1. Summary Information
|
|
|
Country |
India |
|
Company Name |
TATA Motors Limited |
Principal Name 1 |
Mr. Ratan N. Tata |
|
Status |
Good |
Principal Name 2 |
Mr. N. N. Wadia |
|
|
|
Registration # |
11-4520 |
|
Street Address |
Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra, India |
||
|
Established Date |
01.09.1945 |
SIC Code |
-- |
|
Telephone# |
91–22–66658282/ 66658282 |
Business Style 1 |
Manufacturer |
|
Fax # |
91–22–66657799/ 66657799 |
Business Style 2 |
Seller |
|
Homepage |
Product Name 1 |
Commercial Vehicles |
|
|
# of employees |
26,214
(Approximately) |
Product Name 2 |
Passenger Vehicles |
|
Paid up capital |
Rs.6377,100,000/- |
Product Name 3 |
Construction Equipments |
|
Shareholders |
Shareholding
of Promoter and Promoter Group- 43.21%, Public Shareholding = 56.79% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
66 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
A
(69) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Tata Technologies Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
101,992,200,000 |
Current Liabilities |
130,325,300,000 |
|
Inventories |
38,913,900,000 |
Long-term Liabilities |
158,987,500,000 |
|
Fixed Assets |
134,170,700,000 |
Other Liabilities |
52,458,700,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
341,771,500,000 |
|
Invest& other Assets |
266,827,700,000 |
Retained Earnings |
193,755,900,000 |
|
|
|
Net Worth |
200,133,000,000 |
|
Total Assets |
541,904,500,000 |
Total Liab. & Equity |
541,904,500,000 |
|
Total Assets (Previous Year) |
504,412,400,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
480,404,600,000 |
Net Profit |
18,118,200,000 |
|
Sales(Previous yr) |
355,930,500,000 |
Net Profit(Prev.yr) |
22,400,800,000 |
MIRA
INFORM REPORT
|
Report Date : |
01.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TATA MOTORS LIMITED |
|
|
|
|
Registered
Office : |
Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.09.1945 |
|
|
|
|
Com. Reg. No.: |
11-4520 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.6377.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1945PLC004520 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00054F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2727Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Commercial Vehicles, Passenger Vehicles, Construction Equipments and Machine Tools. |
|
|
|
|
No. of Employees
: |
26,214 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 800000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed Tata Group company. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91–22–66658282 / 66658282 |
|
Fax No.: |
91–22–66657799 / 66657799 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
Durga Expressway P O Singer B O Via Singur S O H 712409,
West Bengal, , |
|
Fax No.: |
91-22-25705042 |
|
|
|
|
Factory : |
v
Pimpri, Pune – 411 018,
v
Jamshedpur Towns Post Office,
v
Chinchwad, Pune – 411 033,
v
Chinhat –
v
P S Singur, District Hooghly, West Bengal –
712 409,
v KIADB Block – 2, Belur Industrial Area, Dharwad – 580 007, Karnataka |
|
|
|
|
Branches : |
v
503, Barton Centre, 5th Floor, 84,
Tel: 91-80-25320321, Fax :
91-80-25580019
e-mail: tsrlbang@tatashare.com
v
Bungalow No.1,"E"Road, Northern Town,
Bistupur, Jamshedpur-831 001
Tel: 91-657-2426616, Fax: 91-657 - 2426937
Email : tsrljsr@tatashare.com
v
Tata Centre, 1st Floor, 43,
Tel: 91-33-22883087, Fax : 91-33 - 22883062
e-mail : tsrlcal@tatashare.com
v
Plot No.2/42, Sant Vihar,
Tel: 91-11 -23271805, Fax : 91-11 - 23271802
e-mail: tsrldel@tatashare.com
|
DIRECTORS
AS ON 31.03.02011
|
Name : |
Mr. Ratan N. Tata |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Vice Chairman |
|
Date of Birth : |
01.06.1944 |
|
Qualification : |
B. Tech. (Hons), M. Sc., Aston, D.Sc. (Hon.), Aston |
|
Appointment Date : |
12.07.2000 |
|
Other Directorship : |
· TAL Manufacturing Solutions Limited · Tata Advanced Materials Limited · Tata Industries Limited · Telco Construction Equipment Company Limited · Voltas Limited |
|
|
|
|
Name : |
Mr. N. N. Wadia |
|
Designation : |
Director |
|
Date of Birth : |
15.02.1944 |
|
Qualification : |
Educated in UK |
|
Appointment Date : |
22.12.1998 |
|
Other Directorship : |
· Britannia Industries Limited · Gherzi Eastern Limited · Tata Chemicals Limited · Tata Steel Limited · The Bombay Burmah · Trading Corp. Limited · The Bombay Dyeing and Mfg. Company Limited · Go Airlines (India) Limited |
|
|
|
|
Name : |
Mr. S M Palia |
|
Designation : |
Director |
|
Date of Birth : |
25.04.1938 |
|
Qualification : |
B.Com., LLB, CAIIB, AIB, (London) |
|
Appointment Date : |
19.05.2006 |
|
Other Directorship : |
· ACC Limited · AI Champdany Industries Limited · GRUH Finance Limited · Saline Area Vitalisation Enterprises Limited · Tata Steel Limited · The Bombay Dyeing and Mfg. Company Limited |
|
|
|
|
Name : |
Mr. R A Mashelkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V K Jairath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ranendra Sen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Carl – Peter Forster |
|
Designation : |
Managing Director
|
|
|
|
|
Name : |
Mr. P M Telang |
|
Designation : |
Managing |
|
|
|
|
Name : |
Dr Ralf Speth |
|
Designation : |
Director |
|
Date of Birth : |
09.09.1955 |
|
Qualification : |
Doctorate of Engineering in Mechanical Engineering and
Business Administration |
|
Appointment Date : |
10.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Carl – Peter Forster |
|
Designation : |
Managing Director
and Group Chief Executive Officer |
|
|
|
|
Name : |
Mr. C Ramakrishnan |
|
Designation : |
Chief Financial officer |
|
|
|
|
Name : |
Mr. R. Pisharody |
|
Designation : |
President (Commercial Vehicle Business Unit) |
|
|
|
|
Name : |
Mr. T Leverton |
|
Designation : |
Head, advanced and Product Engineering |
|
|
|
|
Name : |
Mr. S. B. Borwankar |
|
Designation : |
Sr. Vice President (Manufacturing Operations – CVBU) |
|
|
|
|
Name : |
Mr. Prabir Jha |
|
Designation : |
Sr. Vice President (Human Resources) |
|
|
|
|
Name : |
Mr. P. Y. Gurav |
|
Designation : |
Sr. Vice President (Corp Finance – Accts and Taxation) |
|
|
|
|
Name : |
Mr. Girish Wagh |
|
Designation : |
Head (Passenger Car Operations ) |
|
|
|
|
Name : |
Mr. S. Ravishankar |
|
Designation : |
Vice President (Engg Systems, ERC) |
|
|
|
|
Name : |
Mr. B. B. Parekh |
|
Designation : |
Chief (Strategic Sourcing) |
|
|
|
|
Name : |
Mr. R. Bhaskar |
|
Designation : |
Plant Head – CVBU |
|
|
|
|
Name : |
Mr. Vikram Sinha |
|
Designation : |
Head (Car Plant – PCBU) |
|
|
|
|
Name : |
Mr. A. K. Jindal |
|
Designation : |
Head engineering (Comm. Vehicles – ERC) |
|
|
|
|
Name : |
Mr. R. Ramakrishnan |
|
Designation : |
Vice President (Commercial – PCBU) |
|
|
|
|
Name : |
Mr. N. Pinge |
|
Designation : |
Vide President (Internal Audit) |
|
|
|
|
Name : |
Mr. R. Bagga |
|
Designation : |
Vice President (Legal) |
|
|
|
|
Name : |
Mr. A. S. Puri |
|
Designation : |
Vice President (Government Affairs and Collab) |
|
|
|
|
Name : |
Mr. H K Sethna |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
187,182,950 |
43.13 |
|
|
354,976 |
0.08 |
|
|
354,976 |
0.08 |
|
|
187,537,926 |
43.21 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
187,537,926 |
43.21 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
8,967,125 |
2.07 |
|
|
1,510,936 |
0.35 |
|
|
406,221 |
0.09 |
|
|
63,214,102 |
14.57 |
|
|
123,730,055 |
28.51 |
|
|
|
|
|
|
1,361,304 |
0.31 |
|
|
1,302,907 |
0.30 |
|
|
58,397 |
0.01 |
|
|
199,189,743 |
45.90 |
|
|
|
|
|
|
|
|
|
|
3,133,458 |
0.72 |
|
|
|
|
|
|
|
|
|
|
38,420,568 |
8.85 |
|
|
1,490,168 |
0.34 |
|
|
|
|
|
|
4,236,487 |
0.98 |
|
|
231,391 |
0.05 |
|
|
2,473,185 |
0.57 |
|
|
1,332,752 |
0.31 |
|
|
161,666 |
0.04 |
|
|
98 |
- |
|
|
37,395 |
0.01 |
|
|
47,280,681 |
10.89 |
|
|
|
|
|
Total
Public shareholding (B) |
246,470,424 |
56.79 |
|
|
|
|
|
Total
(A)+(B) |
434,008,350 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
- |
- |
|
|
104,314,133 |
- |
|
|
104,314,133 |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
538,322,483 |
100.00 |
(1) Indian
Bodies Corporate
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacture and Seller of Commercial Vehicles, Passenger Vehicles, Construction Equipments and Machine Tools. |
