(1) The Company has given a letter of comfort to HDFC Bank against the
 short term and long term loans aggregating Rs.235 crores given by HDFC
 Bank to Tata Marcopolo Motors Ltd (TMML). The letter of comfort is
 restricted to 51% of loan amount i.e. Rs. 120 crores. Also the Company
 has given an undertaking to HDFC Bank that it will not dilute its stake
 below 51% during the tenor of the loan.
 
 (2) The Company has given a letter of comfort to Citibank NA towards
 the short term and long term loans aggregating THB 1,055 million (Rs.
 174.19 crores as on March 31, 2012) given by Citibank NA to Tata Motors
 (Thailand) Ltd (TMTL). The Company has also given letter of comfort to
 ICICI Bank towards working capital facility aggregating THB 300 million
 (Rs. 49.53 crores as on March 31,2012) given by ICICI Bank to TMTL.
 Further the Company has given an undertaking to Citibank NA as well as
 to ICICI Bank for non- disposal of its shareholding in TMTL below 51%
 during the tenor of the loan.
 
 (3) The Company has given a letter of comfort to GE Commercial
 Distribution Finance Europe Ltd for revolving syndicated loan facility
 to Jaguar Cars Ltd and Land Rover for outstanding balance of GBP 50.20
 million (Rs. 409.31 crores as on March 31, 2012). Also the Company has
 given an undertaking to GE Commercial Distribution Finance Europe Ltd
 to retain ultimate 100% ownership of Jaguar Cars Ltd and Land Rover at
 all times during the tenor of the loan.
 
 (4) The Company has given a letter of comfort to Citibank NA against
 working capital loans extended by the bank to Tata Hispano Motors
 Carrocera, S.A. (Hispano) aggregating Euro 25 million (Rs. 169.86 crores
 as on March 31, 2012). The Company has also given a letter of comfort
 to Banco de Valencia against bill discounting facility extended by the
 bank to Hispano aggregating Euro 2 million (Rs. 13.59 crores as on March
 31, 2012).The Company has also given an undertaking to Citibank NA and
 Banco de Valencia for non-disposal of its shareholding in Hispano
 during the tenor of the loan.
 
 (5) The Company has given letter of comfort to certain banks and other
 lenders against credit facilities extended to Fiat India Automobiles
 Ltd for Rs 1,600 crores and Euro 130 million (Rs. 883.29 crores as on
 March 31, 2012). The letter of comfort is restricted to 50% of the
 value of credit facilities extended i.e. Rs. 1,241.65 crores.
 
 (6) The Company has given a letter of comfort to HDFC Bank amounting
 to Rs. 1 crore against working capital facility to Tata Motors Insurance
 Broking and Advisory Services Limited (TMIBASL). Also the Company has
 given an undertaking to HDFC Bank that it will not dilute its stake
 below 51% during the tenor of the loan.
 
 (7) Trilix Srl., Turin (Italy) is a limited liability company.
 
 (8) In terms of the Scheme of Amalgamation sanctioned by order dated
 July 29, 2011 of Hon''ble High Court of Bombay, HV Transmission Ltd has
 been amalgamated with TML Drivelines Ltd (formerly known as HV Axles
 Ltd) with effect from April 1, 2011.
 
 9. Contingent liabilities, commitments (to the extent not provided
 for) :
 
 Description of claims and assertions where a potential loss is
 possible, but not probable is reported under note (1) and (2) below :
 
                                         As at      As at
                                        March 31,   March 31,
 
 1 Claims against the Company not 
 acknowledged as debts -                  2012        2011
 
 (i) Sales tax - Gross                  413.12      1,003.68
 
 - Net of tax                           279.08        670.28 
 
 (ii) Excise duty - Gross               656.93        492.55
 
 - Net of tax                           443.79        328.94 
 
 (iii) Others - Gross                   157.02        156.92
 
 - Net of tax                           106.07        104.80 
 
 (iv) Income Tax in respect of matters :
 
 (a) Decided in the Company''s favour by 
 Appellate Authorities and for which the 
 Department is in further appeal          2.38          2.38
 
 (b) Pending in appeal / other matters   95.20        105.19
 
 2 The claims / liabilities in respect of excise duty, sales tax and
 other matters where the issues were decided in favour of the Company
 for which the Department is in 
 further appeal                          69.77         31.28
 
 3 Other money for which the Company is contingently liable -
 
 (i) In respect of bills discounted and 
 export sales on deferred credit        139.21        170.60
 
 (ii) The Company has given guarantees 
 for liability in respect of
 receivables assigned by way of 
 securitisation                         107.80        634.34
 
 (iii) Cash margins / collateral 
 [Note 20, page 152]                     90.29        428.82
 
 (iv) In respect of subordinated 
 receivables                              9.51         37.16
 
 (v) Others                               6.64         13.68
 
 4 Estimated amount of contracts remaining to be executed on capital
 account and not provided for         1,536.25      1,857.43
 
 5 Purchase commitments              12,527.63     14,699.18
 
 10. Other Notes
 
 (i) The revised Schedule VI has become effective from April 1, 2011 for
 the preparation of financial statements. This has significantly
 impacted the disclosure and presentation made in the financial
 statements. Previous year figures have been regrouped/ reclassified
 wherever necessary to correspond with the current year classification /
 disclosure.
 
 (ii) During the year ended March 31, 2012, TML Holding Pte Ltd.
 (Singapore) (TMLHS), a wholly owned subsidiary of the Company, bought
 back 91,666,700 equity shares for a consideration of USD 2.2 per share
 (Rs.108.79 per share), based on an independent valuation of TMLHS. The
 consideration of Rs. 997.24 crores has been credited to Investment
 account.
 
 (iii) Capital work-in-progress as at March 31, 2012 includes 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.The newly elected Government of West Bengal enacted a
 legislation on June 14, 2011, which was notified on June 20, 2011, to
 cancel the land lease relating to the project at Singur. The Company
 has challenged the legal validity of the legislation including the
 process of compensation in the Courts of Law, the outcome of which is
 pending as of the date of approval of these financials by the Board of
 Directors. Based on management''s assessment no provision is considered
 necessary to the carrying cost of buildings at Singur.