth in vocational skills relating to Leather and Footwear related trade, leveraging the Prime Minister’s Kaushal Vikas Yojana. The “Employability” initiatives of the Company have received recognition from the Group.With regard to the AA assessment of the Company for 2015-16, the Company has further improved its score band to 476-500.

TATA CODE OF CONDUCT

During the year, the Board of Directors adopted the revised Tata Code of Conduct (“TCOC”). The Company being a signatory to the Brand Equity Business Promotion (BEBP) agreement with Tata Sons Limited abides by the TCOC. The TCOChas been shared with the employees. TCOC awareness is also a part of the induction process for all employees. Translations of the TCOC in local languages are also circulated to employees in Dewas, Chennai and in Hong Kong / China regions. TCOC awareness sessions are also conducted for the benefit of employees of associate companies.

During the year, Company has adopted “Anti Bribery and Anti-Corruption” policy. Ethics Counsellors of the Company have been adequately sensitized with regard to the policy and its objectives. It would be deployed across all geographies of the Company.

SA 8000: 2008 CERTIFICATION

The Company follows globally accepted SA 8000 : 2008 (the revised standards) and have obtained accreditation from renowned certified assessor - TUV Nord for its Leather Garments and Footwear operations in Dewas and Chennai.

ISO 26000 RECOGNITION

The Company’s Footwear Unit No 3 at Chennai has been accredited with ISO 26000. The salient feature of this recognition is acknowledgement of the Company’s contribution in the core areas of Corporate Governance, Stakeholder engagement, Ethical behaviour, Community work, Customer engagement, Human Rights and Labour related areas.

DIRECTORS

At the 52nd Annual General Meeting (“52nd AGM”) held on September 24, 2015, the shareholders of the Company appointed Mr. Gopal Krishna Pillai, Independent Director for a period of 5 years w.e.f September 24, 2015. At the aforesaid 52nd AGM, the shareholders also appointed Ms. Sandhya S Kudtarkar as Director, liable to retire by rotation.

15

Pursuant to the provisions of Section 152 and other applicable provisions of the Act, Mr. R. Mukundan (DIN: 00778253) retires by rotation at the ensuing 53rd Annual General Meeting. The Board of Directors recommend the reappointment of Mr. R. Mukundan at the 53rd Annual General Meeting.

At the Board Meeting held on April 25, 2016, Mr. P. V. Gopalakrishna (DIN: 00417691) was appointed as Additional Director (Non-executive, Non-independent), to hold office up-to the date of the 53rd Annual General Meeting of the Company. The Company has received a notice in writing from a member proposing the candidature of Mr. Gopalakrishna for appointment as Director under Section 160 of the Act. The Board commends the appointment of Mr. Gopalakrishna as a Director of the Company.

AUDITORS

In accordance with Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014, M/s. Deloitte Haskins and Sells LLP, Chartered Accountants, (Membership No. 117366W and Firm Registration No. W-100018) were appointed as the Statutory Auditors of the Company for a period of three years commencing from the conclusion of the 51st Annual General Meeting subject to ratification by members at every Annual General Meeting. Thus, a resolution seeking Members’ ratification for the appointment of M/s. Deloitte Haskins and Sells LLP is included in the notice convening the 53rd Annual General Meeting.The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the Company in the year under review. Further, the auditor’s report on the financial statements of the Company do not contain any qualification, reservation, adverse remark or disclaimer that requires to be commented upon in this Directors’Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure D.

RISK MANAGEMENT POLICY AND ADEQUACY OF INTERNAL CONTROL SYSTEMS

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company.

The Company’s internal control systems are commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested and certified by Statutory as well as Internal Auditors. Significant audit observations and follow up actions thereon are reported to the Audit Committee.

ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEE AND THE INDIVIDUAL DIRECTORS

Pursuant to the provisions of the Act, the Board of Directors (“Board”) has carried out an annual evaluation of its own performance, and that of its committees and individual directors.

The performance of the Board and individual directors was evaluated by the Board seeking inputs from all the Directors. The performance of the committees was evaluated by the Board seeking inputs from the committee members. The Nomination and Remuneration Committee (“NRC”) reviewed the performance of the individual directors. A separate meeting of independent Directors was also held to review the performance of non-independent directors; performance of the Board as a whole and performance of the Chairperson of the company, taking into account the views of executive directors and non-executive directors. This was followed by a Board meeting that discussed the performance of the Board, its committees and individual directors.

The criteria for performance evaluation of the Board included aspects like Board composition and structure; effectiveness of Board processes, information and functioning etc. The criteria for performance evaluation of committees of the Board included aspects like composition of committees, effectiveness of committee meetings etc. The criteria for performance evaluation of the individual directors included aspects on contribution to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings etc. In addition the Chairperson was also evaluated on the key aspects of his/her role.

VIGIL MECHANISM

In staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies, we are committed to maintaining the high standards of Corporate Governance and Stakeholder responsibility.



INTERN ATIONAL

16

The Company has adopted a Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. The Whistle Blower Policy is approved by the Board and placed on the Website of the Company. The policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern. A copy of the policy is available on our website www.tatainternational.com.

The Company has also revised its Standard Operating Procedures for its various operations and has taken steps to further strengthen its Risk Management process in keeping with the ever changing external environment and business needs.

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace. An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

During the period under review, the following is a summary of sexual harassment complaints received and disposed of:

• No. of complaints received: 2

• No. of complaints disposed of: 2

SECRETARIAL AUDIT REPORT

The Board of Directors of the Company has appointed M/s. Makarand M. Joshi & Co; Practising Company Secretary, to conduct the Secretarial Audit and his Report on Company’s Secretarial Audit is appended to this Report as Annexure E.

The Secretarial Auditors have commented on the following:

1. The compliance of Debt Listing Agreement could not be confirmed as no filed documents and acknowledgement was found while audit. - The Company confirms that all compliances in respect of Debt Listing Agreement were done during the period the debt securities of the Company were listed.

2. The compliance of Secretarial Standards issued by Institute of Company Secretaries was not observed by the Company during the audit period. – The Company has put in place a robust system of monitoring secretarial compliances.

3. An acknowledgement for submission of return of Foreign Liabilities and Assets with RBI was not found while audit. – The Company confirms that return for Foreign Liabilities and Assets were submitted within the time specified under the provisions of Foreign Exchange Management Act, 1999.

STATEMENT CONTAINING SALIENT FEATURES OF SUBSIDIARY COMPANIES

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014, a statement containing the salient features of the financial statement of subsidiaries/joint ventures & associates is attached as Annexure-F.

ACKNOWLEDGEMENTS

The Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them.

The Directors also gratefully acknowledge all stakeholders of the Company viz. customers, members, dealers, vendors, banks and other business partners for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.

On Behalf Of the Board of Directors

Gopal Krishna Pillai

Chairman

DIN: 02340756

D 241,2nd Floor,

Mumbai Sarvodaya Enclave,

May 27, 2016 New Delhi – 110017

17

ANNEXURE A

Form No. MGT-9

EXTRACT OF ANNUAL RETURN

As on the financial year ended on March 31, 2016

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I. REGISTRATION DETAILS OF COMPANY–

1. CIN U51900MH1962PLC012528

2. Registration Date 30/11/1962

3. Name of the Company TATA INTERNATIONAL LIMITED

4. Category/Sub-Category of the Company Limited by Shares/Indian Non-Government Company

5. Address of the Registered office and contact details 7th Floor, Trent House,G -Block, Plot No. C-60, Beside Citi Bank,Bandra-KurlaComplex,Bandra(East), Mumbai-400051, Maharashtra

EmailID: [email protected]

Contact No : 022 6665 2200

6. Whether listed Company (Yes/No) No

7. Name, Address and Contact N.A.

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY –

All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-

Sr. No

Name and Description of main products / services

NIC Code of the Product/ Service

% to total turnover of the Company

1 Leather & leather products manufacturing services

99882 49.14%

2 Casting forging Stamping and similar matal manufacturing services

99893 11.33%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES–

Sr. No

Name &Address of the Company CIN/GLN Holding/ Subsidiary /Associate

% of shares held

Applicable Section

1. Tata Sons Limited

Bombay House 24 HomiMody Street, Mumbai – 400 001

U99999MH1917PLC000478 Holding 41.75% 2(46)



INTERN ATIONAL

18

Sr. No


% of shares held

Applicable Section

2. Tata Africa Holdings (SA) (Proprietary) Limited,

39 Ferguson Road, c/o Ferguson and Rivonia Roads, Illovo, Johannesburg, 2196, South Africa

Foreign Company Subsidiary 89.00% 2(87)

3. Tata South-East Asia Limited

25F,SQUARE ENTERPRISES II,ROOM NO.2506-2508,3 SHEUNG YUET ROAD,KOWLOON BAY,KOWLOON,HONGKONG


4. Tata West Asia FZE

P.O. BOX 16980, ZB07, R/A 08, Blue Shed Area, Jebel Ali Free Zone, Dubai, United Arab Emirates


5. Tata Africa Holdings (Ghana) Limited

No.13, SAMORA MACHEL ROAD, ASYLUM DOWN, P.O BOX GP 242, ACCRA Ghana


6. Tata Africa Holdings (Kenya) Limited

LR No 209/10881/2 Off Mombasa Road Industrial Area, Nairobi


7. Tata Africa Holdings (Tanzania) Limited

PLOT NO - 1&2 VINGUNGUTI NYERERE ROAD PO - 40207,DAR-ES-SALAAM


8. Tata Africa Services (Nigeria) Limited

233, Aret Adams House , Ikorodu Road , Iilupeju, Lagos, Nigeria


9. Tata Africa Steel Processors (Proprietary) Limited

39 Ferguson Road, Cnr Ferguson and Rivonia Road, Illovo, 2196

Johannesburg, South Africa


10. Tata Automobile Corporation (SA) (Proprietary) Limited

17 North Reef Road, Activia Park Germiston, Johannesburg, South Africa


19

Sr. No


% of shares held

Applicable Section

11. Tata Holdings MocambiqueLimitada

Av de Mozambique, No 2358, Caixa Postal 758, Maputo, Mozambique


12. Tata De MocambiqueLimitada

Av de Mozambique, No 2358, Caixa Postal 758, Maputo, Mozambique


13. Tata Uganda Limited

Plot 47, Jinja Road P.O Box 7153 Kampala Uganda


14. Tata Zambia Limited

9219,Ben Bella Road, Lusaka


15. Tata Zimbabwe (Private) Limited

94, Simon Mazorodze Road, Corner Beatrice and Hobbs Road, Southerton, HARARE, Zimbabwe


16. Blackwood Hodge Zimbabwe (Private) Limited

Stand 4917, Simon Mazorodze Road, P O Box 1978, Harare, Zimbabwe


17. Cometal, S.A.R.L.

AV. MilagreMabote No 9

Caixa, Postal 758Maputo

Mozambique


18. Pamodzi Hotels Plc

Church Road, Lusaka, Zambia


19. Tata Africa (Senegal) S.A.R.L.

SacreCouer 3, Villa no 9434,Bis VDN, BP-16612,Dakar Senegal


20. TIL Leather Mauritius Limited

10th Floor, Raffles Tower, 19, Cybercity, Ebene, Mauritius


21. Bachi Shoes Limited

No.47 (Old No 14)Thiyagarajapuram, Vellore-632001, Tamil Nadu

U18209TN1997PLC037515 Subsidiary 100% 2(87)

22. Euro shoe components Limited

478/30-A, Coromandel Road, SIPCOT, Ranipet 632 403, Tamil Nadu

U19116TN2005PLC056665 Subsidiary 69.67% 2(87)



INTERN ATIONAL

20

Sr. No


% of shares held

Applicable Section

23. Move On Componentese Calcado,S.A.

Rua do Alto da Torre, 100, 3885-436, Esmoriz, Portugal


24. Calsea Footwear Private Limited

No. B/1, Ground Floor, Yamuna Flats, 16th Street, Nanganallur, Chennai – 600061,

Tamil Nadu

U19201TN2005PTC057816 Subsidiary 50.91% 2(87)

25. Motor Hub East Africa Limited, PLOT NO - 1&2 VINGUNGUTI NYERERE ROAD PO - 40207,DAR-ES-SALAAM

Foreign Company Subsidiary 100% 2(87)

26. Tata International Trading BrasilLtda

AV. BrigadeiroFaria Lima. 1685. CEP: 01452-916, Sao Paulo, Brasil


27. Tata International Singapore Pte Limited

22 Tanjong Kling Road, Singapore


28. Monroa Portugal, Comércio E Serviços, UnipessoalLda

Rua do Alto da Torre, 100, 3885-436 Esmoriz– Portugal


29. Move On Retail Spain, S.L.

Calle Juan de la Cierva, 31, 2º B,

Elche Parque Empresarial, 03203 Elche Alicante Spain


30. TAHL (Mauritius) Power Projects Limited

10th Floor, Raffles Tower

19 Cybercity, Ebene, Mauritius


31. TAHL (Mauritius) Mining Projects Limited

10th Floor, Raffles Tower19 CybercityEbene, Mauritius


32. Tata Africa Cote D’ivoireSARL

Immeuble “Grand Siècle”, 2ème étage, Route du Lycée Technique, CocodyDanga, Abidjan, Côte d’Ivoire.


21

Sr. No


% of shares held

Applicable Section

33. M’pumalanga Mining Resources S.A

71, Avenue Victoire RASOAMANARIVO Antananarivo Madagas car


34. Tata International Metals (Americas) Ltd

160 Greentree DR Ste 101 Dover De 19904 United States of America


35. Tata International Metals (Asia) Limited

Unit 6-8, 25th Floor, Enterprise Square Two, 3 SheungYuet Road, Kowloon Bay, Kowloon, HK


36. Tata International Metals (UK) Limited

30 Millbank, London SW1P 4WY UK


37. Tata South East Asia (Cambodia) Limited

278H National Road, #6A, KeinKlang Village, SangkatPrek Leap, Khan RusseyKeo, Phnom Penh, Kingdom of Cambodia


38. TAH Pharmaceuticals Limited

233, Aret Adams House , Ikorodu Road , Iilupeju, Lagos, Nigeria


39. Alliance Motors Ghana Limited

C/O Accra Nominees Limited

No 13 SamoraMachel road

Asylum down

Po box gp242

Accra, Ghana


40. Tata International West Asia DMCC

Unit No: 3O-01-629 Jewelry&Gemplex 3 Plot No: DMCC-PH2-J&GPlexS Jewelry&Gemplex

Dubai United Arab Emirates


41. Unitech Motors S. A

Km 9, Route de Rufisque, En face de la Mairie de Pikine,BP 18474 Pikine, Senegal




INTERN ATIONAL

22

Sr. No


% of shares held

Applicable Section

42. Drive India Enterprise Solutions Limited

7th floor, Kamla Executive Park, Andheri (East), Mumbai – 400 059, Maharashtra (Ceased to be a subsidiary w.e.f September 1, 2015)

U72900MH2000PLC126195 Subsidiary 50.00% 2(87)

43. Industrial Steels Limited

30 Millbank, London SW1P 4WY UK (Ceased to be a subsidiary w.e.f January 5, 2016)


44. Tata International DLT Private Limited

Gat No. 281 & 284, Santosh Nagar (Waki), TalukaKhed, Off Pune Nasik Road, Pune 410501

U34200PN2005PTC152193 Joint Venture

50.00% 2(6)

45. Tata International Wolverine Brands Limited

Tower 3 West Wing 5th Floor,Equinox Business Park, (Peninsula Technopark),Off BKC LBS Marg Kurla West,

U19200MH2012PLC229877 Joint Venture

50.00% 2(6)

46. Tata Precision Industries (India) Limited

INDUSTRIAL AREA NO.2, INDUSTRIAL AREA NO.2, DEWAS, Madhya Pradesh - 455001

U29120MP1995PLC009773 Joint Venture

50.00% 2(6)

47. Tata International GST AutoLeather Limited

7th Floor, Trent house, G Block, Plot No. C-60, BandraKurla Complex, Bandra East, Mumbai - 400051

U19115MH2014PLC254276 Joint Venture

50% 2(6)

48. Tata Ceramics Limited

26COCHIN SPECIAL ECONOMIC ZONE, KAKKANAAD, ERNAKULAM, Kerala - 682037

U26933KL1991PLC006018 Associate 40.54% 2(6)

49. Accordian Investments (Propreitary) Limited

7 Corobrik RoadMeadowdale

Germiston 1614

Foreign Company Associate 40% 2(6)

23

Sr. No


% of shares held

Applicable Section

50. Consillience Technologies (Proprietary) Limited

South WingThe Place

No. 1 Sandton Drive Sandton,

Johannesburg, 2196


51. IHMS Hotels (South Africa ) (Proprietary) Limited

39 Ferguson Road

Cnr Ferguson and Rivonia Road

IllovoJohannesburgSouth Africa


52. Newshelf 919 (Proprietary) Limited

39 Ferguson Road


IllovoJohannesburg

South Africa


53. Tata Motors (SA) (Proprietary) Limited

39 Ferguson Road


IllovoJohannesburg

South Africa




INTERN ATIONAL

24

IV. Shareholding pattern of the Company :

SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)

i) Category-wise Share Holding

Category of Shareholders

No.of shares held at the beginning of the year

No.of shares held at the end of the year

% Change During the

Year

Demat Physical % of Total Shares


A.Promoters

(1) Indian

a) Individual/HUF - - - - - - -

b) Central Govt - - - - - - -

c) State Govt(s) - - - - - - -

d) Bodies Corp. - 167400 41.75 - 167400 41.75 -

e) Banks / FI - - - - - - -

f ) Any Other…. - - - - - - -

Sub-total (A) (1):- - 167400 41.75 - 167400 41.75 -

(2) Foreign

a) NRIs - - - - - - - -

Individuals

b) Other – - - - - - - -

Individuals

c) Bodies Corp. - - - - - - -

d) Banks / FI - - - - - - -

e) Any Other…. - - - - - - -

Sub-total (A) (2):- - - - - - - -

Total shareholding of Promoter (A) =(A)(1)+(A)(2)

- 167400 41.75 - 167400 41.75 -

B. Public Shareholding

1.Institutions

a) Mutual Funds / UTI

- - - - - - -

b) Banks / FI - - - - - - -

25

Category of Shareholders

No.of shares held at the beginning of the year

No.of shares held at the end of the year

% Change During the

Year



c) Central Govt - - - - - - -

d) State Govt(s) - - - - - - -

e) Venture Capital Funds

- - - - - - -

f ) Insurance Companies

- - - - - - -

g) FIIs - - - - - - -

h) Foreign Venture Capital Funds

- - - - - - -

i) Others (specify) - - - - - - -

Sub-total (B)(1):- - - - - - - -

2. Non-Institutions

a) Bodies Corp. - 233088 58.13 - 233088 58.13 -

i) Indian

ii) Overseas

b) Individuals - - - - - - -

i) Individual shareholders holding nominal share capital upto ₹ 1 lakh

ii) Individual shareholders holding nominal share capital in excess of ₹ 1 lakh

512 0.13 - 512 0.13

c) Others (specify)

Sub-total (B)(2):- - - - - - - -

Total Public Shareholding

(B)=(B)(1)+(B)(2) - 233600 58.25 - 233600 58.25 -

C. Shares held by Custodian for GD₹ & AD₹

- - - - - - -



INTERN ATIONAL

26

ii) Shareholding of Promoters

Sr. No.

Shareholders Name

Shareholding at the beginning of the year

Shareholding at the end of the year

No. of shares

% of total shares of the

Company

% of Shares Pledged /

encumbered to total shares

No. of shares


Company

% of Shares Pledged /

encumbered to total shares

% change in shareholding

during the year

Tata Sons Limited

167,400 41.75 - 167,400 41.75 - -

(iii) Change in Promoters’ Shareholding ( please specify, if there is no change)

Sr. No.


Cumulative Shareholding during the year

No. of Shares % of total shares of the Company

No. of Shares %of total shares of the Company

At the beginning of the year

1 Tata Sons Limited 167,400 41.75 167,400 41.75

Date Wise Increase/Decrease in Promoters shareholding during the year specifying the reasons forincrease/decrease(eg.allotment/transfer/bonus/sweat equity etc)

There was no change in the Promoter Shareholding during the year

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDR and ADR):

Sr. No

Shareholding at the beginning of the

year

Cumulative Shareholding

during the year

For each of top 10 Shareholders No. Shares


Company

No. Shares


Company

At the beginning of the year

1 Tata Motors Ltd. 50,000 12.47 50,000 12.47

2 Tata Chemicals Ltd. 48,000 11.97 48,000 11.97

3 Ewart Investments Ltd. 25,000 6.23 25,000 6.23

4 Af-Taab Investment Co. Ltd. 20,500 5.11 20,500 5.11

5 Sheba Properties Ltd. 19,350 4.83 19,350 4.83

6 Tata Industries Ltd. 17,122 4.27 17,122 4.27

7 Voltas Ltd. 10,000 2.49 10,000 2.49

8 Tata Steel Ltd. 28,616 7.14 28,616 7.14

9 Tifco Holdings Ltd. 8,000 2.00 8,000 2.00

10 Chemical Terminal Trombay Ltd. 3,500 0.87 3,500 0.87

27

Sr. No

Shareholding at the beginning of the

year

Cumulative Shareholding

during the year

Date wise Increase/Decrease in Shareholding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc)

There was no change in the shareholding of top ten shareholders during the year

At the end of the year (or on the date of separation, if separated during the year)

1 Tata Motors Ltd. 50,000 12.47 50,000 12.47

2 Tata Chemicals Ltd. 48,000 11.97 48,000 11.97

3 Tata Steel Ltd. 28,616 7.14 28,616 7.14

4 Ewart Investments Ltd. 25,000 6.23 25,000 6.23

5 Af-Taab Investment Co. Ltd. 20,500 5.11 20,500 5.11

6 Sheba Properties Ltd. 19,350 4.83 19,350 4.83

7 Tata Industries Ltd. 17,122 4.27 17,122 4.27

8 Voltas Ltd. 10,000 2.49 10,000 2.49

9 Tifco Holdings Ltd. 8,000 2.00 8,000 2.00

10 Chemical Terminal Trombay Ltd. 3,500 0.87 3,500 0.87

(v) Shareholding of Directors and Key Managerial Personnel:


Cumulative Shareholding during the year

For Each of the Directors and KMP No. of Shares % of total shares of the Company

No. of Shares % of total shares of the Company

At the beginning of the year None of the Directors/KMP hold shares in the Company

Date Wise Increase/Decrease in shareholding during the year specifying the reasons for increase/decrease(eg.allotment/transfer/bonus/sweat equity etc)

None of the Directors/KMP hold shares in the Company

At the end of the year None of the Directors/KMP hold shares in the Company

V. INDEBTEDNESS –

Indebtedness of the Company including interest outstanding/accrued but not due for payment ₹ in lakhs

Particulars Secured loan excluding deposits

Unsecured loans

Deposits Total Inde btedness

Indebtedness at the beginning of the financial year

Principal Amount 48,148.58 12,410.80 - 60,559.38

Interest due but not paid - - - -



INTERN ATIONAL

28

Particulars Secured loan excluding deposits

Unsecured loans

Deposits Total Inde btedness

Interest accrued but not due 49.93 1.98 - 51.91

Total (1+2+3) 48,198.51 12,412.78 - 60,611.29

Changes in Indebtedness during the financial year (net)

+ Addition - 6,179.08 6,179.08

- Reduction (27,190.28) (27,190.28)

Net Change (27,190.28) 6,179.08 (21,011.21)

Indebtedness at the end of the financial year

Principal Amount 20,969.50 18,570.18 39,539.68

Interest due but not paid - - -

Interest accrued but not due 38.72 21.68 60.41

Total (1+2+3) 21,008.23 18,591.86 39,600.08

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-Time Directors and/or Manager:

Particulars of remuneration Mr. Noel N Tata, Managing Director

Total amount (₹)

1. Gross Salary

a) Salary as per provisions contained in Section 17(1) of the Income Tax Act, 1961

2,70,96,800 2,70,96,800

b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961

39,600 39,600

c) Profits in lieu of salary u/s 17(3) of the Income Tax Act, 1961

0 0

2. Stock option 0 0

3. Sweat equity 0 0

4. Commission

- As a % of profits 0 0

- Others (specify) 0 0

5. Others (please specify) 0 0

TOTAL 2,71,36,400

B. Remuneration to other directors

29

1. Independent Directors

Particulars of Remuneration Name of Directors

Mr. Gopal Krishna Pillai

Mr. Homiar Sorabji Vachha

Mr. Piyush Gunwantrai Mankad

Total Amount

Fee for attending Board / committee meetings

₹ 4,60,000 ₹ 9,00,000 ₹ 8,40,000 ₹ 22,00,000

Commission NIL NIL NIL NIL

Others, please specify

NIL NIL NIL NIL

Total (B)(1) ₹ 4,60,000 ₹ 9,00,000 ₹ 8,40,000 ₹ 22,00,000

2. Other Non-Executive Directors

Particulars of Remuneration

Name of Directors

Mr. Ramakrishnan Mukundan

Mr. Ravindra Pisharody

Mr. Arun Kumar Vora

Ms. Sandhya Kudtarkar

Total Amount

Fee for attending Board / committee meetings

₹ 4,10,000 ₹ 6,10,000 ₹ 3,80,000 ₹ 3,80,000 ₹ 17,80,000

Commission NIL NIL NIL NIL NIL

Others, please specify NIL NIL NIL NIL NIL

Total (B)(2) ₹ 4,10,000 ₹ 6,10,000 ₹ 3,80,000 ₹ 3,80,000 ₹ 17,80,000

C. Remuneration to Key Managerial Personnel Other Than MD/ Manager/ WTD

Sr. No

Particulars of remuneration Name of the Key Managerial Personnel

Total Amount (₹)

Mr. Ajay Murlidhar Ponkshe (Company Secretary & CFO)

1. Gross Salary

a) Salary as per provisions contained in Section 17(1) of the Income Tax Act, 1961

80,80,060 80,80,060

b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961

0 0

c) Profits in lieu of salary u/s 17(3) of the Income Tax Act, 1961

0 0

2. Stock option 0

3. Sweat equity 0

4. Commission

- As a % of profits 0

- Others (specify) 0

5. Others (please specify) 0

TOTAL 80,80,060



INTERN ATIONAL

30

VII. Penalty or punishment imposed on the Company, its Directors or Officers and details of compounding of offences and appeals made against such penalty or punishment;

Type Section of the Companies Act 2013

Brief Description

Details of Penalty / Punishment/ Compounding fees imposed

Authority [RD / NCLT / COURT]

Appeal made, if any (give Details)

Company

NONEPenalty

Punishment

Compounding

Directors

NONEPenalty

Punishment

Compounding

Other Officers In Default

NONEPenalty

Punishment

Compounding

31

AN

NEX

URE

BFO

RM A

OC-

2

Form

for

dis

clos

ure

of p

artic

ular

s of

con

trac

t/ar

rang

emen

ts e

nter

ed in

to b

y th

e co

mpa

ny w

ith r

elat

ed p

artie

s re

ferr

ed t

o in

sub

-sec

(1)

of

sec

188

of

Com

pani

es A

ct, 2

013

incl

udin

g ce

rtai

n ar

ms

leng

th tr

ansa

ctio

ns u

nder

third

pro

viso

ther

eto

Det

ails

of c

ontr

act e

nter

ed in

to w

ith

rela

ted

part

ies

duri

ng F

Y 20

15-1

6

(a) I

n th

e or

dina

ry c

ours

e of

bus

ines

s bu

t diffi

cult

to p

rove

Arm

’s Le

ngth

Nam

e(s)

of t

he

rela

ted

part

y N

atur

e of

Re

lati

onsh

ipTy

pe o

f co

ntra

cts/

ar

rang

emen

ts/

tran

sact

ions

Tot

al V

alue

of

all

the

Cont

ract

s in

the

Fin

Year

Dur

atio

n of

th

e co

ntra

cts

/ ar

rang

emen

ts/

tran

sact

ions

Salie

nt te

rms

of

the

cont

ract

s or

ar

rang

emen

ts

or tr

ansa

ctio

ns ,

if an

y

Just

ifica

tion

fo

r ent

erin

g in

to c

ontr

acts

Dat

e(s)

of

appr

oval

by

the

Boar

d

Am

ount

pa

id a

s ad

vanc

es ,

if an

y

Euro

Sho

e Co

mpo

nent

s Li

mite

d

Subs

idia

ryPu

rcha

se o

f G

oods

45,

881,

298

Ong

oing

Paym

ent T

erm

s -

45 d

ays

In th

e no

rmal

co

urse

of

busi

ness

17/0

7/20

15N

IL

Cals

ea F

ootw

ear

Priv

ate

Lim

ited

Subs

idia

rySa

le o

f goo

ds 7

,634

,135

O

ngoi

ng60

day

s fr

om

Invo

ice

date

In th

e no

rmal

co

urse

of

busi

ness

17/0

7/20

15N

IL

Euro

Sho

e Co

mpo

nent

s Li

mite

d

Subs

idia

ryPu

rcha

se o

f G

oods

96,

251,

497

Ong

oing

Paym

ent

Term

s-45

day

sIn

the

norm

al

cour

se o

f bu

sine

ss

16/0

2/20

16N

IL

Euro

Sho

e Co

mpo

nent

s Li

mite

d

Subs

idia

ryRe

nder

ing

of

Serv

ices

2,4

67,8

00

Ong

oing

Paym

ent

Term

s-45

day

sIn

the

norm

al

cour

se o

f bu

sine

ss

16/0

2/20

16N

IL

Cals

ea F

ootw

ear

Priv

ate

Lim

ited

Subs

idia

rySa

le o

f goo

ds 4

1,29

4,59

3 O

ngoi

ngCr

edit

perio

d 60

da

ysIn

the

norm

al

cour

se o

f bu

sine

ss

16/0

2/20

16N

IL

Bach

i sho

es

Lim

ited

Subs

idia

rySa

le o

f goo

ds 9

0,96

5 O

ngoi

ngIm

med

iate

pa

ymen

tIn

the

norm

al

cour

se o

f bu

sine

ss

16/0

2/20

16N

IL

Mov

e O

n Co

mpo

nent

es E

Ca

lcad

o, S

.A.

Subs

idia

rySa

le o

f goo

ds 2

02,5

41

Ong

oing

Adva

nce

Paym

ent

To c

ater

to

busi

ness

re

quire

men

t, ho

wev

er s

old

at

a pr

ofit

16/0

2/20

16N

IL



INTERN ATIONAL

32

Nam

e(s)

of t

he

rela

ted

part

y N

atur

e of

Re

lati

onsh

ipTy

pe o

f co

ntra

cts/

ar

rang

emen

ts/

tran

sact

ions

Tot

al V

alue

of

all

the

Cont

ract

s in

the

Fin

Year

Dur

atio

n of

th

e co

ntra

cts

/ ar

rang

emen

ts/

tran

sact

ions

Salie

nt te

rms

of

the

cont

ract

s or

ar

rang

emen

ts

or tr

ansa

ctio

ns ,

if an

y

Just

ifica

tion

fo

r ent

erin

g in

to c

ontr

acts

Dat

e(s)

of

appr

oval

by

the

Boar

d

Am

ount

pa

id a

s ad

vanc

es ,

if an

y

Cals

ea F

ootw

ear

Priv

ate

Lim

ited

Subs

idia

ryPu

rcha

se o

f G

oods

184

,640

O

ngoi

ng30

Day

s fr

om

Invo

icin

g Va

lue

In th

e no

rmal

co

urse

of

busi

ness

16/0

2/20

16N

IL

Tata

Inte

rnat

iona

l G

ST A

utoL

eath

er

Lim

ited

Join

t Ven

ture

Sale

of g

oods

3,7

47,5

83

Ong

oing

Adva

nce

Paym

ent

In th

e no

rmal

co

urse

of

busi

ness

16/0

2/20

16N

IL

Bach

i Sho

es

Lim

ited

Subs

idia

rySa

le o

f goo

ds 2

,274

,191

O

ngoi

ngIm

med

iate

pa

ymen

tIn

the

norm

al

cour

se o

f bu

sine

ss

25/0

4/20

16N

IL

Cals

ea F

ootw

ear

Priv

ate

Lim

ited

Subs

idia

rySa

le o

f goo

ds 1

27,3

52,0

09 O

ngoi

ng60

day

s fr

om

Invo

ice

date

In th

e no

rmal

co

urse

of

busi

ness

25/0

4/20

16N

IL

Tata

Inte

rnat

iona

l G

ST A

utoL

eath

er

Lim

ited

Join

t Ven

ture

Sale

of g

oods

7,9

78,0

42

Ong

oing

Adva

nce

Paym

ent

In th

e no

rmal

co

urse

of

busi

ness

25/0

4/20

16N

IL

Cals

ea F

ootw

ear

Priv

ate

Lim

ited

Subs

idia

ryPu

rcha

se o

f G

oods

798

,252

O

ngoi

ng30

Day

s fr

om

Invo

icin

g Va

lue

In th

e no

rmal

co

urse

of

busi

ness

25/0

4/20

16N

IL

Euro

sho

e Co

mpo

nent

s Li

mite

d

Subs

idia

ryPu

rcha

se o

f G

oods

38,

280,

095

Ong

oing

Paym

ent T

erm

s -

30 d

ays

In th

e no

rmal

co

urse

of

busi

ness

25/0

4/20

16N

IL

Bach

i Sho

es

Lim

ited

Subs

idia

ryPu

rcha

se o

f G

oods

98,

465

60 D

ays

from

Re

ceip

t of

Serv

ices

/ M

ater

ial

60 D

ays

from

Re

ceip

t of

Serv

ices

/ M

ater

ial

In th

e no

rmal

co

urse

of

busi

ness

25/0

4/20

16N

IL

Euro

Sho

e Co

mpo

nent

s Li

mite

d

Subs

idia

ryPu

rcha

se o

f go

ods

30,

260,

759

Ong

oing

Paym

ent

Term

s-90

day

sIn

the

norm

al

cour

se o

f bu

sine

ss

25/0

4/20

16N

IL

33

Det

ails

of c

ontr

act e

nter

ed in

to w

ith

rela

ted

part

ies

duri

ng F

Y 20

15-1

6

(b) N

ot in

ord

inar

y co

urse

of b

usin

ess

Nam

e(s)

of t

he

rela

ted

part

y N

atur

e of

Re

lati

onsh

ipTy

pe o

f co

ntra

cts/

ar

rang

emen

ts/

tran

sact

ions

Tot

al

Valu

e of

al

l the

Co

ntra

cts

in th

e Fi

n Ye

ar

“Dur

atio

n of

th

e co

ntra

cts

/ ar

rang

emen

ts/

tran

sact

ions

”

Salie

nt te

rms

of

the

cont

ract

s or

ar

rang

emen

ts

or tr

ansa

ctio

ns,

if an

y

Just

ifica

tion

fo

r ent

erin

g in

to c

ontr

acts

Dat

e(s)

of

appr

oval

by

the

Boar

d

Am

ount

pa

id a

s ad

vanc

es ,

if an

y

TATA

In

tern

atio

nal

GST

Aut

oLea

ther

Li

mite

d

Join

t Ven

ture

Rend

erin

g of

Se

rvic

es 2

,000

,000

O

ngoi

ngPa

y Im

med

iate

lyBi

lling

as

per

Shar

ed S

ervi

ce

Agre

emen

t w

ith JV

co

mpa

ny d

t 30

/04/

2014

. N

o su

ch

serv

ice

prov

ided

to

third

par

ty.

16/0

2/20

16N

IL

G. K

. PIL

LAI

N. N

. TAT

A

A

JAY

M P

ON

KSH

E

CHA

IRM

AN

M

AN

AGIN

G D

IREC

TOR

CH

IEF

FIN

AN

CIA

L O

FFIC

ER &

CO

MPA

NY

SECR

ETA

RY



INTERN ATIONAL

34

ANNEXURE C1. Tata International is aligned to the Tata Group’s core purpose of improving the quality of life of the communities we

serve through long term stakeholder value creation. Enlarging the scope of Affirmative Action which gained positive momentum since 2009, through its CSR strategy, the company will continue to make need based, focused and exhaustive interventions in identified issues for the economically and socially disadvantaged sections of the society.

Tata International will focus its CSR initiatives in localities surrounding its business operations especially in Dewas& Chennai, taking concrete steps in areas of:

1. Skill Development

2. Employability

3. Education

2. The CSR Committee of the Board will govern and review the CSR initiatives of the company from time to time. The CSR Committee will recommend the Annual Business Plan for CSR to the Board for its approval. The plan will include resource requirements and allocation across interventions and locations. The composition of the CSR committee of the board is as hereunder:

Mr. P G Mankad – Chairman & Non-Executive Director

Mr. R Mukundan- Non-Executive Director

Mr. N N Tata- Managing Director

Mr. Manish Kumar, Head – Human Resources, also the CSR Co-coordinator for the company will provide required direction to the implementation team. The CSR Implementation committees will review and report activities, outcomes and impact of the initiatives on a periodic basis to the Board. This CSR policy document will be reviewed from time to time and any changes, if necessary, will be approved by the CSR Committee of the Board.

3. The average net profits of the company for the last three financial years- Since the company has posted losses during each of the preceding three financial years, the average net loss is ₹ 30.58 crores.

4. Prescribed CSR expenditure- This is not applicable since for each of the three preceding financial years, the company had posted net loss. However, as a responsible corporate citizen and in continuation of earlier CSR activities, the Company had spent approx. ₹ 30 lakhs during 2015-2016.

5. Details of CSR spent during the financial year

a. Total amount to be spent for the financial year- Not applicable (see point 4)

b. Amount unspent, if any- Not applicable (see point 4)

c. Manner in which the amount spent during the financial year is detailed below:

35

TIL Chennai - CSR Initiatives 2015 - 2016

Serial No

CSR project or activity identified

Sector in which the project is covered

Projects or programs (1) Local area or other

(2) Specify the state and district where projects

or programs were undertaken

Amount outlay (budget) project or program wise

Amount spent on the projects or programs Sub-

heads: 1) Direct

expenditure on projects

2) Overheads

Cumulative expenditure up-to the reporting

period

Amount spent: Direct or through

implementing agency

1 Constructed sanitation facility for girl students and staffs in somangalam GHSS

Adopting Educational

Institutions and hostels

Somangalam, Kanchipuram District, Chennai, Tamilnadu

192,000 85,000 85,000 Direct

2 Donated Physics lab apparatus to Somangalam GHSS


25,000 23,309 23,309 Direct

3 Fan Provision in Somangalam GHSS


28950 14000 14000 Direct

4 General Knowledge books donated as Annual Day Prize for Students at puthupair Government School

Puthupair Village, Kanchipuram District, Chennai, Tamilnadu

5000 2400 2400 Direct

5 Career guidance - Donated Question bank books for employees children studied X & XII std

Educational SupportPuthupair Village, Kanchipuram District, Chennai, Tamilnadu

28084 28084 Direct

6 Conducted drawing competition on Environment Day for 6-8th Std Students in Somangalam GHSS

Environment Awareness


3675 3675 Direct

7 Drawing Competition Gift distribution in Somangalam GHSS


1400 1400 Direct

8 Art Session to prepare handmade gifts for teachers by 7-9th Std students in Somangalam GHSS


3500 3233 3233 Direct

9 Computer training for students in Somangalam GHSS Supporting and

promoting co-curricular activities


54000 52762 52762 PupaLife

10 Yoga Class for Students in Somangalam GHSS


10000 8700 8700Kundrathur MVKM Trust (Venthathri

Maharishi)11 Donated First

Aid Boxes for PuthupairGovt.School

Promoting Health & hygiene for children

and their families through Medical Check -ups and

wareness initiatives

Puthupair Village, Kanchipuram District, Chennai, Tamilnadu

1000 1600 1600 Direct

12 Women Hygiene Awareness session for girl students with their mothers in Somangalam GHSS


5000 2000 2000 Direct

324,450 226,163



INTERN ATIONAL

36

TIL Dewas - CSR Initiatives 2015 - 2016

Serial No

CSR project or activity identified

Sector in which the project is covered

Projects or programs (1) Local area or other

(2) Specify the state and district where projects

or programs were undertaken

Amount outlay (budget) project or program wise

Amount spent on the projects or programs Sub-

heads: 1) Direct

expenditure on projects

2) Overheads

Cumulative expenditure up-to the reporting

period

Amount spent: Direct or through

implementing agency

1 Infrastructure Development at School Education

Government Middle and Primary School, Anvatpura, Dewas, Madhya Pradesh

530000

397544 397544 Direct

2 Imparting Value Education Education

Government Middle and Primary School, Anvatpura, Dewas, Madhya Pradesh

28035 28035 Direct

3 Health Check-up, Awareness of Adolescent Girls

Health Rajiv Nagar and AnvatpuraAanganwaadi, Dewas Madhya Pradesh

70000 22900 22900 Direct

4 Health Check-up, Awareness of Expectant Mothers

Health Rajiv Nagar and AnvatpuraAanganwaadi, Dewas Madhya Pradesh

70000 8460 8460 Direct

5 Shuchita: Ek pahal Swachchhataa ki ore

Health Dewas Madhya Pradesh 900000 678405 678405 Direct


Vocational Training Dewas Madhya Pradesh 30000 38870 38870 Direct


Livelihood Generation Dewas Madhya Pradesh 900000 142956 142956 Direct

Grand Total: 2500000 1317170 1317170

6. In case the company has failed to spend the two percent of the average net profit of the last three financial years or any part thereof, the company shall provide the reasons for not spending the amount in its Board report- Not applicable (see point No. 4)

7. We, Piyush Mankad, Ramakrishnan Mukundan and Noel Tata, the Members of the CSR Committee of Tata International Limited confirm that the implementation and monitoring of the CSR policy, is in compliance with the CSR objectives and policy of Tata International Limited.