||||
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||||
|
Products : |
v Heavy and medium commercial vehicles v Cars v Light commercial vehicles |
GENERAL INFORMATION
|
Customers : |
v AKI Industries Private Limited v Abhaya Precision Industries Private Limited v Adarsh Engineering Works v Auto Knight Private Limited v B. B. Electrotechnic v Bharat Engineering Works v Bhalotia Engineering Works Private Limited v Calcutta Fan Works Limited v Castlewood Brush Industries Private Limited v Cotmac Private Limited v Electro Alloys Corporation v Electro Ferro Alloys Private Limited v Evercoat Technical Service India Private Limited v ARM Controls and Systems Private Limited v Auto Turn Industries v Best Cast IT Limited |
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|
No. of Employees : |
26,214 (Approximately) |
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Bankers : |
· State Bank of India · Bank of America · Bank of Baroda · Bank of India · Bank of Maharashtra · Central Bank of India, · Citibank N.A. · Corporation Bank · Deutsche Bank · HDFC Bank, · Hongkong and Shanghai Banking Corporation · ICICI Bank, · Standard Chartered Bank · Union Bank of India · Punjab National Bank · Indian Bank · IDBI Bank · Karur Vysya Bank · Federal Bank · United Bank of India · Allahabad Bank · State Bank of Patiala · Andhra Bank · State Bank of Mysore · ING Vysya Bank |
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Facilities : |
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
|
|
|
Solicitors : |
|
|
Name : |
v Mulla and Mulla and Craigie v Blunt and Caroe v AZB and Partners |
|
|
|
|
Memberships : |
Confederation of Indian Industry |
|
|
|
|
Joint Ventures: |
·
Fiat India Automobiles Limited ·
TATA HAL Technologies Limited |
|
|
|
|
Associates: |
· Tata Auto Comp Systems Limited · Nita Company Limited · Tata Cummins Limited ·
Tata Sons Limited (Investing Party) ·
Tata Precision Industries Pte. Limited (upto February 14, 2011) (Subsidiary from
February 15, 2011) · Automobile Corporation of Goa Limited · Telco Construction Equipment Company Limited ·
Tata Precision Industries (India) Limited (w.e.f. February 15, 2011) · Jaguar Cars Finance Limited |
|
|
|
|
Subsidiaries: |
· Tata Technologies Limited · INCAT International Plc. · TAL Manufacturing Solutions Limited · Tata Technologies Europe Limited · H V Axles Limited ·
INCAT SAS (liquidated w.e.f. April 30, 2010) · H V Transmissions Limited · INCAT GmbH · Sheba Properties Limited · Tata Technologies Inc · Concorde Motors (India) Limited · Tata Technologies de Mexico, S.A. de CV · Tata Daewoo Commercial Vehicle Company Limited · Tata Technologies (Canada) Inc · Tata Motors Insurance Broking and Advisory Services Limited · Tata Technologies (Thailand) Limited · Tata Motors European Technical Centre Plc · Tata Technologies Pte Limited · Tata Motors Finance Limited · Miljobil Grenland AS · Tata Marcopolo Motors Limited · Tata Hispano Motors Carrocerries Maghreb(Formerly known as Carrocerries Hispano Maghreb, Morocco) ·
Tata Motors (Thailand) Limited · Tata Motors (SA) (Proprietary) Limited · Tata Daewoo Commercial Vehicles Sales and Distribution Company Limited · TML Holdings Pte. Limited · Singapore (Incorporated on April 9, 2010) · TML Distribution Company Limited ·
Tata Engineering Services (Pte) Limited (from February 15, 2011) · Tata Hispano Motors Carrocera S.A. · Jaguar Land Rover North America LLC ·
Trilix S.R.L (w.e.f September 29, 2010) · Land Rover Belux SA/NV · Tata Precision Industries Pte. Limited (w.e.f February 15, 2011) · Land Rover Ireland Limited · Jaguar Land Rover Nederland BV · JaguarLandRover L Limited · Jaguar Land Rover Portugal - Veiculos e Pecas, LDA · Jaguar Cars Overseas Holdings Limited · Jaguar Land Rover Australia Pty Limited · Jaguar Land Rover Austria GmbH · Land Rover Exports Limited · Jaguar Belux NV · Land Rover Italia SpA · Jaguar Cars Limited · Land Rover Espana SL · Jaguar Land Rover Japan Limited · Land Rover Deutschland GmbH · Jaguar Cars South Africa (Pty) Limited ·
Jaguar Land Rover Mexico SA de CV (upto July 12, 2010) · Jaguar Italia SpA · Jaguar Land Rover Korea Company Limited · Jaguar Cars Exports Limited · Jaguar Land Rover Automotive Trading (Shanghai) Company Limited · The Daimler Motor Company Limited · Jaguar Land Rover Canada ULC · The Jaguar Collection Limited · Jaguar Land Rover France, SAS · Daimler Transport Vehicles Limited · Jaguar Land Rover (South Africa) (Pty) Limited · S.S. Cars Limited · Jaguar Land Rover Brazil LLC Limited Liability Company “Jaguar Land Rover” (Russia) · The Lanchester Motor Company Ltd · Jaguar Hispania Sociedad · Land Rover Parts Limited · Jaguar Deutschland GmbH · Land Rover Parts US LLC · Land Rover · Land Rover Group Limited |
|
|
·
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000000 |
Ordinary Shares |
Rs.10/- each |
Rs.7000.000 Millions |
|
200000000 |
‘A’ Ordinary Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
300000000 |
Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs.30000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.39000.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
538272284 |
Ordinary Shares |
Rs.10/- each |
Rs.5382.700 Millions |
|
96341706 |
‘A’ Ordinary shares |
Rs.10/- each |
Rs.963.400 Millions |
|
|
Less: Calls in Arrears – Ordinary Shares |
|
Rs.0.100 Million |
|
|
Add: Shares Forfeited – Ordinary Shares |
|
Rs.0.500 Million |
|
|
Amount Received in respect of Ordinary Shares pending allotment |
|
Rs.30.600 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.6377.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6377.100 |
5706.000 |
5140.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
193755.900 |
143948.700 |
117161.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
200133.000 |
149654.700 |
122301.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
77660.500 |
77426.000 |
52516.500 |
|
|
2] Unsecured Loans |
81327.000 |
88519.400 |
79139.100 |
|
|
TOTAL BORROWING |
158987.500 |
165945.400 |
131655.600 |
|
|
DEFERRED TAX LIABILITIES |
20231.600 |
15086.400 |
8658.100 |
|
|
Foreign currency Monetary Item Translation Differences Account |
0.000 |
0.000 |
1641.200 |
|
|
|
|
|
|
|
|
TOTAL |
379352.100 |
330686.500 |
264256.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
134170.700 |
112038.900 |
76452.700 |
|
|
Capital work-in-progress |
40585.600 |
52321.500 |
69540.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
226242.100 |
223369.000 |
129681.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign currency Monetary Item Translation Differences Account |
0.000 |
1616.900 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38913.900 |
29355.900 |
22298.100 |
|
|
Sundry Debtors |
26028.800 |
23919.200 |
15552.000 |
|
|
Cash & Bank Balances |
24289.200 |
17532.600 |
11418.200 |
|
|
Other Current Assets |
0.800 |
1.100 |
1.100 |
|
|
Loans & Advances |
51673.400 |
44257.300 |
47647.500 |
|
Total
Current Assets |
140906.100 |
115066.100 |
96916.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
54830.400 |
53966.000 |
45118.500 |
|
|
Other Current Liabilities |
75494.900 |
92125.600 |
44464.000 |
|
|
Provisions |
32227.100 |
27634.300 |
18772.600 |
|
Total
Current Liabilities |
162552.400 |
173725.900 |
108355.100 |
|
|
Net Current Assets |
(21646.300) |
(58659.800) |
[11438.200] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
20.200 |
|
|
|
|
|
|
|
|
TOTAL |
379352.100 |
330686.500 |
264256.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sale of Proceeds and Other Income of operations) |
480404.600 |
355930.500 |
256297.300 |
|
|
|
Other Income (Dividend) |
1832.600 |
18534.500 |
9259.700 |
|
|
|
TOTAL |
482237.200 |
374465.000 |
265557.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Product Development Expenditure |
1061.700 |
1440.300 |
511.700 |
|
|
|
Manufacturing and Other Expenses
|
440868.300 |
321412.300 |
247623.700 |
|
|
|
Expenditure Transferred to
Capital and other Accounts |
(8176.800) |
(7264.600) |
(8850.800) |
|
|
|
Exchange Loss on Revaluation of
Foreign Currency Borrowings, Deposits and Loans Given |
1471.200 |
695.900 |
652.600 |
|
|
|
