Balance Sheet

ANNUAL REPORT OF
TATA TECHNOLOGIES PTE LTD

(Incorporated in the Republic of Singapore)
DIRECTORS' STATEMENT 1-2
INDEPENDENT AUDITOR’S REPORT 3-4
STATEMENT OF COMPREHENSIVE INCOME 5
STATEMENT OF FINANCIAL POSITION 6
STATEMENT OF CHANGES IN EQUITY 7
STATEMENT OF CASH FLOWS 8
NOTES TO THE ACCOUNTS 9 - 27

DIRECTORS’ STATEMENT
The Directors present their statement to the members together with the audited financial statements of the Company for the
financial year ended 31 March 2018.
In the opinion of the Directors, the financial statements are drawn up so as to give a true and fair view of the financial position
of the Company as at 31 March 2018 and the financial performance, changes in equity and cash flows of the Company for the
financial year ended on that date and at the date of this statement there are reasonable grounds to believe that the Company
will be able to pay its debts as and when they fall due.
DIRECTORS
The Directors in office at the date of this statement are:
WILLIAM CHAN KWOK WAH

PRAVEEN PURUSHOTTAM KADLE
PATRICK RAYMON MCGOLDRICK
ARRANGEMENT FOR DIRECTORS TO ACQUIRE SHARES AND DEBENTURES
Neither at the end of the financial year, nor at any time during the financial year, did there subsist any arrangement, to which
the Company is a party, whereby Directors might acquire benefits by means of the acquisition of shares in, or debentures of,
the Company or any other body corporate.
DIRECTORS’ INTEREST IN SHARES
No Director of the Company who held office at the end of the financial year, had, according to the register required to be kept
under Section 164 of the Companies Act, Cap. 50, an interest in shares of the Company at beginning or end of the year.
SHARE OPTIONS
Share Options Granted
No option was granted during the financial year to take up unissued shares of the Company.
Share Options Exercised
During the financial year, there were no shares issued by virtue of the exercise of options to take up unissued shares of the
Company.
1
DIRECTORS’ STATEMENT
SHARE OPTIONS – (Cont’d)
• Unissued Shares Under Option
There were no unissued shares of the Company under option as at the end of the financial year.
CARRYING VALUE OF SUBSIDIARIES
The Directors are of the opinion that based on a professional valuation, the carrying values of the subsidiaries are stated at
fair values and no impairment provision is necessary.
AUDITORS
The auditors, Messrs. H. WEE & CO., have expressed their willingness to accept re-appointment.
ON BEHALF OF THE BOARD
PATRICK RAYMON MCGOLDRICK

DIRECTOR
WILLIAM CHAN KWOK WAH

DIRECTOR
DATED: APRIL 16, 2018
2
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of TATA TECHNOLOGIES PTE LTD (the Company), which comprise the statement
of financial position as at 31 March 2018, and the statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying financial statements are properly drawn up in accordance with the provisions of the
Companies Act, Chapter 50 (the Act) and Financial Reporting Standards in Singapore (FRSs) so as to give a true and fair
view of the financial position of the Company as at 31 March 2018 and of the financial performance, changes in equity and
cash flows of the Company for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of
Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical
requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
CARRYING VALUE OF SUBSIDIARIES
The Directors are of the opinion that based on a professional valuation, the carrying values of investment in subsidiaries are
stated at fair values and no impairment provision is necessary.
We have relied on the fair values adopted by the Directors and professional valuation.
Our opinion is not modified in respect of this matter.
Other Information
Management is responsible for the other information. The other information comprises the Directors’ Statement set out on
pages 1 to 2.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there
is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of Management and Directors for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
provisions of the Act and FRSs, and for devising and maintaining a system of internal accounting controls sufficient to provide
a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are
properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and
to maintain accountability of assets.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Company’s financial reporting process.
3
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
(Continuation from Page 3)
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in
accordance with the provisions of the Act.
H. WEE & CO.

PUBLIC ACCOUNTANTS AND
CHARTERED ACCOUNTANTS
SINGAPORE
DATED:APRIL 16, 2018
4
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2018
NOTE 2018 2017

US$ ₹ US$ ₹
REVENUES
Sales 3 6,639,208 432,727,046 4,717,480 305,928,625
Dividend income from subsidiary company - - 618,706 40,123,090
Gain from disposal of plant and equipment - - 149 9,663
Other revenues 18 60,126 3,918,863 40,542 2,629,149
Total revenues 6,699,334 436,645,909 5,376,877 348,690,528
COSTS AND EXPENSES

Purchases and related direct cost expenses 5,629,169 366,895,219 4,010,766 260,098,215
Amortisation of trade marks 7 24,157 1,574,493 21,983 1,425,598
Bad debts written off - - 42,271 2,741,275
Depreciation 8 44,391 2,893,295 29,190 1,892,972
Director's fees 3,582 233,466 3,630 235,406
Director's remuneration 307,822 20,063,071 276,297 17,917,863
Exchange difference (126,115) (8,219,862) 19,738 1,280,009
Group cost recharged 3 196 - -
Salaries and employee benefits 976,714 63,659,787 1,152,268 74,724,591
Other operating expenses 18 253,149 16,499,621 424,143 27,505,678
Total costs and expenses 7,112,872 463,599,286 5,980,286 387,821,607
(LOSS) BEFORE TAXATION (413,538) (26,953,377) (603,409) (39,131,080)
Taxation 19 (28,645) (1,867,010) 14,325 928,976
(LOSS) FOR THE YEAR (442,183) (28,820,387) (589,084) (38,202,103)
OTHER COMPREHENSIVE INCOME:

Item that may be reclassified subsequently to profit or loss:
Foreign currency translation 32,790 2,137,171 38,372 2,488,425
OTHER COMPREHENSIVE INCOME/(LOSS), net of tax 32,790 2,137,171 38,372 2,488,425
TOTAL COMPREHENSIVE (LOSS) FOR THE YEAR (409,393) (26,683,216) (550,712) (35,713,679)
THE ATTACHED NOTES TO THE ACCOUNTS

FORM AN INTEGRAL PART OF THE ACCOUNTS
5
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2018
NOTE 2018 2017

US$ ₹ US$ ₹
SHARE CAPITAL 4 54,000,000 3,519,585,540 54,000,000 3,501,900,540

CAPITAL RESERVE 5 45,935,488 2,993,960,728 45,935,488 2,978,916,856
CURRENCY TRANSLATION RESERVE 6 3,375,694 220,019,329 3,342,904 216,787,358
RETAINED EARNINGS 8,102,639 528,109,834 8,544,822 554,131,792
111,413,821 7,261,675,432 111,823,214 7,251,736,546
Represented by:
INTANGIBLE ASSETS 7 151,571 9,879,020 165,340 10,722,301

PLANT AND EQUIPMENT 8 158,717 10,344,779 100,161 6,495,442
SUBSIDIARY COMPANIES 9 106,852,458 6,964,377,150 106,852,458 6,929,382,970
NON CURRENT ASSETS 10 32,259 2,102,561 - -
CURRENT ASSETS
Trade debtors 11 1,940,636 126,485,822 892,941 57,907,233
Trade debtors - related companies 12 166,667 10,862,940 102,809 6,667,165
Other debtors 13 1,173,969 76,516,376 64,090 4,156,237
Amount due from subsidiary companies 9 34,875 2,273,066 3,817,790 247,583,720
Cash and cash equivalents 14 4,075,623 265,638,959 714,503 46,335,527
7,391,770 481,777,163 5,592,133 362,649,881
Less: CURRENT LIABILITIES

Trade creditors and accruals 15 1,108,995 72,281,533 642,506 41,666,521
Trade creditors - related companies 16 405,710 26,443,168 231,545 15,015,696
Other creditors 17 1,640,198 106,904,022 5,293 343,251
Provision for taxation 18,051 1,176,519 7,534 488,580
3,172,954 206,805,241 886,878 57,514,047
NET CURRENT ASSETS 4,218,816 274,971,922 4,705,255 305,135,834
111,413,821 7,261,675,432 111,823,214 7,251,736,546

6
STATEMENT OF CHANGES IN EQUITY
CURRENCY TRANSLATION RETAINED EARNINGS/

SHARE CAPITAL CAPITAL RESERVE TOTAL EQUITY
RESERVE ACCUMULATED (LOSSES)
US$ ₹ US$ ₹ US$ ₹ US$ ₹ US$ ₹
Balance at 31 March 2016 54,000,000 3,501,900,540 45,935,488 2,978,916,856 3,304,532 214,298,933 9,133,906 592,333,895 112,373,926 7,287,450,225
Total comprehensive (loss) for the
year - - - - 38,372 2,488,425 (589,084) (38,202,103) (550,712) (35,713,679)
Balance at 31 March 2017 54,000,000 3,501,900,540 45,935,488 2,978,916,856 3,342,904 216,787,358 8,544,822 554,131,792 111,823,214 7,251,736,546
Balance at 31 March 2017 54,000,000 3,519,585,540 45,935,488 2,993,960,728 3,342,904 217,882,159 8,544,822 556,930,221 111,823,214 7,288,358,649
Total comprehensive (loss) for the
year - - - - 32,790 2,137,171 (442,183) (28,820,387) (409,393) (26,683,216)
Balance at 31 March 2018 54,000,000 3,519,585,540 45,935,488 2,993,960,728 3,375,694 220,019,329 8,102,639 528,109,834 111,413,821 7,261,675,432

7
STATEMENT OF CASH FLOWS
2018 2017
US$ ₹ US$ ₹
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit before taxation (413,538) (26,953,377) (603,409) (39,131,079)
Adjustments for:
Amortisation of trade marks 24,157 1,574,493 21,983 1,425,598
Bad debts written off - - 42,271 2,741,275
Depreciation of plant and equipment 44,391 2,893,295 29,190 1,892,972
Loss/(Gain) from disposal of plant and equipment 3 196 (149) (9,663)
Interest income (43,830) (2,856,730) (26,789) (1,737,267)
Currency translation differences (3,030) (197,488) 38,372 2,488,425
Unrealised exchange differences 32,790 2,137,171 36,613 2,374,353
Operating profit before working capital changes (359,057) (23,402,441) (461,918) (29,955,386)
(Increase)/Decrease in debtors (2,249,849) (146,639,556) (49,966) (3,240,296)
(Decrease)/Increase in amount due (to)/from subsidiaries - trade (34,563) (2,252,730) (8,561) (555,181)
Increase/(Decrease) in creditors 2,274,557 148,249,962 57,199 3,709,356
Cash generated from operation (368,912) (24,044,766) (463,246) (30,041,507)

Interest income 43,830 2,856,730 26,789 1,737,266
Tax paid (18,128) (1,181,538) (49,301) (3,197,170)
Net cash flow (used in) operating activities (343,210) (22,369,573) (485,758) (31,501,412)
CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of intangible assets (10,388) (677,064) (33,385) (2,165,018)
Placement of fixed deposit (280,622) (18,290,243) - -
Proceed from disposal of plant and equipment - - 290 18,807
Purchase of plant and equipment (102,950) (6,710,025) (7,134) (462,640)
Net cash flow from/(used in) investing activities (393,960) (25,677,332) (40,229) (2,608,851)
NET CHANGE IN CASH AND CASH EQUIVALENTS (737,170) (48,046,905) (525,987) (34,110,263)
Effect of exchnage rates changes on cash and cash equivalents (122) (7,952) (42,939) (2,784,595)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,532,293 295,403,572 5,101,219 330,814,102
CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 14) 3,795,001 247,348,716 4,532,293 293,919,244

8
NOTES TO THE ACCOUNTS - 31 MARCH 2018
The notes on pages 9 to 27 form an integral part of and should be read in conjunction with these accounts.
1 SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Accounting
The accounts expressed in United States Dollar (US$), which is the Company’s functional currency, have
been prepared under the historical cost convention (except as disclosed in the accounting policies below)
and in accordance with Singapore Financial Reporting Standards (FRS) as required by the Companies
Act.
The preparation of financial statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future periods affected.
Information about critical judgements, key assumptions and accounting estimates that have the most
significant effect on the amounts recognised in the financial statements is included in the following notes:
Investment in subsidiaries
The carrying amount of investment in subsidiaries is disclosed in Note 9. Management has evaluated
whether there is any indication of impairment by considering both internal and external sources of
information, and is of the opinion no impairment provision is necessary.
Allowances for receivables
The Company makes allowances for bad and doubtful debts based on an assessment of the recoverability
of trade and other receivables. Allowances are applied to trade and other receivables where events or
changes in circumstances indicate that the balances may not be collectible. The identification of bad and
doubtful debts requires the use of judgement and estimates. Judgement is required in assessing the
ultimate realisation of these receivables, including the current creditworthiness, past collection history of
each customer and on-going dealings with them. Where the expectation is different from the original
estimate, such difference will impact the carrying value of trade and other receivables and doubtful debts
expenses in the period in which such estimate has been changed. The carrying amounts of the
Company’s trade and other receivables are disclosed in Notes 11, 12 and 13 respectively.
In the current financial year, the Company has adopted all the new and revised FRS and Interpretations
of FRS (“INT FRS”) issued by the Accounting Standards Council that are relevant to its operations and
effective for the current financial year.
The adoption of these new/revised FRSs has no material effect on the financial statements.
(b) New Standards and Interpretations Not Yet Adopted
New standards, amendments to standards and interpretations that are not yet effective for the year ended
31 March 2018 have not been applied in preparing these financial statements. None of these are expected
to have a significant impact on the financial statements of the Company.
9
1 SIGNIFICANT ACCOUNTING POLICIES – (Cont’d)
(c) Consolidation
Consolidated financial statements of the Company and its subsidiaries have not been prepared. Its
immediate holding company, Tata Technologies Limited, a company incorporated in India, prepares
consolidated financial statements which include the results of the Company and all its subsidiaries.
Copies of the consolidated financial statements can be obtained from 25, Pune Infotech Park, Hlnjawadi,
Pune, India.
A list of the Company’s subsidiary companies is shown in Note 9.
(d) Intangible Assets
Intangible assets are measured at fair value upon initial recognition. Subsequent to initial recognition, the
intangible assets are measured at cost less accumulated amortisation and accumulated impairment
losses.
Intangible assets comprise of legal fees incurred in registering trade marks and patents. They are
amortised over their estimated useful lives of ten years.
(e) Plant and Equipment and Depreciation
Plant and equipment are stated at cost less accumulated depreciation and any impairment loss. The cost
of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working
condition for its intended use. Expenditure for additions, improvements and renewals is capitalised and
expenditure for maintenance and repairs is charged to profit or loss. When assets are sold or retired, their
cost and accumulated depreciation are removed from the financial statements and any gain or loss
resulting from their disposal is included in profit or loss.
Depreciation is calculated on the straight line method to write off the cost of the assets over their estimated
useful lives. The estimated useful lives are as follows:
Computer equipment 1 to 3 years

Office furniture and equipment 5 to 10 years
Motor vehicle 10 years
Fully depreciated assets are retained in the accounts until they are no longer in use and no further charge
for depreciation is made in respect of these assets.
(f) Subsidiary Companies
Shares in subsidiary companies are stated at cost (except for two of the subsidiaries which were re-stated
at fair values – Notes 5 and 9). Provision for impairment in value of the investments would be made if the
directors consider that their value had permanently fallen below cost.
10
(g) Financial Assets
(i) Classification
The Company classifies its financial assets according to the purpose for which the assets were
acquired. Management determines the classification of its financial assets at initial recognition
and re-evaluates this designation at every reporting date. The Company’s only financial assets
are loans and receivables.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They are presented as current assets, except for those
maturing later than 12 months after the statement of financial position date which are presented
as non-current assets.
Loans and receivables include ‘bank and cash balances’, ‘fixed deposit’ and ‘trade and other
debtors’ excluding prepayment.
(ii) Recognition and derecognition
Regular purchases and sales of financial assets are recognised on trade-date – the date on
which the Company commits to purchase or sell the asset. Financial assets are derecognised
when the rights to receive cash flows from the financial assets have expired or have been
transferred and the Company has transferred substantially all risks and rewards of ownership.
On disposal of a financial asset, the difference between the net sale proceeds and its carrying
amount is recognised in profit or loss. Any amount in the fair value reserve relating to that asset
is also transferred to profit or loss.
(iii) Initial measurement
Financial assets are initially recognised at fair value plus transaction costs except for financial
assets at fair value through profit or loss, which are recognised at fair value. Transaction costs
for financial assets at fair value through profit or loss are recognised as expenses.
(iv) Subsequent measurement
Loans and receivables are carried at amortised cost using the effective interest method.
Interest income on financial assets is recognised separately in profit or loss.
(v) Impairment of Assets
The carrying amounts of the Company’s assets are reviewed at each statement of financial
position date to determine whether there is any indication of any impairment. If any such
indication exists, the asset’s recoverable amount is estimated. All impairment losses are
recognised in profit or loss whenever the carrying amount of an asset of its cash-operating unit
exceeds its recoverable amount.
An impairment loss is only reversed to the extent the asset’s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised. All reversals of impairment losses are recognised in
profit or loss.
11
(h) Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand and at bank and fixed deposits which are subject to an
insignificant risk of changes in value. Cash equivalents are stated at amounts at which they are convertible
into cash.
(i) Financial Liabilities
Financial liabilities include trade payables and other amounts payable. Financial liabilities are recognised
on the statement of financial position when, and only when, the Company becomes a party to the
contractual provisions of the financial instrument. Financial liabilities are initially recognised at fair value
of consideration received less directly attributable transaction costs and subsequently measured at
amortised cost using the effective interest rate method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through
the amortisation process. The liabilities are derecognised when the obligation under the liability is
discharged, cancelled or expired.
(j) Provision
Provisions are recognised when the Company has a present obligation (legal or constructive) where, as
a result of a past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are reviewed at each statement of financial position date and adjusted to reflect the current
best estimate. If it is no longer probable that an outflow of economic resources will be required to settle
the obligation, the provision is reversed.
(k) Foreign Currency
The Company’s functional currency is the United States Dollar. Transactions in other currencies during
the financial year are converted to United States Dollar at the rates of exchange prevailing on the
transaction dates. Monetary assets and liabilities denominated in other currencies are translated into
United States Dollar at the rates of exchange prevailing at the statement of financial position date or at
the contracted rates where they are covered by forward exchange contracts. All exchange adjustments
are taken to profit or loss.
(l) Income Tax
Income tax expense is determined on the basis of tax effect accounting, using the liability method, and is
applied to all temporary differences at the statement of financial position date between the carrying
amounts of assets and liabilities and the amounts used for tax purposes.
Deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable
that taxable profit will be available against which the deductible temporary difference can be utilised.
12
(m) Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured. The following specific recognition criteria must also be met
before revenue is recognised:
(i) Sales of good
Revenue is recognised upon the transfer of significant risk and rewards of ownership of the
goods to the customer, which generally coincides with delivery and acceptance of the goods
sold. Revenue is not recognised to the extent where there are significant uncertainties regarding
recovery of the consideration due, associated costs or the possible return of goods.
(ii) Services rendered
Revenue is recognised upon when services are rendered to and accepted by customers.
(iii) Commission income
Commission income is recognised when the Company’s rights to receive payment is

established.
(iv) Interest income
Interest income is recognised as interest accrues (using the effective interest method) unless
collectability is in doubt.
(n) Employee Benefits
(i) Pension obligations
As required by law, the Company makes contributions to the contribution pension scheme, the
Central Provident Fund (CPF). CPF contributions are recognised as compensation expense in
the same period as the employment that gives rise to the contribution.
(ii) Employee leave entitlement
Employee entitlements to annual leave are recognised when they accrue to employees. A
provision is made for the estimated liability for leave as a result of services rendered by
employees up to the statement of financial position date.
(o) Operating Lease
Rental payable/receivable under operating leases is accounted for in the statement of comprehensive
income on a straight-line basis over the periods of the respective leases.
13
(p) Related Parties
A party is considered to be related to the Company if:
i) The party, directly or indirectly through one or more intermediaries,

• controls, is controlled by, or is under common control with, the Company;
• has an interest in the Company that gives it significant influence over the Company;
or
• has joint control over the Company;
ii) The party is an associate;
iii) The party is a jointly-controlled entity;
iv) The party is a member of the key management personnel of the Company;
v) The party is a close member of the family of any individual referred to in (i) or (iv); or
vi) The party is an entity that is controlled, jointly controlled or significantly influenced by or for which
significant voting power in such entity resides with, directly or indirectly, any individual referred
to in (iv) or (v).
2 GENERAL
The Company is a limited liability company incorporated and domiciled in Singapore.
The Company has a branch in Korea.
The principal activities of the Company are that of development of software and marketing of computer systems
and software, provision of engineering support and maintenance services and computer consultancy and related
services.
The principal activities of the subsidiary companies are set out in Note 9 to the accounts.
There have been no significant changes in the nature of these activities during the financial year.
The registered office of the Company is located at 78 Shenton Way, #14-02, Singapore 079120.
The financial statements of the Company were authorised by the Board of Directors on
3 REVENUES
Revenues of the Company consist of revenues from sales of goods and services, maintenance income, commission
income and other revenues (Note 18).
Sales represent invoiced value after trade discounts.
14
4 SHARE CAPITAL
2018 2017 2018 2017

No. of Shares US$ ₹ US$ ₹
Ordinary shares
Issued and fully paid
Balance at beginning of year 86,463,759 86,463,759 54,000,000 3,519,585,540 54,000,000 3,501,900,540
Balance at end of year 86,463,759 86,463,759 54,000,000 3,519,585,540 54,000,000 3,501,900,540
All issued shares are fully paid and have no par value. The Company has one class of ordinary shares which carries
no right to fixed income. The holders of ordinary shares are entitled to receive dividends as and when declared by
the Company. All ordinary shares carry one vote per share without restriction. The Company is not subject to any
externally imposed capital requirements.
5 CAPITAL RESERVE
Capital reserve of the Company was derived as follows:
Tata Technologies, USA, a subsidiary of the Company acquired during the financial year ended 31 March 2006,
made a 338(g) election as per US IRS provisions to treat the acquisition of INCAT International Plc as a deemed
asset sale resulting in INCAT International Plc’s investment in INCAT Holdings USA/iKnowledge Solutions Inc.
getting distributed as in specie dividend to Tata Technologies, USA. In turn Tata Technologies, USA has distributed
in specie dividend to the Company, the shares of iKnowledge Solutions Inc. and INCAT International Plc.
The carrying values of these investments as at 31 March 2006 in the respective holding company’s audited accounts
were adopted for this in specie dividend, i.e. US$85,935,488 (₹ 5,601,061,128) for INCAT International Plc and
US$6,840,817 (₹ 445,867,418) for iKnowledge Solutions Inc. As the surplus of the in specie dividend over the cost
of investment arose from a group restructuring shortly after the investment was made, the Directors are of the opinion
this surplus is capital in nature hence it has been taken to the Capital Reserve.
During the financial year ended 31 March 2015, on 12 February 2015, the Company disposed of its entire interest
of 885,520 Class B shares in Tata Technologies, Inc for a total consideration of 697 shares in Tata Technologies
Europe Limited which were valued at US$19,449,000. Capital reserve of US$6,840,817 was realised in the income
statement on disposal of the subsidiary.
2018 2017
US$ ₹ US$ ₹
Balance at beginning and end of year 45,935,488 2,993,960,728 45,935,488 2,978,916,856
6 CURRENCY TRANSLATION RESERVE
The currency translation reserve comprises all foreign exchange differences arising from change in the Company’s
functional currency from Singapore Dollar to United States Dollar in financial year ended 31 March 2013 and the
translation of the financial statements of its Korea Branch’s foreign operations whose functional currency is different
from the functional currency of the Company.
15
7 INTANGIBLE ASSETS
2018 2017
US$ ₹ US$ ₹
Trade marks, at cost
At 1 April 238,780 15,563,086 205,395 13,319,868
Additions 10,388 677,064 33,385 2,165,018
At 31 M arch 249,168 16,240,150 238,780 15,484,885
Less: Amortisation 97,597 6,361,129 73,440 4,762,585
151,571 9,879,020 165,340 10,722,301
Analysis of amortisation
At 1 April 73,440 4,786,636 51,457 3,336,987
Current year's amortisation 24,157 1,574,493 21,983 1,425,598
At 31 M arch 97,597 6,361,129 73,440 4,762,585
8 PLANT AND EQUIPMENT
Office Office
Computer furniture & Motor Computer furniture & Motor
equipment equipment vehicle Total equipment equipment vehicle Total
US$ US$ US$ US$ ₹ ₹ ₹ ₹
COST
At 1.4.2016 152,254 123,625 181,632 457,511 9,873,674 8,017,082 11,778,837 29,669,594
Additions 7,047 87 - 7,134 456,998 5,642 - 462,640
Disposals (105,452) (94,349) - (199,801) (6,838,563) (6,118,534) - (12,957,096)
At 31.3.2017 53,849 29,363 181,632 264,844 3,509,744 1,913,807 11,838,322 17,261,872

Additions 3,399 99,551 - 102,950 221,538 6,488,486 - 6,710,025
Disposals (2,483) (4,327) - (6,810) (161,836) (282,023) - (443,859)
At 31.3.2018 54,765 124,587 181,632 360,984 3,569,446 8,120,270 11,838,322 23,528,038
ACCUMULATED
DEPRECIATION
At 1.4.2016 137,518 117,414 80,221 335,153 8,918,044 7,614,299 5,202,333 21,734,675
Additions 8,241 2,786 18,163 29,190 534,429 180,672 1,177,871 1,892,972
Disposals (105,447) (94,213) - (199,660) (6,838,239) (6,109,714) - (12,947,953)
At 31.3.2017 40,312 25,987 98,384 164,683 2,627,436 1,693,768 6,412,424 10,733,628

Additions 8,155 18,073 18,163 44,391 531,523 1,177,953 1,183,819 2,893,295
Disposals (2,483) (4,324) - (6,807) (161,836) (281,828) - (443,663)
At 31.3.2018 45,984 39,736 116,547 202,267 2,997,123 2,589,894 7,596,243 13,183,259
NET BOOK VALUE

At 31.3.2018 8,781 84,851 65,085 158,717 572,324 5,530,377 4,242,078 10,344,779
At 31.3.2017 13,537 3,376 83,248 100,161 877,875 218,934 5,398,634 6,495,442
Motor vehicle is held in trust by a Director for the Company.
16
9 SUBSIDIARY COMPANIES
2018 2017
US$ ₹ US$ ₹
Investment in subsidiaries:
Unquoted shares
Balance at beginning of year
- at cost 20,916,969 1,363,315,956 20,916,969 1,356,465,649
- at fair value 85,935,489 5,601,061,194 85,935,489 5,572,917,321
Balance at end of year 106,852,458 6,964,377,150 106,852,458 6,929,382,970
Amount due (to) subsidiaries:

Trade debts due (to) subsidiary 34,875 2,273,066 - -
34,875 2,273,066 - -
106,887,333 6,966,650,215 106,852,458 6,929,382,970
Details of the subsidiaries are as follows:
Country of
incorporation Percentage
Name of Company & place of business 2018 2017 Principal activities
% %
+^Tata Technologies Inc Michigan, USA #96 #96 Information technology
(Sole stockholder of & consultancy services
Class B common stock)
+* INCAT International Plc United Kingdom 100 100 Information technology

& consultancy services
+*Tata Technologies United Kingdom 7 7 Information technology

Europe Limited ##93 ##93 & consultancy services
+*Tata Technologies Thailand 100 100 Information technology

(Thailand) Limited & consultancy services
+*Tata Mfg Technologies China 100 100 Information technology

Consulting (Shanghai) & consultancy services
Ltd (formerly known
as Cambric Manfacturing
Technologies
^Not required to be audited by local laws.