For & on behalf of the Corporate Social Responsibility Committe

P. G. Mankad

R. Mukundan

N. N. Tata

Mumbai

May 27, 2016

37

ANNEXURE D

A. CONSERVATION OF ENERGY

i) The steps taken or impact on conservation of energy:-

a. Awareness created by putting display board in the shop floor for high power consuming machines carrying information on power consumption(KWH).

b. Replaced 241 High bay mercury vapour lamps comprising of 400 W/250W/150W and also replaced 30 nos. 250 W HPSV with LED lights and also which has saved 350 KWH per day.

c. Steam based leather drier replaced with infrared drier on 3 Roller coating machine in LFU. This has saved 93600 KWH per annum.

d. A new pressurized power pump package unit (PPPPU) of adequate capacity installed to collect and reuse steam condensate in boiler.

e. One sigma controller installed at compressor section for regulating the Running of number of compressor according to load. Further the old MS compressed air line replaced in sheep plant with aluminum alloy pipeline.

ii) The steps taken by the company for utilizing alternate sources of energy:-

a. The Company has signed an agreement with third party to purchase solar power under open access. During 2015-16 total 42. 3 MU solar units were used. The company has further signed an agreement to purchase 18 lac units per annum.

iii) The capital investment on energy conservation equipment:-

a. The company invested ₹ 80 lakhs for replacement of inefficient single passcoal fired boiler with multi fuel efficient boiler. This has saved fuel consumption of approx. 2MT per day.

B. TECHNOLOGY ABSORPTION

i. The efforts made towards technology absorption-

Product development

a. Developed Eco-friendly leather – Chrome free leather for upper and lining.

b. Developed Waterproof leather as per the American standards under the category of easy care products.

c. Generally Washable leather is used in garment industry which is developed in-house for footwear and having three dimensional stability.

Waste Utilization

a. Started manufacturing Bricks and Pavers from the Drum Sludge Waste using in-house technology in such a way that no Cr 6 formation and within TCLP parameter well under USEP norms.

b. Continued efforts with the utilization of Shaving waste in Prota generation by patented technology for the in-house use and external sale.

c. Substitute of Commercially available leather chemical Production using in-house know how and utilization of thermacoalwaste and PU waste.

ii. The benefits derived like product improvement, cost reduction, product development or import substitution-

Product development

Chrome free leather leads to avoidance of Chromium in leather processing and to the environment in both liquid and solid waste.

Chemicals from waste and in-house production

a. Value generated from brick and paver manufacturing is ₹11lac (approx.)



INTERN ATIONAL

38

b. Sales of value added products from waste have generated revenue of ₹ 1.15 crore in FY-16. Nearly, 800 tons of solid waste utilized for making value added products.

c. Chemical Auxiliary Production Unit (CAPU) manufactured nearly 233MT of chemicals in FY-16 of Value ₹1.74 crores against substitution of commercial chemicals in leather production.

iii. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- NOT APPLICABLE

a. The details of technology imported;

b. The year of import;

c. Whether the technology has been fully absorbed;

d. If not fully absorbed, areas where the absorption has not taken place and the reasons therefor; and

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars Amount (₹ Lakhs)

Foreign Exchange Earnings 95,044.23

Foreign Exchange Outgo 3,173.30

39

ANNEXURE E

Makarand M. Joshi & Co.Company Secretaries

803-804, Ecstasy, City of Joy, JSD Road, Mulund West, Mumbai 400080

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2016

[Pursuant to section 204(1) of the Companies Act, 2013 and rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To The Members Tata International Limited 7th Floor, Trent House, G- Block, Plot No. C -60, Besides Citi Bank, Bandra Kurla Complex, Bandra (East) Mumbai – 400051

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Tata International Limited (hereinafter called the “Company”). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on March 31, 2016 (‘Audit Period’) complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2016 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Overseas Direct Investment, and External Commercial Borrowings (Foreign Direct Investment are not Applicable during the audit period);

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not Applicable to the Company)

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992/ 2015; (Not Applicable to the Company)

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (Not Applicable to the Company)

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 notified on 28 October 2014 (Not Applicable to the Company)

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;



INTERN ATIONAL

40

(f ) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client (Not Applicable to the Company);

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Not Applicable to the Company).

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (Not Applicable to the Company).

(i) The Securities and Exchange Board of India (Listing and Obligation Disclosure Requirements) Regulations, 2015 (w.e.f. 01/12/2015)

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India

(ii) The Listing Agreements (for debentures) entered into by the Company with stock exchanges

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above, except the following:

1. The compliance of Debt Listing Agreement could not be confirmed as no filed documents and acknowledgement was found while audit.

2. The compliance of Secretarial Standards issued by Institute of Company Secretaries was not observed by the Company during the audit period.

3. An acknowledgement for submission of return of Foreign Liabilities and Assets with RBI was not found while audit.

We further report that

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

All decisions at Board Meetings and Committee Meetings are carried out either unanimously or majority as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

For Makarand M. Joshi & Co. Company Secretaries

Kumudini Paranjape Partner FCS No. 6667 CP No. 6690

Place: Mumbai Date: 26th May, 2016

41

AN

NEX

URE

F

FORM

AO

C-1

(Pur

suan

t to

first

pro

viso

to s

ub s

ec (3

) of S

ec 1

2 re

ad w

ith

Rule

5 o

f Com

pani

es (A

ccou

nts)

Rul

es, 2

014

Stat

emen

t con

tain

ing

salie

nt fe

atur

es o

f the

fina

ncia

l sta

tem

ent o

f sub

sidi

arie

s / a

ssoc

iate

com

pani

es /

join

t ven

ture

s

Part

‘A’ -

Sum

mar

y of

Fin

anci

al In

form

atio

n of

Sub

sidi

ary

Com

pani

es₹

in la

khs

Nam

e of

the

subs

idia

ryRe

port

ing

perio

d fo

r the

su

bsid

iary

co

ncer

ned,

if di

ffere

nce

from

the

hold

ing

com

pany

’s re

port

ing

perio

d

Repo

rtin

g cu

rren

cy

Exch

ange

ra

te a

s on

th

e la

st

date

of t

he

rele

vant

fin

anci

al

year

in c

ase

of fo

reig

n su

bsid

iarie

s

Shar

e Ca

pita

lRe

serv

es

& S

urpl

usTo

tal A

sset

sTo

tal

Liab

ilitie

sTo

tal

Liab

ilitie

s (E

xclu

ding

Eq

uity

+R

eser

ves)

Net

Ass

ets

(Tot

al

Ass

ets

- Tot

al

Liab

ilitie

s ex

clud

ing

equi

ty

rese

rves

)

Inve

stm

ents

Turn

over

Profi

t be

fore

ta

xatio

n

Prov

isio

n fo

r ta

xatio

n

Profi

t af

ter

taxa

tion

Prop

osed

di

vide

nd%

of

shar

ehol

ding

1Ta

ta In

tern

atio

nal L

imite

dIN

R1.

0000

4,0

10.0

0 7

1,52

5.19

1

59,7

40.5

5 1

59,7

40.5

5 8

4,20

5.36

7

5,53

5 6

5,46

9.86

1

60,6

44.7

1 3

3,50

7.24

6

,973

.45

26

,533

.79

601

.50

41.7

5%

2Ta

ta A

fric

a H

oldi

ngs

(SA

) (P

ropr

ieta

ry) L

imite

dZA

R 4

.448

5 3

,748

.91

11,

494.

18

26,

130.

85

26,

130.

85

10,

887.

76

15,

243

17,

092.

74

6,2

60.6

5 -2

,782

.87

11.

56

-2,7

94.4

4 -

100.

00%

3Pa

mod

zi H

otel

s Pl

cZM

W 5

.908

4 5

9.08

1

,762

.41

3,4

05.9

0 3

,405

.90

1,5

84.4

1 1

,821

-

5,6

34.8

5 7

97.9

0 3

41.8

6 4

56.0

4 -

90.0

0%

4Ta

ta Z

ambi

a Li

mite

dZM

W 5

.908

4 4

0.24

5

57.7

5 1

9,78

2.80

1

9,78

2.80

1

9,18

4.80

5

98

- 1

8,89

2.56

-1

,640

.63

553

.56

-2,1

94.2

0 -

100.

00%

5Ta

ta A

fric

a H

oldi

ngs

(Gha

na) L

imite

dU

SD 6

6.09

89

3,3

79.0

1 -1

,571

.46

8,9

10.0

1 8

,910

.01

7,1

02.4

5 1

,808

-

6,3

34.4

6 8

68.7

8 3

77.8

6 4

90.9

3 -

100.

00%

6A

llian

ce M

otor

s G

hana

Li

mite

dU

SD 6

6.09

89

162

.15

-3,1

77.3

7 5

,594

.08

5,5

94.0

8 8

,609

.31

-3,0

15

- 5

,984

.64

951

.47

320

.53

630

.94

- 60

.00%

7Ta

ta A

utom

obile

Co

rpor

atio

n (S

A)

(Pro

prie

tary

) Lim

ited

ZAR

4.4

485

0.0

0 6

,478

.62

12,

905.

83

12,

905.

83

6,4

27.2

1 6

,479

-

25,

210.

79

-125

.64

-35.

18

-90.

46

- 10

0.00

%

8Ta

ta H

oldi

ngs

Moc

ambi

que

Lim

ited

Jan-

Dec

MZN

1.3

030

778

.78

-63.

75

791

.25

791

.25

76.

22

715

-

17.

54

10.

94

57.

52

-46.

57

- 10

0.00

%

9Ta

ta D

e M

ocam

biqu

e,

Lim

ited

Jan-

Dec

MZN

1.3

030

7.7

1 1

,523

.72

8,3

66.8

2 8

,366

.82

6,8

35.3

9 1

,531

-

15,

019.

04

-1,6

62.2

4 -3

14.3

4 -1

,347

.89

- 65

.00%

10Co

met

al, S

.A.R

.L.

Jan-

Dec

MZN

1.3

030

469

.06

138

.50

970

.50

970

.50

362

.93

608

-

1,6

86.7

6 5

9.13

2

8.37

3

0.76

-

71.0

0%

11Ta

ta U

gand

a Li

mite

dU

GX

0.0

193

374

.72

4,9

05.3

9 1

4,94

7.17

1

4,94

7.17

9

,667

.06

5,2

80

- 1

9,91

8.48

1

,138

.54

403

.52

735

.02

- 10

0.00

%

12Ta

ta A

fric

a H

oldi

ngs

(Tan

zani

a) L

imite

dTZ

S 0

.029

6 3

60.3

8 5

,592

.19

19,

602.

74

19,

602.

74

13,

650.

17

5,9

53

- 4

4,88

7.36

-3

,389

.27

-127

.04

-3,2

62.2

2 -

100.

00%

13Ta

ta A

fric

a Se

rvic

es

(Nig

eria

) Lim

ited

NG

N 0

.328

7 2

,322

.00

-2,9

35.4

9 1

8,18

7.97

1

8,18

7.97

1

8,80

1.45

-6

13

- 2

1,20

0.63

-2

,511

.91

207

.80

-2,7

19.7

1 -

100.

00%

14TA

H P

harm

aceu

tical

s Li

mite

dN

GN

0.3

287

522

.14

-603

.51

896

.57

896

.57

977

.94

-81

- 1

,536

.36

-250

.50

-0.1

1 -2

50.3

9 -

100.

00%

15TA

TA A

fric

a H

oldi

ngs

(Ken

ya) L

imite

dKE

S 0

.639

5 2

,419

.95

6,6

55.3

5 3

0,86

8.66

3

0,86

8.66

2

1,79

3.37

9

,075

-

44,

953.

74

1,4

51.8

0 4

56.1

2 9

95.6

8 -

100.

00%

16Bl

ackw

ood

Hod

ge

Zim

babw

e (P

rivat

e)

Lim

ited

USD

66.

0989

6

69.0

5 7

67.1

9 3

,105

.97

3,1

05.9

7 1

,669

.73

1,4

36

- 2

,083

.02

-223

.66

-57.

29

-166

.37

- 10

0.00

%

17Ta

ta A

fric

a St

eel

Proc

esso

rs (P

ropr

ieta

ry)

Lim

ited

ZAR

4.4

485

444

.85

-1,0

37.9

3 8

,627

.67

8,6

27.6

7 9

,220

.75

-593

-

23,

173.

25

320

.23

- 3

20.2

3 -

100.

00%



INTERN ATIONAL

42

Nam

e of

the

subs

idia

ryRe

port

ing

perio

d fo

r the

su

bsid

iary

co

ncer

ned,

if di

ffere

nce

from

the

hold

ing

com

pany

’s re

port

ing

perio

d

Repo

rtin

g cu

rren

cy

Exch

ange

ra

te a

s on

th

e la

st

date

of t

he

rele

vant

fin

anci

al

year

in c

ase

of fo

reig

n su

bsid

iarie

s

Shar

e Ca

pita

lRe

serv

es

& S

urpl

usTo

tal A

sset

sTo

tal

Liab

ilitie

sTo

tal

Liab

ilitie

s (E

xclu

ding

Eq

uity

+R

eser

ves)

Net

Ass

ets

(Tot

al

Ass

ets

- Tot

al

Liab

ilitie

s ex

clud

ing

equi

ty

rese

rves

)

Inve

stm

ents

Turn

over

Profi

t be

fore

ta

xatio

n

Prov

isio

n fo

r ta

xatio

n

Profi

t af

ter

taxa

tion

Prop

osed

di

vide

nd%

of

shar

ehol

ding

18Ta

ta A

fric

a (S

eneg

al)

S.A

.R.L

.Ja

n-D

ecXO

F 0

.113

9 2

34.8

5 -7

66.5

3 7

,562

.54

7,5

62.5

4 8

,094

.23

-532

-

6,0

82.5

1 -4

02.8

3 5

.61

-408

.44

- 10

0.00

%

19TA

HL

(Mau

ritiu

s) P

ower

Pr

ojec

ts L

imite

dU

SD 6

6.09

89

6.4

9 -6

.49

- -

- -

- -

-12.

03

- -1

2.03

-

100.

00%

20TA

HL

(Mau

ritiu

s) M

inin

g Pr

ojec

ts L

imite

dU

SD 6

6.09

89

1,9

54.1

3

-15,

880.

82

11,

663.

65

11,

663.

65

25,

590.

34

-13,

927

- -

-1,5

22.5

4 -

-1,5

22.5

4 -

100.

00%

21M

’Pum

alan

ga M

inin

g Re

sour

ces

SAM

GA

0.0

205

2,9

83.7

1 -5

00.6

2 2

,614

.24

2,6

14.2

4 1

31.1

4 2

,483

-

- -3

10.4

8 0

.02

-310

.50

- 10

0.00

%

22Ta

ta A

fric

a (C

ote

D’Iv

orie

) SA

RLJa

n-D

ecXO

F 0

.113

9 3

75.4

9 -8

86.8

0 6

55.1

4 6

55.1

4 1

,166

.45

-511

-

621

.20

-518

.64

3.3

6 -5

22.0

1 -

100.

00%

23Ta

ta In

tern

atio

nal

Sing

apor

e Pt

e Lt

dU

SD 6

6.09

89

9,3

19.9

4 -3

,194

.02

236

,812

.75

236

,812

.75

230

,686

.82

6,1

26

- 3

81,2

27.1

5 7

,641

.15

-4.6

8 7

,645

.83

- 10

0.00

%

24Ta

ta In

tern

atio

nal M

etal

s (A

mer

icas

) Lim

ited

USD

66.

0989

11

,897

.80

6,4

12.9

2 5

8,42

4.29

5

8,42

4.29

4

0,11

3.57

1

8,31

1 -

179

,508

.11

-279

.10

-75.

00

-204

.10

- 10

0.00

%

25Ta

ta In

tern

atio

nal M

etal

s (U

K) L

imite

dU

SD 6

6.09

89

1,8

70.9

0 1

2,01

5.58

3

5,09

7.66

3

5,09

7.66

2

1,21

1.17

1

3,88

6 -

137

,155

.09

448

.75

101

.62

347

.13

- 10

0.00

%

26In

dust

rial S

teel

s Li

mite

dG

BP 9

4.96

89

0.0

0 -0

.00

0.0

0 0

.00

- 0

-

- -

- -

- 10

0.00

%27

Tata

Inte

rnat

iona

l Met

als

(Asi

a) L

imite

dH

KD 8

.473

9 6

,568

.10

1,5

34.5

7 3

9,71

0.40

3

9,71

0.40

3

1,60

7.72

8

,103

-

262

,150

.05

1,2

80.8

5 2

70.8

5 1

,009

.99

- 10

0.00

%

28Ta

ta W

est A

sia

FZE

AED

17.

9912

1

,524

.05

-554

.28

1,1

75.6

4 1

,175

.64

205

.87

970

-

- 5

35.3

5 -

535

.35

- 10

0.00

%29

Bach

i Sho

es (I

ndia

) Li

mite

d IN

R 1

.000

0 6

.28

11,

251.

30

16,

934.

19

16,

934.

19

5,6

76.6

0 1

1,25

8 2

4.05

2

9,13

1.13

2

,551

.97

981

.07

1,5

70.9

0 -

100.

00%

30Eu

ro S

hoe

com

pone

nts

Lim

ited

INR

1.0

000

6.0

0 1

,357

.40

3,3

34.9

5 3

,334

.95

1,9

71.5

5 1

,363

-

5,3

05.5

3 2

28.9

3 1

29.8

9 9

9.04

-

75.7

4%

31D

rive

Indi

a En

terp

rise

Solu

tions

Lim

ited

INR

1.0

000

- -

- -

- -

- 2

6,29

5.85

-4

,815

.71

- -4

,815

.71

- N

IL

32TI

L Le

athe

r Mau

ritiu

s Li

mite

dEu

r 7

5.05

73

0.5

3 -1

,941

.41

9,5

84.6

9 9

,584

.69

11,

525.

57

-1,9

41

8,9

93.1

3 -

-578

.03

- -5

78.0

3 -

100.

00%

33M

ove

On

Com

pone

ntes

E

Calc

ado

S A

Eur

75.

0573

7

50.5

7 -2

,829

.03

7,7

77.7

6 7

,777

.76

9,8

56.2

1 -2

,078

1

,485

.97

7,7

05.3

1 -1

,832

.42

9.5

9 -1

,842

.01

- 51

.00%

34Ca

lsea

Foo

twea

r Priv

ate

Lim

ited

INR

1.0

000

1,2

80.8

6 -1

,057

.68

7,8

07.9

8 7

,807

.98

7,5

84.8

0 2

23

- 7

,801

.76

-663

.82

- -6

63.8

2 -

50.9

1%

35Ta

ta In

tern

atio

nal T

radi

ng

Bras

il Lt

daJa

n-D

ecBR

L 1

8.37

70

204

.49

-167

.50

38.

80

38.

80

1.8

1 3

7 -

- -2

.72

- -2

.72

- 10

0.00

%

36M

ove

On

Reta

il Sp

ain

S L

Eur

75.

0573

1

,200

.92

-1,4

75.8

2 1

,586

.80

1,5

86.8

0 1

,861

.70

-275

-

2,2

57.4

1 -3

64.0

7 -2

4.66

-3

39.4

1 -

100.

00%

37M

onro

a Po

rtug

al,

Com

erci

o E

Serv

icos

, U

nipe

ssoa

l LD

A

Eur

75.

0573

3

.75

-239

.99

3,2

57.4

4 3

,257

.44

3,4

93.6

8 -2

36

1,2

00.9

2 3

,439

.37

-727

.69

1.3

3 -7

29.0

2 -

100.

00%

38Ta

ta In

tern

atio

nal W

est

Asi

a D

MCC

USD

66.

0989

1

,652

.47

-165

.02

1,5

23.6

8 1

,523

.68

36.

23

1,4

87

- -

-159

.10

- -1

59.1

0 -

100.

00%

39U

nite

ch M

otor

s, S

AJa

n-D

ecU

SD 6

6.09

89

646

.12

900

.83

4,0

78.5

5 4

,078

.55

2,5

31.6

0 1

,547

-

3,0

62.4

6 3

32.2

9 1

32.8

4 1

99.4

5 -

70.0

0%40

Mot

or-H

ub E

ast A

fric

a Li

mite

dU

SD 6

6.09

89

66.

10

-49.

30

6,6

50.3

7 6

,650

.37

6,6

33.5

7 1

7 -

- -4

8.72

-

-48.

72

- 10

0.00

%

41Ta

ta S

outh

-Eas

t Asi

a Li

mite

dH

KD 8

.473

9 7

21.1

9 -3

,583

.23

13,

996.

39

13,

996.

39

16,

858.

44

-2,8

62

2.4

2 1

42Ta

ta S

outh

Eas

t Asi

a (C

ambo

dia

) Lim

ited

USD

66.0

989

1.1

0 1

9.26

8

66.7

6 8

66.7

6 8

46.4

1 2

0 -

1,1

86.7

8 -8

9.21

1

3.14

-1

02.3

5 -

100.

00%

43

Part B: Associates and Joint VenturesStatement pursuant to Section 129(3) of the Comp[anies Act, 2013 related to Associate Companies and Joint Ventures

Joint Ventures

Name of the Associates

/ Joint Ventures

Reporting currency

Latest audited Balance

Sheet date

Shares of the Associate / Joint Ventures held by the Company

as on March 31, 2016

Description of how there is significant

influence

Networth attributable to Shareholding as per latest

audited Balance Sheet

Profit / Loss for the year

Number Amount of Investment

in Associates

/ Joint Venture

Extent of

Holding (%)

Considered in Consolidation

Not Considered in Consolidation

Tata International DLT Private Limited

INR 31st March 2016

85,400 854.00 50.00% Representation on the board

and active participation in meetings and deliberation

1,013.00 255.00 -

Tata Precision Industries (India) Limited

INR 31st March 2016

200,000 * 50.00% Representation on the board


425.00 39.00 -

Tata International Wolverine Brands Limited

INR 31st March 2016

20,000,000 2,000.00 50.00% Representation on the board


-571.00 -101.00 -

Tata International GST AutoLeather Limited (w.e.f 13th March 2014)

INR 31st March 2016

900,000 90.00 50.00% Representation on the board


-1.00 -30.00 -



INTERN ATIONAL

44

Associates

Tata Ceramics Limited

INR 31st March 2016

39,564,942 - 40.54% Representation on the board and active participation in meetings and deliberation

- - -142.76

Accordian Investments (Propreitary) Limited

ZAR 31st March 2016

18,000,000 930.35 40.00% Representation on the board and active participation in meetings and deliberation

- - -9.04

Consilience Technologies (Pty) Limited

ZAR 31st December

2015

2,500,000 - 50.00% Representation on the board and active participation in meetings and deliberation

722.58 -661.50 -

IHMS Hotels (SA) (Pty) Limited

ZAR 31st March 2016

500 4,881.00 50.00% Representation on the board and active participation in meetings and deliberation

- 2.93 -

Newshelf 919 (Pty) Limited

ZAR 31st March 2016

200 1,860.70 50.00% Representation on the board and active participation in meetings and deliberation

2,082.60 -267.49 -

Tata Motors (SA) (Pty) Limited

ZAR 31st March 2016

7,934,800 410.12 40.00% Representation on the board and active participation in meetings and deliberation

402.10 22.29 -

AO Avron Dormant Dormant Dormant - - - - - - - -

* Value less than ₹ 500

1 Names of Associates or Joint Ventures which are yet to commence operations - NONE

2 Names of Associates or Joint Ventures which have been liquidated or sold during the year - Rite Brand Retail Private Limited

G. K. PILLAI N. N. TATA AJAY M PONKSHE

CHAIRMAN MANAGING DIRECTOR CHIEF FINANCIAL OFFICER & COMPANY SECRETARY

45

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF TATA INTERNATIONAL LIMITED

Report on the Standalone Financial StatementsWe have audited the accompanying standalone financial statements of Tata International Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder and the Order under section 143 (11) of the Act.

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.



INTERN ATIONAL

46

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards prescribed under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

f ) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm’s Registration No. 117366W / W-100018)

Rupen K Bhatt

Partner

(Membership No. 046930)

Mumbai,

Date: 27th May, 2016

47

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-sect ion 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of TATA INTERNATIONAL LIMITED (“the Company”) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.


Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.



INTERN ATIONAL

48

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.




Rupen K Bhatt

Partner


Mumbai,


49

ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

Report on Companies (Auditor’s Report) Order, 2016 (‘the Order’) issued by the Central Government in terms of Section 143(11) of the Companies Act, 2013 (‘the Act’) of TATA INTERNATIONAL LIMITED (‘the Company’)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a program of verification of fixed assets to cover all the items in a phased manner over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. In respect of immovable properties of land and buildings that have been taken on lease and disclosed as fixed asset in the financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.

(ii) As explained to us, the inventory of the Company has been physically verified by the Management during the year and at the year end. In respect of stock lying with third parties, a substantial portion has been confirmed by third parties during the year or at the year end. In our opinion frequency of verification is reasonable and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. As the Company has not granted any loans, secured or unsecured, to parties listed in the register maintained under Section 189 of the Companies Act, 2013 paragraphs 3(iii) (a) and (b) of the Order, are not applicable.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

(v) According to the information and explanations given to us, the Company has not accepted any deposit during the year. There are no unclaimed deposits, hence the provisions of Sections 73 to 76 are not applicable.

(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues applicable to it to the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues in arrears as at March 31, 2016 for a period of more than six months from the date they became payable.

(c) Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, and Value Added Tax which have not been deposited as on March 31, 2016 on account of disputes are given below:



INTERN ATIONAL

50

Name of Statute Nature of Dues Forum where Dispute is Pending

Period to which the Amount

Relates

Amount Involved

(₹ in lakhs)

Sales – Tax Laws Sales-Tax Appellate Authority – up to Commissioner Level

1997-2005 529.05

Service Tax Laws Service Tax Appellate Authority – Tribunal Level 2004-2009 19.32

Excise Laws Excise Duty Commissioner of Central Excise 2009-2014 284.99

DEPB / Drawback claims


High Court 2003-2006 310.79*



Joint Secretary (Revisionary Authority) 2005-2009 1,219.09



Assistant Commissioner – Customs 2005-2011 1,675.23

* the company has been granted stay by the high court in respect of these demands.

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institutions, banks and government and dues to debenture holders.

(ix) In our opinion and according to the information and explanations given to us, the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and the term loans have been applied by the Company during the year for the purposes for which they were raised.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us, the Company has paid/provided managerial remuneration in excess of the limits and approvals prescribed under section 197 read with Schedule V to the Companies Act, 2013 to the following managerial personnel:

Managerial Position

Excess amount of

remuneration paid/ provided

(₹ In lakh)

Financial year ending

Treatment of the excess remuneration in the respective

year financial statements

Steps taken by the Company for securing

refund

Managing Director

225.39 March 31, 2016

The excess amount paid has been considered as recoverable from the Managing Director and

considered as amount held in trust, pending approval by the Central

Government.

The company has applied to the central government

seeking approval for waiver of excess remuneration and

the approval is awaited. Refer Note 27 to the financial statement

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 188 and 177 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.

51

(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence provisions of section 192 of the Companies Act, 2013 are not applicable.

(xvi) The Company is not required to be registered under section 45-I of the Reserve Bank of India Act, 1934.




Rupen K Bhatt

Partner


Mumbai,




INTERN ATIONAL

52

BALANCE SHEET AS AT 31ST MARCH 2016 Particulars Note

No.As at 31 March, 2016 As at 31 March, 2015

₹ in lakhs ₹ in lakhsA EQUITY AND LIABILITIES1 Shareholders’ funds

(a) Share capital 2 4,010.00 4,010.00 (b) Reserves and surplus 3 71,525.20 45,593.90

75,535.20 49,603.902 Non-current liabilities

(a) Long-term borrowings 4 1,983.35 2,725.83 (b) Deferred tax liabilities (net) 34 - - (c) Other long-term liabilities 5 173.68 186.43 (d) Long-term provisions 6 681.45 753.78

2,838.48 3,666.043 Current liabilities

(a) Short-term borrowings 7 36,651.03 32,282.59 (b) Trade payables :- 8 (i) total outstanding dues of Micro, Small and Medium enterprises (Refer Note 35)

856.81 49.74

(ii) total outstanding dues of creditors other than dues of Micro, Small and Medium enterprises

32,039.16 29,362.04

(c) Other current liabilities 9 5,291.96 26,865.28 (d) Short-term provisions 10 6,527.92 6,475.34

81,366.88 95,034.99 TOTAL 159,740.56 148,304.93

B ASSETS1 Non-current assets

(a) Fixed assets (i) Tangible assets 11 8,582.19 8,086.84 (ii) Intangible assets 11 270.29 93.34 (iii) Capital work-in-progress 202.37 446.69

9,054.85 8,626.87

(b) Non-current investments 12 65,469.87 68,240.19 (c) Long-term loans and advances 13 7,602.99 7,997.10

73,072.86 76,237.292 Current assets [Refer Note 33 (c)]

(a) Current investments 14 8,061.26 345.16 (b) Inventories 15 34,394.13 25,889.39 (c) Trade receivables 16 20,201.33 23,012.62 (d) Cash and Cash Equivalents 17 1,533.92 849.64 (e) Short-term loans and advances 18 11,493.76 10,198.60 (f ) Other current assets 19 1,928.45 3,145.36

77,612.85 63,440.77 TOTAL 159,740.56 148,304.93

See accompanying notes forming part of the financial statements

In terms of our report attached. For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors Chartered Accountants G. K. Pillai ChairmanRupen K. Bhatt Partner N N Tata Managing Director

A M Ponkshe Chief Financial Officer & Company SecretaryPlace : Mumbai Place : Mumbai Date : 27th May, 2016 Date : 27th May, 2016

53

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2016

Particulars Note No.

For the year ended 31 March, 2016


₹ in lakhs ₹ in lakhs TOTAL OPERATIONS

1 Revenue from operations (gross) 20 161,092.88 159,124.06 Less: Excise duty 20 100.77 49.17 Revenue from operations (net) 160,992.11 159,074.89

2 Other income 21 6,512.22 5,872.833 Total revenue (1+2) 167,504.33 164,947.72

4 Expenses (a) Cost of materials consumed 22.a 63,100.43 72,937.82 (b) Purchases of stock-in-trade 22.b 54,211.40 42,919.57 (c) Changes in inventories of finished goods, work-in- progress and stock-in-trade

22.c (7,300.70) (1,987.47)

(d) Employee benefits expense 23 11,544.77 10,579.53 (e) Finance costs 24 4,110.95 4,276.46 (f ) Depreciation and amortisation expense 11 2,752.49 3,415.77 (g) Other expenses 25 41,972.11 38,466.99 Total expenses 170,391.45 170,608.67

5 (Loss) / Profit before exceptional items and tax (3 - 4) (2,887.12) (5,660.95)6 Exceptional item 26 36,394.37 6,324.947 Profit before tax (5 - 6) 33,507.25 663.998 Tax expense:

(a) Current tax expense 6,750.00 225.00 (b) MAT credit written off pertaining to earlier years 223.45 - (c) Net current tax expense/(credit) 6,973.45 225.00 (d) Deferred tax 35 - - Total Tax 6,973.45 225.00

9 Profit for the year (7 - 8) 26,533.80 438.9910 Earnings per share (Face value of ₹ 1000/- per share) ₹ : 37

Basic and Diluted (i) Continuing operations 6,616.91 109.47 (ii) Total operations 6,616.91 109.47 See accompanying notes forming part of the financial statements

In terms of our report attached. For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors Chartered Accountants

G. K. Pillai Chairman

Rupen K. Bhatt Partner N N Tata Managing Director

A M Ponkshe Chief Financial Officer & Company Secretary

Place : Mumbai Place : Mumbai Date : 27th May, 2016 Date : 27th May, 2016



INTERN ATIONAL

54

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2016Particulars For the year ended

31 March, 2016For the year ended

31 March, 2015 ₹ in lakhs ₹ in lakhs ₹ in lakhs ₹ in lakhs

A Cash flow from operating activitiesNet Profit before tax after exceptional items 33,507.25 663.99Adjustments for:

Unrealised Exchange (Gain)/loss 193.94 149.03Depreciation and amortisation 2,752.49 3,415.77(Profit) on sale of fixed assets (5.45) (42.80)(Profit) on sale of fixed assets (exceptional item) - (6,324.94)(Profit) on sale of long term investment (39,258.26) -(Profit) on sale of mutual fund investment (441.31) -Loss on fixed assets sold / scrapped / written off (net) 0.32 0.69Finance costs 4,110.95 4,276.46Commission income from subsidiaries (1,734.31) (939.83)Write off of investments 2,863.89 -Write off doubtful trade and other receivables, loans and advances 613.29 -Interest income (1,288.06) (1,126.44)Dividend income (1,179.64) (2,502.98)

(33,372.15) (3,095.04)Operating profit / (loss) before working capital changes 135.10 (2,431.05)Changes in working capital:

Adjustments for (increase) / decrease in operating assets:Inventories (8,504.74) (7,932.60)Trade receivables 2,811.29 (601.65)Short-term loans and advances 92.84 477.37Long-term loans and advances (109.63) 303.71Other current assets 954.20 -

(4,756.04) (7,753.17)Adjustments for increase / (decrease) in operating liabilities:

Trade payables 3,484.19 3,078.96Other current liabilities 2,956.56 42.40Other long-term liabilities (12.75) (16.97)Short-term provisions 110.71 (2.85)Long-term provisions (72.33) 141.51

6,466.38 3,243.05Cash generated from operations 1,845.44 (6,941.16)Net income tax (paid) (net of refunds) /received (7,275.59) (607.19)Net cash flow from / (used in) operating activities (A) (5,430.15) (7,548.35)

B Cash flow from investing activitiesCapital expenditure on fixed assets (3,090.02) (1,043.03)Advance received for proposed sale of land/other fixed assets - -Proceeds from sale of fixed assets 7.52 265.64Exceptional items:Proceeds from sale of fixed assets - 6,901.25Current investments

- Purchased (140,271.57) (43,637.86) - Proceeds from sale (Mutual fund) 133,189.27 47,530.75 - Proceeds from sale (Others) 5,670.00 - - Advance towards purchase of mutual funds (net) (1,598.00) (210.00)

Purchase of long-term investments - Subsidiaries (4,500.00) - - Joint Venture (27.00) (63.00) - Others (5.00) -

Sale of long-term investments - Subsidiaries

Tata Africa Holdings (SA) (Proprietary) Limited 23,919.72 -

55

Particulars For the year ended 31 March, 2016


₹ in lakhs ₹ in lakhs ₹ in lakhs ₹ in lakhs Tata South-East Asia Limited 775.80 -Drive India Enterprise Solutions Limited 4,290.80 -

- Others 9,057.88 -Loans / Advances repaid by

- Subsidiaries - 244.75 - Joint Venture (net) - 24.37

Interest received - Others 1,287.67 1,106.71

Dividend received - Subsidiaries 2,594.00 4,728.86 - Joint Venture 42.70 - - Others 540.35 397.46

Increase in Margin money account (net) 3.31 (18.41)Net cash flow from / (used in) investing activities (B) 31,887.43 16,227.49

C Cash flow from financing activitiesRepayment of long-term borrowings (25,564.83) (1,166.51)Repayment of short-term borrowings (net) - (3,148.61)Proceeds from short-term borrowings (net) 4,349.72 -Interest and finance charges paid (4,095.54) (4,283.23)Dividends paid (401.00) (401.00)Tax on dividend (59.63) -Net cash flow from / (used in) financing activities (C) (25,771.28) (8,999.35)Net increase / (decrease) in Cash and cash equivalents (A+B+C) 686.00 (320.21)Cash and cash equivalents at the beginning of the year 798.93 1,119.13Cash and cash equivalents at the end of the year 1,484.93 798.93Cash and cash equivalents at the end of the year (Refer Note 17) 1,504.81 817.22Less : Unrealised exchange gain 19.88 18.29Total Cash and cash equivalents 1,484.93 798.93

See accompanying notes forming part of the financial statements NOTES:

1 The above Cash Flow Statement has been prepared using the Indirect Method as per Accounting Standard ( AS ) 3 - ‘Cash Flow Statements’ specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounting Standards) Rules, 2006.

2 The following non-cash transaction does not form part of Cash Flow :-

During the year, the company converted the loan given of ₹ Nil ( Previous year: ₹ 524.78 lakhs) to its wholly owned subsidiary into Long term investment.

3 Previous year’s figures have been regrouped/restated wherever necessary.

In terms of our report attached

For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors



Rupen K. Bhatt

Partner N N Tata Managing Director


Place : Mumbai Place : Mumbai

Date: 27th May, 2016 Date: 27th May, 2016



INTERN ATIONAL

56

Notes forming part of the financial statements

1 SIGNIFICANT ACCOUNTING POLICIES

CORPORATE INFORMATION

Tata International Limited was incorporated on 30th November 1962 as the international business gateway of the Tata Group of Companies. It has since evolved into an international entity with a global reach. Its main lines of businesses are manufacture and sale of Leather & Leather Products, trading in Metals, Minerals and other commodities.

BASIS AND METHOD OF ACCOUNTING

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 (“the 2013 Act”). The financial statements have been prepared on accrual basis under the historical cost convention.

USE OF ESTIMATES

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

CASH AND CASH EQUIVALENTS (FOR PURPOSE OF CASH FLOW STATEMENT)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

CASH FLOW STATEMENT

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

FIXED ASSETS

TANGIBLE ASSETS

All tangible fixed assets are carried at cost less accumulated depreciation / amortisation and impairment losses, if any. The cost of fixed assets comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost and amortised so as to reflect the pattern in which the asset’s economic benefits are consumed.

DEPRECIATION AND AMORTISATION

Depreciation on tangible fixed assets has been provided on the written down value method as per the useful life prescribed in Schedule II to the Companies Act, 2013 (Refer Note 28).

57

Software expenditure is amortised over four financial years on straight line method commencing from the year in which the expenditure is incurred.

Trademarks and design expenditure incurred is amortised over four years on straight line method commencing from the year in which the expenditure is incurred.

REVENUE RECOGNITION

Sales are recognised, net of returns and trade discounts, on transfer of significant risks and rewards of ownership to the buyer, which generally coincides with the delivery of goods to customers. Sales include excise duty but exclude sales tax and value added tax. Sales from services are recognised when services are rendered.

Dividend from investments is recognized when the right to receive the payment is established.

Interest income is recognized on the time basis determined by the amount outstanding and the rate applicable and where no significant uncertainty as to measurability or collectability exists.

INVESTMENTS

Long term investments are carried at cost less provision for diminution, other than temporary, in the value of such investments.

Current investments are valued at the lower of cost and fair value.

Cost of investments include acquisition charges such as brokerage, fees and duties.

INVENTORIES

Inventories are valued at cost and estimated net realisable value, whichever is lower.

Cost is arrived at on a weighted average method and includes cost of purchase, cost of conversion and other costs incurred in bringing inventory to their present location and condition.

EMPLOYEE BENEFITS

Employee benefits include provident fund, superannuation fund, family pension fund, employee state insurance scheme, gratuity fund, compensated absences and pension to directors who are eligible for the same as per group policy.

Defined Contribution Plan

The Company’s contribution to provident fund, superannuation fund, family pension fund and employee state insurance scheme are considered as defined contribution plans and are charged as an expense based on the amount of contribution required to be made as and when services are rendered by the employees.

Defined Benefit Plan

Company’s liability towards gratuity and pension to retired directors who are eligible for the same as per group policy are determined by independent actuaries, using the projected unit credit method. Past services are recognised on a straight line basis over the average period until the benefits become vested. Actuarial gains and losses are recognised immediately in the Statement of Profit and Loss as income or expense. Obligation is measured at the present value of estimated future cash flows using a discounted rate that is determined by reference to the market yields at the Balance Sheet date on Government Bonds where the currency and terms of the Government Bonds are consistent with the currency and estimated terms of the defined benefit obligation.

The Company makes monthly contributions to Provident Fund managed by Tata International Limited Provident Fund Trust for qualifying employees. The Company meets the shortall, if any, with respect to the interest rate guaranteed for exempt provident funds.

Short-term employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised during the year when the employees render the service. These benefits include performance



INTERN ATIONAL

58

incentive and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related service.

The cost of short-term compensated absences is accounted as under :

(a) in case of accumulated compensated absences, when employees render the services that increase their entitlement of future compensated absences; and

(b) in case of non-accumulating compensated absences, when the absences occur.

Long-term employee benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance Sheet date less the fair value of the plan assets out of which the obligations are expected to be settled.

BORROWING COSTS

Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs that are attributable to the acquisition of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue. Fees towards structuring, arrangement and other incidental costs incurred in connection with borrowings are amortised over the period of the loan.

LEASES

The Company’s significant leasing arrangements are in respect of operating leases for premises (residential, office, store, godowns, etc.) The leasing arrangements, which are non-cancellable, range between eleven months and five years generally, and are usually renewable by mutual consent on agreed terms. The aggregate lease rentals payable are charged as rent.

The Company as a lessor has leased certain plant and machinery. The leasing arrangement is non-cancellable for a period of five years and is renewable by mutual consent on agreed terms. The aggregate lease rentals receivable are accounted as rental income from operating leases.

GOVERNMENT GRANTS, SUBSIDIES AND EXPORT INCENTIVES

Government grants and subsidies are recognised when there is reasonable assurance that the Company will comply with the conditions attached to them and the grants / subsidy will be received. Government grants whose primary condition is that the Company should purchase, construct or otherwise acquire capital assets are presented by deducting them from the carrying value of the assets.

Export benefits are accounted for in the year of exports based on eligibility and when there is no uncertainty in receiving the same.

Other government grants and subsidies are recognised as income over the periods necessary to match them with the costs for which they are intended to compensate, on a systematic basis.

FOREIGN CURRENCY TRANSACTIONS

Foreign currency transactions are recorded at the exchange rates prevailing on the date of such transactions. Monetary items are translated at the rates of exchange prevailing at the date of the Balance Sheet. Gain/loss arising on account of differences in foreign exchange rates on settlement/ translation of monetary items are recognised in the Statement of Profit and Loss. Non-monetary foreign currency items are carried at cost.

The Company enters into derivative contracts in the nature of interest rate swaps, currency options, forward contracts with an intention to hedge its existing assets and liabilities, firm commitments and highly probable transactions in foreign currency. Derivative contracts which are closely linked to the existing assets and liabilities are accounted as per the policy stated for foreign currency transactions and translations.

