81
Notice
Directors’ Report
(69-103)
Management Discussion & Analysis
Corporate Governance
Secretarial Audit Report
current maturities of long term debt (explained above), increase in
liability for capital expenditure and derivative financial instruments.
Fixed Assets:
(
`
in crores)
As at March
31, 2014
As at March
31, 2013
Change
Tangible assets (including
capital work-in-progress)
50,831.59
37,074.06
13,757.53
Intangible assets (including
assets under development)
46,543.81
32,788.85
13,754.96
Total
97,375.40 69,862.91 27,512.49
The increase (net of depreciation) in the tangible assets mainly
represented additions towards capacity / new product plans of
the Company. The increase (net of amortization) in the intangible
assets was
`
13,754.96 crores, mainly attributable to new product
developments projects at TML and JLR.
Investments (Current + Non-current)
were
`
10,686.67 crores as
at March 31, 2014, as compared to
`
8,764.73 crores as at March 31,
2013. The break-up is as follows:
(
`
in crores)
As at March
31, 2014
As at March
31, 2013
Mutual Funds
9,494.06
7,509.50
Investments
in
equity
accounted
investees (associate companies)
382.98
451.74
Quoted Equity shares
318.71
299.11
Unquoted Equity shares
386.38
383.03
Others
112.63
129.85
Provision for diminution in value of
investments (net)
(8.09)
(8.50)
Total
10,686.67
8,764.73
Deferred tax assets / liability:
(
`
in crores)
As at March
31, 2014
As at March
31, 2013
Deferred tax assets
2,347.08
4,428.93
Deferred tax liability
(1,572.33)
(2,048.21)
Deferred tax assets, represents timing differences for which there
will be future current tax benefits by way of unabsorbed tax losses
and expenses allowable on payment basis in future years.
Deferred tax liabilities represent timing differences where current
benefit in tax will be off-set by debit in the Statement of Profit and Loss.
Loans and Advances
(
`
in crores)
As at March
31, 2014
As at March
31, 2013
Long term loans and advances
13,268.84
15,584.12
Short term loans and advances
14,055.24
12,667.05
Total
27,324.08 28,251.17
Loans and advances include
i.
Credit entitlement of Minimum Alternate Tax (MAT) of
`
787.59
crores as at March 31, 2014 (
`
1,516.40 crores as at March 31,
2013), relating to Tata Motors. The credit / refund will be
against tax paid at normal rate, within time limit as per the
Income Tax Act.
ii.
Receivables towards vehicle financing by Tata Motors Finance
Ltd was almost same at
`
18,294.32 crores as at March 31,
2014, as compared to
`
18,226.78 crores as at March 31, 2013;
and
iii.
VAT, other taxes recoverable, statutory deposits and dues
of
`
4,274.57 crores as at March 31, 2014, as compared to
`
5,015.31 crores as at March 31, 2013.
Inventories
as of March 31, 2014, stood at
`
27,270.89 crores as
compared to
`
21,036.82 crores as at March 31, 2013. Inventory at
TML was
`
3,862.53 crores as compared to
`
4,455.03 crores as at
March 31, 2013. Inventory at JLR was
`
21,634.06 crores as compared
to
`
14,726.76 crores as at March 31, 2013. The increase at JLR is
consistent with the volume growth. (In terms of number of days of
sales, finished goods represented 30 inventory days in FY 2013-14
as compared to 29 days in FY 2012-13).
Trade Receivables
(net of allowance for doubtful debts) were
`
10,574.23 crores as at March 31, 2014, representing a decrease of
`
385.37 crores. Trade Receivables have decreased in TML by
`
601.34
crores. The allowances for doubtful debts were
`
621.70 crores as at
March 31, 2014 against
`
321.71 crores as at March 31, 2013.