*Audited by other firms.
+Subsidiaries consolidated by immediate holding company, Tata Technologies Limited.
#Percentage of shareholding held by subsidiary, Tata Technologies Europe Limited in Tata Technologies Inc.
## Percentage of shareholding held by subsidiary, Incat International Plc in Tata Technologies Europe Limited.
Copies of the consolidated financial statements of Tata Technologies Limited can be obtained from 25, Pune Infotech
Park, Hinjawadi, Pune, India.
17
10 NON CURRENT ASSETS
2018 2017
US$ ₹ US$ ₹
Deposits (denominated in S$) 32,259 2,102,561 - -
11 TRADE DEBTORS
2018 2017
US$ ₹ US$ ₹
Trade debtors 1,915,727 124,862,316 869,991 56,418,925
Accrued income 24,909 1,623,507 22,950 1,488,308
1,940,636 126,485,822 892,941 57,907,233
Trade debtors are non-interest bearing and are normally settled on 30 - 60 days terms.
The ageing analysis of trade debtors is as follows:
2018 2017
US$ ₹ US$ ₹
Current 1,490,438 97,143,038 477,572 30,970,549
30 days 317,057 20,664,986 305,959 19,841,444
60 days 66,941 4,363,048 7,804 506,089
90 days and above^ 41,291 2,691,245 78,656 5,100,842
1,915,727 124,862,316 869,991 56,418,925
^Trade debtors past due but not impaired.
Trade debtors were denominated in the following currencies at statement of financial position date:
2018 2017
US$ ₹ US$ ₹
Singapore Dollar 669,582 43,641,688 351,752 22,811,121
United States Dollar 1,246,145 81,220,628 518,239 33,607,804
1,915,727 124,862,316 869,991 56,418,925
12 TRADE DEBTORS - RELATED COMPANIES
Trade debtors comprise of amounts due from:
2018 2017
US$ ₹ US$ ₹
Related companies 166,667 10,862,940 102,809 6,667,165

166,667 10,862,940 102,809 6,667,165
18
12 TRADE DEBTORS - RELATED COMPANIES – (Cont’d)
The ageing analysis of trade debtors is as follows:
2018 2017
US$ ₹ US$ ₹
Current 166,667 10,862,940 102,809 6,667,165

166,667 10,862,940 102,809 6,667,165
Trade debtors – related companies were denominated in the following currencies at statement of financial position
date:
2018 2017
US$ ₹ US$ ₹
United States Dollar 166,667 10,862,940 102,809 6,667,165

166,667 10,862,940 102,809 6,667,165
13 OTHER DEBTORS
2018 2017
US$ ₹ US$ ₹
Cost billed in advance 109,248 7,120,513 2,690 174,447

CPF refundable - - 13,052 846,422
Deposits - - 13,815 895,903
Prepayments 4,719 307,573 2,472 160,309
Payment made to supplies (Refer note 17)
1,044,418 68,072,565 - -
Staff advances 15,584 1,015,726 32,061 2,079,156
1,173,969 76,516,376 64,090 4,156,237
Other debtors included balances denominated in the following foreign currency at statement of financial position
date:
2018 2017
US$ ₹ US$ ₹
19
14 CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of bank and cash balances and short term deposits with banks. Cash and cash
equivalents included in the statement of cash flows comprise the following statement of financial position amounts:
2018 2017
US$ ₹ US$ ₹
Fixed deposits 3,289,568 214,405,851 3,817,790 247,583,720

Bank and cash balances 786,055 51,233,108 714,503 46,335,527
4,075,623 265,638,959 4,532,293 293,919,246
Less:
Fixed deposit (> 3 mths) (280,622) (18,290,243) - -
Cash and cash equivalents in statement of cash flow 3,795,001 247,348,716 4,532,293 293,919,246
Fixed deposits bear interest at effective interest rates ranging between 0.35% and 1.39% per annum and for a tenure
of approximately 7 to 275 days.
Cash and cash equivalents were denominated in the following currencies at statement of financial position date:
2018 2017
US$ ₹ US$ ₹
Korean Won 445,651 29,046,423 443,258 28,745,286

United States Dollar 3,308,208 215,620,760 3,896,982 252,719,322
4,075,623 265,638,959 4,532,293 293,919,246
15 TRADE CREDITORS AND ACCRUALS
2018 2017
US$ ₹ US$ ₹
Trade creditors 592,177 38,596,622 200,535 13,004,697
Provision for cost of sale - - 68,518 4,443,393
Accrued payroll costs 255,905 16,679,251 272,311 17,659,371
Accrued operating expenses 121,332 7,908,118 49,560 3,213,966
GST/VAT payable 139,581 9,097,542 51,582 3,345,093
1,108,995 72,281,533 642,506 41,666,521
Trade creditors are non-interest bearing and are normally settled on 30 - 60 days terms.
Trade creditors and accruals were denominated in the following currencies at statement of financial position date:
2018 2017
US$ ₹ US$ ₹
Korean Won 39,536 2,576,858 34,689 2,249,582
Sterling Pound 71,487 4,659,345 18,979 1,230,788
1,108,995 72,281,533 642,506 41,666,521
20
16 TRADE CREDITORS – RELATED COMPANIES

2018 2017
US$ ₹ US$ ₹
Trade creditors comprise of amounts due to :

Immediate Holding Company 398,647 25,982,819 226,647 14,698,060
Related company 7,063 460,349 4,898 317,635
405,710 26,443,168 231,545 15,015,696

Trade creditors – related companies were denominated in the following currencies at statement of financial position
date:
2018 2017
US$ ₹ US$ ₹
Singapore Dollar 95,380 6,216,631 5,256 340,852

405,710 26,443,168 231,545 15,015,696
17 OTHER CREDITORS
2018 2017
US$ ₹ US$ ₹
Unearned Income (Billed in advance) 1,640,198 106,904,022 5,293 343,251
18 REVENUES AND EXPENSES
Other revenues and other operating expenses comprise of:

2018 2017
US$ ₹ US$ ₹
Other revenues
Interest received 43,830 2,856,730 26,789 1,737,267
Sundry 16,296 1,062,133 13,753 891,882
60,126 3,918,863 40,542 2,629,149
Other operating expenses
Legal and professional fee 66,531 4,336,325 78,784 5,109,143
Rates and taxes - - 55,061 3,570,706
Rent 92,831 6,050,493 90,618 5,876,578
Repair and maintenance - premises 4,625 301,446 40,587 2,632,067
Travel and transport 28,243 1,840,808 88,006 5,707,190
Others 60,919 3,970,549 71,087 4,609,993
253,149 16,499,621 424,143 27,505,678
21
19 TAXATION
2018 2017
US$ ₹ US$ ₹
Foreign tax 34,860 2,272,088 38,560 2,500,616

Prior year's over provision (6,215) (405,078) (52,885) (3,429,593)
28,645 1,867,010 (14,325) (928,976)
The reconciliation of the tax expense and the product of accounting (loss) multiplied by the applicable tax rate is as
follows:
2018 2017
US$ ₹ US$ ₹
Accounting loss (413,538) (26,953,377) (603,409) (39,131,080)
Tax at the applicable tax rates of 17% (70,301) (4,582,044) (102,579) (6,652,249)
Tax effect of: -
- Expenses not deductible for tax purposes 18,177 1,184,732 27,882 1,808,148
- Income not taxable (21,440) (1,397,406) (106,365) (6,897,771)
- S13(8) (36,437) (2,374,873) (33,606) (2,179,349)
- Tax relief - - (23,480) (1,522,678)
-Tax losses not recognised as deferred tax asset 101,435 6,611,281 232,561 15,081,583
- Others 8,566 558,311 5,587 362,317
Foreign tax 34,860 2,272,088 38,560 2,500,616
Prior year's overprovision (6,215) (405,078) (52,885) (3,429,593)
28,645 1,867,010 (14,325) (928,976)
The Company has unutilised tax losses and unabsorbed wear and tear allowances of US$2,120,303
(₹138,196,070) (2017:US$2,758,908 (₹178,915,211)) and US$ Nil (₹ Nil) (2017: US$18,509 (₹1,200,309))
respectively for which no deferred tax asset is recognised due to uncertainty of their recoverabilities. The use of
these balances is subject to the agreement of the tax authority and compliance with relevant provisions of the
Income Tax Act.
22
20 RELATED PARTY TRANSACTIONS
During the year, significant transactions between the Company and its related companies, on terms as agreed with
the respective related companies, were as follows:
2018 2017
US$ ₹ US$ ₹
Sales (1,483,210) (96,671,935) (1,580,903) (102,521,575)

Purchases 1,807,154 117,785,798 1,477,307 95,803,374
21 EMPLOYEE BENEFITS
The Company’s contribution to the Central Provident Fund was in respect of:
2018 2017
US$ ₹ US$ ₹
Staff 74,816 4,876,321 91,344 5,923,659

74,816 4,876,321 91,344 5,923,659
Compensation of directors and key management personnel
The compensation comprised:

2018 2017
US$ ₹ US$ ₹
Director's fees 3,582 233,466 3,630 235,406

Director's remuneration 307,822 20,063,071 276,297 17,917,863
311,404 20,296,537 279,927 18,153,269
There are no other key members of management except for the directors of the Company.
22 OPERATING LEASE COMMITMENTS
At the statement of financial position date, the Company was committed to make the following payments in respect
of rental of premises under a non-cancellable operating lease:
2018 2017
US$ ₹ US$ ₹
Lease which expires:
Within one year 127,660 8,320,561 20,901 1,355,430
Within two to five years 170,214 11,094,125 - -
297,874 19,414,686 20,901 1,355,430
Rental of premises (net) charged to statement of comprehensive income during the financial year amounted to
US$92,831 (2017: US$90,618).
23
23 FINANCIAL ASSETS AND LIABILITIES
Financial assets and liabilities can be categorised as follows:
Loans and receivables Financial liabilities at Total

amortised cost
US$ ₹ US$ ₹ US$ ₹
2018
Non current asset - deposit 32,259 2,102,561 - - 32,259 2,102,561
Trade debtors 1,940,636 126,485,822 - - 1,940,636 126,485,822
Trade debtors - related companies 166,667 10,862,940 - - 166,667 10,862,940
Other debtors (excluding prepayments) 15,584 1,015,726 - - 15,584 1,015,726
Amount due to subsidiaries 34,875 2,273,066 - - 34,875 2,273,066
Bank and cash balances 4,075,623 265,638,959 - - 4,075,623 265,638,959
6,265,644 408,379,074 - - 6,265,644 408,379,074
Liabilities
Trade creditors - - 969,414 63,183,991 969,414 63,183,991
Trade creditors - related companies - - 405,710 26,443,168 405,710 26,443,168
- - 1,375,124 89,627,158 1,375,124 89,627,158
2017
Trade debtors 892,941 57,907,233 - - 892,941 57,907,233
Trade debtors - related companies 102,809 6,667,165 - - 102,809 6,667,165
Other debtors (excluding prepayments) 58,928 3,821,481 - - 58,928 3,821,481
Bank and cash balances 4,532,293 293,919,246 - - 4,532,293 293,919,246
5,586,971 362,315,125 - - 5,586,971 362,315,125
- - -
Liabilities - - -
Trade creditors - - 590,924 38,321,427 590,924 38,321,427
Trade creditors - related companies - - 231,545 15,015,696 231,545 15,015,696
- - 822,469 53,337,123 822,469 53,337,123
24
24 FINANCIAL RISK MANAGEMENT
The main risks arising from the Company’s financial statements are credit risk, foreign exchange risk, interest rate
risk, liquidity risk, capital management and fair values. The directors review and agree on policies for managing
each of these risks and they are summarised below:
(i) Credit risk
The management monitors the Company’s exposure to credit risks on an ongoing basis.
Cash and cash equivalents are placed with financial institutions with good credit ratings.
As at the statement of financial position date, there was no significant concentration of credit risk. The
maximum exposure to credit risk is represented by the carrying amount of each financial asset.
(ii) Foreign exchange risk
The Company is exposed to foreign exchange risk arising from certain currency exposures. The Company
monitors foreign currency exchange rates movements closely to ensure that their exposures are
minimised.
Sensitivity analysis for foreign currency risk
The following table demonstrates the sensitivity of the (loss) net of tax to a reasonably possible change in
foreign currencies exchange rates against the United States dollar, with all other variables held constant.
2018 2017
US$ ₹ US$ ₹
S$/US$ (Strengthened 5%) (27,737) (1,807,829) (13,664) (886,111)
(Weakened 5%) 27,737 1,807,829 13,664 886,111
Sterling Pound/US$ (Strengthened 5%) 3,267 212,935 949 61,543

(Weakened 5%) (3,267) (212,935) (949) (61,543)
(iii) Interest rate risk
The Company is exposed to interest rate risk through the impact of rate changes on interest bearing fixed
deposits. The Company adopts a policy of constantly monitoring movement in interest rates to ensure
that fixed deposits are maintained at favourable rates. The sensitivity analysis for changes in interest rate
is not disclosed as the effect on profit or loss is considered not significant.
(iv) Liquidity risk
Liquidity risk refers to the risk in which the Company encounters difficulties in meeting its short-term
obligations. Liquidity risks are managed by matching the payment and receipt cycle.
The Company actively manages its operating cash flows so as to finance the Company’s operations. As
part of its overall prudent liquidity management, the Company minimises liquidity risk by ensuring
availability of funding through an adequate amount of committed credit facilities from financial institutions
and maintains sufficient level of cash to meet its working capital requirements.
25
FINANCIAL RISK MANAGEMENT – (Cont’d)
(iv) Liquidity risk – (Cont’d)
The following table details the Company’s remaining contractual maturity for their non-derivative financial
instruments. The table has been drawn up based on undiscounted cash flows of financial instruments
based on the earlier of the contractual date or when the Company is expected to receive or pay.
Contractual maturity analysis
After one financial year

Within one but within five
financial year financial years Total
US$ ₹ US$ ₹ US$ ₹
2018
Financial assets
Non-interest bearing 2,943,817 191,870,662 32,259 2,102,561 2,976,076 193,973,223
Variable interest bearing 3,289,568 214,405,851 - - 3,289,568 214,405,851
6,233,385 406,276,513 32,259 2,102,561 6,265,644 408,379,074
Financial liabilities
Non-interest bearing 1,375,124 89,627,158 - - 1,375,124 89,627,158
1,375,124 89,627,158 - - 1,375,124 89,627,158
2017
Financial assets
Non-interest bearing 1,749,931 113,483,043 - - 1,749,931 113,483,043
Variable interest bearing 3,837,040 248,832,082 - - 3,837,040 248,832,082
5,586,971 362,315,125 - - 5,586,971 362,315,125
Financial liabilities -
Non-interest bearing 822,469 53,337,123 - - 822,469 53,337,123
822,469 53,337,123 - - 822,469 53,337,123
The Company’s operations are financed mainly through equity and retained earnings. Adequate lines of
credits are maintained to ensure the necessary liquidity is available when required.
(v) Capital Management
The primary objective of the Company’s capital management is to ensure that it has sufficient capital in
order to support its business and to generate sufficient returns to its shareholders.
(vi) Fair Values
The carrying amounts of bank and cash balances, fixed deposits, receivables and payables approximate
their fair values due to their short term nature.
26
25 HOLDING COMPANIES
The Company is a wholly-owned subsidiary of Tata Technologies Limited, a company incorporated in India. Its
ultimate holding company is Tata Motor Limited, a company incorporated in India.
26 CONTINGENT LIABILITIES
The Company acts as a guarantor for an overseas subsidiary who entered into an agreement for the lease of
premises. The Company will thus be liable for any claims by the landlord which is not fulfilled by the subsidiary.
The Company also provide guarantee for the performance and discharge of an overseas subsidiary’s obligations
and liabilities under a master supply agreement entered into between Airbus SAS and the overseas subsidiary.
This agreement was extended from 31 March 2014 to 31 December 2018.
27 CONVERSION INTO INDIAN RUPEE
The financial information is expressed in USD $ only in the audited Accounting packs based on which the financial
statements have been reformatted. Solely for the convenience of the reader and to meet the requirement of section
212 of the Indian Companies Act, the amounts appearing in Indian Rupees have been translated at a fixed exchange
rate of 1 USD = ₹ 65.17751 as on March 31, 2018 and 1 USD = ₹ 64.85001 as on March 31, 2017. These
translations should not be construed as a representation that any or all the amounts could be converted to Indian
Rupees at this or any other rate.
27
ANNUAL REPORT OF
TATA TECHNOLOGIES (THAILAND)
LTD
TATA TECHNOLOGIES (THAILAND) LIMITED
Directors of the Company 1

Audit Report 2-3
Statement of Financial Position 4-5
Statement of Changes in Shareholders equity 6
Statement of Income 6
Notes to Financial Statements 7-20
DIRECTORS: 1) Ramesh Indhewat

2) Wanwisa Boonmema
3) J.K.Gupta
REGISTERED 889, Thai CC Tower, Room 108-9,

OFFICE : 10th Floor, South Sathorn Road,
Kwhaeng Yannawa, Khet Sathorn,
Bangkok Metropolis 10120
Thailand
AUDITORS: KPMG Phoomchai Audit Ltd.

REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS
Opinion
I have audited the financial statements of Tata Technologies (Thailand) Limited (the “Company”),
which comprise the statement of financial position as at 31 March 2018, the statements of income
and changes in equity for the year then ended, and notes, comprising a summary of significant
accounting policies and other explanatory information.
In my opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Company as at 31 March 2018 and its financial performance for the year
then ended in accordance with the Thai Financial Reporting Standard for Non-Publicly Accountable
Entities (TFRS for NPAEs).
Basis for Opinion
I conducted my audit in accordance with Thai Standards on Auditing (TSAs). My responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of my report. I am independent of the Company in accordance with the
Code of Ethics for Professional Accountants issued by the Federation of Accounting Professions that
is relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities
in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient
and appropriate to provide a basis for my opinion.
Emphasis of Matter
The financial statements of Tata Technologies (Thailand) Limited for the year ended 31 March 2017
which are included as comparative information were audited by another auditor who expressed an
unmodified opinion on those statements on 25 April 2017.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with TFRS for NPAEs, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with TSAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
As part of an audit in accordance with TSAs, I exercise professional judgment and maintain
professional skepticism throughout the audit. I also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company’s ability to continue as a going
concern. If I conclude that a material uncertainty exists, I am required to draw attention in my
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up
to the date of my auditor’s report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
I communicate with management regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that
I identify during my audit.
(Veerachai Ratanajaratkul)
Certified Public Accountant
Registration No. 4323
KPMG Phoomchai Audit Ltd.

Bangkok
18 April 2018
Tata Technologies (Thailand) Limited
Statement of financial position
As at March 31, 2018
Assets Note 2018 2017

Baht ₹ Baht ₹
Current assets
Cash and cash equivalents 4 6,324,876 13,177,057 10,613,707 20,039,846
Current investments 5 3,804,690 7,926,577 7,438,719 14,045,120
Trade and other accounts receivable 6 55,083,668 114,759,661 15,683,321 29,611,835
Refundable value added tax 1,760,597 3,667,975 3,370,785 6,364,413
Other current assets 1,557,331 3,244,497 217,596 410,845
Total current assets 68,531,162 142,775,767 37,324,128 70,472,059
Non-current assets
Deposit at financial institution used as collaterial 7 10,254,050 21,362,980 5,321,089 10,046,801
Leasehold improvement and equipment 8 1,133,975 2,362,490 1,888,553 3,565,796
Intangible asset 9 482,608 1,005,451 639,129 1,206,746
Other non-current assets 1,159,275 2,415,199 1,087,145 2,052,649
Total non-current assets 13,029,908 27,146,120 8,935,916 16,871,992
Total assets 81,561,070 169,921,887 46,260,044 87,344,052

Statement of financial position
As at March 31, 2018
Liabilities and shareholders' equity Note 2018 2017

Baht ₹ Baht ₹
Current liabilities
Trade and other accounts payable 10 25,336,468 52,785,237 5,099,440 9,628,304
Current income tax payable 362,922 756,101 - -
Other current liabilities 4,387,166 9,140,090 365,655 690,397
Total current liabilities 30,086,556 62,681,428 5,465,095 10,318,701
Non-current liabilities
Employee benefit obligations 11 3,009,291 6,269,467 2,754,247 5,200,321
Total non-current liabilities 3,009,291 6,269,467 2,754,247 5,200,321
Total liabilities 33,095,847 68,950,895 8,219,342 15,519,022
Equity
Share capital
Authorized share capital 12 35,267,050 73,474,314 35,267,050 66,588,070
Issued and paid-up share capital 35,267,050 73,474,314 35,267,050 66,588,070
Retained earnings
Appropriated to legal reserve 13 1,261,803 2,628,803 1,261,803 2,382,423
Unappropriated 11,936,370 24,867,875 1,511,849 2,854,537
Total equity 48,465,223 100,970,992 38,040,702 71,825,030
Total liabilities and equity 81,561,070 169,921,887 46,260,044 87,344,052

Statement of changes in equity
For the year ended March 31, 2018
Issued and paid-up Retained earnings

Note share capital Legal reserve Unappropriated Total equity
Baht ₹ Baht ₹ Baht ₹ Baht ₹
Year ended 31 March 2017
Balance at 1 April 2016 35,267,050 66,588,070 - - 25,197,937 47,576,477 60,464,987 114,164,547
Profit for the year - - - - 83,145 156,987 83,145 156,987
Transfer to legal reserve 13 - - 1,261,803 2,382,423 (1,261,803) (2,382,423) - -
Dividends 17 - - - - (22,507,430) (42,496,504) (22,507,430) (42,496,504)
Balance at 31 March 2017 35,267,050 66,588,070 1,261,803 2,382,423 1,511,849 2,854,537 38,040,702 71,825,030
Year ended 31 March 2018

Balance at 1 April 2017 35,267,050 73,474,314 1,261,803 2,628,803 1,511,849 3,149,741 38,040,702 79,252,857
Profit for the year - - - - 10,424,521 21,718,134 10,424,521 21,718,134
Balance at 31 March 2018 35,267,050 73,474,314 1,261,803 2,628,803 11,936,370 24,867,875 48,465,223 100,970,992

Statement of income
Note 2018 2017

Baht ₹ Baht ₹
Income
Revenue from rendering services 16 108,908,462 226,896,622 64,445,259 121,679,738
Gain on exchange rate - net - - -
Other income 141,005 293,766 145,519 274,756
Total income 109,049,467 227,190,388 64,590,778 121,954,494
Expenses
Cost of rendering services 85,380,223 177,878,595 53,507,909 101,028,818
General and administrative expenses 14 10,777,253 22,453,006 10,100,490 19,070,836
Net foreign exchange loss 744,376 1,550,811 658,615 1,243,538
Total expenses 96,901,852 201,882,411 64,267,014 121,343,192
Profit before income tax expense 12,147,615 25,307,977 323,764 611,302

Income tax expense 15 1,723,094 3,589,842 240,619 454,315
Profit for the year 10,424,521 21,718,134 83,145 156,987
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2018
These notes form an integral part of the financial statements.
The financial statements issued for Thai statutory and regulatory reporting purposes are
prepared in the Thai language. These English language financial statements have been
prepared from the Thai language statutory financial statements, and were approved and
authorised for issue by the directors on 18 April 2018.
1 General information
Tata Technologies (Thailand) Limited (the “Company”) is incorporated in Thailand and has
its registered office at Thai CC Tower Unit 108-9, 10th Floor, 43 South Sathorn Rd.,
Yannawa, Sathorn, Bangkok.
The parent company during the financial year was Tata Technologies Pte Limited (99.99%
shareholding) which was incorporated in Singapore.
The principal businesses of the Company are to engage in certain service providing for
research and development in the automobile industry, and the development of enterprise
computer software for which including consultation and training in design and development
processes.
2 Basis of preparation of the financial statements
The financial statements are prepared in accordance with Thai Financial Reporting Standard
for Non-publicly Accountable Entities (TFRS for NPAEs); guidelines promulgated by the
Federation of Accounting Professions (FAP).
The financial statements are prepared and presented in Thai Baht, rounded in the notes to the
financial statements to the nearest thousand, unless otherwise stated. They are prepared on
the historical cost basis except as stated in the accounting policies.
The preparation of financial statements in conformity with TFRS for NPAEs requires
management to make judgements, estimates and assumptions that affect the application of
policies and the reported amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised prospectively.
3 Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented
in these financial statements.
(a) Foreign currency transactions
Transactions in foreign currencies are translated to Thai Baht at the foreign exchange rates
ruling at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are
translated to Thai Baht at the foreign exchange rates ruling at that date. Foreign exchange
differences arising on translation are recognised in the statement of income.
Non-monetary assets and liabilities measured at cost in foreign currencies are translated to
Thai Baht using the foreign exchange rates ruling at the dates of the transactions.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, call deposits and highly liquid short-term
investments and excluding deposits at financial institutions used as collateral.
(b) Current investment
Current investment is investment in fixed deposit with maturity term over 3 months up to 12
months and is stated at cost and without obligation.
(c) Trade and other accounts receivable
Trade and other accounts receivables are stated at net realisable value.
The allowance for doubtful accounts is assessed primarily on analysis of payment histories
and future expectations of customer payments. Bad debts are written off when incurred.
(d) Leasehold improvement and equipment
Leasehold improvement and equipment are recorded at cost. Cost is measured by the cash
or cash equivalent price of obtaining the asset that brings it to the location and condition
necessary for its intended used. Leasehold improvement and equipment are presented in the
statement of financial position at cost less accumulated depreciation and allowance for
impairment, if any.
Depreciation is calculated using the straight-line method over the estimated useful lives of
assets as follows:
Leasehold improvement Period of lease agreement

Office equipment 5 years
(e) Intangible assets
Intangible assets that are acquired by the Company are stated at cost less accumulated
amortisation and losses on decline in value.
Amortisation
Amortisation is calculated based on the cost of the asset, or other amount substituted for cost,
less its residual value.
Amortisation is recognised in the statement of income on a straight-line basis over the

estimated useful lives of intangible assets, from the date that they are available for use, since
this most closely reflects the expected pattern of consumption of the future economic benefits
embodied in the asset.
The estimated useful lives are as follows:
Software license 5 years
(f) Losses on decline in value
The carrying amounts of the Company’s assets are reviewed at each reporting date to
determine whether there is any indication of a permanent decline in value. If any such
indication exists, the assets’ recoverable amounts are estimated. A loss on decline in value is
recognised as expense in the statement of income.
(g) Provisions
A provision is recognised if, as a result of a past event, the Company has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by the
best estimate method.
Employee benefit
Obligations for retired benefits are recognised using the best estimate method at the reporting
date.
(h) Revenue
Revenue excludes value added taxes and is arrived at after deduction of trade discounts.
Rendering of services
The Company recognises revenue from rendering of services in proportion to the stage of
completion of the transaction at the reporting date. The stage of completion is assessed based
on surveys of work performed.
Income recognised but not yet billed is presented as “Unbilled Receivables” under trade and
other receivables heading in the statement of financial position.
The proceeds received from customers before recognition of revenues are presented as
“Amount due to customer” under and other payables heading in the statement of financial
position.
Interest and other income

Interest and other income are recognised in the statement of income as they accrue.
(i) Lease payment
Payments made under operating leases are recognised in the statement of income on a straight
line basis over the term of the lease.
Contingent lease payments are accounted for by revising the minimum lease payments over
the remaining term of the lease when the lease adjustment is confirmed.
(k) Income tax expense