Loss on Redemption of Investment in Preference Shares held in a
subsidiary company |
0.000 |
8508.600 |
0.000 |
|
|
|
TOTAL |
435224.400 |
324792.500 |
239937.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
47012.800 |
49672.500 |
25619.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11439.900 |
11038.400 |
6736.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
35572.900 |
38634.100 |
18883.000 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
13607.700 |
10338.700 |
8745.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
21965.200 |
28295.400 |
10137.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3847.000 |
5894.600 |
125.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
18118.200 |
22400.800 |
10012.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19341.300 |
16859.900 |
-- |
|
|
|
|
|
|
|
|
|
Add |
Credit Taken for
Dividend Distribution Tax for Previous year |
0.000 |
0.000 |
152.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
12742.300 |
8590.500 |
3116.100 |
|
|
|
Tax on Proposed Dividend |
1928.000 |
1328.900 |
340.900 |
|
|
|
Transfer to General Reserve |
-- |
5000.000 |
1001.300 |
|
|
|
Debentures Redemption Reserve |
2000.000 |
5000.000 |
2678.000 |
|
|
BALANCE CARRIED
TO THE B/S |
20789.200 |
19341.300 |
16859.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Goods |
33390.300 |
19214.800 |
22064.300 |
|
|
|
Interest and Dividend |
196.100 |
65.800 |
913.100 |
|
|
|
Income From Transfer of Technology |
0.000 |
0.000 |
1388.300 |
|
|
|
Profit on sale of assets |
0.000 |
11195.000 |
0.000 |
|
|
|
Others (Profit on sale of investments) |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
33586.400 |
30475.600 |
24365.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and
Components |
18253.000 |
11898.900 |
12596.500 |
|
|
|
Machinery Spares
and Tools |
468.000 |
333.300 |
440.700 |
|
|
|
Capital Goods |
1587.100 |
3741.600 |
8615.500 |
|
|
|
Spare Parts |
86.300 |
209.900 |
103.500 |
|
|
|
Other Items |
2774.300 |
794.800 |
0.000 |
|
|
TOTAL IMPORTS |
23168.700 |
16978.500 |
21756.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic (Ordinary Shares) |
30.28 |
42.37 |
22.70 |
|
|
|
Diluted |
28.92 |
38.98 |
20.83 |
|
|
|
|
|
|
|
|
|
|
Basic (‘A’ Ordinary Shares) |
30.78 |
42.87 |
23.20 |
|
|
|
Diluted |
29.42 |
39.48 |
21.33 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
118978.900 |
|
Total Expenditure |
|
|
109313.000 |
|
PBIDT (Excl OI) |
|
|
9665.900 |
|
Other Income |
|
|
2108.900 |
|
Operating Profit |
|
|
11774.800 |
|
Interest |
|
|
3485.200 |
|
Exceptional Items |
|
|
24.400 |
|
PBDT |
|
|
8314.000 |
|
Depreciation |
|
|
3651.400 |
|
Profit Before Tax |
|
|
4662.600 |
|
Tax |
|
|
649.800 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
4012.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
4012.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.76
|
5.98
|
3.77
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.57
|
6.29
|
3.95
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.98
|
12.46
|
5.85
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.19
|
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
2.27
|
1.96
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
0.66
|
0.89
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Tata Sons purchased the Tatanagar shops from the Government of India on
1st June 1945 for Rs.2.539 Millions with the aim of immediately manufacturing
steam locomotive boilers. Later it planned to manufacture complete locomotives
and other engineering products. Subject was incorporated in the year of 1945.
In world charisma the Subject (Formerly known as Tata Engineering and
Locomotive Company Limited) is the fifth-largest manufacturer of medium and
heavy commercial vehicle and the second largest medium and heavy bus
manufacturer. The company producing light, medium and heavy commercial vehicles
and also manufacturing passenger cars, utility vehicles, excavators and machine
tools in manufacturing units located at
In 1966 the company acquired Investa Machine Tool for setting up of Machine
Tools Division at Pune and in the next year it was executed, vehicle
manufacture facilities steadily built up at Pune. As on 1977 the first
commercial vehicle was successfully produced at Pune. In 1985 First hydraulic
excavator produced under
The company came to joint venture with Cummins Engineering Company and
incorporated Tata Cummins Private Limited in
Tata Safari -
Subject was adjudged the 'Commercial Vehicle Manufacturer of the Year for 2005'
by Auto Monitor. The Mini-truck, Ace of Tata received the BBC-Top Gear 'Best
Commercial Vehicle Design' award, the company received 'JRD QV' award for
business excellence and the passenger car business unit received 'Active
Promotion' award during the year 2005-06. Subject chosen as
Indian Space Research Organisation (ISRO) and Subject are working to develop a
prototype of the hydrogen-powered automobile under in agreement for a pilot
project. As on December 2007 Tata launched seven medium and heavy trucks in
Pune, the company plans to launch 30 new models in the commercial vehicle
segment. Joint venture between Fiat Group Automobiles SpA and Subject, has
rolled out plans for expanding production capacity and backward integration in
Pune with an additional investment of Rs23410 Millions comes under memorandum
of understanding in March 2008 and also Subject has entered into a definitive
agreement with the Ford Motor Company for the purchase of Jaguar Land Rover,
comprising brands, plants and intellectual property rights. As on April 2008,
the first test a small car namely 'Nanos' roll out from Uttarakhand plant. The
trail production of Nano will start in June-July from Singur,
OPERATING RESULTS
AND PROFITS
After a good year 2009-10 during which economies across the
world showed signs of recovery, the economic conditions globally continued to
be strong and positive in 2010-11, resulting in a strong growth for the
automotive sector. The Indian economy continued to do well, driven by a good
performance from the agricultural and the industrial sector with a GDP growth
of 8.6%. The automotive sector recorded a growth of over 26% in India on the
back of a robust economy.
Supported by its strong distinct product offerings in both
the commercial vehicle and passenger vehicle ranges, the Company recorded a
turnover of Rs.521360.000 Millions, a growth of 35.9% over the previous year.
While the Company maintained a strong focus on cost control and market pricing,
the increase in raw -material cost and fixed marketing expenses resulted in a
lower EBITDA margin of 9.9% as compared to 11.7% in the previous year. The
Profit Before Tax and Profit After Tax for 2010-11 was Rs.21970.000 and
Rs.18120.000 Millions respectively, as compared to Rs.28300.000 Millions and
Rs.22400.000 Millions in the previous year. It may be noted that the previous
year profit included a net positive impact of Rs.9580.000 Millions, mainly on
account of profit on certain divestments which was partly set off by a loss on
redemption of preference shares in a subsidiary company.
Jaguar Land Rover results for 2010-11 showed a significant
improvement with increase, both in volumes and revenue, better product mix,
Favourable exchange rates and higher margins. The introduction of the new
Jaguar XJ, growing momentum of the Range Rover and Range Rover Sport and, in
particular, the strengthening of the Jaguar Land Rover business in China, where
it opened a National Sales Company (NSC) in mid 2010, were the main drivers. In
addition, Jaguar Land Rover continued to benefit from cost efficiencies and effective
cash management initiatives adopted in response to the challenging operating
conditions in 2008 and 2009.
As the global markets recovered coupled with a strong focus
on product and market initiatives, particularly at Jaguar and Land Rover, the Tata
Motors Group turnover in 2010-11 grew by 33.1% to Rs.1231330.000 Millions. Tata
Motors Group recorded its highest ever Consolidated Profit Before Tax of
Rs.104370.000 Millions (Rs.35230.000 Millions in 2009-10) and the Consolidated
Profit for the Year of Rs.92740.000 Millions (Rs.25710.000 Millions in
2009-10).
