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MD & A
99
CORPORATE OVERVIEW (1-31)
STATUTORY REPORTS
FINANCIALS (123-204)
and the efficiency and effectiveness of operations and the
key process risks. The scope and authority of the Internal
Audit division is derived from the Audit Charter approved
by the Audit Committee;
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Audit Committee of the Board of Directors, comprising
independent directors, which is functional since August
1988, regularly reviews the audit plans, significant audit
findings, adequacy of internal controls, compliance with
Accounting Standards as well as reasons for changes in
accounting policies and practices, if any;
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A comprehensive information security pol icy and
continuous upgrades to IT system;
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Documenting of major business processes and testing
thereof including financial closing, computer controls
and entity level controls as part of compliance with
Sarbanes-Oxley Act;
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Anti-fraud programme.
The Board takes responsibility for the total process of risk
management in the organisation. The Audit Committee reviews
reports covering operational, financial and other business risk
areas. Through an Enterprise Risk Management programme,
each Business Unit addresses opportunities and the attendant
risks through an institutionalized approach aligned to the
Company’s objectives. This is also facilitated by internal audit.
The business risk is managed through cross functional
involvement and communication across businesses. The results
of the risk assessment and residual risks are presented to the
senior management.
Material Developments in Human Resources/Industrial
Relations
A cordial industrial relations environment prevai led at
all the manufacturing units of the Company during the year.
The permanent employees‘ strength of the Company
(standalone) was 29,401 and that of the Tata Motors’ Group
(consolidated) was 58,618 as on March 31, 2012. The Company
entered into a three year wage settlement with its Union
at Lucknow and Uttaranchal through amicable process
of negotiations.
CAUTIONARY STATEMENT
Statements in the Management Discussion and Analysis
describing the Company’s objective, projections, estimates,
expectations may be “forward-looking statements” within
themeaning of applicable securities laws and regulations. Actual
results could differ materially from those expressed or implied.
Important factors that couldmake a difference to the Company’s
operations include, among others, economic conditions
affecting demand /supply and price conditions in the domestic
and overseas markets in which the Company operates, changes
in the Government regulations, tax laws and other statutes
and incidental factors.
FINANCIAL HIGHLIGHTS (32-45)