Income tax on the profit or loss for the year comprises current tax. Current tax is the expected
tax payable on the taxable income for the year, using tax rates enacted at the reporting date,
and any adjustment to tax payable in respect of previous years.
In determining the amount of current tax, the Company takes into account the impact of
uncertain tax positions and whether additional taxes and interest may be due. The Company
believes that its accruals for tax liabilities are adequate for all open tax years based on its
assessment of many factors, including interpretations of tax law and prior experience. This
assessment relies on estimates and assumptions and may involve a series of judgements
about future events. New information may become available that causes the Company to
change its judgement regarding the adequacy of existing tax liabilities; such changes to tax
liabilities will impact tax expense in the period that such a determination is made.
4. Cash and cash equivalents
Cash and cash equivalents as at 31 March 2018 and 2017, consist of the follows:
2018 2017
Baht ₹ Baht ₹
Cash on hand 20,000 41,667 20,000 37,762
Cash at bank - current accounts 6,188,007 12,891,908 10,593,707 20,002,084
Cash at bank - saving accounts 116,869 243,481 - -
Total 6,324,876 13,177,057 10,613,707 20,039,846
5. Current investments
As at 31 March 2018, temporary investments of the Company represent time deposits at a

financial institution due within 6 months and 12 months with interest rate at 0.90% per
annum and 0.90% and 1.05% per annum, respectively.
As at 31 March 2017, temporary investments of the Company represent time deposits at a

financial institution due within 6 months and 12 months with interest rate at 0.85% and
0.90% per annum and 1.05% and 1.30% per annum, respectively.
6 Trade and other receivables
Trade and other receivables as at 31 March 2018 and 2017, consist of the follows:
2018 2017
Baht ₹ Baht ₹
Trade receivables - related parties 17,462,125 36,380,067 9,284,082 17,529,368
Trade receivables – third parties 15,758,302 32,830,374 2,750,251 5,192,776
Unbilled receivables - related parties 609,311 1,269,420 2,304,278 4,350,730
Unbilled receivables – third parties 19,629,851 40,896,243 0 -
Prepaid expenses 1,624,078 3,383,555 1,344,710 2,538,960
Total 55,083,667 114,759,659 15,683,321 29,611,835
7. Deposit at financial institution used as collateral
As at 31 March 2018 deposit at financial institution used as collateral of Baht 10.25 million
(INR 21.35 million) is used to secure the performance of Tata Technologies (Thailand)
Limited under service agreement. In case of any breach of terms and condition mentioned
in contract by Tata Technologies (Thailand) Limited, the customer have right to enforce on
bank guarantee either in whole or partial to settle the loss or damages occurred from the
default.
As at 31 March 2017, deposit at financial institution used as collateral of Baht 5.32 million
(INR 10.04 million) is used as collateral to the Southern Bangkok Civil Court in respect of
appeal the court judgment for the legal case mentioned in Note 19.
8 Leasehold improvement and equipment
Leasehold improvement and equipment as at 31 March 2018 and 2017, consist of the follows:
Leasehold improvement Office equipment Total
Baht ₹ Baht ₹ Baht ₹
Cost
At 1 April 2016 6,359,699 12,007,811 14,111,344 26,643,770 20,471,043 38,651,581
Additions - - 58,010 109,529 58,010 109,529
Disposals - - -878,073 (1,657,898) -878,073 (1,657,898)
At 31 March 2017 6,359,699 12,007,811 13,291,281 25,095,401 19,650,980 37,103,212
Depreciation
At 1 April 2016 6,072,829 11,466,169 11,268,547 21,276,256 17,341,376 32,742,425
Depreciation charge for the year 104,291 196,913 1,194,833 2,255,976 1,299,124 2,452,889
Disposals - - (878,073) (1,657,898) -878,073 (1,657,898)
At 31 March 2017 6,177,120 11,663,082 11,585,307 21,874,334 17,762,427 33,537,416
Net book value

At 31 March 2017 182,579 344,729 1,705,974 3,221,067 1,888,553 3,565,796
Leasehold improvement Office equipment Total
Cost
At 1 April 2017 6,359,699 13,249,606 13,291,281 27,690,656 19,650,980 40,940,262
Additions - - 278,161 579,512 278,161 579,512
Disposals - - - - - -
At 31 March 2018 6,359,699 13,249,606 13,569,442 28,270,168 19,929,141 41,519,774
Depreciation
At 1 April 2017 6,177,120 12,869,226 11,585,307 24,136,481 17,762,427 37,005,708
Depreciation charge for the year 104,291 217,277 928,448 1,934,301 1,032,739 2,151,577
Disposals - - - - - -
At 31 March 2018 6,281,411 13,086,503 12,513,755 26,070,782 18,795,166 39,157,285
Net book value

At 31 March 2018 78,288 163,103 1,055,687 2,199,387 1,133,975 2,362,490
9.INTANGIBLE ASSET
Intangible asset as at March 31, 2018 and 2017 consists of the following:
Computer Software
Baht ₹
Cost
At 1 April 2016 9,081,149 17,146,208
Additions 782,607 1,477,648
Disposals - -
At 31 March 2017 9,863,756 18,623,856
Depreciation
At 1 April 2016 9,030,860 17,051,257
Depreciation charge for the year 193,767 365,853
Disposals - -
At 31 March 2017 9,224,627 17,417,110
Net book value

At 31 March 2017 639,129 1,206,746
Computer Software
Baht ₹
Cost
At 1 April 2017 9,863,756 20,549,853
Additions - -
Disposals - -
At 31 March 2018 9,863,756 20,549,853
Amortisation
At 1 April 2017 9,224,627 19,218,311
Amortisation charge for the year 156,521 326,091
Disposals - -
At 31 March 2018 9,381,148 19,544,402
Net book value

At 31 March 2018 482,608 1,005,451
10. Trade and other accounts payable

Trade and other accounts payable as at 31 March 2018 and 2017, consist of the follows:
2018 2017
Baht ₹ Baht ₹
Trade payables – related parties 5,018,450 10,455,288 1,117,344 2,109,668
Trade payables – other parties 8,393,984 17,487,774 875,442 1,652,931
Accrued expenses 11,924,034 24,842,175 3,106,654 5,865,704
Total 25,336,468 52,785,237 5,099,440 9,628,304
11. Employee benefit obligations
Movement of employee benefit obligations for the years ended as at 31 March 2018 and
2017, consist of the follows:
Retirement benefit
Baht ₹
At 1 April 2016 3,776,612 7,130,659
Provision made 1,319,818 2,491,962
Benefits paid (2,342,183) (4,422,299)
At 31 March 2017 2,754,247 5,200,321
At 1 April 2017 2,754,247 5,738,116

Provision made 255,044 531,351
At 31 March 2018 3,009,291 6,269,467
12. Share capital
Par value per share Number Baht ₹

Authorised
At 1 April 2016
- ordinary shares 50 705,341 35,267,050 66,588,070
At 31 March 2017
- ordinary shares 50 705,341 35,267,050 66,588,070
Issued and paid-up

At 1 April 2016
- ordinary shares 50 705,341 35,267,050 66,588,070
At 31 March 2017
- ordinary shares 50 705,341 35,267,050 66,588,070
Par value per share Number Baht ₹
Authorised
At 1 April 2017
- ordinary shares 50 705,341 35,267,050 73,474,314
At 31 March 2018
- ordinary shares 50 705,341 35,267,050 73,474,314
Issued and paid-up

At 1 April 2017
- ordinary shares 50 705,341 35,267,050 73,474,314
At 31 March 2018
- ordinary shares 50 705,341 35,267,050 73,474,314
13 Legal reserve
Legal reserve is set up under the provision of the Civil and Commercial Code, which requires
that a company shall allocate not less than 5% of its net profit to a reserve account (“legal
reserve”) upon each dividend distribution, until the balance reaches an amount not less than
10% of the registered authorized capital. The legal reserve is not available for dividend
distribution.
14. General and administrative expenses
2018 2017
Baht ₹ Baht ₹
Employee benefit expenses 5,071,254 10,565,298 5,978,632 11,288,315
Legal claims 2,130,140 4,437,870 - -
Professional Fee 1,338,201 2,787,968 1,975,207 3,729,408
Depreciation 81,632 170,070 96,431 182,072
Others 2,156,026 4,491,800 2,050,220 3,871,041
Total 10,777,253 22,453,006 10,100,490 19,070,836
15. Income tax expense

Income tax reduction
Revenue Code Amendment Act No. 42 B.E. 2559 dated 3 March 2016 grants a reduction of
the corporate income tax rate to 20% of net taxable profit for accounting periods which begin
on or after 1 January 2016.
The current tax expense in the statement of income is different comparing to the amount
determined by applying the Thai corporation tax rate to the accounting profit for the year
principally because of the different treatment for accounting and taxation purposes of certain
items of expense.
16 Promotional privileges
By virtue of the provisions of the Industrial Investment Promotion Act of B.E. 2520, the
Company has been granted privileges by the Board of Investment relating to support research
and development business, Regional Operating Headquarters and International
Headquarters. The privileges granted include:
(a) exemption from payment of import duty on machinery as approved by the Board of
Investment;
(b) exemption from payment of income tax on the net profit derived from the promoted
activity for a period of fifteen years from the dates on which the income is first derived
from such operations;
(c) utilize the losses occurs during the income tax exemption period as a deduction against
net earnings for the losses for up to five years after the expiration of tax exemption
period;
(d) exemption from income tax for dividend paid from the profit of the promoted operations,
which are in turn exempted from the inclusion in the determination of income tax;
The company has generated income from the International Headquarters (IHQ) since 20 May
2016.As promoted company, the Company must comply with certain terms and conditions
prescribed in the promotional certificates.
Summary of revenue from promoted and non-promoted businesses:

Promoted businesses Non - promoted businesses Total
Local sales 11,621,834 24,212,580 53,183,203 110,800,290 64,805,037 135,012,870
Export sales 44,103,425 91,883,753 - - 44,103,425 91,883,753
Total 55,725,259 116,096,333 53,183,203 110,800,290 108,908,462 226,896,622

Promoted businesses Non - promoted businesses Total
Local sales 9,782,374 18,470,198 7,313,087 13,807,913 32,278,111 39,591,198
Export sales 47,349,798 89,401,627 - - 89,401,627 89,401,627
Total 57,132,172 107,871,825 7,313,087 13,807,913 121,679,738 128,992,825
17 Dividends
On 1 June 2016, the Annual General shareholders’ Meeting of the Company passed a
resolution to distribute the dividends from operations of the year 2017 for 705,341 shares at
Baht 31.91 per share, totaling Baht 22.51 million which was paid on 21 June 2016.
18 Commitments and letter of guarantee

2018 2017
Non-cancellable operating lease commitments Baht ₹ Baht ₹
Within one year 3,559,154 7,415,035 2,519,369 4,756,846
After one year but within five years 4,051,408 8,440,582 1,000,277 1,888,633
Total 7,610,562 15,855,617 3,519,646 6,645,479
Other commitment
Bank guarantee 10,254,050 21,362,980 5,321,089 10,046,801
19. Approval of Financial Statements

These financial statements have been approved for issue by the authorized director of the Company
on April 18, 2018.
20. Conversion into Indian Rupee
The financial information is expressed in Thai Baht only in the audited Accounting packs based
on which the financial statements have been reformatted. Solely for the convenience of the reader
and to meet the requirement of section 212 of the Indian Companies Act, the amounts appearing
in Indian Rupees have been translated at a fixed exchange rate of 1 Baht = ₹ 2.08337as on March
31, 2018 and 1 Baht = ₹1.88811 as on March 31, 2017. These translations should not be construed
as a representation that any or all the amounts could be converted to Indian Rupees at this or any
other rate.
ANNUAL REPORT OF TATA
MANUFACTURING TECHNOLOGIES
(SHANGHAI) CO. LTD.
Tata Manufacturing Technologies (Shanghai) Co. Ltd.
Directors Report 2-3
Financial Statements 4-7
Notes forming part of Financial Statements 8-15

DIRECTOR : JK Gupta
REGISTERED: Room 1606-1607, Tower 2, Raffles City

OFFICE Changning, No. 1189 Changning Road,
Changning District,Shanghai, China -
200051
1
TO THE MEMBERS OF
Tata Manufacturing Technologies (Shanghai) Co. Ltd
The Directors hereby present the Fourth Annual Report on the Business and Operations of the
Company and Statement of Accounts for the year ended March 31, 2018.
1. FINANCIAL RESULTS
The Financial Results of the Company for the year ended March 31, 2018 are as follows:
(In CNY) In ₹
Income 114,718,785 1,187,213,230
Profit for the year 10,438,255 108,024,460
2. OPERATIONS
Tata Manufacturing Technologies (Shanghai) Co. Ltd is a foreign owned enterprise invested by TATA
TECHNOLOGIES PTE LTD.
The main operating scope includes enterprise management consultation, business information
consultation, manufacturing technology consultation, IT consultation, design, development and
production of computer software, selling self-manufactured products and providing after-sale services,
graphic design and production, the wholesale of steel, construction machinery, accessories of
aerospace and inspection equipment, import-export, commission agency (except auction) and related
services of mentioned products above.
During the year the company registered a turnover of CNY 114,718,785 (₹ 1,187,213,230) and a profit
of CNY 10,438,255 (₹ 108,024,460)
3. DIVIDEND
Considering the overall financial performance of the Company, the Board of Directors have not
recommended any dividend on equity capital of the Company during the year under reference.
4. POST BALANCE SHEET EVENTS
There have been no significant post balance sheet events, since the end of the financial year ended
31st March 2018, which have had a material effect on the financial position of the Company.
5. PUBLIC DEPOSITS
The Company has not accepted any deposits from the public.
6. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION
The operations of the Company are such that they are not deemed as energy intensive. However, the
Company constantly makes effort to avoid excessive consumption of energy and encourage
conservation of energy.
7. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to section 134 (5) of the Companies Act, 2013 the directors, based on the representations
received from the operating management, confirm that:-
1. in the preparation of the annual accounts, the applicable accounting standards have been followed
and that there are no material departures;
2. they have, in selection of the accounting policies, applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the loss of the Company for that year;
2
3. they have taken proper and sufficient care, to the best of their knowledge and ability, for the
maintenance of adequate accounting records in accordance with the provisions of the Companies Act,
2013, for safeguarding the assets of the Company and for preventing and detecting frauds and other
irregularities;
4. they have prepared the annual accounts on a “going concern basis”.
5. they have devised proper systems to endure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
8. ACKNOWLEDGMENTS
Your Directors would like to express their heartfelt gratitude to all the customers, business partners and
bankers for their continued support and association. The Directors also wish to thank the Government
and all the statutory authorities for their support and co-operation.
The Directors would also like to place on record their appreciation of the dedicated, individual and
collective contribution of all the employees in the overall growth and progress of the Company during
the last year.
On behalf of the Board of Directors;
Jitendar Kumar Gupta
Place:
Date:
3
Tata Manufacturing Technologies (Shanghai) Co. Limited
Balance Sheet as on March 31, 2018
(Amount in CNY) (Amount in ₹) (Amount in CNY) (Amount in ₹)

Particulars Note No March 31, 2018 March 31, 2018 March 31, 2017 March 31, 2017
I. ASSETS
(1) Non-current Assets
(a) Property, Plant and Equipment 3 2,072,553 21,448,640 618,781 5,826,443
(b) Financial assets:
(i) Other Loans and advances 4 344,373 3,563,885 587,103 5,528,165
(c) Other non-current assets 57,472 594,771 120,085 1,130,724
Total Non-current Assets 2,474,398 25,607,295 1,325,970 12,485,332
(1) Current Assets

(a) Financial assets:
(i) Trade receivables 5 48,678,539 503,769,328 38,443,546 361,984,425
(ii) Cash and cash equivalents 6 15,171,826 157,011,706 17,933,508 168,861,913
(iii) Other Loans and advances 4 1,348,247 13,952,875 496,352 4,673,650
(b) Other current assets 7 7,096,883 73,444,931 1,370,266 12,902,428
(c) Current income tax Assets 164,771 1,705,202 - -
Total Current Assets 72,460,266 749,884,042 58,243,672 548,422,417
Total Assets 74,934,663 775,491,337 59,569,642 560,907,749
II. EQUITY AND LIABILITIES

(1) Equity
(a) Equity Share capital 8 3,077,238 31,846,023 3,077,238 28,975,268
(b) Other Equity 34,504,143 357,079,927 24,065,888 226,604,400
Total Equity 37,581,381 388,925,950 27,143,125 255,579,667
Liabilities
(1) Current Liabilities
(a) Financial liabilities:
(i) Trade payables 9 28,012,697 289,900,604 26,922,900 253,506,023
(ii) Other Financial Liability 642,212 6,646,190
(b) Other Liabilities 10 6,805,617 70,430,650 16,276 153,258
(c) Short term provisions 11 - - - -
(d) Current tax liabilities (net) 1,892,756 19,587,944 5,487,341 51,668,800
Total Current Liabilities 37,353,283 386,565,387 32,426,517 305,328,082
Total Liabilities 37,353,283 386,565,387 32,426,517 305,328,082
Total Equity and Liabilities 74,934,663 775,491,337 59,569,642 560,907,749
For and on behalf of the Board of Directors
Place: Jitander Kumar Gupta

Date: Director
4
Statement of Profit and Loss for the year ended March 31, 2018

Particulars Note No Year ended Year ended Year ended Year ended
March 31, 2018 March 31, 2018 March 31, 2017 March 31, 2017
I. Revenue from operations 12 114,492,076 1,184,867,043 134,716,931 1,268,494,620
Other Income 13 226,709 2,346,187 188,631 1,776,145
Total Income 114,718,785 1,187,213,230 134,905,561 1,270,270,765
II. Expenses :
(a) Cost of Traded Products - - - -
(b) Consultancy fees, softwares and others 14 57,028,962 590,187,023 65,056,695 612,573,843
(c) Employee benefits expense 15 35,980,888 372,362,612 33,329,985 313,835,138
(d) Depreciation and amortisation Expense 3 1,122,471 11,616,343 212,416 2,000,111
(e) Other expenses 16 6,601,926 68,322,669 7,359,210 69,294,323.94
Total expenses (II) 100,734,247 1,042,488,647 105,958,307 997,703,416
III. Profit before tax (I-II) 13,984,538 144,724,583 28,947,254 272,567,349
IV. Tax Expense :

(a) Current tax 3,546,282 36,700,122 8,681,082 81,741,067
3,546,282 36,700,122 8,681,082 81,741,067
V. Profit for the year (III-IV) 10,438,255 108,024,460 20,266,173 190,826,281
VI. Total comprehensive income for the period (VI+VII) 10,438,255 108,024,460 20,266,173 190,826,281
Notes forming part of Standalone Financial Statements 1-16

Date: Director
5
Cash Flow Statement

Year ended Year ended Year ended Year ended
A. CASH FLOW FROM OPERATING ACTIVITIES

Net profit after taxation 10,438,255 108,024,460 20,266,173 190,826,280
Provision/(Reversal) for Income Tax 3,546,282 36,700,122 8,681,082 81,741,067
Interest income (221,067) (2,287,800) (181,773) (1,711,573)
Depreciation and amortization 1,122,471 11,616,343 212,416 2,000,111
Operating profit before working capital changes 14,885,942 154,053,125 28,977,898 272,855,885
Adjustments for (Increase) / Decrease in operating assets and liabilities

Trade receivables (10,234,993) (105,920,919) (25,391,074) (239,082,353)
Prepaid Expenses (322,180) (3,334,212) (986,985) (9,293,451)
Trade Payables 1,089,798 11,278,209 (9,649,848) (90,862,969)
Short term loans and advances - - - -
Long term loans and advances (82,765) (856,528) (540,299) (5,087,455)
Unbilled revenue (5,172,812) (53,532,909) - -
Other Current Assets - - - -
Short Term Provision - - (167,782) (1,579,835)
Other Current Liabilities 123,774 1,280,923 (858,210) (8,080,903)
Increase in income received in advance 6,665,567 68,981,284 - -
Advance Tax / Tax Deducted at Source (7,358,837) (76,155,871) (5,155,859) (48,547,569)
CASH (USED IN) / GENERATED FROM OPERATIONS (406,507) (4,206,899) (13,772,159) (129,678,649)
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES (406,507) (4,206,899) (13,772,159) (129,678,649)
B. CASH FLOW FROM INVESTING ACTIVITIES

Interest Received 221,067 2,287,800 181,773 1,711,573
Payment for Purchase of Fixed Assets (2,576,243) (26,661,274) (639,570) (6,022,187.12)
NET CASH FLOW (USED IN)/GENERATED FROM INVESTING ACTIVITIES (2,355,176) (24,373,474) (457,797) (4,310,614)
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS (2,761,683) (28,580,373) (14,229,956) (133,989,263)
Cash & Bank balances at the close of the year (Refer Note 3) # 15,171,826 157,011,706 17,933,508 168,861,913
Cash & Bank balances at the beginning of the year (Refer Note 3) # 17,933,508 185,592,083 32,163,464 302,851,177
(2,761,683) (28,580,377) (14,229,956) (133,989,263)

Date: Director
6
(Amount in CNY)
Reserves and
Surplus
Other Equity Total equity
Retained earnings
Balance as at April 1, 2016 3,799,715 3,799,715

Income for the year 20,266,173 20,266,173
Total comprehensive income/(loss) for the year 24,065,888 24,065,888
Dividend paid (including dividend tax) - -
Balance as at March 31, 2017 24,065,888 24,065,888

Total comprehensive income/(loss) for the year 34,504,143 34,504,143.12
(Amount in INR)
Reserves and
Surplus
Other Equity Total equity
Retained earnings



Date: Director
7
Fifth Annual Report 2017-18

Notes forming part of financial statements
SIGNIFICANT ACCOUNTING POLICIES
1 Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with Indian Accounting Standard (“Ind AS”)
notified under the Companies (Indian Accounting Standards) Rules, 2015.
The transition was carried out from Accounting principles generally accepted in India, which was the
previous GAAP (referred as “previous GAAP”), which includes Standards notified under the Companies
(Accounting Standards) Rules, 2006 which was followed upto the year ended March 31, 2016. These
are the Company’s second Ind AS financial statements. The date of transition to Ind AS is April 1, 2015.
These financial statements have been prepared in accordance with Ind AS as notified under the
Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of the Companies Act,
2013.
1.1 Use of Estimates
The preparation of the financial statements in conformity with Ind AS requires management to make
estimates, judgments and assumptions. These estimates, judgments and assumptions affect the
application of accounting policies and the reported amounts of assets and liabilities, the disclosures of
contingent assets and liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the year. Application of accounting policies that require critical
accounting estimates involving complex and subjective judgments and the use of assumptions in these
financial statements have been disclosed below. Accounting estimates could change from year to year.
Actual results could differ from those estimates. Appropriate changes in estimates are made as
management becomes aware of changes in circumstances surrounding the estimates. Changes in
estimates are reflected in the financial statements in the year in which changes are made.
1. 2 Revenue recognition
The Company acts as a reseller of hardware and software to the worldwide CAE community and
provides services which include installation, training, product support, design services and consultancy.
Hardware revenues are recognised when the hardware is delivered. Software revenues are recognised
when a non-cancellable agreement has been signed and there are no uncertainties surrounding product
acceptance, there are no significant vendor obligations, and the fees are fixed and determinable.
Training, design services and consulting revenues are recognised as the services are performed.
Support agreement revenues are recognised rateably over the support period except where the
services of a third party are sold on. In this situation all revenue is recognised upfront.
8
1.3 Fixed assets and depreciation
Fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off
the cost less estimated residual value of each asset over its expected useful life, as follows:
Short leasehold Period of lease
improvements
Plant and machinery 3–4 years
Furniture and Fixtures 4 years
1.4 Leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets
and depreciated over the shorter of the lease term and their useful lives. Obligations under such
agreements are included in creditors net of the finance charge allocated to future periods. The finance
element of the rental payment is charged to the profit and loss account so as to produce a constant
periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the
lease term.
1.5 Taxation
Current income tax expense is determined in accordance with tax laws applicable in countries where
such operations are domiciled. Deferred tax expense or benefit is recognized on timing differences
being the difference between taxable income and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are
measured using the tax rates and the tax laws that have been enacted or substantively enacted by the
balance sheet date. Deferred tax assets in respect of unabsorbed depreciation and carry forward of
losses are recognized only to the extent that there is virtual certainty that taxable income will be
available to realize these assets. All other deferred tax assets are recognized only to the extent that
there is reasonable certainty that future taxable income will be available to realize these assets.
1.6 Foreign currency transaction and translation
Foreign-currency denominated monetary assets and liabilities are re-instated at exchange rates at the
balance sheet date. The gains or losses resulting from such translations are included in the statement of
profit and loss. Non-monetary assets and non-monetary liabilities denominated in a foreign currency
and measured at fair value are translated at the exchange rate prevalent at the date when the fair value
was determined. The functional currency of the Company and its foreign branch is the Indian Rupee.
Transaction gains or losses realized upon settlement of foreign currency transactions are included in
determining net profit/loss for the year in which the transaction is settled and is charged to the statement
of Profit & Loss. Revenue, expense and cash-flow items denominated in foreign currencies are re-
instated using the exchange rate in effect on the date of the transaction.
1.7 Impairment of Assets
The carrying amounts of the Company’s assets are reviewed at each statement of financial position
date to determine whether there is any indication of any impairment. If any such indication exists, the
asset’s recoverable amount is estimated. All impairment losses are recognised in profit or loss
whenever the carrying amount of an asset of its cash-operating unit exceeds its recoverable amount.
An impairment loss is only reversed to the extent the asset’s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment
loss had been recognised. All reversals of impairment losses are recognised in profit or loss.
9
1.8 Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalized as part of the cost of that asset. Borrowing costs are capitalized as part of the cost
of a qualifying asset when it is probable that they will result in future economic benefits to the enterprise
and the costs can be measured reliably. Other borrowing costs are recognized as an expense in the
year in which they are incurred.
1.9 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) where, as
a result of a past event, it is probable that an outflow of resources embodying economic benefits will be
Provisions are reviewed at each statement of financial position date and adjusted to reflect the current
best estimate. If it is no longer probable that an outflow of economic resources will be required to settle
the obligation, the provision is reversed.
2. NOTES TO ACCOUNTS
2.1 Capital commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of
advances) is CNY Nil (₹ Nil) as at March 31, 2018.
2.2 Contingent liabilities
There were no contingent liabilities as at 31st March 2018.
2.3 Provision for Taxes
The provision for taxation pertains to tax liability as applicable to the jurisdictions of the country in which
the Company operates. The provision for taxation for the current year has been computed by the
management in consultation with the tax advisors to the Company.
2.4 Obligation towards non-cancellable Operating Lease
Particulars March 31, 2018 March 31, 2018

(CNY) (₹)
The Total of Minimum lease
payments:
Due not later than one year 890,616 9,216,896
(1,124,988) (10,592,887)
Later than one year but not - -
later than five years (890,616) (8,386,040)
Due later than five year - -

(-) (-)
The total charge to the 1,144,149 11,840,684
Statement of Profit & Loss (931,438) (8,770,420)
10
2.5 Related Party disclosures
Particulars Nature of Transaction Tata Tata Tata

Technologies Technologies Tata Technolog Tata Tata
Europe Limited Technologies ies Inc. Technologies Technologies
Limited Pte. Ltd (Thailand) Ltd Japan Ltd
(CNY) (CNY) (CNY) (CNY) (CNY) (CNY)
Expenses paid by Reporting Enterprise
Expense
Expenses paid 134,730 16,046,845 181,952 443,163 669,459 -
Income received by the Reporting
Enterprise
Income
Income received from Sales of Services and
366,820 22,682 - - 7,871 4,682,795
Goods
Dues Payable by the Reporting Enterprise as
on the date of the Reporting Period
Payables 304,743 8,912,391 181,952 443,163 669,459
Due Payable and outstanding on Supplies and
Services
Dues Receivable by the Reporting
Enterprise as on the date of the Reporting
Receivables 366,820 229,670 - - - 3,011,858
Period
Due Receivable on Supplies and Services
Particulars Nature of Transaction Tata Tata Tata

