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.
6,347,500,000/- |
Product Name 3 |
Construction Equipments |
|
Shareholders |
Shareholding
of Promoter and Promoter Group-42.54% Public
Shareholding-57.46% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
67 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 |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
101,229,600,000 |
Current Liabilities |
217,762,300,000 |
|
Inventories |
45,882,300,000 |
Long-term Liabilities |
110,116,300,000
|
|
Fixed Assets |
150,195,200,000 |
Other Liabilities |
21,054,100,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
348,932,700,000 |
|
Invest& other Assets |
247,885,700,000 |
Retained Earnings |
189,912,600,000 |
|
|
|
Net Worth |
196,260,100,000 |
|
Total Assets |
545,192,800,000 |
Total Liab. & Equity |
545,192,800,000 |
|
Total Assets (Previous Year) |
541,904,500,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
543,065,600,000 |
Net Profit |
12,422,300,000 |
|
Sales(Previous yr) |
480,404,600,000 |
Net Profit(Prev.yr) |
18,118,200,000 |
MIRA INFORM REPORT
|
Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA MOTORS LIMITED |
|
|
|
|
Registered
Office : |
Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai
– 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.09.1945 |
|
|
|
|
Com. Reg. No.: |
11-004520 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6347.500 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
: |
26214 (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 785040000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is India’s largest wholly integrated automobile company, manufacturing passenger cars, multi-utility vehicles (MUVs), and CVs. It is an old, well-established and reputed company having a good track record. The financial position of the company appears to be sound and healthy. Directors are reported as well-experienced, knowledgeable and respectable businessmen. Trade relations are reported as trustworthy. Business is active. Payment terms are reported as regular and as per commitment. The company can be considered good for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Non Convertible Debenture (NCD) = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
03.05.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
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 |
|
Corporate Office : |
|
|
|
|
|
Factory : |
v Pimpri, Pune – 411 018, Maharashtra, India
v
Jamshedpur Towns Post Office,
v Chinchwad, Pune – 411 033, Maharashtra, India
v Chinhat – Deva Road, Lucknow – 227 105, Uttar Pradesh, India
v
P S Singur, District Hooghly, West Bengal –
712 409,
v KIADB
Block – 2, Belur Industrial Area, Dharwad – 580 007, Karnataka, India |
|
|
|
|
Branches : |
v 503, Barton
Centre, 5th Floor, 84, Mahatma Gandhi Road, Bangalore - 560 001, India
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,
India
Tel: 91-657-2426616, Fax: 91-657 - 2426937
Email : tsrljsr@tatashare.com
v Tata Centre, 1st Floor, 43,
Jawaharlal Nehru Road, Kolkata - 700 071, India
Tel: 91-33-22883087, Fax : 91-33 - 22883062
e-mail : tsrlcal@tatashare.com
v Plot No.2/42,
Sant Vihar, Ansari Road, Daryaganj, New Delhi- 110002, India
Tel: 91-11 -23271805, Fax : 91-11 - 23271802 e-mail: tsrldel@tatashare.com |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ratan N. Tata |
|
Designation : |
Chairman |
|
Qualification : |
B. Sc. (Architecture) |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Vice Chairman |
|
Date of Birth : |
01.06.1944 |
|
Qualification : |
B. Tech. (Hons), M. Sc., Aston, D.Sc. (Hon.), Aston |
|
|
|
|
Name : |
Mr. N. N. Wadia |
|
Designation : |
Director |
|
Date of Birth : |
15.02.1944 |
|
|
|
|
Name : |
Mr. S M Palia |
|
Designation : |
Director |
|
Date of Birth : |
25.04.1938 |
|
Qualification : |
B.Com., LLB, CAIIB, AIB, (London) |
|
|
|
|
Name : |
Mr. R A Mashelkar |
|
Designation : |
Director |
|
Qualification : |
Eminent Chemical Engineering Scientist |
|
|
|
|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Director |
|
Qualification : |
Degree in Mechanical Engineering |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Director |
|
Qualification : |
Master’s Degree from the London School of Economics |
|
|
|
|
Name : |
Mr. V K Jairath |
|
Designation : |
Director |
|
Qualification : |
B.A. Degree In Public Administration, LLB degree and
Masters in Economics |
|
|
|
|
Name : |
Mr. Ranendra Sen |
|
Designation : |
Director |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Cyrus P Mistry |
|
Designation : |
Non – Executive Director |
|
Qualification : |
Graduate of Civil Engineering and M.Sc. in Management |
|
|
|
|
Qualification : |
B.A. Degree In Public Administration, LLB degree and
Masters in Economics |
|
|
|
|
Name : |
Mr. R Pisharody |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. S B Borwankar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr Ralf Speth |
|
Designation : |
Director |
|
Date of Birth : |
09.09.1955 |
|
Qualification : |
Doctorate of Engineering in Mechanical Engineering and
Business Administration |
KEY EXECUTIVES
|
Name : |
Mr. R. Pisharody |
|
Designation : |
Executive Director (Commercial Vehicle) |
|
|
|
|
Name : |
Mr. S. B. Borwankar |
|
Designation : |
Sr. Vice President (Manufacturing Operations – CVBU) |
|
|
|
|
Name : |
Mr. C Ramakrishnan |
|
Designation : |
Chief Financial officer |
|
|
|
|
Name : |
Mr. T Leverton |
|
Designation : |
Head, advanced and Product Engineering |
|
|
|
|
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. S. Krishnan |
|
Designation : |
Senior Vice President (Latin America Operations) |
|
|
|
|
Name : |
Mr. A.A Gajendragadkar |
|
Designation : |
Vice President (Corp Finance and Business Planning) |
|
|
|
|
Name : |
Mr. A. K. Jindal |
|
Designation : |
Head engineering (Comm. Vehicles – ERC) |
|
|
|
|
Name : |
Mr. Anil Kapur |
|
Designation : |
Vice President (Government Affairs and Collaboration) |
|
|
|
|
Name : |
Mr. A. S. Puri |
|
Designation : |
Vice President (Government Affairs and Collab) |
|
|
|
|
Name : |
Mr. B. B. Parekh |
|
Designation : |
Chief (Strategic Sourcing) |
|
|
|
|
Name : |
Mr. Girish Wagh |
|
Designation : |
Head (Passenger Car Operations) |
|
|
|
|
Name : |
Mr. H K Sethna |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Karl- Heinz Servos |
|
Designation : |
Project Director (Joint Projects) |
|
|
|
|
Name : |
Mr. N. Pinge |
|
Designation : |
Vide President (Internal Audit) |
|
|
|
|
Name : |
Mr. P. Chobe |
|
Designation : |
Head – Jamshedpur Plant |
|
|
|
|
Name : |
Mr. R. Bagga |
|
Designation : |
Vice President (Legal) |
|
|
|
|
Name : |
Mr. R. Ramakrishnan |
|
Designation : |
Vice President (Commercial – PCBU) |
|
|
|
|
Name : |
Mr. S. Ravishankar |
|
Designation : |
Vice President (Engg Systems, ERC) |
|
|
|
|
Name : |
Mr. Vikram Sinha |
|
Designation : |
Head (Car Plant – PCBU) |
|
|
|
SHAREHOLDING PATTERN
As on 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
938281325 |
42.45 |
|
|
1774880 |
0.08 |
|
|
1774880 |
0.08 |
|
|
940056205 |
42.54 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
940056205 |
42.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
34499261 |
1.56 |
|
|
1861224 |
0.08 |
|
|
2377355 |
0.11 |
|
|
245769584 |
11.12 |
|
|
761227539 |
34.44 |
|
|
7072058 |
0.32 |
|
|
6105655 |
0.28 |
|
|
965412 |
0.04 |
|
|
991 |
0.00 |
|
|
1052807021 |
47.64 |
|
|
|
|
|
|
9843437 |
0.45 |
|
|
|
|
|
|
179247766 |
8.11 |
|
|
8100520 |
0.37 |
|
|
20010087 |
0.91 |
|
|
11555 |
0.00 |
|
|
11437102 |
0.52 |
|
|
5747991 |
0.26 |
|
|
2232807 |
0.10 |
|
|
490 |
0.00 |
|
|
580142 |
0.03 |
|
|
217201810 |
9.83 |
|
Total Public shareholding (B) |
1270008831 |
57.46 |
|
Total (A)+(B) |
2210065036 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
498091115 |
0.00 |
|
|
498091115 |
0.00 |
|
Total (A)+(B)+(C) |
2708156151 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Commercial Vehicles, Passenger Vehicles,
Construction Equipments and Machine Tools. |
GENERAL INFORMATION
|
No. of Employees : |
26214 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
in Millions) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Associates: |
|
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Subsidiaries : |
December 29,
2011)
|
CAPITAL STRUCTURE
As on 10.08.2012
Authorised Capita: Rs. 39000.000 Millions
Paid up Capital: Rs. 6437.331 Millions
As on 31.03.2012
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
