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Tata Motors

BSE: 500570|NSE: TATAMOTORS|ISIN: INE155A01022|SECTOR: Auto - LCVs & HCVs
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Mar 15
Notes to Accounts Year End : Mar '16
1.  Capital work-in-progress as at March 31, 2014 included building
 under construction at Singur in West Bengal of Rs.309.88 crores for the
 purposes of manufacturing automobiles. In October 2008, the Company
 moved the Nano project from Singur in West Bengal to Sanand in Gujarat.
 In June 2011, the newly elected Government of West Bengal (State
 Government) enacted a law cancelling the land lease agreement at
 Singur, and took over possession of the land. The Company challenged
 the constitutional validity of the law. In June 2012, the Calcutta High
 Court declared the law unconstitutional and restored Company''s rights
 under the land lease agreement. The State Government fi led an appeal
 in the Supreme Court of India in August 2012, which is pending
 disposal. Though the Company continues to rigorously press its rights,
 contentions and claims in the matter, the Company has been advised that
 the time it may take in disposal of the appeal is uncertain. The
 Company has also been advised that it has a good case and can strongly
 defend the appeal, but the questions that arise are issues of
 constitutional law and thus the result of the appeal cannot be
 predicted. In these circumstances, in view of the uncertainty on the
 timing of resolution, following the course of prudence, the management
 has during the year ended March 31, 2015, made a provision for carrying
 capital cost of buildings at Singur amounting to Rs.309.88 crores
 included under the head works operations and other expenses excluding
 other assets (electrical installations etc.) and expenses written off /
 provided in earlier years, security expenses, lease rent and claim for
 interest on the whole amount (including Rs.309.88 crores). The Company
 shall however continue to pursue the case and assert its rights and its
 claims in the Courts.
 
 2. The Company has joint ventures with (a) Fiat Group Automobiles
 S.p.A., Italy, Fiat India Automobiles Private Limited (FIAL), for
 manufacturing passenger cars, engines and transmissions at Ranjangaon
 in India and (b) Cummins Inc, USA, Tata Cummins Private Limited (TCL),
 for manufacturing engines in India. The Company has an investment of
 Rs.1,567.04 crores as at March 31, 2016, representing 50% shareholding in
 FIAL and Rs.90.00 crores as at March 31,2016 representing 50%
 shareholding in TCL.
 
 (a) The proportionate share of assets and liabilities as at March 31,
 2016 and income and expenditure for the year 2015-2016 of FIAL as per
 their unaudited financial statement are given below:
 
 3.  Other notes
 
 (i) The Company has a process whereby periodically all long term
 contracts (including derivative contracts) are assessed for material
 foreseeable losses. At the year end, the Company has reviewed and
 ensured that adequate provision as required under any law/ accounting
 standards for material foreseeable losses on such long term contracts
 (including derivative contracts) has been made in the books of account.
 
 (ii) Micro, Small and Medium Enterprise Development Act, 2006
 
 The information as required to be disclosed under the Micro, Small and
 Medium Enterprises Development Act, 2006 has been determined to the
 extent such parties have been identified on the basis of information
 available with the Company. The amount of principal and interest
 outstanding during the year is given below :
 
 (iii) Current year figures are shown in bold prints.
 
 (iv) Previous year figures have been regrouped / reclassified
 wherever necessary to correspond with the current year classification
 / disclosure.
Source :
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