The end-March'98 estimates were revealed by Tata Sons to institutional investors and foreign banks at the time of privately placing its Rs 50 crore, 13.5 per cent secured, redeemable, non-convertible debentures of five-year maturity a couple of weeks back. Along with this, a summary of Tata Son's financials over the last three years too were placed before the bond's investors. The financials were dated May 18, 1998. Profit before tax in 1997-98 is seen at Rs 285 crore (Rs 161 crore) with tax at Rs 30 crore (Rs 19 crore). Expenditure during the year is put at Rs 945 crore (Rs 681 crore).

As on end-March'98, the book value of Tata Sons' quoted investments has been put at Rs 1,050 crore withmarket value of the same at Rs 2,600 crore.Estimates show a sharp increase in secured loans availed of during the fiscal gone by at Rs 418 crore, up by 40.26 per cent over the 1996-97 figure at Rs 298 crore. Tata Sons unsecured loans are shown at Rs 247 crore, lower from the Rs 259 crore in the preceding fiscal, and also buckling the trend of the last three years. Net current assets are estimated to be higher Rs 375 crore (Rs 174 crore) with investments in fixed assets at Rs 205 crore (Rs 138 crore) and investments at Rs 1,165 crore (Rs 1,065 crore).