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204
Sixty-Seventh Annual Report 2011-2012
36. The additional disclosure as required by AS 7 (Revised) on construction contracts:
(a) Advance received is
`
27.75 crores
(as at March 31, 2011
`
13.57 crores)
(b) Retention money is
`
19.33 crores
(as at March 31, 2011
`
17.61 crores)
(c) Contract revenue recognised during the year is
`
119.51 crores
(2010-11
`
116.74 crores)
(d) Aggregate amount of costs incurred and recognised profits (less recognised losses)
`
381.25 crores
(as at March 31, 2011
`
305.63 crores)
37. Other notes
(a) The following subsidiaries / joint venture have been considered on unaudited basis. Details for the same as per invdividual enity’s financials
are as under :
(
`
in crores)
Net worth
Total revenue
Net increase /
As at
for the year
(decrease) in
March 31,
ended
cash & cash
2012
March 31,
equivalent during
2012
2011-2012
(i)
Subsidiaries :
Tata Motors (SA) (Proprietary) Ltd
10.14
38.17
(2.61)
Tata Motors European Technical Centre Plc
41.26
233.13
97.85
Miljobil Greenland AS
(69.00)
46.89
5.64
Tata Hispano Motors Carrocera S.A
(428.27)
211.49
(31.24)
TML Holdings Pte Ltd, Singapore
214.48
3.42
(2.86)
Trilix S.r.l
7.39
42.26
(1.93)
Tata Precision Industries Pte Ltd
1.02
-
(0.28)
(222.98)
575.36
64.57
(ii)
Joint Venture:
Fiat India Automobiles Ltd
453.65
1,730.86
(17.83)
(b) The share of profit / (loss) in respect of investments in associate companies include figures which are considered as per unaudited financial
statements / profit and loss statement for the year ended March 31, 2012, as per details given below :
(
`
in crores)
Share in post
Profit / (Loss)
acquisition reserves
for the year
and surplus
ended
March 31, 2012
Telco Construction Equipment Company Ltd.
57.77
(69.83)
Tata Cummins Ltd.
206.61
52.18
(c) During the year ended March 31, 2012, Jaguar Land Rover Plc., an indirect subsidiary of the Company has issued GBP 1,500 million equivalent
Senior Notes (Notes). The Notes issued includes GBP 500million Senior Notes due 2018 at a coupon of 8.125%per annum, GBP 500million Senior
Notes due 2020 at a coupon of 8.25% per annum, USD 410 million Senior Notes due 2018 at a coupon of 7.75% per annum and USD 410million
Senior Notes due 2021 at a coupon of 8.125% per annum. The proceeds will be used to refinance existing debt and for general corporate
purposes.
(d) 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.
(e) Capital work-in-progress as at March 31, 2012 includes building under construction at Singur in West Bengal of
`
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.
(f ) Current year figures are shown in bold prints.
NOTESFORMINGPARTOFCONSOLIDATEDFINANCIALSTATEMENTS