Technologies Technologies Tata Technolog Tata Tata
Europe Limited Technologies ies Inc. Technologies Technologies
Limited Pte. Ltd (Thailand) Ltd Japan Ltd
(₹) (₹) (₹) (₹) (₹) (₹)
Expense 1,394,307 166,067,197 1,883,008 4,586,248 6,928,163 -
Expenses paid
Enterprise
Income
3,796,183 234,734 - - 81,451 48,461,780
Goods
Payables
Due Payable and outstanding on Supplies and 3,153,756 92,233,444 1,883,008 4,586,248 6,928,163 -
Services
Receivables 3,796,183 2,376,835 - - - 31,169,417
Period
2.6 Conversion into Indian Rupees
The financial information is expressed in CNY only in the audited Accounting packs based on which the
attached financial statements have been reformatted. Solely for the convenience of the reader and to
meet the requirement of section 129 of the Companies (Accounts) Rules, 2014, the amounts appearing
in Indian Rupees have been translated at a fixed exchange rate of 1 CNY = ₹ 10.3489 as on March 31,
2018. These translations should not be construed as a representation that any or all the amounts could
be converted to Indian Rupees at this or any other rate.
.
2.7 The above Financial Statements are prepared from the internally prepared accounts of the
Company. These accounts are audited by Shanghai Ming Rui Certified Public Accountants Co., Ltd. in
order to give an audit opinion in relation to the consolidated accounts of the ultimate holding company
i.e. Tata Technologies Limited. However, no separate audit report is issued in respect of the Company.
An audit report for the ultimate holding company is issued by Deloitte Haskins & Sells LLP and is
included in its financial statement.
11
Notes forming part of the Financial Statements
3 Property, Plant and Equipment
As at As at As at As at
March 31,2018 March 31,2018 March 31, 2017 March 31, 2017
(i) Carrying amounts of:
Plant & Machinery and Equipments - Owned 1,461,443 15,124,328 606,774 5,713,380
Office Equipments 98,531 1,019,693 12,008 113,063
Furniture and fixtures 512,578 5,304,619 - -
2,072,553 21,448,640 618,781 5,826,443
(Amount in CNY)
Property, plant and equipment Computers Office Equipments Furniture and fixtures Total
Cost as of April 1, 2017 829,503 17,580 - 847,083
Additions 1,383,394 182,464 1,010,384 2,576,243
Disposal - - - -
Cost as of March 31, 2018 2,212,897 200,044 1,010,384 3,423,326
Accumulated depreciation as of April 1, 2017 222,729 5,572 - 228,302
Depreciation for the year 528,725 95,940 497,806 1,122,471
Currency translation differences -
Disposal -
Accumulated depreciation as of March 31, 2018 751,454 101,513 497,806 1,350,773
Net carrying amount as of March 31, 2018 1,461,443 98,531 512,578 2,072,553
Cost as of April 1, 2016 199,063 12,538 - 211,601

Additions 630,440 5,042 - 635,482
Disposal - - - -
Cost as of March 31, 2017 829,503 17,580 - 847,083

Depreciation for the year 204,149 4,179 - 208,329
Currency translation differences - - - -
Disposal - - - -
Accumulated depreciation as of March 31, 2017 222,729 5,572 - 228,302
Net carrying amount as of March 31, 2017 606,774 12,008 - 618,781
(Amount in ₹)
Computers Electrical Equipments Furniture and fixtures Total
Property, plant and equipment
Cost as of April 1, 2016 8,584,443 181,934 - 8,766,377
Additions 14,316,611 1,888,304 10,456,363 26,661,278
Disposal - - - -
Cost as of March 31, 2017 22,901,054 2,070,238 10,456,363 35,427,655
Accumulated depreciation as of April 1, 2016 2,305,004 57,669 - 2,362,673
Depreciation for the year 5,471,722 992,876 5,151,744 11,616,343
Disposal - - - -
Accumulated depreciation as of March 31, 2017 7,776,726 1,050,545 5,151,744 13,979,015
Net carrying amount as of March 31, 2017 15,124,328 1,019,693 5,304,619 21,448,640
Cost as of April 1, 2015 1,874,376 118,058 - 1,992,434

Additions 5,936,223.42 47,475.47 - 5,983,698.89
Disposal - - - -
Cost as of March 31, 2016 7,810,600 165,533 - 7,976,133
Depreciation for the year 1,922,271 39,353 - 1,961,623
Disposal - - - -
Accumulated depreciation as of March 31, 2016 2,097,220 52,470 - 2,149,690
Net carrying amount as of March 31, 2016 5,713,380 113,063 - 5,826,443
12

4 OTHER LOANS AND ADVANCES As at As at As at As at
Unsecured (Considered good) March 31, 2018 March 31, 2018 March 31, 2017 March 31, 2017
NON-CURRENT
(a) Security deposits- at amortised cost 344,373 3,563,885 587,103 5,528,165
(b) Deposits with Government - - - -
344,373 3,563,885 587,103 5,528,165

CURRENT
(a) Security deposits- at amortised cost 1,022,752 10,584,358 496,352 4,673,650
(b) Deposits with Government - - - -
(c) Loans to Employees 325,495 3,368,517 - -
Total 1,348,247 13,952,875 496,352 4,673,650
5 TRADE RECEIVABLES
(Unsecured, considered good unless otherwise stated)
Considered good 48,678,539 503,769,328 38,443,546 361,984,425
Considered doubtful - - - -
48,678,539 503,769,328 38,443,546 361,984,425
Less : Expected credit loss allowance - - - -
48,678,539 503,769,328 38,443,546 361,984,425
Total 48,678,539 503,769,328 38,443,546 361,984,425

For the purpose of statement of cash flows, cash and cash equivalents include the cash on hand and in banks. Cash and cash equivalents at the end of the reporting period as
shown in the statement of cash flows can be reconciled to the related items in the balance sheet as follows:

(a) Current account with banks 5,017,634 51,926,988 7,928,626 74,655,943

(b) Deposits with Banks less than 3 months maturity 10,154,192 105,084,719 10,004,882 94,205,971
Total 15,171,826 157,011,706 17,933,508 168,861,913

7 OTHER CURRENT ASSETS

NON-CURRENT
(a) Prepaid expenses 57,472 594,771 120,085 1,130,724
57,472 594,771 120,085 1,130,724
CURRENT
(a) Prepaid expenses 1,812,532 18,757,714 1,370,266 12,902,428
(b) VAT, other taxes recoverable, statutory deposits 111,539 1,154,308 - -
(b) Unbilled Revenue 5,172,812 53,532,909 - -
7,096,883 73,444,931 1,370,266 12,902,428
13

8 Equity Share Capital
(a) Authorised share capital
100 Ordinary shares of GBP 1 per share 1,000 10,349 1,000 9,416
(b) Issued,Subscribed and Fully paid up capital:

1 Ordinary shares of GBP 1 per share 3,077,238 31,846,023 3,077,238 28,975,268
Total 3,077,238 31,846,023 3,077,238 28,975,268

9 Other liabilities
Currrent
(a) Statutory dues 140,050 1,449,365 16,276 153,258
(b) Advance and Progress payments - -
(c) Income received in advance 6,665,567 68,981,284 0 -
6,805,617 70,430,650 16,276 153,258

10 Trade Payables
CURRENT
Trade payables
(a) Total outstanding dues of creditors other than micro enterprises and small
enterprises 28,012,697 289,900,604 26,922,900 253,506,023
(b) Total outstanding dues of micro enterprises and small enterprises - -
28,012,697 289,900,604 26,922,900 253,506,023
Note:
The average credit period on purchases of good and services ranges from 30 to 75 Days.

11 Provisions
CURRENT
(a) Provision for employee benefits - - - -
- - - -
14

12 REVENUE FROM OPERATIONS
(a) Sale of services 114,492,076 1,184,867,043 134,716,931 1,268,494,620
(b) Sale of Products - - - -
(c) Commission Income - - - -
114,492,076 1,184,867,043 134,716,931 1,268,494,620

13 OTHER INCOME
(a) Interest income 221,067 2,287,800 181,773 1,711,573
(b) Foreign Currency (Gain)/Loss - (Net) - - 5,666 53,356
(c) Other non-operating Income 5,642 58,387 1,191 11,216
226,709 2,346,187 188,631 1,776,145

14 CONSULTANCY FEES, SOFTWARES AND OTHERS
(a) Outsourcing charges 55,711,274 576,550,399 62,534,901 588,828,630
(b) Software-internal use 74,724 773,309 68,985 649,562
(c) Professional fees 1,242,964 12,863,315 2,452,809 23,095,651
57,028,962 590,187,023 65,056,695 612,573,843

15 EMPLOYEE BENEFIT EXPENSE

(a) Salaries and wages 28,260,184 292,461,820 26,375,007 248,347,065
(b) Staff welfare Expenses 2,582,633 26,727,412 2,226,851 20,968,027
(c) Social Security and other benefit plans for Overseas employees 5,138,071 53,173,380 4,728,127 44,520,046
35,980,888 372,362,612 33,329,985 313,835,138

16 OTHER EXPENSES
(a) Repairs & Maintenance
-Building 2,830 29,286 - -
- Plant & Machinery 400 4,140 120 1,130
- Others 2,773 28,697 2,617 24,639
(b) Rent 1,845,316 19,096,988 1,307,660 12,312,924
(c) Rates and Taxes 243,159 2,516,426 594,130 5,594,328
(d) Advertisement and Publicity 175,793 1,819,264 66,350 624,756
(e) Insurance 7,677 79,447 814 7,667
(f) Office Expenses 345,633 3,576,921 140,413 1,322,131
(g) Travelling & Conveyance 2,553,779 26,428,804 2,542,145 23,936,841
(h) Staff Training and Seminar Expenses - - 4,245 39,974
(i) Auditors remuneration 190,341 1,969,820 88,837 836,489
(j) Staff Recruitment Expenses 599,848 6,207,769 2,048,992 19,293,313
(k) Foreign Currency (Gain)/Loss - (Net) 117,230 1,213,204 - -
(l) Communication Expenses 221,492 2,292,194 213,036 2,005,944
(m) Miscellaneous expenses 295,655 3,059,708 349,850 3,294,190
6,601,926 68,322,669 7,359,210 69,294,325
15
ANNUAL REPORT OF
INCAT INTERNATIONAL PLC
ANNUAL REPORT OF
TATA TECHNOLOGIES EUROPE LTD
ANNUAL REPORT OF
INCAT GMBH
INCAT GmbH, GERMANY
Particulars Page No.

Significant Accounting Policies 2-4
Financial Statements and notes forming part of financials 5-12
INCAT GmbH, GERMANY
DIRECTORS: Nick Sale

Stephane Bechot
REGISTERED: Breitwiesenstrasse 19,

OFFICE 70565, Stuttgart, Germany
1
Nineteenth Annual Report 2017-18
INCAT GmbH
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS

Significant Accounting Policies
1.1 Basis of Preparation of Financial Statements

These financial statements comply in all material aspects with Indian Accounting Standards (Ind AS)
notified under Section 133 of the Companies Act, 2013 (the Act), Companies (Indian Accounting
Standards) Rules, 2015 and other relevant provisions of the Act.
The preparation of the financial statements requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from those estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimates are revised and in any future periods
affected.
1.3 Revenue recognition
Revenue is measured at fair value of consideration received or receivable.
Revenue from services on time and materials contracts is recognized when services are rendered and
related costs are incurred i.e. based on certification of time sheets as per the terms of specific contracts.
Revenues from fixed price contracts are recognized when collectability of the resulting receivable is
reasonably assured or percentage of completion method depending on terms of the contract. The
percentage of completion is determined on the degree of the cost incurred. Foreseeable losses on such
contracts are recognized when probable. Revenue accrued from the end of the last billing to the balance
sheet date is recognised as unbilled revenue.
Revenue from third party software products and hardware sale is recognized upon delivery.
Interest income from a financial asset is recognised when it is probable that the economic benefits will
flow to the Company and the amount of income can be measured reliably. Interest income is accrued on
a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which
is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to that asset’s net carrying amount on initial recognition.
Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any.
Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready
2
for use, as intended by management. The Company depreciates property, plant and equipment over their
estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:
Type of Asset Useful life

Lower of Lease
Lease hold improvements period or useful life
Buildings 15 to 25 years
Plant and machinery 1 to 21 years
Computer equipment's 1 to 4 years
Vehicles 3 to 11 years
Furniture & fixtures 1 to 21 years
Software 1 to 4 years
Depreciation methods, useful lives and residual values are reviewed periodically, including at each
financial year end with the effect of any changes in the estimate accounted for on a prospective basis.
Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable
that future economic benefits associated with these will flow to the Company and the cost of the item can
be measured reliably. Repairs and maintenance costs are recognized in net profit in the statement of
profit and loss when incurred. The cost and related accumulated depreciation are eliminated from the
financial statements upon sale or retirement of the asset and the resultant gains or losses are recognized
in net profit in the statement of profit and loss.
1.5 Intangible assets
Intangible assets are stated at cost less accumulated amortization and impairment, if any. Intangible
assets are amortized over their respective individual estimated useful lives on a straight-line basis, from
the date that they are available for use. Amortization methods and useful lives are reviewed periodically
including at each financial year end.
The cost and related accumulated depreciation are eliminated from the financial statements upon sale or
retirement of the asset and the resultant gains or losses are recognized in net profit in the statement of
profit and loss.
1.6 Inventories
Inventories are valued at the lower of cost and net realizable value. Cost of inventories are ascertained on
a first in first out basis. Net realizable value is the estimated selling price in the ordinary course of
business less estimated cost of completion and selling expenses.
1.7 Taxation
Current income tax expense is determined in accordance with tax laws applicable in countries where
such operations are domiciled. Deferred tax expense or benefit is recognized on timing differences being
the difference between taxable income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and the tax laws that have been enacted or substantively enacted by the balance
sheet date. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are
recognized only to the extent that there is virtual certainty that taxable income will be available to realize
3
these assets. All other deferred tax assets are recognized only to the extent that there is reasonable
certainty that future taxable income will be available to realize these assets.
profit and loss. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and
measured at fair value are translated at the exchange rate prevalent at the date when the fair value was
determined. The functional currency of the Company and its foreign branch is the Indian Rupee.
determining net profit/loss for the year in which the transaction is settled and is charged to the statement
of Profit & Loss. Revenue, expense and cash-flow items denominated in foreign currencies are re-
instated using the exchange rate in effect on the date of the transaction.
At each balance sheet date, the Company reviews using internal resources the carrying amounts of its
fixed assets to determine whether there is any indication that the assets suffered an impairment loss. If
any such condition exists, the recoverable amount of the asset is estimated in order to determine the
extent of impairment loss. Recoverable amount is the higher of an asset’s net selling price and value in
use. In assessing value in use, the estimated future cash flows expected from continuing use of the asset
and from its disposal are discounted to their present value using a pre tax rate that reflects the current
market assessments of time value of money and the risks specific to the asset.
Reversal of impairment loss is recognized immediately as income in the Profit and Loss Account.
1.10 Provisions, contingent liabilities and contingent assets
A provision is recognised when the Company has a present obligation as a result of past event and it is
probable than an outflow of resources will be required to settle the obligation, in respect of which the
reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are
determined at present value based on best estimate required to settle the obligation at the balance sheet
date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates.
Contingent liabilities are not recognised in the financial statements. A contingent asset is neither
recognised nor disclosed in the financial statements.
4
INCAT Gmbh
Balance Sheet as on March 31, 2018
(Amount in € ) (Amount in INR) (Amount in € ) (Amount in INR)

I. ASSETS
(1) Current Assets
(ii) Cash and cash equivalents 3 225,104 18,190,208 223,554 15,492,275
(b) Other current assets 4 481 38,832 389 26,969
Total Assets 2,274,186 183,772,527 2,252,204 156,077,721

(1) Equity
(a) Equity Share capital 5 164,000 13,252,523 164,000 11,365,200
(b) Other Equity 2,078,101 167,927,315 2,014,368 139,595,673
Total Equity 2,242,101 181,179,838 2,178,368 150,960,873
Liabilities
(i) Trade payables 32,085 2,592,689 51,579 3,574,432.79
(b) Current income tax liabilities - - 22,257 1,542,415
Total Current Liabilities 32,085 2,592,689 73,836 5,116,848
Total Liabilities 32,085 2,592,689 73,836 5,116,848
Nick Sale Director

Stephane Bechot Director
Place: Germany
Date:
5
INCAT Gmbh
Statement of Profit and Loss for the year ended March 31, 2018

I. Other Income 6 40,157 3,245,034 47,661 3,302,926
Total Income 40,157 3,245,034 47,661 3,302,926
II. Expenses :
(a) Consultancy fees, softwares and others 7 - - 3,000 207,900
(b) Other expenses 8 784 63,324 290 20,130
Total expenses (II) 784 63,324 3,290 228,030
III. Profit before tax (I-II) 39,374 3,181,710 44,371 3,074,896
IV. Tax Expense :

(a) Current tax (24,359) (1,968,367) - -
(24,359) (1,968,367) - -
V. Profit for the year (III-IV) 63,733 5,150,077 44,371 3,074,896
VI.Other comprehensive income:

(i) Exchange differences on translation of foreign operations - - - -
VII. Other comprehensive income for the year - - - -
VIII. Total comprehensive income for the period (VI+VII) 63,733 5,150,077 44,371 3,074,896
Nick Sale Director

Place: Germany
Date:
6
INCAT Gmbh
Cash Flow Statement


Net profit after taxation 63,733 5,150,077 44,371 3,074,896
Operating profit before working capital changes 63,733 5,150,077 44,371 3,074,896

Trade receivables (20,340) (1,643,643) 144,429 10,008,962
Other current assets (91) (7,385) 45,368 3,144,024
Other Loans and advances - - - -
Other liabilities (22,257) (1,798,551) (2,101) (145,633)
Trade payables (19,495) - 1,575,236.58 (8,513) (589,975)
CASH (USED IN) / GENERATED FROM OPERATIONS 1,550 125,261 223,554 15,492,275
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES 1,550 125,261 223,554 15,492,275
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS 1,550 125,261 223,554 15,492,275
Cash & Bank balances at the close of the year (Refer Note 3) # 225,104 18,190,208 223,554 15,492,275
Cash & Bank balances at the beginning of the year (Refer Note 3) # 223,554 18,064,947 - -
1,550 125,261 223,554 15,492,275
Nick Sale Director

Place: Germany
Date:
7
INCAT Gmbh
(Amount in € )
Reserves and Surplus
Other Equity Equity Share Capital Total equity
Capital Reserve Retained earnings
Balance as at April 1, 2016 164,000 832,809 1,137,188 2,133,997
Income for the year - 44,371 44,371
Total comprehensive income/(loss) for the year 164,000 832,809 1,181,559 2,178,368
Dividend paid (including dividend tax) - - - -
Balance as at March 31, 2017 164,000 832,809 1,181,559 2,178,368
Balance as at April 1, 2017 164,000 832,809 1,181,559 2,178,368

Income for the year - - 63,733 63,733
Total comprehensive income/(loss) for the year 164,000 832,809 1,245,292 2,242,101
Balance as at March 31, 2018 164,000 832,809 1,245,292 2,242,101
(Amount in INR)
Capital Reserve Retained earnings
Balance as at April 1, 2016 11,365,200 57,713,664 78,807,113 147,885,977
Income for the year - - 3,074,896 3,074,896
Total comprehensive income/(loss) for the year 11,365,200 57,713,664 81,882,010 150,960,873
Dividend paid (including dividend tax) - - -
Balance as at March 31, 2017 11,365,200 57,713,664 81,882,010 150,960,873
Balance as at April 1, 2017 13,252,523 67,297,688 95,479,468 176,029,679

Nick Sale Director

Place: Germany
Date:
8
INCAT Gmbh

2 TRADE RECEIVABLES
Considered good 20,48,601 16,55,43,487 20,28,261 14,05,58,477

20,48,601 16,55,43,487 20,28,261 14,05,58,477
20,48,601 16,55,43,487 20,28,261 14,05,58,477
20,48,601 16,55,43,487 20,28,261 14,05,58,477
In determining the allowance for doubtful trade receivables, the Company has used a practical expedient by computing the expected credit loss allowance for
trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking
information. The expected credit loss allowance is based on ageing of receivables that are due and rates used in the provision matrix.

(a) Balances with banks:

- Current account with banks 2,25,104 1,81,90,208 2,23,554 1,54,92,275
2,25,104 1,81,90,208 2,23,554 1,54,92,275

4 OTHER CURRENT ASSETS

(a) VAT, other taxes recoverable, statutory deposits 481 38,832 389 26,969
481 38,832 389 26,969
9
INCAT Gmbh

(a) Authorised share capital
1640 (previous year 1640) Ordinary shares of EUR 100
each 1,64,000 1,32,52,523 1,64,000 1,13,65,200

1640 (previous year 1640) Ordinary shares of EUR 100
each 1,64,000 1,32,52,523 1,64,000 1,13,65,200
Total 1,64,000 1,32,52,523 1,64,000 1,13,65,200
10
INCAT Gmbh

6 OTHER INCOME
(a) Interest Income
Interest income earned on financial assets that are not designated
as at fair value through profit and loss
(i) Interest income-others 40,157 32,45,034 47,661 33,02,926
40,157 32,45,034 47,661 33,02,926

(a) Professional fees - - 3,000 2,07,900
- - 3,000 2,07,900

8 OTHER EXPENSES
(a) Miscellaneous expenses 784 63,324 290 20,130
784 63,324 290 20,130
11
9 Related Party disclosures
A statement of transactions with related parties has been attached herewith:
Tata Technologies Tata Technologies

Nature of Transaction Europe Limited Europe Limited
(€ ) (₹)
Financial services Provided by the
Reporting Enterprise
40,151 32,44,525
Interest received on Loans
(42,480) (31,26,549)
Enterprise as on the date of the
Reporting Period
Loans paid and outstanding (Incl. of
25,77,916 20,83,16,417
interest)
-21,19,270 -14,68,65,436
Dues Payable by the Reporting
Reporting Period
Due payable 4,18,495 3,38,17,744
(-) (-)
Any other items
91,010 63,06,993
Sale of business / undertakings
-91,010 -63,06,993
(Previous year figures are in brackets)

10 (a) Conversion into Indian Rupees
The financial information is expressed in Euro only in the Accounting packs based on which the attached
financial statements have been reformatted. Solely for the convenience of the reader and to meet the
requirement of section 129 of the Companies (Accounts) Rules, 2014, the amounts appearing in Indian
Rupees have been translated at a fixed exchange rate of 1 € = Rs. 80.80807 as on March 31, 2018 (1
Euro=Rs. Rs. 69.3 as at 31st March 2017) These translations should not be construed as a representation
that any or all the amounts could be converted to Indian Rupees at this or any other rate.
10 (b) The above Financial Statements are prepared from the internally prepared management accounts of the
Company. There is no separate audit report is given in respect of the Company. An audit report for the
Group is issued by B S R & Co. LLP, Chartered Accountants and is included in its financial statements.
12
TO THE MEMBERS OF
INCAT GmbH
The Directors hereby present the Eighteenth Annual Report on the Business and Operations of the
For the year ended

(In €) (In ₹)
Other Income 40,157 3,245,034
Profit for the year 63,733 5,150,077
2. OPERATIONS
As a part of Euro one restructuring exercise, the business operations of the Company along with assets
and liabilities were transferred to Tata Technologies Europe Limited as on 1st April 2009. As a result, the
Company has not carried out any business operations during the year under consideration. The Company
is in the process of liquidation.
Consequently, no sales turnover has been reported. However, the Company has incurred certain Interest
income earned over loan given to Tata Technologies Europe Limited (its fellow subsidiary) was € 40,157
(₹3,245,034). During the year, the company reported profit of € 63,733 (₹5,150,077)
3. CHANGE IN SHARE CAPITAL
During the year, no changes have occurred in the authorized and paid up capital of the Company.
4. DIVIDEND
There have been no significant post balance sheet events, since the end of the financial year ended 31st
March 2016, which have had a material effect on the financial position of the Company.
6. PUBLIC DEPOSITS
13
Company constantly makes effort to avoid excessive consumption of energy and encourage conservation
of energy.
1. in the preparation of the annual accounts, the applicable accounting standards have been followed and
that there are no material departures;
irregularities;
9. LIQUIDITION OF THE COMPANY

The management of the Company has initiated the liquation of the Company during the year and the
same will be completed in the next financial year 17-18.
10. ACKNOWLEDGEMENTS
The Directors wish to place on record their gratitude to all the Company’s customers, business partners,
bankers, auditors and government/statutory authorities for their support.

Nick Sale Director
Place : Stuttgart, Germany

Date :
14
ANNUAL REPORT OF
ESCENDA ENGINEERING AB
Annual Report and Financial Statements 2018
Contents Page
Directors of the company 2
1
Directors
Praveen P Kadle
Warren Harris
Stefan Wedin
Nick Sale
Registered office
Lindholmspiren 7
417 56 Göteborg
2
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS

The financial statements have been prepared in accordance with Indian Accounting Standard (“Ind AS”) notified
under the Companies (Indian Accounting Standards) Rules, 2015.
The transition was carried out from Accounting principles generally accepted in India, which was the previous
GAAP (referred as “previous GAAP”), which includes Standards notified under the Companies (Accounting
Standards) Rules, 2006 which was followed up to the year ended March 31, 2016. These are the Company’s first
Ind AS financial statements. The date of transition to Ind AS is April 1, 2015.
These financial statements have been prepared in accordance with Ind AS as notified under the Companies (Indian
Accounting Standards) Rules, 2015 read with Section 133 of the Companies Act, 2013.
1.2 Critical accounting estimates
The preparation of the financial statements in conformity with Ind AS requires management to make estimates,
judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting
policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at
the date of the financial statements and reported amounts of revenues and expenses during the year. Application
of accounting policies that require critical accounting estimates involving complex and subjective judgments
and the use of assumptions in these financial statements have been disclosed below. Accounting estimates could
change from year to year. Actual results could differ from those estimates. Appropriate changes in estimates are
made as management becomes aware of changes in circumstances surrounding the estimates. Changes in
estimates are reflected in the financial statements in the year in which changes are made.
Revenue from services on time and materials contracts is recognized when services are rendered and related costs
are incurred i.e. based on certification of time sheets as per the terms of specific contracts. Revenues from fixed
price contracts are recognized when collectability of the resulting receivable is reasonably assured or percentage
of completion method depending on terms of the contract. The percentage of completion is determined on the
degree of the cost incurred. Foreseeable losses on such contracts are recognized when probable. Revenue accrued
from the end of the last billing to the balance sheet date is recognised as unbilled revenue.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the
Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by
reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying
amount on initial recognition.
Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs
directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as
intended by management. The Company depreciates property, plant and equipment over their estimated useful
lives using the straight-line method. The estimated useful lives of assets are as follows:

Lower of Lease period
Lease hold improvements or useful life
3
Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year
end with the effect of any changes in the estimate accounted for on a prospective basis.
Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that
future economic benefits associated with these will flow to the Company and the cost of the item can be measured
reliably. Repairs and maintenance costs are recognized in net profit in the statement of profit and loss when
incurred. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or
retirement of the asset and the resultant gains or losses are recognized in net profit in the statement of profit and
loss.
Intangible assets are stated at cost less accumulated amortization and impairment, if any. Intangible assets are
amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they
are available for use. Amortization methods and useful lives are reviewed periodically including at each financial
year end.
retirement of the asset and the resultant gains or losses are recognized in net profit in the statement of profit and
loss.
1.6 Inventories
Inventories are valued at the lower of cost and net realizable value. Cost of inventories are ascertained on a first
in first out basis. Net realizable value is the estimated selling price in the ordinary course of business less estimated
cost of completion and selling expenses.
1.7 Taxation
Current income tax expense is determined in accordance with tax laws applicable in countries where such
operations are domiciled. Deferred tax expense or benefit is recognized on timing differences being the difference
between taxable income and accounting income that originate in one period and are capable of reversal in one or
more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that
have been enacted or substantively enacted by the balance sheet date. Deferred tax assets in respect of unabsorbed
depreciation and carry forward of losses are recognized only to the extent that there is virtual certainty that taxable
income will be available to realize these assets. All other deferred tax assets are recognized only to the extent that
there is reasonable certainty that future taxable income will be available to realize these assets.
Foreign-currency denominated monetary assets and liabilities are re-instated at exchange rates at the balance sheet
date. The gains or losses resulting from such translations are included in the statement of profit and loss. Non-
monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are
4
translated at the exchange rate prevalent at the date when the fair value was determined. The functional currency
of the Company and its foreign branch is the Indian Rupee.
Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining
net profit/loss for the year in which the transaction is settled and is charged to the statement of Profit & Loss.
Revenue, expense and cash-flow items denominated in foreign currencies are re-instated using the exchange rate
in effect on the date of the transaction.
At each balance sheet date, the Company reviews using internal resources the carrying amounts of its fixed assets
to determine whether there is any indication that the assets suffered an impairment loss. If any such condition
exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss.
Recoverable amount is the higher of an asset’s net selling price and value in use. In assessing value in use, the
estimated future cash flows expected from continuing use of the asset and from its disposal are discounted to their
present value using a pre tax rate that reflects the current market assessments of time value of money and the risks
specific to the asset.
A provision is recognised when the Company has a present obligation as a result of past event and it is probable
than an outflow of resources will be required to settle the obligation, in respect of which the reliable estimate
can be made. Provisions (excluding retirement benefits and compensated absences) are determined at present
value based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognised in
the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.
5
Escenda Engineering AB
Balance Sheet as on Mar 31, 2018
(Amount in SEK) (Amount in INR) (Amount in SEK) (Amount in INR)
Particulars Note No Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
I. ASSETS
(a) Property, Plant and Equipment 1 170,994 1,336,570 558,444 4,045,826
(d) Other Intangible assets 2 169,558 1,325,344 625,740 4,533,374
(f) Financial assets:
(iii) Other Loans and advances 3 92,341 721,780 3,188 23,096
(h) Deferred tax assets (net) 4 (ii) 64,131 501,282 - -
Total Non-current Assets 497,024 3,884,976 1,187,372 8,602,296
(2) Current Assets

