Overview on the TATA Motors Subsidiaries

7/28/2019 Overview on the TATA Motors Subsidiaries

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A Project Report

On

"Overview on the TATA Motors Subsidiaries

& Analysis of the accounting procedures."

At

"TATA MOTORS,

Pimpri, Pune."

By

"JAVERI SUKHADA DEEPAK"

MBA-II

Submitted to

"UNIVERSITY OF PUNE"

In partial fulfilment of the requirement for the award of

the degree of Master of Business Administration (MBA)

Through All India Shri Shivaji Memorial Society's

Institute of Management (MBA), Pune 411001


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I. Institute Certificate (pending)

II. Certificate from Company (pending)


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EXECUTIVE SUMMARY:

Tata Motors Ltd. is Indias largest automobile company. It is the leader by far in

commercial vehicles in each segment, and the second largest in the passenger carmarket with winning products in the compact, midsize car and utility vehicle

segments. The company is the worlds fifth largest medium and heavy commercial

vehicle manufacturer and the world's second largest medium and heavy bus

manufacturer. The combined group turnover for the year ended 31st March 2008

was Rs. Crores.

A subsidiary company, in business matters, is an entity that is controlled by other

entity. The controlled entity is called a subsidiary company, and the controllingentity is called holding company. Subsidiaries are a common feature of business

life and most if not all major businesses organize their operations in this way. The

reason for this distinction is that a lone company cannot be a subsidiary of any

organization; only an entity representing a legal fiction as a separate entity can be a

subsidiary.

Subsidiaries are separate, distinct legal entities for the purposes of taxation and

regulation. For this reason, they differ from divisions, which are businesses fully

integrated within the main company, and not legally or otherwise distinct from it

As per 31st March 2008, Tata Motors Ltd had 30 subsidiaries as per the Indian

GAAP Financials including the ultimate subsidiaries. As on 31st March 2008, the

total investment made by TML in these subsidiaries aggregated to Rs.2249.71

crores.

Guided by the Financials, I have identified 11 subsidiaries as the major ones and

have confined my further analyses to these 11 companies. Out of the total 30

subsidiaries, I have selected these 11 ones because of the various reasons like- the

contribution in the Tata Motors production process, their diversified nature of

business, and some are the subsidiary of the subsidiary company.

The TML subsidiary companies like Tata Daewoo Commercial Vehicles Co. Ltd is

another major manufacturer of commercial vehicles in Korea, HV Axles and HV

Transmissions supply automobile component, Tata Technologies Ltd Companyprovides high-tech cost effective IT and E&D consultancy etc.


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This project helped to understand the accounting procedure followed to record

inter-company transactions and also the reasons for TML to form these subsidiaries.

Acknowledgement

I hereby take the opportunity to express my gratitude towards those who have made

great contribution in completion of this project on An Overview on the TATA

Motors Subsidiary And their Accounting Procedures It provided a learning

ground in terms of industry exposure and the practical application of research

methodology in the industry.

I feel immense pleasure to thanks Mr. A.A.Phalke, Head of Shared Services, Tata

Motors, and Mr. Shashtri Assistant General Manager, Shared Services, who very kindly

helped me in providing necessary information and guidance from time to time. Mr.

Prabhakar Panchbhai, HR Manager Tata Motors, who has given me the opportunity to

work with Tata Motors as project trainee.

At the outset, I would like to express my profound gratitude to Mr. Ajay N. Parnaik,

Deputy General Manager, Shared Services,( External Guide, Tata Motors ), under

whose guidance, I gained deeper insights into the subject matter. His constant support

provided the right direction to my analysis and helped me understand the nuances of the

subject.

I express my heartfelt gratitude to Dr. Mr. D.K. Sinha, (Director, All India Shri Shivaji

Memorial Societys Institute of Management (MBA), Pune) for his support and

guidance and Prof. Archana D. Deodhar, (Faculty, All India Shri Shivaji Memorial

Societys Institute of Management (MBA), Pune), who provided me valuable advice

and guidance during my project.

I would like to deeply thank the various people who, during the 2 months in which this

endeavor lasted, provided us with useful and helpful assistance. Without their care and

consideration, this project report would likely not have matured.


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Miss Sukhada Deepak Javeri

MBA (Finance)

INDEX

SR.N

O.

PARTICULARS PAGE NO.

1. OBJECTIVE AND SCPOE OFTHE PROJECT

2. RESEARCH

METHODOLOGY

2. COMPANY PROFILE

3. THEOROTICAL

BACKGROUND

SUBSIDIARY- MEANING

4. THE HOLDING AND

SUBSIDIARY

ARRANGEMENTS

5. OVERVIEW OF TML

SUBSIDIARIES

6. FINANCIAL DETAILS OF

THE SUBSIDIARIES

7. PERFORMANCE OF THE

SUBSIDIARY COMPANY-

FINANCIAL ANALYSIS

8. PROCESS OF TML

OVERSIGHT ON THE

SUBSIDIARY COMPANIES

9. FINDINGS AND

SUGGESTIONS


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10. BIBLOGRAPHY

OBJECTIVE

&

SCOPE

OF THE PROJECT


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Title of the Project:

An Overview on the TATA Motors Subsidiary and their Accounting

Procedures

Objective of the project:

To know accounting procedure followed by the Holding (Parent) company in

maintaining the records of the subsidiary company

To get well acquainted with the Accounting Standards relating the accounting

records of the subsidiaries.

To understand the reasons for investing in that particular subsidiary.

Scope of the project:


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COMPANYCOMPANY

PROFILEPROFILE


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COMPANY PROFILE:

The Tata family of enterprises comprises 98 companies in seven business sectors.

This section lists all these companies under the sectors in which they operate,

besides the two promoter companies of the Group. Visitors can, by clicking on the

relevant links, get a profile of individual companies, their subsidiaries (if any), their

products and services, contact details, etc

Tata Motors Limited, formerly known as TELCO (TATA Engineering and

Locomotive Company), is a multinational corporation headquartered inMumbai, India. It is India's largest passengerautomobile and commercial vehicle

manufacturing company. Part of the Tata Group, it is one of the world's largest

manufacturers ofcommercial vehicles. TheOICA ranked it as the world's 20th

largest automaker, based on figures for 2006.

