Accounting Standard 10-

Study on Fixed Assets

Submitted By:

Mamta Chawla - 10075

Mikesh Matalia -10079
Neeta More -10092
Nidhi Jinesh Shah-10095
Nidhi Gupta-10097

A Report submitted to MET – AMDC in partial

fulfillment of the requirement for the award
of eMBA for the year 2010.

Under the guidance of:

Prof. L.N.Chopde

Mumbai Education Trust – AMDC

1
 PREFACE

In our project, we have highlighted the importance of

accounting standards as a part of the accounting system.
Accounting standards are the subject of guidelines issued
by the Institute of Chartered Accountant of India in respect
of financial transactions. These accounting standards have
many advantages. Accounting Standards provides the
information about company such as weather the company
has adopted uniform accounting policies or discloses
adequate information. The accountability is largely matter
of disclosure, of transparency, of explaining company’s
activities

This project involves discussion regarding the origin and

benefits of accounting standard (AS) 10 along with its
provision as drawn by ICAI. Along with this we have also
included ‘Accounting for Fixed Assets’ of annual reports of
Tata Motors, Voltas to study the practical implication of
the same.

2
 ACKNOWLEDGEMENT

This project report could not have been prepared, if not for
the help and encouragement from various people. Hence,
for the same reason I would like to thank my Professor Mr.
L.N.Chopde for his able guidance and useful suggestions,
which helped me in completing the project work, in time.

I would also like to thank Prof. Vijay Page, Director

General, MET AMDC for his constant support and valuable
assistance during this project.

3
 EXECUTIVE SUMMARY

Assets are any property owned by a person or business.

Tangible assets include money, land, buildings,
investments, inventory, cars, trucks, boats, or other
valuables. Intangibles such as goodwill are also considered
to be assets.

Fixed asset is a long-term tangible piece of property that a

firm owns and uses in the production of its income and
is not expected to be consumed or converted into cash
any sooner than at least one year's time. Fixed assets are
sometimes collectively referred to as "plant". In financial
records these Fixed Assets are usually expressed as the
cost of the asset minus depreciation.

Accounting standard 10 – A study of fixed assets helps

us understand, how different companies deal with their
fixed assets. When it comes to expansion and
restructuring, a company has to purchase or lease more
assets like land, buildings etc to set up new offices which
would help increase the business opportunities or it has to
purchase more machinery in order to help increasing the
productivity of the company & get rid of outdated
technology,. It is absolutely crucial for a company to
understand that which asset must be sold off at the right
time before it turns outdated and of no use to any
producer in the market. Hence we can conclude that Fixed
Assets are assets whose future economic benefit is
probable to flow into the entity, whose cost can be
measured reliably.

4
 CONTENTS

Overview of accounting standards 6

Introduction 7

Definitions
7

Explanation
7

Identification of Fixed Assets

8

Accounting Standards 10
9

Applicability of Accounting Standards

10

Tata Motors Fixed Asset Analysis 2009-10

12

Voltas Fixed Asset Analysis 2009-10

16

IRB Fixed Asset Analysis 2009-10

20

Maruti Suzuki Fixed Asset Analysis 2009-10

25

Bibliography
28

5
OVERVIEW OF ACCOUNTING STANDARDS

The Institute of Chartered Accountants of India (ICAI)

recognized the need to harmonize the diverse accounting
policies and practices in use in India and constituted the
Accounting Standards Board (ASB) on 21st April, 1977.
The composition of the ASB was fairly broad-based and
ensured participation of all interest-groups in the
standard-setting process.

The objective of Accounting Standards Board

a. To conceive of and suggest areas in which

Accounting Standards need to be developed.

b. To formulate Accounting Standards with a view to

assisting the Council of the ICAI in evolving and
establishing Accounting Standards in India.

c. To examine how far the relevant International

Accounting Financial Reporting Standard can be
adapted while formulating the Accounting Standard
and to adapt the same.

d. To review, at regular intervals, the Accounting

Standards from the point of view of acceptance or
changed conditions, and, if necessary, revise the
same.

e. To provide, from time to time, interpretations and

guidance on Accounting Standards.

f. To carry out such other functions relating to

Accounting Standard/International Financial
Reporting Standard

The main function of the ASB was to formulate Accounting

Standards so that such standards may be established by
the ICAI in India. While formulating the Accounting
Standards, the ASB took into consideration the applicable
laws, customs, usages and business environment
prevailing in India.