3500000000 |
Ordinary Shares |
Rs.2/- each |
Rs. 7000.000 Millions |
|
1000000000 |
‘A’ Ordinary Shares |
Rs.2/- 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 |
|
2691613455 |
Ordinary Shares |
Rs.2/- each |
Rs. 5383.200 Millions |
|
481933115 |
‘A’ Ordinary shares |
Rs.2/- each |
Rs. 963.900 Millions |
|
|
Less: Calls Unpaid – Ordinary Shares |
|
Rs.0.100 Million |
|
|
Add: Shares Forfeited – Ordinary Shares |
|
Rs.0.500 Million |
|
|
Total |
|
Rs. 6347.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6347.500 |
6377.100 |
5706.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
189912.600 |
193755.900 |
143948.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
196260.100 |
200133.000 |
149654.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69157.700 |
77660.500 |
77426.000 |
|
|
2] Unsecured Loans |
40958.600 |
81327.000 |
88519.400 |
|
|
TOTAL BORROWING |
110116.300 |
158987.500 |
165945.400 |
|
|
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
21054.100 |
20231.600 |
15086.400 |
|
|
Foreign currency Monetary Item Translation Differences Account |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
327430.500 |
379352.100 |
330686.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
150195.200 |
134170.700 |
112038.900 |
|
|
Capital work-in-progress |
40366.700 |
40585.600 |
52321.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
204935.500 |
226242.100 |
223369.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign currency Monetary Item Translation Differences Account |
2583.500 |
0.000 |
1616.900 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45882.300 |
38913.900 |
29355.900 |
|
|
Sundry Debtors |
27083.200 |
26028.800 |
23919.200 |
|
|
Cash & Bank Balances |
18409.600 |
24289.200 |
17532.600 |
|
|
Other Current Assets |
2138.300 |
0.800 |
1.100 |
|
|
Loans & Advances |
53598.500 |
51673.400 |
44257.300 |
|
Total
Current Assets |
147111.900 |
140906.100 |
115066.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
87448.300 |
54830.400 |
53966.000 |
|
|
Other Current Liabilities |
94305.800 |
75494.900 |
92125.600 |
|
|
Provisions |
36008.200 |
32227.100 |
27634.300 |
|
Total
Current Liabilities |
217762.300 |
162552.400 |
173725.900 |
|
|
Net Current Assets |
(70650.400) |
(21646.300) |
(58659.800) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
327430.500 |
379352.100 |
330686.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sale of Proceeds and Other Income of operations) |
543065.600 |
480404.600 |
355930.500 |
|
|
|
Other Income (Dividend) |
5740.800 |
1832.600 |
18534.500 |
|
|
|
TOTAL |
548806.400 |
482237.200 |
374465.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Product Development Expenditure |
- |
1061.700 |
1440.300 |
|
|
|
Manufacturing and Other Expenses
|
- |
440868.300 |
321412.300 |
|
|
|
Expenditure Transferred to Capital
and other Accounts |
- |
(8176.800) |
(7264.600) |
|
|
|
Exchange Loss on Revaluation of
Foreign Currency Borrowings, Deposits and Loans Given |
- |
1471.200 |
695.900 |
|
|
|
Loss on Redemption of Investment in Preference Shares held in a subsidiary
company |
- |
0.000 |
8508.600 |
|
|
|
Cost of materials consumed |
338948.200 |
- |
- |
|
|
|
Purchase of products for sale |
64339.500 |
- |
- |
|
|
|
Changes in inventories of finished goods, work-in-progress and
products for sale |
(6238.400) |
- |
- |
|
|
|
Employee cost/benefits expense |
26914.500 |
- |
- |
|
|
|
Product development expense/ Engineering expenses |
2342.500 |
- |
- |
|
|
|
Other expenses |
84055.100 |
- |
- |
|
|
|
Expenditure transferred to capital and other accounts |
(9071.300) |
- |
- |
|
|
|
TOTAL |
501290.100 |
435224.400 |
324792.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
47516.300 |
47012.800 |
49672.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
12186.200 |
11439.900 |
11038.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
35330.100 |
35572.900 |
38634.100 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
16067.400 |
13607.700 |
10338.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL AND EXTRA ORDINARY ITEMS AND TAX |
19262.700 |
- |
- |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS |
5852.400 |
- |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
13410.300 |
21965.200 |
28295.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
988.000 |
3847.000 |
5894.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12422.300 |
18118.200 |
22400.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20789.200 |
19341.300 |
16859.900 |
|
|
|
|
|
|
|
|
|
Add |
Credit Taken for
Dividend Distribution Tax for Previous year |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
12807.000 |
12742.300 |
8590.500 |
|
|
|
Tax on Proposed Dividend |
1830.200 |
1928.000 |
1328.900 |
|
|
|
Transfer to General Reserve |
1250.000 |
-- |
5000.000 |
|
|
|
Debentures Redemption Reserve |
700.000 |
2000.000 |
5000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16624.300 |
20789.200 |
19341.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Goods |
35982.200 |
33390.300 |
19214.800 |
|
|
|
Interest and Dividend |
462.300 |
196.100 |
65.800 |
|
|
|
Income From Transfer of Technology |
- |
0.000 |
0.000 |
|
|
|
Profit on sale of assets |
- |
0.000 |
11195.000 |
|
|
|
Others (Profit on sale of investments) |
- |
0.000 |
0.000 |
|
|
|
Rent Income |
67.500 |
- |
- |
|
|
|
Commission |
7.000 |
- |
- |
|
|
|
Sale of Services |
250.500 |
- |
- |
|
|
TOTAL EARNINGS |
36769.500 |
33586.400 |
30475.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials
and Components |
13646.900 |
18253.000 |
11898.900 |
|
|
|
Machinery Spares
and Tools |
573.100 |
468.000 |
333.300 |
|
|
|
Capital Goods |
3624.800 |
1587.100 |
3741.600 |
|
|
|
Spare Parts |
5255.100 |
86.300 |
209.900 |
|
|
|
Other Items |
154.700 |
2774.300 |
794.800 |
|
|
TOTAL IMPORTS |
23254.600 |
23168.700 |
16978.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic (Ordinary Shares) |
39.00 |
30.28 |
42.37 |
|
|
|
Diluted |
37.70 |
28.92 |
38.98 |
|
|
|
|
|
|
|
|
|
|
Basic (‘A’ Ordinary Shares) |
40.00 |
30.78 |
42.87 |
|
|
|
Diluted |
38.70 |
29.42 |
39.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Net Sales |
105864.100 |
124814.300 |
106300.900 |
110677.900 |
|
Total Expenditure |
98866.000 |
118278.600 |
104848.300 |
108484.500 |
|
PBIDT (Excl OI) |
6998.100 |
6535.700 |
1452.600 |
2193.400 |
|
Other Income |
4470.700 |
14393.100 |
1118.000 |
900.200 |
|
Operating Profit |
11468.800 |
20928.800 |
2570.600 |
3093.600 |
|
Interest |
3192.300 |
3667.700 |
3678.100 |
3339.500 |
|
Exceptional Items |
(1609.500) |
(2548.500) |
(81.500) |
(19.200) |
|
PBDT |
6667.000 |
14712.600 |
(1189.000) |
(265.100) |
|
Depreciation |
4293.600 |
4471.500 |
4823.800 |
4587.300 |
|
Profit Before Tax |
2373.400 |
10241.100 |
(6012.800) |
(4852.400) |
|
Tax |
320.000 |
1570.000 |
(1427.900) |
(1730.900) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2053.400 |
8671.100 |
(4584.900) |
(3121.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2053.400 |
8671.100 |
(4584.900) |
(3121.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.26
|
3.76
|
5.98
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
4.57
|
6.29
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
7.89
|
12.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.11
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.56
|
0.73
|
1.11
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.62
|
0.58
|
0.66
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
Case Details
Bench:- Bombay
|
Stamp No.:- CAFST/15550/2012 Filing Date:- 15/06/2012 Reg. No.:- CAF/2317/2012 Reg.
Date:- 20/07/2012 |
|
Main Matter Reg No.: FA/1081/2012 Stamp No.: FAST/15549/2012 Petitioner:- THE NEW INDIA ASSURANCE CO. LTD- Respondent:- SMT. SUNITA SHARAD
NAKADE
AND ORS Petn.Adv:- DEVENDRANATH S. JOSHI Resp. Adv.:-
V.A. Shastry for Respondent No1 to District:- SATARA |
|
Bench:- SINGLE Status:- Admitted(Unready)
Category: For Stay Next Date: 29.07.2013
Stage: FOR
ORDERS (CIVIL SIDE MATTERS) Coram: Hon’ble Shri Justice S.V Gangapurwala Last Date:- 25/06/2013
Stage:- FOR ORDERS (CIVIL SIDE MATTERS) Last Coram:- HON’BLE SHRI JUSTICE K.K.TATED |
|
Act:- Motor Vehicles Act, 1939 |
OPERATING
RESULTS AND PROFITS
Global
markets had a mixed year with the US showing recovery, European countries
continue to face a crisis, while Asia, China in particular, continued on a
healthy growth trajectory.
