Tata motors
Balance sheet
in crores
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
634.65
570.60
514.05
385.54
385.41
Share application money
3.06
Preference share capital
19,351.40
14,208.55
11,855.15
7,428.45
6,458.39
Secured loans
7,766.05
7,742.60
5,251.65
2,461.99
2,022.04
Unsecured loans
8,132.70
8,883.31
7,913.91
3,818.53
1,987.10
35,887.86
31,405.06
25,534.76
14,094.51
10,852.94
21,883.32
18,416.81
13,905.17
10,830.83
8,775.80
24.19
24.63
25.07
25.51
25.95
8,466.25
7,212.92
6,259.90
5,443.52
4,894.54
13,392.88
11,179.26
7,620.20
5,361.80
3,855.31
4,058.56
5,232.15
6,954.04
5,064.96
2,513.32
22,624.21
22,336.90
12,968.13
4,910.27
2,477.00
Current assets, loans & advances
14,775.61
12,329.48
10,836.58
10,781.23
10,318.42
Less : current liabilities & provisions
18,963.40
19,672.73
12,846.21
12,029.80
8,321.20
Total net current assets
-4,187.79
-7,343.25
-2,009.63
-1,248.57
1,997.22
2.02
6.05
10.09
35,887.86
31,405.06
25,534.76
14,094.51
10,852.94
Sources of funds
Owner's fund
Equity share capital
Reserves & surplus
Loan funds
Total
Uses of funds
Fixed assets
Gross block
Less : revaluation reserve
Less : accumulated depreciation
Net block
Capital work-in-progress
Investments
Net current assets
Miscellaneous expenses not written
Total
Profit loss account
in crores
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
47,957.24
35,373.29
25,660.67
28,767.91
26,664.25
34,692.83
24,759.49
19,039.41
20,931.81
19,529.88
Manufacturing expenses
2,224.74
1,652.22
1,171.59
1,230.14
1,200.36
Personnel expenses
2,294.02
1,836.13
1,551.39
1,544.57
1,367.83
Selling expenses
2,289.11
1,583.24
1,224.15
1,179.48
1,068.56
Adminstrative expenses
2,568.50
2,249.92
1,867.05
1,982.79
1,488.16
-817.68
-740.54
-916.02
-1,131.40
-577.05
43,251.52
31,340.46
23,937.57
25,737.39
24,077.74
4,705.72
4,032.83
1,723.10
3,030.52
2,586.51
420.69
402.27
841.54
359.42
887.23
Adjusted PBDIT
5,126.41
4,435.10
2,564.64
3,389.94
3,473.74
Financial expenses
1,383.79
1,246.25
704.92
471.56
455.75
Depreciation
1,360.77
1,033.87
874.54
652.31
586.29
106.17
144.03
51.17
64.35
85.02
2,275.68
2,010.95
934.01
2,201.72
2,346.68
384.70
589.46
12.50
547.55
660.37
1,890.98
1,421.49
921.51
1,654.17
1,686.31
-79.16
818.59
79.75
374.75
227.15
15.29
-0.07
Reported net profit
1,811.82
2,240.08
1,016.55
2,028.92
1,913.39
Earnigs before appropriation
3,745.95
3,926.07
2,399.62
3,042.75
2,690.15
Equity dividend
1,274.23
859.05
311.61
578.43
578.07
192.80
132.89
34.09
81.25
98.25
2,278.92
2,934.13
2,053.92
2,383.07
2,013.83
Income
Operating income
Expenses
Material consumed
Expenses capitalised
Cost of sales
Operating profit
Other recurring income
Other write offs
Adjusted PBT
Tax charges
Adjusted PAT
Non recurring items
Other non cash adjustments
Preference dividend
Dividend tax
Retained earnings
Cash flow
in crores
Mar ' 11
Mar ' 10
Mar ' 09
Mar ' 08
Mar ' 07
Profit before tax
1,811.82
2,240.08
1,001.26
2,028.92
1,913.46
Net cashflow-operating activity
1,505.56
6,586.03
1,295.02
6,174.50
2,210.13
-2,521.88
-11,848.29
-10,644.67
-5,721.86
-2,805.10
1,648.42
5,348.49
8,104.70
1,132.46
303.58
Net inc/dec in cash and equivlnt
632.10
86.23
-1,244.95
1,585.10
-291.39
Cash and equivalnt begin of year
720.04
630.04
2,386.77
806.21
1,118.15
1,352.14
716.27
1,141.82
2,391.31
826.76
Net cash used in investing activity
Netcash used in fin. activity
Cash and equivalnt end of year
This paper examines the policy options for India as it seeks to improve living conditions of
the poor on a large scale and reduce the population in slums. Addressing the problem requires
first a diagnosis of the market at the city level and a recognition that government
interventions, rather than thwarting the operations of the market, should seek to make it
operate better. This can substantially reduce the subsidies required to assist low income
households to attain decent living standards. The authors show that government programs
that directly provide housing would cost, in conservative estimates, about of 20 to 30 percent
of GDP, and cannot solve a problem on the scale of Indias. Two powerful principles have
guided urban land management policies in India, at least since the 1970s. First, keeping
Indias cities livable means discouraging people from coming to large cities and distributing
growth to rural areas and small secondary cities. Second, planning and other regulatory and
financial policies coupled with rationing of urban services will actually prevent people from
moving to cities and hence make them more livable. Together, these two principles are part
of a broader philosophy underlying the thicket of policies commonly referred to as the
license raj that grew up after Independence in India. As we argue below, a housing policy
that supports cities without slums should involve: (1) making the market work better so that
market-priced housing is more affordable; and (2) subsidies targeted primarily to the
substantial share of the urban population that will still be too poor to afford socially
acceptable minimum shelte conditions. Assistance to all those households, even if targeted
carefully, will be large in relation to fiscal capacity. This paper proposes an approach
designed to make the lofty goal of improving living conditions for all of Indias urban poor
attainable, and maximize the effectiveness of government resources dedicated to this effort.
Working with the Market
Approach to Reducing Urban Slums in India
Patricia Clarke Annez ,Alain Bertaud ,Bimal Patel ,V. K. Phatak