VEHICLE SALES AND
MARKET SHARES
The overall Tata Motors Group sales at 10,80,994 vehicles
crossed the 1 million mark in 2010-11, higher by 24.2% compared to the previous
year. Global sales of all commercial vehicles were at 5,12,731 units, while
global sales of all passenger vehicles were at 5,68,263 units.
The Company recorded sale of 7,78,540 vehicles in 2010-11, a
growth of 22.8% over the previous year in the Indian domestic market
representing a 24.3% market share in the Indian industry. It exported 58,089
vehicles from India, a growth of 70.3% over the previous year.
The Company increased its commercial vehicle sales in the
Indian market to an all time high of 4,58,828 vehicles in 2010-11, representing
a market share of 61.8%. A strong product portfolio, improved reach and
penetration in the market and focus on customer oriented initiatives including
finance enablement, ensured a 22.7% growth in commercial vehicle sales. Some of
the key highlights were:
The Company crossed the 4 million cumulative vehicle sales
mark for its commercial vehicles.
- Sale of M and HCVs grew by 26.7% to 1,96,651 vehicles
representing a market share of 60.1%. The Company continued to focus on
customer centric initiatives, improved the sales of the Prima, and launched product variants to strengthen its
product offerings. The Company introduced its CNG Hybrid city bus range and
showcased it at the Commonwealth Games in Delhi.
- Sale of LCVs grew by 19.9% to 2,62,177 vehicles
representing a market share of 63.2%. The new products launched such as the Ace EX, Super Ace and 407 Pickup helped
increase the sales. With competition entering the small commercial vehicles’
segment, the market share in the segment was lower as against last year.
The Company’s sales of passenger vehicles in the Indian
market (inclusive of Tata, Fiat and
Jaguar Land Rover brands)
were at its highest ever at 3,19,712 vehicles, representing a market share of
13.0% in 2010-11. The competition in the passenger car market continued to
increase with more international Automobile manufacturers entering the market
with a variety of product offerings. Some of the key highlights were:
The Company crossed the 2 million cumulative vehicle sales
mark for its passenger vehicles.
- In June 2010, the Sanand plant for the production of the Nano was inaugurated. The Company
completed delivery on the bookings of the Nano and opened sales in various States in a phased manner. Nano sales increased to 70,431
vehicles, a growth of 129% from 30,763 vehicles in the previous year. The
Company focused on increasing the reach and penetration for the Nano and also financing enablement for
potential customer segments. The Nano bagged
the gold prize in the Best New Product segment under the transportation
category at the 2010 Edison Award, symbolizing persistence and excellence
personifi ed as also the world’s oldest and coveted international award for
‘Good Design’ in 2010 conferred by the Chicago Athenaeum: Museum of
Architecture and Design together with the European Centre for Architecture Art
Design and Urban Studies in the category of transportation.
- The sales in the Small Car segment (comprising the Nano, the Indica and the Vista)
increased to 1,80,091 vehicles, a growth of 13.9% representing a market share
of 11.7%.
- The Indigo and
the Indigo Manza sales were
87,919 vehicles. The Indigo eCS and
the Indigo Manza Elan variants
launched in the year were well received in the market and improved the
Company’s market share in the mid-size segment to 25.8% (after taking Jaguar).
- In the Multi Utility Vehicles (MUV) segment, the Company
sold 42,741 (including Land Rovers) vehicles, a growth of 27.0% mainly boosted
by sales of the Safari. The Aria - a premium crossover and the Venture - a multi-purpose
vehicle in this segment launched during the year facilitated improvement in
market share which stood at 13.2%.
- The Fiat sales were 20,342 vehicles representing a market share
of 0.8% - with sales of the 8,536 Lineas
and 11,806 Grande Puntos.
- The Company sold 889 vehicles from the Jaguar Land Rover
range in India and widened its dealership network. It also began working on the
local assembly for the Jaguar Land Rover range in Pune which has since been
operational from May 2011.
- Assisted by a recovery from the economic crisis in its key
markets and a renewed focus on exports, the Company’s International Business
grew by 70.3%. The Company exported 50,244 commercial vehicles, a growth of
80.2% and 7,845 passenger vehicles, a growth of 25.9% as compared to the
previous year. The Company continues to keenly focus on international markets
and expects to launch its new product range in many of these markets. An
assembly plant in South Africa is being set up and is expected to start
production next year.
Jaguar Land Rover sold 2,43,621 vehicles in 2010-11
registering a growth of 25.6% with sales of 52,993 Jaguars - a growth of 11.8% and 1,90,628 Land Rovers - a growth of 30.06% over the previous year.
Jaguar Land Rover’s major international markets (U.S., U.K., China and Germany)
continued to do well and boosted sales of the Jaguar Land Rover range. The new Jaguar XJ, deliveries of which started in the year, contributed
significantly to the growth of the Jaguar brand. Jaguar Land Rover also
displayed the Jaguar C-X75 at
the Paris Motor Show and launched the all new XKR-S Jaguar at the Geneva Motor Show which received rave reviews.
The Range Rover – Evoque displayed
at various auto shows and planned for launch early next year, received rave
accolades and is expected to translate the brand identity of Range Rover so as
to include small and very relevant products without diminishing its brand
value. Jaguar and Land Rover received more than 80 international awards for its
vehicles during 2010, which were shared equally between the two iconic brands.
Jaguar Land Rover retail volumes in the U.K. totaled 58,134,
a 1.9% increase over the previous year whilst the retail volumes in the North
America totaled 50,280 with Jaguar and Land Rover volumes growing by 14.8% and
22.9% respectively over the previous year. Retail volumes in key growth markets
grew significantly with China at 28,893 and Russia at 11,689, higher by 69.9%
and 32.4% respectively, over the previous year. There was moderate growth in
Europe of 6.2% resulting in retail volumes of 53,711 and across all other
markets of 38,198 representing a 15.7% growth over the previous year. Market
Share of Jaguar Land Rover in U.K., U.S., Europe, Russia and China were also
either maintained or marginally improved.
Tata Daewoo Commercial Vehicle (TDCV) sales were stagnant at
8,748 vehicles as compared to 8,769 vehicles in the previous year. The
financial instability of its sole distributor in its domestic market in the
previous year brought new challenges and opportunities. TDCV started its own
sales company to distribute its products in the Korean market and also launched
the Euro V compliant range of products.
Tata Hispano Motors Carrocera, S.A. sold 505 vehicles as
compared to 248 units in the previous year, increasing its market share to 13%
from 8% in the previous year. It won a prestigious order for supplying around
500 buses in the next 3 years to the Avanza Group, one of the largest private
passenger transportation groups in Spain.
Tata Motors Thailand (TMTL) continued to do well with sales
of 6,031 vehicles against 2,536 vehicles in the previous year. The growth was
driven by a good response to the Xenon
CNG model. TMTL also launched the Super Ace in the Thailand market.
TATA MOTORS FINANCE
LIMITED-CUSTOMER FINANCING INITIATIVES
The vehicle financing activity in India under the brand
”Tata Motor Finance” (TMF) of Tata Motors Finance Limited - a wholly owned
subsidiary company, has shown improvements in disbursements as well as net
interest margins, driven mainly by the overall economic recovery coupled with a
strong focus by TMF on controlling costs, improving quality of fresh
acquisitions and micro-management of collections. TMF financed 1,60,781
vehicles during the year as compared to 1,44,806 vehicles in the previous year.
Total disbursements at Rs.79080.000 Millions grew by 18% as against
Rs.66970.000 Millions in the previous year. The disbursals for commercial
vehicles were Rs.60410.000 Millions (94,446 units) as compared to Rs.51230.000
Millions (96,593 units) and for passenger cars were Rs.18670.000 Millions
(66,335 units) as compared to Rs.14540.000 Millions (48,213 units) in the
previous year. The market share in terms of the Tata vehicles financed by TMF
declined from 26% in Commercial vehicles to 21% and increased from 21% to 22%
in passenger cars. TMF’s strategy on managing non-performing assets (NPA),
improving collection efficiencies, improvements in the “Risk Scored Pricing
Model” approach and thrust on customer relations through a branch based
re-organised field structure, has in the last 2 years turned around and
improved its operations and profitability, setting a robust platform to enable
future growth.
Jaguar Land Rover have entered into arrangements with
financial service providers to make vehicle financing available to customers in
12 countries worldwide covering the largest markets by volume, including Chase
Auto Finance in the U.S. and FGA Capital (a joint venture between Fiat Auto and
Credit Agricole) in the UK and the rest of Europe.