After
a strong performance in FY 2010-11, the Indian economy showed signs of slowdown
in FY 2011-12, due to inflationary pressures. Measures taken to arrest
inflation adversely impacted growth which dropped to 6.9% from 8.6% in the
previous financial year. The year also witnessed a sharp deceleration in
manufacturing activity mainly due to monetary tightening, weak external demand
and lack of investment activity. The Indian automotive industry continued to
grow, albeit at a reduced rate of 7.2%. The Tata Motors Group took cognizance of the global development
and planned market actions accordingly. The Tata Motors Group recorded a 35.0%
overall growth in gross turnover from Rs.1264140.000 millions in FY 2010-11 to
Rs.1706780.000 millions in FY 2011-12. This is the highest turnover recorded by
the Group. The consolidated revenues (net of excise) for FY 2011-12, of
Rs.1656540.000 millions grew by of 35.6% over last year on the back of strong
growth in volumes across products and markets. The consolidated EBITDA margins
for FY 2011-12 stood at 14.3%. Consequently, Profit Before Tax and Profit After
Tax were Rs.135340.000 millions and Rs.135170.000 millions, respectively.
During the year Jaguar Land Rover accounted for credit of GB£ 225million
(Rs.17940.000 millions) in respect of carried forward past losses in view of
certainity of utilising the losses against future profits.
Tata
Motors recorded a gross turnover of Rs.592210.000 millions, a
growth of 15.7%, from Rs.511840.000 millions in the previous year. Cost
reduction and value engineering continue to be areas of focus to improve
operational efficiency. However, the increase in commodity prices globally put
pressure on margins. Additionally, the need to increase marketing expenses to
protect and grow market share have resulted in EBITDA margins reducing from
10.2% to 8.1%. During the year, there was an impact of Rs.5850.000 millions of
exceptional items on account of exchange loss (net) including on revaluation of
foreign currency borrowings, deposits and loans arising from the depreciation
of Indian Rupee and provision for impairment made for certain investments. The
Profit Before Tax and Profit After Tax for the fiscal were lower at Rs.13410.000
millions and Rs.12420.000 millions, as compared to Rs.21970.000 millions and
Rs.18120.000 millions in the previous year, respectively.
Jaguar
Land Rover continued its growth in expanding markets, including a 76%
year-on-year increase in China retail sales. The strengthening of business in
China is expected to make it the largest market for Jaguar Land Rover within
the next 12 months. Jaguar Land Rover also improved performance in more mature
economies, where, despite uncertain trading conditions, it increased sales in
all major markets. Jaguar Land Rover recorded a turnover of Rs.1036350.000
millions, a growth of 47.4% from Rs.703040.000 millions in the previous year.
Volume growth was driven not only by new vehicle launches in the year, but also
by increasing sales of existing models. Profitability growth was also
benefitted from favourable exchange rates. The positive impact of the
strengthening US$ against the GB£ and the Euro, improved revenues given a
largely GB£ and Euro cost base. Further, cost efficiency improvements in
material costs and manufacturing costs supported improvement in operational
performance. These resulted in a higher EBITDA and Profit Before Tax of
Rs.170350.000 millions and Rs.118200.000 millions respectively, as compared to Rs.114780.000
millions and Rs.76650.000 millions, respectively in the previous year. The
EBITDA margin for FY 2011-12 is 16.3%. After recognition of previously
unrecognised tax losses of Rs.17940.000 millions the Profit After Tax was
higher at Rs.122790.000 millions, as compared to Rs.70730.000 millions in the
previous year.
Tata
Motors Finance Limited, the Company’s captive financing
subsidiary, registered net revenues of Rs.20180.000 millions and reported a
Profit Afte+r Tax of Rs.2400.000 millions in FY 2011-12. Tata Motors Finance
Limited announced their maiden dividend of 5% per equity share for FY 2011-12.
VEHICLE SALES AND
MARKET SHARES
The Tata Motors
Group sales stood at 12,69,483 vehicles, higher by 17.7% over the previous year.
Global sales of all commercial vehicles were at 5,99,913 units, while global
sales of all passenger vehicles were at 6,69,507 units.
Tata Motors
The Company
recorded sales of 8,63,248 vehicles, a growth of 10.9% over the previous year,
in the Indian domestic market. With the industry growing at a moderate 7.2%,
the improved sales resulted in an increase in the Company’s market share from
24.3% to 25.2%, in the Indian industry. The Company exported 63,105 vehicles
from India, against 58,089 vehicles exported last year.
Commercial
Vehicles
Within the
domestic market, the Company continued to strengthen its presence in commercial
vehicles, with sales of 5,30,204 units, growing 15.7% from the previous year -
an all time high for the Company. This represented a market leadership share of
59.4% in the domestic CV market.
Some of the
highlights for the year were:
Sales in the LCV
segment continued to drive performance, growing by a healthy 23.5% during the
year to 323,118 units. The ramp up of micro-trucks - Ace Zip and Magic Iris continued,
contributing to the growth in this segment along with the traditional Ace and Magic family.
The Dharwad plant for the
manufacture of the Zip and Iris was commissioned as scheduled and started operations from February 2012. However, as
competition intensified, the market share dipped to 59.4% from 62.1% last year.
The new generation Tata Ultra range
of trucks was displayed at the Auto Expo and is expected to further drive
growth in this segment.
Sales in the
M&HCVs segment grew moderately at 5.3%. Volumes at 2,07,086 units reflected
a market share of 59.4%. This segment also saw the entry of new players, which
put pressure on the market share. However, sales of the Tata Prima, the
next generation truck continued to grow. An increased focus on network
development and customer initiatives, laid the foundation for future growth in
M&HCVs.
Passenger Vehicles
In a year where
the domestic car industry grew only by 3.6%, the Company’s sales of passenger
vehicles in the domestic market (inclusive of Tata, Fiat and Jaguar Land Rover brands) was at its
highest ever at 333,044 units, representing a growth of 4.0% over the sales of
previous year. In an intensely competitive passenger vehicles market, a market
share at 13.1% was same as last year.
Some of the highlights of this year’s
performance were:
Sales of the Tata Nano increased to 74,521 units, a
growth of 5.8% over last year. The Nano
2012 was launched in November 2011 in 10 new colours, resulting in an
increased demand. Measures were undertaken to increase market penetration by
establishing low-investment dealerships in interior towns.
Sales in the
Compact segment (comprising Indica V2,
Indica Vista, Indigo CS, Fiat Palio and Punto)
grew by 10.5% to 1,76,104 units. The Indica
Vista refresh, the Indica
eV2 and the Indigo eCS were launched during the
year, boosting sales in this segment and improving market share to 20.6% from
19.1% last year.
Sales in the Mid
Size segment (comprising Indigo and
Indigo Manza) were at 19,645
units. A slew of new entrants in this segment affected market share, which
declined to 9.6% from 21.9%.
In the Utility Vehicles (UV) segment,
comprising Sumo, Safari, Aria and Land Rover,
the Company sold 49,035 units, which translated to a growth of 16.8% and a
market share of 13.3%. Sumo Gold,
a new and improved variant of the Sumo was launched in November 2011, boosting
UV sales.
In the Vans
segment, market share increased to 5.2% from 0.8% as the Venture sales continued to grow.
Fiat Sales were at 17,129 units representing a market share of 0.67%.
The Company sold
2,274 units of Jaguar Land Rover brands
during the year. Network for these brands continued to grow with 13 dealerships across 11 cities in the Country by the year end. The assembly plant
for the Freelander in Pune assembled more than 800 units
since the start of operations
during the year.
Exports
Focused efforts in
select ASEAN and Africa markets helped international exports from India grow by
8.6% to 63,105 units in the fiscal year. The Company exported 55,079 commercial
vehicles and 8,026 passenger vehicles, a growth of 9.6% and 2.3% respectively
over last year. A CKD plant was setup in South Africa for the assembly of
commercial vehicles. Another plant is being setup in Indonesia and is expected
to start operations next year. The Company continues to have a special focus on
expanding its global footprint and is targeting product actions specifically to
cater to international geographies.
Jaguar Land Rover
Jaguar Land Rover
sold 314,433 vehicles in FY 2011-12, an increase of 29.1% on the prior
reporting period. At the brand level, wholesale volumes were 54,039 units for
Jaguar and 260,394 units for Land Rover, growing 2.0% and 36.6%, over the
previous year, respectively.
