NOTES : 1. The Company has refined the calculation of IRR, for recognizing lease income.

The Company is now considering security deposits received, residual value of assets and lease income received in advance for working out IRR, which was hitherto not considered. Consequent to this, lease income of Rs. !".#$ lakhs for the earlier years have %een accounted in the current year. 'epreciation on (ind )ills have %een provided * ".&!+ with retrospective effect %ased on , Continuous -rocess -lant.. Consequently, depreciation for the year is lower %y Rs.!$1./" lakhs. The Company has su%stantial deferred ta0 assets. Taking into account the restructuring of the %usiness and future profit pro1ections, the Company has recognised 'eferred Ta0 2ssets only to the e0tent of Rs. /3 4./$ lakhs %y corresponding credit to the -rofit 5 6oss account of the current year. The Company has entered into an agreement on 11 th 2pril &44&, for disposing of its stake in Tata 7inance 2me0 6td. and the loss in this respect has %een provided for. 80tra9ordinary items represent provision against e0posure on Inter Corporate 'eposits, permanent diminution in value of 6ong term Investments and refund of 'ividend to an erstwhile su%sidiary. :u%vention income received from dealers is pro rated over the tenure of facility w.e.f. ;uly 1, &441. Consequent to this, the loss for the period is higher %y Rs.&" .4$ lakhs. The qualification of statutory auditors in respect of the audited accounts for the year ended /1st )arch &44& are as follows, along with the responses of the management. Regarding non9compliance with the <on9=anking 7inancial Companies -rudential norms >Reserve =ank? 'irections, 133!, the Company has sought time from Reserve =ank of India to correct the position. Regarding non9compliance with the <on9=anking 7inancial Companies 2cceptance of -u%lic 'eposits >Reserve =ank? 'irections, 133!, the Company has informed the Reserve =ank of India that it has stopped renewing -u%lic 'eposits from $th 'ecem%er, &441. ..&.

&.

/.

$.

".

#.

a.

%.

@ & @ c. Impact of %uy9%ack arrangement relating to the shares of <iskalp Investments 5 Trading Co. 6td. has not %een recognised. 2s there is no certainty of the -ut Aption %eing e0ercised, the impact cannot %e ascertained. 'uring the period ;uly &441 to )arch &44&, 1 ,44,444 -reference shares of Rs.144B9 each aggregating to Rs.1 ,44,44,444B9 were allotted and # ,"$,444 -reference :hares of Rs.144B9 each aggregating to Rs.# ,"$,44,444B9 were redeemed. 'uring the same period, $4,!4,&1" C 14+ Cumulative Converti%le -reference :hares of Rs.144B9 each were converted into &,14,"/,343 8quity :hares of Rs.14B9 each fully paid at a premium of Rs.3./ per share. The Company has inadvertently paid interim dividend of Rs.$.#3 lakhs on 11+ Cumulative Redeema%le -reference :hares redeemed during the year. In view of the losses, the =oard of 'irectors has not recommended any dividend on 8quity and -reference :hares. The Company has changed its accounting year to end on /1st )arch and as such the figures for the period ended /1st )arch &44&, are for nine months and hence not compara%le with those of the previous year. The figures shown a%ove do not reflect the consolidated results of the Company and its su%sidiaries pursuant to 2ccount :tandard &1. The previous year figures have %een regrouped B reclassified, wherever necessary. The a%ove quarterly results were taken on record and audited results were approved %y the =oard of 'irectors at the =oard meeting held on &!th ;une &44&. For and on behalf of the Board Tata Finance Limited

!.

3. 14. 11.

1&. 1/. 1$.

Mumbai, June 2 , 2!!2

F. J. da Cunha E"ecuti#e $irector