59

The premium or discount arising at the inception of the forward exchange contracts is amortised as expense or income over the life of the contract. Exchange differences on such contracts are recognised in the Statement of Profit and Loss in the reporting period in which the exchange rates change. A profit or loss arising in cancellation or renewal of such a forward exchange contract is recognised as income or as expense in the period in which such cancellation or renewal is made.

TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the year as determined in accordance with the provisions of Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset in the Balance Sheet when it is probable that future economic benefits associated with it will flow to the Company.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets are recognised for timing differences of items other than unabsorbed depreciation and carry forward losses only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. However if there are unabsorbed depreciation and carry forward of tax losses and items relating to capital losses, deferred tax assets are recognized only to the extent that there is virtual certainty supported by convincing evidence that sufficient future tax income will be available to realise the assets. Deferred tax assets and liabilities are set off if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisibility.

IMPAIRMENT

The carrying values of assets / cash generating units are reviewed at each Balance Sheet date for impairment. If any indication of impairment exists, the recoverable amount of such assets / cash generating units is estimated and impairment is recognised, if the carrying amount of these assets / cash generating units exceed their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discounting factor.

PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the Company has a present obligation as a result of past event and it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are determined based on best estimates of the expenditure required to settle the present obligation. Contingent Liabilities are not recognised but disclosed in the notes. A disclosure for a contingent liability is made, unless the possibility of an outflow of resources is remote. Contingent Assets are neither recognised nor disclosed in the Financial Statements.

EARNING PER SHARE

Basic earnings per share is computed by dividing the profit /(loss) after tax by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.



INTERN ATIONAL

60

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTE 2 SHARE CAPITAL

Particulars As at 31 March, 2016 As at 31 March, 2015

Number of shares

₹ in lakhs Number of shares

₹ in lakhs

(a) Authorised

Equity shares of ₹ 1,000 each with voting rights ............................... 500,000 5,000.00 500,000 5,000.00

Preference Shares of ₹ 1,000 each ................................................... 200,000 2,000.00 200,000 2,000.00

7,000.00 7,000.00

(b) Issued , subscribed and fully paid up

Equity shares of ₹ 1,000 each with voting rights ............................... 401,000 4,010.00 401,000 4,010.00

Total 401,000 4,010.00 401,000 4,010.00

Refer Notes (i) to (iv) below

Notes:

(i) Reconciliation of the number of shares issued and amount outstanding at the beginning and at the end of the reporting year:


Number of shares


₹ in lakhs

Equity shares with voting rights

Opening Balance and Closing Balance. ............................................... 401,000 4,010.00 401,000 4,010.00

(ii) Details of shares held by the holding company, their subsidiaries and associates:

Particulars As at 31 March, 2016

As at 31 March, 2015

Number of shares

Number of shares

Equity Shares with voting rights

Tata Sons Limited (TSL), the Holding Company ........................................................................ 167,400 167,400

Tata Motors Limited (associate of TSL) ......................................................................................... 50,000 50,000

Tata Chemicals Limited (associate of TSL) ................................................................................... 48,000 48,000

Ewart Investments Limited (subsidiary of TSL) .......................................................................... 25,000 25,000

Tata Industries Limited (subsidiary of TSL) .................................................................................. 17,122 17,122

Voltas Limited (associate of TSL) ..................................................................................................... 10,000 10,000

Tata Steel Limited (associate of TSL) .............................................................................................. 28,616 28,616

(iii) The Company has issued only one class of equity shares having a par value of Rupees 1000 /- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the share holders.

61

(iv) Details of shares held by each shareholder holding more than 5% :

Class of shares / Name of shareholder As at 31 March, 2016 As at 31 March, 2015

Number of shares held

% holding in that class

of shares


% holding in that class

of shares


Tata Sons Limited ........................................................................................ 1,67,400 41.75% 1,67,400 41.75%

Tata Motors Limited .................................................................................... 50,000 12.47% 50,000 12.47%

Tata Chemicals Limited ............................................................................. 48,000 11.97% 48,000 11.97%

Tata Steel Limited ........................................................................................ 28,616 7.14% 28,616 7.14%

Ewart Investments Limited ...................................................................... 25,000 6.23% 25,000 6.23%

AF-TAAB Investment Company Limited .............................................. 20,500 5.11% 20,500 5.11%

NOTE 3 RESERVES AND SURPLUS


₹ in lakhs ₹ in lakhs

(a) General reserve

Opening balance and closing balance (refer note (ii) below ) ............ 10,247.51 10,247.51

(b) Securities Premium Account

Opening balance and closing balance ........................................................ 18,090.00 18,090.00

(c) Contingency Reserve

Opening balance and closing balance ........................................................ 50.00 50.00

(d) Foreign Projects Reserve

Opening balance and Closing balance ....................................................... 35.00 35.00

(e) Debenture Redemption Reserve

Opening balance ................................................................................................. 6,125.00 4,900.00

Add: Additions during the year ...................................................................... - 1,225.00

Less: Transfer to Surplus in Statement of Profit and Loss ...................... 6,125.00 -

Closing balance .................................................................................................... - 6,125.00

(f) Surplus in Statement of Profit and Loss

Opening balance ................................................................................................. 11,046.39 12,476.13

Less : Written Down Value as on 1st April 2014 of assets whose life has expired as per Schedule II of the Companies Act, 2013 (deferred tax ₹ 62.24 lakhs) (Refer note 28) ..........................................................................

-

183.10

Add: Profit for the yea ........................................................................................ 26,533.80 438.99

Add: Transfer from Debenture redemption reserve ............................... 6,125.00 -

Less: Dividends proposed to be distributed to equity shareholders ....... 601.50 401.00

Less: Tax on dividend ......................................................................................... 1.00 59.63

Less: Transferred to Debenture redemption reserve .............................. - 1,225.00

Closing balance .................................................................................................... 43,102.69 11,046.39

Total 71,525.20 45,593.90



INTERN ATIONAL

62

NOTE 3 RESERVES AND SURPLUS (contd.)

Notes :

(i) The surplus arising on transfer of assets and liabilities after cancelling the cost of company’s investment in CAMEO has been recorded as ‘Contingency Reserve’. The contingency reserve shall be utilized to the extent considered necessary by the Board of Directors of the Company from time to time for providing for any contingent liabilities (including but not limited to tax liabilities), diminution in value of land / or loss on sale of investments and other assets of the company. If, in the opinion of the Board of Directors, a part or whole of the contingency reserve is no longer required for the above purposes, then such part or whole of the balance, can be transferred to General reserve and shall be deemed to be General reserve for all purposes under the provisions of the Companies Act.

(ii) General Reserves includes an amount of ₹ 165.46 Lakhs, which as per the Scheme of Amalgamation of Graziella Shoes Ltd with the Company, shall not be utilised for the purpose of declaring dividend.

NOTE 4 LONG-TERM BORROWINGS

Particulars As at 31 March, 2016 As at 31 March 2015 Long term Current

maturities - (Refer note 9)

Total Long term Current maturities -

(Refer note 9)

Total

₹ in lakhs ₹ in lakhs(a) Debentures - Unsecured

Privately placed (Refer Note (i) and (iii) below)

- - - - 24,500.00 24,500.00

- - - - 24,500.00 24,500.00 (b) Term loans from banks -

Secured (Refer Note (ii) and (iii) below)Term loan from First Rand Bank - - - - 359.33 359.33 External Commercial Borrowing 1,983.35 905.44 2,888.79 2,725.83 691.63 3,417.46

1,983.35 905.44 2,888.79 2,725.83 1,050.96 3,776.79 Total 1,983.35 905.44 2,888.79 2,725.83 25,550.96 28,276.79

Notes:

(i) During the year 2010-11 the Company had purchased 1,193 equity shares of ₹ 100 each aggregating to 76% of the total issued and paid-up equity capital of Bachi Shoes (India) Limited and 41,800 equity shares of ₹ 10 each aggregating to 69.67% of the total issued and paid-up equity capital of Euro Shoe Components Private Limited for a consideration of ₹ 24,700 lakhs.

The Company issued and allotted 2,450 Unsecured Redeemable, Non-Convertible Zero Coupon Debentures (NCDs) of the face value of ₹ 10,00,000 (Rupees Ten Lakhs only) each, for a period of 5 (five) years on a private placement basis aggregating to ₹ 24,500 lakhs and paid ₹ 200 lakhs in cash as consideration for the above investment. These debentures which were due for redemption during the year have been redeemed on their due dates

(ii) Details of security provided in respect of secured long-term borrowings:

Particulars As at 31-03-16 As at 31-03-15 Details of security (March, 2016 and March, 2015)₹ in lakhs ₹ in lakhs

Term Loan from First Rand Bank

- 359.33 Secured against First pari-passu charge on the immovable property of the Company situated at Dewas and hypothecation of plant and machinery situated therein.

External Commercial Borrowings

2,888.79 3,417.46 Secured against exclusive charge by way of mortgage of immovable fixed assets and hypothecation of the Company’s movable fixed assets respectively acquired out of the bank finance.

Total 2,888.79 3,776.79

63

(iii) Terms of repayment

Particulars Amount of Borrowing

Start Date Maturity Date

Rate of Interest

Repayment of

Instalments

Number of Instalments

₹ in lakhs(a) Privately placed non-

convertible debentures (Refer note (i) above)

- December 2010

December 2015

Zero coupon - One

(b) Term loans - Secured External Commercial Borrowing from ICICI Bahrain

2725.83 (6.5 Million

USD)

September, 2011

September, 2018

3-months USD LIBOR + 475 bps (Hedged

through Interest Rate

Swap @ 5.72% p.a.)

US$ 195000 in 1st year

US$ 260000 in 2nd year

US$ 325000 in 3rd year

US$ 390000 in 4th year


20 quarterly

instalments; First

instalment due on

January 21, 2014

NOTE 5 OTHER LONG-TERM LIABILITIES

Particulars As at 31 March, 2016 As at 31 March, 2015₹ in lakhs ₹ in lakhs

Other payables:Trade / security deposits received ....................................................................... 173.68 186.43

Total 173.68 186.43

NOTE 6 LONG-TERM PROVISIONS

Particulars As at 31 March, 2016 As at 31 March, 2015 ₹ in lakhs ₹ in lakhs

Provision for employee benefits:(i) Provision for compensated absences ........................................................... 307.10 379.83(ii) Provision for pension ......................................................................................... 374.35 373.95

Total 681.45 753.78

NOTE 7 SHORT-TERM BORROWINGS


(a) Other loans and advances - secured (Refer Note (i) below)Export packing credit ........................................................................................ 18,075.42 11,509.73Buyers credit ......................................................................................................... 5.43 8,362.06

18,080.85 19,871.79(b) Other loans and advances - Unsecured

Export packing credit ........................................................................................ 11,017.10 7,953.64Buyers credit ......................................................................................................... 4,078.08 4,457.16Working capital demand loan ........................................................................ 3,475.00 -

18,570.18 12,410.80 Total 36,651.03 32,282.59



INTERN ATIONAL

64

Note:

(i) Details of security in respect of secured loans and advances :-

Particulars Details of Security (March, 2016 and March, 2015)

(a) Export packing credit Secured against whole of the current assets (present and future) of the Company.

(b) Buyers credit Secured against first charge by way of hypothecation of the Company’s entire stock of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivable, both present and future, in a form and manner satisfactory to the bank, ranking pari-passu with other participating banks.

NOTE 8 TRADE PAYABLES



Trade payables:

- Micro and Small Enterprises (Refer Note 35) ................................................ 856.81 49.74

- Others ........................................................................................................................ 32,039.16 29,362.04

Total 32,895.97 29,411.78

NOTE 9 OTHER CURRENT LIABILITIES



(a) Current maturities of long-term debt - ( Refer note 4)

Secured ............................................................................................................. 905.44 1,050.96

Unsecured - Privately placed debentures ............................................ - 24,500.00

(b) Interest accrued but not due on borrowings ...................................... 79.50 64.09

(c) Book overdraft ................................................................................................ 108.24 3.88

(d) Other payables

(i) Statutory remittances (Contributions to PF and ESIC, with -

holding taxes, VAT, Service tax, etc.) ..................................................

279.55

142.88

(ii) Payables on purchase of fixed assets ................................................ 122.35 22.11

(iii) Advances from customers .................................................................... 2,363.36 859.10

(iv) Advances from other parties ............................................................... 1,232.15 -

(v) Security deposits received .................................................................... - 67.25

(vi) Gratuity payable ....................................................................................... 125.39 46.35

(e) Foreign exchange loss on forward contract (net) ............................... 75.98 108.66

Total 5,291.96 26,865.28

65

NOTE 10 SHORT-TERM PROVISIONS



(a) Provision for employee benefits:

(i) Provision for compensated absences ................................................ 192.06 77.99

(ii) Provision for pension .............................................................................. 77.90 78.30

269.96 156.29

(b) Provision - Others:

(i) Provision for tax (net of advance tax ₹ 13,503.81 Lakhs) (As at

31 March, 2015 ₹ 6,553.81 Lakhs) ......................................................

5,639.61

5,839.61

(ii) Provision for wealth tax ......................................................................... 15.85 18.81

(iii) Provision for proposed equity dividend ......................................... 601.50 401.00

(iv) Provision for tax on proposed dividend ......................................... 1.00 59.63

6,257.96 6,319.05

Total 6,527.92 6,475.34



INTERN ATIONAL

66

NO

TE 1

1 FI

XED

ASS

ETS

₹ in

lakh

s

Fixe

d A

sset

s G

ross

Blo

ck

Dep

reci

atio

n N

et B

lock

As

at

1 A

pril

2015

Add

itio

ns

for t

he

year

Adj

ustm

ents

D

ispo

sals

A

s at

31

Mar

ch

2016

Upt

o 1

Apr

il 20

15

For

the

Year

A

djus

tmen

ts

Dis

posa

ls

Tra

nsit

ion

adju

stm

ent

reco

rded

ag

ains

t Su

rplu

s ba

lanc

e in

St

atem

ent

of P

rofit

an

d Lo

ss

(Ref

er N

ote

28)

Upt

o 31

M

arch

20

16

As

at

31 M

arch

20

16

I ) T

angi

ble

Ass

et :

Leas

ehol

d La

nd …

……

… 2

5.88

-

--

25.

88

2.9

0 0

.28

--

- 3

.18

22.

70

34.

81

90.

58

- 9

9.51

2

5.88

1

1.55

0

.28

- 8

.93

- 2

.90

22.

98

Free

hold

Lan

d …

……

……

420

.00

--

- 4

20.0

0 -

- -

- -

- 4

20.0

0

420

.00

90.

58

- 9

0.58

4

20.0

0 -

- -

- -

- 4

20.0

0

Build

ing

Ow

n U

se…

……

……

.. 6

,635

.28

642

.73

87.

29

- 7

,365

.30

3,0

23.2

9 5

50.4

1 -7

5.98

-

- 3

,649

.68

3,7

15.6

2

7,9

46.2

9 7

.78

- 1

,318

.79

6,6

35.2

8 3

,121

.08

584

.94

- 6

88.0

6 5

.33

3,0

23.2

9 3

,611

.99

Giv

en U

nder

Ope

ratin

g Le

ase

……

3

98.8

2 2

4.55

-8

7.29

-

336

.08

345

.20

9.5

1 7

5.98

-

- 2

78.7

2 5

7.35

398

.82

- -

- 3

98.8

2 3

10.0

4 3

5.16

-

- -

345

.20

53.

62

Plan

t and

Mac

hine

ry …

……

…..

Ow

ned

……

……

……

……

13

,119

.15

2,1

28.7

3 -2

5.58

2

2.93

15,

199.

37

9,8

16.9

5 1

,639

.74

-10.

74

21.

52

-11

,445

.91

3,7

53.4

7

13,1

36.9

7 2

76.9

7 -

294

.79

13,

119.

15

7,8

82.3

2 2

,017

.48

- 1

30.8

6 4

8.01

9

,816

.95

3,3

02.2

0

Giv

en U

nder

Ope

ratin

g Le

ase

……

7

50.5

5 1

9.55

2

5.58

-

795

.68

610

.28

56.

32

10.

74

- -

655

.86

139

.82

747

.48

3.0

7 -

- 7

50.5

5 5

06.2

2 1

04.0

6 -

- -

610

.28

140

.27

Furn

iture

and

Fix

ture

s …

……

…

876

.14

46.

62

--

922

.76

749

.53

60.

02

--

- 8

09.5

5 1

13.2

0

887

.14

14.

57

- 2

5.57

8

76.1

4 6

47.3

7 1

05.0

9 -

11.

50

8.5

7 7

49.5

3 1

26.6

1

Vehi

cles

……

……

3

08.1

6 8

.20

- 8

.56

307

.79

293

.36

11.

30

- 7

.91

- 2

96.7

3 1

1.06

319

.94

- -

11.

78

308

.16

276

.94

25.

30

- 1

0.07

1

.19

293

.36

14.

80

Offi

ce E

quip

men

t……

.. 4

41.7

6 7

8.82

-

11.

70

508

.88

388

.64

70.

85

- 1

1.70

-

447

.78

61.

08

473

.14

37.

79

- 6

9.17

4

41.7

6 3

08.7

6 8

9.80

-

68.

94

59.

02

388

.64

53.

12

Com

pute

r……

……

. 8

82.1

7 1

82.2

1 -

87.

07

977

.31

802

.54

150

.93

- 8

6.74

-

866

.73

110

.59

787

.45

94.

72

- -

882

.17

641

.04

161

.47

- -

0.0

3 8

02.5

4 7

9.63

67

Fixe

d A

sset

s G

ross

Blo

ck

Dep

reci

atio

n N

et B

lock

As

at

1 A

pril

2015

Add

itio

ns

for t

he

year

Adj

ustm

ents

D

ispo

sals

A

s at

31

Mar

ch

2016

Upt

o 1

Apr

il 20

15

For

the

Year

A

djus

tmen

ts

Dis

posa

ls

Tra

nsit

ion

adju

stm

ent

reco

rded

ag

ains

t Su

rplu

s ba

lanc

e in

St

atem

ent

of P

rofit

an

d Lo

ss

(Ref

er N

ote

28)

Upt

o 31

M

arch

20

16

As

at

31 M

arch

20

16

Elec

tric

al In

stal

latio

n …

……

…

972

.29

47.

33

- 1

,019

.62

729

.58

120

.74

--

- 8

50.3

3 1

69.3

0

992

.57

0.8

3 -

21.

11

972

.29

501

.74

228

.60

- 1

4.83

1

4.07

7

29.5

8 2

42.7

1

Air

Cond

ition

er a

nd R

efrig

erat

ors

……

……

.. 2

60.1

6 1

.61

- 0

.39

261

.38

241

.26

12.

48

- 0

.39

- 2

53.3

5 8

.02

264

.93

5.2

3 -

10.

00

260

.16

164

.90

39.

48

- 1

0.00

4

6.88

2

41.2

6 1

8.90

Tan

gibl

e A

sset

s - T

otal

: 25

,090

.36

3,1

80.3

5 -

130

.65

28,1

40.0

2 1

7,00

3.56

2

,682

.57

- 1

28.2

7 -

19,5

57.8

5 8

,582

.19

Pre

viou

s ye

ar

26,4

09.5

4 62

2.12

-

1,94

1.29

25

,090

.36

14,3

71.9

6 3,

391.

66

-94

3.19

18

3.10

17

,003

.56

8,08

6.84

II )

Inta

ngib

le A

sset

s :

Com

pute

r Sof

twar

e……

…

855

.59

246

.86

- 1

,102

.45

762

.25

69.

91

- -

- 8

32.1

6 2

70.2

9

790

.03

65.

56

- -

855

.59

738

.14

24.

11

- -

- 7

62.2

5 9

3.34

Trad

e M

ark/

Des

ign

Dra

win

gs…

……

1

20.3

4 -

- -

120

.34

120

.34

- -

- -

120

.34

0.0

0

120

.34

- -

- 1

20.3

4 1

20.3

4 -

- -

- 1

20.3

4 -

Inta

ngib

le A

sset

s - T

otal

: 9

75.9

3 2

46.8

6 -

- 1

,222

.79

882

.59

69.

91

- -

- 9

52.5

0 2

70.2

9

Prev

ious

yea

r 9

10.3

7 6

5.56

-

- 9

75.9

3 8

58.4

8 2

4.11

-

- 8

82.5

9 9

3.34

Tota

l ……

……

……

…..

26,0

66.3

1 3

,427

.20

- 1

30.6

5 29

,362

.82

17,

886.

15

2,7

52.4

9 -

128

.27

- 20

,510

.38

8,8

52.4

8

Prev

ious

Yea

r……

……

……

…

27,3

19.9

1 6

87.6

8 -

1,9

41.2

9 2

6,06

6.29

1

5,23

0.44

3

,415

.77

- 9

43.1

9 1

83.1

0 17

,886

.15

8,1

80.1

8

Not

e 1.

Bui

ldin

gs in

clud

e ₹

0.13

lakh

s (3

1st M

arch

, 201

5- ₹

0.1

3 la

khs)

, bei

ng c

ost o

f sha

res

in C

o-op

erat

ive

Hou

sing

Soc

ietie

s.



INTERN ATIONAL

68

NOTE 12 NON-CURRENT INVESTMENTS

Investments ( At Cost ) Particulars Number of

Shares / Units Face Value Per Unit As at 31

March, 2016

As at 31 March,

2015₹ in lakhs ₹ in lakhs

SHARES :TRADEUnquoted :(a) In Subsidiary Companies - Equity Shares:

Tata South-East Asia Limited (sold during the year) (Refer note no. 29 b)........... NIL (previous year - 851,070 shares) HK $ 10.00 - 125.01Tata West Asia FZE (Written off during the year) (previous year - converted...... Share holder loan to equity) Provision for diminution Nil, Previous year - ₹660.16 lakhs) ............................................................................................................................

11

DH

1,000,000.00

-

1,524.05

**

Tata Africa Holdings (SA) (Proprietary) Limited (sold during the year) (Refer note no. 29 b)

NIL (previous year - 74,317,960 shares) Rand 1.00 - 4,221.31

TIL Leather (Mauritius) Ltd..................................................................................................... 1,000 USD 1.00 0.44 0.44Bachi Shoes India Limited (additional shares purchased during the year).......... 6280 (previous year - 4,772 shares) ₹ 100.00 26,770.15 22,270.15Euro Shoes Components Private Limited......................................................................... 41,800 ₹ 10.00 2,429.85 2,429.85Tata International Singapore Pte Limited........................................................................ 14,100,000 USD 1.00 7,726.56 7,726.56

(b) In Joint VenturesTata International GST AutoLeather Limited (additional subscription during the year).......................................................................................................................................

899,994 (previous year - 629,994 shares)

₹

10.00

90.00

63.00

(c) In Other Companies - Equity Shares Dewas Tanneries Private Limited....................................................................................... 804 ₹ 100.00 0.80 ** 0.80 **

37,017.80 38,361.17OTHER INVESTMENTSQuoted - Equity Shares:

Titan Company Limited (sold during the year).............................................................. NIL (previous year - 25,59,589 shares) ₹ 10.00 - 57.72Tata Consultancy Services Limited..................................................................................... 83,232 ₹ 1.00 141.49 141.49

141.49 199.21Unquoted :(i) Equity Shares(a) In Subsidiary Company

Drive India Enterprise Solutions Limited (sold during the year).............................. NIL (previous year - 2,560,206 shares) ₹ 10.00 - 32.50(b) In Joint Ventures

Tata Precision Industries (India) Limited........................................................................... 200,000 ₹ 100.00 * *Tata International DLT Private Limited.............................................................................. 85,400 ₹ 1,000.00 854.00 854.00Tata International Wolverine Brands Limited (Written off during the year)........ 19,999,994 ₹ 10.00 -

2,000.00(c) In Associate Company Tata Ceramics Limited............................................................................................................. 39,564,942 ₹ 2.00 811.14 ** 811.14 **(d) In Other Companies

Oriental Floratech India Limited ......................................................................................... 560,000 ₹ 10.00 56.00 ** 56.00 **Tata Industries Limited ........................................................................................................... 3,384,486 ₹ 100.00 5,812.99 5,812.99Tata Sons Limited ..................................................................................................................... 1,477 ₹ 1,000.00 11,901.69 11,901.69Tata Services Limited ............................................................................................................... 198 ₹ 1,000.00 1.98 1.98Tata Capital Limited ................................................................................................................. 790,592 ₹ 10.00 134.81 134.81Tata Employees Consumers Co-operative Society Limited ....................................... 50 ₹ 100.00 0.05 0.05Trent Retail Private Limited (sold during the year) ....................................................... NIL (previous year - 995 shares) ₹ 100.00 - 1.90Pran Agro Services Limited ................................................................................................... 18 ₹ 10.00 * *Surat Diamond Industries Limited ..................................................................................... 1,000 ₹ 100.00 1.00 ** 1.00 **Virendra Garments Manufacturers Limited .................................................................... 1,200 ₹ 100.00 * *

(ii) Preference Shares(a) In Joint Ventures

Tata Precision Industries (India) Limited ( 6% Non Cumulative Redeemable Preference Shares) ....................................................................................................................

150,000

₹

100.00

*

*

Tata Precision Industries (India) Limited ( 6% Non Cumulative Redeemable Preference Shares) ...................................................................................................................

150,000

₹

100.00

150.00

150.00

(b) In Other CompaniesPran Agro Services Limited ( 5% Non Cumulative Redeemable Preference Shares) 500 ₹ 100.00 0.50 0.50Drive India Enterprise Solutions Limited (0.001% cumulative redeemable non- convertible participating preference shares) .................................................................

500,001

Re

1.00

5.00

-

19,729.16 21,758.56DEBENTURES / BONDSQuoted:

The Tata Power Company Limited (11.40% Perpetual Bond) ................................... 150 ₹ 1,000,000.00 1,558.00 1,558.00Tata Steel Limited (11.80% Perpetual Bond)................................................................... 500 ₹ 1,000,000.00 5,314.74 5,314.74Tata Steel Limited (11.50% Perpetual Bond)................................................................... 250 ₹ 1,000,000.00 2,577.62 2,577.62

9,450.36 9,450.3629,321.01 31,408.1366,338.81 69,769.30

Less: Provision for diminution in the value of Investments ** 868.94 1,529.1165,469.87 68,240.19

Notes:1. Aggregate Book Value of Quoted Investments:₹ 9,591.85 Lakhs (31st March, 2015 - ₹ 9,649.57 Lakhs )2. Aggregate Book Value of Unquoted Investments:₹ 56,746.96 Lakhs (31st March, 2015 - ₹ 60,137.23 Lakhs )3. Aggregate Market Value of Quoted Investments:₹ 11,838.96 Lakhs (31st March, 2015 - ₹ 21,866 Lakhs )4. * Value is less than ₹ 500/-5. Long term investments as per Accounting standard 13 - Accounting for Investment (net of provision) is ₹ 65,469.86 Lakhs (March 31, 2015 - ₹ 68,240.19 Lakhs)

69

NOTE 13 LONG-TERM LOANS AND ADVANCES (UNSECURED, CONSIDERED GOOD)


(a) Capital advances ................................................................................................ 22.75 15.34(b) Security deposits ................................................................................................ 634.12 564.42(c) Loans and advances to related parties

Considered good - Tata West Asia FZE (written off during the year) .................................... - 327.69- Calsea Footwear Private Limited ................................................................. 9.55 -- Tata International Wolverine Brands Limited (written off during the year) ..............................................................................................................

-

245.24

9.55 572.93(d) Advance income tax (Net of Provisions ₹ 7,241.71 Lakhs (As at 31 March, 2015 ₹ 7,241.71 Lakhs).......................................................................

5,671.47

5,345.88

(e) MAT credit entitlement ................................................................................... 882.26 1,105.71(f ) Other loans and advances

(i) Advance to SuppliersConsidered good ............................................................................................. 292.06 292.10Considered doubtful ....................................................................................... 232.46 231.59

524.52 523.69Less: Provision for other doubtful loans and advances ...................... 232.46 231.59

292.06 292.10(ii) Other Advances

Considered good ...................................................................................... 90.78 100.72Considered doubtful .............................................................................. 244.00 300.23

334.78 400.95Less: Provision for other doubtful loans and advances ................ 244.00 300.23

90.78 100.72Total 7,602.99 7,997.10

NOTE 14 CURRENT INVESTMENTS


Other current investments (At lower of cost and fair value, unless otherwise stated) (Refer note (ii) below)Unquoted(a) Equity - in other companies

Tata Projects Limited (90,000 shares of ₹100/- each fully paid up) (Sold during the year) (31st March, 2015 -Transferred from Long Term Investment) ..........................................................................................................

-

17.50 - 17.50

(b) Mutual FundsTata Liquid Fund Direct Plan Daily Dividend Mutual Fund - Nil units (31st March, 2015 - 29,398.33 units)

- 327.66

Tata Liquid Fund Direct Plan - Growth - 288,569.66 units (31st March, 2015 - Nil units) ...................................................................................................

8,061.26

-

8,061.26 327.66Total 8,061.26 345.16

Notes:(i) Aggregate amount of unquoted investments 8,061.26 345.16(ii) Current investments as per Accounting standard 13 - Accounting for Investment is ₹ 8,061.26 lakhs (31st March, 2015: ₹ 345.16 lakhs)



INTERN ATIONAL

70

NOTE 15 INVENTORIES

(At lower of cost and net realisable value)


(a) Raw materials ....................................................................................................... 13,306.80 12,140.17(b) Work-in-progress (Leather and Leather Products) .................................. 3,572.37 2,841.89(c) Contract Work-in-progress ............................................................................... 84.22 83.68(d) Finished goods :

Manufactured ...................................................................................................... 3,988.99 3,873.03Traded...................................................................................................................... 10,181.50 2,918.02Goods-in-transit ................................................................................................... 177.85 987.61

14,348.34 7,778.66(f ) Stores and spares ................................................................................................. 2,959.78 3,033.64

Goods-in-transit .................................................................................................. 122.62 11.35 3,082.40 3,044.99

Total 34,394.13 25,889.39

NOTE 16 TRADE RECEIVABLES


Trade receivables outstanding for a period exceeding six months from the date they were due for payment

Unsecured, considered good ......................................................................... 3,987.98 3,096.96Unsecured, considered doubtful ................................................................... 353.61 1,288.78

4,341.59 4,385.74Less: Provision for doubtful trade receivables .......................................... 353.61 1,288.78

3,987.98 3,096.96Other Trade receivables ..........................................................................................

Unsecured, considered good .......................................................................... 16,213.35 19,915.66Unsecured, considered doubtful ................................................................... - -

16,213.35 19,915.66Less: Provision for doubtful trade receivables .......................................... - -

16,213.35 19,915.66 Total 20,201.33 23,012.62

NOTE 17 CASH AND CASH EQUIVALENTS


A. Cash and cash equivalents (as per AS 3 Cash Flow Statements)(a) Cash on hand ........................................................................................................ 16.50 20.43(b) Cheques on hand ................................................................................................ 100.98 -(c) Balances with banks

(i) In current accounts ........................................................................................ 1,370.10 528.64(ii) In EEFC accounts............................................................................................ 14.76 19.56(iii) In deposit accounts - original maturity of 3 months or less ......... 2.47 248.59

Total - Cash and cash equivalents (A) ................................................ 1,504.81 817.22B. Other bank balances Balances held as margin money - original maturity of more than 3 months but less than 12 months .... 4.28 4.81 - original maturity of more than 12 months ................................................... 24.83 27.61Total - Other bank balances (B) ......................................................... 29.11 32.42Total Cash and cash equivalents (A+B) ............................................. 1,533.92 849.64

71

NOTE 18 SHORT-TERM LOANS AND ADVANCES (UNSECURED UNLESS OTHERWISE STATED, CONSIDERED GOOD)


(a) Security deposits ................................................................................................ 117.36 50.19 (b) Loans and advances to employees ............................................................. 206.28 202.17 (c) Prepaid expenses ............................................................................................... 274.93 243.38 (d) Balances with government authorities

(i) VAT credit receivable ................................................................................. 1,081.38 1,219.81(ii) Export incentive receivable .................................................................... 3,398.67 3,966.31

4,480.05 5,186.12 (e) Other loans and advances

(i) Deposits with Port Trust, Customs etc. ............................................... 902.41 745.06(ii) Advance to Suppliers ................................................................................ 2,333.20 2,590.40(iii) Advance towards purchase of Mutual Fund .................................... 1,598.00 210.00(iv) Other Advances (service tax refund receivable & charges recoverable) .................................................................................................

813.51

971.28

(v) Other recoverable from subsidiariesTata International Singapore Pte Limited ..................................... 387.43 -Tata Africa Holdings (SA) (Pty) Limited .......................................... 191.00 -Monroa Portugal, Comercio E Servicos, Unipessoal LDA ........ 50.81 -Tata Africa Services (Nigeria) Limited ............................................. 24.09 -Move on Componentes e calcado,S.A. ......................................... 22.60 -Tata Africa Holdings (Tanzania) Limited ........................................ 20.66 -Other subsidiaries ................................................................................. 71.43 -

6,415.14 4,516.74 Total 11,493.76 10,198.60

NOTE 19 OTHER CURRENT ASSETS


(a) Accruals(i) Interest accrued on investments .......................................................... 203.93 203.54(ii) Dividend receivable .................................................................................. - 1,997.41

(b) Others(i) Insurance claims ......................................................................................... 160.00 -(ii) Excess remuneration paid to Managing Director recoverable (Refer note 27) .............................................................................................

225.39

-

(iii) Commission on Guarantee receivable from Subsidiary ............... 1,155.02 944.41(iv) Commission income receivable from Subsidiary ........................... 184.11

Total 1,928.45 3,145.36

NOTE 20 REVENUE FROM OPERATIONS



₹ in lakhs ₹ in lakhs(a) Sale of products (Refer note 40)..................................................................... 152,835.51 151,621.94(b) Other operating revenues (refer note (i) below) ..................................... 8,257.37 7,502.12

Revenue from operations (gross) .................................................................. 161,092.88 159,124.06(c) Less: Excise duty .................................................................................................. 100.77 49.17

Total 160,992.11 159,074.89



INTERN ATIONAL

72

NOTE (I) OTHER OPERATING REVENUES



₹ in lakhs ₹ in lakhs Other operating revenues comprise: (i) Sale of scrap ........................................................................................................ 1,258.63 1,108.41 (ii) Duty drawback and other export incentives........................................... 6,651.34 6,383.54 (iii) Liquidated damages/contract settlement charges .............................. 163.29 - (iv) Commission income ........................................................................................ 184.11 - (v) Service Charges ................................................................................................. - 10.17

Total 8,257.37 7,502.12

NOTE 21 OTHER INCOME



₹ in lakhs ₹ in lakhs(a) Interest income (Refer Note (i) below) ......................................................... 1,288.06 1,126.44(b) Commission on Guarantee to Subsidiary .................................................. 1,550.20 939.83(c) Dividend income:

From current investmentsMutual Fund ..................................................................................................... 48.29 118.12From long-term investments Subsidiaries ....................................................................................................... 639.29 2,105.52Others ................................................................................................................. 492.06 279.34

(d) Net gain on foreign currency transactions and translation ................. - 171.16(e) Other non-operating income

(i) Shared service fee from subsidiaries ................................................... 956.00 -(ii) Profit on sale of mutual fund investment .......................................... 441.31 -(iii) Liabilities / Provisions no longer required written back ............. 368.53 187.85(iv) Cash discount received ............................................................................ 199.07 260.51(v) Rental income from operating ............................................................. 176.31 228.01(vi) Insurance Claim .......................................................................................... 160.00 -(vii) Service tax refund ...................................................................................... 20.68 61.96(viii) Profit on sale of fixed assets ................................................................... 5.45 42.80(ix) Grants received from DIPP, Ministry of Commerce & Industry, Government of India ..............................................................

-

187.17

(x) Others ............................................................................................................. 166.97 164.12 Total 6,512.22 5,872.83

NOTE (I) INTEREST INCOME



₹ in lakhs ₹ in lakhsInterest income comprises:Interest from banks on:

Deposits ................................................................................................................... 231.09 32.41Interest on loans and advances............................................................................ 0.40 22.95Interest income from long term investments:

Perpetual bonds .................................................................................................... 1,051.56 1,047.71Interest on income tax refund .............................................................................. - 22.49Other interest .............................................................................................................. 5.01 0.88

Total 1,288.06 1,126.44

73

NOTE 22.A COST OF MATERIALS CONSUMED (REFER NOTE 41)



₹ in lakhs ₹ in lakhs Opening stock ........................................................................................................... 12,140.17 7,072.65 Add: Purchases .......................................................................................................... 64,267.06 78,005.34

76,407.23 85,077.99 Less: Closing stock ................................................................................................... 13,306.80 12,140.17

Total 63,100.43 72,937.82

NOTE 22.B PURCHASE OF TRADED GOODS



₹ in lakhs ₹ in lakhs Leather and Leather Products ............................................................................. 8,242.26 2,209.69 Metals ........................................................................................................................... 19,524.53 28,155.77 Distribution Products .............................................................................................. 1,246.93 1,196.35 Minerals ....................................................................................................................... 9,867.30 5,579.42 Agro ............................................................................................................................... 15,330.38 5,778.34

Total 54,211.40 42,919.57

NOTE 22.C CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE



₹ in lakhs ₹ in lakhsInventories at the beginning of the year:Finished goods ........................................................................................................... 7,778.66 5,709.50Work-in-progress ....................................................................................................... 2,841.89 3,007.26Contract work-in-progress ..................................................................................... 83.68 -

10,704.23 8,716.76

Inventories at the end of the year:Finished goods ........................................................................................................... 14,348.34 7,778.66Work-in-progress ....................................................................................................... 3,572.37 2,841.89Contract work-in-progress ..................................................................................... 84.22 83.68

18,004.93 10,704.23Net Changes in inventories of finished goods, work-in-progress and stock-in-trade

(7,300.70)

(1,987.47)

NOTE 23 EMPLOYEE BENEFITS EXPENSE



₹ in lakhs ₹ in lakhs Salaries and wages ................................................................................................... 9,923.21 9,159.60 Contributions to provident and other funds .................................................. 755.81 800.65 Staff welfare expenses ............................................................................................ 865.75 619.28

Total 11,544.77 10,579.53



INTERN ATIONAL

74

NOTE 24 FINANCE COSTS



₹ in lakhs ₹ in lakhs(a) Interest expense on:

(i) Borrowings ......................................................................................................... 2,979.92 3,143.41(ii) Others

- Interest on Bill Discounting ...................................................................... 435.03 463.43- Others ............................................................................................................... 102.58 31.78

(b) Other borrowing costs 593.42 637.84Total 4,110.95 4,276.46

NOTE 25 OTHER EXPENSES



₹ in lakhs ₹ in lakhs Consumption of stores and spare parts ........................................................... 12,446.91 11,951.65 Processing Charges.................................................................................................. 9,873.72 8,129.62 Duty, Clearing, Forwarding and Other Charges ............................................ 5,170.48 6,048.66 Power and fuel........................................................................................................... 1,731.26 1,785.96 Service Charges ......................................................................................................... 651.63 565.33 Rent including lease rentals ................................................................................. 1,118.80 1,147.88 Repairs and maintenance - Buildings ............................................................... 249.20 185.13 Repairs and maintenance - Machinery ............................................................. 225.11 173.20 Repairs and maintenance - Others .................................................................... 525.93 387.73 Insurance ..................................................................................................................... 96.93 76.19 Rates and taxes ......................................................................................................... 45.58 61.43 Travelling and conveyance.................................................................................... 933.61 889.84 Sales expense ............................................................................................................ 2,537.33 3,246.02 Legal and professional fees .................................................................................. 1,179.47 1,349.95 Payments to auditors (Refer Note (i) below) ................................................... 144.83 137.14 Trade and other receivables, loans and advances written off .................. 613.29 16.20 Provision for doubtful debts ................................................................................ - 47.42 Less : Provision for doubtful debts written back 935.17 -

(935.17) 47.42 Bad debts written off .............................................................................................. 1,110.58 - Provision for doubtful advances ......................................................................... - 32.81 Less : Provision for doubtful advances written back ................................... 55.36 -

(55.36) 32.81 Advances written off ............................................................................................... 181.20 - Loss on foreign currency transactions and translation (net) .................... 952.19 - Loss on fixed assets sold / scrapped / written off ........................................ 0.32 0.69 Miscellaneous expenses ........................................................................................ 3,174.27 2,234.14

Total 41,972.11 38,466.99

75

NOTE (I) PAYMENTS TO AUDITORS




Audit fees ..................................................................................................................... 77.59 66.63

In other capacities:

Taxation matters ........................................................................................................ 17.30 15.73

Other services ............................................................................................................ 47.86 53.56

Reimbursement of Expenses ................................................................................ 2.08 1.22

Total 144.83 137.14

The remuneration disclosed above includes fees of ₹ 34.52 Lakhs (31st March, 2015 - ₹ 40.47 Lakhs) for attest and other professional services rendered by a firm of accountants in which some partners of the firm of statutory auditors are partners.

NOTE 26 EXCEPTIONAL ITEMS




Net gain on sale of:

Long-term investments in subsidiaries (Refer note 29 b) ...................... 24,607.50 -

Other long term investments ........................................................................... 14,650.76 -

Profit on sale of fixed assets................................................................................... - 6,324.94

Write off of Investments in subsidiaries and joint ventures ....................... (2,863.89) -

Total 36,394.37 6,324.94

27 MANAGERIAL REMUNERATION

Amount in ₹ lakhs

Particulars 2015-16 2014-15

i) Salary and Allowance 270.97 224.13

ii) Contribution to Provident and Superannuation Fund 14.03 12.24

iii) Other Perquisites 0.40 0.40

iv) Directors sitting fees (Non-Whole time Directors) 39.80 22.50

Sub Total * 325.19 259.26

v) Gratuity and Leave Encashment Paid - -

Total 325.19 259.26



INTERN ATIONAL

76

* above excludes charge for gratuity and provision for leave encashment as separate actuarial valuation figures are not available.

Remuneration paid during the year to Managing Director is in excess of limit prescribed under Schedule V by ₹ 225.39 Lakhs. The Company has applied to the Central Government seeking approval for waiver of excess remuneration and the approval is awaited. Pending approval of the Central Government, the amount paid in excess of the limit is held in trust by the Managing Director and is shown as recoverable as at the Balance Sheet date.