Retail volumes in
key growth markets saw significant increases with China and the Asia Pacific
region.
Some of the
highlights of this year’s performance were:
Launch of the Range Rover Evoque in September 2011
with a world-wide roll out in December 2011, recording
sale of over
60,000 units in the first six months. The Evoque received over a 100 awards
including Top Gear Car of the Year, World Design Car of the Year and North
American Truck of the Year.
Expanded the Jaguar XF range with a more fuel efficient,
2.2 D XF with an 8 speed automatic gear box.
The introduction
of new variants of the Jaguar XF as
well as the continued strength of Ranger
Rover and Range Rover Sport were key contributors to
the overall success.
Entered into a JV
with Chery Automobiles, China to develop, manufacture and sell certain Jaguar
and Land Rover vehicles and jointly branded vehicles for the Chinese market.
Announced a GB£
355 million investment in new state-of the- art facility at Wolverhampton, UK, to
manufacture new advanced low-emission engines.
Tata Daewoo
Commercial Vehicles Company Limited
Sales of Tata
Daewoo Commercial Vehicle (TDCV) at 9,531 units were higher by 9% from last
year. Tata Daewoo Sales Company which was established in FY 2010-11, to
distribute TDCV products, has stabilized its operation during the year enabling
TDCV to focus on key accounts and fleet customers.
Tata Hispano
Motors Carrocera
Tata Hispano
Motors Carrocera, S.A. (Tata Hispano) was deeply affected by the economic downturn
in Europe, particularly in Spain. Sales for the year were at 368 units, down by
27% from last year. Tata Hispano’s bid for and delivered a prestigious CNG
series hybrid low floor bus order for EMT Madrid during the year, demonstrating
its technological capability. The Company made a provision for investments in
Tata Hispano, arising from
continuous
underperformance impacted by challenging market conditions.
Tata Motors
(Thailand) Limited
Tata Motors
(Thailand) Limited (TMTL) was affected by floods in Thailand during the year,
which negatively impacted supply chain partners and the overall demand scenario
in Thailand. As a result, volumes of TMTL at 4,978 units in FY 2011-12, were
down by 17.5% from last year. TMTL launched TDCV CNG tractors and
Super Ace to boost volumes. The Nano is also currently being tested
for sale in Thailand and has a potential to
boost volumes.
Tata Motors (SA)
(Proprietary) Limited
Tata Motors (SA)
(Proprietary) Limited launched the Prima range of trucks in South Africa along
with the TDCV range of tractor
trailers and the Indigo Manza at
the Johannesburg Motor Show with a view to increase the product offerings in
South Africa.
FINANCE
During
the year, the free cash flows for Tata Motors Group were Rs.46010.000
millions, post spend on capex, design and development of Rs.137830.00
millions. Tata Motors Group’s borrowing as on March 31, 2012 stood at Rs.471490.000
millions (previous year Rs.328110.000 millions). Cash and
bank balances stood at Rs.182380.000 millions (previous
year Rs.114100.000 millions).
Post
spend on capex, design and development of Rs.28350.000
millions, the free cash flows were Rs.8180.000 millions for standalone
operations of the Company. The borrowings of the Company as on March 31, 2012
stood at Rs.158810.000 millions (previous year Rs.159150.000
millions). Cash and bank balances stood at Rs.18410.000
millions (previous year Rs.24290. millions).
During
the year, the Company raised Syndicated Foreign currency term loans of USD 500
million in accordance with the guidelines on External Commercial Borrowings
(ECB) issued by the Reserve Bank of India in two tranches with tenors between
four to seven years towards financing its general capital expenditure and
investments in its overseas subsidiaries.
Tata
Motors issued rated, listed, unsecured, non-convertible debentures of
Rs.5000.000 millions with maturities of 5-7 years in May 2012, to optimize the
loan maturity profile.
During
the year, post spend on capex, design and development of GB£ 1,410million (Rs.107650.000
millions), the free cash flows were GB£ 1,062 million (Rs.83180.000
millions), for Jaguar Land Rover. The borrowings of the Jaguar Land Rover as on
March 31, 2012 stood at GB£ 1,848 million (Rs.150650.000
millions) (previous year GB£ 1,260 million (Rs.90070.000
millions)). Cash and bank balances stood at GB £2,563 million (Rs.208910.000
millions) (previous year GB£ 1,028 million (Rs.73490.000
millions)) resulting in negative net debt position.
In May
2011, Jaguar Land Rover PLC issued GB£1,000 million equivalent Senior Notes
(Notes). The Notes include,GB£500 million Senior Notes due 2018, at a coupon of
8.125% per annum, USD 410 million Senior Notes due 2018, at a coupon of 7.75%
per annum and USD 410 million Senior Notes due 2021 at a coupon of 8.125% per
annum. This facility gave Jaguar Land Rover an access to long tenor funding
while also diversifying its sources of funding.
In
March 2012, Jaguar Land Rover issued GB£500 million Senior Notes due 2020, at a
coupon of 8.25% per annum, with a yield of 8.375% per annum. This was an
opportunistic fund raising which enabled Jagaur Land Rover to reinforce its
market acceptance and demonstrated the confidence of the investors, while
continuing to support steps taken towards strengthening capital structure and
enhancing the debt maturity profile.
During
the year, Jaguar Land Rover established 3-5 year committed Revolving Credit
Facility amounting to GB£710 million. These lines, which have been availed from
13 banks, can be drawn as per requirement and is a step to further strengthen
the capital structure.
Tata
Motors Finance Limited raised Rs.1550.000 millions by an issue of
unsecured,
non-convertible, subordinated perpetual debentures towards
Tier 2 Capital to meet its growth strategy and improve
its Capital Adequacy ratio.
With healthy
profitability and cash flow generation, Tata Motors was able to further
de-leverage its Balance sheet.
The Consolidated
Net Automotive Debt to Equity Ratio stood at 0.25:1 on March 31, 2012 compared
to 0.56:1 on
March 31, 2011.
Tata Motors Group
has undertaken and will continue to implement suitable steps for raising long
term resources
to match fund
requirements and to optimize its loan maturity profile.
The Company’s
rating for foreign currency borrowings stood at “BB-”/Stable by Standard and
Poor and “Ba3”/Stable by Moodys. For borrowings in the local currency, the
rating stood at “AA-” by Crisil and at “AA-” by ICRA. During FY 2011-12, CARE
revised the rating upwards by 1 notch to “AA”. Post March 2012, Crisil and ICRA
have changed the outlook on the ratings from “Stable” to “Positive”.
As on March 2012,
Jagaur Land Rover’s rating stood at “B+”/ Positive by Standard & Poor,
“B1”/Stable by Moodys and “BB-”/ Stable by Fitch. Post March 2012, Standard
& Poor has upgraded the rating to “BB-” retaining the Positive Outlook.
As on March 2012,
Tata Motors Finance rating stood at “AA-” by Crisil and “AA-” by ICRA. Post
March 2012, Crisil and ICRA have changed the outlook on the ratings of Tata
Motors Finance Limited from “Stable” to “Positive”.
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2012 |
31.03.2011 |
|
Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) |
5973.600 |
81327.000 |
|
Privately placed Non-Convertible Debentures |
4000.000 |
|
|
Term loans from banks : |
|
|
|
(i) External Commercial Borrowings (ECB) -USD 500 million (at floating
interest rate) |
25441.300 |
|
|
Buyers’ line of credit (at floating interest rate) |
380.200 |
|
|
Deposits* |
|
|
|
Deposits accepted from public |
2382.800 |
|
|
Deposits accepted from shareholders |
789.500 |
|
|
Loans and advances from subsidiaries and associates |
678.500 |
|
|
Commercial paper [maximum balance outstanding during the year Rs.15400.000 Millions (2010-2011 :
Rs.3390 Millions)] |
1312.700 |
|
|
Total |
40958.600 |
81327.000 |
|
Note : * Includes from Directors #Loans, cash credits, overdrafts and buyers line of credit from banks
and Foreign Currency Non Repatriable Borrowings [FCNR(B)] are secured by
hypothecation of existing current assets of the Company viz. stock of raw
materials, stock in process, semi-finished goods, stores and spares not
relating to plant and machinery (consumable stores and spares), bills
receivable and book debts including receivable from hire purchase / leasing
and all other moveable current assets except cash and bank balances, loans
and advances of the Company both present and future. |
||
Contingent liabilities, commitments (to the extent not provided for):
(Rs. in millions)
|
|
March 31, 2012 |
March 31, 2011 |
|
1 Claims against
the Company not acknowledged as debts - |
|
|
|
(i) Sales tax -
Gross - Net of tax |
4131.200 2790.800 |
10036.800 6702.800 |
|
(ii) Excise duty
- Gross - Net of tax |
6569.300 4437.900 |
4925.500 3289.400 |
|
(iii) Others -
Gross - Net of tax |
1570.200 1060.700 |
1569.200 1048.000 |
|
(iv) Income Tax
in respect of matters : |
|
|
|
(a) Decided in
the Company’s favour by Appellate Authorities and for which the Department is
in further appeal |
23.800 |
23.800 |
|
(b) Pending in
appeal / other matters |
952.000 |
1051.900 |
|
2. The claims /
liabilities in respect of excise duty, sales tax and other matters where
the issues were decided in favour of the Company for which the Department
is in further appeal |
697.700 |
312.800 |
|
3. Other money
for which the Company is contingently liable - |
|
|
|
(i) In respect
of bills discounted and export sales on deferred credit |
1392.100 |
1706.000 |
|
(ii) The Company
has given guarantees for liability in respect of receivables
assigned by way of securitisation |
1078.000 |
6343.400 |
|
(iii) Cash
margins / collateral |
902.900 |
4288.200 |
|
(iv) In respect
of subordinated receivables |
95.100 |
371.600 |
|
(v) Others |
66.400 |
136.800 |
Tata Motors
Stand-alone Financial Results for the quarter ended June 30, 2012
Tata Motors
standalone revenues (net of excise) were for the quarter ended June 30, 2012 of
Rs.105.860 millions as compared to Rs.116.240 millions in the corresponding
period last year. Weak macroeconomic parameters, excise duty increases and poor
availability of freight, resulted in pressure on volumes in the MHCV segment.