Tata Motors was established in 1945, when the company began manufacturing

locomotives. The company manufactured its first commercial vehicle in 1954 in

collaboration with Daimler-Benz AG, which ended in 1969. Tata Motors was listed

on theNYSEin 2004, and by 2005 it was ranked among the top 10 corporations in

India with an annual revenue exceeding INR320 billion. In 2004, it bought

Daewoo'struckmanufacturing unit, now known as Tata Daewoo CommercialVehicle, in South Korea. It also, acquired a 21% stake in Hispano Carrocera SA,

giving it controlling rights in the company. Tata Motors launched their much

awaited Tata Nano, noted for its Rs 100,000 price-tag, in January 2008.

In March 2008, it finalized a deal with Ford Motor Company to acquire their

British JaguarLand Rover(JLR) business, which also includes the Rover, Daimler

and Lanchesterbrand names. The purchase was completed on 2008-06-02

Tata Motors has its manufacturing base in Jamshedpur, Lucknow, Pune, Singurand

Dharwad.

The Tata family of companies shares a set of five core values: integrity,

understanding, excellence, unity and responsibility. These values, which have been

part of the Group's beliefs and convictions from its earliest days, continue to guide

and drive the business decisions of Tata companies. The Group and its enterprises

have been steadfast and distinctive in their adherence to business ethics and their

commitment to corporate social responsibility. This is a legacy that has earned the

Group the trust of many millions of stakeholders in a measure few business houses

anywhere in the world can match.
http://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Automobilehttp://en.wikipedia.org/wiki/Commercial_vehiclehttp://en.wikipedia.org/wiki/Tata_Grouphttp://en.wikipedia.org/wiki/Commercial_vehicleshttp://en.wikipedia.org/wiki/International_Organization_of_Motor_Vehicle_Manufacturershttp://en.wikipedia.org/wiki/International_Organization_of_Motor_Vehicle_Manufacturershttp://en.wikipedia.org/wiki/Automotive_industryhttp://en.wikipedia.org/wiki/Automotive_industryhttp://en.wikipedia.org/wiki/Locomotiveshttp://en.wikipedia.org/wiki/Daimler-Benzhttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/INRhttp://en.wikipedia.org/wiki/Daewoohttp://en.wikipedia.org/wiki/Truckhttp://en.wikipedia.org/wiki/Tata_Daewoo_Commercial_Vehiclehttp://en.wikipedia.org/wiki/Tata_Daewoo_Commercial_Vehiclehttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Hispano_Carrocerahttp://en.wikipedia.org/wiki/Tata_Nanohttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Ford_Motor_Companyhttp://en.wikipedia.org/wiki/Jaguar_Carshttp://en.wikipedia.org/wiki/Land_Roverhttp://en.wikipedia.org/wiki/Rover_Companyhttp://en.wikipedia.org/wiki/Daimler_Motor_Companyhttp://en.wikipedia.org/wiki/Lanchester_Motor_Companyhttp://en.wikipedia.org/wiki/2008http://en.wikipedia.org/wiki/June_2http://en.wikipedia.org/wiki/Jamshedpurhttp://en.wikipedia.org/wiki/Lucknowhttp://en.wikipedia.org/wiki/Punehttp://en.wikipedia.org/wiki/Singurhttp://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Automobilehttp://en.wikipedia.org/wiki/Commercial_vehiclehttp://en.wikipedia.org/wiki/Tata_Grouphttp://en.wikipedia.org/wiki/Commercial_vehicleshttp://en.wikipedia.org/wiki/International_Organization_of_Motor_Vehicle_Manufacturershttp://en.wikipedia.org/wiki/Automotive_industryhttp://en.wikipedia.org/wiki/Automotive_industryhttp://en.wikipedia.org/wiki/Locomotiveshttp://en.wikipedia.org/wiki/Daimler-Benzhttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/INRhttp://en.wikipedia.org/wiki/Daewoohttp://en.wikipedia.org/wiki/Truckhttp://en.wikipedia.org/wiki/Tata_Daewoo_Commercial_Vehiclehttp://en.wikipedia.org/wiki/Tata_Daewoo_Commercial_Vehiclehttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Hispano_Carrocerahttp://en.wikipedia.org/wiki/Tata_Nanohttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Ford_Motor_Companyhttp://en.wikipedia.org/wiki/Jaguar_Carshttp://en.wikipedia.org/wiki/Land_Roverhttp://en.wikipedia.org/wiki/Rover_Companyhttp://en.wikipedia.org/wiki/Daimler_Motor_Companyhttp://en.wikipedia.org/wiki/Lanchester_Motor_Companyhttp://en.wikipedia.org/wiki/2008http://en.wikipedia.org/wiki/June_2http://en.wikipedia.org/wiki/Jamshedpurhttp://en.wikipedia.org/wiki/Lucknowhttp://en.wikipedia.org/wiki/Punehttp://en.wikipedia.org/wiki/Singur


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THEOROTICALBACKGROUND

SUBSIDIARYSUBSIDIARY

COMPANYCOMPANY

MEANING


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SUBSIDIARY COMPANIES: MEANING & INTRODUCTION:

Meaning of holding company and subsidiary

according the Companies Act, 1956:

Holding company are those that are able to nominate the majority of the direction

of some other companies, such other companies are known as subsidiary

companies. A company controlled by another company.

A company is deemed to be a subsidiary of another if (but only if):

(a) That other

(I) is a member of it and controls the composition of its board of directors; or

(II) Holds more than half in nominal value of its equity share capital; or

(b) The first-mentioned company is a subsidiary of any company which is that

others subsidiary.

"Equity share capital" means its issued share capital excludingany part of it which,

neither as respects dividends nor as respects capital, carries any right to participate

beyond a specified amount in a distribution. The composition of a company`s board

of directors is deemed to be controlled by another company if (but only if) that

other company by the exercise of some power exercisable by it without the consent

or concurrence of any other person can appoint or remove the holders of all or a

majority of the directorships.

For the purposes of this Act, a company shall, subject to the provisions of

subsection (3), be deemed to be a subsidiary of another if, but only if,-

(a) That other controls the composition of its Board of directors; or

(b) that other-(i) where the first-mentioned company is an existing company in


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respect of which the holders of preference shares issued before the commencement

of this Act have the same voting rights in all respects as the holders of equity shares,

exercises or controls more than half of the total voting power of such company;

(ii) where the first-mentioned company is any other company, holds more than half

in nominal value of its equity share capital; or]

(c) The first-mentioned company is a subsidiary of any company which is that

other's subsidiary.

