200909 - Quarter 1

Paid up Debt Capital : 10634.97
Net Debt Equity Ratio :
0.76
Debt Service Coverage Ratio :
1.15
Interest Service Coverage Ratio : 4.46

1. Paid up Debt
Capital Debentures &
Convertible Alternative Reference Securities (CARS)
	
2. Net
Debt to Equity: Net Debt /
Average Net Worth (Net Debt: Secured Loan + Unsecured loan - Cash
& Bank - Current
Investments)
	
(Net Worth: Equity Share Capital + Preference
Share Capital + Reserve &
Surplus - Miscellaneous Expenses to the extent not written off or
adjusted - Foreign Currency
Monetary translation Diff Account)
	
3. Debt Service Coverage
Ratio:  EBIT / (Net Finance
Charges + Principal repayment during the period) (EBIT: Profit before
Taxes+(-) Exceptional Items +
Net Finance Charges)

4. Interest Service Coverage Ratio : EBIT
/ Net Finance
Charges.
	
Notes:
	
1. The above financial results do not
include the consolidated
financial performance of the Company. The consolidated financial
results of the Company including
Tata Steel Europe Ltd. (Corus) for the quarter / six months ended
September 30, 2009 would be
published by the end of November 2009.

2. The Company has
issued Global Depository Receipts
(GDRs) for a gross amount of US$ 500 million and allotted 65,410,589
GDRs on July 24, 2009, each
GDR representing one share at a price of US$ 7.644 (Rs. 370.20) per
GDR.

3. The Company has
converted on September 01, 2009, 547,266,011 Cumulative Convertible
Preference Shares (CCPS) of Rs.
100 each into 91,211,001 equity shares of Rs. 10 each at a premium of
Rs. 590 per share, in the
ratio of 6:1. The Company has paid pro-rata interim dividend @ Rs.
0.838356 per CCPS for the period
April 01, 2009 to August 31, 2009.

4. Tata Steel Ltd and
Mineral and Metal Trading Company
Ltd signed an agreement on October 22, 2009 to establish a 74:26
joint venture company for
acquiring, development and operation of mines and processing of
minerals and metals.

5. The
Company adopted the Companies (Accounting Standards) Amendment Rules
2009 relating to Accounting
Standard 11 during the last quarter of 2008-09. Accordingly, an
exchange translation gain of Rs.
15.96 crores (loss of Rs. 1.14 crores for the quarter) has been
adjusted to the cost of capital
assets during the six months ended September 30, 2009 and Rs. 10.00
crores (Rs. 6.08 crores for the
quarter) being amortization of cumulative net loss has been charged
to profit & loss account.
Had the Company followed the previous practice of recognizing the
translation gain / loss in the
profit & loss account, the Net Profit for the period ended
September 30,2009 would have been
higher by Rs. 279.19 crores (by Rs. 2.13 crores during the
quarter).

6. Figures for the
previous period have been regrouped and reclassified to conform to
the classification of the
current period, wherever necessary.

7. The above results have
been reviewed by the Audit
Committee in its meeting and were approved by the Board of Directors
in its meeting of
date.

Ratan N Tata
Chairman