Further, competitive pressures on pricing in certain commercial and passenger
vehicle segments and lower volumes, impacted the operating margins. Operating
margin was 7.3% for the quarter ended June 30, 2012, as compared to 8.8% for
the corresponding period last year. The Operating Profit (EBITDA) stood at
Rs.7740.000 millions in the quarter ended June 30, 2012, as compared to
Rs.1020.000 millions in the corresponding period last year.
The PBT for the
quarter ended June 30, 2012 is Rs.2370.000 millions as compared to Rs.4660.000
millions in the corresponding period last year and the PAT for the quarter is
Rs.2050.000 millions as compared to Rs.4010.000 millions in the corresponding
period last year. The PBT and PAT for the quarter ended June 30, 2012, were
adversely impacted by exchange loss (net) including on revaluation of foreign
currency borrowings, deposits and loans arising from the depreciation of Indian
Rupee (INR), of Rs.1610.000 millions (Gain of Rs.20.000 millions in
corresponding period last year).
Tata Motors' sales
(including exports) of commercial and passenger vehicles for the quarter ended
June 30, 2012, stood at 190,483 units, representing a decline of 3.6%, as
compared to the corresponding period last year.
In the domestic
market, the Company's Commercial vehicles sales for the quarter ended June 30,
2012, stood at 114,710 units, a growth of 1.3% over the corresponding period
last year. Growth was driven by small commercial vehicles and was supported by
improved production through our facilities in Pantnagar and Dharwad. The
Company's market share in commercial vehicles was 56.2% for the quarter ended
June 30, 2012.
In the domestic
market, the Company's Passenger vehicles, including Fiat and Jaguar and Land
Rover vehicles distributed in India, stood at 62,619 units for the quarter
ended June 30, 2012, a decrease of 9.9% over the corresponding period last
year. The Company continues focus on marketing initiatives and network actions
and the sales & service process. The market share in Passenger vehicles for
quarter ended June 30, 2012, stood at 9.8%.
Jaguar Land Rover
PLC - (figures as per IFRS)
Jaguar Land Rover
Sales for the quarter ended June 30, 2012, grew 34.4% to 83,452 units. Of this,
the Jaguar volumes for the period stood at 11,774 units and Land Rover volumes
stood at 71,678 units. Growth in volumes was driven by sales of the new Range
Rover Evoque and strong demand from China, which grew 91% year-on-year. Sales
from the China region comprised 22.2% of total volumes for the quarter ended
June 30, 2012, as against 15.7% for the corresponding period last year.
Revenues for the
quarter ended June 30, 2012 of GBP 3,638 million, represented a growth of 34.6%
over GBP 2,703 million in the corresponding quarter last year. Operating
margins for the quarter ended June 30, 2012, stood at 14.5% and an Operating
Profit (EBITDA) of GBP 527 million in the quarter, a growth of 45.6% over GBP
362 million in the corresponding quarter last year. Continued strong revenue
and operating profit performance were supported by demand for new products,
improved market mix, and favourable exchange rate environment. The PBT for the
quarter is GBP 333 million (GBP 251 million in the corresponding quarter last
year) and the PAT for the quarter is GBP 236 million (GBP 220 million in the
corresponding quarter last year).
In August 2012, JLR
declared a dividend of GBP 150 million (equivalent to Rs 1,2900.000 millions).
Tata Daewoo
Tata Daewoo
Commercial Vehicles Co. Ltd. registered net revenues of KRW 217 billion and
recorded a Net profit of KRW 3 billion in the quarter ended June 30, 2012.
Tata Motors
Finance
Tata Motors
Finance Ltd, the Company's captive financing subsidiary, registered net revenue
from operations of Rs.623 crores and reported a Profit After Tax of Rs.73
crores the quarter ended June 30, 2012.
The Financial
Results for the quarter ended June 30, 2012, are enclosed.
BUSINESS OVERVIEW
Tata Motors
Business:
The Indian economy, which recorded a growth
rate of 8.6% during FY 2010-11, started showing softening indicators in second
half of FY 2010-11. This was mainly due to inflationary pressures and continued
anti-inflationary monetary stance taken the by Reserve Bank of India (RBI).
During the current year, the inflation continued to remain at higher levels
with headline Wholesale Price Index (WPI) staying at above 9% during
April-November 2011, and moderated to 6.9% by end March 2012. On the foreign
exchange front, higher crude oil prices, lower net capital inflows and lower
export growth in the last six months of the year due to worsening global
economic scenario, adversely affected the Indian currency. The rate of Index of
Industrial growth (IIP) decelerated from 8.2% in FY 2010-11 to 2.8% in current
year. Due to these factors, India's growth rate is estimated to be lower at
6.9% during FY 2011-12.
The automotive
industry was affected by the overall macro economic factors discussed above. In
particular, the demand was impacted due to higher interest rates and slowing
economy. Further, sharp increases in petrol prices (after deregulation in June
2010) adversely impacted the demand for petrol vehicles. However, diesel prices
did not move in tandem. This created a gradual shift in demand from petrol cars
to diesel cars. There was a spurt in demand for diesel cars in the last six
months of the current year, resulting in supply constraints on diesel vehicles.
On the above
background, the Indian auto industry grew at a moderate rate of 7.2% in FY
2011-12, with 19.2% growth in Commercial Vehicles and 3.6% growth in Passenger
Vehicles. The Company's total domestic sales grew by 10.9% to 8,63,248 vehicles
in FY 2011-12. Commercial Vehicle sales increased by 15.7% to 530,204 units,
while Passenger Vehicles sales grew by 4% to 333,044 units. The competitive
scenario intensified as the existing OEM's launched new variants to protect market
share and new entrants sought to gain a foothold in the market. The Company
maintained leadership with a market share of 59.4% in the Commercial Vehicle
segment despite international OEM's entering the market. For Passenger
Vehicles, in a highly competitive environment, the Company was successful in
maintaining its market share of 13.1%. The Company's exports grew by 8.6% to
63,105 units during the year. The growth was driven by focus on the emerging
markets in SAARC, South Asia and Africa.
The industry performance in the domestic
market during FY 2011-12 and the Company’s market share is given below :-
|
Category |
Industry
sales |
Company Sales |
Market Share |
|
Commercial Vehicles |
892349 |
530204 |
59.4% |
|
Passenger Vehicles |
2538418 |
333044 |
13.1% |
|
Total |
3430767 |
863248 |
25.2% |
Industry Structure and Developments
Commercial Vehicles:
During the current
year, the domestic Commercial Vehicle market, recorded a growth of 19.2% with the
highest ever sales of 892,349 vehicles. The Medium and Heavy Commercial
Vehicles (M&HCV) sector grew by 6.5%, while growth of Light Commercial
Vehicle (LCV) segment was at 29.1%. The lower growth of agriculture,
manufacturing and construction, mainly contributed to lower growth in
Commercial Vehicle segment at 19.2% in current year as compared to 27.3% in FY
2010-11 over FY 2009-10. Further, M&HCV demand was mainly affected by
higher interest rates and restricted availability of financing support, due to
tight monetary policy by the RBI.