Illustration

Company B is a subsidiary of Company A, and Company C is a subsidiary of

Company B. Company C is a subsidiary of Company A, by virtue of clause (c)

above. If Company D is a subsidiary of Company C, Company D will be a

subsidiary of Company B and consequently also of Company A, by virtue of clause

(c) above; and so on.

(2) For the purposes of sub-section (1), the composition of a company's B if, that

other company by the exercise of some power exercisable by it at its discretion

without the consent or concurrence of any other person, can appoint or remove the

holders of all or a majority of the directorships; but for the purposes of this

provision that other company shall be deemed to have power to appoint to a

directorship with respect to which any of the following conditions is satisfied, that

is to say:-

(a) that a person cannot be appointed thereto without the exercise in his favour bythat other company of such a power as aforesaid;

(b) that a person's appointment thereto follows necessarily from his appointment as

director or manager of, or to any other office or employment in, that other

company; or

[(c) that the directorship is held by an individual nominated by that other company

or a subsidiary thereof.]


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(3) In determining whether one company is a subsidiary of another,-

(a) any shares held or power exercisable by that other company in a fiduciary

capacity shall be treated as not held or exercisable by it;

(b) subject to the provisions of clauses (c) and (d), any shares held or power

exercisable-

(i) by any person as a nominee for that other company (except where that other is

concerned only in a fiduciary capacity); or

(ii) by, or by a nominee for, a subsidiary of that other company, not being a

subsidiary which is concerned only in a fiduciary capacity, shall be treated as held

or exercisable by that other company;

(c) any shares held or power exercisable by any person by virtue of the provisions

of any debentures of the first-mentioned company or of a trust deed for securing

any issue of such debentures shall be disregarded;

(d) any shares held or power exercisable by, or by a nominee for, that other or its

subsidiary [not being held or exercisable as mentioned in clause (c)] shall be treated

as not held, or exercisable by that other, if the ordinary business of that other or its

subsidiary as the case may be, includes the lending of money and the shares are

held or the power is exercisable as aforesaid by way of security only for the

purposes of a transaction entered into in the ordinary course of that business.

(4) For the purposes of this Act, a company shall be deemed to be the holding

company of another if, but only if, that other is its subsidiary.

(5) In this section, the expression "company" includes any body corporate, and the

expression "equity share capital" has the same meaning as in sub-section (2) ofsection 85.

(6) In the case of a body corporate which is incorporated in a country outside India,

a subsidiary or holding company of the body corporate under the law of such

country shall be deemed to be a subsidiary or holding company of the body

corporate within the meaning and for the purposes of this Act also, whether the

requirements of this section are fulfilled or not.

(7) A private company, being a subsidiary of a body corporate incorporated outside

India, which, if incorporated in India, would be a public company within the


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meaning of this Act, shall be deemed for the purposes of this Act to be a subsidiary

of a public company if the entire share capital in that private company is not held

by that body corporate whether alone or together with one or more other bodies

corporate incorporated outside India.]

1. Subs. by Act 65 of 1960, sec. 3, for clause (b) (w.e.f. 28-12-1960).

2. the words , managing agent, secretaries and treasurers omitted by Act 53 of

2000, sec. 4 (w.e.f. 13-12-2000).

3. Subs. by Act 65 of 1960, sec. 3, for clause (c) (w.e.f. 28-12-1960).

4. Ins. by Act 65 of I960, sec. 3 (w.e.f. 28-12-1960).

The holding company usually holds the majority of the paid up equity capital. A

company may itself a holding company and at the same time, be a subsidiary of

other company.

A company may be formed and then it may proceed to float the other company

inviting others to join but holding the majority of shares in these companies. Such a

holding company is known as parent company. When existing companies wishing

to avoid competition, float company which then proceeds to acquire the majority of

shares in the existing company, the name given to the holding company isoffspring company.

Holding companies have been used extensively to further the combination

movement. It was found to be useful in bringing a number of companies under one

control.

Advantages of Holding Companies are as follows.

1) Subsidiary companies maintain their separate identity as such, they maintain

their goodwill.

2) The public may not be aware of the existence of combination among the

various companies and, therefore, the fruits of monopoly or near monopoly

may be enjoyed without resentment in the minds of the people.

This, however is a clearly a disadvantage from the social point of view,

because if there is a monopoly, the public ought to know.


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3) The person controlling the holding company needs to invest a comparatively

small amount in order to control subsidiary companies.

For e.g. A is a holding company, has two subsidiaries ,B and C and B and C

in turn have three subsidiaries each, the persons who have the majority of shares

in A will be able to control eight other companies had these companies

amalgamated ,a much larger amount would have been required in order to

control the concern.

(This is again a disadvantage from the social point of view, because it may lead

to irresponsibility.)

4) By maintaining the separate identity of various companies, it would be

possible to carry forward losses for income tax purposes.

5) Each subsidiary company has to prepare its own accounts and, therefore the

financial position and profitability of each undertaking is known.

6) Should it be found desirable that the control of the holding company should

be given up, it can be easily arranged, all that is required is that the shares in

the subsidiary companies should be disposed off in the market.

Disadvantages of holding companies are the following:

1) There is the possibility of fraudulent manipulation of accounts, especially if

the accounts of various companies are made up to different dates.

2) Inter company transactions are often entered at fanciful or unduly low prices

in order to suit those who control the holding companies.

3) There is the danger of the oppression of minority shareholders.

4) There may be accounting difficulties in appraising the financial position of

companies due to inter-company transactions carried on at too high or too

low prices.

5) The shareholders in the holding company may not be aware of the true

financial position of the subsidiary companies.

6) Similarly, the creditors and outside shareholders in the subsidiary

companies may not also aware of the true financial position.


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7) The subsidiary companies may be forced to appoint persons of the choosing

of holding companies as directors or other officers at unduly high

remuneration.

Whatever the advantages and disadvantages, the holding company has come to

stay and the law now wisely tries to regulate its working. The law has defined a

holding company and a subsidiary company. Private companies, subsidiary to a

public company do not enjoy the privileges given to private companies. Also

the law compels the holding company to give the information about the

subsidiary companies.

Control of the subsidiary companies:

The most common way that control of a subsidiary is achieved is through the

ownership of shares in the subsidiary by the parent. These shares give the parent the

necessary votes to determine the composition of the board of the subsidiary and so

exercise control. This gives rise to the common presumption that 50%plus one

share is enough to create a subsidiary. There are, however, other ways that control

can come about and the exact rules both as to what control is needed and how it is

achieved can be complex. A subsidiary may itself have subsidiaries, and these, in

turn, may have subsidiaries of their own. A parent and all its subsidiaries together

are called a group, although this term can also apply to cooperating companies and

their subsidiaries with varying degrees of shared ownership.

