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-0.8 (-0.27%)
-0.1 (-0.03%) | Notes to Accounts | Year End : Mar '12 |
(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. |
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| Source : Dion Global Solutions Limited | |
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