The domestic
industry performance during FY 2011-12 and the Company’s share are given
below:-
|
Category |
Industry sales |
Company Sales |
Market Share |
|
M&HCV |
348,773 |
207,086 |
59.4% |
|
LCVs |
543,576 |
323,118 |
59.4% |
|
Total |
892,349 |
530,204 |
59.4% |
The Company’s sale
of Commercial Vehicle in the domestic and international markets was 585,283
units representing a growth of 15.1% over the previous year. The growth was
driven by focused product actions, enhancement of quality of the service
network, increased service outlets, and financing options suited to customer
needs. However, the domestic market share during the year was 59.4%, lower by
180 basis points, compared to 61.2% last year.
The LCV segment
continued to drive growth for the Company. The Company’s sales increased by
23.5% to 323,118 units from 261,637 units in FY 2010-11, due to improved
performance in the pickup segment and ramp up of production in the Pantnagar
plant aided volume growth in the LCV truck segment. The commercial production
has commenced at Dharwad. The major launches in FY 2011-12 were Ace Zip and
Magic Iris. The sales of the Tata Ace continued to increase year-on-year.
However, the entry of new competition in the small commercial vehicle category,
and the expanding market size in this segment, resulted in lowering of the
Company’s market share in LCV segment to 59.4% in FY 2011-12 from 62.1% in FY
2010-11.
In M&HCV category,
the Company sold 207,086 units during FY 2011-12, which resulted in a market
share of 59.4%. The economic crisis in the Euro Zone and political unrest in
the Middle East, mainly contributed to a slowdown in the global economy. The
real GDP growth in the Euro Zone dropped successively each quarter of the year.
SAARC and ASEAN countries, however, continued to grow steadily. In particular,
the growth in Small Commercial Vehicle segments in these geographies was
robust. The new launches during FY 2011-12 include the Tata Divo, a
super-luxury inter-city bus and new variants in the Tata Starbus Ultra range.
The Company also
showcased a fuel-cell bus and other advanced hybrid technologies at the New
Delhi Auto Expo in January 2012.
Passenger Vehicles:
The growth of
Passenger Vehicles segment decelerated to 3.6%, during the year; much lower as
compared to the Commercial Vehicles. Consequent to the inflation and slowing
economy, there was a decrease in disposable income, impacting demand for cars.
Petrol prices increased substantially during the year, increasing the total
cost of ownership of petrol cars. This resulted into deferment of purchases and
shift in demand to diesel vehicles. Further, the increase in interest rates
adversely impacted car financing, taking toll on demand.
The industry
performance and the Company’s performance in the Passenger Vehicle segment are
given below:-
During the year,
the Company recorded its highest ever sales of 333,044 vehicles in the domestic
market, recording a growth of 4.0% over last year, through launch of a variety
of newproducts – the Indica Vista and the Sumo Gold BS4 variant. The Indigo eCS
and the Indica eV2, with segment-leading fuel efficiencies, continued to gain
traction and market share as fuel prices increased. The Venture, launched last
year, continued to receive good market response. Nano sales continued to grow
with volumes increasing by5.8% over last year to 74,521 units. With focused
initiatives to increase reach and penetration, by appointing Nano exclusive
dealers, the Company is targeting rural customers to drive growth. During FY
2011-12, the Company launched Nano 2012, with several new features, including
improved fuel efficiency. The Company also started exporting Nano to
neighbouring countries such as Nepal and Sri Lanka.
The Mid-size and
Utility Vehicles category, recorded 17.6% and 16.8% growth on the back of
demand for diesel cars and new product / variants. The Company’s sales in the
mid size category suffered as competition severely intensified with multiple
new launches from other industry players in this segment.
The Company recorded a healthy growth of 16.8%
in Utility Vehicle segment, at par with industry growth during the year, with
sales increasing to 49,035 units. Increase in sales of the Sumo post the launch
of the BS4 variant of the Sumo Gold combined with increase in the sales of the
Safari, contributed to this growth. The new Safari Storme was displayed at the
New Delhi Auto Expo in January 2012 to be launched in the FY 2012-13.
The Company sold
17,129 Fiat cars in FY 2011-12, with a sale of 4,796 Linea and 12,297 Grande
Punto. Fiat stood at the tenth position among the major car players in the
country. The Tata-Fiat dealer network was upgraded to 170 dealer facilities
across 129 cities as of March 31, 2012. Fiat was ranked ninth in the JD Power
2011 India Customer Service Index Survey. During the year, the Company launched
the Fiat Linea 2012 and the Fiat Grande Punto. In May 2012, JV partners decided
that in order to further develop the Fiat brand in India, management control of
Fiat’s commercial and distribution activities will be handed over to a separate
Fiat Group owned company in India.
The Company sold
2,274 Jaguar Land Rover (JLR) vehicles through its exclusive outlets in India
registering an impressive growth of 91%. The Company launched the globally
popular Range Rover Evoque. During the year, the Company expanded its
dealership network to 13 outlets covering 11 cities. The Company commenced the
local assembly of the Land Rover Freelander 2, at Pune in May 2011, which has
been received extremely well in India.
|
Category |
Industry sales |
Company Sales* |
Market Share |
|
Micro |
74,521 |
74,521 |
100.0% |
|
Compact |
856,072 |
176,104 |
20.6% |
|
Mid-size |
204,729 |
19,645 |
9.6% |
|
Executive |
41,557 |
4,796 |
11.5% |
|
Premium and Luxury |
12,027 |
985 |
8.2% |
|
Utility Vehicles |
368,272 |
49,035 |
13.3% |
|
Vans (Note a) |
152,019 |
7,958 |
13.3% |
|
Total (Note b) |
2,538,418 |
333,044 |
13.1% |
Tata Motors
Sales and Distribution:
The
sales and distribution network in India as of March 31, 2012, comprises
approximately 2,150 sales contact points for the Passenger and Commercial Vehicle
businesses. The Company formed a 100% subsidiary, TML Distribution Company Ltd
(TDCL) in March 2008, to act as a dedicated distribution and logistics
management company to support the sales and distribution operations of vehicles
in India. The Company believes that this has improved the efficiency of our
selling and distribution operations and processes.
TDCL provides distribution and logistics
support for vehicles manufactured at our facilities. TDCL helps us improve
planning, inventory management, transport management and timely delivery. The
Company has deployed a Customer Relations Management (CRM) system at all our
dealerships and offices across the country. The system is certified by Oracle
as the largest Siebel deployment in the automotive market. The combined online
CRM system supports users both within the Company and among the distributors in
India and abroad.
The
Company provides financing support through the wholly owned subsidiary, Tata
Motors Finance Ltd (TMFL), to end customers and independent dealers, who act as
the Company’s agents. During FY 2011-12, approximately 27% of vehicle unit
sales
in India were made by the dealers through financing arrangements provided by
TMFL as compared to 21% in FY 2010-11. The total vehicle finance receivables
(consolidated) outstanding as at March 31, 2012 and 2011 amounted to Rs.157476.700
millions and Rs.10,0956.200 millions, respectively.
The
Company uses a network of service centers on highways and a toll-free customer
assistance center to provide 24-hour on-road maintenance (including replacement
of parts) to vehicle owners. The Company believes that the reach of the sales,
service and maintenance network, provides us with a significant advantage over
the competitors.
Tata
Motors Competition:
The Company faces competition
from various domestic and foreign automotive manufacturers in the Indian
automotive market. Improving infrastructure and robust growth prospects
compared to other mature markets, are now attracting a number of automotive OEM’s
to India. These companies have either formed joint-ventures with local partners or have
established independently-owned operations in India. The global competitors
bring international experience, global scale, advanced technology and
significant financial support, for the operations in India. The competition is
likely
to further
intensify in the future.
The Company has
designed its products to suit the requirements of the Indian market based on
specific customer needs such as safety, driving comfort, fuel efficiency and
durability. The Company believes that its vehicles are suited to the general
conditions of Indian roads, the local climate and comply with applicable
environmental regulations currently in effect. The Company also offers a wide
range of optional configurations to meet the specific needs of its customers.
The Company is developing products to strengthen its product portfolio in order
to meet customer expectations of aspiring for world-class products.
Tata Motors
Exports:
The Company continues to focus on its export
operations. The Company markets its commercial and passenger vehicles in
several countries in Europe, Africa, the Middle East, South East Asia and South
Asia. The exports of vehicles manufactured in India increased by 8.6% in FY
2011- 12 to 63,105 units from 58,089 units in FY 2010-11, with significant
economic improvement in our major international markets such as the Indian
sub-continent, South Africa and the Middle East.
For FY 2011-12,
the Company’s top five export destinations accounted for approximately 76% and
85% of the exports of commercial vehicles and passenger vehicle units,
respectively. The Company continues to strengthen its position in the
geographic areas it is currently operating in and exploring possibilities of
entering new markets with similar market characteristics to the Indian market.