In other words, control can be made by:

(a) The ownership, directly or indirectly through subsidiary (ies), of more than one-

half of the voting power of an enterprise; or

(b) Control of the composition of the board of directors in the case of a company or

of the composition of the corresponding governing body in case of any other

enterprise so as to obtain economic benefits from its activities.

A subsidiary is an enterprise that is controlled by another enterprise (known as the

parent).


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THEHOLDING&

SUBSIDIARY

COMPANY

ARRANGEMENTS


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Accounting procedure for the subsidiary company:

The Holding company prepares the Consolidated Financial Statement to record the

combined transactions

Consolidated Financial Statement

The main purpose of the presentation of the consolidated statement of the group of

holding company and its subsidiaries is to reflect true and fair view of the position

and the profit or loss of the holding company group as well. The underlying

principle is that a group constitutes a single business unit even thought he

subsidiaries maintain the separate legal entity, the affairs of the holding company

can be viewed correctly as if it is one undertaking from the view point of the

shareholders of the holding company .

The individual accounts have also to be prepared to reflect the financial position

and profit and loss account separately so that the outsiders interest in thesubsidiaries may have information as regards the assets representing their interest in

the subsidiaries.

A consolidated balance sheet results from the assets and liabilities of the companies

constituting the group after eliminating inter-company investments, inter-company

balances, unrealised inter- company profits on transfers of stocks and on other

assets held at balance sheet date and after making such other adjustments as are

necessary to enable the consolidated statement to reflect the financial position of

the group as evidenced by the balance sheets of the individual companies.

In India, holding companies are not legally required to publish consolidated

statements.


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OVERVIEW OF

TATAMotors Ltd

SUBSIDIARY

COMPANIES


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INTRODUCTION TO THE TATA MOTORS SUBSIDIARY

COMPANIES:

TATA Motors Ltd has, as on 31st March, 2008, 30 subsidiary companies, including 16

indirect subsidiaries. The totalinvestmentmade by the TML isRs. 4910.27 crores out

of whichRs.2249.71 crores were made in the Subsidiary companies.

Through its subsidiaries, the company is engaged in engineering and automotive

solutions, construction equipment manufacturing, automotive vehicle components

manufacturing and supply chain activities, machine tools and factory automation

solutions, high-precision tooling and plastic and electronic components for automotive

and computer applications, and automotive retailing and service operations.

Out of these 30 companies, I have taken 11 subsidiaries, on the bases of their

contribution in the production process, their nature of the business, etc.

These are:

I. TATA DAEWOO COMMERCIAL VEICLES CO. LTD

II. TELCO CONSTRUCTION EQUIPMENT COMPANY

LTD.

III. TATA TECHNOLOGIES LTD.

IV. HV AXLES LTD.

V. HV TRANSMISSION LTD.

VI. TAL MANUFACTURING LTD.

VII. SHEBA PROPERTIES LTD.

VIII. CONCORDE MOTORS (INDIA) LTD.

IX. TATA MOTORS FINANCE LTD.

X. INCAT SYSTEMS INC.

XI. INCAT LIMITED.


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A glanceAt

TATA MotorsSubsidiary

Companies


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A glance at the Tata Motors Subsidiary companies:

Sr

.

no

Company name Registered

Address

Nature of

Business

1. TATA Daewoo CV

Co. Ltd

1589-1,Soryong-

Dong,Gunsan,Jeollabuk-do,573-

715,South Korea.

Manufacturing of

commercialvehicles.

2.Tata Construction

Equipment Co. Ltd

Jubilee Bldg,45,

Museum Road,

Bangalore-560025.

Manufactures major

construction

equipments like

Excavators,

backhoe loaders,

cranes etc

3. Tata Technologies

Ltd

Plot no. 25, Rajiv

Gandhi InfoTech

Park, Hinjawadi,

Pune.

Company provides

high tech cost

effective IT and

E&D consultancy.

4. HV Axles Ltd Nanavati Mahalaya,18 Homi Mody

Street, Hutatma

Chowk, Mumbai-

400001.

Supplies axles for

heavy and medium

commercial

vehicles.

5. HV Transmission Ltd Nanavati Mahalaya,

18 Homi ModyStreet, Hutatma

Chowk, Mumbai-

400001.

Supplies

transmission forheavy and medium

commercial

vehicles.

6. TAL Manufacturing

Solutions Ltd

PDO Building, Tata

Motors Campus,

Chinchwad, Pune-

411033.

Company is

engaged in business

of machine tools,

equipments,

material handling

system and fluid

power solutions.


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7. Concorde Motors

(India) Ltd

Nanavati Mahalaya,

18 Homi Mody

Street, Hutatma

Chowk, Mumbai-

400001.

Sales and services

of TATA and FIAT

passenger cars.


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Sr

.n

o

Company name Registered

Address

Nature of

Business

8. Sheba Properties Ltd Nanavati Mahalaya,18 Homi Mody

Street, Hutatma

Chowk, Mumbai-

400001.

Investment

company.

9. Tata Motors Finance

Ltd

Nanavati Mahalaya,

18 Homi Mody

Street, Hutatma

Chowk, Mumbai-

400001.

Vehicle financing

company.

10. INCAT Ltd Building 6,Monarch Court,

Emerald Park,

Emersons Green,

Bistol,

BS16 7FH.

Provide services on

engineering

automation, E&D

services and related

IT services.

11. INCAT Systems Inc 41370 BridgeStreet, novi, MI

48375-1302.


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P

ROFILE

Tata Daewoo is the second largest heavy duty commercial vehicle

manufacturer of Korea, producing Cargo, Dumpers, Tractors, Mixers and special

purpose vehicles. Earlier a member of Daewoo

Group, one of the largest conglomerate of

Korea, it was acquired by Tata Motors in

March04.
http://www.tata-daewoo.com/ver3/eng/02_main/main.html


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On the first of June04, Daewoo Commercial Vehicle Company was re-christened as

Tata Daewoo Commercial Vehicle Company and committed itself to further strengthen

the Tata Brand which will help it and Tata Motors to improve their reach and

penetration in the domestic and global market.

Tata Daewoo has the production capacity of 20,000 units of medium & heavy-duty

trucks with state-of-the-art facilities. It was the first heavy-duty truck manufacturer in

Korea to be awarded ISO 9001 Certificate way back in September96. It was awarded

ISO 14001 Certificate in October97, in recognition of its environment friendly

operations.