FINANCE
The borrowings of the Company as on March 31, 2011 stood at
Rs.158990.000 Millions. Cash and Bank balances and Current investments in
Liquid / Liquid Plus schemes of Mutual funds stood at Rs.25140.000 Millions.
Tata Motors Group’s borrowings as on March 31, 2011 stood at
Rs.327910.000 Millions. Cash and Bank balances and current investments in
Liquid / Liquid Plus schemes of Mutual funds stood at Rs.120710.000 Millions.
The key highlights were:-
The Company issued rated, listed, secured/unsecured
non-convertible debentures of Rs.9000.000 Millions with maturities of 10 – 15
years as a step to raise long term resources and optimize the loan maturity
profile.
In October 2010, the Company raised funds aggregating
Rs.33510.000 Millions (US$ 750 million) by an issue of 3,21,65,000 ‘A’ Ordinary
Shares at a price of `764/- per share and 83,20,300 Ordinary Shares at a price
of `1,074/- per share to Qualified Institutional Buyers ('QIBs'), under a
qualified institutional placement. The said issue was well received by the
investors and the Company availed of the opportunity to price it at the
mid-upper band. This milestone in the financing strategy enabled it to come
closer to its objective of balance sheet de-leveraging.
Consequent upon the holders of Foreign Currency Convertible
Notes (FCCNs) of US$327.07 million and JP¥ 30 million exercising their option
to convert their FCCNs to Ordinary Shares, the Company allotted 2,35,70,426
Ordinary Shares.
The Company redeemed the 0% JP¥ 720 million Convertible
Notes as per the terms of the issue which were remaining outstanding out of the
0% JP¥ 11,760 million Convertible Notes issued in 2006, the balance 93.9% of
the said Notes being previously converted/ repurchased.
- Tranche 1 of the secured, rated, credit enhanced, listed
2% coupon non convertible debentures aggregating Rs.8000.000 Millions was
redeemed as per the terms of issue out of the 4 tranches of debentures
aggregating Rs.42000000 Millions issued in 2009-10.
- With a turnaround in the business and continuing strong
profitability in 2010-11, the net debt at Jaguar Land Rover reduced to GB£ 233
million. During the year, Jaguar Land Rover took steps to establish hedging
lines in order to reduce risks to the business from foreign exchange
fluctuations and establishing long term funding facilities in order to
strengthen the capital structure.
- Tata Motors Finance Limited have raised Rs.3610.000
Millions by an issue of unsecured, non-convertible, subordinated perpetual
debentures towards Tier 1 and 2 Capital to meet its growth strategy and improve
its Capital Adequacy ratio.
Tata Motors Group‘s gross Debt/Equity ratio as at March 31,
2011 at 1.17 was significantly lower as compared to 4.28 as on March 31, 2010.
The Company has undertaken and will continue to implement
suitable steps for raising long term resources to match the Company‘s fund
requirement and to optimize its loan maturity profile. The Company’s rating for
foreign currency borrowings was revised upwards by Standard & Poor by 2
notches to BB- and by Moodys by 3 notches to Ba3. For borrowings in local
currency, the rating was revised upwards by 1 notch by Crisil at AA-, by ICRA
at LAA- and reaffirmed by CARE at AA-.
SUBSIDIARY AND
ASSOCIATE COMPANIES
Subsidiary Companies
The Company has 67 (direct and indirect) subsidiaries (10 in
India and 57 abroad) as on March 31, 2011 as disclosed in the accounts. During the
year, the following changes have taken place in subsidiary companies:
Subsidiary companies formed/acquired, etc.
The Company acquired 80% stake in Trilix Srl., Turin
(Italy), a design and engineering company in September, 2010.
Tata Precision Industries Pte. Limited became a subsidiary
after the Company increased its shareholding from 49.99% to 78.39% by
subscribing to an additional 28.4% share of Tata Precision Industries Pte
Limited, Singapore on February 15, 2011. Tata Precision Industries Pte Limited
holds 100% shares of Tata Engineering Services Pte Limited, hence Tata
Engineering Services Pte Limited also became a subsidiary.
Tata Daewoo Commercial Vehicle Company Limited formed a
wholly owned subsidiary, Tata Daewoo Commercial Vehicle Sales and Distribution
Company Limited.
HV Axles Limited and HV Transmissions Limited, two of the
Company’s subsidiaries, have announced an amalgamation to harness synergies and
graduate to become a total driveline solutions provider.
Companies ceasing to be subsidiary companies
INCAT SAS, a subsidiary of Tata Technologies
Limited was liquidated.
Jaguar Land Rover Mexico SA de CV was sold to an
importer.
Name changes
Carroseries Hispano Maghreb to Tata Hispano Motors
Carroseries Maghreb.
Other than the above there has been no material change in
the nature of the business of the subsidiary companies.
Associate companies
As on March 31, 2011, the Company had 7 associate companies
as disclosed in the accounts:
MANAGEMENT
DISCUSSION AND ANALYSIS
Business Overview
Tata Motors Business: The
Indian economy recorded a robust growth rate estimated at 8.6% over 2009-10,
driven by growth in the agricultural sector (5.4%), industrial sector (8.1%) and
services sector (9.6%). The growth in the first half of the fiscal year was
higher, which moderated in the second half. The year also witnessed
inflationary trends beyond RBI targets and followed successive increases in CRR
and other monetary policy changes by RBI to curb inflation, which progressively
affected the business sentiment through the year.
As a result, the second half of the fiscal year saw a drop
in the Index for Industrial Production (IIP) as industrial activity was
affected. On the back of overall economic growth, the automotive industry
recorded an increase of 26% in current fiscal. Facilitated by economic growth,
increase in personal disposable incomes, availability of finance and
development of infrastructure, the commercial vehicle industry growth moderated
to 27% as compared to 40% in 2009-10 and the passenger vehicle industry grew by
30% as compared to 25% in 2009-10, driven by increased level of disposable
income.
From October 1, 2010, emission norms in India migrated to
the Bharat Stage III for the non-metro cities / towns, considering an imminent
increase in prices, there was a spurt in buying of vehicles (mainly commercial
vehicles) in the first half of the year. The fuel prices, especially the petrol
prices increased throughout the year, thereby affecting the consumer sentiment
to an extent. The year also witnessed a significant pressure on commodity
prices, leading to increase in costs and pressure on margins.
The Company’s total domestic sales increased by 22.8% to
7,78,540 vehicles in 2010-11.The commercial vehicle sales at 4,58,828 vehicles
grew by 22.7% and the Company maintained its leadership position in the
domestic market despite new players entering the field. The passenger vehicles
volumes at 3,19,712 vehicles grew by 23.0% in the domestic market on the back
of increased volumes of the Nano, launch of Aria and the launches of new
variants of Indigo, Manza and Safari. The Company’s exports increased by 70.3%
to 58,089 vehicles during the year with significant economic improvement in its
major international markets such as the Indian sub-continent, South Africa and
the Middle East.
The industry performance in the domestic market during 2010-11 and the
Company’s share is given below:-
|
Category |
Industry Sales (Nos.) |
Company Sales (Nos.) |
Company Market Share (%) |
|
|
2010-11 |
2010-11 |
2010-11 |
|
Commercial
Vehicles |
742091 |
458828 |
61.8 |
|
Passenger
Vehicles |
2466814 |
319712 |
13.0 |
|
|
|
|
|
|
Total |
3208905 |
778540 |
24.3 |
Industry Structure
and Developments
Commercial Vehicles
The domestic Commercial Vehicle market in 2010-11, recorded
a robust growth of 27.3% which resulted in the highest ever sales of 7,42,091
vehicles in 2010-11. High growth rates continued through the first half of the fiscal
year supported by sustained economic growth and impact of a lower base in the
corresponding period last year. The demand for commercial vehicles continued to
be robust, driven by growth in the agricultural and industrial sectors of the
economy.
The domestic industry performance during 2010-11 and the
Company’s share is given below:-
|
Category |
Industry Sales (Nos.) |
Company Sales (Nos.) |
Company Market Share (%) |
|
|
2010-11 |
2010-11 |
2010-11 |
|
|
|
|
|
|
M and HCV |
327311 |
196651 |
60.1 |
|
LCV* |
414780 |
262177 |
63.2 |
|
|
|
|
|
|
Total |
742091 |
458828 |
61.8 |
Source: Society of Indian Automobile Manufacturers report and Company Analysis
* including Magic and Winger sales
The Company’s commercial vehicle sales in the domestic and
international markets, at 5,09,072 vehicles, were 26.7% higher than he previous
year. The Company recorded its highest ever sales in the domestic commercial
vehicle market. In the international business it crossed the 50,000 mark for
the first time in its history. A strong product portfolio, coupled with its
continued leadership market reach and penetration and extensive efforts toward
finance enablement for customers, were the key growth drivers. The company’s
market share in 2010-11at 61.8% was lower as compared to 64.1% in the previous
year, mainly due to inability of key suppliers to ramp-up production to meet
market demand and new competition in the SCV segment where hitherto Ace was the
only product.