28 During the previous year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014, the Company has revised the estimated useful life of its assets to align the useful life with those specified in Schedule II. The company has obtained independent technical advice in support of useful life of assets. The details of previously applied depreciation rates / useful life are as follows:

Asset Previous depreciation rate / useful life Revised useful life

Factory Buildings 10.00% / ~ 43 years 30 years

General Plant and Machinery 13.91% / ~ 30 years 15 years

Furniture and Fittings 18.10% / ~ 23 years 10 years

Office equipment 13.91% / ~ 30 years 5 years

Computers 40.00% / ~ 9 years 3 years

Electrical Installation 13.91% / ~ 30 years 10 years

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company had fully depreciated the carrying value of assets net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1, 2014, and had an adjustment of ₹ 183.10 lakhs (deferred tax of ₹ 62.24 lakhs) in the previous year, against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

The depreciation expense in the Statement of Profit and Loss for the previous year is higher by ₹ 1,614.03 lakhs consequent to the change in the useful life of the assets.

29

(a) During the year, as per the Share Purchase Agreement (“SPA”) dated May 22, 2015 entered into between the Selling Shareholders (Tata Industries Limited (“TIL”) and Tata International Limited (the Company)), Drive India Enterprise Solutions Limited (“DIESL”) and TVS Logistics Services Limited (“TLSL”), the Selling Shareholders have jointly sold their entire shareholding in DIESL to TLSL for a total consideration of ₹ 8,581.00 lakhs (Company’s share ₹ 4,290 lakhs). As per the SPA, the Selling Shareholders have severally provided certain general and specific indemnities to TLSL. General indemnities up to 100% of total consideration received for breach of Representations and Warranties (R&W) relating to title of sale shares and demand, if any, raised on TLSL/DIESL under Section 281 of the Income tax Act, 1961. Specific indemnity up to ₹ 3,003.00 lakhs on account of liabilities in respect of demands from statutory authorities presently pending against DIESL and claims that may arise in future in respect of certain matters identified in SPA. Specific indemnities up to 20% of total consideration received in respect of claims arising from breaches of R&W relating to tax compliances, no pending investigations and inquiries (10%) and other general representations (10%). However, within the sub limits applicable to general and specific indemnities as specified above, the maximum aggregate liability of each Selling Shareholder under this agreement shall not exceed the aggregate amounts received by it from TLSL under the SPA and/or DIESL under the Preference Share Agreement entered into on May 19, 2015 and the liability of each Selling Shareholder to indemnify TLSL/DIESL shall be proportionate to their respective pre closing equity shareholding percentage. The claims can be made before expiration of eight years from the closing date which is August 31, 2015. The Selling Shareholders are also liable to indemnify, without limit, TLSL/DIESL in respect of two legal proceedings identified in the SPA for which there are no claims on DIESL presently. The potential future impact of such indemnities provided, if any, cannot be ascertained presently.

(b) The Company has, during the year, divested investments in its subsidiaries, Tata South East Asia Limited and Tata Africa Holdings (SA) (Pty) Limited at consideration of ₹ 779.55 lakhs (US$1.165 Million) and ₹ 23,978.74 lakhs (US$35.835 Million) respectively based on indepedent valuation, to its wholly owned subsidary at Singapore, Tata International Singapore Pte Ltd.

77

30 Contingent Liability

(a) Claims against the Company not acknowledged as debts comprise of :

(i) Sales tax / Entry Tax

Demand notices aggregating to ₹ 745.38 lakhs (31 March 2015- ₹ 757.73 lakhs) have been issued by various State Sales Tax Authorities relating to issue of applicability and classification.

(ii) Service tax

The Service Tax department, Mumbai has issued demand and recovery notices aggregating to ₹ 0.55 lakhs (31 March 2015- ₹ 0.55 lakhs) including interest, towards service tax allegedly payable by the Company for the period 2005 to 2009. The Service Tax Authorities contend that the Company was rendering services as “Clearing & Forwarding Agents” during the said period and was, therefore chargeable to service tax in respect of those services.

The Service Tax department, Dewas has raised demands of ₹ 18.77 lakhs (31 March 2015- ₹ 18.77 lakhs) for import of services during the period 2004 to 2009. The matter is under appeal.

(iii) Taxation matters

Demand against the Company not acknowledged as debts and not provided for relating to issues of transfer pricing, deductibility and taxability in respect of which the Company is in appeal :-

Income Tax: ₹ 2,140.69 lakhs (31 March 2015- ₹ 2,410.33 lakhs)

(iv) DEPB / Drawback claims

DEPB / Drawback claims rejected by Commissioner of Customs (Appeals) disputed by the Company relating to issue of inadmissibility aggregating to ₹ 3,205.11 lakhs (31 March 2015 - ₹ 3,205.11 lakhs).

(v) Excise Duty

The Excise Department at Dewas has raised a demand of ₹ 284.99 lakhs (31 March 2015 - ₹ 232.72 lakhs) alleging that the activity of mixing of chemicals amounts to manufacturing and hence exigible to excise duty. The Company is contesting the claim before Commissioner of Central Excise.

(vi) Other Matters ₹ 330.51 lakhs (31 March 2015- ₹ 186.13 lakhs).

Future cash outflows in respect of above matters are determinable only on receipt of judgments / decisions pending at various forums / authorities.

30

(b) (i) Bills discounted not matured ₹ 3,057.85 lakhs (31 March 2015 - ₹ 5,163.72 lakhs).

(ii) Full particulars of guarantees given together with purpose in terms of section 186 (4) of the Companies Act, 2013

Name of entity Amount Full Particulars of

guarantees

Purpose31-March-16 31-March-15


₹ in lakhs Foreign Currency in

Million

₹ in lakhs

Guarantees GivenMonroa Portugal, Comércio E Serviços, Unipessoal Lda (subsidiary)

- - EUR 0.35 238.75 Counter guarantee given by HSBC India to HSBC Spain against guarantees issued by them on behalf of the subsidiary.

Shops taken on lease by the subsidiary at Portugal for its footwear retail operations.



INTERN ATIONAL

78

Name of entity Amount Full Particulars of

guarantees

Purpose31-March-16 31-March-15



Million

₹ in lakhs


SGD 325.00

158,894.78 SGD 325.00 147,870.13 Guarantee to the holders of Senior bonds of value SGD 50 Million and the holders of perpetual bonds of value SGD 150 Million.

Repayment of debts, general corporate purpose and re-capitalization of some subsidiaries at Africa

Tata International Wolverine Brands Limited (joint venture)

- 500.00 - 500.00 Corporate Guarantee against Working Capital facilities of INR 10 Crores provided by HSBC to the joint venture entity.

Trading operations of the joint venture entity.

Total 159,394.78 148,608.88

(iii) The Company has given counter-indemnity to Indian Hotels Company Limited (IHCL) against Letter of Comfort issued by IHCL to ICICI Bank PLC, UK (ICICI) for the loan provided by ICICI to a subsidiary of IHMS, SA (Pte Limited) South Africa (which is a joint venture between the company’s subsidiary Tata Africa Holdings (SA) Pty Ltd and IHCL) for its operations, for a value of ₹ 14,872.25 lakhs (equivalent to USD 22.5 million) (31 March 2015- ₹ 14,082.93 lakhs (equivalent to USD 22.5 million)).

31 (a) Capital Commitment

Estimated amount of contracts remaining to be executed on capital account and not provided for as at 31 March 2016 is ₹ 1492.81 lakhs (31 March 2015 - ₹ 765.02 lakhs).

(b) Other commitment

(i) As per the Agreement dated 21 September 2012, between the Company and a contractor, the Company has commitment of minimum procurement of 14,000 units of component or compensation up to ₹ 3.5 Lakhs per month. The termination clause has 9 months notice period, by which the minimum purchase commitment amounts to ₹ 31.5 Lakhs (31 March 2015- ₹ 31.5 Lakhs).

(ii) As per the Agreement dated 19 November 2013, between the Company and Collector, Naupada, Odisha for supply of bicycles to Coal India Limited towards their Corporate Social Responsibility obligations, the Company has pledged in favour of the Collector, a fixed deposit receipt of ₹18 lakhs as security for performance of the contract.

32 The Company has given undertakings to banks / other entities for non-disposal of its shareholding in its subsidiaries against loans and other facilities extended by them to its subsidiaries as listed below:

• Tata Africa Holdings (SA) (Pty) Limited

• Tata Zambia Limited

• Tata South East Asia Limited

79

• Tata South East Asia (Cambodia) Limited

• Tata West Asia FZE

• Tata International Singapore Pte Limited

• Tata International Metals (UK) Limited

• Tata International Metals (Asia) Limited

• Tata International Metals (Americas) Limited

• Calsea Footwear Private Limited

• Moveon Componentes e Calcado S.A.

• Tata Africa Services (Nigeria) Limited

• Tata Uganda Limited

• Tata De Mocambique Limitada

• Tata Africa Holdings (Tanzania) Limited

• Tata Africa Holdings (Kenya) Limited

33 Full particulars of loans given, investment made, security provided together with purpose in terms of section 186 (4) of the Companies Act, 2013

Name of entity

Amount

Full Particulars Purpose

31-March-16 31-March-15

Foreign Currency in

Million


Million

₹ in lakhs

(a) Loans Given

Tata West Asia FZE (wholly-owned subsidiary)

- - USD 0.02 11.61 Shareholder loan of US$2.2 Million

of which US$ 2.179 Million was

converted into equity during the

previous year

To comply with the Jebel Ali Free Zone Authority

regulations requiring

shareholder support in case networth

falls below 75% of equity.

(b) Investments made

As detailed in Note 12 to the Financial Statements

(c) Security provided


USD 32.00 21,151.65 USD 32.00 20,029.06 Second charge on current assets of the Company

against Term Loan of US$32

Million provided by ICICI Bank

Limited to the subsidiary.

Shareholders’ loan given by the subsidiary to its

subsidiary at Hong Kong.



INTERN ATIONAL

80

34 The Components of Deferred tax arising on account of timing differences are as under:

Amount in ₹ lakhs

Particulars 2015-16 2014-15Deferred Tax LiabilitiesDepreciation 151.57 356.40

151.57 356.40Deferred Tax AssetsProvision for Doubtful Debts # 151.57 356.40On carry forward tax losses and unabsorbed depreciation -Others - -

Total 151.57 356.40Deferred tax (Liability) (net) - -

# Considered to the extent that there are compensating timing differences, reversal of which will result in sufficient income against which this can be realised.

35 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006:

Amount in ₹ lakhs

Particulars 2015-16 2014-15(a) Dues remaining unpaid as on 31st March

Principal 856.18 80.25Interest 0.18 2.59

(b) (i) Amounts paid to suppliers beyond the appointed day 533.06 557.97(ii) Interest paid in terms of Sec.16 of the Act 5.68 -

(c) Interest due and payable for the period of delay in payments made beyond the appointed day during the year

3.91 9.47

(d) Interest accrued and remaining unpaid as on 31st March 1.81 7.78(e) Interest due and payable even in the succeeding years until actually paid 0.11 3.25

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

36 The State Government of Madhya Pradesh had issued a Permanent Eligibility Certificate recognizing the Company as an “Exporting Industrial Unit”, thus exempting it from payment of Sales Tax and Entry Tax, till 24th January, 2007. In accordance there with the Company has lodged claims for refund of ₹ 215.08 lakhs (31st March, 2015 - ₹ 215.08 lakhs), being Entry Tax paid by the Company during the period 1994-1995 to 2006-2007. The said amount has been included in Note 13 - ‘Long term loans and advances’ under the heading Other Advance.

37 Earnings Per Share

Amount in ₹ lakhs

2015-16 2014-15Total operations

Profit / (loss) for the year attributable to the equity shareholders 26,533.80 438.99

Weighted Average No. of Equity Shares (Nos.) 401,000 401,000

Nominal Value of Equity Shares (₹) 1,000 1,000

Earnings per share from total operations - (₹) (Basic and Diluted) 6,616.91 109.47

81

38 Employee’s Benefits

A. Defined Benefit Plan

i) Provident Fund

The Company makes monthly contributions to Provident Fund managed by Tata International Limited Provident Fund Trust (the “Trust”) for qualifying employees. Under the Scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. During the year the Company has contributed ₹ 163.28 lakhs (31 March 2015: ₹ 205.18 lakhs) to the Provident Fund Trust.

In keeping with the Guidance on Implementing Accounting Standard (AS) 15 (Revised) on Employee Benefits notified by the Companies (Accounting Standards) Rules, 2006, employer established provident fund trusts are treated as Defined Benefit Plans, since the Company is obliged to meet interest shortfall, if any, with respect to covered employees. According to the actuarial valuation, the Defined Benefit Obligation of Interest rate Guarantee on exempted Provident Fund in respect of employees of the Company as at 31 March 2016 works out to ₹ Nil and hence no provision is required to be provided in the books of accounts (31 March 2015 - ₹ Nil ) towards the guarantee given for notified interest rates.

In carrying out an actuarial valuation of interest rate guarantee on exempt provident fund liability, expected investment return is compared with the guaranteed rate of interest and the expected shortfall is determined for a projection period of 3 years. This is further applied to accumulated value of the provident fund to arrive at the Defined Benefit Obligation.

The above process is carried out for 3 scenarios, one based on the prevailing rate of return, and the other two with 100 Basis Points upward and downward shifts in the expected rate of return and Defined Benefit Obligation of the interest rate guarantee is determined under these three scenarios. Defined Benefit Obligation of the interest rate guarantee is equal to the average of the Defined Benefit Obligation determined under all three scenarios above. The actuarial valuation is carried out using the projected accrued benefit method.

The major categories of plan assets in which the contributions are invested by Tata International Limited Provident Fund Trust are as under:

Amount in ₹ lakhs

Category 2015-16 2014-15

Bonds and Securities of Central Government 1,063.07 1,066.66

Bonds and Securities of State Government 537.55 651.15

Bonds and Securities of Public Sector Undertakings 1,294.75 1,326.49

Special Deposits with Banks 2,055.32 1,320.32

Actuarial assumptions made to determine Interest Rate Guarantee on Exempt Provident Fund Liabilities are as follows:

Particulars 31 March, 2016 31 March, 2015

Discount Rate for the term of the Obligation 8.07% 7.94%

Remaining term to Maturity (years) of plan assets 5.28 5.40

Discount Rate for the remaining term to maturity of the Investment Portfolio 8.07% 7.94%

Expected Investment Return 8.89% 8.75%

Guaranteed Rate of Return 8.80% 8.75%

ii) Gratuity

The Company makes annual contributions to the Gratuity Trust managed by the Company, a funded defined benefit plan for qualifying employees. The scheme provides for lump sum payment to vested employees at retirement / termination / resignation / death / disablement of employees. The employee has to be confirmed and to be in continuous service for minimum 5 years in Tata International Limited. The Quantum of Gratuity is calculated as under:



INTERN ATIONAL

82

Number of completed Years of Service

Less than 15 1/2 ( One-half ) month's salary, for every completed year of service

15 to 19 3/4 ( Three-fourth ) month's salary, for every completed year of service

20 1 ( One ) month's salary, for every completed year of service

Exceeding 20 20 (Twenty) months’ salary plus 1/2 (One - half ) month’s salary, for every completed year of service in excess of 20 (Twenty) completed years of service, so however that the aggregate of the foregoing two amounts does not exceed 30 (Thirty) months’ salary.

Defined Benefit Plans - as per Actuarial Valuation on 31 March 2016

Amount in ₹ lakhs

Gratuity (Funded)

Gratuity (Funded)

2016 2015

I Changes in Defined Benefit Obligation during the Year

Present Value of Defined Obligation at the beginning of the Year 1,530.96 1,395.90

Current Service Cost 90.47 79.35

Liability transferred In/Acquisitions 5.31 -

Interest Cost 121.86 129.93

Actuarial (Gain) / Loss on Defined Benefit Obligation 163.08 208.98

Benefits paid (250.70) (283.20)

Present Value of Defined Benefit Obligation at the end of the Year 1,660.99 1,530.96

II Changes in the Fair Value of Plan Assets during the Year

Fair Value of the Plan Assets at the Beginning of the Year 1,604.42 1,483.44

Expected return on Plan Assets 127.71 139.04

Contributions 52.73 279.35

Transfer from Other Companies 5.31 -

Benefits paid (250.70) (283.20)

Actuarial Gain / (Loss) on Plan Assets (3.86) (14.22)

Fair Value of Plan Assets at the end of the Year 1,535.61 1,604.42

Excess of ( obligation over plan assets) / plan assets over obligation (125.37) 73.46

(Accrued Liability ) / Prepaid Benefit (125.37) 73.46

III Net Asset / (Liability) recognised in the Balance Sheet as at 31st March

Present Value of Defined Benefit Obligation at the end of the Year (1,660.99) (1,530.96)


83

Net Asset / (Liability) as at 31st March (Refer table below) (125.37) 73.46

Amount paid to Tata International Limited Gratuity Trust (included in Note 18) - 119.80

Amount payable to TATA International Limited Gratuity Trust / LIC (included in Note 9) (125.37) (46.35)

Net Asset / (Liability) as at 31st March (125.37) 73.45

IV Expense recognised in the Statement of Profit and Loss for the year ended 31st March


Interest cost 121.86 129.93

Expected Return on plan assets for the period (127.71) (139.04)

Net Actuarial (Gain)/ Loss 166.96 228.95

Expenses Recognised in Statement of Profit and Loss 251.58 299.18

V Actual Return on Plan Assets

Expected Return on plan assets for the period 127.71 139.04


Actual Return on Plan Assets 123.85 124.82

VI Amount of each category of Plan Assets to total Fair Value of Plan Assets

Special Deposits Scheme 279.04 279.04

Central Government / State Government Securities, Bonds issued by Public Financial Institutions

936.63 1,162.74

Balances in Savings & Current Accounts with Banks 255.04 162.25

Others 64.88 0.38

Total 1,535.60 1,604.42

VII Actuarial Assumptions % %

Discount Rate 8.07 7.96

Expected Rate of Return on Plan Assets 8.07 7.96

Salary Escalation Rate 5.00 5.00

Attrition Rate 2.00 2.00

VIII Experience Adjustment 2015-16 2014-15 2013-14 2012-13 2011-12

Experience Adjustment on plan Liabilities [(Gain)/ Loss]

175.39 86.70 34.64 (42.99) 56.88

Experience Adjustment on plan Assets [Gain/ (Loss)]

(3.87) (14.10) (10.00) (12.08) (2.88)

Total 171.51 72.60 24.64 (55.07) 54.00



INTERN ATIONAL

84

IX The contribution expected to be made by the Company during the financial year 2016-17 has not been ascertained.

Basis used to determine expected rate of return on assets:- Based on expectation of the average long term rate of return expected on Investment of the fund, during the estimated term of obligation.

The estimate of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

B. Defined Contribution Plans:

The Company makes contributions to Family Pension Fund, Superannuation Fund, ESIC contribution to Defined contribution retirement benefit plans for qualifying employees. Under the schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. Company’s contribution paid / payable during the year to Family Pension Fund and ESIC are recognized in Statement of Profit and Loss. These amounts are recognized as an expense and included in Note 23 ‘Employee Benefit Expenses’ under the heading ‘Contribution to Provident and other funds ‘.

The Company has recognized the following amounts in the Statement of Profit and Loss for the year:

Particulars 2015-16 2014-15

Contribution to Employees’ Family Pension Fund 167.85 133.70

Contribution to Employees’ Superannuation Fund 43.73 45.74

Employees’ State Insurance Scheme 109.10 121.80

39 Jointly Controlled Entities by the Company

Name of the Entity Country of Incorporation

% Holding

1 Tata International DLT Private Ltd. India 50.00%

2 Tata Precision Industries (India) Ltd. India 50.00%

3 Tata International Wolverine Brands Limited (TIWBL) India 50.00%

4 Tata International GST AutoLeather Limited * India 50.00%

* Incorporated as on 13th March, 2014.

The proportionate share of assets and liabilities as at March 31, 2016 and income and expenditure for year 2015-16, as per their Audited Financial Statements (Unaudited in case of TIWBL) are given below :

Particulars Amount in ₹ lakhs

2015-16 2014-15

A. Assets

1 Non-current Assets

Fixed Assets 1,855.23 1,801.49

Deferred Tax Asset 99.46 122.25

Long Term Loans and Advances 51.72 49.30

85

2 Current Assets

Current Investments 27.17 10.30

Inventories 1,144.70 986.64

Trade Receivables 1,376.08 1,261.47

Cash 5.79 44.10

Short term loans and advances 212.02 235.89

Other current assets 56.44 77.17

4,828.62 4,588.62

B Liabilities

3 Non Current Liabilities

Long Term Borrowings 408.27 438.86

Deferred Tax Liabilities (Net) 16.01 -

Other Long Term Liabilities - -

Long Term Provisions 9.81 9.98

4 Current Liabilities

Short-term Borrowings 665.42 842.86

Trade Payables 1,749.55 1,366.87

Other Current Liabilities 459.74 560.09

Short-term Provisions 654.13 565.49

3,962.93 3,784.16

Amount in ₹ lakhs

2015-16 2014-15

C Income

Revenue from Operations 9,978.66 7,804.81

Excise Duty 864.07 45.45

Net Sales 9,114.58 7,759.36

Other Operating Revenues

Other Income 85.89 122.31



INTERN ATIONAL

86

D Expenses

Cost of Materials consumed 6,917.26 6,117.77

Purchase of Stock in Trade 116.10 44.33

Change in Inventories of finished goods work in progress and Stock in trade

88.48 362.35

Employee Benefit Expense 469.03 554.08

Finance Costs 172.46 183.11

Depreciation and Amortization expense 91.38 131.14

Other Expenses 1,037.48 1,274.99

Provision taxation 146.07 106.42

E Other Matters

Contingent Liabilities 118.34 23.66

Capital Commitment 1.09 2.67

40 Details of sales in respect of manufactured and traded goods

Amount in ₹ lakhs

Class of goods 2015-16 2014-15

Leather & Leather Products 85,519.78 87,596.97

Metals 33,654.91 42,853.91

Bicycle and Other Distribution Products 9,767.17 8,820.95

Minerals 5,178.15 5,371.14

Agro Commodities 15,313.49 4,597.92

Others 3,301.24 2,331.88

152,734.74 151,572.77

41 (a) Consumption of Raw Material

Amount in ₹ lakhs

2015-16 2014-15

₹ lakhs % of Consumption

₹ lakhs % of Consumption

Imported 24,340.41 38.57% 19,351.61 26.53%

Indigenous 38,760.02 61.43% 53,586.21 73.47%

63,100.43 100.00% 72,937.82 100.00%

87

(b) Break-up of Raw Material Consumed

Amount in ₹ lakhs

Class of goods 2015-16 2014-15

Leather 39,366.94 48,587.54

Leather - Chemicals 8,768.91 9,511.60

Metals 7,810.77 8,396.85

Bicycle components 6,288.05 6,441.83

Agro Commodities 865.76 -

63,100.43 72,937.82

Note:

The consumption in value has been ascertained on the basis of opening stock plus purchases less closing stock and includes the adjustment of excesses/ shortages as ascertained on physical count and write-off of obsolete raw materials.

(c) Consumption of Stores and Spares:

Amount in ₹ lakhs

For the year ended 31 March, 2016 For the year ended 31 March, 2015

2015-16 % of Consumption

2014-15 % of Consumption

Imported 4,279.65 34.38% 3,061.37 25.61%

Indigenous 8,167.26 65.62% 8,890.28 74.39%

12,446.91 100.00% 11,951.65 100.00%

(d) CIF Value of Imports:

Amount in ₹ lakhs

For the year ended 31st March 2016


(i) Raw Materials 28,206.95 22,704.97

(ii) Components, Stores and Spare Parts 3,835.98 3,177.17

(iii) Capital Goods 984.54 145.56

(iv) Trading Goods 28,235.19 10,649.63

61,262.67 36,677.33



INTERN ATIONAL

88

(e) Earnings in Foreign Exchange:

Amount in ₹ lakhs



(i) Export of goods calculated on FOB basis 91,956.40 101,210.36

(ii) Charges Recovered 401.54 19.59

(iii) Interest 26.93 -

(iv) Dividends - 1,997.42

(v) Others 2,659.36 2,848.23

(f) Expenditure in Foreign Currency:

Amount in ₹ lakhs



(i) Commission 1,860.99 2,216.43

(ii) Professional fees 225.73 346.58

(iii) Foreign travel 292.05 157.36

(iv) Interest 224.84 243.56

(v) Payment on other accounts 569.69 1,283.83

42 The outstanding forward contracts as on 31 March 2016

The export receivables/customer purchase orders of the Company have been hedged by forward contracts as follows-

Foreign Currency (in lakhs)

Amount in ₹ lakhs

Forward Contracts USD 380.88 (313.51)

25,175.75 (19,600.10)

Forward Contracts EUR 86.63 (150.26)

6,502.21 (10,144.30)

Forward Contracts AUD 0.37

-

18.83

-

Total 31,696.79 (29,744.40)

Forward contracts against creditors/vendor purchase orders of the Company outstanding as on 31 March 2016

Foreign Currency (in lakhs)

Amount in ₹ lakhs

Forward Contracts USD 29.38 (USD 46.05)

1,941.66 (2,882.48)

89

43 Net unhedged Foreign Currency as on 31 March 2016:

Amount in lakhs

USD GBP Euro VND ZAR Taka AED BIRR HKD THB

Receivables 109.44 0.04 16.01

141.71 0.13 18.58

Payables 238.29 0.21 14.29 0.11 0.21

168.92 0.21 6.14 0.02 0.04

Advances made 61.59 0.07 7.83 41.19 0.64

45.06 0.17 3.32

Dividend receivable

386.45

Advances received 11.37 0.05 0.26

6.16 0.03 0.13

Balance with Banks 0.66 476.69 4.75 0.62 0.83

0.55 250.53 4.75 2.07 0.85

Packing credit in Foreign Currency

11.70 3.03

9.48

Buyer’s Credit

129.21 12.12 1.56

External Commercial Borrowing (refer note below)

43.55

54.60

Total Net Exposures (133.22) (0.15) 6.27 476.69 41.19 4.75 - 0.62 0.53 0.62

(181.03) (12.06) 14.07 250.53 386.45 4.75 (0.02) 2.07 (0.04) 0.85

Note: The Company has borrowed under an External Commercial Borrowing loan agreement (ECB) with interest linked to 3 Month Libor, for which the company has taken a Interest Rate Swap contract (floating to fixed). Under this contract, the Company receives floating interest rate on US Dollar notional and pays fixed interest rate in US Dollar notional.

44 (a) Related Party Disclosures

(A) Holding Company

1 Tata Sons Limited

Related Parties where control exists



INTERN ATIONAL

90

(B) Subsidiaries

1 Tata Africa Holdings (SA) (Proprietary) Limited

2 Tata South-East Asia Limited

3 Tata West Asia FZE

4 Tata Africa Holdings (Ghana) Limited

5 Tata Africa Holdings (Kenya) Limited

6 Tata Africa Holdings (Tanzania) Limited

7 Tata Africa Services (Nigeria) Limited

8 Tata Africa Steel Processors (Proprietary) Limited

9 Tata Automobile Corporation (SA) (Proprietary) Limited

10 Tata Holdings Mocambique Limitada

11 Tata De Mocambique, Limitada

12 Tata Uganda Limited

13 Tata Zambia Limited

14 Tata Zimbabwe (Private) Limited

15 Blackwood Hodge Zimbabwe (Private) Limited

16 Cometal, S.A.R.L.

17 Pamodzi Hotels Plc

18 Tata Africa (Senegal) S.A.R.L.

19 TIL Leather Mauritius Limited

20 Bachi Shoes Limited

21 Euro shoe components Limited

22 Move on Componentes e calcado,S.A.

23 Calsea Footwear Private Limited

24 Drive India Enterprise Solutions Limited

25 Tata International Trading Brasil Ltda

26 Tata International Singapore Pte Limited

27 Monroa Portugal, Comércio E Serviços, Unipessoal LDA

28 Move On Retail Spain, S.L.

29 Tahl ( Mauritius) Power Projects Limited

30 Tahl ( Mauritius) Mining Projects Limited

31 Tata Africa Cote D’Ivoire SARL

32 M’Pumalanga Mining Resources S.A

33 Tata International Metals (Americas) Limited

34 Tata International Metals (Asia) Limited

35 Tata International Metals (UK) Limited

91

36 Tata South East Asia (Cambodia ) Limited

37 TAH Pharmaceuticals Ltd.

38 Alliance Motors Ghana Limited

39 Industrial Steels Limited

40 Tata International West Asia DMCC (incorporated on 18 November 2014)

41 Unitech Motors S A (with effect from 23 March 2015)

42 Motor-Hub East Africa Limited (w.e.f. 29.05.2015)

(C ) Other related parties where transactions have taken place during the year

(a) Fellow Subsidiaries

1 Tata AIG General Insurance Company Limited

2 Tata AIA Life Insurance Company Limited (formerly Tata AIG Life Insurance Company Limited)

3 Ewart Investments Limited

4 Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited)

5 Tata Consultancy Services Limited

6 Tata Industries Limited

7 Tata Capital Financial Services Limited

8 Automotive Stampings and Assemblies Limited

9 Tata Autocomp Systems Limited

10 Tata Toyo Radiator Limited

11 CMC Limited (Amalgamated with Tata Consultancy Services Limited wef 01.10.2015)

12 Tata Asset Management Limited

13 Tata Capital Limited

14 Tata Autocomp Hendrickson Suspensions Private Limited (formerly Taco Hendrickson Suspensions Private Limited)

15 Tata SIA Airlines Limited

16 Tata Limited

17 Tata Investment Corporation Limited

(b) Joint Ventures

1 Tata International DLT Private Limited

2 Tata International Wolverine Brands Limited

3 Tata Precision Industries (India) Limited

4 Tata International GST AutoLeather Limited

(c) Associates

1 Tata Ceramics Limited

(d) Key Management Personnel

1 Managing Director - Mr Noel Tata



INTERN ATIONAL

92

44 (b) Related Party Transactions

(₹ in lakhs)

Transaction Year Subsidiaries Fellow Subsidiaries Joint Ventures

Holding Company

Key Management

PersonnelPurchases of goods 2015-16 18,654.33 - - - -

2014-15 5,631.68 - - - -Sale of goods 2015-16 3,910.44 194.17 244.26 - -

2014-15 2,663.24 129.11 0.72 0.19 -Receiving of Services 2015-16 110.14 145.83 - 23.69 -

2014-15 176.55 212.17 2.08 9.82 -Rendering of Services (excluding service tax) 2015-16 956.00 - 22.64 - -

2014-15 6.74 11.69 61.80 1.37 -Brand Equity Expense 2015-16 - - - 493.00 -

2014-15 - - - 40.00 -Rental Income 2015-16 - - 19.10 - -

2014-15 - - 18.86 - -Advance settled during the year 2015-16 - - - - -

2014-15 - - - - -Interest/ Dividend Expense 2015-16 - 42.12 - 167.40 -

2014-15 - 42.12 - 167.40 -Interest / Dividend Income 2015-16 693.32 15.29 42.70 354.48 -

2014-15 2,092.72 58.26 - 118.16 -Claims 2015-16 63.51 - - - -

2014-15 155.14 - - - -Other Income 2015-16 - 0.02 - - -

2014-15 - - 7.74 - -Purchase of equity shares 2015-16 - - - - -

2014-15 - - 63.00 - -Commission Expense 2015-16 633.21 - - - -

2014-15 828.03 - - - -Reimbursement of expenses 2015-16 59.48 119.42 2.31 - -

2014-15 44.80 - 5.59 - -Recovery of Expenses 2015-16 934.91 5.61 33.88 62.44 -

2014-15 310.53 11.32 41.30 87.61 -Managerial Remuneration 2015-16 - - - - 60.00

2014-15 - - - - 236.76Amount Receivable 2015-16 6,720.74 36.20 122.26 113.88 225.39

2014-15 4,907.93 37.75 263.31 131.37 -Amount Payable 2015-16 9,988.90 13.25 - 4.16 -

2014-15 5,705.30 13.41 - 0.46 -Loan Given outstanding 2015-16 - - - - -

2014-15 11.61 - - - -Advance Received outstanding 2015-16 - - - - -

2014-15 4.22 - - - -Advance Given outstanding 2015-16 - - - - -

2014-15 319.35 12.21 - - -Sale of assets 2015-16 - - - - -

2014-15 - - - - -Commission Income 2015-16 184.11 - - - -

2014-15 - - - - -Guarantee Commission Income 2015-16 1,550.20 - - - -

2014-15 939.83 - - - -Loan Converted into Equity 2015-16 - - - - -

2014-15 1,184.95 - - - -Deposit taken 2015-16 - - - - -

2014-15 - 12.31 - - -Dividend Receivable 2015-16 - - - - -

2014-15 1,997.42 - - - -Sale of Non current investment 2015-16 24,758.29 2,620.16 - 6,912.28 -

2014-15 - - - - -Purchase of non current investment 2015-16 - - 27.00 - -

2014-15 - - - - -Purchase of capital goods 2015-16 - 163.84 - - -

2014-15 - - - - -

93

44

(c) R

elat

ed P

arty

Tra

nsac

tion

s

(₹ in

lakh

s)

Subs

idia

ries

Cals

ea F

ootw

ear

Priv

ate

Lim

ited

Driv

e In

dia

Ente

rpris

e So

lutio

ns

Lim

ited

Euro

sho

e Co

mpo

nent

s Li

mite

d

Mov

e O

n Co

mpo

nent

es E

Ca

lcad

o, S

.A.

Pam

odzi

Hot

els

Plc

TATA

Afr

ica

Hol

ding

s (K

enya

) Li

mite

d

Tata

Afr

ica

Hol

ding

s (S

A) (

Prop

rieta

ry)

Lim

ited

Tata

Afr

ica

Serv

ices

(N

iger

ia) L

imite

d

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

9.8

7 1

5.23

-

- 1

,995

.64

1,6

24.6

0 -

- -

- -

- -

- -

-

Sale

of g

oods

1,75

7.26

5

49.3

7 -

- -

3.9

9 7

.88

38.

82

- -

- -

- -

- -

Rece

ivin

g of

Ser

vice

s -

- 2

2.64

1

36.8

3 7

9.93

-

- -

- -

- -

- -

- -

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) -

- -

- -

- -

- -

- 2

6.39

-

- -

6.0

2 -

Bran

d Eq

uity

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Rent

al In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Adva

nce

sett

led

durin

g th

e ye

ar -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ Div

iden

d Ex

pens

e -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ D

ivid

end

Inco

me

- -

- -

69.

81

95.

30

- -

- -

- -

- 1

,997

.42

- -

Clai

ms

- -

- -

- 9

.71

- -

- -

- -

- -

- -

Oth

er In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of e

quity

sha

res

- -

- -

- -

- -

- -

- -

- -

- -

Com

mis

sion

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Reim

burs

emen

t of e

xpen

ses

- -

- -

- -

0.3

0 8

.08

- -

- -

- -

- -

Reco

very

of E

xpen

ses

22.

43

0.4

5 -

- 4

.38

- 1

4.00

1

8.13

-

- 2

9.77

-

227

.71

126

.15

31.

45

10.

14

Man

ager

ial R

emun

erat

ion

- -

- -

- -

- -

- -

- -

- -

- -

Am

ount

Rec

eiva

ble

2,50

1.20

6

70.6

9 -

- 4

.12

3.9

9 3

0.62

4

0.08

-

- 9

.85

- 1

82.5

6 2

,001

.69

23.

64

-

Am

ount

Pay

able

12.

15

23.

12

- 1

0.10

6

95.1

5 4

08.4

9 0

.30

- -

- -

- -

- -

-

Loan

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

- -

- -

- -

- -

0.6

3 -

- -

- -

-

Adv

ance

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Sale

of a

sset

s -

- -

- -

- -

- -

- -

- -

- -

-

Com

mis

sion

Inco

me

- -

- -

- -

- -

- -

- -

- -

- -

Gua

rant

ee C

omm

issi

on In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Loan

Con

vert

ed in

to E

quity

- -

- -

- -

- -

- -

- -

- -

- -

Dep

osit

take

n -

- -

- -

- -

- -

- -

- -

- -

-

Div

iden

d Re

ceiv

able

- -

- -

- -

- -

- -

- -

- 1

,997

.42

- -

Sale

of N

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of n

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of c

apita

l goo

ds -

- -

- -

- -

- -

- -

- -

- -

-



INTERN ATIONAL

94

Subs

idia

ries

Tata

Inte

rnat

iona

l Si

ngap

ore

Pte

Lim

ited

Tata

Sou

th E

ast A

sia

(Cam

bodi

a) L

imite

dTa

ta S

outh

-Eas

t Asi

a Li

mite

dTa

ta U

gand

a Li

mite

dTa

ta W

est A

sia

FZE

Tata

Zam

bia

Lim

ited

Tata

Inte

rnat

iona

l M

etal

s (A

sia)

Lim

ited

Mon

roa

Port

ugal

, Co

mér

cio

E Se

rviç

os,

Uni

pess

oal L

DA

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

14,8

45.9

4 3,

518.

93

- -

373

.91

472

.93

- -

- -

66.

13

- 1

,343

.58

- -

-

Sale

of g

oods

- -

- -

917.

34 1

,606

.69

- -

- 0

.14

114

.18

102

.71

- -

- -

Rece

ivin

g of

Ser

vice

s -

- -

- -

0.3

8 -

- -

39.

33

- -

7.5

7 -

- -

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) 5

25.7

7 -

- -

- -

21.

14

- -

- 2

1.14

-

222

.28

- -

-

Bran

d Eq

uity

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Rent

al In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Adva

nce

sett

led

durin

g th

e ye

ar -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ Div

iden

d Ex

pens

e -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ D

ivid

end

Inco

me

26.9

3 -

- -

- -

- -

- -

- -

- -

- -

Clai

ms

15.

08

- -

- 4

6.23

1

45.4

3 -

- -

- 2

.19

- -

- -

-

Oth

er In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of e

quity

sha

res

- -

- -

- -

- -

- -

- -

- -

- -

Com

mis

sion

Exp

ense

- -

- -

633

.21

823

.79

- -

- -

- -

- 4

.24

- -

Reim

burs

emen

t of e

xpen

ses

- -

- -

59.

18

31.

91

- -

- -

- -

- 0

.02

- -

Reco

very

of E

xpen

ses

387.

43 6

7.28

0

.19

- 3

5.27

2

9.59

1

9.77

-

- 0

.25

25.

18

12.

25

5.2

1 1

2.05

4

.17

8.4

6

Man

ager

ial R

emun

erat

ion

- -

- -

- -

- -

- -

- -

- -

- -

Am

ount

Rec

eiva

ble

3,0

49.5

3 9

43.7

1 0

.19

0.6

6 1

46.4

9 6

90.8

0 5

.24

- -

316

.07

83.

45

105

.93

38.

09

- 5

2.97

5

0.81

Am

ount

Pay

able

8,4

90.4

7 4,

191.

34

- -

638.

83 9

60.8

2 -

- -

100

.91

63.

79

- 3

.29

8.3

3 -

-

Loan

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

11.

61

- -

- -

- -

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- 3

38.4

4 3

19.3

5 -

- -

-

Sale

of a

sset

s -

- -

- -

- -

- -

- -

- -

- -

-

Com

mis

sion

Inco

me

184

.11

- -

- -

- -

- -

- -

- -

- -

-

Gua

rant

ee C

omm

issi

on In

com

e 1

,550

.20

939

.83

- -

- -

- -

- -

- -

- -

- -

Loan

Con

vert

ed in

to E

quity

- -

- -

- -

- -

- 1

,184

.95

- -

- -

- -

Dep

osit

take

n -

- -

- -

- -

- -

- -

- -

- -

-

Div

iden

d Re

ceiv

able

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of N

on c

urre

nt in

vest

men

t24

,758

.29

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of n

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of c

apita

l goo

ds -

- -

- -

- -

- -

- -

- -

- -

-

95

Subs

idia

ries

Tata

De

Moc

ambi

que,

Li

mita

daTa

ta In

tern

atio

nal

Met

als

(Am

eric

as)

Lim

ited

Tata

Inte

rnat

iona

l M

etal

s (U

K) L

imite

dTa

ta A

fric

a H

oldi

ngs

(Gha

na) L

imite

dTa

ta A

fric

a (C

ote

D’Iv

oire

) SA

RLTa

ta A

fric

a H

oldi

ngs

(Tan

zani

a) L

imite

dBa

chi S

hoes

Lim

ited

Tata

Afr

ica

(Sen

egal

) S.

A.R

.L.

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

- -

- -

- -

- -

- -

- -

19.

26

- -

-

Sale

of g

oods

- -

1,0

89.9

4 -

- 3

33.0

3 -

- -

- -

- 2

3.83

2

8.49

-

-

Rece

ivin

g of

Ser

vice

s -

- -

- -

- -

- -

- -

- -

- -

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) -

- 5

9.17

-

68.

08

6.7

4 -

- -

- 6

.02

- -

- -

-

Bran

d Eq

uity

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Rent

al In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Adva

nce

sett

led

durin

g th

e ye

ar -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ Div

iden

d Ex

pens

e -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ D

ivid

end

Inco

me

- -

- -

- -

- -

- -

- -

596

.59

- -

-

Clai

ms

- -

- -

- -

- -

- -

- -

- -

- -

Oth

er In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of e

quity

sha

res

- -

- -

- -

- -

- -

- -

- -

- -

Com

mis

sion

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Reim

burs

emen

t of e

xpen

ses

- -

- -

- 3

.00

- 1

.78

- -

- -

- -

- -

Reco

very

of E

xpen

ses

19.

15

- 2

.25

1.2

0 1

.94

2.0

2 2

6.95

-

4.0

1 0

.07

45.

02

21.

99

0.9

3 -

5.2

2 -

Man

ager

ial R

emun

erat

ion

- -

- -

- -

- -

- -

- -

- -

- -

Am

ount

Rec

eiva

ble

10.

70

- 1

73.3

6 -

14.

03

80.

40

2.0

7 -

2.9

5 0

.07

20.