PRODUCTS-Tata Daewoo produces heavy duty trucks (over 8 tonnes in payload) of

Cargo ( Flat bed), Dumpers, Tractors, Mixers and special purpose trucks. There are

total of 96 models in HCV segment including CNG LNG versions.

In June04, Tata Daewoo introduced its next

generation truck by the name NOVUS,


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Telco Construction Equipment Company

Profile- TELCO Construction Equipment Co. Ltd, the Leader in Construction

Equipment in India, enhances the operational performance of its customers, leading to

improving their profitability and competitiveness by offering constructive solutions.

The company commenced manufacturing of construction equipment in 1961, as a

division of TELCO. In 1984, it entered into a technical collaboration with HCM, Japan

for manufacturing state of the art hydraulic excavators.

The Company manufactures construction equipment that is used in major infrastructure

projects in India. Telcon is focused on capitalizing the opportunity in the domestic

arena for which the key market segments are Excavators, Wheeled Products, Cranes

and Others It has remained a market leader for the past five years, despite stiff

competition. The company has an extensive customer base that includes government

and institutional buyers, and contractors. The company was the countrys first

construction equipment manufacturer to receive the ISO 9001 certification.

Telcon's Vision is to be - The GLOBAL TOP 25 IN CE INDUSTRY BY 2012.

The Company has used state-of-the-art technology to manufacture excavators and

backhoe loaders. It enjoys a 90% share of the crawler crane market in India the

Company can indigenously design and develop products.

Collaborations

The Company has collaborations with Hitachi Construction Machinery Company,

Japan, for hydraulic excavators and cranes; and John Deere, USA, for backhoe loader

technology, Lebrero, Spain, for compactors and CESAN, Turkey, for asphalt plants.

OurFocus is also on Value added Service offerings such as Full

Maintenance Contracts, which complete our package to our customers and

enable him free up precious resources for his core activities. Specialized

reconditioning and refurbishing services are offered to ensure that

the utility of the equipment is extended and life cycle costs brought

down.


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Tata Technologies Limited, a company in the Tata Group operates in the field of

Automotive Industry providing Engineering and Design (E&D) solutions. The company

took over a much larger player in the field namely INCAT, a Europe based company,

in 2005. The company operates in US and Europe through its wholly owned

subsidiaries in Detroit, Denverand London respectively. It

also has a presence in Thailand.The Tata Technologies

Group helps great manufacturers creategreat products.

Vision: Trusted by the world's leading automotive and aerospace manufacturers to

provide continuing best-in-class services in IT-enabled engineering, design and

manufacturing, while being the employer of choice for the most capable talent in our

industry.

Services of TTL:

PLM: Offering independence

and real-world expertise,

INCAT partners with the industry-leading PLM software OEMc to create value

through strategic, business driven solutions.

Engineering & Design: TTL is Indias Leading specialist Engineering &

Design Company. Through its operating companies, INCAT and TataTechnologies iKS, it provides services onsite, nearshore and offshore to the

worlds largest automotive and aerospace companies.

Plant Automation: TTL helps its customers in the automotive and aerospace

sectors achieve maximum cost-saving and improved time to market through the

application of automation in the production environment. Our expertise includes

Plant controls, through-put optimisation, interface between MES and ERP,

digital factory simulations, telematics and Embedded System.
http://en.wikipedia.org/wiki/Detroithttp://en.wikipedia.org/wiki/Denverhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Thailandhttp://en.wikipedia.org/wiki/Detroithttp://en.wikipedia.org/wiki/Denverhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Thailand


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PROFILE

HV Axles Ltd., a wholly owned subsidiary of Tata

Motors, was established on 13th March 2000 and

acquired the axle division of the then Tata Engineering

company at Jamshedpur on 30th March 2000.

Starting operations in 1954 today HVAL is currently the

market leader in medium & heavy commercial vehicle axles in India with an installed

capacity of over two lakh axles per annum.

VISION: To be a benchmark axles manufacturer, rated as

number one in the CV Industry in India & among the

recognized top five globally, with lowest ownership cost of

products, offering a first overhaul life of more than five Lakh

Kilometres and achieving 20 % revenue from an expanded customer base by 2010.

MISSION: To provide superior value for money to customers through quality and

cost effective Axles and related Products & Services.To achieve sustainable growth by

continuously seeking new business opportunities/challenges, employing contemporary

technologies and maintaining a high performance

work culture.

APPLICATION AREAS

HVAL manufactures a wide variety of axles for medium and heavy commercial vehicle

applications spanning a GVW range from 11tonnes to 40 tonnes.

Typical applications include buses, tippers and tractor- trailers including tag axles for

multi-axle vehicles. Variants include axles with differential lock and ABS brakes.

Our Live front axles range support needs of the army and paramilitary organizations as

also sand vehicles.

Live Front

Normal front


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HVAL also manufactures a range of trailer axles suitable for use in trailers.

Profile: HV Transmissions Limited is a leading manufacturer of

automotive transmissions, components & engineering applications

for a wide range of medium & heavy commercial vehicles. HVTL

was established on 13th March 2000 as a major subsidiary of Tata

Motors by taking over operations of Tata Motors erstwhile

Gearbox Division.

The Company provides products and services of superior quality, matching with the

current economic and business trends in Medium and Heavy Commercial Vehicle

markets.

HVTL's core competencies are emphasized through excellence in engineering,

manufacturing standards & ultimate utilization of human potential.

VISION:To be a benchmark transmissions manufacturer, rated as number one in the

CV Industry in India & among the recognized top five globally, with lowest ownershipcost of products, offering a first overhaul life of more than three Lakh Kilometres and

achieving 20% revenue from an expanded customer base by 2009-

2010.

MISSION: To provide superior value for money to customers

through quality and cost effective Transmissions and related

Products & Services.

Auxiliary Gear

GBS40 Synchromesh


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To achieve sustainable growth by continuously seeking new business

opportunities/challenges, employing contemporary technologies and maintaining a high

performance work culture.

TAL Manufacturing Solutions is a company focused on offering cost-effective and

total solutions in the field of manufacturing engineering. A pioneer in its area of

expertise, TAL's international-standard technology and its talented team of

professionals make it a premier player in the machine tools and equipment-building

industry.

DRIVEN BY THE VISION: To achieve leadership as a global engineering

solutions company most admired by its stakeholders. This vision steers our

endeavours for constant R&D to upgrade existing product quality and introduce new

offerings in the market.