6
 INTRODUCTION

Financial statements disclose certain information relating

to fixed assets. In many enterprises these assets are
grouped into various categories, such as land, buildings,
plant and machinery, vehicles, furniture and fittings,
goodwill, patents, trademarks and designs. This standard
deals with accounting for such fixed assets.

Definitions

1. Fixed asset is an asset held with the intention

of being used for the purpose of producing or
providing goods or services and is not held for
sale in the normal course of business.

2. Fair market value is the price that would be

agreed to in an open and unrestricted market
between knowledgeable and willing parties
dealing at arm’s length who are fully informed
and are not under any compulsion to transact.

3. Gross book value of a fixed asset is its

historical cost or other amount substituted for
historical cost in the books of account or
financial statements. When this amount is
shown net of accumulated depreciation, it is
termed as net book value.

Explanation

Fixed assets often comprise a significant portion of the

total assets of an enterprise, and therefore are important
in the presentation of financial position. Furthermore, the
determination of whether expenditure represents an asset
or an expense can have a material effect on an
enterprise’s reported results of operations.

7
 Identification of Fixed Assets

The definition given above gives criteria for determining

whether items are to be classified as fixed assets.
Judgment is required in applying the criteria to specific
circumstances or specific types of enterprises. It may be
appropriate to aggregate individually insignificant items,
and to apply the criteria to the aggregate value. An
enterprise may decide to expense an item which could
otherwise have been included as fixed asset, because the
amount of the expenditure is not material.

Stand-by equipment and servicing equipment are normally

capitalized. Machinery spares are usually charged to the
profit and loss statement as and when consumed.
However, if such spares can be used only in connection
with an item of fixed asset and their use is expected to be
irregular, it may be appropriate to allocate the total cost
on a systematic basis over a period not exceeding the
useful life of the principal item.

In certain circumstances, the accounting for an item of

fixed asset may be improved if the total expenditure
thereon is allocated to its component parts, provided they
are in practice separable, and estimates are made of the
useful lives of these components. For example, rather
than treat an aircraft and its engines as one unit, it may
be better to treat the engines as a separate unit if it is
likely that their useful life is shorter than that of the
aircraft as a whole.

8
 AS-10 — ACCOUNTING FOR FIXED ASSETS

• The cost of a fixed asset should comprise its

purchase price and any attributable cost of bringing
the asset to its working condition for its intended use.
• Self-constructed asset shall be accounted at cost.
• In case of exchange of asset, fair value of asset
acquired or the net book value of asset given up
whichever is more clearly evident shall be
considered.
• Revaluation is permitted provided it is done for the
entire class of assets. The basis of revaluation should
be disclosed.
• Increase in value on revaluation shall be credited to
Revaluation Reserve while the decrease should be
charged to Profit and Loss Account.
• Goodwill to be accounted only when paid for.
• Assets acquired on hire purchase shall be recorded at
its fair value.
• Gross and net book values at beginning and end of
year showing additions, deletions and other
movements is required to be disclosed.
• Assets should be eliminated from books on disposal
or when of no utility value.
• Profit/loss on disposal is recognised on disposal to
Profit and Loss Account.
• Machinery spares that can be used only in
conjunction of specific asset shall be capitalised.

9
APPLICABILITY OF ACCOUNTING STANDARDS

To all
Corporate To all Non-
Entities [As Corporate
per entities [As
Accounting Standards
Companies per ICAI
(Accounting Accounting
Standards) Standards]
Rules]
Disclosure of
AS 1 Accounting Y Y
Policies
Valuation of
AS 2 Y Y
Inventories
Contingencies and
Events Occurring
AS 4 Y Y
After the Balance
Sheet Date
Net Profit or Loss
for the Period,
Prior Period Items
AS 5 Y Y
and Changes in
Accounting
Policies
Depreciation
AS 6 Y Y
Accounting
Construction
AS 7 Contracts (Revised Y Y
2002)
Revenue
AS 9 Y Y
Recognition
Accounting for
AS 10 Y Y
Fixed Assets
AS 11 The Effects of Y Y