38

- 2

3.86

2

.53

3.2

8 -

Am

ount

Pay

able

- -

- -

- -

- -

- -

3.4

8 -

1.0

5 2

.18

- -

Loan

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

- -

- -

- -

- -

- -

3.4

8 -

0.1

2 -

-

Adv

ance

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Sale

of a

sset

s -

- -

- -

- -

- -

- -

- -

- -

-

Com

mis

sion

Inco

me

- -

- -

- -

- -

- -

- -

- -

- -

Gua

rant

ee C

omm

issi

on In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Loan

Con

vert

ed in

to E

quity

- -

- -

- -

- -

- -

- -

- -

- -

Dep

osit

take

n -

- -

- -

- -

- -

- -

- -

- -

-

Div

iden

d Re

ceiv

able

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of N

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of n

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of c

apita

l goo

ds -

- -

- -

- -

- -

- -

- -

- -

-



INTERN ATIONAL

96

Subs

idia

ries

Subs

idia

ries

Sum

of

2015

-16

Subs

idia

ries

Sum

of

2014

-15

Fello

w S

ubsi

diar

ies

Tata

Aut

omob

ile

Corp

orat

ion

(SA

) (P

ropr

ieta

ry) L

imite

d

Blac

kwoo

d H

odge

Zi

mba

bwe

(Priv

ate)

Li

mite

d

Tata

Inte

rnat

iona

l W

est A

sia

DM

CC

(w.e

.f. 0

6.11

.201

4)

Tata

Afr

ica

Stee

l Pr

oces

sors

(P

ropr

ieta

ry)

Lim

ited

Auto

mot

ive

Stam

ping

s an

d A

ssem

blie

s Li

mite

d

Ewar

t Inv

estm

ents

Li

mite

d Ta

ta A

IA L

ife

Insu

ranc

e Co

mpa

ny

Lim

ited

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

- -

- -

- -

- -

18,

654.

33

5,6

31.6

8 -

- -

- -

-

Sale

of g

oods

- -

- -

- -

- -

3,91

0.44

2,6

63.2

4 -

1.7

0 -

- -

-

Rece

ivin

g of

Ser

vice

s -

- -

- -

- -

- 1

10.1

4 1

76.5

5 -

- -

- -

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) -

- -

- -

- -

- 9

56.0

0 6

.74

- -

- -

- 0

.69

Bran

d Eq

uity

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Rent

al In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Adva

nce

sett

led

durin

g th

e ye

ar -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ Div

iden

d Ex

pens

e -

- -

- -

- -

- -

- -

- -

25.

00

- -

Inte

rest

/ D

ivid

end

Inco

me

- -

- -

- -

- -

693.

32 2

,092

.72

- -

- -

- -

Clai

ms

- -

- -

- -

- -

63.

51

155

.14

- -

- -

- -

Oth

er In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of e

quity

sha

res

- -

- -

- -

- -

- -

- -

- -

- -

Com

mis

sion

Exp

ense

- -

- -

- -

- -

633

.21

828

.03

- -

- -

- -

Reim

burs

emen

t of e

xpen

ses

- -

- -

- -

- -

59.

48

44.

80

- -

- -

- -

Reco

very

of E

xpen

ses

19.

56

- 2

.05

- -

0.5

0 0

.86

- 93

4.91

310

.53

- -

- -

- -

Man

ager

ial R

emun

erat

ion

- -

- -

- -

- -

- -

- -

- -

- -

Am

ount

Rec

eiva

ble

6.5

2 -

0.4

8 -

- 0

.50

0.8

6 -

6,72

0.74

4

,907

.93

- -

- -

- -

Am

ount

Pay

able

- -

- -

- -

- -

9,98

8.90

5,7

05.3

0 -

- -

- -

-

Loan

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

11.

61

- -

- -

- -

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

- -

- -

- -

- -

4.2

2 -

- -

- -

-

Adv

ance

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

319

.35

- -

- -

- -

Sale

of a

sset

s -

- -

- -

- -

- -

- -

- -

- -

-

Com

mis

sion

Inco

me

- -

- -

- -

- -

184

.11

- -

- -

- -

-

Gua

rant

ee C

omm

issi

on In

com

e -

- -

- -

- -

- 1

,550

.20

939

.83

- -

- -

- -

Loan

Con

vert

ed in

to E

quity

- -

- -

- -

- -

- 1

,184

.95

- -

- -

- -

Dep

osit

take

n -

- -

- -

- -

- -

- -

- -

- -

-

Div

iden

d Re

ceiv

able

- -

- -

- -

- -

- 1

,997

.42

- -

- -

- -

Sale

of N

on c

urre

nt in

vest

men

t -

- -

- -

- -

- 2

4,75

8.29

-

- -

- -

- -

Purc

hase

of n

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of c

apita

l goo

ds -

- -

- -

- -

- -

- -

- -

- -

-

97

Fello

w S

ubsi

diar

ies

Tata

AIG

Gen

eral

In

sura

nce

Com

pany

Li

mite

d

Tata

Aut

ocom

p Sy

stem

s Li

mite

dTa

ta C

apita

l Fin

anci

al

Serv

ices

Lim

ited

Tata

Con

sulta

ncy

Serv

ices

Lim

ited

Tata

Con

sulti

ng

Engi

neer

s Li

mite

d Ta

ta In

dust

ries

Lim

ited

CMC

Lim

ited

(Am

alga

mat

ed

with

TCS

Ltd

. w.e

.f.

01.0

4.20

15)

Tata

SIA

Airl

ines

Li

mite

d

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of g

oods

- -

- -

- -

186

.42

127

.41

- -

- -

- -

3.0

5 -

Rece

ivin

g of

Ser

vice

s 2

4.90

1

3.89

0

.48

- -

- 8

6.36

1

80.0

4 -

- -

- 3

4.10

1

8.24

-

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) -

0.6

9 -

- -

2.7

5 -

6.1

8 -

- -

1.3

7 -

- -

-

Bran

d Eq

uity

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Rent

al In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Adva

nce

sett

led

durin

g th

e ye

ar -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ Div

iden

d Ex

pens

e -

- -

- -

- -

- -

- 1

7.12

1

7.12

-

- -

-

Inte

rest

/ D

ivid

end

Inco

me

- -

- -

- -

15.

29

58.

26

- -

- -

- -

- -

Clai

ms

- -

- -

- -

- -

- -

- -

- -

- -

Oth

er In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of e

quity

sha

res

- -

- -

- -

- -

- -

- -

- -

- -

Com

mis

sion

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Reim

burs

emen

t of e

xpen

ses

- -

- -

- -

- -

- -

- -

- -

- -

Reco

very

of E

xpen

ses

- -

- -

- -

- -

5.6

1 1

1.32

-

- -

- -

-

Man

ager

ial R

emun

erat

ion

- -

- -

- -

- -

- -

- -

- -

- -

Am

ount

Rec

eiva

ble

0.0

0 0

.36

- -

- -

30.

59

37.

38

5.6

1 -

- -

- -

- -

Am

ount

Pay

able

(6.5

4) -

- -

- -

19.

79

13.

41

- -

- -

- -

- -

Loan

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Giv

en o

utst

andi

ng -

12.

21

- -

- -

- -

- -

- -

- -

- -

Sale

of a

sset

s -

- -

- -

- -

- -

- -

- -

- -

-

Com

mis

sion

Inco

me

- -

- -

- -

- -

- -

- -

- -

- -

Gua

rant

ee C

omm

issi

on In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Loan

Con

vert

ed in

to E

quity

- -

- -

- -

- -

- -

- -

- -

- -

Dep

osit

take

n -

- -

- -

- -

12.

31

- -

- -

- -

- -

Div

iden

d Re

ceiv

able

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of N

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of n

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of c

apita

l goo

ds -

- -

- -

- 1

63.8

4 -

- -

- -

- -

- -



INTERN ATIONAL

98

Fello

w S

ubsi

diar

ies

Fello

w

Subs

idia

ries

Sum

of

2015

-16

Fello

w

Subs

idia

ries

Sum

of

2014

-15

Join

t Ven

ture

s

Tata

Ass

et

Man

agem

ent

Lim

ited

Tata

Cap

ital L

imite

d Ew

art I

nves

tmen

ts

Lim

ited

Tata

Aut

ocom

p H

endr

icks

on

Susp

ensi

ons

Priv

ate

Lim

ited

(form

erly

Ta

co H

endr

icks

on

Susp

ensi

ons

Priv

ate

Lim

ited)

Tata

Lim

ited

Tata

Inve

stm

ent

Corp

orat

ion

Lim

ited

Tata

Inte

rnat

iona

l D

LT P

rivat

e Li

mite

d

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of g

oods

- -

- -

- -

4.7

0 -

- -

- -

194

.17

129

.11

0.4

4 -

Rece

ivin

g of

Ser

vice

s -

- -

- -

- -

- -

- -

- 1

45.8

3 2

12.1

7 -

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) -

- -

- -

- -

- -

- -

- -

11.

69

- -

Bran

d Eq

uity

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Rent

al In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Adva

nce

sett

led

durin

g th

e ye

ar -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ Div

iden

d Ex

pens

e -

- -

- 2

5.00

-

- -

- -

- -

42.

12

42.

12

- -

Inte

rest

/ D

ivid

end

Inco

me

- -

- -

- -

- -

- -

- -

15.

29

58.

26

42.

70

-

Clai

ms

- -

- -

- -

- -

- -

- -

- -

- -

Oth

er In

com

e 0

.02

- -

- -

- -

- -

- -

- 0

.02

- -

-

Purc

hase

of e

quity

sha

res

- -

- -

- -

- -

- -

- -

- -

- -

Com

mis

sion

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Reim

burs

emen

t of e

xpen

ses

- -

- -

- -

- -

119

.42

- -

- 1

19.4

2 -

- -

Reco

very

of E

xpen

ses

- -

- -

- -

- -

- -

- -

5.6

1 1

1.32

2

7.57

2

1.43

Man

ager

ial R

emun

erat

ion

- -

- -

- -

- -

- -

- -

- -

- -

Am

ount

Rec

eiva

ble

- -

- -

- -

- -

- -

- -

36.

20

37.

75

1.9

2 1

.57

Am

ount

Pay

able

- -

- -

- -

- -

- -

- -

13.

25

13.

41

- -

Loan

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

12.

21

- -

Sale

of a

sset

s -

- -

- -

- -

- -

- -

- -

- -

-

Com

mis

sion

Inco

me

- -

- -

- -

- -

- -

- -

- -

- -

Gua

rant

ee C

omm

issi

on In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Loan

Con

vert

ed in

to E

quity

- -

- -

- -

- -

- -

- -

- -

- -

Dep

osit

take

n -

- -

- -

- -

- -

- -

- -

12.

31

- -

Div

iden

d Re

ceiv

able

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of N

on c

urre

nt in

vest

men

t -

- 4

76.4

7 -

- -

- -

- -

2,1

43.6

9 -

2,6

20.1

6 -

- -

Purc

hase

of n

on c

urre

nt in

vest

men

t -

- -

- -

- -

- -

- -

- -

- -

-

Purc

hase

of c

apita

l goo

ds -

- -

- -

- -

- -

- -

- 1

63.8

4 -

- -

99

Join

t Ven

ture

sJo

int

Vent

ures

Su

m o

f 20

15-1

6

Join

t Ve

ntur

es

Sum

of

2014

-15

Hol

ding

Com

pany

Hol

ding

Co

mpa

ny

Sum

of

2015

-16

Hol

ding

Co

mpa

ny

Sum

of

2014

-15

Key

Man

agem

ent

Pers

onne

lKe

y M

anag

emen

t Pe

rson

nel

Sum

of

2015

-16

Key

Man

agem

ent

Pers

onne

l Su

m o

f 20

14-1

5

Tata

Inte

rnat

iona

l W

olve

rine

Bran

ds

Lim

ited

Tata

Pre

cisi

on

Indu

strie

s (In

dia)

Li

mite

d

Tata

Inte

rnat

iona

l G

ST A

utoL

eath

er

Lim

ited

Tata

Son

s Li

mite

d

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of g

oods

- -

- -

243

.82

0.7

2 2

44.2

6 0

.72

- 0

.19

- 0

.19

- -

- -

Rece

ivin

g of

Ser

vice

s -

- -

2.0

8 -

- -

2.0

8 2

3.69

9

.82

23.

69

9.8

2 -

- -

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

ser

vice

tax)

- -

- -

22.

64

61.

80

22.

64

61.

80

- 1

.37

- 1

.37

- -

- -

Bran

d Eq

uity

Exp

ense

- -

- -

- -

- -

493

.00

40.

00

493

.00

40.

00

- -

- -

Rent

al In

com

e -

- 1

9.10

1

8.86

-

- 1

9.10

1

8.86

-

- -

- -

- -

-

Adva

nce

sett

led

durin

g th

e ye

ar -

- -

- -

- -

- -

- -

- -

- -

-

Inte

rest

/ Div

iden

d Ex

pens

e -

- -

- -

- -

- 1

67.4

0 1

67.4

0 1

67.4

0 1

67.4

0 -

- -

-

Inte

rest

/ D

ivid

end

Inco

me

- -

- -

- -

42.

70

- 3

54.4

8 1

18.1

6 3

54.4

8 1

18.1

6 -

- -

-

Clai

ms

- -

- -

- -

- -

- -

- -

- -

- -

Oth

er In

com

e -

- -

7.7

4 -

- -

7.7

4 -

- -

- -

- -

-

Purc

hase

of e

quity

sha

res

- -

- -

- 6

3.00

-

63.

00

- -

- -

- -

- -

Com

mis

sion

Exp

ense

- -

- -

- -

- -

- -

- -

- -

- -

Reim

burs

emen

t of e

xpen

ses

- -

2.3

1 5

.59

- -

2.3

1 5

.59

- -

- -

- -

- -

Reco

very

of E

xpen

ses

- 2

.82

0.1

4 -

6.1

6 1

7.04

3

3.88

4

1.30

6

2.44

8

7.61

6

2.44

8

7.61

-

- -

-

Man

ager

ial R

emun

erat

ion

- -

- -

- -

- -

- -

- -

60.

00

236

.76

60.

00

236

.76

Am

ount

Rec

eiva

ble

- 2

45.2

4 1

5.25

1

1.38

1

05.0

9 5

.12

122

.26

263

.31

113

.88

131

.37

113

.88

131

.37

225

.39

- 2

25.3

9 -

Am

ount

Pay

able

- -

- -

- -

- -

4.1

6 0

.46

4.1

6 0

.46

- -

- -

Loan

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

- -

- -

- -

- -

- -

- -

- -

-

Adv

ance

Giv

en o

utst

andi

ng -

- -

- -

- -

- -

- -

- -

- -

-

Sale

of a

sset

s -

- -

- -

- -

- -

- -

- -

- -

-

Com

mis

sion

Inco

me

- -

- -

- -

- -

- -

- -

- -

- -

Gua

rant

ee C

omm

issi

on In

com

e -

- -

- -

- -

- -

- -

- -

- -

-

Loan

Con

vert

ed in

to E

quity

- -

- -

- -

- -

- -

- -

- -

- -

Dep

osit

take

n -

- -

- -

- -

- -

- -

- -

- -

-

Div

iden

d Re

ceiv

able

- -

- -

- -

- -

- -

- -

- -

- -

Sale

of N

on c

urre

nt in

vest

men

t -

- -

- -

- -

- 6

,912

.28

- 6

,912

.28

- -

- -

-

Purc

hase

of n

on c

urre

nt

inve

stm

ent

- -

- -

27.

00

- 2

7.00

-

- -

- -

- -

- -

Purc

hase

of c

apita

l goo

ds -

- -

- -

- -

- -

- -

- -

- -

-



INTERN ATIONAL

100

45 Lease

Lease of assets under which all the risks and rewards of ownership are effectively retained by the lessor are classified as operating lease. Lease payments under operating leases are recognized as expense on straight line basis as per the lease agreements.

The Company has entered into cancellable leasing agreements for premises for period ranging between eleven months to five years which are renewable at mutual consent. Lease rentals aggregating to ₹ 849.34 lakhs are charged as rent to the Statement of Profit and Loss (As at 31 March 2015: ₹ 1120.54 lakhs).

(i) The Company has taken certain manufacturing and office premises on non-cancellable operating lease basis for a period up to 60 months. The aggregate future minimum lease payments falling due as at the year end are as under:

Amount in ₹ lakhs

Due 2015-16 2014-15

Not later than one year 221.96 301.65

Later than one year and not later than five years 408.59 630.80

Later than five years - -

Total 630.55 932.45

Debit to Statement of Profit and Loss 269.46 341.30

(ii) The Company has given certain plant and machinery on non-cancellable operating lease basis for a period up to 60 months. The aggregate future minimum lease payments falling due as at the year end are as under:

Amount in ₹ lakhs

Due 2015-16 2014-15

Not later than one year - 7.80

Later than one year and not later than five years - 13.65

Later than five years - -

Total - 21.45

46 Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

For and on behalf of the Board

G K Pillai N N Tata

Chairman Managing Director

A M Ponkshe

Chief Financial Officer & Company Secretary

101

FINANCIAL SUMMARYYear Share

CapitalReserve

and Surplus

Borrowings Gross Block

Net Block

Gross Revenue

Profit Before

Tax

Profit After Tax

Dividend (Excluding

Tax on Distributed

Profits)

Earnings Per

Share Rs.

Debt Equity Ratio

Number of Employees

( Rupees Lakhs )

1966-68 10 (7) 20 3 2 873 (6) (6) 0 (600) 0 50

1972-73 25 86 524 7 5 1867 54 27 1 1080 4.7:1 100

1977-78 100 427 937 545 383 9859 127 124 20 1240 1.3:1 639

1982-83 400 468 5269 1131 621 11193 123 123 50 305 5.2:1 1161

1987-88 600 836 5704 1613 590 15795 251 193 90 322 2.8:1 1542

1992-93 1403 2990 7525 3544 1654 55769 352 349 161 175 0.5:1 1689

1993-94 1750 3755 10311 4047 1893 58997 318 315 229 157 1:1 1644

1994-95 1750 4495 15057 4226 1774 107874 1366 1091 350 623 1.3:1 1615

1995-96 2000 6707 15726 4630 1882 162836 2426 2301 464 1150 0.8:1 1615

1996-97 2000 8099 13228 5423 2324 170180 2383 2052 600 1026 0.4:1 1634

1997-98 2000 8708 13859 6449 2987 174505 1054 1049 400 524 0.4:1 1622

1998-99 2000 9426 13209 6888 3048 169417 1167 1162 400 581 0.2:1 1631

1999-2000 2000 9504 17064 8690 4252 168067 709 521 400 261 0.4:1 1526

2000-2001 2000 9645 16314 8598 4019 217176 788 582 400 291 0.3:1 1589

2001-2002 2000 8815 17652 9410 4315 194953 (750) (830) 0 (415) 0.3:1 1529

2002-2003 2000 9669 18063 9136 3928 234884 1134 993 200 496 0.2:1 1590

2003-2004 2000 11299 19450 9171 3798 324233 2937 2309 600 1154 0.2:1 1589

2004-2005 2000 14817 19320 10641 4752 443882 3832 2371 600 1186 0.1:1 1613

2005-2006 2000 16862 20124 11899 5419 338622 6367 4369 400 2185 0.05:1 1585

2006-2007 2000 24236 12704 11980 4844 79382 9941 7843 400 3921 0.48:1 1371

2007-2008 2000 29049 14422 14133 6885 76705 6739 5514 600 2757 0.46:1 1384

2008-2009 2000 30511 15864 16102 7679 96336 3044 1813 300 907 0.49:1 1376

2009-2010 2000 31581 19244 17001 7153 73483 2300 1362 250 681 0.57:1 1420

2010-2011 2000 23803 55360 22375 11371 88540 (7061) (7026) - (3513) 2.15:1 2371

2011-2012 4010 45656 61482 25036 12542 101895 4052 3837 206 1081 1.24:1 1434

2012-2013 4010 45043 53151 27001 13206 121539 -611 -613 - (153) 1.08:1 1994

2013-2014 4010 45799 64720 27320 12089 150750 1844 1817 401 453 1.3:1 2106

2014-2015 4010 45594 60559 26066 8180 164948 664 439 401 109 1.22:1 2955

2015-2016 4010 71525 39540 29363 8852 167504 33507 26534 602 6617 0.52:1 2976



INTERN ATIONAL

102

CONSOLIDATED FINANCIAL STATEMENTS

103

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF TATA INTERNATIONAL LIMITED

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of TATA INTERNATIONAL LIMITED (hereinafter referred to as “the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) its associates and jointly controlled entities, comprising of the Consolidated Balance Sheet as at 31st March, 2016, the Consolidated Statement of Profit and Loss, the Consolidated Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the consolidated financial statements”).

Management’s Responsibility for the Consolidated Financial Statements

The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial statements in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group including its Associates and Jointly controlled entities in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, as applicable. The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.


Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Holding Company’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Holding Company’s Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group, its



INTERN ATIONAL

104

associates and jointly controlled entities as at 31st March, 2016, and their consolidated loss and their consolidated cash flows for the year ended on that date.

Emphasis of Matter

In respect of a subsidiary of holding company, the component auditor has given emphasis on the following matters:

a) as stated in Note 32 of Notes forming part of the consolidated financial statements relating to the 6.23% investment in Sepco Communications (Pty) Ltd, which in turn has a 51% interest in Neotel (Pty) Ltd. This investment is carried at a net realisable value which has been determined based on a previous sale agreement with a buyer. Although this transaction was abandoned due to uncertainty around regulatory approvals, the shareholders of Neotel continue to seek a new buyer. The management is confident that the investment of ₹ 2,535.62 lakhs (net) will be recovered through a sale process and believe no further impairment is required. Any reduction in the previous sale price agreed will have consequential impact on the carrying value.

b) as stated in Note 31 of Notes forming part of the consolidated financial statements relating to Renewal of exploration rights to mining activities in Madagascar and the related consequences on the consolidated financial statements as a result of the exploration licence.

c) as stated in Note 33 of Notes forming part of the consolidated financial statements relating to Lack of foreign currency liquidity in Nigeria and the related consequences on the consolidated annual financial statements.

Our opinion is not modified in respect of this matter.

Other Matters

a) We did not audit the financial statements / financial information of thirty nine subsidiaries, and two jointly controlled entities, whose financial statements / financial information reflect total assets of ₹ 4,16,509 lakhs as at 31st March, 2016, total revenues of ₹ 11,47,618 lakhs and net cash flows amounting to ₹ 5,868 lakhs for the year ended on that date, as considered in the consolidated financial statements. These financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, jointly controlled entities and associates, is based solely on the reports of the other auditors.

b) We did not audit the financial statements / financial information of two subsidiaries and one jointly controlled entities, whose financial statements / financial information reflect total assets of ₹ 2,360 lakhs as at 31st March, 2016, total revenues of ₹ 2,278 lakhs and net cash outflows amounting to ₹ 321 lakhs for the year ended on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of net loss of ₹ 947 lakhs for the year ended 31st March, 2016, as considered in the consolidated financial statements, in respect of seven associates, whose financial statements / financial information have not been audited by us. These financial statements / financial information are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, jointly controlled entities and associates, is based solely on such unaudited financial statements / financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements / financial information are not material to the Group.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements / financial information certified by the Management.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, we report, to the extent applicable, that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.

b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.

105

c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.

d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards prescribed under Section 133 of the Act, as applicable.

e) On the basis of the written representations received from the directors of the Holding Company as on 31st March, 2016 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary companies, associate companies and jointly controlled companies incorporated in India, none of the directors of the Group companies, its associate companies and jointly controlled companies incorporated in India is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

f ) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our Report in “Annexure A”, which is based on the auditors’ reports of the Holding company, subsidiary companies, associate companies and jointly controlled companies incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Holding company’s, subsidiary company’s, associate company and jointly controlled company’s incorporated in India, internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group, its associates and jointly controlled entities.

ii. Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company, and its subsidiary companies, associate companies and jointly controlled companies incorporated in India.



(Firm’s Registration No. 117366W/W-100018)

Rupen K. Bhatt

(Partner)


Place : Mumbai




INTERN ATIONAL

106

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended March 31, 2016, we have audited the internal financial controls over financial reporting of Tata International Limited (hereinafter referred to as “the Holding Company”) and its subsidiary companies, its associate companies and jointly controlled companies, which are companies incorporated in India, as of that date.

Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Holding company, its subsidiary companies, its associate companies and jointly controlled companies, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on [for example, “the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI)”.] These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.


Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the subsidiary companies, associate companies and joint controlled companies, which are companies incorporated in India, in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in

107

accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations given to us, the Holding Company, its subsidiary companies, its associate company and jointly controlled companies, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.

Other Matters

Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over Financial Reporting insofar as it relates to two subsidiary companies and two jointly controlled companies, which are companies incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India.



(Firm’s Registration No. 117366W/W-100018)

Rupen K. Bhatt

(Partner)


Place: Mumbai




INTERN ATIONAL

108

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH, 2016 Particulars Note

No.As at 31 March, 2016 As at 31 March, 2015

₹ in lakhs ₹ in lakhsA EQUITY AND LIABILITIES1 Shareholders’ funds

(a) Share capital 2 4,010.00 4,010.00 (b) Reserves and surplus 3 38,100.54 52,620.07

42,110.54 56,630.07

2 Unsecured Perpetual Securities 4 73,282.03 73,282.03

3 Minority Interest 1,630.11 5,348.41

4 Non-current liabilities(a) Long-term borrowings 5 66,141.19 50,150.14 (b) Deferred tax liability 42 749.05 538.59 (c) Other long-term liabilities 6 388.07 857.95 (d) Long-term provisions 7 1,867.44 2,156.87

69,145.75 53,703.55 5 Current liabilities

(a) Short-term borrowings 8 213,337.92 221,535.17 (b) Trade payables -

(i) total outstanding dues of Micro, Small and Medium enterprises [includes share of Joint ventures ₹ 59.47 lakhs (2015 : ₹ 41.38 lakhs)]

1,037.70 152.73

(ii) total outstanding dues of creditors other than dues of Micro, Small and Medium enterprises [includes share of Joint ventures ₹ 1,621.22 lakhs (2015 : ₹ 1,351.42 lakhs)]

122,412.35 163,648.02

(c) Other current liabilities 9 30,155.40 48,935.80 (d) Short-term provisions 10 10,176.71 9,967.17

377,120.08 444,238.88

563,288.52 633,202.94 B ASSETS1 Non-current assets

(a) Fixed assets(i) Tangible assets 11 44,662.08 47,948.42 (ii) Intangible assets 11 2,676.96 1,766.60 (iii) Capital work-in-progress [includes share of Joint venture ₹ 2.18 lakhs (2015 : ₹ 1.05 lakhs)]

2,695.21 2,006.71

50,034.25 51,721.73

(b) Goodwill on Consolidation 33,217.44 33,042.15 (c) Non-current investments 12 33,215.32 35,365.57 (d) Deferred tax assets 42 3,155.98 2,753.25 (e) Long-term loans and advances 13 10,352.10 14,931.44 (f ) Other non current assets 14 1,071.39 3,491.38

81,012.23 89,583.79 2 Current assets

(a) Current investments 15 17,311.08 355.45 (b) Inventories 16 145,393.73 154,513.99 (c) Trade receivables 17 187,550.63 238,565.51 (d) Cash and cash equivalents 18 44,843.95 38,561.23 (e) Short-term loans and advances 19 35,646.71 28,423.59 (f ) Other current assets 20 1,495.94 31,477.65

432,242.04 491,897.42

563,288.52 633,202.94 See accompanying notes forming part of the financial statements

In terms of our report attached. For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors Chartered Accountants





109

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH, 2016 Particulars Note

No.For the year ended


31 March, 2015₹ in lakhs ₹ in lakhs

A CONTINUING OPERATIONS1 Revenue from operations (gross) 1,304,906.70 1,265,324.11

Less: Excise duty 413.87 360.61 Revenue from operations (net) 21 1,304,492.83 1,264,963.50

2 Other income 22 9,267.03 6,121.57 3 Total revenue (1+2) 1,313,759.86 1,271,085.07 4 Expenses

(a) Cost of materials consumed [includes share of Joint ventures ₹ 6,917.26 lakhs (2015 : ₹ 6,117.77 lakhs)]

93,895.01 105,000.26

(b) Purchases of stock-in-trade [includes share of Joint ventures ₹ 105.86 lakhs (2015 : 198.70 lakhs)]

1,010,145.72 960,459.54

(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

23 6,008.29 9,954.44

(d) Employee benefits expense 24 52,054.60 46,928.86 (e) Finance costs 25 21,129.21 17,178.25 (f ) Depreciation and amortisation expense 11 7,496.01 9,151.89 (g) Other expenses 26 133,319.10 138,872.62 Total expenses 1,324,047.94 1,287,545.86

5 (Loss) before exceptional and tax (3 - 4) (10,288.08) (16,460.79)6 Exceptional items 27 20,060.88 9,656.03 7 Profit / (Loss) before tax (5 + 6) 9,772.80 (6,804.76)8 Tax expense:

(a) Current tax expense for current year 10,929.98 5,512.26 (b) MAT credit written off pertaining to earlier years 223.45 - (c) Current tax credit relating to prior years (11.09) 959.62 (d) Deferred tax 42 (384.98) (739.36)Total Tax expense 10,757.36 5,732.52

9 (Loss) from continuing operations (7 - 8) (984.56) (12,537.28)B DISCONTINUING OPERATIONS 3010 (Loss) from discontinuing operations (before tax and exceptional items) (1,444.25) (709.25)

11 Exceptional items from discontinuing operations (3,371.46) 1,021.66 12 Less: Current tax expense from discontinuing operations - 105.00 13 (Loss) / Profit from discontinuing operations (10+11-12) (4,815.71) 207.41 C TOTAL OPERATIONS14 (Loss) for the year before minority interest and share of profit/(loss) of

associates (9 + 13) (5,800.27) (12,329.87)

15 Minority Interest 1,711.64 (614.17)16 Share of (Loss) / Profit of associates for the year (947.07) 170.80 17 (Loss) for the year (14 +15+16) (5,035.70) (12,773.24)18 Earnings per share (Face value of ₹ 1000/- per share) ₹ : 41

(a) Basic(i) Continuing operations (54.86) (3,237.07)(ii) Total operations (1,255.78) (3,185.35)

(b) Diluted(i) Continuing operations (54.86) (3,237.07)(ii) Total operations (1,255.78) (3,185.35)

See accompanying notes forming part of the consolidated financial statementsIn terms of our report attached. For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors Chartered Accountants







INTERN ATIONAL

110

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2016Particulars For the year ended


31 March, 2015 ₹ in lakhs ₹ in lakhs ₹ in lakhs ₹ in lakhs

A Cash flow from operating activitiesNet (Loss)/ Profit before tax 4,957.09 (6,492.35)Adjustments for:

Net unrealised exchange (gain) / loss (2,529.91) (457.56)Depreciation and amortisation expense 8,060.24 10,323.78(Profit)/loss on sale of fixed assets including assets written off 60.60 (171.36)(Profit) on sale of fixed assets (125.55) (6,324.94)Change in Accounting policy for Depreciation on Fixed Assets (gain) - (1,726.61)Inventories written off - 704.95Provision for diminution in the value of Investments - 5,722.96Profit on sale of mutual fund investment (441.31) -Finance costs 21,628.58 18,070.38Interest income (2,283.76) (2,297.00)Dividend income (540.83) (397.53)(Gain) on sale of investments (20,060.88) (9,054.05)

3,767.18 14,393.02Operating profit before working capital changes 8,724.27 7,900.67Changes in working capital:

Adjustments for (increase) / decrease in operating assets:Inventories 4,657.74 4,813.28Trade receivables 38,299.48 (18,210.42)Short term loans and advances (8,814.95) 3,008.48Long term loans and advances (3,520.86) (185.57)Other non-current assets 2,050.29 (92.19)Other current assets (1,622.81) 31,048.89 1,048.86 (9,617.56)Adjustments for (increase) / decrease in operating assets:Trade payables (26,681.34) (9,855.25)Other current liabilities 5,933.63 5,047.73Other long term liabilities (469.88) (197.70)Short term provisions 549.36 217.63Long term provisions (222.72) (20,890.95) 182.14 (4,605.45)

Cash generated from operations 18,882.21 (6,322.34)Net income tax (paid) (net) (8,236.86) (8,545.25)Net cash flow from / (used in) operating activities (A) 10,645.35 (14,867.58)

B Cash flow from investing activitiesPurchase of fixed assets (11,218.23) (11,547.07)Proceeds from sale of fixed assets 371.09 8,115.14

Current investments- Purchased (146,647.74) (43,648.16)- Proceeds from sale (Mutual fund) 133,189.27 47,530.75- Purchase of fixed income bonds (2,863.35) -

- Proceeds from sale (Others) 5,670.00 -- Advance towards purchase of mutual funds (1,598.00) (210.00)

Purchase of long-term investments - Subsidiaries (4,500.00) (2,501.20)

- Joint venture - (290.99)- Associate (5.00) (2,331.30)

- Others - (2.50)

111

Proceeds from sale of long-term investments - Subsidiary 4,290.80 - - Joint Venture 23.90 - - Associate - 6,076.51 - Others (Titan) 9,057.88 - - Others (Itezhi) 30,586.76 -

Interest received - Others 1,761.17 2,098.27

Dividend from Associates 173.44 78.00Dividend from Mutual funds 48.77 118.12Dividend from Non current investment 492.06 279.41Bank Balance not considered as cash and cash equivalents (net) (205.18) (564.58)Net cash flow from investing activities (B) 18,627.64 3,200.39

C Cash flow from financing activitiesProceeds from perpetual securities - 73,282.03Proceeds from long-term borrowings 23,439.00 2,422.58Repayment of long-term borrowings (30,481.83) (30,390.94)Proceeds from short-term borrowings (net) 10,689.02 6,414.39Finance cost (25,747.04) (18,684.22)Dividends paid to minority shareholder (248.09) (42.90)Dividends paid (401.00) (401.00)Tax on dividend (224.53) (36.15)

Net cash flow (used in) / from financing activities (C) (22,974.47) 32,563.79Net increase in Cash and cash equivalents (A+B+C) 6,298.52 20,896.60Cash and cash equivalents at the beginning of the year 37,339.11 17,908.53Add: cash and cash equivalents on acquisition of a subsidiary - 22.22Less: cash and cash equivalents on sale of subsidiary (208.79) (1,488.24)Less: cash and cash equivalents on sale of Joint Venture (12.18) -Cash and cash equivalents at the end of the year 43,416.65 37,339.11Reconciliation of Cash and cash equivalents with the Balance Sheet:Cash and cash equivalents as per Balance Sheet (Refer Note 18) 43,433.98 37,356.44Less: Unrealised exchange gain 17.33 17.33Net Cash and cash equivalents (as defined in AS 3 Cash Flow Statements)

43,416.65 37,339.11

Cash and cash equivalents at the end of the year 43,416.65 37,339.11

NOTES:

1 The above Cash Flow Statement has been prepared using the Indirect Method as per Accounting Standard ( AS ) 3 - ‘Cash Flow Statements’ specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.

2 Previous year’s figures have been regrouped/restated wherever necessary

In terms of our report attached

For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors



Rupen K. Bhatt

Partner N N Tata Managing Director


Place : Mumbai Place : Mumbai

Date : 27th May, 2016 Date : 27th May, 2016



INTERN ATIONAL

112

1. The Consolidated Financial Statements relate to Tata International Limited (the “Company”), its subsidiaries and jointly controlled entities (the Company, its subsidiaries and jointly controlled entities constitute “the Group”). The Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21 (AS 21) “Consolidated Financial Statements”, Accounting Standard 23 (AS 23) “Accounting for Investment in Associates in Consolidated Financial Statements” and Accounting Standard 27 (AS 27) “Financial Reporting of Interest in Joint Ventures” notified by Companies (Accounts ) Rules, 2014. The Consolidated Financial Statements have been prepared on the following basis –

(a) Investments in Subsidiaries :

i) The Financial Statements of the Company and its subsidiary companies have been combined on a line by line basis by adding together the book values of like items of assets, liabilities, income and expenses. Intra group balances, intra group transactions and unrealised profits or losses have been fully eliminated.

ii) The difference between the cost of investment in the subsidiaries over the Company’s portion of equity of the subsidiaries is recognised in the financial statements as Goodwill or Capital Reserve.

iii) Minority Interest in the net assets of consolidated subsidiaries consists of

a) the amount of equity attributable to minorities at the date on which investment in a subsidiary is made; and

b) the minorities’ share of movement in equity since the date the parent subsidiary relationship came into existence.

The subsidiaries considered in the presentation of these consolidated financial statements are:

Sr. No.

Name of the Subsidiary Company Country of Incorporation

Proportion of Ownership Interest

Proportion of Voting power where different

As at 31-03-2016

As at 31-03-2015

As at 31-03-2016

As at 31-03-2015

Foreign Subsidiaries1 Tata Africa Holdings (SA) (Proprietary)

Limited (TAHPL) (a 100% subsidiary of TISPL (31st March 2015 – 88.2% shares held by the Company and 11.8% shares held by TISPL))

South Africa 100% 100% - -

2 Tata South-East Asia Limited (TSEA) (a 100% subsidiary of TISPL (31st March 2015 – a 100% subsidiary of the Company))

Hong Kong 100% 100% - -

3 Tata South East Asia (Cambodia) Limited (A 100% subsidiary of TSEA)

Cambodia 100% 100% - -

4 Tata West Asia FZE (TWA)# UAE 100% 100% - -

5 Tata Africa Holdings (Ghana) Limited (TAHGL) (89.69% shares held by TISPL and 10.31% shares held by TAHPL) ( 31sr March 2015 - a 100% subsidiary of TAHPL)

Ghana 100% 100% - -

6 Alliance Motors Ghana Limited (a 60% subsidiary of TAHGL)

Ghana 60% 60% - -

7 Tata Africa Holdings (Kenya) Limited (TAHKL) (66% shares held by TAHPL and 34% shares held by TISPL) ( 31st March 2015 - a 100% subsidiary of TAHPL)

Kenya 100% 100% - -

8 Tata Africa Holdings (Tanzania) Limited (TAHTL) (a 100% subsidiary of TAHPL)

Tanzania 100% 100% - -

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

113

Sr. No.




As at 31-03-2016

As at 31-03-2015

As at 31-03-2016

As at 31-03-2015

9 Tata Africa Services (Nigeria) Limited (TASNL) (a 100% subsidiary of TAHPL)

Nigeria 100% 100% - -

10 TAH Pharmaceuticals Ltd (95.85% shares held by TISPL and 4.15% shares held by TASNL) (31st March 2015 - a 100% subsidiary of TASNL)

Nigeria 100% 100% - -

11 Tata Africa Steel Processors (Proprietary) Limited (TASPL) (a 100% subsidiary of TAHPL)


12 Tata Automobile Corporation (SA) (Proprietary) Limited (TACPL) (a 100% subsidiary of TAHPL)


13 Tata Holdings Mocambique, Limitada (THML)(a 100% subsidiary of TAHPL)

Mocambique 100% 100% - -

14 Tata Uganda Limited (TUL) (a 100% subsidiary of TAHPL)

Uganda 100% 100% - -

15 Tata Zambia Limited (TZL) (a 100% subsidiary of TAHPL)

Zambia 100% 100% - -

16 Tata Zimbabwe (Private) Limited (TZPL) (a 100% subsidiary of TAHPL)

Zimbabwe 100% 100% - -

17 Tata Africa (Senegal) SARL (a 100% subsidiary of TAHPL)

Senegal 100% 100% - -

18 BlackWood Hodge Zimbabwe (Private) Limited (BHZPL) (a 100% subsidiary of TAHPL)

Zimbabwe 100% 100% - -

19 TAHL (Mauritius) Power Projects Limited (a 100% subsidiary of TAHPL)

Mauritius 100% 100% - -

20 TAHL (Mauritius) Mining Projects Limited (a 100% subsidiary of TAHPL) (TAHLM)

Mauritius 100% 100% - -

21 Tata Africa (Cote D’Ivorie) SARL (74.02% shares held by TAHPL and 25.98% shares held by TISPL) (31st March 2015 - a 100% subsidiary of TAHPL)

Ivory Coast 100% 100% - -

22 M’Pumalanga Mining Resources SA (A 100% subsidiary of TAHLM)

Madagascar 100% 100% - -

23 Tata De Mocambique, Limitada (TDML) (a 65% subsidiary of THML)


24 Cometal S.A.R.L (CSARL) (a 71% subsidiary of THML)


25 Pamodzi Hotels Plc (PHP) (a 90% subsidiary of TZL)

Zambia 90% 90% - -

26 TIL Leather (Mauritius) Limited (TLML) Mauritius 100% 100% - -



INTERN ATIONAL

114

Sr. No.




As at 31-03-2016

As at 31-03-2015

As at 31-03-2016

As at 31-03-2015

27 Move On Componentes E Calcado S A (MOVE ON) (a 51% subsidiary of TLML)

Portugal 51% 51% - -

28 Tata International Trading Brasil Ltda (99.49% shares held by TLML and 0.51% shares held by TSEA)

Brazil 100% 100% - -

29 Monroa Portugal, Comercio E Servicos, Unipessoal LDA (MONROA) (a 100% subsidiary of TLML)

Portugal 100% 100% - -

30 Move On Retail Spain S L (a 100% subsidiary of MONROA)

Spain 100% 100% - -

31 Tata International Singapore Pte Ltd (TISPL)

Singapore 100% 100% - -

32 Tata International Metals ( Americas) Limited (Formerly known as Tata Steel International (North America) Limited) (TIMACL) (a 100% subsidiary of TISPL)

United States of America

100% 100% - -

33 Tata International Metals (Asia) Limited (Formerly known as Tata Steel International (Hongkong) Limited) (TIMAL) (a 100% subsidiary of TISPL)

Hongkong 100% 100% - -

34 Tata International Metals ( UK) Limited (Formerly known as Tata Steel International (UK) Limited) (TIMUKL) (a 100% subsidiary of TISPL)

United Kingdom

100% 100% - -

35 Industrial Steels Limited (100% subsidiary of TSIUK)*

United Kingdom

NIL 100% - -

36 Tata International West Asia DMCC (a 100% subsidiary of TISPL) (incorporated on 18th November, 2014)

United Arab Emirates

100% 100% - -

37 Unitech Motors S A (a 70% subsidiary of TISPL) (with effect from 23rd March, 2015)

Senegal 70% 70% - -

38 Motor Hub East Africa Limited (a 100% subsidiary of TISPL) (incorporated on 29th May 2015)

Tanzania 100% - - -

Indian Subsidiaries1 Bachi Shoes Limited (BSL) (24.01%

acquired during the year)India 100% 75.99% - -

2 Euro Shoes Components Limited (ESCPL) (69.66% held by the Company and 8% by BSL)

India 77.66% 75.74% 77.66% 77.66%

3 Calsea Footwear Private Limited (a 99.82% subsidiary of MOVE ON)

India 50.91% 50.91% - -

4 Drive India Enterprise Solutions Limited (sold during the year)

India NIL 50.00% - -

* Liquidated during the year.