The Company has
set up a network of distributors in almost all countries where the vehicles are
exported. The distribution network includes appointing local dealers for sales
and servicing products in the respective regions. The Company
has also deputed
its representatives overseas to support sales and services and to identify
opportunities.
Jaguar Land Rover
business:
On June 2, 2008,
the Company acquired the global business relating to Jaguar Land Rover which
include three major production facilities and two advanced design and
engineering centers in United Kingdom, a worldwide sales and dealership
network, intellectual property rights, patents and trademarks. Since then,
Jaguar Land Rover has significantly consolidated its
position in the
premium car segment.
The strengths of
Jaguar Land Rover include its internationally recognized brands, strong product
portfolio of award-winning luxury and high performance cars and premium
all-terrain vehicles, global distribution network, strong product development
and engineering capabilities, and a strong management team
Jaguar designs, develops and manufactures premium luxury saloons and sports
cars, recognised for their performance, design and unique British style.
Jaguar’s range of products comprises the XK sports car (coupe and convertible),
the XF saloon and the new XJ saloon.
The current XK was
launched in 2009, and the XK range was significantly revised with a new look
for 2011. The new XKR-S, which was unveiled at the Geneva Motor Show on March
1, 2011, is the sporting flagship for Jaguar revitalised XK line-up. The XKR-S
is the fastest and most powerful production sports car that Jaguar has ever
built.
The XF, launched
in 2008, is a premium executive car that merges sports car styling with the
sophistication of a luxury saloon. The Jaguar XF is Jaguar’s best-selling model
across the world by volume and it has garnered more than 80 international
awards since its launch, including being named “Best Executive Car” by What
Car? Magazine, in every year since its launch. For 2012 model year, fundamental
design changes to the front and rear aim to bring a more assertive, purposeful
stance to the vehicle, closer to the original C-XF concept car. In addition,
the Jaguar 2012 model year line-up included a new four cylinder 2.2-litre
diesel version of the XF with Intelligent Stop-Start Technology, making it the
most fuel-efficient Jaguar yet. In 2012, Jaguar has announced a further
expansion of the XF range with the introduction of the Sportbrake, due later in
2012. The Sportbrake has increased rear load space to appeal to a wider range
of buyers.
The XJ is Jaguar’s
largest luxury saloon vehicle, powered by a choice of supercharged and
naturally aspirated 5.0-litre V8 petrol engine and a 3.0-litre diesel engine. A
3.0-litre V6 petrol engine was launched in the Chinese market in early 2011,
which has driven sales growth in the year. Using Jaguar’s aerospace inspired
aluminium body architecture, the XJ’s lightweight aluminium body provides
improved agility and economy. In the year, the XJ has been upgraded to include
a new Executive Package and a Rear Seat Comfort package, which makes the Jaguar
flagship model the ultimate executive
limousine
experience.
The Jaguar C-X16
concept car was showcased during 2011 and it was announced at the New York Auto
Show that this will be the basis of the new F-type, a two seater sports car due
for launch in the spring of 2013. The car will make extensive use of aluminium
in its build, based on the expertise Jaguar Land Rover has developed in
previous models.
Land Rover designs, develops and manufactures premium
all-terrain vehicles that aim to differentiate themselves from the competition
by their simplicity, ability, strength and durability. Land Rover’s range of
products comprises the Defender, Freelander 2 (LR2), Discovery 4 (LR4), Range
Rover Evoque, Range Rover Sport and Range Rover. Land Rover products offer a
range of power trains, including turbocharged V6 diesel, V6 petrol engines and
V8 naturally aspirated and supercharged petrol engines, with manual and
automatic transmissions.
The Defender is
Land Rover’s toughest off-roader, and is recognised as a leading vehicle in the
segment targeting extreme all-terrain abilities.
The Freelander 2
is a versatile vehicle for both urban sophistication and off-road capability.
For the 2012 Model Year, Jaguar Land Rover offered a choice of 4 Wheel Drive
and 2 Wheel Drive, with an eD4 engine capable of 4.98L/100km which was
especially well received in major European markets.
The Discovery 4 is
a mid-size SUV that features genuine allterrain capability. A range of new
features, including the new 3.0-litre LR-TDV6 diesel engine, helped the
Discovery win the What Car? Magazine award for the Best 4x4 for the seventh
successive year.
The Range Rover
Evoque was launched in September 2011 and has since garnered over 100
international awards. The class leading urban 4x4 comes in a range of trim
levels and is the most customisable Range Rover ever produced. The Range Rover
Sport combines the performance of a sports tourer with the versatility of a
Land Rover.
The Range Rover is
the flagship of the brand with a unique blend of British luxury, classic design
with distinctive, highquality interiors and outstanding all-terrain ability.
The 2012 Model Year Range Rover, with an all-new 4.4-litre TDV8 engine aiming
to achieve a 14% reduction in CO2 emissions and a 19% improvement in fuel
consumption to 7.81L/100km, has been particularly well-received in the UK,
Europe and overseas.
Jaguar Land Rover
achieved strong sales, during FY 2011-12 wholesale unit sales in total
increased to 314,433 units from
sales of 2,43,621
units in FY 2010-11, an increase of 29.1%. Jaguar volumes increased to 54,039
units during FY 2011-12 from 52,933 units in FY 2010-11, an increase of 2.1%.
Land Rover volumes increased to 260,394 units from 190,628 units in FY 2010-11,
an increase of 36.6%, mainly contributed by Range Rover, Range Rover Sport,
Range Rover Evoque and Discovery 4 (LR4) sales. Jaguar Land Rover exported
262,637 units in FY 2011-12 compared to 185,063 units in FY 2010-11, an
increase of 36.5%.
Jaguar Land Rover’s
performance in key geographical markets on retail basis
United States: The US economy has
recovered more favourably than other mature economies since the economic
downturn, with GDP growth and falling unemployment, although the position
remains fragile. United States premium car segment volumes fell by 1% compared
to FY 2010-11, whilst premium SUV segment volumes were up 5%. United States
retail volumes for FY 2011-12 for the combined brands were 58,003 units. Jaguar
retail volumes for FY 2011-12 fell by 2.6% compared to FY 2010-11, leading to a
0.3% decrease in market share. Land Rover retail volumes for FY 2011-12
increased by 22.5% compared to FY 2010-11, increasing market share.
United Kingdom: Initial figures
suggest that the UK economy has re-entered recession in the last three months.
Trading conditions in the UK remain difficult, despite an upswing in the first
part of the year. In the UK, both the premium car segment and premium SUV
segment increased by 10% in FY 2011-12 compared to FY 2010-11. The UK retail
volumes for FY 2011-12 for the combined brands were 60,022 units, Jaguar retail
volumes decreased by 14.0% compared to FY 2010-11, leading to a 6% decrease in
market share. Land Rover retail volumes increased by 9.8% compared to FY 2010-11,
broadly maintaining market share.
Europe (excluding
Russia): The European economy continues to struggle, with austerity measures in
place in a number of countries. The economic situation and recent national
election results, continue to create uncertainty around European zone
stability, the Euro and borrowing costs. Credit continues to be difficult to
obtain for customers and the outlook remains volatile. The German premium car
segment volume increased by 14% and the premium SUV segment volume increased by
17% compared to FY 2010-11. European retail volumes for FY 2011-12 for the
combined Jaguar Land Rover brands were 68,420 units, representing a 27.4%
increase compared to FY 2010-11. Jaguar retail volume for FY 2011-12 decreased
by 7.0%, and Land Rover retail volume for FY 2011-12 increased by 36.2%
compared to FY 2010-11.
China: The Chinese
economy has continued to grow strongly throughout FY 2011-12. GDP growth is
likely to slow in future, although remain above 8%. Jaguar Land Rover has
signed a JV agreement to manufacture cars in China with Chery Automobile Co.
Ltd, a Chinese auto manufacturer. The China premium car segment volumes (for
imports) increased by 31% in FY 2011-12 compared to FY 2010-11.The China
premium SUV segment volumes (for imports) increased by 54% in FY 2011-12 as
compared to FY 2010-11. The China retail volumes for FY 2011-12 for the
combined brands were 50,994 units. Jaguar retail volume for FY 2011-12
increased by 147.2% compared to FY 2010-11, improving market share. Land Rover retail
volume for FY 2011-12 increased by 68.7% compared to FY 2010-11, again
improving market share.
Asia Pacific: The Asia Pacific
region main markets are Japan, Australia and New Zealand. These regions were
less affected by the economic crisis compared to western economies and are
recovering more favourably, often due to increased trade with China and other
growth economies. The Asia Pacific retail volumes for FY 2011-12 for the
combined brands were 12,976 units. Jaguar retail volume for FY 2011-12 increased
by 37.4% compared to FY 2010-11. Land Rover retail volume for FY 2011-12
increased by 25.7% compared to FY 2010-11.