(a) Inventories (Traded) - - - -
(b) Financial assets:
(ii) Cash and cash equivalents 6 26,299,382 205,568,592 11,127,567 80,617,219
(iv) Other Loans and advances 3 441,567 3,451,500 462,189 3,348,475
(c) Current tax assets (net) 4 (i) 1,625,364 12,704,625 46,256 335,116
(d) Other current assets 7 24,915,627 194,752,499 5,979,626 43,321,316
Total Assets 111,225,869 869,394,784 42,646,266 308,964,518

(1) Equity
(b) Other Equity (429,176) (3,354,642) 20,470,061 148,301,906
Total Equity (217,838) (1,702,723) 20,681,399 149,833,011
Liabilities

(i) Borrowings 9 16,819,354 131,468,142 - -
(ii) Trade payables 74,085,982 579,091,593 10,281,485 74,487,507
(b) Provisions 10 9,312,469 72,790,730 6,894,922 49,952,468
(c) Other current liabilities 11 11,225,902 87,747,042 4,788,460 34,691,531
Total Current Liabilities 111,443,708 871,097,507 21,964,867 159,131,506
Total Liabilities 111,443,708 871,097,507 21,964,867 159,131,506
Pravin P. Kadle Warren Harris Stefan Wedin Nick Sale
Director Director Director Director
6
Statement of Profit and Loss for the year ended Mar 31, 2018

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
I. Revenue from operations 12 171,836,657 1,343,157,793 129,888,707 941,020,302
II. Other income 13 346,660 2,709,660 360,086 2,608,758
III. Total Income (I + II) 172,183,317 1,345,867,453 130,248,793 943,629,060
IV. Expenses :
(a) Consultancy fees, softwares and others 14 116,020,681 906,873,329 51,720,714 374,707,262
(b) Employee benefits expense 15 62,579,463 489,151,121 59,545,544 431,396,749
(c) Finance costs 16 121,199 947,347 7,006 50,757
(d) Depreciation and amortisation expense 1&2 844,473 6,600,810 434,841 3,150,347
(e) Other expenses 17 6,716,191 52,496,970 6,645,220 48,143,425
Total expenses (IV) 186,282,006 1,456,069,578 118,353,325 857,448,540
V. Profit/(Loss) before tax (III-IV) (14,098,690) (110,202,125) 11,895,467 86,180,520
VI. Tax Expense :

(a) Current tax - - 2,502,438 18,129,713
(b) Deferred tax (64,131) (501,282) - -
(64,131) (501,282) 2,502,438 18,129,713
VII. Profit/(Loss) after Tax (V-VI) (14,034,558) (109,700,843) 9,393,029 68,050,808
VIII.Other comprehensive income:

(i) Items that will not be reclassified to profit and loss:
(a) Remeasurement gains and (losses) on defined benefit obligations (net) - - - -
(ii) Income tax relating to items that will not be reclassified to profit and loss - - - -
(iii) Exchange differences on translation of foreign operations - - - -
IX. Other comprehensive income for the period 0.00 0.00 0.00 0.00
X. Total comprehensive income for the period (VII+IX) (14,034,558) (109,700,843) 9,393,029 68,050,808

Accompanying Notes to the Financial Statements
7
Cash Flow Statement
(Amount in SEK) (Amount in INR)
Year ended Year ended
Mar 31, 2018 Mar 31, 2018

Net profit after taxation (14,034,558) (109,700,843)
Depreciation and amortisation 844,473 6,600,810
Provision for deferred tax (64,131) (501,282)
Finance costs 121,199 947,347
Operating profit before working capital changes (13,133,017) (102,653,968)

Trade receivables (33,603,650) (262,662,261)
Other current assets (18,936,001) (148,012,870)
Other Loans and advances (non current) (89,153) (696,861)
Other Loans and advances 20,622 161,190
Trade payables 63,750,818 498,306,997
Other current liabilities 6,437,442 50,318,140
Short term provision 2,417,547 18,896,711
CASH (USED IN) / GENERATED FROM OPERATIONS 6,864,609 53,657,079
Income taxes paid (net) (1,579,108) (12,343,066)
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES 5,285,501 41,314,013
B. CASH FLOW FROM INVESTING ACTIVITIES

Payment for purchase of tangible and intangible fixed assets (841) (6,574)
NET CASH FLOW (USED IN)/GENERATED FROM INVESTING ACTIVITIES (841) (6,574)
C. CASH FLOW FROM FINANCING ACTIVITIES

Interest paid (121,199) (947,347)
Dividends paid (including Dividend Tax) (6,811,000) (53,238,045)
Proceeds from Long Term borrowing 16,819,354 131,468,142
NET CASH FLOW (USED IN)/GENERATED FROM FINANCING ACTIVITIES 9,887,155 77,282,749
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS 15,171,815 118,590,188

Cash & Bank balances at the close of the year (Refer Note 6) 26,299,382 205,568,592
Cash & Bank balances at the beginning of the year (Refer Note 6) 11,127,567 86,978,404
15,171,815 118,590,188
8
(Amount in SEK)

Securities
Retained earnings
Premium Reserve
Balance as at May 1, 2017 211,338 1,774,783 11,830,599 13,816,720

Income for the year - - (14,034,558) (14,034,558)
Effective portion of Cash flow hedge net of tax -
Issue of equity shares - -
Other comprehensive income /(loss) for the year - -
Total comprehensive income/(loss) for the year 211,338 1,774,783 (2,203,959) (217,838)
Balance as at March 31, 2018 211,338 1,774,783 (2,203,959) (217,838)
(Amount in INR)
Other Equity Equity Share Capital Securities Total equity
Retained earnings
Premium Reserve
Balance as at May 1, 2017 1,651,919 13,872,554.26 92,473,646 107,998,119

Income for the year - - - 109,700,843 (109,700,843)
Total comprehensive income/(loss) for the year 1,651,919 13,872,554 (17,227,197) (1,702,723)
Balance as at March 31, 2018 1,651,919 13,872,554 (17,227,197) (1,702,723)
(Amount in SEK)
Retained earnings
Premium Reserve
Balance as at May 1, 2016 211,338 1,774,782.80 9,302,249 11,288,369

Total comprehensive income/(loss) for the year 211,338 1,774,783 18,695,278 20,681,399
Balance as at March 31, 2017 211,338 1,774,783 18,695,278 20,681,399
(Amount in INR)
Retained earnings
Premium Reserve
Balance as at May 1, 2016 1,531,105.77 12,857,981.93 67,393,116.12 81,782,204

9
(Amt in SEK )
Plant &
Machinery and
Equipments - Furniture and Leasehold
1 Property, plant and equipment Buildings Owned Computers fixtures Improvements Total
Cost as of May 1, 2017 - 4,04,536 2,93,721 3,98,333 - 10,96,590
Additions - - - - 36,572 36,572
Currency translation differences - - - - - -
Disposal - - - - - -
Cost as of March 31, 2018 - 4,04,536 2,93,721 3,98,333 36,572 11,33,162
Accumulated depreciation as of May 1, 2017 - 1,44,471 2,24,163 1,69,512 - 5,38,145

Depreciation for the year - 1,96,468 59,524 1,47,520 5,333 4,08,845
Accumulated depreciation as of March 31, 2018 - 3,56,118 2,83,686 3,17,031 5,333 9,46,990
Net carrying amount as of March 31, 2018 - 48,419 10,035 81,302 31,239 1,86,172
(Amt in INR )
Plant &
Machinery and
Property, plant and equipment Buildings Owned Computers fixtures Improvements Total
Cost as of May 1, 2017 - 31,62,048 22,95,864 31,13,562 - 85,71,474
Additions - - - - 2,85,864 2,85,864
Cost as of March 31, 2018 - 31,62,048 22,95,864 31,13,562 2,85,864 88,57,338
Accumulated depreciation as of May 1, 2017 - 11,29,255 17,52,162 13,24,983 - 42,06,400

Depreciation for the year - 15,35,691 4,65,264 11,53,085 41,689 31,95,729
Accumulated depreciation as of March 31, 2018 - 26,64,946 22,17,426 24,78,068 41,689 74,02,128
Net carrying amount as of March 31, 2018 - 4,97,102 78,438 6,35,494 2,44,176 14,55,210
(i) Capital Commitment : The estimated amount of contracts remaining to be executed on capital account, and not provided for is SEK NIL as at March 31, 2018 (SEK NIL as at
March 31, 2017 ,as at April 1, 2016 :SEK NIL).
10
1(i) Leases
The Company has taken office premises, plant and equipment and computers under operating and finance
leases. The following is the summary of future minimum lease rental payments under non-cancellable operating
leases and finance leases entered into by the Company:
(Amount in SEK)
Mar 31, 2018
Operating Finance
Present value of
Minimum Lease Minimum Lease minimum lease
Particulars Payments Payments payments
Not later than one year 46,93,178 - -
Later than one year but not later than five years 46,10,398 - -
Later than five years - -
Total minimum lease commitments 93,03,576 - -
Less: future finance charges - -
Present value of minimum
lease payments 93,03,576 - -
Included in the financial statements as:
Other financial liabilities - current - - -
-
(Amount in INR)
March 31, 2018
Operating Finance
Present value of
Minimum Lease Minimum Lease minimum lease
Particulars Payments Payments payments
Not later than one year 3,66,84,132 - -
Later than one year but not later than five years 3,60,37,084 - -
Later than five years - -
Total minimum lease commitments 7,27,21,216 - -
Less: future finance charges - -
Present value of minimum
lease payments 7,27,21,216 - -
Included in the financial statements as:
Other financial liabilities - current - - -
11
(Amt in SEK ) (Amt in INR )

2 Intangible assets Software Licenses Total
Cost as of April 1, 2018 12,33,386 12,33,386
Additions - -
Currency translation differences - -
Disposal - -
Cost as of Mar 31, 2018 12,33,386 12,33,386
Accumulated amortisation as of April 1, 2018 6,28,200 6,28,200

Amortization for the year 4,35,628 4,35,628
Disposal - -
Accumulated amortisation as of Mar 31, 2018 10,63,828 10,63,828
Net carrying amount as of Mar 31, 2018 1,69,558 1,69,558
Cost as of Mayl 1, 2017 12,33,386 96,40,737

Additions - -
Disposal - -
Cost as of Mar 31, 2018 12,33,386 96,40,737
Accumulated amortisation as of May 1, 2017 6,28,200 49,10,313

Amortization for the year 4,35,628 34,05,081
Disposal - -
Accumulated amortisation as of Mar 31, 2018 10,63,828 83,15,393
Net carrying amount as of Mar 31, 2018 1,69,558 13,25,344
(i) Capital Commitment : The estimated amount of contracts remaining to be executed on capital account, and
not provided for is SEK NIL as at March 31, 2018 (SEK NIL as at March 31, 2017 ,as at April 1, 2016 :SEK
NIL).
12

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
3 OTHER LOANS AND ADVANCES
Unsecured (Considered good)
NON-CURRENT
(a) Loans to employees 92,341 7,21,780 3,188 23,096
Total 92,341 7,21,780 3,188 23,096
CURRENT
(a) Loans and advances employees 4,41,567 34,51,500 4,62,189 33,48,475
Total 4,41,567 34,51,500 4,62,189 33,48,475
4 (i) Income tax

Amount in SEK Amount in INR Amount in SEK Amount in INR
The reconciliation of estimated tax expense to tax expense
Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
reported:
Profit before tax (1,40,98,690) (11,02,02,125) 1,18,95,467 8,61,80,520

Deferred Tax Asset impact due to Tax Depreciation (64,131) (5,01,282) - -
Tax expense reported (64,131) (5,01,282) - -
13
(Amount in SEK)
4 (ii) Significant components of deferred tax assets Opening Recognized in Closing balance
and liabilities for the Period ended March 31 balance the statement of
2019: profit or loss
Deferred tax assets:

Depreciation in excess of Capital allowances - 64,131 64,131
Total deferred tax assets - 64,131 64,131
Deferred tax liabilities:

Total deferred tax liabilities - - -
Net assets/(liabilities) - 64,131 64,131
(Amount in INR)
Significant components of deferred tax assets Opening Recognized in Closing balance
and liabilities for the Period ended March 31 balance the statement of
2018: profit or loss
Deferred tax assets:

Depreciation in excess of Capital allowances - 5,01,282 5,01,282
Total deferred tax assets - 5,01,282 5,01,282
Deferred tax liabilities:

Total deferred tax liabilities - - -
Net assets/(liabilities) - 5,01,282 5,01,282

Mar 31, 2018 March 31, 2018 Mar 31, 2017 Mar 31, 2017
5 TRADE RECEIVABLES
(a) Trade receivables due for a period exceeding six months
Considered good - - - -
- - - -
- - - -
(b) Other Trade receivables
Considered good 5,74,46,906 44,90,32,592 2,38,43,256 17,27,40,095
5,74,46,906 44,90,32,592 2,38,43,256 17,27,40,095
5,74,46,906 44,90,32,592 2,38,43,256 17,27,40,095
5,74,46,906 44,90,32,592 2,38,43,256 17,27,40,095

For the purpose of statement of cash flows, cash and cash equivalents include the cash on hand and in banks. Cash and cash
equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the
balance sheet as follows:

Mar 31, 2018 March 31, 2018 Mar 31, 2017 Mar 31, 2017
(a) Cash on hand - - - -

(b) Cheques, drafts on hand/funds in transit (Refer note 11 (ii)& (iii)) - - - -
(c) Current account with banks (Refer note 11 (i)) 2,62,99,382 20,55,68,592 1,11,27,567 8,06,17,219
(d) Bank deposits less than 3 months maturity - - - -
2,62,99,382 20,55,68,592 1,11,27,567 8,06,17,219
Notes :
(i) In foreign currencies 2,62,99,382 20,55,68,592 1,11,27,567 8,06,17,219
14

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
7 OTHER ASSETS:
CURRENT
(a) Unbilled revenue 2,19,85,633 17,18,50,259 48,01,275 3,47,84,373
(b) Prepaid expenses 29,29,994 2,29,02,240 11,78,351 85,36,942
Total 2,49,15,627 19,47,52,499 59,79,626 4,33,21,316

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
(a) Authorised:
(i) 10,697 Ordinary share of 1SEK each - - - -
Total - - - -

105,669 Ordinary share of 2SEK each 211,338 1,651,919 211,338 1,531,106
Total 211,338 1,651,919 211,338 1,531,106
15

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
9 BORROWINGS
CURRENT
Unsecured:
(i) Term loans:
(b) Intercompany loan - TTEL 1,68,19,354 13,14,68,142 - -
1,68,19,354 13,14,68,142 - -
Note:

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
10 Provisions
CURRENT
(a) Provision for employee benefits 93,12,469 7,27,90,730 68,94,922 4,99,52,468
93,12,469 7,27,90,730 68,94,922 4,99,52,468

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
11 OTHER CURRENT LIABILITIES
(a) Statutory dues 1,11,98,916 8,75,36,103 47,14,393 3,41,54,929
(b) Advance and Progress payments - - - -
(c) Income received in advance 26,986 2,10,939 74,067 5,36,602
(d) Provision for Tax on Dividend - - - -
Total 1,12,25,902 8,77,47,042 47,88,460 3,46,91,531
16

Period ended Period ended Period ended Period ended
Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
(a) Sale of services 17,18,36,657 1,34,31,57,793 12,98,88,707 94,10,20,302
17,18,36,657 1,34,31,57,793 12,98,88,707 94,10,20,302
- - - -

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
13 OTHER INCOME
(a) Interest income
Interest income earned on financial assets that are not
designated as at fair value through profit and loss
(i) Interest income-others - - 1,377 9,976

(ii) Interest income-Long term investments - - - -
(d) Other non-operating income

(i) Other non-operating income 3,46,660 27,09,660 3,58,709 25,98,782
3,46,660 27,09,660 3,60,086 26,08,758
17

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
(a) Outsourcing charges 11,40,81,471 89,17,15,538 4,91,70,500 35,62,31,425
(b) Software-internal use 7,91,627 61,87,734 14,69,858 1,06,48,857
(c) Professional fees 9,23,678 72,19,909 7,22,082 52,31,356
(e) Training Costs 2,23,905 17,50,148 3,58,273 25,95,624
11,60,20,681 90,68,73,329 5,17,20,714 37,47,07,262
- - - -

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017

(a) Salaries and wages 4,94,16,332 38,62,61,771 4,58,62,846 33,22,68,063
(b) Staff welfare expenses 3,56,738 27,88,434 3,73,608 27,06,725
(c) Social Security and other benefit plans for Overseas employees 1,28,06,393 10,01,00,916 1,33,09,090 9,64,21,961
6,25,79,463 48,91,51,121 5,95,45,544 43,13,96,749
- - - -

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
16 FINANCE COSTS
(a) Interest on short term borrowings 1,21,199 9,47,347 7,006 50,757
1,21,199 9,47,347 7,006 50,757
18

Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
17 OTHER EXPENSES
(a) Repairs & maintenance
- Buildings 2,78,160 21,74,229 83,632 6,05,898
- Plant & machinery 3,028 23,668 22,129 1,60,324
(b) Rent 34,23,856 2,67,62,499 32,83,391 2,37,87,578
(c) Insurance 3,82,197 29,87,434 4,01,141 29,06,194
(d) Overseas Marketing Expenses 2,098 16,396 16,512 1,19,626
(e) Advertisement and publicity 72,953 5,70,233 1,41,868 10,27,807
(h) Office expenses 5,44,515 42,56,187 8,13,846 58,96,167
(g) Travelling & conveyance 12,97,547 1,01,42,251 10,66,589 77,27,243
(h) Power & fuel 2,54,938 19,92,718 2,10,583 15,25,637
(i) Auditors remuneration** 18,000 1,40,697 56,278 4,07,720
(j) Staff training and seminar expenses 1,951 15,246 - -
(k) Communication expenses 55,108 4,30,747 39,891 2,89,003
(l) Bad debts written off - - (25,348) (1,83,644)
(m) Foreign currency loss (net) (34,963) (2,73,289) (7,400) (53,609)
(n) Miscellaneous expenses 4,16,806 32,57,954 5,42,109 39,27,480
67,16,191 5,24,96,970 66,45,220 4,81,43,425
- - - -
18 Payment to auditors**
Mar 31, 2018 Mar 31, 2018 Mar 31, 2017 Mar 31, 2017
i) For services as auditors, including quarterly 18,000 1,40,697 56,278 4,07,720

ii) For Tax audit/Transfer pricing audit
iii) For other attest services - - - -
iv) Reimbursement of out-of-pocket expenses
18,000 1,40,697 56,278 4,07,720
18.1 Escenda Engineering AB SEK
UK Rest of Europe Rest of the World Total
Revenues 1,94,546.00 17,11,02,128 5,39,983 17,18,36,657

Identifiable operating expenses 1,77,037.00 17,41,28,456 4,75,185 17,47,80,678
Allocated expenses 11,928 1,04,90,621 33,107 1,05,35,656
Segmental operating Income - 1,34,79,677

Unallocable expenses 9,65,672
- 1,44,45,349
Other Income 3,46,660
Net profit before taxes - 1,40,98,690
Income taxes - 64,131

Net profit after taxes (1,40,34,558)
19
19 Related Party disclosures

Transactions with related parties:
Tata Technologies Tata Technologies

Particulars Europe Limited Europe Limited
(SEK) (₹)
Services rendered 16,420 1,28,347
Services received 36,44,565 2,84,87,667
Amount receivable (Including unbilled revenue) 16,420 1,28,347
Amount payable 36,44,565 2,84,87,667
Interest paid / (received)(net) 10,612 82,947
Finance received back (including loans, equity & ICD) 14,24,599 1,11,35,352
20 (a) Conversion into Indian Rupees
The financial information is expressed in SEK only in the Accounting packs based on which the attached
financial statements have been reformatted. Solely for the convenience of the reader and to meet the
requirement of section 129 of the Companies (Accounts) Rules, 2014, the amounts appearing in Indian
Rupees have been translated at a fixed exchange rate of 1 SEK = Rs. 7.81648 as on March 31, 2018.
These translations should not be construed as a representation that any or all the amounts could be
converted to Indian Rupees at this or any other rate.
20 (b) The above Financial Statements are prepared from the internally prepared management accounts of the
Company. There is no separate audit report is given in respect of the Company. An audit report for the
Group is issued by B S R & Co. LLP, Chartered Accountants and is included in its financial statements.
20
TO THE MEMBERS OF
The Directors hereby present the first Annual Report on the Business and Operations of the Company
and Statement of Accounts for the year ended March 31, 2018.
The Financial Results of the Company for the period May 01, 2017 to March 31, 2018 are as follows:
For the year ended

(In SEK) (In ₹)
Revenue from operations 171,836,657 1,343,157,793
Other Income 346,660 2,709,660
Loss for the year 14,034,558 109,700,843
2. OPERATIONS
Tata Technologies has acquired the company as on 28th April 2017. An integration project was started
and is expected to be completed in 2018.
In connection with the acquisition, responsibility of a big project for a large customer in the area was
taken over. This has led to a significant increase in sales. The demand for the company's services is
still expected to be good.
The company has set revenue budget of 24.5M USD for the financial year 2018-19
3. CHANGE IN SHARE CAPITAL
During the year, no changes have occurred in the authorized and paid up capital of the Company.
4. DIVIDEND
There have been no significant post balance sheet events, since the end of the financial year ended
31st March 2018, which have had a material effect on the financial position of the Company.
6. PUBLIC DEPOSITS
received from the operating management, confirm that: -
1. in the preparation of the annual accounts, the applicable accounting standards have been followed
and that there are no material departures;
2. they have, in selection of the accounting policies, applied them consistently and made judgments
and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the loss of the Company for that year;
21
irregularities;
5. they have devised proper systems to endure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.
6. ACKNOWLEDGEMENTS
The Directors wish to place on record their gratitude to all the Company’s customers, business
partners, bankers, auditors and government/statutory authorities for their support.
Warren Harris Director

Stefan Wedin Director
Praveen P Kadle Director
Nick Sale Director
Place : Gothenburg, Sweden

Date :
22
ANNUAL REPORT OF
TATA TECHNOLOGIES INC, USA
1
DIRECTORS: 1. Warren Harris

2. Praveen P Kadle
3. Sonal Ramrakhiani
REGISTERED: 41050, W Eleven Mile Road, Novi,

OFFICE MI 48375
2
Twenty-first annual report 2017-18
TATA TECHNOLOGIES INC.

(Accounting Standards) Rules, 2006 which was followed upto the year ended March 31, 2016. These are
the Company’s first Ind AS financial statements. The date of transition to Ind AS is April 1, 2015.
These financial statements have been prepared in accordance with Ind AS as notified under the Companies
(Indian Accounting Standards) Rules, 2015 read with Section 133 of the Companies Act, 2013.
contingent assets and liabilities at the date of the financial statements and reported amounts of revenues
and expenses during the year. Application of accounting policies that require critical accounting estimates
involving complex and subjective judgments and the use of assumptions in these financial statements have
been disclosed below. Accounting estimates could change from year to year. Actual results could differ
from those estimates. Appropriate changes in estimates are made as management becomes aware of
changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial
statements in the year in which changes are made.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow
to the Company and the amount of income can be measured reliably. Interest income is accrued on a time
basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the
rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to
that asset’s net carrying amount on initial recognition.
3
Lease hold improvements 3 to 5 years
Computer equipment's 3 years
Vehicles 4 years
Furniture & fixtures 3 years
Software 3 years
Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial
year end with the effect of any changes in the estimate accounted for on a prospective basis.
be measured reliably. Repairs and maintenance costs are recognized in net profit in the statement of profit
and loss when incurred. The cost and related accumulated depreciation are eliminated from the financial
statements upon sale or retirement of the asset and the resultant gains or losses are recognized in net
profit in the statement of profit and loss.
Intangible assets are stated at cost less accumulated amortization and impairment, if any. Intangible assets
are amortized over their respective individual estimated useful lives on a straight-line basis, from the date
that they are available for use. Amortization methods and useful lives are reviewed periodically including at
each financial year end.
profit and loss.
1.6 Inventories
a first in first out basis. Net realizable value is the estimated selling price in the ordinary course of business
less estimated cost of completion and selling expenses.
4
1.7 Taxation
operations are domiciled. Deferred tax expense or benefit is recognized on timing differences being the
difference between taxable income and accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax
rates and the tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred
tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only to the
extent that there is virtual certainty that taxable income will be available to realize these assets. All other
deferred tax assets are recognized only to the extent that there is reasonable certainty that future taxable
income will be available to realize these assets.
determining net profit/loss for the year in which the transaction is settled and is charged to the statement of
Profit & Loss. Revenue, expense and cash-flow items denominated in foreign currencies are re-instated
using the exchange rate in effect on the date of the transaction.
At each balance sheet date, the Company reviews using internal resources the carrying amounts of its fixed
assets to determine whether there is any indication that the assets suffered an impairment loss. If any such
condition exists, the recoverable amount of the asset is estimated in order to determine the extent of
impairment loss. Recoverable amount is the higher of an asset’s net selling price and value in use. In
assessing value in use, the estimated future cash flows expected from continuing use of the asset and from
its disposal are discounted to their present value using a pre tax rate that reflects the current market
assessments of time value of money and the risks specific to the asset.
A provision is recognised when the Company has a present obligation as a result of past event and it is probable than
an outflow of resources will be required to settle the obligation, in respect of which the reliable estimate can be
made. Provisions (excluding retirement benefits and compensated absences) are determined at present value based
on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial
statements. A contingent asset is neither recognised nor disclosed in the financial statements.
5
Balance Sheet as at March 31, 2018
(Amount in USD) (Amount in ₹) (Amount in USD) (Amount in ₹)
Schedule
Particulars
No
I. ASSETS
(b) Capital work-in-progress - - - -
(c) Goodwill 32,958,695 2,148,165,704 32,958,695 2,137,371,731
(d) Other Intangible assets 2 114,540 7,465,464 87,367 5,665,779
(i) Investments in Subsidiaries 3 2,886,005 188,102,604 2,886,106 187,164,008
(iii) Other Loans and advances 4 47,433 3,091,547 47,433 3,076,012
(h) Deferred tax assets (net) 211,412 13,779,282 489,730 31,758,970
Total Non-current Assets 36,527,274 2,380,756,790 36,959,736 2,396,839,249
(2) Current Assets

(i) Trade receivables 5 23,511,958 1,532,450,900 25,364,068 1,644,860,041
(ii) Cash and cash equivalents 6 4,132,384 269,338,494 961,632 62,361,829
(iii) Other Loans and advances 4 51,917 3,383,830 63,090 4,091,356
(b) Current tax assets (net) 1,263,602 82,358,408 3,186,243 206,627,880
(c) Other current assets 7 3,469,699 226,146,361 2,491,192 161,553,825
Total Current Assets 32,429,560 2,113,677,993 32,066,224 2,079,494,931
Total Assets 68,956,834 4,494,434,783 69,025,960 4,476,334,180

(1) Equity
(a) Equity Share capital 8 119,704,220 7,802,022,996 119,704,220 7,762,819,864
(b) Other Equity 9 (65,430,460) (4,264,594,437) (66,521,312) (4,313,907,726)
Total Equity 54,273,760 3,537,428,559 53,182,908 3,448,912,138
Liabilities
(2) Non-current Liabilities
(a) Other Non-Current Liabilities 10 - - 4,617 299,414
Total Non-current Liabilities - - 4,617 299,414