# The subsidiary is in process of liquidation.

115

Note:

(i) The Financial Statements of all subsidiaries, considered in the consolidated accounts, are drawn upto 31st March, 2016, except in case of the following subsidiaries where they are drawn upto December 31, 2015

• Tata De Mocambique, Limitada

• Cometal S.A.R.L.,

• Tata Africa (Senegal) SARL ,

• Tata International Trading Brasil Ltda

• Tata Holding Mocambique Limitada

• Tata Africa (Cote D’Ivorie) SARL

• Unitech Motors S A

(ii) Consolidation of the following subsidiaries has been done on the basis of unaudited financial statements, as certified by the management of the subsidiaries.

• Tata International Trading Brasil Ltda

• Move On Retail Spain S L

(b) Interest in Joint Ventures

The Group’s interest in jointly controlled entities of the Group are:


Percentage of Ownership

Interest as at 31-3-2016

Percentage of Ownership Interest as at

31-3-2015

Tata International DLT Private Limited India 50% 50%

Tata Precision Industries (India) Limited India 50% 50%

Rite Brand Retail Private Limited (sold during the year) India NIL 38%

Tata International Wolverine Brands Limited # India 50% 50%

Tata International GST AutoLeather Limited (w.e.f 13th March 2014)

India 50% 50%-

# Consolidated based on unaudited financial statements certified by its management for the year ended 31st March, 2016.

Interests in Joint Ventures are accounted for using proportionate consolidation method.

(c) Investment in Associates

The Group’s Associates are:


Percentage of Ownership Interest

as at 31-3-2016

Percentage of Ownership Interest

as at 31-3-2015

Accordian Investments (Proprietary) Limited South Africa 40% 40%

Consilience Technologies (Proprietary) Limited South Africa 50% 50%

IHMS Hotels (South Africa) (Proprietary) Limited South Africa 50% 50%

Newshelf 919 (Proprietary) Limited South Africa 50% 50%

Tata Motors (SA) (Proprietary) Limited South Africa 40% 40%

Tata Ceramics Limited India 40.54% 40.54%

A. O. Avron Russia 32% 32%



INTERN ATIONAL

116

The financial statements of all associates, considered in the consolidated accounts, are drawn upto 31st March, 2016 except in case of Consilience Technologies (Proprietary) Limited where they are drawn upto 31st December, 2015 and have been consolidated based on unaudited financial statements certified by their managements.

These investments have been accounted for using the equity method whereby the investment is initially recorded at cost and adjusted thereafter for the post acquisition change in the Group’s share of net assets.

(d) The contribution of subsidiary incorporated during the year is as follows:

(₹ In lakhs)

Name of subsidiary Revenue Net profit / (Loss) Net Assets

Motor Hub East Africa Limited - (48.72) 16.80

(e) (i) The breakup of investment in associates is as under:-

Accordian Investments (Pty) Limited

#


#

IHMS Hotels

(SA) (Pty) Limited #

TCS Africa (Pty)

Limited

Newshelf 919 (Pty) Limited #

Tata Motors


Tata Ceramics Limited #

AO Avron #

i) Number of Equity Shares 18,000,000 2,500,000 500 - 200 79,34,800 39,564,952 -

18,000,000 2,500,000 500 - 200 79,34,800 39,564,952 -

ii) Percentage holding 40.00 50.00 50.00 - 50.00 40.00 40.54 32.00

40.00 50.00 50.00 - 50.00 40.00 40.54 32.00

iii) Cost of Investment (Equity Share) 800.72 111.21 4,198.00 - 1,601.45 352.98 811.14 168.12

930.35 129.22 4,880.77 - 1,860.70 410.12 811.14 168.12

iv) Share in accumulated profits net of dividends received upto March 31, 2015 (930.35) 1,554.57 (4,880.77) - 1,035.00 32.04 - (168.12)

(1,019.54) 1,144.05 (5,029.79) 1,629.41 1,322.83 (7.91) - (168.12)

v) Share of Profit/(Losses) for the year (43.30) (662.40) 2.93 - (267.49) 10.60 - -

- 545.41 (310.82) - (105.56) 42.21 - -

Less: Dividend Received During the year - - - - (173.44) - - -

- - - - (78.28) - - -

117

Accordian Investments (Pty) Limited

#


#

IHMS Hotels


TCS Africa (Pty)

Limited

Newshelf 919 (Pty) Limited #

Tata Motors


Tata Ceramics Limited #

AO Avron #

Prior period adjustment - - - - - 12.59 - -

- - - - - (0.45) - -

Losses netted off against loan to associate 43.30 - - - - - - -

- - - - - - - -

vi) Share of profit / (Losses) net of dividends received during the year - (662.40) 2.93 - (440.93) 23.19 - -

- 545.41 (310.82) - (183.84) 41.77 - -

vii) Sold during the year - - - - - - - -

- - - (1,629.41) - - - -

viii) Provision for Diminution in value of investment $ - 111.21 - - - - 811.14 -

- 129.22 - - - - 811.14 -

ix) Translation Adjustment 129.63 (169.59) 679.84 - (112.92) (6.11) - -

89.19 (134.89) 459.84 (1629.41) (103.99) (1.81) - -

x) Carrying Cost -* 722.58 -* - 2,082.60 402.10 -* -*

-* 1,554.57 -* - 2,895.70 442.16 -* -*

# Share of profit accounted based on unaudited financial statements certified by their managements for the year ended 31st March, 2016.

$ Included in Note 12 under Provision for diminution in the value of Investments

* Share of losses restricted to the original cost of investments as per the equity method of accounting for associates under AS- 23 ‘Accounting for investments in associates in Consolidated Financial Statements.’



INTERN ATIONAL

118

NOTE 2 SHARE CAPITAL


Number of shares


₹ in lakhs

(a) Authorised

Equity shares of ₹ 1,000 each with voting rights 500,000 5,000.00 500,000.00 5,000.00

Preference Shares of ₹ 1000 each 200,000 2,000.00 200,000.00 2,000.00

7,000.00 7,000.00

(b) Issued , subscribed and fully paid up

Equity shares of ₹ 1,000 each with voting rights 401,000 4,010.00 401,000.0 4,010.00

Total 401,000 4,010.00 401,000 4,010.00

Refer Notes (i) to (iv) below

Notes:

(i) Reconciliation of the number of shares issued and amount outstanding at the beginning and at the end of the reporting year:


Number of shares


₹ in lakhs


Opening Balance and Closing Balance 401,000 4,010.00 401,000 4,010.00

(ii) Details of shares held by the holding company, their subsidiaries and associates:


Number of shares Number of shares

Equity Shares with voting rights

Tata Sons Limited (TSL), the Holding Company 167,400 167,400

Tata Motors Limited (associate of TSL) 50,000 50,000

Tata Chemicals Limited (associate of TSL) 48,000 48,000

Ewart Investments Limited (subsidiary of TSL) 25,000 25,000

Tata Industries Limited (subsidiary of TSL) 17,122 17,122

Voltas Limited (associate of TSL) 10,000 10,000

Tata Steel Limited (associate of TSL) 28,616 28,616

(iii) The company has issued only one class of equity shares having a par value of Rupees 1000 /- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by Board of directors is subject to the approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the share holders.

119

(iv) Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder As at 31 March, 2016 As at 31 March, 2015Number of shares held

% holding in that class of

shares


% holding in that class of

sharesEquity shares with voting rightsTata Sons Limited 167,400 41.75% 167,400.00 41.75%Tata Motors Limited 50,000 12.47% 50,000.00 12.47%Tata Chemicals Limited 48,000 11.97% 48,000.00 11.97%Tata Steel Limited 28,616 7.14% 28,616.00 7.14%Ewart Investments Limited 25,000 6.23% 25,000.00 6.23%AF-TAAB Investment Company Limited 20,500 5.11% 20,500.00 5.11%

NOTE 3 RESERVES AND SURPLUS


(a) Capital reserve on consolidationOpening balance 241.03 292.51Add: Translation reserve adjustment 25.62 (51.48)Closing balance 266.65 241.03

(b) Securities premium accountOpening balance and Closing balance 18,090.00 18,090.00

(c) Debenture redemption reserveOpening balance 6,125.00 4,900.00Add: Transferred from Statement of Profit and Loss - 1,225.00Less: Transfer to Surplus in Statement of Profit and Loss 6,125.00Closing balance - 6,125.00

(d) Legal reserveOpening balance 5.55 5.55Add: Transferred from Statement of Profit and Loss 16.04 -Closing balance 21.59 5.55

(e) General reserveOpening balance 10,858.38 10,828.31Add: Transferred from Statement of Profit and Loss 174.90 30.07Closing balance 11,033.28 10,858.38

(f) Contingency ReserveOpening balance and Closing balance 1,020.33 1,020.33

(g) Foreign Projects ReserveOpening balance and Closing balance 35.00 35.00



INTERN ATIONAL

120


(h) Foreign Currency Fluctuation ReserveOpening balance (11,196.18) (9,274.25)Add: Additions / transfers during the year (2,590.41) (1,921.93)Closing balance (13,786.59) (11,196.18)

(i) Surplus in Statement of Profit and LossOpening balance 27,440.96 44,195.26(Loss) for the year (5,035.70) (12,773.24)Less : Written Down Value as on 1st April 2014 of assets whose life has expired as per Schedule II of the Companies Act, 2013 (deferred tax ₹ 62.24 lakhs) (Refer note 28)

- 276.51

Add:Minority interest (net) (refer note below) 166.79 -Transfer from Debenture redemption reserve 6,125.00 -Less:Proposed Dividend 601.50 401.00Tax on Proposed dividend 21.49 233.08Transfer to General Reserve 174.90 30.07Transfer to Legal Reserve 16.04 -Transfer to Debenture redemption reserve - 1,225.00Charge on account of change in functional currency of subsidiary 1,721.48 -Distribution on unsecured perpetual securities 4,741.36 1,815.40Closing balance 21,420.28 27,440.96

Total 38,100.54 52,620.07 Note :

Minority interest includes credit on account of losses absorbed by Minority on conversion of loan to equity and is net off amounts not recoverable from Minority on account of losses.

NOTE 4 UNSECURED PERPETUAL SECURITIES



Unsecured Perpetual Securities 73,282.03 73,282.03

Total 73,282.03 73,282.03

Note :

During the previous year, Tata International Singapore Pte Limited (TISPL), a wholly owned subsidiary of the Company issued S$ 150 million Guaranteed Senior Perpetual Capital Securities (the “Securities”).These Securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. The distribution on the said Securities, which may be deferred at the option of the Company under certain circumstances, is set at 6.65% p.a., with a step up provision if the Securities are called after 5 years. As these securities are perpetual in nature and rank and will rank at all times pari passu without any preference among themselves and at least equally with all other present and future outstanding direct, unconditional, unsecured and unsubordinated obligations of TISPL, these are considered to be in the nature of equity instruments and are not classified as “Debt” and the distribution on such securities is not considered under “Interest”. Unless all arrears of distribution are fully paid to these Securities, TISPL and the Parent Company shall not declare or pay any dividends or distributions or make any other payment on, or will procure that no dividend, distribution or other payment is made on any securities of TISPL and the Parent Company ranking pari passu with, or junior to, the securities, or redeem, reduce, cancel, buy-back or acquire for any consideration any security of the TISPL and the parent company ranking pari passu with, or junior to, the Securities.

121

NOTE 5 LONG-TERM BORROWINGS

Particulars As at 31 Mar, 2016 As at 31 March, 2015

Long term Current maturities

Total Long term

Current maturities

Total

(a) Secured : ₹ in lakhs ₹ in lakhs

Term Loans from Banks 31,488.90 3,119.23 34,608.13 12,307.10 1,429.47 13,736.57

Other loans and advances - 30.31 30.31 - 31.54 31.54

31,488.90 3,149.54 34,638.44 12,307.10 1,461.01 13,768.11

(b) Unsecured :

Debentures- Privately placed non-convertible [Refer Note (i) below]

- - - - 24,500.00 24,500.00

200, 4.30% SGD Notes of face value of SGD 250,000 [Refer Note (ii) below]

24,429.16 - 24,429.16 22,749.35 - 22,749.35

Term Loans from Banks (Refer Note 34) 9,814.85 4,230.33 14,045.18 13,286.83 3,754.89 17,041.72

Other loans and advances - - - 1,368.00 - 1,368.00

34,244.01 4,230.33 38,474.34 37,404.18 28,254.89 65,659.07

Group Share in Joint Venture (Secured)

408.28 96.79 505.07 438.86 307.00 745.86

Total 66,141.19 7,476.66 73,617.85 50,150.14 30,022.90 80,173.04 Note :

(i) During the year 2010-11 the Company had purchased 1,193 equity Shares of ₹ 100 each aggregating to 76% of the total issued and paid-up equity capital of Bachi Shoes (India) Limited and 41,800 equity shares of ₹ 10 each aggregating to 69.67% of the total issued and paid-up equity capital of Euro Shoe Components Private Limited for a consideration of ₹ 24,700 lakhs. The Company issued and allotted 2,450 Unsecured Redeemable, Non-Convertible Zero Coupon Debentures (NCDs) of the face value of ₹ 10,00,000 (Rupees Ten Lakhs only) each, for a period of 5 (five) years on a private placement basis aggregating to ₹ 24,500 lakhs and paid ₹ 200 lakhs in cash as consideration for the above investment. These debentures which were due for redemption during the year have been redeemed on their due dates.

(ii) During the year 2013-14, Tata International Singapore Pte Limited (TISPL), a wholly owned subsidiary of the Company issued Unsecured Notes on the Singapore Stock Exchange (the “Notes”) of ₹ 21,929.25 lakhs (₹ 23,377.23 as on December 31, 2015 and ₹ 22,749.35 lakhs as on March 31, 2015) which will mature in April, 2018 and carry a fixed interest of 4.30 per cent per annum. These notes are denominated in Singapore Dollars (SGD) and have the value of SGD 50,000,000 (200 notes of SGD 250,000 each). The Notes constitute unsecured and unsubordinated obligations of TISPL and will rank at all times pari passu without any preference among themselves and at least equally with all other present and future outstanding unsecured and unsubordinated obligations of TISPL but, in the event of insolvency, only to the extent permitted by applicable laws relating to creditors’ rights.



INTERN ATIONAL

122

(iii) Terms of repayment


Start date Maturity Date

Rate of Interest Repayment of Installments

Number of Installments

₹ in lakhs

(a) Secured Term loans from Bank

External Commercial Borrowing from ICICI Bahrain

2,888.80 September, 2011

October, 2018 3-months USD LIBOR + 475

bps (Hedged through Interest

Rate Swap @ 5.72% p.a.)

US$ 195000 in 1st year

US$ 260000 in 2nd year

US$ 325000 in 3rd year



20 quarterly instalments;

First instalment

due on January 21,

2014

Term Loan from State Bank of India

6,281.68 March, 2013 April, 2020 Prime lending rate - 25 bps p.a.

- 48 monthly instalments;

Starting from April 2016; final installment payable in April, 2020

Term Loan from Barclays Bank Ghana Ltd

1,795.90 January, 2015

December, 2020

6-months LIBOR + 575 bps p.a.

10 Equal installment

starting from Jun 2016 US$ 274,728 each

5 years bi-annual

installments with 1 year

moratorium period

Term Loan from Barclays Bank Zambia Plc

1,256.01 14th July 2015

30th June 2020

BOZ rate+7% 42 capital instalments

of ZMW 517,857.15

payable monthly

commencing 18 months

after the first drawdown of

the facility

42 Monthly Installments

Term Loan from Indian Overseas Bank

42.53 October, 2013

September, 2018

Bank Rate + 175 bps p.a.

₹ 1.67 lakhs in equal

installments

60 monthly installments,


24.63 January, 2012

December, 2016



installments


123





₹ in lakhs


94.66 March, 2015 February, 2020 Bank Rate + 175 bps p.a.


installments



108.85 April, 2015 March, 2020 Bank Rate + 175 bps p.a.


installments



133.00 4th February,

2016

4th February, 2021



installments




2016

16th February, 2021



installments




2016

16th February, 2021


₹ 1 lakhs in equal

installments


Term Loan from Exim Bank of India

21,812.64 December, 2015

December, 2020

USD LIBOR (6 months) + 450

basis points per annum payable

with quarterly rests.

USD 8,250,000 24 months

from utilisation date, USD

8,250,000 36 months from

utilisation date, USD 8,250,000

48 months from utilisation

date, and USD 8,250,000 60 months from

utilisation date

Term Loan from Standard Bank of South Africa Limited

57.22 December, 2015

January, 2021 SA prime rate + 0.25%

Repayable over 60 months in equated

monthly installments

commencing from 1st

February 2016.

60 Monthly installments

Subtotal 34,608.13

Other loans and advances

Finance Lease 30.31



INTERN ATIONAL

124

(iii) Terms of repayment (Cont.)





₹ in lakhs

(b) Unsecured :

Term Loans from Banks

Term Loan from ICICI Bank Limited

14,045.18 March, 2013 March, 2019 3 months Libor + 5.45% p. a.

US$ 1,040,000 in 1st year

US$ 1,280,000 in 2nd year

US$ 1,600,000 in 3rd and 4th

years US$ 2,480,000

in 5th year

20 quarterly installments;

First installment

due on June 15, 2014

Subtotal 14,045.18

Share in Joint Venture


63.30 December, 2015

April, 2021 11.35% 60 Installments;

date of first installment

01/04/16 and amount per installment

2,50,000

60 monthly Installments


62.14 March, 2015 February, 2018 14.85% ₹ 5.41 Lakhs 36 monthly installments

Term Loan from Tata Capital Ltd.

200.00 March, 2015 April, 2020 14.40% 60 Installments;

date of first installment

20/04/15 and amount per installment 8,33,333.33

60 monthly Installments

Term Loan from Tata Motors Finance Ltd.

4.62 August, 2015 September, 2020

10.25% 60 Monthly installments of ₹ 21,750/- each

beginning October 2015

60 monthly installments

10% Secured Redeemable non-Convertible Debentures

175.00 April, 2014 March, 2019 10.00% Redemption in 5 Years

Subtotal 505.07

125

(iv) Details of security provided in respect of secured long term borrowings:

Particulars As at 31-03-16 As at 31-03-15 Details of security (March, 2016 and March, 2015)


Secured Term Loans from Banks

Term Loan from First Rand Bank

- 359.33 Secured against First pari-passu charge on the immovable property of the parent company situated at Dewas and hypothecation of plant and machinery situated therein.

External Commercial Borrowings from ICICI Bank, Bahrain

2,888.80 3,417.46 Secured against exclusive charge by way of mortgage of immovable fixed assets and hypothecation of the Parent company’s movable fixed assets respectively acquired out of the bank finance.


6,281.68 7,291.38 Secured over the immovable property of Tata Africa Holdings (SA) Proprietary Limited (Subsidiary).

Term Loan from Barclays Bank Ghana Ltd

1,795.90 1,730.24 Secured against First charge on the South Industrial Area property, Accra, Ghana of Tata Africa Holdings (SA) Proprietary Limited (Subsidiary).

Term Loan from Barclays Bank Zambia Ltd

1,256.01 - Mortgage over Property no. 38717, Along Great East Road, Munali, Lusaka


270.67 383.16 Secured against First charge on all Fixed asset acquired out of the Term loan by Euro Shoes Components Limited (Subsidiary).


245.21 - First charge on all fixed assets acquired out of the term loan.


- 555.00 Secured against equitable mortgage of Land and Buildings and hypothecation of fixed assets purchased with the term loan by Bachi Shoes Limited (Subsidiary).

Term Loan from Exim Bank of India

21,812.64 - First charge by way of pledge over all the shares of the following Companies held by Tata International Singapore Pte Ltd.: a) Tata Africa Holdings SA Pty. Ltd. (TAHL), South Africa; b) Tata South East Asia Ltd., Hong Kong. Second Charge: Letter of Comfort from Tata International Ltd.

Term Loan from Standard Bank of South Africa Limited

57.22 - This facility is secured by assets under leasehold improvements and capital work in progress and a cession of trade reivables of the Company.

Subtotal 34,608.13 13,736.57

Other Loans and advances

Current maturities of finance lease obligation

30.31 31.54 Secured against motor vehicles of Move On Componentes E Calcado S A (Subsidiary)



INTERN ATIONAL

126

(iv) Details of security provided in respect of secured long term borrowings (cont.):

Particulars As at 31-03-16 As at 31-03-15 Details of security (March, 2016 and March, 2015)


Group Share in Joint Venture

Term Loan from Financial Institution and others

263.30 437.50 Secured against first and exclusive charge on entire present and future fixed assets of Tata DLT Limited (Joint Venture) situated at Waki, Pune.


62.14 121.36 Secured by first charge over plant and machinery and other fixed assets of the Tata Precision Industries (India) Limited (Joint Venture).

Term Loan from Tata Capital Limited

- 12.00 Secured by Charge over plant and machinery acquired under the loan by the Tata Precision Industries (India) Limited (Joint Venture).

Term Loan from Tata Motors Finance Limited

4.62 - Secured by hypothecation of vehicle acquired out of loan

10% Secured Redeemable non-Convertible Debentures

175.00 175.00 Secured by Charge over specific plant and machinery of Tata Precision Industries (India) Limited (Joint Venture).

Subtotal 505.07 745.86

NOTE 6 OTHER LONG-TERM LIABILITIES



Other payables

Trade / security deposits received 173.68 186.43

Income received in advance 214.39 671.52

Total 388.07 857.95

NOTE 7 LONG-TERM PROVISIONS



Provision for employee benefits:

Provision for compensated absences 308.61 530.86

Provision for Gratuity 183.10 304.13

Provision for Pension 374.35 373.95

Provision - Others:

Provision for contingent consideration 991.57 937.95

Group Share in Joint Venture 9.81 9.98

Total 1,867.44 2,156.87

127

NOTE 8 SHORT TERM BORROWINGS



Secured

Loans from Banks

Term Loans 7,457.23 20,602.56

Export Packing Credit 20,839.37 16,527.68

Buyers Credit 84.50 47,890.46

Cash Credit Accounts 10,799.84 14,437.22

Working capital demand loan - -


39,831.37 100,285.78

Unsecured

Loans from Banks

Term Loans 11,636.00 9,708.04

Export Packing Credit 21,959.03 18,969.64

Buyers Credit 109,480.00 75,633.67

Cash Credit Accounts 26,941.52 16,923.04

Working capital demand loan 3,475.00 -

173,491.55 121,234.39


Total 213,337.92 221,535.17

NOTE 9 OTHER CURRENT LIABILITIES



Current maturities of long-term debt - Secured (Refer Note 5) 3,149.54 1,461.01

Current maturities of long-term debt - Unsecured (Refer Note 5) 4,230.33 28,254.89

Interest accrued but not due on borrowings 916.00 608.25

Interest accrued but not due on unsecured perpetual securities 1,949.45 1,815.40

Interest accrued and due on borrowings - 161.84



INTERN ATIONAL

128



Overdrawn Balances 108.24 28.20

Other payables

Statutory remittances (Contributions to PF and ESIC, Withholding Taxes, VAT, Service Tax, etc.)

1,009.40 1,554.94

Advances from customers 13,564.32 8,538.85

Advances from other parties 1,232.15 -

Payable on purchase of fixed assets 268.59 535.05

Gratuity payable 367.06 15.76

Other Payables 1,416.36 3,962.58

Foreign exchange loss on forward contract 1,484.23 1,434.23


Total 30,155.40 48,935.80

NOTE 10 SHORT-TERM PROVISIONS



Provision for employee benefits:

Provision for compensated absences 774.94 750.51

Provision for Gratuity 229.49 284.57

Provision for Pension 264.34 302.02

Provision for other employee benefits 1,443.19 1,062.18

2,711.96 2,399.28

Provision - Others:

Provision for Income Tax 6,275.98 6,411.57

Provision for Wealth Tax 15.85 18.81

Provision for proposed equity dividend 601.50 401.00

Provision for tax on proposed dividend 1.00 224.53

Provisions for Warranty 18.77 -


7,464.75 7,567.89

Total 10,176.71 9,967.17

NOTE 9 OTHER CURRENT LIABILITIES (Cont.)

129

NO

TE 1

1 FI

XED

ASS

ETS

₹ in

lakh

s

Fixe

d A

sset

s

Gro

ss B

lock

D

epre

ciat

ion

Net

Blo

ckCo

st a

s at

01.0

4.20

15As

sets

Ta

ken

Ove

r du

e to

ac

quisa

tion of

Su

bsid

iarie

s

Addi

tions

fo

r the

ye

ar

Oth

er

Adju

stm

ents

Adju

stm

ent

for

com

pani

es

ceas

ing

to b

e su

bsid

iarie

s

Disp

osal

s/

Adju

stm

ent

Tran

slatio

n Re

serv

e Ad

just

men

t

Gro

ss

Bloc

k as

at

31.0

3.20

16

Upt

o 01

.04.

2015

Ta

ken

over

du

e to

ac

quisi

tions

of

Su

bsid

iarie

s

For t

he

Year

D

ep

Adju

stm

ent

for c

easi

ng D

educ

tions

/Ad

just

men

t Tr

ansla

tion

Rese

rve

Adju

stm

ent

Oth

er

adju

stm

ents

/ T

rans

ition

ad

just

men

t re

cord

ed

agai

nst

Surp

lus

bala

nce

in

Stat

emen

t of

Pro

fit a

nd

Loss

Upt

o 31

.03.

2016

As

at

31.0

3.20

16

I) T

angi

ble

Ass

ets

:Fr

eeho

ld L

and

2,3

81.3

5 -

- 2

33.6

3 -

- 1

04.7

0 2

,719

.68

- -

- -

- -

- -

2,7

19.6

8 1

,309

.08

1,1

69.9

6 9

0.58

-

- 9

0.58

(9

7.69

) 2

,381

.35

- -

- -

- -

- -

2,3

81.3

5Le

aseh

old

Land

……

……

4,5

93.0

0 -

3.8

5 (3

75.9

8) -

- (2

48.1

9) 3

,972

.68

409

.81

- 1

12.3

6 -

- (6

4.65

)-

457

.52

3,5

15.1

6 3

,457

.91

- 1

,552

.30

- -

99.

51

(317

.70)

4,5

93.0

0 4

18.9

6 -

35.

24

- 8

.93

(35.

46)

- 4

09.8

1 4

,183

.19

Build

ing

,Roa

ds e

tc …

… 3

3,72

3.21

-

4,2

14.3

3 (1

11.7

1) 2

,857

.00

- (1

84.6

6) 3

4,78

4.17

9

,223

.22

- 1

,658

.76

300

.54

(249

.65)

(711

.68)

- 1

0,11

9.41

24

,664

.76

32,

350.

50

230

.44

4,8

57.5

7 -

- 1

,301

.84

(2,4

13.4

6) 3

3,72

3.21

8

,850

.00

58.

38

1,85

3.93

-

1,1

07.1

8 (4

42.9

7) 1

1.06

9

,223

.22

24,

499.

99Pl

ant &

Equ

ipm

ent …

… 2

7,33

7.81

-

4,0

04.2

7 2

,451

.94

3,2

04.7

5 2

16.0

0 (7

81.8

5) 2

9,59

1.42

17

,736

.68

- 3

,654

.99

637

.32

157

.09

1,2

44.2

1 -

21,

841.

47

7,7

49.9

5 2

7,17

2.71

2

4.00

2

,330

.63

- -

1,8

15.9

9 (3

73.5

4) 2

7,33

7.81

15

,299

.20

20.

98

4,60

2.18

-

254

.94

(2,0

70.9

5) 1

40.2

1 1

7,73

6.68

9

,601

.13

Com

pute

r ……

……

……

3,2

65.6

6 -

396

.60

(0.9

9) 1

,606

.10

89.

08

(101

.97)

1,8

64.1

2 2

,247

.16

- 5

09.0

7 1

,456

.97

419

.01

634

.72

- 1

,514

.97

349

.15

2,7

94.3

6 1

7.15

2

57.7

6 -

- (2

56.4

2) (6

0.03

) 3

,265

.66

2,2

33.7

5 1

3.79

5

82.4

9 -

574

.93

(16.

54)

8.6

0 2

,247

.16

1,0

18.5

0Fu

rnitu

re &

Fix

ture

s …

… 7

,697

.31

- 1

,301

.35

(2,7

59.7

1) 7

77.6

4 2

9.70

(6

19.9

2) 4

,811

.69

6,2

87.2

1 -

528

.88

227

.02

(1,2

80.1

5) (4

,710

.69)

- 3

,158

.53

1,6

53.1

6 8

,079

.66

86.

50

432

.19

- -

13.

82

(887

.22)

7,6

97.3

1 4

,994

.59

70.

32

657

.98

- 5

77.5

3 1

,127

.18

14.

67

6,2

87.2

1 1

,410

.10

Offi

ce E

quip

men

t ……

… 2

,652

.21

- 4

22.4

2 3

75.6

5 4

33.9

9 6

0.15

(1

50.3

0) 2

,805

.84

1,7

87.9

8 -

358

.43

356

.69

566

.75

1,0

03.4

1 -

2,2

26.3

8 5

79.4

6 2

,455

.39

- 1

73.0

5 -

- (1

99.3

8) (1

75.6

1) 2

,652

.21

1,6

20.3

8 -

557

.18

- 4

13.6

1 (9

7.07

) 1

21.1

0 1

,787

.98

864

.23

Elec

tric

al In

stal

latio

n …

… 1

,571

.36

- 1

23.7

2 -

- -

0.0

1 1

,695

.09

1,1

71.6

4 -

206

.14

- -

0.0

1 -

1,3

77.7

9 3

17.3

0 1

,090

.24

- 1

4.13

-

- (4

67.3

5) (0

.36)

1,5

71.3

6 5

62.6

3 -

368

.70

- (2

20.0

7) (3

.24)

23.

48

1,1

71.6

4 3

99.7

2Ve

hicl

es …

……

……

……

3,7

67.8

9 -

419

.50

25.

41

16.

74

314

.34

(269

.33)

3,6

12.3

9 2

,346

.13

- 4

85.3

2 3

5.86

5

1.65

(1

48.7

3)-

2,5

95.2

1 1

,017

.18

3,9

11.7

7 1

01.6

8 6

76.1

9 -

- 5

26.8

1 (3

94.9

4) 3

,767

.89

2,3

45.3

4 4

4.07

6

08.5

5 -

428

.10

(226

.40)

2.6

7 2

,346

.13

1,4

21.7

6Le

ase

hold

Impr

ovem

ent

500

.11

- 8

5.36

(2

29.5

4) -

1.1

3 2

.79

357

.59

125

.63

- 3

9.24

-

(75.

07)

(156

.55)

- 8

3.39

2

74.2

0 3

57.4

3 -

193

.95

- -

17.

32

(33.

95)

500

.11

117

.00

- 3

2.65

-

13.

30

(10.

72)

- 1

25.6

3 3

74.4

8To

tal

87,4

89.9

1 -

10,9

71.4

0 (3

91.3

0) 8

,896

.22

710

.40

(2,2

48.7

2)86

,214

.67

41,3

35.4

5 -

7,55

3.19

3

,014

.40

(410

.37)

(2,9

09.9

5) -

43,3

74.6

7 42

,840

.00

Prev

ious

Yea

r 8

2,97

9.05

1

,629

.73

10,

578.

35

- -

2,9

42.7

2 (4

,754

.50)

87,

489.

91

36,4

41.8

5 2

07.5

4 9

,298

.90

- 3

,158

.45

(1,7

76.1

7) 3

21.7

9 4

1,33

5.45

46

,154

.46

Gro

up S

hare

of t

angi

ble

Ass

ets

of Jo

int V

entu

re

2,8

44.8

1 -

167

.23

- 6

6.70

2

66.8

3 -

2,6

78.5

1 1

,050

.87

- 9

3.73

4

6.77

2

41.4

0 -

- 8

56.4

3 1

,822

.08

2,9

46.1

5 -

142

.35

- -

243

.69

- 2

,844

.81

1,0

49.5

1 -

122

.35

- 1

20.9

9 -

- 1

,050

.87

1,7

93.9

5Ta

ngib

le A

sset

s - T

otal

90

,334

.73

- 11

,138

.63

(391

.30)

8,9

62.9

2 9

77.2

3 (2

,248

.72)

88,8

93.1

8 42

,386

.32

- 7,

646.

92

3,0

61.1

7 (1

68.9

7) (2

,909

.95)

- 44

,231

.10

44,6

62.0

8Pr

evio

us Y

ear

85,

925.

21

1,6

29.7

3 1

0,72

0.70

-

- 3

,186

.41

(4,7

54.5

0) 9

0,33

4.72

37

,491

.37

207

.54

9,4

21.2

4 -

3,2

79.4

4 (1

,776

.17)

321

.79

42,

386.

32

47,9

48.4

0

II )

Inta

ngib

le A

sset

sBr

ands

/Tra

dem

ark

……

… 1

54.2

8 -

- -

- -

3.6

1 1

57.8

9 1

54.2

6 -

- -

- 3

.61

- 1

57.8

7 0

.02

161

.52

- -

- -

- (7

.24)

154

.28

161

.50

- -

- (7

.24)

- 1

54.2

6 0

.02

Com

pute

r Sof

twar

e …

… 3

,002

.07

- 3

63.4

3 7

2.36

1

,867

.82

- (3

2.86

) 1

,537

.18

2,4

42.8

8 -

199

.97

1,5

28.7

8 5

1.97

7

1.69

-

1,1

33.7

9 4

03.3

9 2

,852

.01

- 3

22.4

4 -

- 1

34.3

8 (3

8.00

) 3

,002

.07

2,1

07.8

9 -

468

.77

- 9

9.64

(3

4.14

) -

2,4

42.8

8 5

59.1

9G

oodw

ill …

……

……

… 1

,007

.27

1,0

07.2

7 1

,007

.26

0.0

1 -

- 1

,007

.27

0.0

0 1

,007

.27

- -

- -

- -

1,0

07.2

7 8

25.9

2 -

181

.34

- -

- -

1,0

07.2

6 0

.01

Tena

ncy

Righ

ts o

f Sho

ps

on L

ease

……

……

… 1

,190

.05

- -

- -

- 1

26.4

9 1

,316

.54

494

.07

- 1

76.8

6 -

- 5

9.70

-

730

.63

585

.91

1,6

50.7

3 -

- -

- 1

94.1

4 (2

66.5

4) 1

,190

.05

490

.84

- 2

00.8

4 -

98.

63

(98.

98)

- 4

94.0

7 6

95.9

8M

inin

g lic

ense

s …

…...

… 1

,425

.32

- 1

,197

.52

(734

.28)

- -

(67.

04)

1,8

21.5

2 9

43.6

9 -

34.

00

- (6

14.9

5) (1

,427

.79)

- 1

64.8

5 1

,656

.67

1,1

57.3

7 -

396

.46

- -

- (1

28.5

1) 1

,425

.32

932

.28

- 3

8.40

-

- (2

6.99

) -

943

.69

481

.63

Tota

l 6

,779

.00

- 1

,560

.95

(661

.92)

1,8

67.8

2 -

30.

20

5,84

0.40

5,

042.

17

- 4

10.8

4 1

,528

.78

(562

.98)

(1,2

92.7

9) -

3,1

94.4

1 2

,645

.99

Prev

ious

yea

r 6

,828

.91

- 7

18.9

0 -

- 3

28.5

2 (4

40.2

9) 6

,779

.00

4,5

18.4

4 -

889

.35

- 1

98.2

7 (1

67.3

5) -

5,0

42.1

7 1

,736

.83

Gro

up S

hare

of

inta

ngib

le A

sset

s of

Jo

int V

entu

re

64.

66

- 4

.07

- 0

.39

0.4

0 -

67.

94

34.

89

- 2

.49

- 0

.41

- -

36.

97

30.

97

62.

73

- 1

.93

- -

- -

64.

66

21.

71

- 1

3.18

-

- -

- 3

4.89

2

9.78

Inta

ngib

le A

sset

s - T

otal

6

,843

.66

- 1

,565

.02

(661

.92)

1,8

68.2

1 0

.40

30.

20

5,90

8.34

5,

077.