10
 Changes in
Foreign Exchange
Rates (Revised
2003)
Accounting for
AS 12 Government Y Y
Grants
Accounting for
AS 13 Y Y
Investments
Accounting for
AS 14 Y Y
Amalgamations
AS 15 Employee Benefits Y Y
AS 16 Borrowing Costs Y Y
Not applicable
Related Party
AS 18 Y to
Disclosures
Level III
AS 19 Leases Y Y
AS 20 Earnings Per Share Y Y
Accounting for
AS 22 Y Y
Taxes on Income
Discontinuing Not applicable
AS 24 Y
Operations to Level III
Interim Financial
AS 25 Y Y
Reporting
AS 26 Intangible Assets Y Y
Impairment of
AS 28 Y Y
Assets
Provisions,
Contingent
AS 29 Y Y
Liabilities and
Contingent Assets

11
Tata Motors – 2009-10

12
 FIXED ASSETS

Fixed assets are stated at cost of acquisition or

construction less accumulated depreciation / amortization.

The product development cost incurred on new vehicle

platform, engines, transmission and new products are
recognized as fixed assets, when feasibility has been
established, the Company has committed technical,
financial and other resources to complete the
development and it is probable that asset will generate
probable future benefits.

Cost includes purchase price, taxes and duties, labour cost

and directly attributable costs for self constructed assets
and other direct costs incurred upto the date the asset is
ready for its intended use. Borrowing cost incurred for
qualifying assets is capitalised up to the date the asset is
ready for intended use, based on borrowings incurred
specifically for financing the asset or the weighted
average rate of all other borrowings, if no specific
borrowings have been incurred for the asset. The cost of
acquisition is further adjusted for exchange differences
relating to long term foreign currency borrowings
attributable to the acquisition of depreciable asset w.e.f.
April 1, 2007.

Software not exceeding Rs. 25,000 and product

development costs relating to minor product
enhancements, facelifts and upgrades are charged off to
the Profit and Loss Account as and when incurred.

As per auditor’s report:

a. The Company has maintained proper records
showing full particulars including quantitative details
and situation of fixed assets;
b. The fixed assets were physically verified during the
year by the Management in accordance with a
regular programme of verification which, in our
opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the

13
 information and explanation given to us, no material
discrepancies were noticed on such verification;
c. The fixed assets disposed off during the year, in our
opinion; do not constitute a substantial part of the
fixed assets of the Company and such disposal, in our
opinion, has not affected the going concern status of
the Company.

14
 DEPRECIATION AND AMORTIZATION

Depreciation and Amortization (including product

development expenditure) for 2009-10 increased by
53.6% to Rs.4,385.33 crores from Rs.2,854.52 crores in
2008-09. The increase in depreciation and amortization
expenses of Rs.1,380.36 crores represent impact on
account of increased capitalization at TML including the
effect of assets installed in the earlier years for which full
effect has come in the current year. Further, there has
been an increase in amortization of product development
cost consequent to commencement of commercial
production of new products mainly Prima, Nano and other
products. The increase is also attributable to product
development written off during the year of Rs.498.20
crores as compared to Rs.347.75 crores in 2008-09 and
increased depreciation of tooling at Jaguar Land Rover
business.
Accumulated Depreciation includes:

a. An adjustment of Rs. 76.78 crores (as at March 31,

2009 Rs. 47.24 crores) on assets transferred / sold /
discarded during the year.

b. Lease equalisation of Rs. 4.51 crores (2008-09 Rs.

4.49 crores) adjusted in lease rental income.

c. Depreciation of Rs. 0.44 crore (2008-09 Rs 0.44

crore) on revalued portion of gross block transferred
to Revaluation Reserve.

d. Reversal of depreciation of Rs. Nil (as at March 31,

2009 Rs. 6.87 crores) on exchange gain adjusted in
the carrying cost of assets in 2008-09 pertaining to
2007-08 has been transferred to general reserve in

15
line with the notification issued by the Ministry of
Corporate Affairs.

16
 FINDINGS AND UNDERSTANDINGS

The gross fixed assets including Capital Work in Progress

increased to Rs.23,648.96 crores as at March 31, 2010 as
compared to Rs. 20,852.06 crores as at March 31, 2009.

After considering the depreciation the net block represent

Rs.16,436.04 crores as at March 31, 2010, an increase of
Rs.1,843.88 crores.

The major additions were Nano project at Sanand, plant

and facilities for World Truck etc. and product
development cost, mainly towards Nano, Prima and other
new products.