(i) Trade payables 11 11,899,262 775,564,269 11,579,756 750,947,313
(b) Current tax liabilities (net) 1,184,854 77,225,853 2,715,864 176,123,745
(c) Other current liabilities 12 1,598,958 104,216,102 1,542,815 100,051,570
Total Current Liabilities 14,683,074 957,006,224 15,838,435 1,027,122,627
Total Liabilities 14,683,074 957,006,224 15,843,052 1,027,422,042
Total Equity and Liabilities 68,956,834 4,494,434,783 69,025,960 4,476,334,180

0 (0) 0 0.00
Praveen P Kadle
Warren Harris
Sonal Ramrakhiani
Date :
Place :
6
Profit and Loss Statement for the year ended March 31, 2018

Particulars Schedule No March 31, 2018 March 31, 2018 March 31, 2017 March 31, 2017
I. Revenue from Operations 13 105,412,406 6,870,518,118 111,856,602 7,253,901,745

II. Other Income 14 230,372 15,015,092 1,287,279 83,480,085
III. Total Income (I + II) 105,642,778 6,885,533,210 113,143,881 7,337,381,829
IV. Expenses :
(a) Cost of traded products 29,840,974 1,944,960,368 28,139,188 1,824,826,617
(b) Consultancy fees, softwares and others 15 19,650,424 1,280,765,739 21,621,938 1,402,182,895
(c) Employee benefits expense 16 48,130,767 3,137,043,550 52,609,923 3,411,754,039
(d) Finance costs 17 27,359 1,783,200 11,516 746,829
(e) Depreciation and amortisation expense 1&2 389,900 25,412,697 447,793 29,039,412
(f) Other expenses 18 5,295,156 345,125,087 6,199,396 402,030,904
Total expenses (IV) 103,334,580 6,735,090,641 109,029,755 7,070,580,695
V. Profit before tax (III-IV) and Exceptional items 2,308,198 150,442,570 4,114,126 266,801,134
VI. Profit / (Loss) Before Tax 2,308,198 150,442,570 4,114,126 266,801,134

VII. Tax Expense :
(a) Current Tax 1,450,159 94,517,734 1,952,502 126,619,802
(b) Earlier Year (174,715) (11,387,489) -
(c) Deferred Tax 278,318 18,140,074 (208,065) (13,493,017)
1,553,762 101,270,320 1,744,437 113,126,785
VIII. Profit after Tax (VI-VII) 754,436 49,172,250 2,369,689 153,674,350
Praveen P Kadle
Warren Harris
Sonal Ramrakhiani
Date :
Place :
7
Consolidated Cash Flow Statement for
CASH FLOW FROM OPERATING ACTIVITIES

Net Profit after Taxation and Extraordinary Items 754,436 49,172,250 2,369,689 153,674,350
Depreciation and amortization 389,900 25,412,697 447,793 29,039,412
Provision for Income Tax 1,450,159 94,517,734 1,952,502 126,619,802
Provision for Deferred Tax 278,318 18,140,074 (208,065) (13,493,017)
(Profit)/Loss on Sale of Tangible and Intangible Fixed Assets 1,084 70,625 - -
Interest Income (277) (18,056) (211) (13,691)
Allowances for doubtful debts - - 70,783 4,590,265
Operating profit before Working Capital Changes 2,873,619 187,295,324 4,632,491 300,417,119
Adjustments for :
Income Accrued
Trade Receivables 1,852,109 120,715,873 (2,364,721) (153,352,149)
Advance to Supplier, Contractors & Others 106,223 6,923,334 1,555,169 100,852,722
Statutory Dues - - 422,227 27,381,412
Loans and advances 11,172 728,188 76,049 4,931,797
Unbilled Revenue (1,047,481) (68,272,224) 964,463 62,545,426

Prepaid Expenses (37,249) (2,427,781) 51,835 3,361,512
Trade Payables 319,508 20,824,736 (1,136,739) (73,717,559)
Other Current Liabilities 56,143 3,659,262 4,617 299,414
Advance & Progress Payments - - (25,751) (1,669,955)
Long Term Provision (4,617) (300,927) - -
Unearned Income - - (221,588) (14,369,953)
Advance Tax / Tax Deducted at Source (1,058,528) (68,992,235) (4,582,725) (297,189,756)
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES 3,070,899 200,153,549 (624,672) (40,509,969)
CASH FLOW FROM INVESTING ACTIVITIES

Reserved carried from subsidiary merger 336,416 21,926,768 - -
Interest Received 277 18,056 211 13,691
Investment in Subsidiary 100 6,518 1,000 64,850
Proceeds from sale of Tangible and Intangible Assets (1,084) (70,625) - -
Payment for Purchase of Fixed Assets (235,857) (15,372,603) (433,461) (28,109,965)
NET CASH FLOW (USED IN)/GENERATED FROM INVESTING ACTIVITIES 99,852 6,508,114 (432,250) (28,031,424)
CASH FLOW FROM FINANCING ACTIVITIES

Proceeds /(Repayment) from Short Term borrowings - (10,000,000) (648,500,100)
NET CASH FLOW (USED IN)/GENERATED FROM FINANCING ACTIVITIES - - (10,000,000) (648,500,100)
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS 3,170,751 206,661,663 (11,056,922) (717,041,493)
-
Cash & Cash equivalent at the close of the year as per Schedule 8 4,132,384 269,338,494 961,633 62,361,895
Cash & Cash equivalents at the beginning of the year as per Schedule 8 961,633 62,676,830 11,976,903 776,702,253
Translation Reserve - 41,652 2,701,136
3,170,751 206,661,663 (11,056,922) (717,041,493)
Praveen P Kadle
Warren Harris
Sonal Ramrakhiani
Date :
Place :
8
TATA TECHNOLOGIES INC
(Amount in USD)
Other Equity Securities Total equity

Translation Restructuring
Premium Retained earnings Capital Reserve
Reserve Account
Reserve
Balance as at April 1, 2016 416,472 18,193,173 5,614,930 (339,310) (92,776,266) (68,891,001)
Income for the year - 2,369,689 - 2,369,689
Balance as at March 31, 2017 416,472 20,562,862 5,614,930 (339,310) (92,776,266) (66,521,312)

Income for the year - 754,436 - 754,436
Total comprehensive income/(loss) for the year 416,472 21,317,298 5,614,930 (339,310) (92,776,266) (65,766,876)
Reserves transfer from subsidiary due to merger - 336,416 - - - 336,416
(Amount in ₹)
Other Equity Securities Total equity
Reserve Account
Reserve
Balance as at April 1, 2016 27,008,213 1,179,827,453 364,128,250 (22,004,244) (6,016,541,748) (4,467,582,075)
Balance as at March 31, 2017 27,008,213 1,333,501,802 364,128,250 (22,004,244) (6,016,541,748) (4,313,907,726)

Income for the year - 49,172,250 - - - 49,172,250
Total comprehensive income/(loss) for the year 27,144,608 1,389,408,389 365,967,140 (22,115,368) (6,046,925,975) (4,286,521,206)
Reserve transfer from subsidiary due to merger - 21,926,768 21,926,768
Praveen P Kadle
Warren Harris
Sonal Ramrakhiani
Date :
Place :
9
1 Property, Plant and Equipment (Amount in USD) (Amount in ₹) (Amount in USD) (Amount in ₹)
Plant & Machinery and Equipments - Leased 3,057 199,273 10,261 665,408
Computers 273,829 17,847,481 434,145 28,154,318
Furniture and fixtures 30,160 1,965,747 29,618 1,920,760
Vehicles 1,826 119,046 5,092 330,194
Leasehold Improvements 317 20,642 11,289 732,068
309,189 20,152,189 490,405 31,802,748
(Amt in USD )
Office Furniture and Leasehold
Property, plant and equipment Equipments Computers fixtures Vehicles Improvements Total
Cost as of April 1, 2017 61,403 2,436,024 200,416 25,743 704,553 3,428,140
Additions 1,294 97,176 26,175 124,645
Disposal (2,711) (778,508) (40,869) - (38,214) (860,302)
Cost as of March 31, 2018 59,986 1,754,692 185,722 25,743 666,339 2,692,483
Accumulated depreciation as of April 1,
2017 51,143 2,001,879 170,797 20,651 693,265 2,937,735
Depreciation for the year 8,301 256,605 25,634 3,265 10,972 304,777
Disposal (2,515) (777,620) (40,869) - (38,214) (859,218)
Accumulated depreciation as of March 31
2018 56,929 1,480,863 155,562 23,917 666,023 2,383,294
Net carrying amount as of March 31, 2018 3,057 273,829 30,160 1,826 317 309,189
Cost as of April 1, 2016 58,648 2,066,107 176,888 25,743 704,553 3,031,938

Additions 2,756 369,918 23,528 - - 396,201
Cost as of March 31, 2017 61,403 2,436,024 200,415 25,743 704,553 3,428,139
2016 41,417 1,704,423 144,678 16,173 673,263 2,579,953
Depreciation for the year 9,726 297,457 26,119 4,479 20,002 357,782
Accumulated depreciation as of March 31,
2017 51,143 2,001,879 170,797 20,651 693,265 2,937,735
Net carrying amount as of March 31, 2017 10,261 434,145 29,618 5,092 11,289 490,404
(Amount in ₹)
Office Furniture and Leasehold
Property, plant and equipment Equipments Computers fixtures Vehicles Improvements Total
Cost as of April 1, 2017 4,002,127 158,774,003 13,062,606 1,677,866 45,921,019 223,437,621
Additions 84,336 6,333,698 1,706,021 - - 8,124,055
Disposal (176,694) (50,741,227) (2,663,739) - (2,490,673) (56,072,332)
Cost as of March 31, 2018 3,909,768 114,366,474 12,104,888 1,677,866 43,430,347 175,489,343
2018 3,333,358 130,477,502 11,132,146 1,346,005 45,185,254 191,474,265
Depreciation for the year 541,070 16,724,853 1,670,735 212,815 715,124 19,864,596
Disposal (163,933) (50,683,363) (2,663,739) - (2,490,673) (56,001,707)
2018 3,710,495 96,518,992 10,139,142 1,558,820 43,409,705 155,337,154
Net carrying amount as of March 31, 2018 199,273 17,847,481 1,965,747 119,046 20,642 20,152,189
Cost as of April 1, 2016 3,803,293 133,987,034 11,471,198 1,669,435 45,690,278 196,621,238

Additions 178,724 23,989,171 1,525,772 - - 25,693,667
Cost as of March 31, 2017 3,982,017 157,976,205 12,996,970 1,669,435 45,690,278 222,314,905
2016 2,685,886 110,531,818 9,382,408 1,048,791 43,661,101 167,310,004
Depreciation for the year 630,723 19,290,069 1,693,802 290,450 1,297,109 23,202,153
Accumulated depreciation as of March 31, 10
2017 3,316,609 129,821,887 11,076,210 1,339,242 44,958,210 190,512,157
Net carrying amount as of March 31, 2017 665,408 28,154,318 1,920,760 330,194 732,068 31,802,748
2 Other Intangible assets (Amount in USD) (Amount in ₹) (Amount in USD) (Amount in ₹)

(Other than internally generated) As at As at As at As at
(i) Carrying amount of:
Software Licenses 106,484 6,940,418 79,312 5,143,370
Copyrights 8,056 525,047 8,056 522,408
114,540 7,465,464 87,367 5,665,779
(Amt in USD)
Intangible assets Software Licenses Copyrights Total
Cost as of April 1, 2017 2,060,803 8,056 2,068,859
Additions 112,295 112,295
Transfer In - -
Disposal (4,993) - (4,993)
Cost as of March 31, 2018 2,168,105 8,056 2,176,161
Accumulated amortisation as of April 1, 2017 1,981,491 - 1,981,491

Amortization for the year 85,123 85,123
Amortization on Transfer In - -
Disposal (4,993) - (4,993)
Accumulated amortisation as of March 31, 2018 2,061,622 - 2,061,622
Net carrying amount as of March 31, 2018 106,484 8,056 114,540
Cost as of April 1, 2016 2,025,085 8,056 2,033,141

Additions 35,718 35,718
Disposal - - -
Cost as of March 31, 2017 2,060,803 8,056 2,068,859
Amortization for the year 89,974 - 89,974
Disposal - -
Net carrying amount as of March 31, 2017 79,312 8,056 87,367
(Amount in ₹)
Intangible assets Software Licenses Copyrights Total
Cost as of April 1, 2017 134,318,021 525,047 134,843,068
Additions 7,319,108 - 7,319,108
Transfer In - - -
Currency translation differences - - -
Disposal (325,414) - (325,414)
0 141,311,716 525,047 141,836,763

Amortization for the year 5,548,036 - 5,548,036
Amortization on Transfer In - - -
Disposal (325,414) - (325,414)
Net carrying amount as of March 31, 2018 6,940,418 525,047 7,465,464
Cost as of April 1, 2016 131,326,799 522,408 131,849,207

Additions 2,316,309 - 2,316,309
Disposal - - -
Cost as of March 31, 2017 133,643,108 522,408 134,165,516
Amortization for the year 5,834,795 - 5,834,795
Disposal - -
Net carrying amount as of March 31, 2017 5,143,370 522,408 5,665,779
11
3 OTHER INVESTMENTS Quantity Amount Quantity Amount Quantity Amount Quantity Amount
NON-CURRENT
Unquoted Investments:
i) Investments in Equity of Subsidiaries
- 2,886,005 - 188,102,604 - 2,886,106 - 187,164,008
Total Non-current Investments 2,886,005 188,102,604 - 2,886,106 187,164,008
Aggregate book value of unquoted investments - 2,886,005 - 188,102,604 - 2,886,106 - 187,164,008

Categorywise other investments-as per Ind AS 109 classification
Investments - measured at amortised cost - 2,886,005 - 188,102,604 - 2,886,106 - 187,164,008
Total - 2,886,005 - 188,102,604 - 2,886,106 - 187,164,008
Investments - measured at amortised cost:

Unquoted equity shares 2,886,005 - 188,102,604 - 2,886,106 - 187,164,008
Total - 2,886,005 - 188,102,604 - 2,886,106 - 187,164,008

NON-CURRENT
Security deposits- at amortised cost 47,433 3,091,547 47,433 3,076,012
Total 47,433 3,091,547 47,433 3,076,012
CURRENT
Security deposits- at amortised cost 2,883 187,907 9,798 635,413
Loans and advances employees 49,034 3,195,923 53,291 3,455,943
Total 51,917 3,383,830 63,090 4,091,356

5 TRADE RECEIVABLES
Considered good 74,296 4,842,442 195,425 12,673,303
Considered doubtful 691,420 45,065,009 732,476 47,501,086
765,716 49,907,451 927,901 60,174,389
Less : Expected credit loss allowance 691,420 45,065,009 732,476 47,501,086
74,296 4,842,442 195,425 12,673,303
Considered good 23,437,662 1,527,608,458 25,168,643 1,632,186,738
23,437,662 1,527,608,458 25,168,643 1,632,186,738
23,437,662 1,527,608,458 25,168,643 1,632,186,738
23,511,958 1,532,450,900 25,364,068 1,644,860,041
The average credit period on sales of goods and services is 30-60 days.
Before accepting any new Customer, it is ensured that the Credit limit is in order to the customers and all the required approvals are obtained as per the policy.
Credit Limits are reviewed from time to time based on the operations in the customer account.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The expected
credit loss allowance is based on the ageing of the days the receivables are due and rates are given in the provision matrix. The provision matrix at the end of
the reporting period is as follows:
Ageing Expected credit loss (%)

Debts over due for a period greater than 180 days and less than 364 days 50%
Debts over due for a period greater than 364 days 100%
12
For the purpose of statement of cash flows, cash and cash equivalents include the cash on hand and in banks. Cash and cash equivalents at the end of
the reporting period as shown in the statement of cash flows can be reconciled to the related items in the balance sheet as follows:

Cash on hand - - 105 6,827

Current account with banks (Refer note 9 (i)) 4,132,384 269,338,494 871,039 56,486,856
Bank deposits less than 3 months maturity - - 90,488 5,868,146
4,132,384 269,338,494 961,632 62,361,829
Notes :
(i) In foreign currencies 4,132,384 269,338,494 961,632 62,361,829

7 OTHER ASSETS:
CURRENT
Unbilled revenue 2,952,120 192,411,846 1,904,639 123,515,852
Advances to suppliers and contractors 63,095 4,112,383 169,318 10,980,266
Prepaid expenses 454,484 29,622,133 417,235 27,057,707
Total 3,469,699 226,146,361 2,491,192 161,553,825

(a) Authorised:
157,900 Shares of non-voting Class A common stock with no par value 119,704,220 7,802,022,996 119,704,220 7,762,819,864
3,839,020 Shares of Class B common stock with no par value
Total 119,704,220 7,802,022,996 119,704,220 7,762,819,864

157,900 Shares of non-voting Class A common stock with no par value 119,704,220 7,802,022,996 119,704,220 7,762,819,864
3,839,020 Shares of Class B common stock with no par value
Total 119,704,220 7,802,022,996 119,704,220 7,762,819,864
13
(Amount in USD)
9 Other Equity Securities Total equity

Reserve Account
Reserve

Income for the year - 754,436 - 754,436
Total comprehensive income/(loss) for the year 416,472 21,317,298 5,614,930 (339,310) (92,776,266) (65,766,876)
Reserves transfer from subsidiary due to merger - 336,416 - - - 336,416
(Amount in ₹)
9 Other Equity Securities Total equity
Reserve Account
Reserve

Income for the year - 49,172,250 - - - 49,172,250
Total comprehensive income/(loss) for the year 27,144,608 1,389,408,389 365,967,140 (22,115,368) (6,046,925,975) (4,286,521,206)
Reserve transfer from subsidiary due to merger - 21,926,768 21,926,768

10 OTHER NON CURRENT LIABILITIES
NON-CURRENT
Income Received in Advance - - 4,617 299,414
Total - 4,617 299,414

11 Trade Payables
CURRENT
Trade payables
Total outstanding dues of creditors other than micro enterprises and small
enterprises 11,899,262 775,564,269 11,579,756 750,947,313
11,899,262 775,564,269 11,579,756 750,947,313
Note:

Statutory dues 119,427 7,783,930 316,489 20,524,290
Advance and Progress payments 311,551 20,306,124 292,913 18,995,434
Income received in advance 1,167,980 76,126,048 933,413 60,531,846
Total 1,598,958 104,216,102 1,542,815 100,051,570
14

Sale of products 41,009,054 2,672,868,050 39,948,884 2,590,685,524
Sale of services 64,380,284 4,196,146,610 71,917,682 4,663,862,394
Commission income 23,067 1,503,458 (9,964) (646,174)
105,412,406 6,870,518,118 111,856,602 7,253,901,745
- -

14 OTHER INCOME
(a) Interest income

Interest income-others 277 18,056 211 13,691
(b) Other non-operating income

Allowances for doubtful debts 41,057 2,675,963 - -
Other non-operating income 189,039 12,321,073 1,287,068 83,466,393
230,372 15,015,092 1,287,279 83,480,085

Outsourcing charges 18,557,095 1,209,505,271 20,453,239 1,326,392,769
Software-internal use 392,240 25,565,230 563,997 36,575,205
Professional fees 664,704 43,323,733 567,836 36,824,191
Training Costs 36,385 2,371,505 36,866 2,390,731
19,650,424 1,280,765,739 21,621,938 1,402,182,895
-


Salaries and wages 47,925,898 3,123,690,718 52,347,946 3,394,764,851
Staff welfare expenses 75,965 4,951,195 133,591 8,663,378
Social Security and other benefit plans for Overseas employees 128,904 8,401,637 128,386 8,325,809
48,130,767 3,137,043,550 52,609,923 3,411,754,039
- -

17 FINANCE COSTS
Interest on short term borrowings 27,359 1,783,200 11,516 746,829
27,359 1,783,200 11,516 746,829
15

18 OTHER EXPENSES
Repairs & maintenance
- Buildings 188,782 12,304,315 205,828 13,347,950
- Plant & Machinery 5,434 354,180 12,992 842,519
- Others 4,328 282,114 - -
Rent 719,617 46,902,812 738,992 47,923,668
Rates and Taxes 78,420 5,111,207 134,303 8,709,565
Insurance 166,795 10,871,270 189,511 12,289,790
Overseas Marketing Expenses 343,194 22,368,522 219,946 14,263,496
Royalty Expenses 103,615 6,753,377 233,677 15,153,956
Office Expenses 241,820 15,761,201 212,787 13,799,237
Travelling & Conveyance 1,901,792 123,954,095 2,551,663 165,475,341
Power & Fuel 86,727 5,652,618 84,720 5,494,066
Water Charges 8,883 578,998 10,983 712,277
Auditors Remuneration 69,782 4,548,230 60,279 3,909,113
Staff Training and Seminar Expenses 149,752 9,760,461 52,165 3,382,881
Staff Recruitment Expenses 553,812 36,096,099 600,661 38,952,864
Foreign Currency (Gain)/Loss - (Net) 10,817 705,006 128,102 8,307,409
Communication Expenses 365,174 23,801,149 361,485 23,442,292
Miscellaneous Expenses 296,413 19,319,433 330,520 21,434,215
5,295,156 345,125,087 6,199,396 402,030,904
16
Particulars Nature of Transaction Tata Tata TC Travel
Technologies Technologies Tata Tata Tata Tata Tata And
Europe Limited Technologies Cambric Technologies Jaguar Land Technologies Technologies Consultancy Services
Limited Pte. Ltd Shanghai, (Thailand) Ltd Rover Mexico SRL Services Limited
($) ($) ($) ($) ($) ($) ($) ($) ($) ($)
Expense
Expenses paid 252,149 12,039,736 - - 107,382 - 8,288 4,671,807 - 1,009
Income Income received from Sales of Services and
93,585 382,607 4,740 1,919 - 3,998,281 162,372 363,992 7,359,761 -
Goods
Payables 61,200 1,388,902 - - 9,098 - - 610,758 - -
Due Payable and outstanding on Supplies and
Services
Receivables 62,712 240,703 - 1,919 - 1,090,462 41,043 - 2,143,403 -
Period
Particulars Nature of Transaction Tata Tata TC Travel

Technologies Technologies Tata Tata Tata Tata Tata And
Europe Limited Technologies Cambric Technologies Jaguar Land Technologies Technologies Consultancy Services
Limited Pte. Ltd Shanghai, (Thailand) Ltd Rover Mexico SRL Services Limited
(₹) (₹) (₹) (₹) (₹) (₹) (₹) (₹) (₹) (₹)
Expense 16,434,460 784,720,033 - - 6,998,917 - 540,217 304,496,767 - 65,751
Expenses paid
Enterprise
Income
6,099,639 24,937,399 308,909 125,089 - 260,597,983 10,583,019 23,724,064 479,690,922 -
Goods
Payables
Due Payable and outstanding on Supplies and 3,988,864 90,525,142 - - 593,011 - - 39,807,682 - -
Services
Receivables 4,087,389 15,688,444 - 125,089 - 71,073,617 2,675,101 - 139,701,650 -
Period
17
TO THE MEMBERS OF
The Directors hereby present the Twenty-First Annual Report on the Business and Operations of the
16.1. FINANCIAL RESULTS
(In US $) (In ₹)
Income 105,642,778 6,885,533,210
16.2. OPERATIONS
Tata Technologies, Inc. is a global leader in engineering services outsourcing and product development IT
services to the manufacturing industry. We provide engineering, research and development; product
lifecycle management; connected enterprise IT; technical workforce staffing; training; and digital
engineering application (PLM software) solutions to our customers comprised primarily of manufacturers
and suppliers in the automotive, aerospace and industrial heavy machinery verticals. During the year the
company registered a turnover of US $ 105,642,778 (₹ 6,885,533,210) and a profit after tax of US $ 754,436
(₹49,172,250).
16.3. DIVIDEND
16.4. POST BALANCE SHEET EVENTS
16.5. PUBLIC DEPOSITS
16.6. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION
of energy.
16.7. AUDIT
The Company is not required to obtain an independent audit report on the financials of the Company under
the Michigan laws; consequently, no independent audit opinion has been sought in respect of these
financial statements.
The financial information is expressed in US $ only in the audited Accounting packs based on which the
attached financial statements have been reformatted. Solely for the convenience of the reader and to meet
the requirement of section 129 of the Companies (Accounts) Rules, 2014, the amounts appearing in Indian
18
Rupees have been translated at a fixed exchange rate of 1 US $ = ₹ 65.17751 as on March 31, 2018 and
1 US $ = ₹ 64.85001 as on March 31, 2017. These translations should not be construed as a representation
16.9. DIRECTORS’ RESPONSIBILITY STATEMENT
3. they have taken proper and sufficient care, to the best of their knowledge and ability, for the maintenance
of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
16.10. ACKNOWLEDGMENTS
bankers for their continued support and association. The Directors also wish to thank the Government and
all the statutory authorities for their support and co-operation.
The Directors would also like to place on record their appreciation of the dedicated, individual and collective
contribution of all the employees in the overall growth and progress of the Company during the last year.
Mr Praveen P Kadle Director

Mr. Warren Harris Director
Mrs. Sonal Ramrakhiani Director
Place :
Date :
19
ANNUAL REPORT OF
TATA TECHNOLOGIES DE MEXICO
SA DE CV
TATA TECHNOLOGIES DE MEXICO SA DE CV, MEXICO
1
TATA TECHNOLOGIES DE MEXICO SA DE CV, MEXICO

2. Fernando Oviedo
3. Sonal Ramrakhiani
REGISTERED: Blvd, Independencia, #1600, Ote.

OFFICE Local C-46, C.P., 27100 Torreon,
Coahuila, Mexico
2
Nineteenth annual report 2017-18
Tata Technologies de Mexico, S.A. de C.V.