TALs cutting-edge engineering solutions are meant to deliver value at every stage of

your manufacturing processes. We are committed to provide the entire range of

engineering services involved in the design, construction and commissioning of plants

for a wide gamut of industries in India and abroad.

The distinguishing features the company offer are:

Innovative Engineering Solutions

Technical Expertise

Quality-certified Systems and Standards

Client-focused Approach


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ADVANTAGE TAL

TAL has designed, built and installed more than 1,500 machine tools for the production

shops of Tata Motors' automobile and other divisions, and it has been

responsible for putting up the manufacturing facilities of the Indica

car plant.

ENGINEERING SOLUTIONS

MATERIAL HANDLING-TAL offers a range of special purpose conveyorssuitable to handle a wide variety of materials effectively in any industry

involving manufacturing processes. Our integrated material handling systems

have a proven track record of facilitating processes in the automobile and heavy

engineering sectors.

METAL CUTTING-Our Metal Cutting - Machine Tools forms the

bedrock of the industrial sector. Our range of standard and

customised machines is capable of handling a wide variety of applications

across various manufacturing industries. Built to perform 24 X 7, these

machines offer

the best available technologies. These machines offer not only Precision,

Accuracy and Reliability but also provide adequate safeties to

create risk free working environment.

FLUID POWER SOLUTIONS-TAL offers a range of hydraulic

solutions to cater to the construction equipment industry. Our products are

cost effective hydraulic aggregate solutions for automation and motion control.

SOLUTIONS-With technology to match international standards and a highly

talented team of professionals, the company is today recognized as one of the

premium companies for providing complete engineering Solutions. We design

and build machine tools, equipments, test rigs, fixtures, material handling

systems, assembly and process lines for a wide range of industrial applications

Material handling

Metal

Fluid Power


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and integrate them to deliver complete manufacturing solutions. Our broad-

based portfolio: metal cutting, equipments, material handling systems,

fluid power solutions.

EQUIPMENTS-TAL offers a range of special purpose conveyors suitable to

handle a wide variety of materials effectively in any industry involving

manufacturing processes. Our integrated material handling systems have a

proven track record of facilitating processes in the automobile and heavy

engineering sectors.

Concorde Motors is a 100% subsidiary ofTATA Motors Ltdhaving fully integrated cardealership

network of international standard at Bangalore, Chennai & Hyderabad, retailing the passenger car range

manufactured by Tata Motors Limited Indias

Largest Automobile Manufacturer.

Concorde Motors strives for 100 %

CustomerSatisfaction

&Relationship BuildingApproach with BEST Business & People Practices

Profile: Geared with the objective to establish and operate auto retail dealerships of

international standards, we were looking at creating an organization powered by

performance and customer satisfaction.

In the drivers seat of Concorde Motors (India) Ltd is TATA Motors Ltd. - Indias

largest manufacturer of commercial vehicles, a major producer of passenger vehicles.

From the very start of this race, the vision has been to establish them as one of

Indias leading integrated motor retail networks of TATA cars.

Mission Statement:

To achieve and maintain a position of market leadership in

Concorde
http://www.tatamotors.com/http://www.tatamotors.com/http://www.tatamotors.com/http://www.tatamotors.com/


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the Indian retail motor industry, built upon an organization that understands the

customers needs and exceeds expectations at every moment of truth, creating trust and

customer loyalty and in turn sustainable growth and value for our shareholders.

The Concorde Way:

Customer service of world class standard

Consistent quality, continuously improved

Code of ethics without compromise.


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Sheba Properties Ltd


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Tata Motors Finance Limited (Formerly known as TML Financial Services Limited).

Tata Motors has set up anew subsidiaryfor its vehicle financing operations. The

new entity, TML Financial Services Ltd. (TMLFSL), is a 100% subsidiary and will

function as an NBFC (Non Banking Finance Company), for which it has received the

necessary approval from the Reserve Bank of India. TMLFSL will support and enhance

the vehicle financing activities of Tata Motorfinance.

Tata Motors Finance Limited (TMF), a wholly owned subsidiary company of Tata

Motors Limited, was incorporated on June 1, 2006 with the objective of

becoming a preferred financier for customers of Tata Motors

Limited and its channel partners. TMF is registered with RBI as a

Systemically Important Non-Deposit taking NBFC and is classified as an Asset Finance

Company. TMF commenced operations in September 2006 and for the period ended

March 31, 2007, it made disbursements close to Rs.4,000 crores recording a PAT of

Rs.12.79 crores. TMF has a paid-up capital of Rs.450 crores and a net worth of

Rs.560.54 crores.

Tata Motorfinance (TMF), the auto financing arm for Tata Motors, came into existence

in June 2003. This was a common front-end, jointly formed by BHPC (Bureau for Hire

Purchase and Credit) of Tata Motors and the asset financing arm of Tata Finance. This

company was a virtual entity, with both the divisions maintaining their legal identity,

and was in the market for exclusively financing Tata Motors vehicles. Subsequently

Tata Finance was merged with Tata Motors and in April 2005 TMF became a division

of Tata Motors.

-We aspire to be a preferred financier by choice for Tata Motors

customers & dealers across all its products. Tata Motorfinance would be the top-of-the-

mind choice for all stakeholders when it comes to Tata Motors products. We wish to set

a benchmark in captive finance nationally and internationally.


38/52

INCAT, a Tata Technologies Company, is the worlds leading independent global

professional services company engaged in Engineering & Design Services, Product

Lifecycle Management, Enterprise Solutions and Plant Automation. INCAT focuses on

helping manufacturers improve revenue and profit by realizing superior products.

Combining high-end onshore strengths with offshore delivery capabilities offers clients

in the automotive, aerospace and general manufacturing industries an unmatched

portfolio of product optimization services together with a unique global delivery

capability.

INCAT enables the worlds leading manufacturers, and their Tier-One suppliers, to

realize product superiority through Product Lifecycle Management (PLM), Engineering

and Design (E&D), Manufacturing, and IT technology and services for the automotive,

aerospace and general manufacturing industries.

INCAT, a Tata Technologies Company, ensures that our customer organizations

maximize their investment in software technology with world-class training for the

skilled professionals who put the technology to work.


39/52

Overview of the TML Subsidiaries:

As on 31st March 2008

Name of the

company

Capit

al

(Rs.)

in

Cror

es

TML

holdin

g %

TML Investment

(Rs.)