17
VOLTAS – 2009-10

18
 FIXED ASSETS

Fixed assets are stated at cost less accumulated

depreciation. Fixed Assets include assets held for sale
aggregating Rs. 1615.82 Lakhs (31-3-2009: Rs. 964.40
Lakhs), valued at the lower of the estimated net realizable
value and net book value. It includes factory building of
Rs. 110.74 Lakhs (31-3-2009: Rs. 125.16 Lakhs) (original
cost) and Rs. 5.47 Lakhs (31-3-2009: Rs. 9.28 Lakhs) (net
book value) constructed on leasehold land, the lease
period being fifteen years with a renewal option.

Own manufactured goods are capitalised at cost excluding

interest but including excise duty net of CENVAT, octroi
duty and receiving / installation charges.
Interest on borrowed money allocated to and utilized for
qualifying fixed assets, pertaining to the period upto the
date of capitalization is added to the cost of the assets.

Assets acquired under finance leases are recognized at

the lower of the fair value of the leased assets at inception
and the present value of minimum lease payments. Lease
payments are apportioned between the finance charge
and the outstanding liability. The finance charge is
allocated to periods during the leased term at a constant
periodic rate of interest on the remaining balance of the
liability.

As per Auditor’s Report:

a. The Company has maintained proper records
showing full particulars, including quantitative details
and situation of the fixed assets.

b. The fixed assets were physically verified during the

year by the Management in accordance with a
regular programme of verification which, in our
opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the
information and explanation given to us, no material
discrepancies were noticed on such verification.

19
 c. The fixed assets disposed off during the year, in our
opinion, do not constitute a substantial part of the
fixed assets of the Company and such disposal has,
in our opinion, not affected the going concern status
of the Company.

DEPRECIATION / AMORTISATION

Depreciation and amortization for 2009-10 reduced by

0.95% approx to Rs.18,211.46 lakhs from Rs.18,385.29
lakhs in 2008-09.

Depreciation on all assets of the Parent Company has

been provided on the Straight Line Basis at the rates
prescribed in Schedule XIV to the Companies Act, 1956,
except Depreciation on furniture and fittings, which has
been provided on the Written down Value Basis at the
rates prescribed in Schedule XIV to the Companies Act,
1956.

Intangible assets are amortised on the Straight Line Basis

over their useful life. Manufacturing Rights and Technical
Know-how have been amortised over 72 months and
Software is amortised over 60 months. Premium paid on
Leasehold Land is amortised over the period of the lease,
commencing from the date the land is put to use for
commercial operation.

In some subsidiaries, depreciation on tools, furniture,

fixtures and office equipment is provided for over a period
of four years and for motor vehicles over a period of three
years.

In one of the subsidiaries, depreciation on all Fixed Assets

has been provided for on Written down Value Basis. The
foreign subsidiaries and foreign joint ventures cost of
assets including intangible assets has been depreciated
using the Straight Line Basis over their estimated useful
lives. Another subsidiary, depreciation on Computers and
Vehicles has been charged at 20% and furniture on the
Straight Line Basis at the rate prescribed in Schedule XIV
to the Companies Act, 1956.

20
21
 FINDINGS AND UNDERSTANDINGS

There was marginal increase in the Net Fixed Assets of the

Company due to incremental investment in buildings,
plant and machinery and in software. The Company
undertook several initiatives for improving Information
Technology systems which also resulted in additional
capital expenditure.

Capital Work-in-Progress is net of Government Subsidy

received which includes advances against Capital
Expenditure Rs. 649.35 Lakhs (31-3-2009: Rs 706.25
Lakhs)].

During year 2009 Rohini Industrial Electrical Limited,

Universal Comfort Products Limited, and Saudi Ensas
Company for Engineering Services W.L.L. became
subsidiaries.

22
 IRB 2009-10

FIXED ASSETS

Fixed Assets are stated at cost, less accumulated

depreciation & impairment losses if any. Cost comprises
the purchase price & any attributable cost bringing the
asset to its working condition for its intended use.
INTANGIBLE ASSETS

Toll Collection Rights

Intangibles are stated at cost, less accumulated
amortization & impairment losses, if any. Costs for
acquired toll rights include acquisition & incidental
expenses related to such acquisition.
Costs for toll collection rights awarded against
construction service by the grantor on BOT/DBFOT basis
include direct & indirect expenses on construction of
roads, bridges, culverts etc. & infrastructure at the toll
plazas.