The year also witnessed a recovery in the major
international markets, leading to a strong growth in the exports of commercial
vehicles. n particular, the M&HCV and SCV exports to the Indian
subcontinent region showed a robust growth.
In the domestic market, the M&HCV segment grew by 26.7%
on the back of strong growth in the Indian economy. The growth in the ore
sectors of the economy and revival in the EXIM trade benefited the M&HCV
segment. There was healthy freight availability in the market, operations for
transporters were profitable and construction and mining sectors continued to
grow backed by infrastructure projects. The good monsoons also ensured a growth
in the agricultural sector and this aided the freight market.
The Company launched product variants tailored to specific
market segments. It launched the Construct range of the Prima and upgraded its
entire product range to comply with the BS III emission norms w.e.f. October 1,
2010. The Company also showcased and operated its first CNG Hybrid city bus at
these Games in Delhi.
The LCV segment recoded a growth of 19.9% through the year
in 2010-11. While this was largely aided by the growth in the small commercial
vehicles, the rest of the segment comprising of the 4 and 7 tonne segments also
grew handsomely. The Company improved its performance in the pickup segment.
The sales of the Tata Ace continued to increase in its fifth
year of sales. The Company has launched a portfolio of variants on the popular
Ace platform such as the Ace EX, Super Ace, Venture which have been well
received in the market. Launch of products by competition in this segment
resulted in a lower market share of 63.2% in the year 2010-11 as compared to
64.7% during last year.
Passenger Vehicles
The year 2010-11 was a remarkable year for the passenger
vehicle industry, recording a growth of 29.8%, driven by increase in the
disposable incomes, availability of finance and a positive consumer sentiment
coupled with aggressive new model launches and pricing by manufacturers.
The Industry performance and the Company’s performance in
the segments that it operates in is given below:-
|
Domestic/ Category |
Industry Sales |
Company Sales (Nos.) |
Company Market Share (%) |
|
|
2010-11 |
2010-11 |
2010-11 |
|
Small car (Mini + Compact) |
1545992 |
180091 |
11.6 |
|
Midsize Car |
375137 |
96880 |
25.8 |
|
Utility Vehicle
/ SUV |
323592 |
42741 |
13.2 |
|
|
|
|
|
|
Total Passenger Vehicles# |
2466814 |
319712 |
13.0 |
Source: Society of Indian Automobile Manufacturers report and Company Analysis
* Including Fiat and Jaguar Land Rover branded cars
# Total Industry Nos. include sales in other segments
During the year,
the Company recorded its highest ever sales of 3,19,712 vehicles (including
Fiat and Jaguar Land Rover) in the domestic market. The Company continued to be
amongst the top three players in the Indian passenger vehicle market with a
market share of 13.0%. The Company launched a variety of new products and variants
in the year. It launched the Indica eV2 and Indigo eCS variants in the market
with segment leading fuel efficiencies. It also introduced the Venture - a
multi purpose vehicle and the Aria - first Indian crossover in the UV segment.
In the International
Business, while the recovery in its key export markets for the passenger car
business was slow; the sales increased to 7,845, a growth of 25.9% over the
previous year.
For the passenger car industry, the small car segment with
sales of over 1.5 million vehicles, continued to be the biggest segment of the
market, recording a growth of 29.7%. The growth in this segment was mainly
driven by the continued launch of new models. In a rapidly expanding market,
the Company‘s share in 2010-11 was 11.6%, lower than 13.3% in 2009-10. The
Company sold 70,431 Nano cars in 2010-11, a growth of 129% over 2009-10. It
inaugurated the Sanand plant for the production of the Nano in June 2011 and
production was progressively ramped up through the year. The Company focused on
expanding the reach for the Nano through Special Nano Access Points and by
ensuring availability of finance for all segments of customers through flexible
/ tailored finance schemes. The Company launched a refreshed version of the
Indica Vista and a new variant, Indica eV2, with the CRAIL engine and a segment
leading fuel efficiency of 25 kmpl.
The midsize segment with sales of 3,75,137 vehicles during
2010-11, grew by 30.3%. During the year with sales of 87,919 vehicles, the
Indigo range, registered an increase of 55.3%. With the launch of the Indigo
eCS, the Company increased its market share in this segment to 25.8% and is
also repositioning its Indigo brand at the higher end of the segment with the
introduction of the Indigo Manza, Elan.
The UV market recorded a healthy growth of 19.5%, during the
year, with sales of 3,23,592 vehicles. The Company increased its market share
in this segment to 13.2%, with sales of 42,741 vehicles. The Company improved
its sales with launch of Aria, Venture and a refreshed version of Safari.
The Company sold 20,342 Fiat cars in 2010-11, with sale of
8,536 Lineas and 11,613 Grande Puntos which represented a market share of 0.8%
for the Fiat brand.
The Company sold 889 Jaguar and Land Rover vehicles through
its exclusive dealerships in India in the second year of the introduction of
the Jaguar Land Rover brands in India and launched the Jaguar XJ and Jaguar XF
Diesel in the market in this year. It focused on widening its network across
the country during 2010-11
FINANCIAL PERFORMANCE
AS A MEASURE OF OPERATIONAL PERFORMANCE
(ON A STANDALONE
BASIS)
Supported by its strong and distinct product offerings in
both the commercial vehicle and passenger vehicle range, the Company‘s revenues
have grown by 34.9% in 2010-11. The operating margin decreased mainly due to
increase in raw material cost and fixed marketing expenses. The Profit after
tax of Rs.18120.000 Millions was lower by 19% as compared to Rs.22400.000
Millions in 2009-10 (during 2009-10, the Company recorded a profit of
Rs.18020.000 Millions on sale of investments which was partly set-off by a loss
of Rs.8510.000 Millions on redemption of preference shares in a subsidiary
company).
OUTLOOK
As per
RBI Monetary Policy statement in May 2011, the global recovery is likely to
sustain in 2011(calendar year) and global growth is expected to moderate to
4.4% as compared to 5% in 2010. Real GDP growth estimated at 8.6% during
2010-11, is likely to moderate at 8% during 2011-12. The moderation is expected
on the background of higher oil and commodity prices and the automotive
industry will have similar moderation more particularly due to higher interest
rate on vehicle loans. Key markets for Jaguar Land Rover such as China, Russia
and Middle East are expected to grow, while UK, USA, Rest of Europe are
expected to grow moderately.
Rising
commodity prices among other factors are likely to drive up input costs thereby
putting margins under pressure. The competition, in both commercial and
passenger vehicle segments, is expected to intensify going forward.
On the
above background, the Company will continue to focus on retaining its advantage
of market reach and penetration. The Company will continue to introduce new
products, variants and fuel efficient products. These will offer superior value
to the customers and improve the Company’s market position. Aggressive cost
reduction will be accentuated by the Company to offset the increase in input
costs and at the same time review pricing actions.
The
Company will also aggressively pursue opportunities in the International
markets as a part of its internationalization drive including evaluation of
possible overseas manufacturing.
The
Company will aggressively market its products in the domestic and export
markets. The Company will continue its actions on increasing the reach and
penetration for the Nano through expansion of channels and campaigns. It will
also continue to work with host of financiers to ensure the availability of
finance for all the customer segments.
Jaguar
Land Rover will continue to focus on profitable volume growth, managing costs,
improving efficiencies to sustain the growth momentum and continuous
sustainable investments in technology and products. It will also focus on
increasing its presence in the growth markets such as China, Russia, India and
Brazil along with launching new products and variants.
INTERNAL CONTROL
SYSTEMS AND THEIR ADEQUACY
The Company has in place an adequate system of internal controls.
It has documented procedures covering all financial and operating functions.
These controls have been designed to provide a reasonable assurance with regard
to maintaining of proper accounting controls, monitoring of operations,
protecting assets from unauthorized use or losses, compliances with regulations
and for ensuring reliability of financial reporting. The Company has continued
its efforts to align all its processes and controls with global best practices
in these areas as well.