3

Lease hold improvements Lower of Lease
period or useful life
profit and loss.
1.6 Inventories
1.7 Taxation
4
A provision is recognised when the Company has a present obligation as a result of past event and it is
probable than an outflow of resources will be required to settle the obligation, in respect of which the reliable
estimate can be made. Provisions (excluding retirement benefits and compensated absences) are
Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised
nor disclosed in the financial statements.
5
TATA TECHNOLOGIES DE MEXICO SA DE CV

Schedule
Particulars
No
I. ASSETS
(a) Property, Plant and Equipment 1 5,041 328,538 4,272 277,041
Total Non-current Assets 5,041 328,538 4,272 277,041
(2) Current Assets

(a) Inventories (Traded) 6,060 394,981 3,103 201,226
(i) Trade receivables 2 1,191,636 77,667,899 737,036 47,796,824
(ii) Cash and cash equivalents 3 721,426 47,020,780 635,837 41,234,049
(iii) Other Loans and advances 4 1,147 74,787 1,120 72,600
(b) Current tax assets (net) 324,041 21,120,180 316,153 20,502,550
(c) Other current assets 5 41,819 2,725,677 18,639 1,208,748
Total Assets 2,291,170 149,332,841 1,716,160 111,293,038

(1) Equity
(b) Other Equity 7 817,146 53,259,540 711,662 46,151,309
Total Equity 972,500 63,385,127 867,016 56,226,017
Liabilities
1 Current Liabilities
(i) Trade payables 8 1,073,183 69,947,377 619,459 40,171,920
(b) Current tax liabilities (net) 33,062 2,155,036 32,259 2,091,969
(c) Other current liabilities 9 212,425 13,845,301 197,426 12,803,132
Total Current Liabilities 1,318,670 85,947,714 849,144 55,067,021
Total Liabilities 1,318,670 85,947,714 849,144 55,067,021

(1) (0) - 0

Sonal Ramrakhiani Director
Fernando Oviedo Director
Date :
Place :
6

Particulars Schedule No March 31, 2018 March 31, 2018 March 31, 2017 March 31, 2017
I. Revenue from Operations 10 3,128,847 203,930,483 3,069,670 199,068,130

II. Other Income 11 13,801 899,534 2,938 190,529
III. Total Income (I + II) 3,142,649 204,830,016 3,072,608 199,258,660
IV. Expenses :
(a) Cost of traded products 2,219,596 144,667,715 1,965,835 127,484,417
(b) Consultancy fees, softwares and others 12 136,515 8,897,711 156,437 10,144,941
(c) Employee benefits expense 13 553,487 36,074,901 533,803 34,617,130
(e) Depreciation and amortisation expense 1 3,995 260,406 3,594 233,051
(f) Other expenses 14 146,123 9,523,927 94,582 6,133,644
Total expenses (IV) 3,059,716 199,424,660 2,754,251 178,613,183
V. Profit before tax (III-IV) and Exceptional items 82,933 5,405,357 318,357 20,645,477
VI. Profit / (Loss) Before Tax 82,933 5,405,357 318,357 20,645,477

VII. Tax Expense :
(a) Current Tax - - - -
VIII. Profit after Tax (VI-VII) 82,933 5,405,357 318,357 20,645,477

Date :
Place :
7

Net Profit after Taxation and Extraordinary Items 82,933 5,405,357 318,355 20,645,355
Depreciation and amortization 3,995 260,406 3,594 233,051
Interest Income (2,580) (168,190) (2,938) (190,505)
Unrealised exchange Loss / (Gain) (62) (4,055) 295 19,150
Operating profit before Working Capital Changes 84,285 5,493,518 343,719 22,290,204
Adjustments for :
Income Accrued
Inventories (2,957) (192,735) (3,103) (201,226)
Trade Receivables (454,600) (29,629,727) 160,105 10,382,782
Advance to Supplier, Contractors & Others (22,781) (1,484,837) 7,794 505,432
Loans and advances (27) (1,788) 337,259 21,871,218
Unbilled Revenue - - 1,647 106,830
Prepaid Expenses (399) (25,996) 2,284 148,146
Trade Payables 453,724 29,572,582 (182,543) (11,837,874)
Other Current Liabilities 14,999 977,566 (27,070) (1,755,469)
Advance Tax / Tax Deducted at Source (7,084) (461,687) (318,797) (20,673,971)
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES 65,159 4,246,895 321,295 20,836,073

Reserved carried from subsidiary merger - - - -
Interest Received 2,580 168,190 2,938 190,505
Payment for Purchase of Fixed Assets (4,764) (310,506) (2,673) (173,377)
NET CASH FLOW (USED IN)/GENERATED FROM INVESTING ACTIVITIES (2,184) (142,316) 265 17,128
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS 62,975 4,104,578 321,560 20,853,201
Cash & Cash equivalent at the close of the year as per Schedule 8 721,426 47,020,780 635,837 41,234,049
Cash & Cash equivalents at the beginning of the year as per Schedule 8 635,837 41,442,272 302,307 19,604,583
Translation Reserve 22,614 1,473,928.91 11,970 776,265
62,975 4,104,578 321,560 20,853,201

Date :
Place :
8
9
Plant & Machinery and Equipments - owned 544 35,470 660 42,812
Computers 3,399 221,527 2,598 168,494
Furniture and fixtures 1,098 71,538 1,014 65,735
5,041 328,535 4,272 277,041
(Amt in USD )
Plant &
Machinery and
Property, plant and equipment owned Computers fixtures Improvements Total
Cost as of April 1, 2017 843 42,524 13,576 2,266 59,209
Additions - 3,818 883 4,702
Currency translation differences 21 1,061 339 57 1,477
Cost as of March 31, 2018 864 47,403 14,798 2,323 65,388
2017 183 39,926 12,562 2,266 54,937
Depreciation for the year 131 3,048 816 3,995
Currency translation differences 6 1,030 322 57 1,415
2018 320 44,004 13,701 2,323 60,347
Net carrying amount as of March 31, 2018 544 3,399 1,098 - 5,041
Cost as of April 1, 2016 485 43,307 14,406 2,452 60,649

Additions 395 2,498 262 (186) 2,969
Currency translation differences (37) (3,281) (1,091) - (4,409)
Cost as of March 31, 2017 843 42,524 13,576 2,266 59,209
2016 97 39,876 13,032 2,452 55,457
Depreciation for the year 91 2,998 505 - 3,594
Currency translation differences (5) (2,948) (975) (186) (4,114)
2017 183 39,926 12,562 2,266 54,937
Net carrying amount as of March 31, 2017 660 2,598 1,014 - 4,272
(Amount in ₹)
Plant & Computers Furniture and Leasehold Total
Machinery and fixtures Improvements
Equipments -
Property, plant and equipment owned
Cost as of April 1, 2017 54,945 2,771,608 884,850 147,692 3,859,095
Additions - 248,865 57,582 - 306,448
Currency translation differences 1,370 69,147 22,075 3,685 96,278
Cost as of March 31, 2018 56,315 3,089,621 964,507 151,378 4,261,820
2018 11,927 2,602,277 818,760 147,692 3,580,657
Depreciation for the year 8,526 198,688 53,192 - 260,406
Currency translation differences 391 67,128 21,018 3,685 92,223
2018 20,844 2,868,094 892,970 151,378 3,933,285
Net carrying amount as of March 31, 2018 35,470 221,527 71,538 - 328,535
Cost as of April 1, 2016 31,421 2,808,445 934,204 159,022 3,933,092

Additions 25,601 162,013 16,962 (12,048) 192,528
Currency translation differences (2,381) (212,776) (70,778) - (285,935)
Cost as of March 31, 2017 54,641 2,757,682 880,388 146,974 3,839,685
2016 6,284 10 2,585,967 845,103 159,022.22 3,596,377
Depreciation for the year 5,878 194,397 32,777 - 233,052
Currency translation differences (333) (191,176) (63,228) (12,048) (266,785)
2017 11,829 2,589,188 814,653 146,974 3,562,644
Net carrying amount as of March 31, 2017 42,812 168,494 65,735 - 277,041
TATA TECHNOLOGIES INCTATA TECHNOLOGIES DE MEXICO SA DE CV

2 TRADE RECEIVABLES
Considered good 4,212 274,555 19,939 1,293,049
Considered doubtful 113,493 7,397,175 121,799 7,898,694
117,705 7,671,730 141,738 9,191,743
Less : Expected credit loss allowance 113,493 7,397,175 121,799 7,898,694
4,212 274,555 19,939 1,293,049
Considered good 1,187,424 77,393,343 717,097 46,503,775
1,187,424 77,393,343 717,097 46,503,775
1,187,424 77,393,343 717,097 46,503,775
1,191,636 77,667,899 737,036 47,796,824
Before accepting any new Customer, it is ensured that the Credit limit is in order to the customers and all the required approvals are obtained as per the policy.
Credit Limits are reviewed from time to time based on the operations in the customer account.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The expected
credit loss allowance is based on the ageing of the days the receivables are due and rates are given in the provision matrix. The provision matrix at the end of
Ageing Expected credit loss (%)

Debts over due for a period greater than 180 days and less than 364 days 50%
Debts over due for a period greater than 364 days 100%
For the purpose of statement of cash flows, cash and cash equivalents include the cash on hand and in banks. Cash and cash equivalents at the end of
the reporting period as shown in the statement of cash flows can be reconciled to the related items in the balance sheet as follows:

Current account with banks (Refer note 9 (i)) 721,426 47,020,780 635,837 41,234,049
721,426 47,020,780 635,837 41,234,049
Notes :
(i) In foreign currencies 721,426 47,020,780 635,837 41,234,049
11
CURRENT
Total 1,147 74,787 1,120 72,600

5 OTHER ASSETS:
CURRENT
Advances to suppliers and contractors 22,781 1,484,837 - -
Total 41,819 2,725,677 18,639 1,208,748


(a) Issued,Subscribed and Fully paid up capital:

1,763,465 Ordinary Shares 155,354 10,125,587 155,354 10,074,708
Total 155,354 10,125,587 155,354 10,074,708
12
(Amount in USD)
7 Other Equity Total equity

Translation
Retained earnings
Reserve
Balance as at April 1, 2016 704,455 (274,579) 429,876

Income for the year 318,355 (36,570) 281,785
Balance as at March 31, 2017 1,022,810 (311,149) 711,662
Balance as at April 1, 2017 1,022,810 (311,149) 711,661

Income for the year 82,933 22,552 105,485
Balance as at March 31, 2018 1,105,743 (288,597) 817,146
(Amount in ₹)
7 Other Equity Total equity

Translation
Retained earnings
Reserve
Balance as at April 1, 2016 45,683,931 (17,806,446) 27,877,486
Income for the year 20,645,355 (2,371,532) 18,273,823
Balance as at March 31, 2017 66,329,286 (20,177,978) 46,151,309
Balance as at April 1, 2017 66,664,209 (20,279,917) 46,384,292

Income for the year 5,405,357 1,469,891 6,875,248
Total comprehensive income/(loss) for the year 72,069,566 (18,810,026) 53,259,540
Reserve transfer from subsidiary due to merger - -
Balance as at March 31, 2018 72,069,566 (18,810,026) 53,259,540
13
8 Trade Payables
CURRENT
Trade payables
enterprises 1,073,183 69,947,377 619,459 40,171,920
1,073,183 69,947,377 619,459 40,171,920
Note:

Statutory dues 200,547 13,071,147 189,905 12,315,338
Income received in advance 11,878 774,154 7,521 487,792.93
Total 212,425 13,845,301 197,426 12,803,132


Sale of products 3,023,810 197,084,438 2,899,204 188,013,406
Sale of services 102,437 6,676,587 136,275 8,837,420
Commission income 2,600 169,458 34,191 2,217,256
3,128,847 203,930,483 3,069,670 199,068,082
- -

11 OTHER INCOME
(a) Interest income

Interest income-others 2,580 168,190 2,938 190,505
(b) Other non-operating income

Allowances for doubtful debts 11,221 731,344 - -
13,801 899,534 2,938 190,505
14
Outsourcing charges 123,857 8,072,701 142,066 9,213,010
Professional fees 10,741 700,061 8,311 538,942
Training Costs 1,917 124,950 6,060 393,016
136,515 8,897,711 156,437 10,144,969
-


Salaries and wages 553,487 36,074,901 533,803 34,617,145
553,487 36,074,901 533,803 34,617,145
15

14 OTHER EXPENSES
- Buildings 7,904 515,164 5,564 360,811
Rent 24,395 1,590,014 22,547 1,462,197
Overseas Marketing Expenses 3,930 256,135 5,958 386,354
Royalty Expenses 14,367 936,406 - -
Office Expenses 2,260 147,314 2,151 139,519
Travelling & Conveyance 38,180 2,488,454 30,495 1,977,574
Water Charges 1,415 92,230 1,877 121,752
Staff Training and Seminar Expenses 1,043 67,996 1,389 90,068
Foreign Currency (Gain)/Loss - (Net) 25,502 1,662,172 (33,659) (2,182,720)
Communication Expenses 9,389 611,921 9,216 597,634
Miscellaneous Expenses 17,738 1,156,121 24,631 1,597,306
146,123 9,523,927 94,582 6,133,649
15. Conversion into Indian Rupees
Rupees have been translated at a fixed exchange rate of 1 US $ = ₹ 65.17751 as on March 31, 2018 and
1 US $ = ₹ 64.85001 as on March 31, 2017. These translations should not be construed as a representation
16. Related Party Transaction
Particulars Nature of Transaction TTUS ($) TTUS (₹)
Expenses paid by Reporting

Enterprise
Expenses
Expenses Paid 23,027 1,500,824

Dues Payable by the Reporting
Payables Reporting Period
Due Payable and outstanding on

Supplies and services 156,147 10,177,273
16
TO THE MEMBERS OF
Tata Technologies de Mexico, S.A. de C.V.
The Directors hereby present the Nineteenth Annual Report on the Business and Operations of the
17.1. FINANCIAL RESULTS
In (US $) (In ₹)
Income 3,142,649 204,830,016

17.2. OPERATIONS
Tata Technologies de Mexico, S.A. de C.V. is a subsidiary of Tata Technologies Inc., a Michigan company.
The Company operates in Mexico under the Tata Technologies trade name. Tata Technologies provides
services in the field of engineering automation, offering engineering & design services, PLM products and
related IT services to their respective customer bases, comprising primarily manufacturers and their
suppliers in the international automotive and aerospace markets During the year the company registered a
turnover of US $ 3,142,649 (₹ 204,830,016) and a profit after tax of US $ 82,933 (₹ 5,405,357).
17.3. DIVIDEND
17.4. POST BALANCE SHEET EVENTS
17.5. PUBLIC DEPOSITS
17.6. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION
of energy.
17.7. AUDIT
The Company is not required to obtain an independent audit report on the financials of the Company under
the Michigan laws; consequently, no independent audit opinion has been sought in respect of these
financial statements.
17.8. DIRECTORS’ RESPONSIBILITY STATEMENT
17
3. they have taken proper and sufficient care, to the best of their knowledge and ability, for the maintenance
of adequate accounting records in accordance with the provisions of the Companies. Act, 2013, for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
17.9. ACKNOWLEDGMENTS
bankers for their continued support and association. The Directors also wish to thank the Government
and all the statutory authorities for their support and co-operation.
contribution of all the employees in the overall growth and progress of the Company during the last year.

Place:
Date:
18
ANNUAL REPORT OF
TATA TECHNOLOGIES SRL,
ROMANIA
TATA TECHNOLOGIES SRL, ROMANIA

DIRECTORS: Nicolas Sale
REGISTERED : Str. Branduselor, No. 84

OFFICE Brasov, 500397
Romania
TATA TECHNOLOGIES SRL , ROMANIA

1 Basis of Preparation of Financial Statements
the Company’s second Ind AS financial statements. The date of transition to Ind AS is April 1, 2015.
The Company acts as a reseller of hardware and software to the worldwide CAE community and provides
services which include installation, training, product support, design services and consultancy. Hardware
revenues are recognised when the hardware is delivered. Software revenues are recognised when a non-
cancellable agreement has been signed and there are no uncertainties surrounding product acceptance,
there are no significant vendor obligations, and the fees are fixed and determinable. Training, design
services and consulting revenues are recognised as the services are performed. Support agreement
revenues are recognised rateably over the support period except where the services of a third party are
sold on. In this situation all revenue is recognised upfront.
Fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off
the cost less estimated residual value of each asset over its expected useful life, as follows :
Short leasehold Improvements Period of Lease

Plant and Machinery 3-4 years
Furniture and Fixtures 4 years
1.4 Leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and
depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements
are included in creditors net of the finance charge allocated to future periods. The finance element of the
rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge
on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease
term.
1.5 Taxation
The carrying amounts of the Company’s assets are reviewed at each statement of financial position date
to determine whether there is any indication of any impairment. If any such indication exists, the asset’s
recoverable amount is estimated. All impairment losses are recognised in profit or loss whenever the
carrying amount of an asset of its cash-operating unit exceeds its recoverable amount.
An impairment loss is only reversed to the extent the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had
been recognised. All reversals of impairment losses are recognised in profit or loss.
1.8 Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalized as part of the cost of that asset. Borrowing costs are capitalized as part of the cost of
a qualifying asset when it is probable that they will result in future economic benefits to the enterprise and
the costs can be measured reliably. Other borrowing costs are recognized as an expense in the year in
which they are incurred.
1.9 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) where, as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will be
Provisions are reviewed at each statement of financial position date and adjusted to reflect the current best
estimate. If it is no longer probable that an outflow of economic resources will be required to settle the
obligation, the provision is reversed.
2. NOTES TO ACCOUNTS
2.1 Capital commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of
advances) is US $ Nil (₹ Nil) as at March 31, 2018.
2.2 Contingent liabilities
There were no contingent liabilities as at 31st March 2018.
2.3 Provision for Taxes
The provision for taxation pertains to tax liability as applicable to the jurisdictions of the country in which the
Company operates. The provision for taxation for the current year has been computed by the management
in consultation with the tax advisors to the Company.
2.4 Related Party disclosures
Tata
Technologies Tata Tata Tata Tata Tata Tata
Tata Technologies Europe Technologies Technologies Technologies Technologies Technologies Technologies
Nature of Transaction Europe Limited Limited Inc Inc Ltd Ltd Ltd Ltd
(₹) (₹) (₹) (₹)
Financial Services provided by the
reporting enterprise
GBP 255,647 23,592,289 USD 4,923,434 320,897,169 USD 2,123.34 138,394 USD 13,874.60 904,312
EUR 3,596,181 290,600,446 EUR 106,596 8,613,817 ₹ 5,243,428.41 5,243,428
SEK 152,551 1,192,412
Sale of Services
(GBP 68,480) (5,735,623) (USD 1,012,675) (65,399,788)
(EUR 943,564) (69,538,747) (EUR 24,917) (1,836,326)
(SEK 413,732) (3,165,745)
enterprise as on the date of the
reporting period
GBP 64,450 5,947,744 USD 862,385 56,208,107 USD 2,123.34 138,394 USD 13,874.60 904,312
EUR 840,103 67,887,102 EUR 10,673 67,887,102 ₹ 5,243,428.41 5,243,428
SEK 112,428 878,791
(GBP 49,219) (4,122,381) (USD 330,274) (21,329,494)
(EUR 811,310) (59,791,888) (EUR 9,068) (668,310)
(SEK 1,320,028) (10,100,431)
Dues payable by the Reporting
enterprise as on the date of the
reporting period
GBP 2,012 185,677
Dues Payable
(GBP 110,401) (92,446,764) (RON 52,253) (846,513)
(Previous year figures are in brackets)
Rupees have been translated at a fixed exchange rate of 1 US $ = ₹ 64.85001 as on March 31, 2017.
These translations should not be construed as a representation that any or all the amounts could be
converted to Indian Rupees at this or any other rate.
2.6 The above Financial Statements are prepared from the internally prepared accounts of the Company.
These accounts are audited by BSR & Co, LLP in order to give an audit opinion in relation to the
consolidated accounts of the ultimate holding company i.e. Tata Technologies Limited. However, no
separate audit report is issued in respect of the Company. An audit report for the ultimate holding company
is issued by BSR & Co, LLP and is included in its financial statement.
TATA TECHNOLOGIES SRL. Romania
Particulars Note No
I. ASSETS
(b) Goodwill 11,652 759,461 11,652 755,645
(c) Other Intangible assets 2 53,699 3,499,964 86,297 5,596,348
Financial assets:
(d) - Other Loans and advances 3 2,884 187,959 1,497 97,090
Total Non-current Assets 200,320 13,056,343 243,914 15,817,851
(2) Current Assets

(ii) Trade receivables 4 1,620,919 105,647,462 1,156,502 74,999,142
(iii) Cash and cash equivalents 5 2,576,139 167,906,318 1,575,987 102,202,803
(v) Other Loans and advances 3 153 9,969 2,402 155,746
(b) Current tax assets (net) - - 9,964 646,153
(c) Other current assets 6 1,218,277 79,404,239 444,938 28,854,227
Total Assets 5,615,807 366,024,330 3,433,706 222,675,922

(1) Equity
(a) Equity Share capital 7 1,355,600 88,354,611 1,355,600 87,910,652
(b) Other Equity 8 2,792,261 181,992,634 1,408,584 91,346,686
Total Equity 4,147,861 270,347,245 2,764,184 179,257,338
Liabilities
(ii) Trade payables 9 873,437 56,928,421 545,605 35,382,586
(b) Provisions 10 146,725 9,563,185 96,393 6,251,100
(c) Current tax liabilities (net) 70,063 4,566,567 - -
(d) Other current liabilities 11 377,721 24,618,912 27,523 1,784,898
Total Current Liabilities 1,467,946 95,677,085 669,522 43,418,584
Total Liabilities 1,467,946 95,677,085 669,522 43,418,584

(0) 1 - -
For and on behalf of the Board
Nicolas Sale
Date :
Place:

I. Revenue from Operations 12 10,207,249 665,283,045 8,390,019 544,092,786

II. Other Income 13 4,039 263,232 85,114 5,519,667
III. Total Income (I + II) 10,211,287 665,546,277 8,475,133 549,612,453
IV. Expenses :
(a) Cost of traded products - - - -
(b) Consultancy fees, softwares and others 14 1,091,693 71,153,840 914,993 59,337,302
(c) Employee benefits expense 15 6,093,046 397,129,573 5,402,320 350,340,526
(e) Depreciation and amortisation expense 1&2 139,018 9,060,825 126,631 8,212,012
(f) Other expenses 16 1,556,500 101,448,776 1,348,083 87,423,191
Total expenses (IV) 8,880,257 578,793,015 7,792,027 505,313,031
V. Profit before tax (III-IV) 1,331,031 86,753,262 683,106 44,299,422
VI Tax Expense :
(a) Current Tax 310,710 20,251,299 55,275 3,584,604
310,710 20,251,299 55,275 3,584,604
VII. Profit after Tax (V-VI) 1,020,321 66,501,963 627,831 40,714,818
VIII. Other Comprehensive Income :
(i) Exchange differences on translation of foreign operations 363,356 23,682,620 (204,448) (13,258,484)
IX. Other Comprehensive Income for the year: 363,356 23,682,620 (204,448) (13258484)
X. Profit for the year (VIII+IX) 1,383,676 90,184,584 423,382 27,456,334

In terms of our report attached
Nicolas Sale
Date :
Place:

Net Profit after Taxation and Extraordinary Items 1,020,321 66,501,963 627,831 40,714,818
Depreciation and amortization 139,018 9,060,825 126,631 8,212,012
Provision for Income Tax 310,710 20,251,299 55,275 3,584,604
(Profit)/Loss on Sale of Tangible and Intangible Fixed Assets - - 6,082 394,422
Operating profit before Working Capital Changes 1,470,048 95,814,087 815,819 52,905,856
Adjustments for :
Trade Receivables (464,417) (30,269,541) (31,014) (2,011,290)
Income received in advance 352,863 22,998,755 (113,441) (7,356,629)
Advance to Supplier, Contractors & Others (15) (980) 5,617 364,278
Loans and advances 862 56,199 52,230 3,387,092
Unbilled Revenue (492,905) (32,126,346) (313,875) (20,354,808)

Prepaid Expenses (280,418) (18,276,969) (35,706) (2,315,549)
Trade Payables 327,830 21,367,090 34,721 2,251,618
Statutory dues (2,665) (173,690) (7,911) (513,008)
Short Term Provision 50,332 3,280,529 (19,257) (1,248,836)
Advance Tax / Tax Deducted at Source (230,683) (15,035,315) (258,299) (16,750,722)
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES 730,833 47,633,819 128,883 8,358,002

Payment for Purchase of Fixed Assets (94,036) (6,129,030) (166,108) (10,772,134)
NET CASH FLOW (USED IN)/GENERATED FROM INVESTING ACTIVITIES (94,036) (6,129,030) (166,108) (10,772,134)
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS 636,796 41,504,789 (37,226) (2,414,131)
Cash & Cash equivalent at the close of the year as per Schedule 8 2,576,139 167,906,318 1,575,987 102,202,803
Less: Bank Deposits with original maturity over three months for the year - - - -
Cash & Cash equivalents at the beginning of the year as per Schedule 8 1,575,987 102,718,908 1,817,662 117,875,418
Less: Bank Deposits with original maturity over three months for the previous year - - - -
Translation Reserve 363,356 23,682,620 (204,448) (13,258,484)
Effect of exchange rate changes on cash and cash equivalents
636,796 41,504,789 (37,226) (2,414,131)

Notes forming part of Standalone Financial Statements
Nicolas Sale
Date :
Place:
Plant & Machinery and Equipments - Owned 84,735 5,522,797 83,630 5,423,380
Furniture and fixtures 40,107 2,614,049 51,501 3,339,868
Leasehold Improvements 7,243 472,097 9,337 605,520
132,085 8,608,943 144,468 9,368,768
(0) (16)
(Amt in USD )
Plant &
Machinery and
Property, plant and equipment owned fixtures Improvements Total
Cost as of April 1, 2017 765,629 108,366 98,781 972,777
Additions 53,649 7,060 60,710
Currency translation differences 95,005 14,131 12,920 122,056
Disposal (129,351) (984) (130,335)
Cost as of March 31, 2018 784,932 128,574 111,701 1,025,207
2017 682,000 56,865 89,443 828,308
Depreciation for the year 61,056 24,232 3,189 88,478
Currency translation differences 86,493 8,354 11,825 106,672
Disposal (129,351) (984) (130,335)
2018 700,198 88,467 104,457 893,122
Net carrying amount as of March 31, 2018 84,735 40,107 7,243 132,085
Cost as of April 1, 2016 780,442 48,378 94,739 923,560

Additions 48,510 63,914 11,730 124,154
Currency translation differences 12 (3,926) (7,688) (11,603)
Disposal (63,335) - - (63,335)
Cost as of March 31, 2017 765,629 108,366 98,781 972,777
2016 669,693 40,815 94,739 805,247
Depreciation for the year 69,571 20,183 2,497 92,251
Currency translation differences (12) (4,133) (7,793) (11,937)
Disposal (57,253) - - (57,253)
2017 682,000 56,865 89,443 828,308
Net carrying amount as of March 31, 2017 83,630 51,501 9,337 144,468
(Amt in ₹ )
Plant &
Machinery and
Property, plant and equipment owned fixtures Improvements Total
Cost as of April 1, 2017 49,901,792 7,063,026 6,438,300 63,403,117
Additions 3,496,731 460,172 - 3,956,903
Currency translation differences 6,192,214 921,036 842,063 7,955,313
Disposal (8,430,798) (64,132) - (8,494,929)
Cost as of March 31, 2018 51,159,939 8,380,102 7,280,363 66,820,404
2017 44,451,062 3,706,319 5,829,672 53,987,053
Depreciation for the year 3,979,475 1,579,390 207,878 5,766,743
Currency translation differences 5,637,403 544,475 770,716 6,952,594
Disposal (8,430,798) (64,132) - (8,494,929)
2018 45,637,142 5,766,053 6,808,266 58,211,461
Net carrying amount as of March 31, 2018 5,522,797 2,614,049 472,097 8,608,943
Cost as of April 1, 2016 50,611,426 3,137,299 6,143,795 59,892,520

Additions 3,145,859 4,144,803 760,687 8,051,349
Currency translation differences 778 (254,600) (498,564) (752,386)
Disposal (4,107,255) - - (4,107,255)
Cost as of March 31, 2017 49,650,807 7,027,502 6,405,918 63,084,227
2016 43,429,387 2,646,840 6,143,795 52,220,022
Depreciation for the year 4,511,658 1,308,861 161,930 5,982,449
Currency translation differences (778) (268,068) (505,328) (774,174)
Disposal (3,712,840) - - (3,712,840)
2017 44,227,427 3,687,634 5,800,397 53,715,458
Net carrying amount as of March 31, 2017 5,423,380 3,339,868 605,520 9,368,768
2 Other Intangible Assets (Amount in USD) (Amount in ₹) (Amount in USD) (Amount in ₹)
(Other than internally generated) As at As at As at As at
Software Licenses 53,699 3,499,964 86,297 5,596,348
53,699 3,499,964 86,297 5,596,348
(Amt in USD )
Software
Property, plant and equipment Licenses Total
Cost as of April 1, 2017 314,096 314,096
Additions 8,661 8,661
Currency translation differences 40,752 40,752
Disposal (8,276) (8,276)
Cost as of March 31, 2018 355,233 355,233
2017 227,800 227,800
Depreciation for the year 50,540 50,540
Currency translation differences 31,471 31,471
Disposal (8,276) (8,276)
2018 301,535 301,535
Net carrying amount as of March 31, 2018 53,699 53,699
-
Cost as of April 1, 2016 291,121 291,121
Additions 46,600 46,600
Currency translation differences (23,625) (23,625)
Disposal - -
Cost as of March 31, 2017 314,096 314,096
2016 212,064 212,064
Depreciation for the year 34,380 34,380
Currency translation differences (18,645) (18,645)
Disposal - -
2017 227,800 227,800
Net carrying amount as of March 31, 2017 86,297 86,297
(Amt in ₹ )
Software
Property, plant and equipment Licenses Total
Cost as of April 1, 2017 20,471,995 20,471,995
Additions 564,494 564,494
Currency translation differences 2,656,126 2,656,126
Disposal (539,435) (539,435)
Cost as of March 31, 2018 23,153,181 23,153,181
Accumulated amortisation as of April 1,
2017 14,847,437 14,847,437
amortisation for the year 3,294,082 3,294,082
Currency translation differences 2,051,185 2,051,185
Disposal (539,435) (539,435)
Accumulated amortisation as of March 31
2018 19,653,269 19,653,269
Net carrying amount as of March 31, 2018 3,499,913 3,499,913
-
Cost as of April 1, 2016 18,879,230 18,879,230
Additions 3,021,979 3,021,979
Currency translation differences (1,532,092) (1,532,092)
Disposal - -
Cost as of March 31, 2017 20,369,117 20,369,117
Accumulated amortisation as of April 1,
2016 13,752,368 13,752,368
amortisation for the year 2,229,548 2,229,548
Currency translation differences (1,209,147) (1,209,147)
Disposal - -
Accumulated amortisation as of March 31,
2017 14,772,770 14,772,770
Net carrying amount as of March 31, 2017 5,596,348 5,596,348