23
 DEPRECIATION & AMORTISATION

Depreciation:
Depreciation is provided using the Written down Value
Method as per the useful life of the assets estimated by
the management or at the rates prescribed under
Schedule XIV of Companies Act, 1956, whichever is higher.

Depreciation shall be calculated by dividing the 95% of

the Assets value by the estimated useful life of the assets.
Remaining 5% useful value shall be adjusted only upon
disposal of such assets.
Based on the internal study, if found necessary to revise
the estimated useful life of the asset, the proposed
change shall be forwarded to the Board of Directors for
approval. In such cases, while providing the depreciation,
the guidelines issued by the Company Law Board/ ICAI
shall be followed.

Total depreciation considering tangible as well as non

tangible assets was 62.45 crores as on March 31, 2010 as
compared to 124.34 crores in March 31, 2009. This was
due to deletions of 74.35 crores in Plant & machinery
(0.17 Crores – highlighted in schedule 6) & toll collection
rights (74.18 Crores – highlighted in schedule 6).

Amortisation:

Toll collection Rights are amortised over the concession

period ranging from 9 years to 25 years. The rights are
amortised based on the projected toll revenue which
reflects the pattern in which the assets’ economic benefits
are consumed. The projected total toll revenue is based on
the latest available base case traffic volume projections. If
there is material change in the expected pattern of
economic benefits, the amortisation is revised.

Impairment:
1. The carrying amounts of assets are reviewed at each
balance sheet date, if there is any indication of
impairment based on internal/external factors. An

24
 impairment loss is recognised wherever the carrying
amount of an asset exceeds its recoverable amount.
The recoverable amount is the greater of the asset’s
net selling price & value in use. In assessing value in
use, the estimated future cash flows are discounted
to their present value at the weighted average cost
of capital.

2. After impairment, depreciation is provided on the

revised carrying amount of the asset over its
remaining useful life.

Application of company policy to fixed asset:

Fixed asset is an asset held with the intention of being
used for the purpose of producing or providing goods or
services and is not held for sale in the normal course of
business.

Acquisition:

Capital Asset Requisition:

• Yearly budget should be drawn by Project
Manager/Administrative Office (herein after referred
as AO) in consultation with engineers, for fixed assets
that would be required at project site and the same
shall be put forward to Management for approval.

• On the basis of above final approved Fixed Asset

budget, site engineers in normal course, should
communicate in writing to site in-charge about the
need for a particular asset.

• Site in-charge in turn should after proper enquiry,

prepare a requisition form and forward the same to
CGM/AO after signing the same.

• CGM/AO headed by V.P.-Asset & Material

Procurement, should verify the need for requisitioned
asset by referring site in-charge remarks and put his
remarks in the requisition.

25
Ordering:
• Based on above requisition, CGM/V.P.- Assets &
Material Procurement should ask for three to four
quotations from various vendors

• Based on the best quotation terms, CGM/V.P. shall

issue a Purchase Order on selected vendor which
shall be approved as per below mentioned sanction
limit.
• Copy of this purchase order shall be sent to Project
Manager and at HO for information.

Inspection:
Based on the delivery schedule, vendor would dispatch
the asset at project site after intimation to CGM/V.P.-Asset
& Material procurement.

Installation:
On satisfactory inspection of the received asset where
result is positive, process of installation should begin.
Installation shall be normally done by the representative
of the vendor with the help of site engineers.

Codification of Fixed Assets:

Asset code shall be created in the system by specifying
the following details as per the instruction of CGM/GM-
Plant.

Asset Tagging:
The fixed asset tagging shall be the responsibility of
Project Manager/GM-Plant, depending on the nature of
asset procured.

Capitalization:
Fixed asset shall be capitalized on receipt of the
Installation Report and GRN from the CGM/V.P.- Asset &

26
Material Procurement. The capitalization cost of fixed
asset shall be as set out in the accounting policy.

The asset shall be capitalized on the date specified in the

certified installation report. It is very much essential that
proper track of all related expenses incurred to bring the
machine in its working condition is kept before a machine
is capitalized so that all the expenses gets correctly
incorporated in capital cost.