In Crores

Tata Daewoo CV Co.Ltd

61.04 100 29.63

Tata Construction

Equipment Co. Ltd100 60 119.5

Tata Technologies Ltd37.1 81.71 224.1

HV Axles Ltd45 85 76.5

HV Transmissions Ltd40 85 68

TAL Manufacturing

solutions Ltd65 100 150

Concorde Motors

(India) Ltd.26.8 100 29.63

Sheba properties Ltd.75 100 75

Tata Motors Finance

Ltd.750 100 1150

INCAT System178.94 81.71 Subsidiary of TataTechnologies Ltd.

Therefore, no direct

investment made.

INCAT Ltd0.08 81.88

The above table shows whether TATA Motors Ltd have invested in the subsidiary

company at premium, at par or at discount.


40/52

FINANCIAL

ANALYSISOF THE

SUBSIDIARYSUBSIDIARYCOMPANIESCOMPANIES


41/52

PROCESS OF

TML

OVERSIGHT ON

THESUBSIDIARYSUBSIDIARY

COMPANIESCOMPANIES:


42/52

CHECK LIST PREPARED TO MAINTAIN THE SUBSIDIARY ACCOUNTS

Tata Motors Ltd maintains various check-list to update and maintain the financial

transactions periodically, viz., monthly, quarterly or as and when required.

These check list are broadly of three types

1. Check-list for Entity Level Control- covering the major critical areas of the

whole organisation

2. Book Close or Process Level Control- the detailed check list covering the

major processes of the organisation

3. Transaction Level Control- the detailed checklist covering the transaction-by-

transaction records carried on in the major functional area of the organisation.

The objectives of these check list are:

The primary objective is to see whether the flow, of cash as well as work, is going at the

desired direction or not.

1. Control in the organisation wherein you report a fair reporting mechanism.

2. This checklist act as a deterrent to any fraud, they should reasonably detect and

prevent the frauds.

E.g. Purchase Order is raised with Rate along with quantity

GRN is to be prepared for receipt of goods with correct quantity and

quality.

3. This checklist control should address the fraud risk:

E.g. P.O. and G.R.N. should not be prepared and issued by the same person-in-

charge. There should be a link, a chain that can act as internal audit, for the

next process.

4. This check list also goes through the authorisation of the acts performed by the

employees.

If an employee raised a P.O. the check list should have the authentication of the

document.

The SAP has made such provisions of this.


43/52

Specimen for the check-list

S

r.no

Assertion Comments TML

Comments

I. Control Environment:1. Code of Conduct and other

policies duly approved by the

Board.

2. Employees are aware of the Codeof Conduct and policies.

Code of conductcopy is beencirculatedamongst theemployees

3. Company has Whistle BlowPolicy duly approved by the

Board.

4. Ethics Counsellor appointed onapproval of the Audit Committee

To look into ethicsrelatedcomplaints, theemployees have.

5. Contact details of the Ethics

Counsellor circulated to all theemployees and the third party as

well.

Details are

displayed atprominent placesand are alsoupdated on thecompanywebsites

6. Current organisational chartshowing the reporting structure

Also the financialpowers approvedby the Board. And

7. The formal job descriptions. To specify all thejobs handled by

reasonabledetails. We aretrying to deployVERSA to identifyconflicting SODsituation

8. Company has a well definedpolicy as to recruitment,

gradation, appraisal, etc. to

employees

Defined policiesof all mattersrelated to theemployees.

II. Risk Assessment1. Business plans and budgets are Budgets cover all


44/52

prepared, approved by Board and

shared among all the operating

managers.

aspect ofbusiness and arerevised once ortwice as required,approved by

Board.2. Management Information System

is in place and communicated to

the top authorities regarding any

variances.

Actualperformance isreported everymonth againstthe budgetstandards.

3.


45/52

Identification of Subsidiaries as per US GAAPTata Motors Limited has 16 direct and 14 indirect subsidiaries as on 31 th March 2008.

Subsidiary Oversight:

TML nominates representatives to the Board of the Subsidiary Company among the

members of senior management. Members of Senior Management suggest names of

prospective representatives. Candidates are scanned by Executive Director Finance

and Corporate Affairs and Managing Director. Final approval is taken from the

Chairman of the Board.

Subsidiary affairs are monitored through these representatives on the Board of

subsidiaries.

Most subsidiaries have Audit Committees, which are represented by member

of senior management of Tata Motors who are on the Board of subsidiaries.

Executive Committee of the Board of Tata Motors reviews all investment and

borrowing decisions taken by subsidiary companies. Also, decisions pertaining

to acquisitions, divestments and new business forays are reviewed by the

Executive Committee of the Board as well as the Board of Tata Motors.

The Assistant Company Secretary receives minutes of Board meetings of

subsidiaries. These minutes are reviewed by the Company Secretary and

Assistant Company Secretary and key issues are highlighted. Copy of these

reviewed minutes along with a summary of important decisions taken by the

Subsidiaries is circulated with the Board Papers.

The Board Papers are received and reviewed by all Board Members. At the

meeting the Board Member raises issues of concern at the subsidiary.

The Board of Directors on a quarterly basis reviews subsidiary performance.

On review if the Board feels that the subsidiary performance is not performing

as per expectations, the Board explores opportunities for improving subsidiary

performance such as restructuring, additional funding etc.


46/52

The Board determines the Action Plan and responsibility is assigned for

implementation. Board of Directors action points is tracked through the Action

Taken Report (ATR) of the Board.

Also, Executive Director Finance and Corporate Affairs, Vice President

Accounts and Taxation and the Chief Internal Auditor are special invitees at all

subsidiary company Audit Committee meetings.

The auditor for Tata Motors and its subsidiaries is the same. Also the Tata

Motors policy for Approval of Services to be rendered by the Auditors and

Oversight of Audit Work is applicable to all its subsidiary companies.

Explanatory note on preparation of the Consolidated

Financial Statement for the Year ending 31st

march 2007

The Consolidated Financial Statement related to Tata Motors Limited (the Company),

its subsidiary companies associates.

Incorporation of the financial statement of subsidiary companies as per AS-21.

Accounting of share of profit/loss of the Associates as per AS-23.

The Consolidated financial Statements are prepared in accordance with the Accounting

standard-21, issued by the Institute of Chartered Accountants of India, which are

intended to present financial information about the parent and its subsidiaries as one

single entity.

The Consolidated Financial Statements include the account of those companies where

Tata Motors directly or indirectly through subsidiaries holds more than one-half of the

share holding of an enterprise.