NON-CURRENT
Total 2,884 187,959 1,497 97,090
CURRENT
Security deposits- at amortised cost 153 9,969 135 8,772
(c) Loans and advances employees - - 2,266 146,974
Total 153 9,969 2,402 155,746

4 TRADE RECEIVABLES
- - - -
- - - -
Considered good 1,620,919 1,620,919 1,156,502 74,999,142
1,620,919 1,620,919 1,156,502 74,999,142
1,620,919 1,620,919 1,156,502 74,999,142
1,620,919 1,620,919 1,156,502 74,999,142
Before accepting any new Customer, it is ensured that the Credit limit is in order to the customers and all
The Company has used a practical expedient by computing the expected credit loss allowance for trade
receivables based on a provision matrix. The expected credit loss allowance is based on the ageing of the
days the receivables are due and rates are given in the provision matrix. The provision matrix at the end of
Ageing
Debts over due for a period greater than 180 days and less than 364 days
Debts over due for a period greater than 364 days

For the purpose of statement of cash flows, cash and cash equivalents include the cash on hand and
in banks. Cash and cash equivalents at the end of the reporting period as shown in the statement of
cash flows can be reconciled to the related items in the balance sheet as follows:
Cash on hand 2,081 2,081 1,708 110,735

Current account with banks (Refer note 11 (i)) 2,574,058 2,574,058 1,574,280 102,092,068
2,576,139 2,576,139 1,575,987 102,202,803
Notes :
In foreign currencies 2,576,139 2,576,139 1,575,987 102,202,803
6 OTHER ASSETS:
CURRENT -
Unbilled revenue 842,051 54,882,767 349,145 22,642,108
Advances to suppliers and contractors 15 980 - -
Total 1,218,277 79,404,239 444,938 28,854,227

(b) Issued,Subscribed and Fully paid up capital: 1,355,600 88,354,611 1,355,600 87,910,652
Total 1,355,600 88,354,611 1,355,600 87,910,652
(Amount in USD)
8. Other Equity Equity Share Capital Total equity

Translation
General Reserve Retained earnings Legal Reserve
Reserve
Balance as at April 1, 2016 1,355,600 285,711 431,825 170,200 97,465 2,340,801

Income for the year - - 627,831 (204,448) 423,383
Other comprehensive income /(loss) for the year & tax effect thereon - -
Total comprehensive income/(loss) for the year 1,355,600 285,711 1,059,656 170,200 (106,983) 2,764,184
Balance as at March 31, 2017 1,355,600 285,711 1,059,656 170,200 (106,983) 2,764,184
Balance as at April 1, 2017 1,355,600 285,711 1,059,656 170,200 (106,983) 2,764,184

Income for the year - - 1,020,321 363,356 1,383,676
Total comprehensive income/(loss) for the year 1,355,600 285,711 2,079,977 170,200 256,373 4,147,861
Balance as at March 31, 2018 1,355,600 285,711 2,079,977 170,200 256,373 4,147,861
(Amount in ₹)
Other Equity Equity Share Capital Translation Total equity
General Reserve Retained earnings Legal Reserve
Reserve
Balance as at April 1, 2016 87,910,652 18,528,390 28,003,859 11,037,495 6,320,608 151,801,004

Income for the year - - 40,714,818 (13,258,484) 27,456,334
Total comprehensive income/(loss) for the year 87,910,652 18,528,390 68,718,677 11,037,495 (6,937,876) 179,257,338
Balance as at March 31, 2017 87,910,652 18,528,390 68,718,677 11,037,495 (6,937,876) 179,257,338
Balance as at April 1, 2017 88,354,611 18,621,960 69,065,740 11,093,236 (6,972,886) 180,162,661

Income for the year - - 66,501,963 - 23,682,620 90,184,584
Total comprehensive income/(loss) for the year 88,354,611 18,621,960 135,567,703 11,093,236 16,709,735 270,347,245
Balance as at March 31, 208 88,354,611 18,621,960 135,567,703 11,093,236 16,709,735 270,347,245

9 Trade Payables
CURRENT
Trade payables
enterprises 873,437 56,928,421 545,605 35,382,586
873,437 56,928,421 545,605 35,382,586
Note:
CURRENT
Provision for employee benefits 146,725 9,563,185 545,605 35,382,586
146,725 9,563,185 545,605 35,382,586
10 Provisions
CURRENT
Provision for employee benefits 146,725 9,563,185 545,605 35,382,586
146,725 9,563,185 545,605 35,382,586

Statutory dues 9,003 586,820 11,668 756,688
Income received in advance 368,719 24,032,158 15,855 1,028,210
Total 377,721 24,618,977 27,523 1,784,898

Sale of services 10,207,249 665,283,045 8,390,019 544,092,786
10,207,249 665,283,045 8,390,019 544,092,786
- - - -

13 OTHER INCOME
Other non-operating income
Foreign currency gain (net) - - 57,710 3,742,505
Other non-operating income 4,039 4,039 27,404 1,777,162
4,039 4,039 85,114 5,519,667

Outsourcing charges 450,513 29,363,296 886,618 57,497,206
Software-internal use 617,393 40,240,122 6,884 446,446
Professional fees 23,788 1,550,422 21,490 1,393,650
1,091,693 71,153,840 914,993 59,337,302


(a) Salaries and wages 5,269,451 343,449,691 4,508,161 292,354,298
(e) Staff welfare expenses 165,028 10,756,105 162,471 10,536,273
(f) Social Security and other benefit plans for Overseas employees 658,567 42,923,778 731,687 47,449,955
6,093,046 397,129,573 5,402,320 350,340,526

16 OTHER EXPENSES
- Buildings 6,602 430,314 21,998 1,426,543
Rent 735,731 47,953,113 624,493 40,498,372
Insurance 1,845 120,257 2,338 151,599
Office Expenses 74,983 4,887,233 240,161 15,574,459
Travelling & Conveyance 518,682 33,806,405 299,845 19,444,976
Power & Fuel 17,844 1,163,039 14,382 932,665
Water Charges 62,765 4,090,887 79,921 5,182,849
Auditors Remuneration 16,357 1,066,097 33,904 2,198,685
Staff Training and Seminar Expenses - - 321 20,842
Staff Recruitment Expenses 1,378 89,822 836 54,246
Foreign Currency (Gain)/Loss - (Net) 84,853 5,530,476 - -
Communication Expenses 26,703 1,740,403 22,812 1,479,346
Miscellaneous Expenses 8,757 570,730 7,072 458,610
1,556,500 101,448,776 1,348,083 87,423,191
TO THE MEMBERS OF
The Directors hereby present the Fifth Annual Report on the Business and Operations of the Company
(In US $) (In ₹)
Income 10,211,287 665,546,277
Profit for the year 1,383,676 90,184,584
2. OPERATIONS
Tata Technologies SRL, Romania is an engineering production entity with locations in Brasov, Craiova, and
Iasi Romania. The Company was formed in 1997 and was a subsidiary of Cambric Corporation. With the
acquisition of Cambric Corp by Tata Technologies in 2013, the company has become subsidiary of Tata
Technologies.
During the year the company registered a turnover of US $ 10,211,287 (₹ 665,546,277) and a registered a
profit of US $ 1,383,676 (₹ 90,184,584).
3. DIVIDEND
5. PUBLIC DEPOSITS
of energy.
7. AUDIT
The Company is not required to obtain an audit opinion as per local regulations for the year ended
December 31, 2016. Therefore, the financial statements of the Company for the year ended March 31,
2017 has not been audited.
1. in the preparation of the annual accounts, the applicable accounting standards have been
followed and that there are no material departures;
and estimates that are reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year and of the loss of the Company for that
year;
maintenance of adequate accounting records in accordance with the provisions of the Companies
Act, 2013, for safeguarding the assets of the Company and for preventing and detecting frauds
and other irregularities;
9. ACKNOWLEDGMENTS
contribution of all the employees.
Nicolas Sale
Place :
Date :
ANNUAL REPORT OF
CAMBRIC LIMITED
CAMBRIC LIMITED
Financial Statements 4-6

CAMBRIC LIMITED
DIRECTORS: 1. Mr. Warren Harris

2. Ms. Sonal Ramrakhiani
REGISTERED: C/o H&J Corporate Services Ltd.

OFFICE Ocean Centre, Montagu Foreshore
East Bay Street
PO Box SS-19084
Nassau, Bahamas
TO THE MEMBERS OF
Cambric Limited
The Directors hereby present the Fifth Annual Report on the Business and Operations of the Company and
Statement of Accounts for the year ended March 31, 2018.
(In US$) (In ₹)

Income 277,652 18,096,676
Loss for the year 34,209 2,229,654
2. OPERATIONS
Cambric Limited was formed in 1997 and was a subsidiary of Cambric Corporation. With the acquisition of
Cambric Corp by Tata Technologies in 2013, the company has become subsidiary of Tata Technologies.
Cambric Limited holds the majority of the engineering software licenses that are used by the group. It wholly
owns Tata Technologies SRL, Romania.
During the year the company registered a turnover of US $ 277,652 (₹ 18,096,676) and produced a loss
of US $ 34,209 (₹ 2,229,654)
3. DIVIDEND
5. PUBLIC DEPOSITS
of energy.
7. AUDIT
The Company is not required to obtain an audit opinion as per local regulations. Therefore, the financial
statements of the Company for the year ended March 31, 2018 has not been audited.
year;
ACKNOWLEDGMENTS
Mr. Warren Harris Ms.Sonal Ramrakhiani

Director Director
Place :
Date :
Cambric Limited
Particulars Note No
I. ASSETS
(a) Non Current Investment 1,641,311 106,976,571 1,641,311 106,439,042
(b) Goodwill 291,319 18,987,456 291,319 18,892,049
(c) Other Intangible assets 349 22,717 97,280 6,308,636
Total Non-current Assets 1,932,979 125,986,744 2,029,911 131,639,727
(2) Current Assets

(ii) Trade receivables 1 320,727 20,904,200 280,541 18,193,087
(iii) Cash and cash equivalents 2 708,585 46,183,779 716,809 46,485,040
(c) Other current assets 3 - - 213,961 13,875,394
Total Assets 2,962,291 193,074,723 3,241,222 210,193,247

(1) Equity
(a) Equity Share capital 2,700,000 175,979,277 2,700,000 175,095,027
(b) Other Equity 226,122 14,738,073 260,331 16,882,436
Total Equity 4 2,926,122 190,717,350 2,960,331 191,977,463
Liabilities
(ii) Trade payables 5 36,169 2,357,373.36 280,891 18,215,784
Total Current Liabilities 36,169 2,357,373 280,891 18,215,784
Total Liabilities 36,169 2,357,373 280,891 18,215,784

0 (0) - -
Place: Warren Harris Sonal Ramrakhiani

Date: Director Director
Cambric Limited

I. Revenue from Operations 6 277,005 18,054,509 495,651 32,142,972

II. Other Income 7 647 42,167 - -
III. Total Income (I + II) 277,652 18,096,676 495,651 32,142,972
IV. Expenses :
(a) Cost of traded products - -
(b) Consultancy fees, softwares and others 8 213,961 13,945,466 441,786 28,649,800
(c) Employee benefits expense - -
(e) Depreciation and amortisation expense 96,932 6,317,779 125,004 8,106,537
(f) Other expenses 9 968 63,085 4,021 260,780
Total expenses (IV) 311,861 20,326,329 570,811 37,017,117
X. Profit/(Loss) for the year (VIII+IX) (34,209) (2,229,654) (75,160) (4,874,144)

In terms of our report attached

Cambric Limited

Net Profit after Taxation and Extraordinary Items (34,209) (2,229,654) (75,160) (4,874,144)
Amortization 96,932 6,317,779 125,004 8,106,537
Interest Income (647) (42,167) (647) (647)
Operating profit before Working Capital Changes 62,076 4,045,958 49,197 3,231,745
Adjustments for :
Trade Receivables (40,186) (2,619,236) (136,050) (8,822,844)
Other Current Assets - - (211,728) (13,730,569)
Prepaid Expenses 213,961 13,945,445
Trade Payables (244,722) (15,950,381) 280,892 18,215,784
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES (8,871) (578,213) (17,689) (1,105,884)

Interest Received 647 42,167 647 647
NET CASH FLOW (USED IN)/GENERATED FROM INVESTING ACTIVITIES 647 42,167 647 647
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS (8,224) (536,047) (17,042) (1,105,237)
Cash & Cash equivalent at the close of the year as per Schedule 8 708,585 46,183,779 716,809 46,485,040
Cash & Cash equivalents at the beginning of the year as per Schedule 8 716,809 46,719,826 733,851 47,590,276
(8,224) (536,047) (17,042) (1,105,237)


Cambric Limited

1 TRADE RECEIVABLES
- - - -
- - - -
Considered good 320,727 20,904,200 280,541 18,193,087
320,727 20,904,200 280,541 18,193,087
320,727 20,904,200 280,541 18,193,087
320,727 20,904,200 280,541 18,193,087
Before accepting any new Customer, it is ensured that the Credit limit is in order to the customers and all
The Company has used a practical expedient by computing the expected credit loss allowance for trade
receivables based on a provision matrix. The expected credit loss allowance is based on the ageing of the
days the receivables are due and rates are given in the provision matrix. The provision matrix at the end of
Ageing
Debts over due for a period greater than 180 days and less than 364 days
Debts over due for a period greater than 364 days

708,585 46,183,779 716,809 46,485,040
Notes :
In foreign currencies 708,585 46,183,779 716,809 46,485,040
Cambric Limited
3 OTHER ASSETS:
CURRENT
Prepaid expenses - - 213,961 13,875,394
Total - - 213,961 13,875,394
(Amount in USD)

Retained earnings
Balance as at April 1, 2016 2,700,000 335,491 3,035,491

Income for the year - (75,160) (75,160)
Total comprehensive income/(loss) for the year 2,700,000 260,331 2,960,331
Balance as at March 31, 2017 2,700,000 260,331 2,960,331
Balance as at April 1, 2017 2,700,000 260,331 2,960,331

Income for the year - (34,209) (34,209)
Total comprehensive income/(loss) for the year 2,700,000 226,122 2,926,122
Balance as at March 31, 2018 2,700,000 226,122 2,926,122
(Amount in ₹)

Retained earnings
Balance as at April 1, 2016 175,095,027 21,756,580 196,851,607

Income for the year - (4,874,144) (4,874,144)
Total comprehensive income/(loss) for the year 175,095,027 16,882,436 191,977,463
Balance as at March 31, 2017 175,095,027 16,882,436 191,977,463
Balance as at April 1, 2017 175,979,277 16,967,726 192,947,003

Income for the year - (2,229,654) (2,229,654)
Total comprehensive income/(loss) for the year 175,979,277 14,738,073 190,717,350
Cambric Limited

5 Trade Payables
CURRENT
Trade payables
enterprises 36,169 2,357,405
36,169 2,357,405 - -
Note:

Sale of services 277,005 18,054,509 495,651 32,142,972
277,005 18,054,509 495,651 32,142,972
- - - -

7 OTHER INCOME
(i) Interest income-others 647 42,167 - -
647 42,167 - -

Software-internal use 213,961 13,945,466 441,786 28,649,800
213,961 13,945,466 441,786 28,649,800

9 OTHER EXPENSES
Foreign Currency (Gain)/Loss - (Net) - - 2,958 191,844
Miscellaneous Expenses 968 63,085 1,063 68,936
968 63,085 4,021 260,780
ANNUAL REPORT OF
CAMBRIC GMBH
CAMBRIC GMBH
Particulars Page No.

CAMBRIC GMBH

2. Nick Sale
REGISTERED: C/o ServiceKnotor

OFFICE Campus, Geb. A1 1
D-66123 Saarbrucken

Note 6- Revenue Recognition and unbilled revenue (to the extent of projects where revenue is recognised
on percentage completion method)
Type of Asset Useful life of

Leasehold improvements Lower of Lease period or
useful life
Plant and Machinery 1 to 21 years
Computer Equipment’s 1 to 4 years
Furniture & Fixtures 1 to 21 years
profit and loss.
1.6 Inventories
1.7 Taxation
A provision is recognized when the Company has a present obligation as a result of past event and it is
probable than an outflow of resources will be required to settle the obligation, in respect of which the reliable
estimate can be made. Provisions (excluding retirement benefits and compensated absences) are
Contingent liabilities are not recognized in the financial statements. A contingent asset is neither recognised
nor disclosed in the financial statements.
Cambric GmbH
Particulars Note No
I. ASSETS
(2) Current Assets
(iii) Cash and cash equivalents 1 301,401 19,644,592 289,022 18,743,064
(b) Current tax assets (net) 766 49,953 13,851 898,245
(c) Other current assets
(i) VAT, Other taxes recoverable, staturory deposits - - 78 5,069
Total Assets 302,167 19,694,545 302,951 19,646,378

(1) Equity
(a) Equity Share capital 30,651 1,997,740 30,651 1,987,702
(b) Other Equity 270,266 17,615,287 272,300 17,658,676
Total Equity 2 300,918 19,613,027 302,951 19,646,378
Liabilities
(a) Other current liabilities
(i) Statutory dues 1,250 81,518.45 - -
Total Current Liabilities 1,250 81,518 - -
Total Equity and Liabilities 302,167 19,694,545 302,951 19,646,378

1 1 - -

Nick Sale Director
Place : Germany
Date :
Cambric GmbH

II. Other Income 3 83 5,411 11,123 721,318

III. Total Income (I + II) 83 5,411 11,123 721,318
IV. Expenses :
(b) Consultancy fees, softwares and others 4 5,810 378,672 3,377 219,011
(c) Employee benefits expense 5 - - 283 18,335
(f) Other expenses 6 9,125 594,771 22,852 1,481,971
Total expenses (IV) 14,935 973,443 26,512 1,719,317
V. Profit before tax (III-IV) (14,852) (968,032) (15,389) (997,999)
VII. Profit / (Loss) Before Tax (14,852) (968,032) (15,389) (997,999)

VI Tax Expense :
(a) Current Tax 32,881 2,143,080 (36,128) (2,342,900)
32,881 2,143,080 (36,128) (2,342,900)
VII. Profit after Tax (V-VI) (47,733) (3,111,112) 20,739 1,344,901
VIII. Other Comprehensive Income :
(i) Exchange differences on translation of foreign operations - - (18,818) (1,220,320)
IX. Other Comprehensive Income for the year: - - (18,818) (1220320)
X. Profit/(Loss) for the year (VIII+IX) (47,733) (3,111,112) 1,921 124,581

Nick Sale Director
Place : Germany
Date :
Cambric GmbH

Net Profit after Taxation and Extraordinary Items (47,733) (3,111,112) 20,739 1,344,901
Provision for Income Tax 32,881 2,143,080 (36,128) (2,342,900)
Interest Income (83) (5,411) - -
Operating profit before Working Capital Changes (14,935) (973,443) (12,219) (792,376)
Adjustments for :
Trade Receivables - - 139,525 9,048,179
Other Current Assets 78 5,084 19,460 1,261,958
Trade Payables - - (41,782) (2,709,593)
Statutory dues 1,251 81,553 - -
CASH (USED IN) / GENERATED FROM OPERATIONS 104,983 6,808,168
Income Taxes paid (Net) (19,796) (1,290,260) 696 45,107
NET CASH FLOW (USED IN)/GENERATED FROM OPERATING ACTIVITIES (33,402) (2,177,066) 105,679 6,853,275

Interest Received 83 5,411 - -
NET CASH FLOW (USED IN)/GENERATED FROM INVESTING ACTIVITIES 83 5,411 - -
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS (33,319) (2,171,655) 105,679 6,853,275
Cash & Cash equivalent at the close of the year 301,401 19,644,592 289,022 18,743,064
Cash & Cash equivalents at the beginning of the year 289,022 18,837,734 202,161 13,110,174
Add :Translation adjustment (45,698) (2,978,513) 18,818 1,220,385
Effect of exchange rate changes on cash and cash equivalents
(33,319) (2,171,655) 105,679 6,853,275

Nick Sale Director
Place : Germany
Date :
Cambric GmbH

301,401 19,644,592 289,022 18,743,064
Notes :
In foreign currencies 301,401 19,644,592 289,022 18,743,064
(Amount in USD)

Currency
Retained earnings
Translation Reserve
Balance as at April 1, 2016 30,651 303,958 (33,579) 301,030

Income for the year - 20,739 (18,818) 1,921
Total comprehensive income/(loss) for the year 30,651 324,697 (52,396) 302,951
Balance as at March 31, 2017 30,651 324,697 (52,396) 302,951
Balance as at April 1, 2017 30,651 324,697 (52,396) 302,952

Income for the year - (47,733) 45,698 (2,035)
Total comprehensive income/(loss) for the year 30,651 276,964 (6,698) 300,917
Balance as at March 31, 2018 30,651 276,964 (6,698) 300,917
(Amount in ₹)
Other Equity Equity Share Capital Currency Total equity

Retained earnings
Translation Reserve
Balance as at April 1, 2016 1,987,702 19,711,668 (2,177,573) 19,521,797

Income for the year - 1,344,901 1,344,901
Other comprehensive income /(loss) for the year & tax effect thereon - (1,220,320) (1,220,320)
Total comprehensive income/(loss) for the year 1,987,702 21,056,569 (3,397,893) 19,646,378
Balance as at April 1, 2017 1,997,756 21,162,942 (3,415,041) 19,745,657

Income for the year - (3,111,112) 2,978,482 (132,630)
Total comprehensive income/(loss) for the year 1,997,756 18,051,830 (436,559) 19,613,027
Balance as at March 31, 2018 1,997,756 18,051,830 (436,559) 19,613,027
Cambric GmbH
3 OTHER INCOME
(a) Interest income
(i) Interest income-others 83 5,411 - -
Other non-operating income
Foreign currency gain (net) - - 11,123 721,318
83 5,411 11,123 721,318

Professional fees 5,810 378,672 3,377 219,011
5,810 378,672 3,377 219,011


(e) Staff welfare expenses - 283 18,335
- - 283 18,335

6 OTHER EXPENSES
Rates and Taxes - - 21,756 1,410,861
Foreign Currency Loss 8,430 549,445 - -
Miscellaneous Expenses 695 45,326 1,097 71,110
9,125 594,771 22,852 1,481,971
7 (a) Conversion into Indian Rupees The financial information is expressed in US $ only in the
audited Accounting packs based on which the attached financial statements have been reformatted.
Solely for the convenience of the reader and to meet the requirement of section 129 of the
Companies (Accounts) Rules, 2014, the amounts appearing in Indian Rupees have been translated
at a fixed exchange rate of 1 US $ = ₹ 64.85001 as on March 31, 2017. These translations should
not be construed as a representation that any or all the amounts could be converted to Indian
Rupees at this or any other rate.
7 (b)The above Financial Statements are prepared from the internally prepared management
accounts of the Company. There is no separate audit report is given in respect of the Company.
An audit report for the Group is issued by Deloitte Haskins & Sells, Chartered Accountants and
is included in its financial statements.
7 (c)The above Financial Statements are prepared from the internally prepared management
accounts of the Company. There is no separate audit report is given in respect of the Company.
An audit report for the Group is issued by Deloitte Haskins & Sells, Chartered Accountants and
is included in its financial statements.
Directors Report
TO THE MEMBERS OF
Cambric GmbH
The Directors hereby present the Fifth Annual Report on the Business and Operations of the Company
1 FINANCIAL RESULTS
In US$ In (INR)
Income 83 5,411
Profit for the year (47,733) (3,111,112)
2 OPERATIONS
Cambric GmbH (the Company) is an engineering services entity. It was formed in 2002 to enable Cambric
to provide services to European clients. With the acquisition of Cambric Corp by Tata Technologies in
2013, the company has become subsidiary of Tata Technologies. The entity was 100% dedicated to
providing engineering services in Germany, on-site at the customer facilities (customer purchase orders
are assigned from Cambric Corporation to Cambric GmbH). In view of operations ease the Company
moved its employees under Tata Technologies Europe Limited. Currently, The company is in the process
of liquidation.
3. DIVIDEND
5. PUBLIC DEPOSITS
of energy.
7. AUDIT
The Company is not required to obtain an audit opinion as per local regulations. Therefore, the financial
statements of the Company for the year ended March 31, 2018 has not been audited.
year;
9. ACKNOWLEDGMENTS
Warren Harris
Nick Sale
Place :
Date :

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ANNUAL REPORT OF

TATA TECHNOLOGIES PTE LTD

DIRECTORS' STATEMENT 1-2

INDEPENDENT AUDITOR’S REPORT 3-4

STATEMENT OF COMPREHENSIVE INCOME 5

STATEMENT OF FINANCIAL POSITION 6

STATEMENT OF CHANGES IN EQUITY 7

STATEMENT OF CASH FLOWS 8

NOTES TO THE ACCOUNTS 9 - 27

The Directors in office at the date of this statement are:

WILLIAM CHAN KWOK WAH

ARRANGEMENT FOR DIRECTORS TO ACQUIRE SHARES AND DEBENTURES

DIRECTORS’ INTEREST IN SHARES

Share Options Granted

Share Options Exercised

SHARE OPTIONS – (Cont’d)

• Unissued Shares Under Option

CARRYING VALUE OF SUBSIDIARIES

ON BEHALF OF THE BOARD

PATRICK RAYMON MCGOLDRICK

WILLIAM CHAN KWOK WAH

DATED: APRIL 16, 2018

Report on the Audit of the Financial Statements

Basis for Opinion

CARRYING VALUE OF SUBSIDIARIES

Our opinion is not modified in respect of this matter.

Responsibilities of Management and Directors for the Financial Statements

(Continuation from Page 3)

Auditor’s Responsibilities for the Audit of the Financial Statements

Report on Other Legal and Regulatory Requirements

H. WEE & CO.

NOTE 2018 2017

COSTS AND EXPENSES

(LOSS) BEFORE TAXATION (413,538) (26,953,377) (603,409) (39,131,080)

Taxation 19 (28,645) (1,867,010) 14,325 928,976

(LOSS) FOR THE YEAR (442,183) (28,820,387) (589,084) (38,202,103)

OTHER COMPREHENSIVE INCOME:

THE ATTACHED NOTES TO THE ACCOUNTS

NOTE 2018 2017

SHARE CAPITAL 4 54,000,000 3,519,585,540 54,000,000 3,501,900,540

INTANGIBLE ASSETS 7 151,571 9,879,020 165,340 10,722,301

Less: CURRENT LIABILITIES

NET CURRENT ASSETS 4,218,816 274,971,922 4,705,255 305,135,834

111,413,821 7,261,675,432 111,823,214 7,251,736,546

THE ATTACHED NOTES TO THE ACCOUNTS

CURRENCY TRANSLATION RETAINED EARNINGS/

THE ATTACHED NOTES TO THE ACCOUNTS

Cash generated from operation (368,912) (24,044,766) (463,246) (30,041,507)

CASH FLOWS FROM INVESTING ACTIVITIES

THE ATTACHED NOTES TO THE ACCOUNTS

1 SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Accounting

Allowances for receivables

(b) New Standards and Interpretations Not Yet Adopted

1 SIGNIFICANT ACCOUNTING POLICIES – (Cont’d)

A list of the Company’s subsidiary companies is shown in Note 9.

(d) Intangible Assets

(e) Plant and Equipment and Depreciation

Computer equipment 1 to 3 years

(f) Subsidiary Companies

1 SIGNIFICANT ACCOUNTING POLICIES – (Cont’d)

(g) Financial Assets

Loans and receivables