05

- 4

13.3

3 1

,528

.78

(562

.57)

(1,2

92.7

9) -

3,2

31.3

8 2

,676

.96

Prev

ious

yea

r 6

,891

.64

- 7

20.8

3 -

- 3

28.5

2 (4

40.2

9) 6

,843

.66

4,5

40.1

4 -

902

.53

- 1

98.2

7 (1

67.3

5) -

5,0

77.0

5 1

,766

.61



INTERN ATIONAL

130

NOTE 12 INVESTMENTS ( AT COST )

Particulars Number of Shares / Units

Face Value Per Unit



₹ in lakhs ₹ in lakhsSHARES :

TRADEUnquoted :

(i) Equity Shares -(a) In Other Companies

Dewas Tanneries Private Limited 804 ₹ 100 0.80 0.80 Sepco Communications (Pty) Limited 78 ZAR 0.10 - -Tata Steel (KZN) (Pty) Limited 14,400,000 ZAR 1 1,090.61 1,267.17 TATA International UK Limited 500,000 - -AO Avron 461,334 - -Zega Ltd 10,000 ZMW 0.10 - -

1,091.41 1,267.97(b) In Associate Company (Refer Note 1 (d))

Tata Ceramics Limited 39,564,942 ₹ 2 811.14 811.14 Consilience Technologies (Pty) Limited (Provision for diminution ₹ 111.21 lakhs (previous year ₹ 129.22 lakhs)

2,500,000 ZAR 1 833.79 1,683.79

IHMS Hotels (SA) (Pty) Limited 500 ZAR 1 - -Newshelf 919 (Pty) Limited 100 ZAR 1 2,082.60 2,895.70Tata Motors (SA) (Pty) Limited 7,934,800 ZAR 1 402.10 442.16TCS Africa (Pty) Limited 5,600,000 ZAR 1 - -

4,129.63 5,832.79

5,221.04 7,100.76OTHER INVESTMENTS

Quoted :Titan Industries Limited (Sold during the year) NIL(Previous year

2,559,859 shares) ₹ 10 - 57.72

Tata Consultancy Services Limited 83,232 ₹ 1 141.49 141.49Indian Overseas Bank 15,600 ₹ 10 2.78 2.78

144.27 201.99Unquoted :

(i) Equity Shares(a) In Other Companies

Oriental Floratech India Limited 560,000 ₹ 10 56.00 56.00 Tata Industries Limited 3,384,486 ₹ 100 5,812.99 5,812.99Tata Sons Limited 1,477 ₹ 1,000 11,901.69 11,901.69Tata Services Limited 198 ₹ 1,000 1.98 1.98Tata Capital Limited 790,592 ₹ 10 134.81 134.81Tata Employees Consumers Co-operative Society Limited

50 ₹ 100 0.05 0.05

131

Particulars Number of Shares / Units

Face Value Per Unit



₹ in lakhs ₹ in lakhsTrent Retail Private Limited (Sold during the year)

NIL(Previous year

995 shares)

₹ 100 - 1.90

Pran Agro Services Limited 18 ₹ 10 - -Surat Diamond Industries Limited 1,000 ₹ 100 1.00 1.00 Virendra Garments Manufacturers Limited 1,200 ₹ 100 - -TALCO Ambur Tannery Effluent Treatment Co Ltd

11,120 ₹ 100 11.12 11.12

Lotus Clean Power Venture Pvt. Ltd.-Class “A” Equity Shares-with restricted covenants, under a Share holders” agreement entered into for becoming eligible as a captive consumer of wind generated electricity

96,500 ₹ 10 9.65 9.65

(i) Preference Shares(a) In Other Companies

Pran Agro Services Limited (5% Non Cumulative Redeemable Preference Shares)

500 ₹ 100 0.50 0.50

Drive India Enterprises Solutions Limited (0.001% cumulative redeemable non-convertible participating preference shares)

500,001 ₹ 1 5.00 -

Sepco Communications (Pty) Limited (Provision for diminution ₹ 4,611.26 lakhs (previous year ₹ 5,357.76 lakhs)

16,065,974,816 ZAR 1 7,146.88 8,303.86

25,081.67 26,235.55DEBENTURES / BONDS

Quoted:The Tata Power Company Limited (11.40% Perpetual Bond)

150 ₹ 1,000,000 1,558.00 1,558.00

Tata Steel Limited (11.80% Perpetual Bond) 500 ₹ 1,000,000 5,314.74 5,314.74Tata Steel Limited (11.50% Perpetual Bond) 250 ₹ 1,000,000 2,577.62 2,577.62

9,450.36 9,450.36 34,676.30 35,887.90

39,897.34 42,988.66Less: Provision for diminution in the value of Investments **

6,682.02 7,623.09

33,215.32 35,365.57

Notes:

1. Aggregate Book Value of Quoted Investments: ₹9,594.63 Lakhs (31st March, 2015 - ₹9,652.35 Lakhs )

2. Aggregate Book Value of Unquoted Investments: ₹30,302.72 Lakhs (31st March, 2015 - ₹33,336.32 Lakhs )

3. Aggregate Market Value of Quoted Investments: ₹11,843.59 Lakhs (31st March, 2015 - ₹21,872.61 Lakhs )

4. Long term investments as per Accounting standard 13 - Accounting for Investment is ₹ 33,215.32 Lakhs (March 31, 2015 - ₹ 35,365.57 Lakhs)



INTERN ATIONAL

132

NOTE 13 LONG-TERM LOANS AND ADVANCES (Unsecured and considered good, unless otherwise stated)


Capital advances 80.61 152.62Security depositsConsidered good 965.13 2,536.12Doubtful - 35.88

965.13 2,572.00Less: Provision for doubtful loans and advances - 35.88

965.13 2,536.12

Advance income tax (Net) 6,651.61 8,911.26MAT credit entitlement 882.26 1,105.71Loans to AssociateConsidered good 378.42 465.66Doubtful 488.27 520.57

866.69 986.23Less: Provision for doubtful loans and advances 488.27 520.57

378.42 465.66

VAT credit receivable 926.42 450.37Advance to Suppliers - -Considered good 292.07 292.10Doubtful 232.45 231.59

524.52 523.69Less: Provision for other doubtful loans and advances 232.45 231.59

292.07 292.10Other AdvancesConsidered good 123.86 949.72Doubtful 312.44 300.23

436.30 1,249.95Less: Provision for other doubtful loans and advances 312.44 300.23

123.86 949.72Group Share in Joint Venture 51.72 67.88

Total 10,352.10 14,931.44

NOTE 14 OTHER NON CURRENT ASSETS (Unsecured)


Prepaid Debt raising cost 1,071.39 1,427.83Margin deposit - 11.99Interest accrued on investments - 9.67Other Amounts Recoverable (Refer note 31)- Considered Good - 2,041.89- Considered Doubtful - 2,621.08

- 4,662.97Less: Provision for Doubtful Claims and Other Amounts Recoverable - 2,621.08

- 2,041.89Total 1,071.39 3,491.38

133

NOTE 15 CURRENT INVESTMENTS


Other current investments (At lower of cost and fair value, unless otherwise stated)Unquoted(a) Equity - in other companies - 17.50

Tata Projects Limited Nil (31st March, 2015 - 90,000 shares of ₹100/- each fully paid up)

- 17.50(b) Mutual Funds

Tata Liquid Fund Direct Plan Daily Dividend Mutual Fund - 4,529.35 Units (31st March, 2015 - 29,398.33 units)

50.48 327.65

Tata Liquid Fund Direct Plan - Growth - 288,569.66 units (31st March, 2015 - Nil units)

8,061.26 -

UTI Fixed Income Fund 6,308.82 - 14,420.56 327.65

(c) Investment in Fixed Income Bonds6.65% TISPL Perpetual Bonds 802.37 -4.70% ICICI Bank Limited, Dubai 344.57 -5.38% Oil India Limited 360.72 -3.92% Indian Railway Finance Corporation 274.57 -5.13% Bharti Airtel International 353.70 -4.75% NTPC Limited 359.45 -5.40% Reliance Holdings, USA 367.97 -

2,863.35 -Group Share in JV 27.17 10.30

Total 17,311.08 355.45Notes:

i) Aggregate amount of Unquoted Investments 17,311.08 355.45

ii) Current investments as per Accounting standard 13 - Accounting for Investment is ₹17,311.08 Lakhs (March 31, 2015 - ₹355.45 Lakhs)

NOTE 16 INVENTORIES

At lower of cost and net realisable value, whichever is lower)


Raw materials 19,538.48 16,933.43Stock in transit 79.57 48.66

19,618.05 16,982.09

Work-in-progress 5,694.63 4,680.04

Contract Work-in-progress 84.22 83.68

Finished goods (other than those acquired for trading) 15,529.59 4,760.53

Stock in transit 78.05 388.13 15,607.64 5,148.66

Stock-in-trade (acquired for trading) 83,950.95 108,883.00Stock in transit 15,949.69 12,705.47

99,900.64 121,588.47

Stores and spares 3,221.23 4,771.43Stock in transit 122.62 210.73

3,343.85 4,982.16

Group Share in Joint Venture 1,144.70 1,048.89Total 145,393.73 154,513.99



INTERN ATIONAL

134

NOTE 17 TRADE RECEIVABLES



Outstanding for a period exceeding six months from the date they are due for payment

Unsecured, considered good 23,356.50 13,576.22

Doubtful 7,865.00 8,469.75

31,221.50 22,045.97

Less: Provision for doubtful trade receivables 7,865.00 8,469.75

23,356.50 13,576.22

Other Trade receivables

Unsecured, considered good 162,818.05 223,634.19

Doubtful 310.44 90.02

163,128.49 223,724.21

Less: Provision for doubtful trade receivables 310.44 90.02

162,818.05 223,634.19

Group Share in Joint Venture 1,376.08 1,355.10

Total 187,550.63 238,565.51

NOTE 18 CASH AND BANK BALANCES



A. Cash and cash equivalents (as per AS 3 Cash Flow Statements)

(a) Cash on hand 176.73 117.99

(b) Cheques on hand 107.46 50.80

(c) Balances in transit 621.12 -

(d) Balances with banks

(i) In current accounts 42,052.04 36,650.92

(ii) In EEFC accounts 79.03 22.16

(iii) In deposit accounts - original maturity of 3 months or less

391.81 455.55


Total - Cash and cash equivalents (A) 43,433.98 37,356.44

B. Other bank balances

Balances held as margin money

- original maturity of more than 3 months but less than 12 months

1,361.95 883.97

- original maturity of more than 12 months 48.02 320.82

Total - Other bank balances (B) 1,409.97 1,204.79

Total 44,843.95 38,561.23

135

NOTE 19 SHORT-TERM LOANS AND ADVANCES (Unsecured and considered good, unless otherwise stated)



Security deposits 235.07 811.65

Loans and advances to employees 311.41 438.57

Prepaid expenses 4,418.50 3,363.00

Balances with government authorities

VAT credit and Excise duty recoverable 4,575.57 3,580.04

Export incentive receivable 4,628.44 5,841.62

Advance Income Tax 499.97 1,025.25

9,703.98 10,446.91

Advance towards purchase of Mutual Fund 1,598.00 210.00

Deposits with Port Trust, Customs etc. 1,004.44 886.72

Advance to Suppliers 16,738.83 8,548.51

Doubtful 156.68 341.65

16,895.51 8,890.16

Less: Provision for other doubtful loans and advances 156.68 341.65

16,738.83 8,548.51

Foreign exchange gain on forward contract - 728.17

Other Advances 1,351.86 2,666.22


Total 35,646.71 28,423.59

NOTE 20 OTHER CURRENT ASSETS



Prepaid Debt raising cost 250.03 236.53

Interest accrued on investments 247.95 203.54

Interest accrued on deposits, loans and advances 556.13 100.97

Contractually Reimbursable Expenses - 281.84

Insurance Claims 160.00 -

Receivable from Sale of Investment in Joint Venture - 30,586.76

Excess remuneration paid to Managing Director recoverable (Refer note 27)

225.39 -


Total 1,495.94 31,477.65



INTERN ATIONAL

136

NOTE 21 REVENUE FROM OPERATIONSParticulars For the year ended


31 March, 2015₹ in lakhs ₹ in lakhs

Sale of products 12,69,466.48 12,39,875.66Sale of services 14,034.15 6,045.27Other operating revenues (refer note (i) below) 12,077.62 11,450.89

12,95,578.25 12,57,371.82Group Share in Joint Ventures 9,328.45 7,952.29

13,04,906.70 12,65,324.11Less: Excise duty 413.87 360.61

Total 13,04,492.83 12,64,963.50

Note (i) Other operating revenues



₹ in lakhs ₹ in lakhsOther operating revenues comprise:Sale of scrap 1,285.57 1,129.35Duty drawback and other export incentives 10,553.64 10,250.57Liquidated damages/contract settlement charges 163.29 -Service Charges 75.12 70.97

Total 12,077.62 11,450.89

NOTE 22 OTHER INCOME




Interest Income (refer note (i) below) 2,205.76 1,836.58

Dividend income:

From current investments 48.77 118.12

Others 492.06 279.41


Fixed assets 125.55 171.83

Rental income 1,159.53 708.02

Cash discount received 201.94 261.07

Liabilities / Provisions no longer required written back 395.07 438.51

Grants received from DIPP, Ministry of Commerce & Industry, Government of India

- 187.17

Profit on sale of mutual fund 441.31 -

Miscellaneous Income 4,104.43 1,999.15

9,174.42 5,999.86

Group share in Joint Ventures 92.61 121.71

Total 9,267.03 6,121.57

137

Note (i) Interest income



₹ in lakhs ₹ in lakhsInterest income comprises:

Interest on banks deposits 614.00 677.37Interest on loans and advances 441.59 48.66Interest on income tax refund 30.44 61.96Interest income from long term investments - Perpetual bonds 1,051.56 1,047.71Other Interest 68.17 0.88

Total 2,205.76 1,836.58

NOTE 23 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADEParticulars For the year ended

31 March, 2016 For the year ended

31 March, 2015 ₹ in lakhs ₹ in lakhs

Inventories at the beginning of the year:Stock-in-trade 121,588.48 134,870.24Finished goods 5,148.66 4,147.58Work-in-progress 4,763.72 4,294.49

131,500.86 143,312.31Add: Stock taken over on acquisition of subsidiariesStock-in-trade - 411.21Finished goods - -Work-in-progress - -

- 411.21Inventories at the end of the year:Stock-in-trade 99,900.64 121,588.48Finished goods 15,607.64 5,148.66Work-in-progress 5,778.85 4,763.72

121,287.13 131,500.86

10,213.73 12,222.66Group share in Joint Venture 150.73 347.95Total 10,364.46 12,570.61Less: Changes in inventories of stock-in-trade due to discontinuing operationsInventories at the beginning of the year:Stock-in-trade 4,356.17 6,972.34

4,356.17 6,972.34Inventories at the end of the year:Stock-in-trade - 4,356.17

- 4,356.17

Less: Changes in inventories of stock-in-trade due to discontinuing operations (Refer note 29)

4,356.17 2,616.17

Net Changes in inventories of finished goods, work-in-progress and stock-in-trade

6,008.29 9,954.44



INTERN ATIONAL

138

NOTE 24 EMPLOYEE BENEFITS EXPENSE




Salaries and wages 47,328.98 40,842.05

Contributions to provident and other funds 2,662.97 2,993.76

Staff welfare expenses 1,571.69 2,518.83

51,563.64 46,354.64

Group Share in Joint Ventures 490.96 574.22

Total 52,054.60 46,928.86

NOTE 25 FINANCE COSTS




Interest expense on:

Borrowings 13,730.75 11,801.35

SGD Notes 1,253.82 1,065.85

Others

- Interest on Bill Discounting 725.76 486.81

- Others 30.34 96.52

Other borrowing costs 5,215.78 3,544.70

20,956.45 16,995.23


Total 21,129.21 17,178.25

NOTE 26 OTHER EXPENSES




Consumption of stores and spare parts 14,130.81 13,139.27

Processing Charges 11,605.91 10,195.00

Duty, Clearing, Forwarding and Other Charges 47,539.00 57,452.18

Power and fuel 3,183.11 2,829.93

Service Charges 905.42 606.30

Rent including lease rentals 4,663.11 4,719.20

Repairs and maintenance - Buildings 849.43 493.33

Repairs and maintenance - Machinery 731.43 628.79

Repairs and maintenance - Others 1,193.80 1,188.70

Insurance 1,925.26 2,291.85

Rates and taxes 667.74 659.46

139




Travelling and conveyance 4,571.21 3,496.91

Selling expenses 7,453.82 5,984.91

Warehousing Charges 110.61 171.41

Legal and professional fees 5,205.36 4,678.91

Payments to auditors (Refer Note (i) below) 144.83 137.14

Provision for doubtful debts and advances (net) 2,163.63 3,657.22

Bad debts and advances written off 2,714.32 576.19

Net loss on foreign currency transactions and translation (Net of recovery of ₹ 2,119.20 lakhs (March 31, 2015: ₹ 2,119.20 lakhs)

5,715.07 10,936.36

Loss on fixed assets sold / scrapped / written off 60.60 2.21

Management Fees 440.04 19.95

Miscellaneous expenses 16,276.90 13,754.80

132,251.41 137,620.02

Group Share in Joint Ventures 1,067.69 1,252.60

Total 133,319.10 138,872.62

Note (i) Payments to auditors



₹ in lakhs ₹ in lakhsAudit fees 77.59 66.63

In other capacities:Taxation matters 17.30 15.73

Other services 47.86 53.56

Reimbursement of Expenses 2.08 1.22

Total 144.83 137.14

The remuneration disclosed above includes fees of ₹ 34.52 Lakhs (31st March, 2015 - ₹ 40.47 Lakhs) for attest and other professional services rendered by a firm of accountants in which some partners of the firm of statutory auditors are partners.

NOTE 27 EXCEPTIONAL ITEMS





long-term investments 20,060.88 4,924.14

investment in Associate - 4,129.91

Profit on sale of Land and Building - 6,324.94

Provision for diminution in the value of long term Investment - (5,722.96)

Total 20,060.88 9,656.03



INTERN ATIONAL

140

Notes forming part of the Consolidated Financial Statements

28. SIGNIFICANT ACCOUNTING POLICIES :

CORPORATE INFORMATION

Tata International Limited was incorporated on 30th November 1962 as the international business gateway of the Tata Group of Companies. It has since evolved into an international entity with a global reach. Its main lines of businesses are manufacture and sale of Leather & Leather Products, trading in Metals, Minerals and other Commodities.

BASIS AND METHOD OF ACCOUNTING

The Financial Statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013/Companies Act, 1956 (“the 1956 Act”), as applicable. The Financial Statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the Financial Statements are consistent with those followed in the previous year except for change in the accounting policy for depreciation as more fully described in Note on depreciation.

USE OF ESTIMATES

The preparation of the Financial Statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

CASH AND CASH EQUIVALENTS (FOR THE PURPOSE OF CASH FLOW STATEMENT)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

CASH FLOW STATEMENT

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

FIXED ASSETS

TANGIBLE ASSETS

All tangible fixed assets are carried at cost less accumulated depreciation / amortisation and impairment losses, if any. The cost of fixed assets comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost and amortised so as to reflect the pattern in which the asset’s economic benefits are consumed.

DEPRECIATION AND AMORTISATION

Depreciation on tangible fixed assets has been provided on the written down value method as per the useful life prescribed in Schedule II to the Companies Act, 2013, except for the following entities of the Group which have

141

provided depreciation on tangible fixed on the straight line method as per the useful life prescribed in Schedule II to the Companies Act, 2013:

• Drive India Enterprise Solutions Limited (Ceased to be a subsidiary w.e.f. 1st September, 2015)

• Tata Precision Industries (India) Limited

• Tata International DLT Private Limited

Leasehold land is amortised over the period of lease on straight line method.

Software expenditure is amortised over four financial years on straight line method commencing from the year in which the expenditure is incurred.

Trademarks and design expenditure incurred is amortised over four years on straight line method commencing from the year in which the expenditure is incurred.

Tenancy Rights of Shops on lease is amortised over tenancy period on straight line method commencing from the year in which the expenditure is incurred.

Mining Licences are amortised over five years on straight line method commencing from the year in which the expenditure is incurred.

Goodwill is amortised over five years on straight line method commencing from the year in which the expenditure is incurred.

REVENUE RECOGNITION

Sales are recognised, net of returns and trade discounts, on transfer of significant risks and rewards of ownership to the buyer, which generally coincides with the delivery of goods to customers. Sales include excise duty but exclude sales tax and value added tax. Sales from services are recognised when services are rendered.

Dividend from investments is recognized when the right to receive the payment is established.

Interest income is recognized on the time basis determined by the amount outstanding and the rate applicable and where no significant uncertainty as to measurability or collectability exists.

INVESTMENTS

Long term investments are carried at cost less provision for diminution, other than temporary, in the value of such investments.

Current investments are valued at the lower of cost and fair value.

Cost of investments includes acquisition charges such as brokerage, fees and duties.

INVENTORIES

Inventories are valued at cost or estimated net realisable value, whichever is lower.

Cost is arrived at on a weighted average method and includes cost of purchase, cost of conversion and other cost incurred in bringing inventory to their present location and condition.

EMPLOYEE BENEFITS

Employee benefits include provident fund, superannuation fund, family pension fund, employee state insurance scheme, gratuity fund, compensated absences and pension to directors who are eligible for the same as per group policy.

Defined Contribution Plan

The Company’s contribution to provident fund, superannuation fund, family pension fund and employee state insurance scheme are considered as defined contribution plans and are charged as an expense based on the amount of contribution required to be made as and when services are rendered by the employees.



INTERN ATIONAL

142

Defined Benefit Plan

Company’s liability towards gratuity and pension to retired directors who are eligible for the same as per group policy are determined by independent actuaries, using the projected unit credit method. Past services are recognised on a straight line basis over the average period until the benefits become vested. Actuarial gains and losses are recognised immediately in the Statement of Profit and Loss as income or expense. Obligation is measured at the present value of estimated future cash flows using a discounted rate that is determined by reference to the market yields at the Balance Sheet date on Government Bonds where the currency and terms of the Government Bonds are consistent with the currency and estimated terms of the defined benefit obligation.

The Company makes monthly contributions to Provident Fund managed by Tata International Limited Provident Fund Trust for qualifying employees. The Company meets the shortall, if any, with respect to the interest rate guaranteed for exempt provident funds.

Short-term employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised during the year when the employees render the service. These benefits include performance incentive and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related service.

The cost of short-term compensated absences is accounted as under:

(a) in case of accumulated compensated absences, when employees render the services that increase their entitlement of future compensated absences; and

(b) in case of non-accumulating compensated absences, when the absences occur.

Long-term employee benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance Sheet date less the fair value of the plan assets out of which the obligations are expected to be settled.

BORROWING COSTS

Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs that are attributable to the acquisition of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue. Fees towards structuring, arrangement and other incidental costs incurred in connection with borrowings are amortised over the period of the loan.

LEASES

The Company’s significant leasing arrangements are in respect of operating leases for premises (residential, office, store, godowns, etc.) The leasing arrangements, which are non-cancellable, range between eleven months and five years generally, and are usually renewable by mutual consent on agreed terms. The aggregate lease rentals payable are charged as rent.

The Company as a lessor has leased certain plant and machinery. The leasing arrangements is non-cancellable for a period of five years and is renewable by mutual consent on agreed terms. The aggregate lease rentals receivable are accounted as rental income from operating leases.

GOVERNMENT GRANTS, SUBSIDIES AND EXPORT INCENTIVES

Government grants and subsidies are recognised when there is reasonable assurance that the Company will comply with the conditions attached to them and the grants / subsidy will be received. Government grants whose primary condition is that the Company should purchase, construct or otherwise acquire capital assets are presented by deducting them

143

from the carrying value of the assets.

Export benefits are accounted for in the year of exports based on eligibility and when there is no uncertainty in receiving the same.

Other government grants and subsidies are recognised as income over the periods necessary to match them with the costs for which they are intended to compensate, on a systematic basis.

FOREIGN CURRENCY TRANSACTIONS

Foreign currency transactions are recorded at the exchange rates prevailing on the date of such transactions. Monetary items are translated at the rates of exchange prevailing at the date of the Balance Sheet. Gain/loss arising on account of differences in foreign exchange rates on settlement/ translation of monetary items are recognised in the Statement of Profit and Loss. Non-monetary foreign currency items are carried at cost.

The Company enters into derivative contracts in the nature of interest rate swaps, currency options, forward contracts with an intention to hedge its existing assets and liabilities, firm commitments and highly probable transactions in foreign currency. Derivative contracts which are closely linked to the existing assets and liabilities are accounted as per the policy stated for foreign currency transactions and translations.

The premium or discount arising at the inception of the forward exchange contract is amortised as expense or income over the life of the contract. Exchange differences on such contracts are recognised in the statement of profit and loss in the reporting period in which the exchange rates change. A profit or loss arising in cancellation or renewal of such a forward exchange contract is recognised as income or as expense in the period in which such cancellation or renewal is made.

TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the year as determined in accordance with the provisions of Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recongnised for all timing differences. Deferred tax assets are recognised for timing differences of items other than unabsorbed depreciation and carry forward losses only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. However if there are unabsorbed depreciation and carry forward of tax losses and items relating to capital losses, deferred tax assets are recognized only to the extent that there is virtual certainty supported by convincing evidence that sufficient future tax income will be available to realise the assets. Deferred tax assets and liabilities are set off if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforcable right for such set off. Deferred tax assets are reviewed at each balance sheet date for their realisibility.

CONTINGENCY RESERVE

Surplus arising out of transfer of assets and liabilities net of cost of the Company’s investment in its former subsidiary CAMEO, are presented as a ‘Contingency Reserve’ which reserve as approved by the shareholders at an EGM and also as sanctioned by Order of the hon’ble High Court of judicature at Bombay, vide its order dated 11th February, 2005 may be utilised to the extent considered necessary by the Board of Directors of the Company from time to time for providing for any contingent liability (including but not limited to tax liabilities), diminution in value of and / or loss on sale of investments and other assets of the Company. If part or whole of the Contingency Reserve is no longer required for these purposes, the same can be transferred to General Reserve and shall be deemed to be the General Reserve for all purposes under the provisions of the Companies Act, 1956 as per the said Order.



INTERN ATIONAL

144

IMPAIRMENT

The carrying values of assets / cash generating units are reviewed at each Balance Sheet date for impairment. If any indication of impairment exists, the recoverable amount of such assets / cash generating units is estimated and impairment is recognised, if the carrying amount of these assets / cash generating units exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor.

PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the Company has a present obligation as a result of past event and it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are determined based on best estimates of the expenditure required to settle the present obligation. Contingent Liabilities are not recognised but disclosed in the notes. A disclosure for a contingent liability is made, unless the possibility of an outflow of resources is remote.

Contingent Assets are neither recognised nor disclosed in the Financial Statements.

EARNING PER SHARE

Basic earnings per share is computed by dividing the profit /(loss) after tax by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

29. During the previous year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1, 2014, the Parent Company has revised the estimated useful life of its assets to align the useful life with those specified in Schedule II. The Parent company has obtained independent technical advice in support of useful life of assets. The details of previously applied depreciation rates / useful life are as follows:

Asset Previous depreciation rate / useful life

Revised useful life

Factory Buildings 10.00% / ~ 43 years 30 years

General Plant and Machinery 13.91% / ~ 30 years 15 years

Furniture and Fittings 18.10% / ~ 23 years 10 years

Office equipment 13.91% / ~ 30 years 5 years

Computers 40.00% / ~ 9 years 3 years

Electrical Installation 13.91% / ~ 30 years 10 years Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Parent Company had fully depreciated the carrying value of assets net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1, 2014, and had an adjustment of ₹183.10 lakhs (deferred tax of ₹62.24 lakhs) in the previous year,against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

In respect of the Parent Company, the depreciation expense in the Statement of Profit and Loss for the previous year is higher by ₹1,614.03 lakhs consequent to the change in the useful life of the assets.

In respect of the erstwhile subsidiary Drive India Enterprise Solutions Limited (“the Subsidiary Company”), the Subsidiary Company had revised its policy of depreciation on fixed assets effective 1 April, 2014. Depreciation was provided on a straight line basis as against the policy of providing on written down value basis prior to April 1, 2014. Further the remaining useful life had also been revised in line with Schedule II of the Companies Act, 2013. The Subsidiary company believes that the change in the method leads to a more appropriate presentation of the financial statements. The

145

adjusted carrying amount as on 1 April 2014 is depreciated over the remaining useful life. As a result of these changes, the depreciation charge for the year ended 31 March, 2015 is lower by ₹ 111.20 Lakhs on account of change in policy and higher by ₹380.05 Lakhs on account of change in useful life. The effect relating to the period prior to 1 April, 2014 on account of change in policy is a credit of ₹ 1,726.61 Lakhs which has been shown as “Exceptional item” in the Statement of Profit and Loss. On account of these changes, depreciation and amortisation expenses for the year and net block of fixed assets as on 31 March, 2015 are not comparable with the previous year.

30. (a) During the year, as per the Share Purchase Agreement (“SPA”) dated May 22, 2015 entered into between the Selling Shareholders (Tata Industries Limited (“TIL”) and Tata International Limited (the Company)), Drive India Enterprise Solutions Limited (“DIESL”) and TVS Logistics Services Limited (“TLSL”), the Selling Shareholders have jointly sold their entire shareholding in DIESL to TLSL for a total consideration of ₹ 8,581.00 lakhs (Company’s share ₹ 4,290 lakhs).

As per the SPA, the Selling Shareholders have severally provided certain general and specific indemnities to TLSL. General indemnities up to 100% of total consideration received for breach of Representations and Warranties (R&W) relating to title of sale shares and demand, if any, raised on TLSL/DIESL under Section 281 of the Income tax Act, 1961. Specific indemnity up to ₹ 3,003.00 lakhs on account of liabilities in respect of demands from statutory authorities presently pending against DIESL and claims that may arise in future in respect of certain matters identified in SPA. Specific indemnities up to 20% of total consideration received in respect of claims arising from breaches of R&W relating to tax compliances, no pending investigations and inquiries (10%) and other general representations (10%).

However, within the sub limits applicable to general and specific indemnities as specified above, the maximum aggregate liability of each Selling Shareholder under this agreement shall not exceed the aggregate amounts received by it from TLSL under the SPA and/or DIESL under the Preference Share Agreement entered into on May 19, 2015 and the liability of each Selling Shareholder to indemnify TLSL/DIESL shall be proportionate to their respective pre closing equity shareholding percentage. The claims can be made before expiration of eight years from the closing date which is August 31, 2015.

The Selling Shareholders are also liable to indemnify, without limit, TLSL/DIESL in respect of two legal proceedings identified in the SPA for which there are no claims on DIESL presently. The potential future impact of such indemnities provided, if any, cannot be ascertained presently.

30 (b) The Board of Directors of the Company at their meeting held on January 24, 2015 had taken the decision to discontinue the business activity of rendering customized and focused solutions in areas of contractual project management, supply chain solutions and offset solutions in the field of Aerospace, Defence and Homeland Security.

Accordingly, the disclosures in relation to the said discontinued operations as per Accounting Standard - 24 ‘Discontinuing Operations’ are stated here under.

The following Statement shows the details from discontinuing operation related to Drive India Enterprise Solutions Limited (“DIESL”)

Discontinuing Operations

For the period ended August 31, 2016

For the year ended March 31, 2015

Revenue from operations (net) 26,295.86 95,265.46

Other income 241.64 1,118.15

Total revenue 26,537.50 96,383.61

Expenses

Purchases of stock-in-trade 11,682.64 59,013.62

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(11.98) 2,616.16

Employee benefits expense 1,045.68 2,497.89



INTERN ATIONAL

146

Discontinuing Operations

For the period ended August 31, 2016

For the year ended March 31, 2015

Finance costs 499.37 892.13

Depreciation and amortization expense 564.23 1,171.90

Other expenses 14,201.81 30,901.16

Total expenses 27,981.765 97,092.86

Exceptional items

Change in accounting policy for Depreciation on fixed asset - (1,726.61)

Inventories Write off - 704.95

Provision for amount receivable from vendor 2,017.56 -

Provision for doubtful debts 1,353.90 -

3,371.46 (1,021.66)

Profit / (Loss) before tax (4,815.71) 312.41

Less: Current tax expense for current year - 105.00

(Loss) from discontinuing operations (4,815.71) 207.41

Balance Sheet

Assets

Non current assets 13,783.10

Current assets 23,040.85

Total Assets 36,823.95

Liabilities

Non Current Liabilities 148.09

Current Liabilities 34,327.07

Total Liabilities 34,475.16

Cash flows

Cash flow (used in)/ from Operating activities 1,503.95 (1,607.26)

Cash flow (used in)/ from Investing activities 567.13 (702.32)

Cash flow (used in)/ from Financing activities (1,066.44) 2,456.68

31. In respect of Tata International Singapore Pte Limited Group (Subsidiary), as at March 31, 2016 the Group was in breach of the financial covenants as stipulated in its facility agreement with a bank. No notice has been served by the lender declaring the loans taken as immediately due and payable. Accordingly, the loan amounting to ₹14,043 lakhs is considered as long-term borrowing(including current maturities of long term borrowings of ₹4,230 lakhs)

32. Tata Africa Holding (SA) (Pty) Limited has an investment in Mpumalanga Mining Resources SA for exploration rights for mining activities in Madagascar. The subsidiary’s licences to explore chromite is expired on 22 May 2016 and an application for renewal of these licences for a further period of 3 years has been made which has however not been received at the reporting date. The subsidiary management is of the view that the renewal of the licences will be forthcoming and Impairment

147

assessment of the goodwill and mining licenses of ₹ 10,196 lakhs as at March 31, 2016 should not be assessed since:

• the right to explore has not expired;

• during the year the project received a further ZAR 44 million (USD 3 million) in funding;

• the project has not yet been developed and is still in the stage of exploration; and

• no decision has been taken to discontinue with the exploration and evaluation of mineral resources.

33. Tata Africa Holding (SA) (Pty) Limited holds 6.23% investment in Sepco Communication Pty Limited (“Sepco”), which in turn holds a 51% interest in Neotel Pty Limited (“Neotel”). This investment is carried at a net realizable value which has been determined based on a previous sale agreement with a buyer. Although this transaction was abandoned due to uncertainty around regulatory approvals, the shareholders of Neotel continue to seek a new buyer. The directors are confident that investment of ₹ 2536 lakhs (Net) will be recovered through a sale process and believe no further impairment is required.

34. Due to liquidity restrictions in Nigeria, the Group is currently experiencing difficulties in obtaining US Dollars from the local banks at the official rate. The Group has exposure to ₹ 15,655 lakhs (USD 24 million) in the Nigeria operations which is subject to foreign exchange risk as a result of lack of USD liquidity in the country. However, the group subsequent to year end was able to procure dollar at the official rate in Nigeria.

35. Contingent Liability:

(a) Claims against the Parent Company not acknowledged as debts comprise of :

(i) Sales tax / Entry Tax:

Demand notices aggregating to ₹ 745.38 lakhs (31 March 2015- ₹ 757.73 lakhs) have been issued by various State Sales Tax Authorities relating to issue of applicability and classification.

Group share in Joint Ventures : ₹ 3.61 lakhs (Previous Year : ₹Nil lakhs).

(ii) Service tax:

The Service Tax department, Mumbai has issued demand and recovery notices aggregating to ₹ 0.55 lakhs (31 March 2015- ₹ 0.55 lakhs) including interest, towards service tax allegedly payable by the Company for the period 2005 to 2009. The Service Tax Authorities contend that the Company was rendering services as “Clearing & Forwarding Agents” during the said period and was, therefore chargeable to service tax in respect of those services.

The Service Tax department, Dewas has raised demands of ₹ 18.77 lakhs (31 March 2015- ₹ 18.77 lakhs) for import of services during the period 2004 to 2009. The matter is under appeal.

(iii) Taxation matters:

Demand against the Company not acknowledged as debts and not provided for relating to issues of transfer pricing, deductibility and taxability in respect of which the Company is in appeal :-

Income Tax: ₹ 2,140.69 lakhs (31 March 2015- ₹ 2,410.33 lakhs)

Group share in Joint Ventures : ₹ 23.66 lakhs (Previous Year : ₹23.66 lakhs)

(iv) Duty Drawback claims

DEPB / Drawback claims rejected by Commissioner of Customs (Appeals) disputed by the Company relating to issue of inadmissibility aggregating to ₹ 3,205.11 lakhs (31 March 2015- ₹ 3,205.11 lakhs).

(v) Excise Duty

The Excise Department at Dewas has raised a demand of ₹284.99 lakhs (31 March 2015–₹ 232.72 lakhs) alleging that the Company alleging that the activity of mixing of chemicals amounts to manufacturing and hence exigible to excise duty. The Company is contesting the claim before Commissioner of Central Excise.

(vi) Other Matters ₹ 330.51 lakhs (31st March, 2015 – ₹ 186.13 lakhs).

Future cash outflows in respect of above matters are determinable only on receipt of judgements / decisions pending at various forums / authorities.



INTERN ATIONAL

148

(b) In the case of Parent Company;

Bills discounted not matured ₹ 3,057.58 lakhs (31st March, 2015 - ₹5,163.72 lakhs).

(c) In respect of subsidiaries;

(i) Guarantees given ₹ 372.57 lakhs (Previous Year: ₹ 3,602.19 lakhs); Guarantees given- Group share in Joint Ventures : ₹ 91.08 lakhs (Previous Year: ₹ 25.00 lakhs);

(ii) Bills discounted not matured ₹ 12,266.27 lakhs (Previous Year: ₹ Nil)

(iii) Claims against the subsidiaries not acknowledged as debt comprises of :

Sales Tax ₹ 33.04 lakhs (Previous Year: ₹ 1,687.62 lakhs)

Income Tax ₹ 419.71 lakhs (Previous Year: ₹ 75.63 lakhs)

Service Tax ₹ Nil (Previous Year: ₹ 1,695.38 lakhs)

Others ₹ 840.24 lakhs (Previous Year: ₹ 387.26 lakhs)

Future cash outflows in respect of above matters are determinable only on receipt of judgements / decisions pending at various forums / authorities.

36. The Parent Company has given counter-indemnity to Indian Hotels Company Limited (IHCL) against Letter of Comfort issued by IHCL to ICICI Bank PLC, UK (ICICI) for the loan provided by ICICI to a subsidiary of IHMS Hotels (SA) (Pty) Ltd, South Africa which is an associate between the company’s subsidiary Tata Africa Holdings (SA) Pty Ltd (subsidiary) and IHCL for a value of ₹14,872.25 lakhs (equivalent to USD 22.5 million) [31st March, 2015 – ₹ 14,082.93 lakhs (equivalent to USD 22.5 millions)].

37. Estimated amount of contracts remaining to be executed on capital account in respect of the Group and not provided for as at 31st March, 2016 is ₹ 2,244.98 lakhs (Previous Year : ₹ 2,712.54 lakhs). Group share in Joint Ventures ₹1.09 lakhs (Previous year ₹ 2.67 lakhs)

Other Commitment:

(i) As per the Agreement dated 21 September 2012, between the Parent Company and a contractor, the Parent Company has commitment of minimum procurement of 14,000 units of component or compensation up to ₹ 3.5 Lakhs per month. The termination clause has 9 months notice period, by which the minimum purchase commitment amounts to ₹ 31.5 Lakhs (31 March 2015- ₹ 31.5 Lakhs).

(ii) As per the Agreement dated 19 November 2013, between the Parent Company and Collector, Naupada, Odisha for supply of bicycles to Coal India Limited towards their Corporate Social Responsibility obligations, the Parent Company has pledged in favour of the Collector, a fixed deposit receipt of ₹18 lakhs as security for performance of the contract.

(iii) In respect of Euro Shoe Components Limited EPCG obligation ₹ 47.75 lakhs (Previous year ₹ Nil).

38. In case of Parent company, the State Government of Madhya Pradesh had issued a Permanent Eligibility Certificate recognizing the Parent Company as an “Exporting Industrial Unit”, thus exempting it from payment of Sales Tax & Entry Tax, till 24th January, 2007. In accordance there with the Parent Company has lodged claims for refund of ₹ 215.08 lakhs (31st March, 2015 - ₹ 215.08 lakhs), being Entry Tax paid by the Parent Company during the period 1994-1995 to 2006-2007. The said amount has been included in Note 12 - ‘Long term loans and advances’ under the heading Other Advance.

39. Disclosure pursuant to Accounting Standard -15 : Employee Benefits–

The following are the Defined Benefit Plans operated by the Group:

- Gratuity

- Retirement Benefits

Defined benefit plans - as per Actuarial Valuation on 31st March, 2016

149

(₹ in lakhs)

Funded

2015-16 2014-15

I Expense recognised in the Profit and Loss account for the year ended 31st March


Interest cost 172.78 246.92

Expected Return on plan assets for the period (168.75) (187.12)

Net Actuarial (Gain)/ Loss 160.25 236.80

Expenses Recognised in Statement of Profit and Loss A/c 388.41 478.24


Total 391.16 480.12

II Changes in Defined Benefit Obligation during the Year

Present Value of Defined Obligation at the beginning of the Year 2,369.73 2,029.81

Add : Addition on funding of gratuity of subsidiaries - 18.01


Liability transferred in / Acquisition 5.31 -

Interest Cost 172.78 246.92

Actuarial (Gain) / Loss on Defined Benefit Obligation 152.96 220.81

Benefits paid (281.87) (327.46)

Due to company ceasing to be subsidiary (185.33) -

Present Value of Defined Benefit Obligation at the end of the Year 2,457.71 2,369.73


Total 2,467.44 2,377.28

III Net Asset / (Liability) recognised in the Balance Sheet as at 31st March

Present Value of Defined Benefit Obligation at the end of the Year (2,457.71) (2,369.73)


Net Asset / (Liability) as at 31st March (314.42) (133.33)

Group Share in Joint Ventures (3.01) 3.04

Total (311.41) (130.29)

IV Changes in the Fair Value of Plan Assets during the year

Fair Value of the Plan Assets at the Beginning of the Year 2,236.40 2,064.41

Add : Addition on funding of gratuity of subsidiaries - -

Expected return on Plan Assets 168.75 186.48

Contributions 196.62 322.56

Transfer from Other Companies 5.31 -

Benefits paid (281.87) (327.46)



INTERN ATIONAL

150

Funded

2015-16 2014-15


Due to company ceasing to be subsidiary (174.65) -



Total 2,156.02 2,246.98

V Actual Return on Plan Assets

Expected Return on plan assets for the period 168.75 186.48


Actual Return on Plan Assets 161.48 176.89


Total 162.26 177.76

VI Amount of each category of Plan Assets to total Fair Value of Plan Assets

Special Deposits Scheme 279.04 279.04

Central Government / State Government Securities, Bonds issued by Public Financial Institutions

936.63 1,176.77

Balances in Savings & Current Accounts with Banks 255.04 265.48

LIC/ Others 672.58 343.11


Total 2,156.02 2,074.69

VII Actuarial Assumptions % %

Discount Rate 7.70 to 8.07 7.80 to 8.00

Expected Rate of Return on Plan Assets 7.80 to 8.07 7.50 to 9.00

Salary Escalation Rate 5.00 to 10.00 5.00 to 10.00

Attrition Rate 2.00 to 10.00 2.00 to 10.00

Parent Company and Subsidiaries

VIII Experience Adjustment

Defined benefit obligation 2,467.44 2,377.28

Fair value of plan assets 2,156.02 2,246.98

Surplus / (Deficit) (311.42) (130.29)

Experience Adjustment on plan Liabilities [(Gain)/ Loss] 176.93 25.29

Experience Adjustment on plan Assets [Gain/ (Loss)] (10.53) (10.20)

IX The contribution expected to be made by the Group during the financial year 2016-17 has not been ascertained.

151

40. Disclosure as required by Accounting Standard 19 (AS-19) are as follows:

(a) Operating Leases:

(i) The Group’s significant leasing arrangements are in respect of

Residential flats, office premises, plant & machinery and equipment taken on lease.

The arrangements range between 11 months and 5 years generally and are usually renewable by mutual consent or mutually agreeable terms. Under these arrangements, generally refundable interest-free deposits have been given.

Commercial / Residential premises have been taken on operating lease. Lease rentals aggregating to ₹ 3,521.89 lakhs (Previous year ₹ 2,841.66 lakhs) and Group share in Joint Ventures of ₹ 31.78 lakhs (Previous year ₹ 161.37lakhs) are charged as rent to the Statement of Profit and Loss. The future minimum lease payments under non-cancellable operating leases aggregating ₹ 7,663.54 lakhs (Previous Year: ₹ 8,057.53 lakhs) and Group share in Joint Ventures ₹ 371.16 lakhs, in each of the following period are as under:

(₹ in lakhs)

2016 2015(a) Not later than one year 2,308.33 3,203.06(b) Later than one year and not later than five years 3,725.54 3,901.85(c) Later than five years 1,629.67 952. 62

Group share in Joint Ventures:

(₹ in lakhs)

2016 2015(a) Not later than one year 46.46 14.60(b) Later than one year and not later than five years 185.19 54.80(c) Later than five years 139.50 -

(ii) Certain Plant and Machinery have been given on operating lease. Under these arrangements, generally refundable interest free deposits have been taken. The future minimum lease payments under non-cancellable operating leases aggregating Nil (Previous Year: ₹21.45 lakhs), in each of the following periods are as under :

(₹ in lakhs)

2016 2015(a) Not later than one year - 7.80(b) Later than one year and not later than five years - 13.65(c) Later than five years - -

(b) Finance Lease:

Vehicles have been taken on finance lease.

The future minimum lease payments aggregating Nil (₹34.44 Lakhs).