The Consolidated Financial Statements are consolidated by combining the financial

statements of subsidiary companies on a line by line basis by adding together items like

assets, liabilities, income and expenses.


47/52

The following are the consolidated adjustments made in respect of subsidiary

companies:

a) The excess of cost of investment over the share of subsidiary companys net

worth which is allocable to Tata Motors has been considered as Goodwill and

is shown as an asset in the consolidated financial statement.

b) Where the share of net worth is the subsidiary company exceeds the investment

cost of Tata Motors, it has been recognised as Capital Reserve and is shown

under the head Reserves and Surplus.

c) The share of profit or loss of other shareholders (minority) of each subsidiary is

adjusted for calculating the amount shown as liability.

d) All inter-company transactions are eliminated.

e) All inter-company unrealised profits e.g. mark up on inventory, etc. Are also

eliminated.

Accounting of the share of profit/loss of the associates:

The share of profit/loss of Associates is adjusted in accordance with Accounting

Standards AS 23- Accounting for Investment in Associates in Consolidated Financial

Statements issued by the Institute of Chartered Accountants of India which has been

effective from 1 April, 2002.

The Associate is an enterprise where the parent has significant influence i.e. the

shareholding/voting power in excess of 20% and less than 50% of such enterprise.

The following are the adjustments done for Associate accounting as per the Equity

Method:

i) Up to the date of such acquisition of share in Associates in excess of 20% of

the issued share capital of the Associate, the excess of cost of investment

over the share of subsidiary companys net worth in that Associate is treated

as Goodwill. Alternatively, if the excess if the excess is negative, it is

treated as

Negative goodwill or Capital reserves. Both Goodwill and CapitalReserve is shown separately as part of investment.


48/52

ii) All unrealised inter-company profits are eliminated to the extend of our

share in associates

iii) All the shares of profit/loss in the Associate Company subsequent to the date

of acquisition is accounted by adjusting the cost of investment.


49/52

Tata Motors Ltd

Schedule forming part of the balance sheet and profit and loss account

Disclosure in respect of material transactions with related parties(Apr 07 - Mar 08)

Particulars Company name

(Rs. in

crores)Purchase of Goods Tata Cummins Ltd 1,647.09

Automobile Corporation of GoaLtd 310.40

Tata AutoComp Systems Ltd 273.01

Sale of Goods Concorde Motors (India) Ltd 561.56

Tata Cummins Ltd 105.81

Purchase of Fixed Assets Hispano Carrocera S.A. 160.08

TAL Manufacturing SolutionsLtd 107.44

Purchase of Investments(Shares of M/s. Tata Steel)

Sheba Properties Ltd 19.84

Sale of Fixed Assets H V Axles Ltd 97.21

H V Transmissions Ltd 78.97

Receiving of Services H V Axles Ltd 472.82


Tata Technologies Ltd 162.35

Tata Motors EuropeanTechnical Centre PLC 127.31

Rendering of Services Tata Motors (Thailand) Limited 23.65


Fiat India Automobiles Pvt. Ltd. 12.86

H V Axles Ltd 12.46

Telco Construction Equi. Co.Ltd 8.60

Finance Given (including loans and equity)

Investment in Equity Tata Motors Finance Limited 600.00

Fiat India Automobiles Pvt. Ltd. 370.40

Inter Corporate Deposit Tata Motors Finance Limited 280.00

Finance Taken (including loans and equity)

Inter Corporate Deposit Tata Technologies Ltd 148.65

Tata Marcopolo Motors Limited 58.00

Sheba Properties Ltd 24.41

Interest/Dividend paid/(received)

Dividend receivedTelco Construction EquipmentCo. Ltd 53.78

Tata Daewoo CommercialVehicle Co. Ltd 25.25

H V Axles Ltd 20.75


50/52


Tata Cummins Ltd 18.00

Tata Technologies Ltd 12.12

Tata Sons Limited 9.37

Interest received Hispano Carrocera S.A. 5.03

Dividend Paid Tata Sons Limited 126.73

The Consolidated Financial Statement maintains and updates the transactions with the

subsidiary companies monthly and are published in the quarterly reports of the TML.

These entries includes the transactions with the holding company and its various

branches and the dealing with the fellow subsidiary companies.


51/52

Bibliography:

Books and manuals referred:

Management Accounting Financial Management and Holding Company Accounts

By S. Nagaratam, Tenth Edition, III-Accounts of Holding Company, Page no.

479. Publication- S. Chand & Co. Ltd

Advanced Accounts

By M. C. Shukla and T. S. Grewal, Seventh Edition, Vol.-II, Chapter V-

Holding Companies, Page no. 349. Publication- S. Chand & Co. Ltd

Accounting Standards

By R. P. Rustagi, Second Edition.

Tata Motors 63th Annual Report 2007-2008

Tata motors Report on Subsidiary Accounts 2007-08, 2006-07 and 2005-06.

WEBLOGRAPHY:

http://www.tatamotors/prifile.htm

http://en.wikipedia.org/wiki/Tata_Motors#History (26th June, 2008 at 10.30 am)

http://ir.tatamotors.com/performance/a_reports/pdf/2008/TML-2007-08.pdf- (30th

June, 2008 at 11.30 pm)

www.vakeelno1.com

www.incat.com

www.tal.co.in

www.tatatechnologies.com/home.htm
http://www.tatamotors/prifile.htmhttp://en.wikipedia.org/wiki/Tata_Motors#Historyhttp://ir.tatamotors.com/performance/a_reports/pdf/2008/TML-2007-08.pdfhttp://www.incat.com/http://www.tal.co.in/http://www.tatatechnologies.com/home.htmhttp://www.tatamotors/prifile.htmhttp://en.wikipedia.org/wiki/Tata_Motors#Historyhttp://ir.tatamotors.com/performance/a_reports/pdf/2008/TML-2007-08.pdfhttp://www.incat.com/http://www.tal.co.in/http://www.tatatechnologies.com/home.htm


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www.incat.com

www.tata.com/tata_tech/index.htm

www.tata-daewoo.com

http://www.hvaxles.com/profile.asp
http://www.incat.com/http://www.tata.com/tata_tech/index.htmhttp://www.tata-daewoo.com/http://www.hvaxles.com/profile.asphttp://www.incat.com/http://www.tata.com/tata_tech/index.htmhttp://www.tata-daewoo.com/http://www.hvaxles.com/profile.asp

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Overview on the TATA Motors Subsidiaries

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