As on the date of Balance Sheet in respect of the assets

which has already received but not capitalized and
pending the installation shall be accounted as CWIP
(Capital Work in Progress).

Additions:
Addition of assets in financial statement shall be done on
capitalization of the asset.

Deletion of Fixed Assets:

Fixed asset shall be eliminated from the financial
statement on disposal or when no further economic
benefit is expected to be derived from it.
Such deletion can be in the form of:
• Sale
• Scrap

Transfer of Fixed Assets

Transfer of fixed assets could be between two projects or
departments or offices (at different locations). The
transferor shall prepare an Asset Transfer Order (ATO)
stating the details of the asset only after getting sanction
from AO. ATO shall be signed by Site incharge and GM-
Plant/CGM. The copy of this ATO should be sent to AO for
information purpose.

27
 FINDINGS & UNDERSTANDINGS

The gross fixed assets reduced to Rs.148.44 crores as at

March 31, 2010 as compared to Rs. 220.35 crores as at
March 31, 2009.

After considering the depreciation the net block is

Rs.85.98 crores as at March 31, 2010, as compared to
Rs.96 crores as at March 31, 2009.

Including Capital work-in advances it is 86.36 crores as at

March 31, 2010 as compared to 3,470.67 crores as at
March 31, 2009.

28
 Maruti Suzuki - 2009-10

FIXED ASSETS

(1) Land costing Rs. 5,255 million (Previous year Rs. 4

million) is not yet registered in the name of the
Company. A part of this land has been/ would be
made available to group companies.

(2) Plantand Machinery Gross Block includes pro-rata

cost amounting to Rs. 374 million (Previous year Rs.
374 million) of a Gas Turbine jointly owned by the
Company with its group companies and other
companies.

(3) Freehold Land includes 600 acres of land allotted to

the Company by Haryana State Industrial

29
 Development Corporation, a part of which has been
made available to group companies.

As per Auditor’s Report:

A) Fixed assets (except freehold land which is carried at

cost) are carried at cost of acquisition or construction or at
manufacturing cost (in case of own manufactured assets)
in the year of capitalization less accumulated
depreciation.

B) Assets acquired under finance lease are capitalized

at the lower of their fair value and the present value of
minimum lease payments.

C) The lump sum royalty incurred towards obtaining

technical assistance/technical knowhow, ownership of
which rests with the technical knowhow provider, to
manufacture any new car model is recognized as an
intangible asset in accordance with the requirements of
Accounting Standard - 26 "Intangible Assets." Royalty
payable on sale of products i.e. running royalty is charged
to profit and loss account as and when incurred.

DEPRECIATION & AMORTISATION

a) Fixed assets except leasehold assets viz land and

vehicles are depreciated on the straight line method
on a pro-rata basis from the month in which each
asset is put to use.

b) Depreciation has been provided at the rates

prescribed in Schedule XIV to the Companies Act,
1956 except for certain fixed assets where, based on
the management's estimate of the useful life of the

30
 assets, higher depreciation has been provided on the
straight line method over the following useful lives:

Plant and Machinery 8 - 11 Years

Dies and Jigs 4 Years
Electronic Data Processing Equipments 3 Years

c) Depreciation has been provided on Straight Line

Method at rate higher than Schedule XIV for some
associate companies as follows:

Assets Depreciation rates

Electrical Fittings 3 Years

Plant & Machinery 5 - 13 Years
Furniture & Fittings 5 - 7 Years
Vehicles 5 Years
Electronic Data Processing Equipments 3 - 5 Years
In respect of assets whose useful life has been revised, the
unamortised depreciable amount is charged over the
revised remaining useful life of the assets.

a) Leasehold assets viz land & Vehicles are amortised

over the period of lease.

b) All assets, the written down value of which at the

beginning of the year is Rs. 5,000 or less, are
depreciated at the rate of 100%. Assets purchased
during the year costing Rs. 5,000 or less are
depreciated at the rate of 100%.

c) Lump Sum royalty is amortised on a straight line

basis over 4 years from the start of production of the
related model.

31
 BIBLIOGRAPHY

• http://www.icai.org/category.html?c_id=136

• The 65th Annual Report of Tata Motors, 2009-10.

• Financial Report of Voltas 2009-10.

• The 3rd Annual Report of IRB Infrastructure

Developers, 2009-10.

• Financial Report of Maruti Suzuki 2009-10.

32