(₹ in lakhs)

2016 2015(a) Not later than one year - 18.23(b) Later than one year and not later than five years - 13.31(c) Later than five years - -



INTERN ATIONAL

152

41. Earnings Per Share (EPS)

(₹ in lakhs)

Continuing Operations 2015-16 2014-15

Profit /(Loss) after Tax (₹ in lakhs) (219.99) 12,980.66


Nominal Value of Equity Shares 1,000 1,000

Earnings Per Equity Share (₹) (Basic and Diluted) (54.86) (3,237.07)

Total Operations

Profit /(Loss) after Tax (₹ in lakhs) (5,035.70) (12,773.24)


Nominal Value of Equity Shares 1,000 1,000

Earnings Per Equity Share (₹) (1,255.78) (3,185.35)

42. Major components of Deferred Tax arising on account of timing differences are:

(₹ in lakhs)

2015-16 2014-15

Deferred Tax Asset 3,155.98 2,753.25

Deferred Tax Liability 749.05 538.59

Net Deferred Tax Asset 2,406.93 2,214.66

(₹ in lakhs)

2015-16 2014-15

Deferred Tax Liabilities:

Depreciation (285.95) (1,634.86)

Others (51.21) (26.54)

(337.16) (1,661.40)

Deferred Tax Assets :

Provision for doubtful debts 151.57 791.52

Provision for Inventory / Provision for Leave Encashment 1,564.86 1,963.09

Effects of unused tax losses 249.00 276.66

Unrealised exchange loss 515.96 538.07

Others 179.25 184.49

2,660.64 3,753.81

Net Deferred Tax Assets 2,323.48 2,092.41

Group share in Joint Ventures 83.45 122.25

Net Deferred Tax Assets 2,406.93 2,214.66

153

(₹ in lakhs)

2015-16 2014-15Opening Deferred tax assets 2,214.66 1,714.92Deferred tax on depreciation adjusted against balance in Statement of Surplus in Profit and Loss as per transition provision of Companies Act, 2013

- 45.25

Translation difference in respect of foreign subsidiary (192.70) (284.88)Total 2,021.96 1,475.30

Closing Net Deferred Tax asset / (liability) 2,406.93 2,214.66Deferred tax (credit) / charge for the year (384.98) (739.36)

43. Disclosure as required by Accounting Standard 29 (AS-29) - “Provisions, Contingent Liabilities and Contingent Assets” as on 31st March, 2016 are as follows:

(a) Warranty Provision:

The movement in above provision is as follows:

(₹ in lakhs)

2015-16 2014-15Opening balance - 229.98

Add: Provision for the year 20.20 -

Less : Written back during the year - 229.98

Add : (Less) : Translation difference (1.43) -

Closing balance 18.77 - (b) Provision for Contingent Consideration on purchase of Investment in Unitech Motors SA

The movement in above provision is as follows:

(₹ in lakhs)

2015-16 2014-15Opening balance 937.95 -

Add: Provision for the year - 937.95

Less : Written back during the year - -

Add : (Less) : Translation difference 53.62 -

Closing balance 991.57 937.95



INTERN ATIONAL

154

44

SEG

MEN

T RE

PORT

ING

Pr

imar

y Se

gmen

t Inf

orm

atio

n (G

eogr

aphi

cal S

egm

ent)

Indi

aSi

ngap

ore

Afr

ica

Uni

ted

Stat

es o

f A

mer

ica

Uni

ted

King

dom

Hon

g Ko

ng

SAR

Mau

riti

us

Gro

upU

nite

d A

rab

Emir

ates

Elim

inat

ions

Tota

l

REV

ENU

E

Exte

rnal

Sal

es 2

11,7

85.4

7 3

66,4

45.2

3 2

38,4

94.6

1 1

79,5

08.1

1 1

24,8

96.0

0 1

83,5

02.1

4 1

4,08

1.05

-

1

,318

,712

.60

278

,141

.86

257

,675

.36

242

,746

.93

248

,116

.05

141

,346

.25

166

,497

.96

14,

153.

61

-

1,3

48,6

78.0

1

Inte

r Seg

men

t Re

venu

e 4

,715

.64

14,

781.

99

2,1

95.6

1 -

1

2,25

9.08

9

1,98

6.36

9

.87

-

(125

,948

.54)

-

2,6

34.7

6 3

4,36

6.81

1

,708

.30

-

47,

617.

02

76,

310.

85

69.

63

-

(162

,707

.37)

-

Tota

l Rev

enue

216

,501

.10

381

,227

.21

240

,690

.22

179

,508

.11

137

,155

.09

275

,488

.50

14,

090.

93

-

(125

,948

.54)

1,31

8,71

2.60

280

,776

.62

292

,042

.17

244

,455

.23

248

,116

.05

188

,963

.27

242

,808

.81

14,

223.

23

-

(162

,707

.37)

1,3

48,6

78.0

1

RESU

LT

Segm

ent R

esul

t 2

46.3

5 3

,741

.67

1,1

06.1

2 7

05.0

5 1

,463

.45

(9.9

5) (2

,935

.22)

1,9

52.3

7 3

60.4

3 6

,630

.27

(3,6

09.3

9) 1

42.4

6 4

,108

.89

1,9

18.1

6 6

79.5

2 (5

12.4

9) (4

,424

.67)

(1,3

96.5

2) 1

,194

.35

(1,8

99.6

8)

Oth

er in

com

e (3

,265

.97)

(2,8

00.0

2)

Less

: Fin

ance

co

sts

21,

628.

57

18,

070.

38

(Los

s) b

efor

e ex

cept

iona

l and

ta

x

(11,

732.

33)

(17,

170.

04)

Exce

ptio

nal

item

s

(a) N

et g

ain

on

sale

of l

ong

term

in

vest

men

ts

20,

060.

88

4,9

24.1

4

(b) N

et g

ain

on

sale

of l

ong

term

in

vest

men

ts in

as

soci

ate

-

155

Indi

aSi

ngap

ore

Afr

ica

Uni

ted

Stat

es o

f A

mer

ica

Uni

ted

King

dom

Hon

g Ko

ng

SAR

Mau

riti

us

Gro

upU

nite

d A

rab

Emir

ates

Elim

inat

ions

Tota

l

4,1

29.9

1

(c) P

rofit

on

sale

of l

and

and

build

ing

-

6,3

24.9

4

(d) P

rovi

sion

for

dim

uniti

on in

th

e va

lue

of lo

ng

term

inve

stm

ent

-

(5,7

22.9

6)

(e)

Prov

isio

n fo

r do

ubtf

ul

debt

s (S

ubsi

diar

y)

(3,3

71.4

6)

-

(f)

Chan

ge

in

ac

co

un

tin

g po

licy

for

De

pre

cia

tio

n on

Fi

xed

Ass

ets

(in R

espe

ct o

f a

subs

idia

ry)

-

1,72

6.61

(g)

Inve

ntor

ies

writ

ten

off -

(704

.95)

Profi

t bef

ore

Tax

4,9

57.0

9

(6,4

92.3

5)

Less

: Tax

exp

ense

10,

757.

36

5,8

37.5

2

(Los

s) fo

r the

yea

r be

fore

m

inor

ity

inte

rest

and

shar

e of

pro

fit/(

loss

) of

as

soci

ates

(5,8

00.2

7)

(12,

329.

87)



INTERN ATIONAL

156

Indi

aSi

ngap

ore

Afr

ica

Uni

ted

Stat

es o

f A

mer

ica

Uni

ted

King

dom

Hon

g Ko

ng S

AR

Mau

riti

us

Gro

upD

ubai

Elim

inat

ions

Tota

l

OTH

ER IN

FORM

ATIO

N

Seg

men

t Ass

ets

98,

695.

42

95,

493.

53

169,

731.

61

57,

061.

53

35,

097.

66

45,

875.

32

13,

136.

16

2,3

74.0

5 (5

3,63

1.41

) 4

63,8

33.8

8

128

,341

.65

88,

171.

66

199

,398

.56

81,

571.

98

32,

814.

39

69,

817.

10

10,

579.

23

1,3

37.8

6 (6

5,04

2.31

) 5

46,9

90.1

2

Seg

men

t Lia

bilit

ies

45,

388.

32

38,

420.

18

52,

004.

78

40,

113.

57

14,

579.

31

9,8

16.0

7 8

,813

.49

242

.10

(62,

234.

19)

147

,143

.64

52,

863.

63

21,

647.

73

90,

555.

02

56,

851.

49

10,

300.

09

16,

347.

07

5,1

70.2

6 1

,688

.54

(70,

997.

59)

184

,426

.24

Capi

tal E

xpen

ditu

re 4

,245

.07

1.3

6 6

,121

.25

8.1

9 1

.07

31.

44

492

.43

1,4

43.6

7 1

2,34

4.48

3,1

58.4

7 2

.67

8,6

44.7

5 3

.73

-

209

.22

518

.29

-

12,

537.

13

Dep

reci

atio

n /

Am

orti

sati

on 5

,136

.06

1.9

6 2

,102

.74

3.5

5 0

.65

126

.10

664

.09

25.

09

8,0

60.2

4

7,2

43.0

1 1

.98

2,1

93.6

4 6

.08

1.0

5 1

16.5

9 7

60.0

1 1

.43

10,

323.

79

Non

Cas

h Ex

pend

itur

e ot

her

than

Dep

reci

atio

n

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Seco

ndar

y Se

gmen

t Inf

orm

atio

n (B

usin

ess

Segm

ent)

(₹

in la

khs)

BUSI

NES

STU

RNO

VER

ASS

ETCa

pita

l Exp

endi

ture

2015

-16

2014

-15

2015

-16

2014

-15

2015

-16

2014

-15

Man

ufac

turin

g 1

20,5

12.0

3 1

29,1

99.9

3 8

4,46

6.89

8

0,65

0.00

4

,737

.50

3,6

76.7

6

Trad

ing

1,1

92,5

65.7

2 1

,214

,011

.08

364

,957

.98

451

,447

.12

6,0

86.0

1 8

,368

.00

Oth

ers

5,6

34.8

5 5

,467

.00

14,

409.

01

14,

893.

00

1,5

20.9

7 4

92.3

7

1,3

18,7

12.6

0 1

,348

,678

.01

463

,833

.88

546

,990

.12

12,

344.

48

12,

537.

13

157

Additional information :

(1) The Group has disclosed Geographical Segments as the primary segment. Segments have been identified taking into account the economic conditions in various geographies, the related geographical risksand returns, organisational structure and internal reporting system

(2) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the geographical segments.

(3) Segment assets and liabilities exclude (₹ in lakhs)

Assets: 31-Mar-16 31-Mar-15

Current & Non-current investments 50,526.40 35,721.02

Goodwill on consolidation 33,217.44 33,042.15

Deferred tax assets 3,155.98 2,753.25

Income tax assets including MAT credit 8,037.71 11,046.54

Other unallocated assets 4,517.12 3,649.86

99,454.65 86,212.82

Liabilities:

Unsecured Perpetual Securities 73,282.03 73,282.03

Minority Interest 1,630.11 5,348.41

Long term borrowings 66,141.19 50,150.14

Deferred tax liability 749.05 538.59

Short term borrowings 213,337.92 221,535.17

Current maturity of long term borrowings 7,476.67 30,022.90

Interest accrued on borrowings 2,869.38 2,589.72

Provisions for Income Tax and Wealth Tax 6,293.03 6,430.38

Proposed Dividend including Dividend Distribution Tax 622.99 634.07

Other Unallocated liabilities 1,631.97 1,615.21

374,034.34 392,146.62

(4) Segment Revenue includes

31-Mar-16 31-Mar-15

Sale of products 1,269,466.48 1,239,875.66

Sale of services 14,034.15 6,045.27

Less : Excise Duty 413.87 360.61

1,283,086.76 1,245,560.32

Group Share in Joint Ventures 9,330.00 7,852.23

Revenue from discontinuing operations 26,295.84 95,265.46

Segment Revenue 1,318,712.60 1,348,678.01

(5) Transactions between segments are primarily for goods and services which are transferred at market determined prices.



INTERN ATIONAL

158

45. (a) Related Party Disclosures :

A) Holding Company

Tata Sons Limited

B) Related Parties where transactions have taken place during the year

(i) Fellow Subsidiary

Automotive Stampings and Assemblies Limited

Ewart Investments Limited

Tata AIA Life Insurance Company Limited

Tata AIG Life Insurance Company Limited

Tata Capital Financial Services Limited

Tata Consultancy Services Limited

Tata Consulting Engineers Limited

Tata Industries Limited

Tata Sky Limited

Infiniti Retail Limited

CMC Limited

Apex Investments (Mauritius) Holdings Limited

Tata Capital Pte Limited

Tata Consultancy Services (South Africa) (Pty) Limited

Tata Autocomp Systems Limited

Tata Autocomp Hendrickson Suspensions Private Limited

Tata Industrial Services Limited

Tata Advances Materials Limited

(ii) Associates

IHMS Hotels (South Africa ) (Propreitary) Limited

(iii) Joint Venture

Tata International DLT Private Limited

Tata Precision Industries (India) Limited

Rite Brand Retail Private Limited

Tata International Wolverine Brands Limited

Tata International GST AutoLeather Limited

(iv) Key Management personnel

Managing Director – Mr. Noel Tata

159

45. (b) Related Party Transactions

Transaction Year Fellow Subsidiaries

Joint Ventures

Holding Company

Associates Key Management

PersonnelPurchases of goods 2015-16 1,212.26 - - - -

2014-15 1,003.79 0.10 - 17,149.00 - Sale of goods 2015-16 112.48 244.26 - - -

2014-15 272.57 8.25 0.19 3,888.73 - Receiving of Services 2015-16 1,967.57 - 25.30 - -

2014-15 3,389.37 2.08 9.82 - - Rendering of Services (excluding service tax)

2015-16 26.81 22.64 12.40 - -

2014-15 1,111.77 61.80 208.27 - - Brand Equity Expense 2015-16 - - 865.72 - -

2014-15 - - 409.01 - - Rental Income 2015-16 161.80 19.10 - - -

2014-15 163.14 18.86 - 113.73 - Interest/ Dividend Expense 2015-16 228.52 - 167.40 - -

2014-15 79.98 - 167.40 - - Interest / Dividend Income 2015-16 33.71 42.70 354.48 - -

2014-15 58.26 - 118.16 167.84 - Other Income 2015-16 - - - - -

2014-15 - 7.74 - - - Purchase of equity shares 2015-16 - - - - -

2014-15 - 63.00 - - - Reimbursement of expenses 2015-16 504.79 2.31 - - -

2014-15 11.73 5.59 - 53.75 - Recovery of Expenses 2015-16 1,100.50 33.88 810.22 - -

2014-15 707.74 41.30 383.78 - - Managerial Remuneration 2015-16 - - - - 60.00

2014-15 - - - - 236.76 Amount Receivable 2015-16 206.91 122.26 369.93 - 225.39

2014-15 1,391.19 318.55 415.45 592.37 - Amount Payable 2015-16 1,539.98 - 637.41 - -

2014-15 3,150.31 - 685.37 2,919.18 - Loan Given outstanding 2015-16 - - - - -

2014-15 - - - 957.84 - Advance Received outstanding

2015-16 - - - - -

2014-15 - - - - - Advance Given outstanding 2015-16 - - - - -



INTERN ATIONAL

160

Transaction Year Fellow Subsidiaries

Joint Ventures

Holding Company

Associates Key Management

Personnel2014-15 12.21 - - - -

Rent paid 2015-16 - - - - - 2014-15 - - - 327.46 -

Deposit taken 2015-16 - - - - - 2014-15 12.31 - - - -

Discount paid 2015-16 - - - - - 2014-15 - 0.04 - - -

Investments 2015-16 - - - - - 2014-15 - 302.50 - 290.99 -

Loans Taken 2015-16 1,100.00 - - - - 2014-15 1,000.00 - - - -

Sale of Non current investment

2015-16 2,620.16 - 6,912.28 - -

2014-15 - - - - - Purchase of non current investment

2015-16 - 27.00 - - -

2014-15 - - - - - Purchase of capital goods 2015-16 163.84 - - - -

2014-15 - - - - - Short term Loan taken 2015-16 1,100.00 - - - -

2014-15 - - - - - Insurance Claim received 2015-16 1.07 - - - -

2014-15 - - - - - Long term Loan taken 2015-16 400.00 - - - -

2014-15 - - - - -

161

45.

(c) R

elat

ed P

arty

Tra

nsac

tions

Fello

w S

ubsi

diar

ies

Auto

mot

ive

Stam

ping

s an

d A

ssem

blie

s Li

mite

d

Ewar

t Inv

estm

ents

Li

mite

d Ta

ta A

IA L

ife

Insu

ranc

e Co

mpa

ny

Lim

ited

Tata

AIG

Gen

eral

In

sura

nce

Com

pany

Li

mite

d

Tata

Aut

ocom

p Sy

stem

s Li

mite

dTa

ta C

apita

l Fin

anci

al

Serv

ices

Lim

ited

Tata

Con

sulta

ncy

Serv

ices

Lim

ited

Tata

Con

sulti

ng

Engi

neer

s Li

mite

d Ta

ta In

dust

ries

Lim

ited

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

-

-

-

-

-

-

-

-

-

-

-

-

1,2

12.2

6 8

46.0

9 -

-

-

-

Sale

of g

oods

7.1

1 3

.94

-

-

-

-

-

-

8.7

8 8

.26

-

-

93.

21

127

.41

-

-

-

-

Rece

ivin

g of

Ser

vice

s -

-

-

-

-

-

1

5.74

1

3.89

0

.51

-

475

.00

-

81.

68

1,8

39.1

6 1

,360

.54

1,5

18.0

7 -

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

ser

vice

tax)

-

-

-

-

-

0.6

9 -

0

.69

-

-

-

2.7

5 -

1

3.51

7

.84

54.

51

7.8

4 4

2.88

Bran

d Eq

uity

Exp

ense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rent

al In

com

e -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inte

rest

/ Div

iden

d Ex

pens

e -

-

-

2

5.00

-

-

-

-

-

-

1

86.4

0 -

-

-

-

-

1

7.12

1

7.12

Inte

rest

/ D

ivid

end

In

com

e -

-

-

-

-

-

-

-

-

-

-

-

3

3.71

5

8.26

-

-

-

-

Oth

er In

com

e -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of e

quity

sha

res

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reim

burs

emen

t of

expe

nses

-

-

-

-

-

-

13.

96

-

-

-

-

-

370

.59

-

-

-

-

-

Reco

very

of E

xpen

ses

-

-

-

-

-

-

-

-

-

-

-

-

659

.38

533

.84

213

.71

11.

32

91.

35

-

Man

ager

ial R

emun

erat

ion

-

-

-

-

-

-

-

-

-

-

-

-

- -

-

-

-

-

Am

ount

Rec

eiva

ble

3.0

2 2

.35

-

-

-

-

6.5

4 8

.40

1.0

0 0

.89

-

-

30.

59

746

.80

124

.08

2.7

8 9

.74

7.0

9

Am

ount

Pay

able

-

-

-

-

-

-

-

-

-

-

30.

08

-

447

.66

1,6

84.0

4 1

,046

.62

1,3

19.9

2 -

-

Loan

Giv

en o

utst

andi

ng -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Giv

en

outs

tand

ing

-

-

-

-

-

-

-

12.

21

-

-

-

-

-

-

-

-

-

-

Rent

pai

d -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dep

osit

take

n -

-

-

-

-

-

-

-

-

-

-

-

-

1

2.31

-

-

-

-

Dis

coun

t pai

d -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inve

stm

ents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loan

s Tak

en -

-

-

-

-

-

-

-

-

-

1

,100

.00

1,0

00.0

0 -

-

-

-

-

-

Sale

of N

on c

urre

nt

inve

stm

ent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of n

on c

urre

nt

inve

stm

ent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of c

apita

l goo

ds -

-

-

-

-

-

-

-

-

-

-

-

1

63.8

4 -

-

-

-

-

Shor

t ter

m L

oan

take

n -

-

-

-

-

-

-

-

-

-

1

,100

.00

-

-

-

-

-

-

-

Insu

ranc

e Cl

aim

rece

ived

-

-

-

-

-

-

1

.07

-

-

-

-

-

-

-

-

-

-

-

Long

term

Loa

n ta

ken

-

-

-

-

-

-

-

-

-

-

400

.00

-

-

-

-

-

-

-



INTERN ATIONAL

162

Fello

w S

ubsi

diar

ies

Tata

Con

sulta

ncy

Serv

ices

(Sou

th

Afr

ica)

(Pty

) Lim

ited

Tata

Sky

Lim

ited

Tata

Adv

ance

M

ater

ials

Lim

ited

Infin

iti R

etai

l Lim

ited

CMC

Lim

ited

Ape

x In

vest

men

t (M

aurit

ius)

Hol

ding

s Lt

d

Tata

Cap

ital P

te.

Lim

ited

Tata

Indu

stria

l Se

rvic

es L

imite

dTa

ta S

IA A

irlin

es

Lim

ited

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

-

-

-

23.

25

-

-

-

-

-

134

.45

-

-

-

-

-

-

-

-

Sale

of g

oods

-

-

-

24.

01

-

-

-

108

.95

-

-

-

-

-

-

-

-

3.0

5 -

Rece

ivin

g of

Ser

vice

s -

-

-

-

-

-

-

-

3

4.10

1

8.24

-

-

-

-

-

-

-

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

ser

vice

tax)

-

-

-

187

.69

-

-

-

777

.67

-

-

-

-

11.

14

12.

82

-

18.

56

-

-

Bran

d Eq

uity

Exp

ense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rent

al In

com

e -

1

61.1

0 -

-

-

-

-

-

-

-

-

-

2

.18

2.0

4 -

-

-

-

Inte

rest

/ Div

iden

d Ex

pens

e -

-

-

-

-

-

-

-

-

-

-

3

7.86

-

-

-

-

-

-

Inte

rest

/ D

ivid

end

In

com

e -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Oth

er In

com

e -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of e

quity

sha

res

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reim

burs

emen

t of

expe

nses

-

11.

73

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reco

very

of E

xpen

ses

-

36.

38

-

-

-

-

-

-

-

-

-

-

111

.74

126

.19

-

-

-

-

Man

ager

ial R

emun

erat

ion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Am

ount

Rec

eiva

ble

-

-

-

290

.23

-

0.0

1 -

2

95.5

6 -

-

-

-

3

1.93

3

7.02

-

0

.08

-

-

Am

ount

Pay

able

-

1.6

1 -

2

5.35

-

-

-

0

.46

-

118

.94

-

-

-

-

-

-

-

-

Loan

Giv

en o

utst

andi

ng -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Giv

en

outs

tand

ing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rent

pai

d -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dep

osit

take

n -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dis

coun

t pai

d -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inve

stm

ents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loan

s Tak

en -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sale

of N

on c

urre

nt

inve

stm

ent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of n

on c

urre

nt

inve

stm

ent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of c

apita

l goo

ds -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Shor

t ter

m L

oan

take

n -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Insu

ranc

e Cl

aim

rece

ived

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long

term

Loa

n ta

ken

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

163

Fello

w S

ubsi

diar

ies

Join

t Ven

ture

s

Tata

Cap

ital L

imite

d Ew

art I

nves

tmen

ts

Lim

ited

Tata

Lim

ited

Tata

Inve

stm

ent

Corp

orat

ion

Lim

ited

Tata

Con

sulta

ncy

Serv

ices

(Sou

th

Afr

ica)

(PTY

) Ltd

.

Tata

Toyo

Rad

iato

r Li

mite

dFe

llow

Subs

idiar

ies

2015

-16

Fello

w Su

bsid

iaries

20

14-1

5

Tata

Inte

rnat

iona

l D

LT P

rivat

e Li

mite

dTa

ta In

tern

atio

nal

Wol

verin

e Br

ands

Li

mite

d

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

-

-

-

-

-

-

-

-

-

-

-

-

1,2

12.2

6 1

,003

.79

-

-

-

-

Sale

of g

oods

-

-

-

-

-

-

-

-

-

-

0.3

3 -

1

12.4

8 2

72.5

7 0

.44

0.0

7 -

-

Rece

ivin

g of

Ser

vice

s -

-

-

-

-

-

-

-

-

-

-

-

1

,967

.57

3,3

89.3

7 -

-

-

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

ser

vice

tax)

-

-

-

-

-

-

-

-

-

-

-

-

26.

81

1,1

11.7

7 -

-

-

-

Bran

d Eq

uity

Exp

ense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rent

al In

com

e -

-

-

-

-

-

-

-

1

59.6

2 -

-

-

1

61.8

0 1

63.1

4 -

-

-

-

Inte

rest

/ Div

iden

d Ex

pens

e -

-

2

5.00

-

-

-

-

-

-

-

-

-

2

28.5

2 7

9.98

-

-

-

-

Inte

rest

/ D

ivid

end

In

com

e -

-

-

-

-

-

-

-

-

-

-

-

3

3.71

5

8.26

4

2.70

-

-

-

Oth

er In

com

e -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of e

quity

sha

res

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reim

burs

emen

t of

expe

nses

-

-

-

-

120

.24

-

-

-

-

-

-

-

504

.79

11.

73

-

-

-

-

Reco

very

of E

xpen

ses

-

-

-

-

-

-

-

-

24.

32

-

-

-

1,1

00.5

0 7

07.7

4 2

7.57

2

1.43

-

2

.82

Man

ager

ial R

emun

erat

ion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Am

ount

Rec

eiva

ble

-

-

-

-

-

-

-

-

-

-

-

-

206

.91

1,3

91.1

9 1

.92

1.5

7 -

2

45.2

4

Am

ount

Pay

able

-

-

-

-

15.

62

-

-

-

-

-

-

-

1,5

39.9

8 3

,150

.31

-

-

-

-

Loan

Giv

en o

utst

andi

ng -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Giv

en

outs

tand

ing

-

-

-

-

-

-

-

-

-

-

-

-

-

12.

21

-

-

-

-

Rent

pai

d -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dep

osit

take

n -

-

-

-

-

-

-

-

-

-

-

-

-

1

2.31

-

-

-

-

Dis

coun

t pai

d -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inve

stm

ents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loan

s Tak

en -

-

-

-

-

-

-

-

-

-

-

-

1

,100

.00

1,0

00.0

0 -

-

-

-

Sale

of N

on c

urre

nt

inve

stm

ent

476

.47

-

-

-

-

-

2,1

43.6

9 -

-

-

-

-

2

,620

.16

-

-

-

-

-

Purc

hase

of n

on c

urre

nt

inve

stm

ent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of c

apita

l goo

ds -

-

-

-

-

-

-

-

-

-

-

-

1

63.8

4 -

-

-

-

-

Shor

t ter

m L

oan

take

n -

-

-

-

-

-

-

-

-

-

-

-

1

,100

.00

-

-

-

-

-

Insu

ranc

e Cl

aim

rece

ived

-

-

-

-

-

-

-

-

-

-

-

-

1

.07

-

-

-

-

-

Long

term

Loa

n ta

ken

-

-

-

-

-

-

-

-

-

-

-

-

400

.00

-

-

-

-

-



INTERN ATIONAL

164

Join

t Ven

ture

sH

oldi

ng C

ompa

ny

Tata

Pre

cisi

on In

dust

ries

(Indi

a) L

imite

dRi

te B

rand

Ret

ail P

vt L

tdIte

zhi T

ezhi

Pow

er

Corp

orat

ion

Lim

ited

Tata

Inte

rnat

iona

l GST

Au

toLe

athe

r Lim

ited

Join

t Ve

ntur

es

2015

-16

Join

t Ve

ntur

es

2014

-15

Tata

Son

s Li

mite

dHo

ldin

g Co

mpa

ny

2015

-16

Hold

ing

Com

pany

20

14-1

5

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

Purc

hase

s of

goo

ds

-

-

-

0.1

0 -

-

-

-

-

0

.10

-

-

-

-

Sale

of g

oods

-

-

-

7.4

7 -

-

2

43.8

2 0

.72

244

.26

8.2

5 -

0

.19

-

0.1

9

Rece

ivin

g of

Ser

vice

s -

2

.08

-

-

-

-

-

-

-

2.0

8 2

5.30

9

.82

25.

30

9.8

2

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) -

-

-

-

-

-

2

2.64

6

1.80

2

2.64

6

1.80

1

2.40

2

08.2

7 1

2.40

2

08.2

7

Bran

d Eq

uity

Exp

ense

-

-

-

-

-

-

-

-

-

-

865

.72

409

.01

865

.72

409

.01

Rent

al In

com

e 1

9.10

1

8.86

-

-

-

-

-

-

1

9.10

1

8.86

-

-

-

-

Inte

rest

/ Div

iden

d Ex

pens

e -

-

-

-

-

-

-

-

-

-

1

67.4

0 1

67.4

0 1

67.4

0 1

67.4

0

Inte

rest

/ D

ivid

end

Inco

me

-

-

-

-

-

-

-

-

42.

70

-

354

.48

118

.16

354

.48

118

.16

Oth

er In

com

e -

7

.74

-

-

-

-

-

-

-

7.7

4 -

-

-

-

Purc

hase

of e

quity

sha

res

-

-

-

-

-

-

-

63.

00

-

63.

00

-

-

-

-

Reim

burs

emen

t of e

xpen

ses

2.3

1 5

.59

-

-

-

-

-

-

2.3

1 5

.59

-

-

-

-

Reco

very

of E

xpen

ses

0.1

4 -

-

-

-

-

6

.16

17.

04

33.

88

41.

30

810

.22

383

.78

810

.22

383

.78

Man

ager

ial R

emun

erat

ion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Am

ount

Rec

eiva

ble

15.

25

11.

38

-

27.

82

-

27.

42

105

.09

5.1

2 1

22.2

6 3

18.5

5 3

69.9

3 4

15.4

5 3

69.9

3 4

15.4

5

Am

ount

Pay

able

-

-

-

-

-

-

-

-

-

-

637

.41

685

.37

637

.41

685

.37

Loan

Giv

en o

utst

andi

ng -

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

-

-

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Giv

en o

utst

andi

ng -

-

-

-

-

-

-

-

-

-

-

-

-

-

Rent

pai

d -

-

-

-

-

-

-

-

-

-

-

-

-

-

Dep

osit

take

n -

-

-

-

-

-

-

-

-

-

-

-

-

-

Dis

coun

t pai

d -

-

-

0

.04

-

-

-

-

-

0.0

4 -

-

-

-

Inve

stm

ents

-

-

-

302

.50

-

-

-

-

-

302

.50

-

-

-

-

Loan

s Tak

en -

-

-

-

-

-

-

-

-

-

-

-

-

-

Sale

of N

on c

urre

nt in

vest

men

t -

-

-

-

-

-

-

-

-

-

6

,912

.28

-

6,9

12.2

8 -

Purc

hase

of n

on c

urre

nt

inve

stm

ent

-

-

-

-

-

-

27.

00

-

27.

00

-

-

-

-

-

Purc

hase

of c

apita

l goo

ds -

-

-

-

-

-

-

-

-

-

-

-

-

-

Shor

t ter

m L

oan

take

n -

-

-

-

-

-

-

-

-

-

-

-

-

-

Insu

ranc

e Cl

aim

rece

ived

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long

term

Loa

n ta

ken

-

-

-

-

-

-

-

-

-

-

-

-

-

-

165

Ass

ocia

tes

Tata

M

otor

s (S

A)

(Pty

) Lt

d.N

ewsh

elf

919

(Pty

) Li

mite

dIH

MS

Hot

els (

Sout

h A

fric

a ) (

Prop

reita

ry)

Lim

ited

Acc

ordi

an In

vest

men

ts

(Pty

) Lim

ited

Ass

ocia

tes

2015

-16

Ass

ocia

tes

2014

-15

Key

Man

agem

ent

Pers

onne

l 20

15-1

6K

ey M

anag

emen

t Pe

rson

nel

2014

-15

Tran

sact

ion

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

201

5-16

201

4-15

-

17,

149.

00

-

-

Purc

hase

s of

goo

ds

-

17,

149.

00

-

-

-

-

-

-

-

3,8

88.7

3 -

-

Sale

of g

oods

-

-

-

-

-

-

-

3,8

88.7

3 -

-

-

-

Rece

ivin

g of

Ser

vice

s -

-

-

-

-

-

-

-

-

-

-

-

Rend

erin

g of

Ser

vice

s (e

xclu

ding

se

rvic

e ta

x) -

-

-

-

-

-

-

-

-

-

-

-

Bran

d Eq

uity

Exp

ense

-

-

-

-

-

-

-

-

-

113

.73

-

-

Rent

al In

com

e -

1

10.4

2 -

-

-

3

.31

-

-

-

-

-

-

Inte

rest

/ Div

iden

d Ex

pens

e -

-

-

-

-

-

-

-

-

1

67.8

4 -

-

Inte

rest

/ D

ivid

end

Inco

me

-

43.

22

-

78.

28

-

-

-

46.

33

-

-

-

-

Oth

er In

com

e -

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of e

quity

sha

res

-

-

-

-

-

-

-

-

-

53.

75

-

-

Reim

burs

emen

t of e

xpen

ses

-

47.

70

-

-

-

0.6

5 -

5

.39

-

-

-

-

Reco

very

of E

xpen

ses

-

-

-

-

-

-

-

-

-

-

--

Man

ager

ial R

emun

erat

ion

-

-

-

-

-

-

-

-

-

592

.37

60.0

023

6.76

Am

ount

Rec

eiva

ble

-

5.0

5 -

-

-

-

-

5

87.3

2 -

2

,919

.18

225.

39 -

Am

ount

Pay

able

-

2,9

19.1

8 -

-

-

-

-

-

-

9

57.8

4 -

-

Loan

Giv

en o

utst

andi

ng -

4

40.9

8 -

-

-

-

-

5

16.8

6 -

-

-

-

Adv

ance

Rec

eive

d ou

tsta

ndin

g -

-

-

-

-

-

-

-

-

-

-

-

Adv

ance

Giv

en o

utst

andi

ng -

-

-

-

-

-

-

-

-

3

27.4

6 -

-

Rent

pai

d -

-

-

3

27.4

6 -

-

-

-

-

-

-

-

Dep

osit

take

n -

-

-

-

-

-

-

-

-

-

-

-

Dis

coun

t pai

d -

-

-

-

-

-

-

-

-

2

90.9

9 -

-

Inve

stm

ents

-

-

-

-

-

290

.99

-

-

-

-

-

-

Loan

s Tak

en -

-

-

-

-

-

-

-

-

-

-

-

Sale

of N

on c

urre

nt in

vest

men

t -

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of n

on c

urre

nt

inve

stm

ent

-

-

-

-

-

-

-

-

-

-

-

-

Purc

hase

of c

apita

l goo

ds -

-

-

-

-

-

-

-

-

-

-

-

Sh

ort t

erm

Loa

n ta

ken

-

-

-

-

-

-

-

-

-

-

-

-

Insu

ranc

e Cl

aim

rece

ived

-

-

-

-

-

-

-

-

-

-

-

-

Lo

ng te

rm L

oan

take

n -

-

-

-

-

-

-

-



INTERN ATIONAL

166

46 Break up of Net assets and share in profit or loss

2015-16 2014-15 2015-16 2014-15

Name of the entity Net Assets, i.e. total assets minus total

liabilities

Net Assets, i.e. total assets minus total

liabilities

Share in profit or loss Share in profit or loss

As % of consolidated

net assets

₹ in Lakhs As % of consolidated

net assets

₹ in Lakhs As % of consolidated profit or loss


₹ in Lakhs

I Parent - Tata International :Limited 180% 75,293.84 88% 49,603.87 (527%) 26,533.79 (9%) 438.99

II Subsidiaries - - - - -

A Indian - - - - -

1 Bachi Shoes (India) Limited 27% 11,257.58 17% 9,687.98 (31%) 1,570.90 (34%) 1,733.12

2 Euro Shoe components Limited 3% 1,363.40 2% 1,264.36 (2%) 99.04 (5%) 250.91

3 Drive India Enterprise Solutions Limited 0% - 4% 2,348.79 96% (4,815.71) (4%) 207.42

4 Calsea Footwear Private Limited 1% 222.63 0% 153.10 13% (663.82) 12% (580.27)

B Foreign - - - - -

1 Tata Africa Holdings (SA) (Proprietary) Limited

36% 15,243.10 28% 15,834.76 55% (2,794.44) (40%) 2,034.15

2 Pamodzi Hotels Plc 4% 1,821.49 4% 2,152.35 (9%) 456.04 (6%) 280.11

3 Tata Zambia Limited 1% 598.00 6% 3,540.07 44% (2,194.20) 26% (1,316.62)

4 Tata Africa Holdings (Ghana) Limited 4% 1,807.55 2% 1,273.40 (10%) 490.93 26% (1,322.98)

5 Alliance Motors Ghana Limited (7%) (3,015.23) (4%) (2,423.49) (13%) 630.94 31% (1,557.49)

6 Tata Automobile Corporation (SA) (Proprietary) Limited

15% 6,478.63 14% 7,780.13 2% (90.46 ) (10%) 523.99

7 Tata Holdings Mocambique Limitada 2% 715.03 2% 1,003.73 1% (46.57) (3%) 156.72

8 Tata De Mocambique, Limitada 4% 1,531.43 6% 3,538.94 27% (1,347.89) (34%) 1,717.68

9 Cometal, S.A.R.L. 1% 607.57 1% 774.60 (1%) 30.76 (2%) 114.15

10 Tata Uganda Limited 13% 5,280.11 9% 5,145.72 (15%) 735.02 (24%) 1,217.40

11 Tata Africa Holdings (Tanzania) Limited 14% 5,952.56 19% 10,661.30 65% (3,262.22) (32%) 1,612.62

12 Tata Africa Services (Nigeria) Limited (1%) (613.48) 3% 1,959.74 54% (2,719.71 ) 48% (2,398.40)

13 TAH Pharmaceuticals Limited 0% (81.37) 0% 156.85 5% (250.39) 4% (206.11)

14 TATA Africa Holdings (Kenya) Limited 22% 9,075.29 16% 8,880.82 (20%) 995.68 (35%) 1,782.58

15 Blackwood Hodge Zimbabwe (Private) Limited

3% 1,436.24 3% 1,538.45 3% (166.37 ) (3%) 172.56

16 Tata Africa Steel Processors (Proprietary) Limited

(1%) (593.08) (2%) (1,034.76) (6%) 320.23 (4%) 226.21

17 Tata Africa (Senegal) S.A.R.L. (1%) (531.69) 0% (105.95) 8% (408.44) 8% (424.52)

18 TAHL (Mauritius) Power Projects Limited

0% - 0% 62.80 0% (12.03 ) (26%) 1,309.99

19 TAHL (Mauritius) Mining Projects Limited

(33%) (13,926.69) (19%) (10,872.14) 30% (1,522.54) 27% (1,382.33)

20 M’Pumalanga Mining Resources SA 6% 2,483.10 2% 871.28 6% (310.50) 5% (227.28)

21 Tata Africa (Cote D'Ivorie) SARL (1%) (511.31) 0% (105.29) 10% (522.01) 4% (182.84)

22 Tata Zimbabwe (Private) Limited 0% - 0% - 0% - - -

23 Tata International Singapore Pte Ltd 15% 6,125.93 2% 863.24 (152%) 7,645.83 76% (3,805.25)

24 Tata International Metals (Americas) Limited

44% 18,310.72 31% 17,279.89 4% (204.10 ) (10%) 501.72

25 Tata International Metals (UK) Limited 33% 13,886.48 23% 12,788.09 (7%) 347.13 (7%) 342.46

26 Industrial Steels Limited 0% - 0% - 0% 0% -

27 Unitech Motors, S A 4% 1,546.95 2% 1,291.31 (4%) 199.45 0% -

167

2015-16 2014-15 2015-16 2014-15

Name of the entity Net Assets, i.e. total assets minus total

liabilities

Net Assets, i.e. total assets minus total

liabilities

Share in profit or loss Share in profit or loss

As % of consolidated

net assets

₹ in Lakhs As % of consolidated

net assets



₹ in Lakhs

28 Tata International West Asia DMCC 4% 1,487.45 0% 8.01 3% (159.10) 0% (0.49)

29 Tata International Metals (Asia) Limited 19% 8,102.67 12% 6,740.18 (20%) 1,009.99 (9%) 476.82

30 Tata West Asia FZE 2% 969.77 1% 405.03 (11%) 535.35 0% 18.00

31 TIL Leather Mauritius Limited (5%) (1,940.88) (2%) (1,210.68) 11% (578.03) 15% (770.47)

32 Move On Componentes E Calcado S A (5%) (2,078.45) (4%) (2,079.62) 37% (1,842.01) 51% (2,592.06)

33 Tata International Trading Brasil Ltda 0% 36.99 0% 44.87 0% (2.72) 1% (35.69)

34 Move On Retail Spain S L (1%) (274.90) (2%) (1,012.72) 7% (339.41) 6% (305.06)

35 Monroa Portugal, Comercio E Servicos, Unipessoal LDA

(1%) (236.24) (3%) (1,563.17) 14% (729.02) 11% (574.58)

36 Tata South-East Asia Limited (7%) (2,862.05) (2%) (947.10) 37% (1,844.83) 41% (2,083.04)

37 Tata South East Asia (Cambodia ) Limited

0% 20.35 0% 117.92 2% (102.35) (3%) 167.82

38 Motor Hub East Africa Ltd 0% 16.80 1% (48.72)

C Minority Interests in all subsidiaries (1%) (424.02) (9%) (5,348.41) 34% (1,711.64) 12% (614.17)

III Associates (Investment as per the equity method)

- - - - -

A Indian - - - - -

1 Tata Ceramics Limited 0% - 0% - 0% - - -

B Foreign - - - - -

1 Consilience Technologies (Pty) Limited 2% 722.58 3% 1,554.47 13% (661.50) (11%) 545.22

2 IHMS Hotels (SA) (Pty) Limited 0% - 0% - 0% 2.93 6% (310.82)

3 Newshelf 919 (Pty) Limited 5% 2,082.60 5% 2,895.70 5% (267.49) 2% (105.56)

4 Tata Motors (SA) (Pty) Limited 1% 402.10 1% 442.16 0% 22.29 (1%) 41.96

5 Accordian Investments (Propreitary) Limited

0% - 0% - 1% (43.30) - -

IV Joint Ventures (as per proportionate consolidation)

- - - - -

A Indian - - - - -

1 Tata International DLT Private Limited 2% 1,012.62 2% 923.00 (5%) 254.71 (2%) 100.74

2 Tata Precision Industries (India) Limited 1% 424.91 1% 390.69 (1%) 39.22 0% 8.96

3 Rite Brand Retail Private Limited 0% 13.99 0% 41.89 1% (27.90) 1% (61.32)

4 Tata International Wolverine Brands Limited

(1%) (571.02) (1%) (469.76) 2% (101.27) 19% (941.87)

5 Tata International GST AutoLeather Limited (w.e.f 13th March 2014)

0% (0.82) 0% 2.64 1% (30.47) 1% (60.36)

6 Itezhi Tezhi Power Corporation Limited 0% - 0% - 0% - - -

- - - - -

V Eliminations (303%) (126,800.01) (159%) (90,218.97) 340% (17,134.76) 137% (6,895.96)

Total 41,869.23 56,630.07 (5,035.70) (12,773.24)



INTERN ATIONAL

168

47. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

For and on behalf of the Board,

G K Pillai Chairman

N N Tata Managing Director


Mumbai27th May, 2016

Documents

BOARD OF DIRECTORS - Tata International: A global …tatainternational.com/wp-content/uploads/pdf/FY_15-16/... · · 2016-10-27BOARD OF DIRECTORS (As on May 27, 2016) G K PILLAI-