Some
significant features of the internal control systems are:
· Corporate policies on accounting and major processes;
· Well-defined processes for formulating and reviewing annual and long term business plans;
· Preparation and monitoring of annual budgets for all operating and service functions;
· State-of-the-art ERP, Supplier Relations Management and Customer Relations Management, connect its different locations, dealers and vendors for efficient and seamless information exchange;
· An on-going program for reinforcement of the Tata Code of Conduct. The Code covers integrity of financial reporting, ethical conduct, regulatory compliance, conflict of interests review and reporting of concerns. All employees of the Company are regularly exposed to communications under this program;
· Bi-monthly meeting of the Management Committee at apex level to review operations and plans in key business areas;
· A well established multi-disciplinary Internal Audit team, which reviews and reports to management and the Audit Committee about the compliance with internal controls and the efficiency and effectiveness of operations and the key process risks;
· Audit Committee of the Board of Directors, comprising independent directors, which is functional since August 1988, regularly reviews the audit plans, significant audit findings, adequacy of internal controls, compliance with Accounting Standards as well as reasons for changes in accounting policies and practices, if any;
· A comprehensive information security policy and continuous upgrades to IT system;
· Documenting major business processes and testing thereof including financial closing, computer controls and entity level controls as part of compliance with Sarbanes-Oxley Act;
· Anti-fraud programme.
The Board takes responsibility for the total process of risk
management in the organisation. The Audit Committee reviews reports covering
operational, financial and other business risk areas. Through an Enterprise
Risk Management programme, each Business Unit addresses opportunities and the
attendant risks through an institutionalized approach that is aligned to the
Company’s objectives. This is also facilitated by internal audit. The business
risk is managed through cross functional involvement and intense communication
across businesses. Results of the risk assessment and residual risks are
presented to the senior management.
FIXED
ASSETS
v Land
v Building
v
v Railway Sidings
v Plant and Machinery
v Equipments
v Water System and Sanitation
v Furniture and Fixtures
v Office Appliances
v Plant taken on Lease
v IT Assets taken on Lease
v Leased Premises
v Technical Know-how
v Vehicles and Transport
v Capital Work-in-Progress
AUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2011
(RS. IN MILLIONS)
|
Particulars |
Quarter Ended |
|
|
June 30, 2011 |
|
|
|
|
(A) |
|
|
1. Vehicle Sales:(in Nos.) (includes traded
vehicles) |
|
|
Commercial vehicles |
1,13,186 |
|
Passenger cars and Utility vehicles |
69,529 |
|
Exports |
14,891 |
|
|
|
|
2. Vehicle Production:(in Nos.) |
|
|
Commercial vehicles |
1,31,128 |
|
Passenger cars and Utility vehicles |
60,137 |
|
|
|
|
B) |
|
|
1 a) Sales / Income from Operations |
128605.900 |
|
Less: Excise Duty |
10274.000 |
|
Net Sales / Income from Operations |
118331.900 |
|
(b) Other Operating Income |
647.000 |
|
Total Income from Operations |
118978.900 |
|
|
|
|
2. Expenditure |
|
|
(a) (Increase) / Decrease in stock-in-trade and work-in-progress |
(5372.800) |
|
(b) Consumption of raw materials and components |
73786.100 |
|
(c) Purchase of products for sale |
13898.600 |
|
(d) Employee cost |
6211.000 |
|
(e) Depreciation and Amortisation |
3651.400 |
|
(f) Product development expenses |
320.600 |
|
(g) Other expenditure |
22453.900 |
|
(h) Amount capitalised |
(1984.400) |
|
(i) Total |
112964.400 |
|
|
|
|
3. Profit from Operations before Other Income, Interest
and Discounting Charges and Exceptional Items [1-2] |
6014.500 |
|
4. Other Income |
1155.200 |
|
5. Profit before Interest and Discounting Charges
and Exceptional Items [3+4] |
7169.700 |
|
6. Interest and Discounting Charges |
|
|
(a) Gross interest and discounting charges |
3485.200 |
|
(b) Interest income / Interest capitalised |
(953.700) |
|
(c) Net interest and discounting charges |
2531.500 |
|
7. Profit after Interest and Discounting Charges but
before Exceptional Items [5-6] |
4638.200 |
|
8. Exceptional items |
|
|
(a) Exchange gain / (loss) (net) on revaluation of foreign currency
borrowings, deposits and loans |
24.400 |
|
9. Profit from Ordinary Activities before tax [7+8] |
4662.600 |
|
10. Tax expense |
649.800 |
|
11. Net Profit from Ordinary Activities after tax
[9-10] |
4012.800 |
|
12. Extraordinary Items (net of tax expense) |
-- |
|
13. Net Profit for the period [11-12] |
4012.800 |
|
14. Paid-up Equity Share Capital (Face value of ` 10
each) |
6347.500 |
|
15. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
-- |
|
|
|
|
16. Earnings Per Share (EPS) |
|
|
A. Ordinary Shares |
|
|
(a) Basic EPS before and after Extraordinary items |
6.25 |
|
(b) Diluted EPS before and after Extraordinary items |
6.04 |
|
B. 'A' Ordinary Shares |
|
|
(a) Basic EPS before and after Extraordinary items |
6.75 |
|
b) Diluted EPS before and after Extraordinary items |
6.54 |
|
|
|
|
17. Debt Service Coverage Ratio (No. of times) |
-- |
|
18. Interest Service Coverage Ratio (No. of times) |
-- |
|
|
|
|
19. Public Shareholding |
|
|
A. Ordinary
Shares |
|
|
- Number of Shares |
246470424 |
|
- Percentage of shareholding |
45.78% |
|
B. 'A' Ordinary
Shares |
|
|
- Number of Shares |
87551169 |
|
- Percentage of shareholding |
90.84% |
|
|
|
|
20. Promoters and promoter group Shareholding |
|
|
A. Ordinary
Shares |
|
|
(a)
Pledged/Encumbered |
|
|
- Number of Shares |
38000000 |
|
- Percentage of shareholding (as a % of the total shareholding of
promoter and promoter group) |
20.26% |
|
- Percentage of shareholding (as a % of the total share capital of the Company) |
7.06% |
|
(b)
Non-encumbered |
|
|
- Number of Shares |
149537926 |
|
- Percentage of shareholding (as a % of the total shareholding of
promoter and promoter group) |
79.74% |
|
- Percentage of shareholding (as a % of the total share capital of the Company) |
27.78% |
|
|
|
|
B. 'A' Ordinary
Shares |
|
|
(a) Pledged/Encumbered |
|
|
- Number of Shares |
-- |
|
- Percentage of shareholding (as a % of the total shareholding of
promoter and promoter group) |
-- |
|
- Percentage of shareholding (as a % of the total share capital of the Company) |
-- |
|
(b) Non-encumbered |
|
|
- Number of Shares |
8835302 |
|
- Percentage of shareholding (as a % of the total shareholding of
promoter and promoter group) |
100.00% |
|
- Percentage of shareholding (as a % of the total share capital of the Company) |
9.16% |
NOTES:
1. Figures for the previous periods have been regrouped /
reclassified wherever necessary.
2. Other income for the quarter ended June 30, 2011 includes
(a) profit of Rs.58.700 Millions (Rs.19.300 Millions for the quarter ended June
30, 2010) on sale of investments; and (b) dividend from subsidiary companies
Rs.665.400 Millions.
3. During the year ended March 31, 2011, the Company had
issued Ordinary Shares and 'A' Ordinary Shares through Qualified Institutional
Placement (QIP). Utilisation of said QIP issue proceeds is given below:
|
Particulars |
Amount (Rs. In Millions) |
|
|
|
Planned |
Actual |
|
|
|
|
|
Amount Collected |
33510.100 |
33510.100 |
|
Issue expenses |
1303.700 |
1012.100 |
|
Amount fully utilised |
|
32498.000 |
|
|
|
|
4. During the quarter ended June 30, 2011 and subsequent to
the said period, a subsidiary of the Company has redeemed 6.25% Cumulative Redeemable
Preference Shares held by the Company, resulting in part redemption of its
investment by Rs.31370.400 Millions.
5. In October 2008, the Company decided to move the Nano
project from Singur in West Bengal to Sanand in Gujarat. On June 21, 2011, the
newly elected Government of West Bengal, pursuant to a legislation enacted on
June 14, 2011 and notified on June 20, 2011, expropriated the entire property
consisting of buildings and leasehold land at Singur. The Company has
challenged the legal validity of the legislation in the Court of Law, the
outcome of which is pending as of the date of approval of these financial
results by the Board of Directors. Based on management's assessment no
provision is considered necessary to the carrying cost of buildings at Singur.
6. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the Company. These, in the context of Accounting Standard 17 on Segment Reporting, as specified in the Companies (Accounting Standards) Rules, 2006, are considered to constitute one single primary segment.
7. As on March 31, 2011, 1 investor complaint was outstanding. The Company received 15 complaints and resolved 11 complaints during the quarter. There are 5 complaints unresolved as on June 30, 2011.
8. Public Shareholding of Ordinary Shares as on June 30, 2011 excludes 19.38% (11.82% as on June 30, 2010 and 20.39% as on March 31, 2011) of Citibank N.A. as Custodian for Depository Shares.
9. The Statutory Auditors have carried out an audit of the results stated in (B) above for the quarter ended June 30, 2011.
The above Results have been reviewed by the Audit Committee of the Board and were approved by the Board of Directors at its meeting held on August 11, 2011
PRESS
RELEASE:
Released on 01 Oct,
2011
Tata Motors September sales at 78,786 nos.
Tata Motors' total sales (including exports) of Tata commercial
and passenger vehicles in September 2011 were 78,786 vehicles, higher by 22%
over September 2010. The company's domestic sales of Tata commercial and
passenger vehicles for September 2011 were 72,566 nos., higher by 22% over
59,611 nos. sold in September last year.
Cumulative sales (including exports) for the company for the
fiscal are 399,663 nos., a growth of 5% over 380,128 nos., sold last year.
Commercial Vehicles
The company's sales of commercial vehicles in September 2011 in the domestic
market were 46,247 nos., a 29% growth compared to 35,734 vehicles sold in
September last year. LCV sales were 28,092 nos., a growth of 47% over September
last year. M&HCV sales stood at 18,155 nos., a growth of 9% over September
last year.
Cumulative sales of commercial vehicles in the domestic
market for the fiscal are 243,134 nos., a growth of 19% over last year.
Cumulative LCV sales are 146,900 nos., a growth of 27% over last year, while
M&HCV sales stood at 96,234 nos., a growth of 8% over last year.
The passenger vehicles business reported a total sale and distribution off take
of 27,137 nos. (26,319 Tata + 818 Fiat) in the domestic market in September
2011, higher by 6% compared to 25,527 nos. (23,877 Tata + 1,650 Fiat) in September
last year. Sales of Tata passenger vehicles for September 2011 are at 26,319
nos., a growth of 10% over September last year. Sales of the Tata Nano were
2,936 nos., lower by 47% over September last year. The Indica range sales were
10,282 nos., higher by 64% over September last year. The Indigo range recorded
sales of 7,793 nos., lower by 11% over September last year. The Sumo/ Safari/
Aria/ Venture range accounted for sales of 5,308 nos., a growth of 60% over
September last year.
Jaguar
Land Rover sales in India continued their upward trend.
Cumulative sales and distribution offtake of passenger
vehicles in the domestic market for the fiscal are 134,140 nos. (125,448 Tata +
8,692 Fiat), against 161,051 nos. (149,188 Tata + 11,863 Fiat) last year, lower
by 17%. Cumulative sales of Tata passenger vehicles were 125,448 nos., lower by
16% compared to 149,188 nos., till September last year. Cumulative sales of the Nano are
29,377 nos., lower by 21% compared to 37,402 nos., till September last year. Cumulative sales of the Indica
range are 41,283 nos., lower by 16%. Cumulative sales of the Indigo family are
32,202 nos., lower by 26%. Cumulative sales of the Sumo/Safari/ Aria range are
22,586 nos., higher by 18%.
Exports
The company's sales from exports at 6,220 vehicles in September 2011 are higher
by 23% compared to 5,057 vehicles in September last year. The cumulative sales
from exports for the fiscal at 31,081 nos. are higher by 16% over 26,698 nos.
in the same period last year.
NEWS
Tata Motors Group - Global sales grow 24.2% and crosses the
1 million mark in FY 10-11
Tata Motors Group
- Global sales grow 24.2% and crosses the 1
million mark in FY 10-11
- Net Revenue grows 33.1% to Rs.1231.330
Millions
- Profit Before Tax grows 196.3% to
Rs.104.370 Millions
Consolidated Results for the Year ended March 31, 2011
The Tata Motors Group's global wholesale
volumes for FY 2010-11, including Jaguar Land Rover, stood at 1,080,994 units,
representing a growth of 24.2% as compared to the previous year. Global sales
of all commercial vehicles were at 512,731 units, while global sales of
all passenger vehicles were at 568,263 units.
The Tata Motors Group today reported
consolidated revenues (net of excise) for the year ended March 31, 2011, of
Rs.1231330.000 Millions, posting a growth of 33.1% over Rs.925190.000 Millions
in the previous year, with strong volume growth globally in all major markets.
The Consolidated Profit before Tax (PBT) for the year was Rs.104370.000
Millions, compared to a PBT of Rs.35230.000 Millions for the previous year. The
Consolidated Profit for the period (After Tax and post minority interest and
profit in respect of Associate companies) for the year was Rs.92740.000
Millions, a significant increase from a profit of Rs.25710.000 Millions in the
previous year.
Tata Motors Stand-Alone Results for the Year ended March 31,
2011
Tata Motors' sales (including exports) of
commercial and passenger vehicles for FY 2010-11 stood at 836,629 units, representing
a growth of 25.2% as compared to the previous year.
In the domestic market, the Company's
commercial vehicles sales increased by 22.7% year-on-year to 458,828 units. The
Company's market share in commercial vehicles was 61.8%. Passenger vehicles,
including Fiat and Jaguar and Land Rover vehicles distributed in India, grew by
23.0% year-on-year in the domestic market to 319,712 units. Sales of the Tata
Nano crossed the 100,000 mark during FY 2010-11 and the Company's passenger
vehicles sales crossed 2,000,000 since inception. The market share in passenger
vehicles stood at 13.0% in FY 2010-11.
Tata Motors' gross revenue for the year
ended March 31, 2011, was Rs.521360.000 Millions, posting a growth of 35.9%
over Rs.383640.000 Millions in the previous year.
Revenues (net of excise) of Rs.480400.000
Millions, represented a growth of 35% over Rs.355930.000 Millions in the
previous year. Cost pressure, including commodity price increase, resulted in a
reduction in the operating margins to 9.9%, and an Operating Profit (EBITDA) of
Rs.47710.000 Millions in the year, posting a growth of 14.2% over Rs.41780.000
Millions in the previous year. The PBT for the year is Rs.21970.000 Millions as
compared to Rs.28300.000 Millions in the previous year. (Year ended March 31,
2010, included Other Income and exceptional item of Rs.9580.000 Millions (net)
arising mainly on account of divestments). The PAT for the year is Rs.18120.000
Millions as compared to Rs.22400.000 Millions in the previous year.
Jaguar Land Rover
Jaguar Land Rover recorded strong
profitability, with healthy volumes in FY2010-11, reporting net revenue of GB
9,906 million and a Profit after Tax of GB 1,043 million. Sales volumes
improved to 243,621 as compared to 193,982 in the previous year, on the back of
improved market conditions, better market mix with strong growth in China,
continued strong response to product introduction including the all new XJ and
Land Rover models and favourable exchange rates. Earlier this month, JLR
successfully completed issue of 7 year and 10 year Bonds aggregating GB 1
Billion.
Tata Daewoo
Tata Daewoo Commercial Vehicles Company
Limited registered net revenues of Rs.28810.000 Millions, and recorded a Profit
after Tax of Rs.730.000 Millions in FY2010-11. The functioning of the newly
formed distribution company has now stabilised.
Tata Motors Finance
Tata Motors Finance Limited, the Company's
captive financing subsidiary, registered net revenues of Rs.13670.000 Millions and
reported a Profit After Tax of Rs.1270.000 Millions in FY 2010-11.
Dividend
The Board of Directors has recommended a
dividend of Rs.20/- per Ordinary share and Rs.20.50 per 'A' Ordinary share each
for the FY 2010-11 (2009-10: Rs.15/- for Ordinary share and Rs.15.50 for 'A'
Ordinary share). The dividend is subject to approval of shareholders; tax on
the dividend will be borne by the Company. The Book Closure date for the
purpose of payment of the said dividend has been fixed from July 21, 2011 to
August 12, 2011 and dividend shall be paid/ dispatched on and after August 16,
2011.
Sub-Division of Shares
Further, the Board of Directors today also
approved the sub-division of the Company's Ordinary and 'A' Ordinary Shares,
both of Rs.10/- each into Ordinary and 'A' Ordinary Shares, both of Rs.2/-
each, subject to the approval of the shareholders at the Annual General
Meeting.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.