Other markets: The major
constituents in other markets are Russia, South Africa and Brazil, alongside
the rest of Africa and South America. These economies were not as badly
affected by the economic crisis as the western economies and have continued GDP
growth in the last few years, partially on the back of increased commodity and
oil prices. The other markets retail volumes for FY 2011-12 for the combined
brands were 55,444 units, up by 39%. Jaguar retail volumes for FY 2011-12 were
5,445, up 10.4% whilst Land Rover retail volumes were 49,999, an increase of
43.3% compared to FY 2010-11.
Jaguar Land
Rover’s Sales and Distribution:
The Company market
Jaguar products in 101 markets and Land Rover products in 177 markets, through
a global network of 17 national sales companies (“NSCs”), 82 importers, 63
export partners and 2,351 franchise sales dealers, of which 585 are joint
Jaguar and Land Rover dealers. Sales locations for Jaguar Land Rover vehicles
are operated as independent franchises. Jaguar Land Rover is represented in its
key markets through NSCs as well as third party importers. Jaguar Land Rover
has regional offices in certain select countries that manage customer
relationships, vehicle supplies and provide marketing and sales support to
their regional importer markets. The remaining importer markets are managed
from the UK. The Vehicles products are also sold to fleet customers, including
daily rental car companies, commercial fleet customers, leasing companies, and
governments giving a benefit of a diversified customer base which reduces its
dependence on any single customer or group of customers.
Jaguar Land
Rover’s Competition: JLR operates in a globally competitive environment
and faces competition from established premium and other vehicle manufacturers
who aspire to move into the premium performance car and premium SUV markets.
Jaguar vehicles compete primarily with other European brands such as Audi, BMW
and Mercedes Benz. Land Rover and Range Rover vehicles compete mainly with SUVs
manufactured by Audi, BMW, Infiniti, Lexus, Mercedes Benz, Porsche and
Volkswagen. The Land Rover Defender competes with vehicles manufactured by
Isuzu, Nissan and Toyota.
Tata Daewoo
Commercial Vehicles (TDCV):
FY 2011-12 was a very challenging year for
TDCV due to the slowdown of the Korean economy. Overall sales increased
primarily due to significantly higher sales of Medium Commercial Vehicles (MCV)
in the domestic market. The total market for Heavy Commercial Vehicles (HCV) in
Korea declined in FY 2011-12 mainly due to slowdown in the economy. TDCV sold
2,549 units of HCV in FY 2011-12 compared to 2,848 units in FY 2010-11. TDCV
believes to have improved its market share marginally post stabilization and
full year operation of its sales and distribution company.
However, the
demand for Medium Duty Trucks increased significantly during the year due to
growing demand of Special Purpose Vehicle (mainly Refrigerated Van) and
Military Vehicles and the shift in demand from relatively high priced HCVs (4X2
Cargo & 6X4 Cargo) to MCVs (4.5 Ton and 5 Ton). In this segment, TDCV sold
4,003 units in FY 2011-12 compared to 2,895 units in FY 2010-11.
TDCV exported
2,979 units during the year as compared to 3,005 units in previous year, in
TDCV traditional market like Algeria the HCV continues to experience a slump
which resulted in a marginal decline in exports. Majority of exports were made
to countries like Algeria, Russia, Vietnam, South Africa and countries in the
Middle East. TDCV continues to diversify its markets.
Tata
Motors Finance Ltd (TMFL):
The total disbursements during
the year by TMFL were higher by 33% at Rs.105050.000 millions against Rs.79080.000
millions of FY 2010-11. TMFL financed 2,30,588 vehicles during the year as
compared to 1,60,781 vehicles in FY 2010-11, a growth of 43%. The disbursals
for Commercial Vehicles were Rs.72040.000 millions (1,20,032
units) compared to Rs.60410.000 millions (94,446 units) in FY
2010-11. The vehicle financing for Passenger vehicles grew significantly with
the disbursements on the Nano and other passenger vehicles. The disbursals for
Passenger vehicles for the year were at Rs.33010.000 million (1,10,556 units)
compared to Rs.18670.000 millions (66,335 units) in FY
2010-11.
In an
environment of sluggish growth in the economy and rising interest costs, TMFL
performance was mainly attributable to increased customer orientation. TMFL’s
key initiative of improving customer relations by effectively growing its
‘Office of the Customer’ and the deployment of its ‘Risk Scored Pricing Model’,
contributed to performance. TMFL enhanced and significantly improved its branch
network and infrastructure, and is confident that these investments will
significantly improve relations with customers and dealers.
Tata
Technologies (TTL):
TTL, a
key strategic partner in several of the information technology initiatives for
the Tata Motors Group, recorded a growth of 32.4% in revenue from sale of products and services, from Rs.4930.000
millions in FY 2010-11 to Rs.644 millions in FY 2011-12.
During this period, revenue from services increased by 33.1% and product sales
increased by 15.3% over last year, to reach figures of Rs.5630.000
millions and Rs.810.000 millions, respectively. The
services revenue comprises Engineering Automation Group [EAG], Enterprise
Solutions Group [ESG] and Product Lifecycle Management [PLM]. EAG addresses the
engineering and design needs of manufacturers through services for all stages
of the product development and manufacturing process. ESG addresses the
Information Technology needs of manufacturers including business solutions,
strategic consulting, ERP implementation, systems integration, IT networking
and infrastructure solutions and program management. PLM addresses the product
development technology solution requirements of manufacturers including
end-to-end implementation of PLM technology, best practices and PLM consulting.
PLM also includes the TTL’s proprietary applications iGETIT® and iCHECKIT. TTL has
its interanational headquarters in Singapore, with regional headquarters in the
United States (Novi, Michigan), India (Pune) and the UK (Coventry). TTL has a
combined workforce of around 5,000 professionals serving clients worldwide from
facilities in North America, Europe and Asia-Pacific region. TTL responds to
customers’ need through its subsidiary companies and through its three offshore
development centers.
Outlook
In India, the current
year ended with slow growth in most of the critical segments, mainly due to
anti inflationary monetary policy pursued by the RBI. The current fiscal has
started with a positive action by the RBI of easing of the monetary policy in
April 2012, with an expectation of moderating the inflation. However, a series
of such cuts would be required to revive industrial growth. Liquidity in the
banking system which remained in the deficit for the whole of FY 2011-12,
remains a concern. While the situation is improving in Q1 of FY 2012- 13, this
remains critical to ensuring sustainable growth
While there
continues to concurrence over deteriorating Government finances and slowing
pace of reforms, there is an expectation of fiscal consolidation back on track
giving fillip to savings and capital formation. The service sector will
continue to contribute positively. On the assumptions of good monsoon, the
growth in agriculture is likely to be rebound. The RBI is likely to ease the
monetary policy based on review of inflation. The Indian economy is likely to
grow moderately at 7.6% (+ -0.25%). These factors could improve investment
outlook on disposable income from Q2 of FY 2012-13.
Input costs
continue to remain under pressure from increasing commodity prices. With increased
intensity in the competitive scenario, pricing power remains limited and
margins are likely to be under pressure.
Against this
backdrop, the Company will continue to focus on providing new products and
solutions to the customer with a view to reduce the Total Cost of Ownership.
Along with initial acquisition price, the focus would be on improving fuel
efficiency and reducing maintenance costs of the vehicles. With a view to
maintain its advantage of reach and penetration, the Company will also deepen
its sales and service network with a focus on up-country markets. Aggressive
cost reduction continues to be a focus area to offset the increased input costs
and continuously
improve margins. The Company is also actively pursuing opportunities in the International
markets including the possibility of CKD and SKD assembly to offset high import
costs.
The Company will
continue its initiative of setting up Nano Specific and UV Specific dealerships
to improve reach and penetration along with providing an added focus to the
products as required. It will continue to work with all partners as well as
multiple financiers to work towards a best-in-class sales and service
experience.
The European
economy continues to struggle, with austerity measures in place in a number of
countries. The economic situation and recent national election results continue
to create uncertainty around European zone stability, the Euro and borrowing
costs. Credit continues to be difficult to obtain for customers and the outlook
remains volatile. Initial figures suggest that the UK economy has re-entered
recession in the last three months. Trading conditions in the UK remain
difficult. The US economy has recovered more favourably than other mature
economies since the economic downturn, with GDP growth and falling
unemployment, although the position remains fragile.
The Chinese
economy has continued to grow strongly throughout FY 2011-12. GDP growth is
likely to slow in future, although may remain above 8%. The Asia Pacific region
main markets are Japan, Australia and New Zealand. These regions were less
affected by the economic crisis compared to western economies and are
recovering more favourably, often due to increased trade with China and other
growth economies. The major constituents in other markets are Russia, South
Africa and Brazil, alongside the rest of Africa and South America. These
economies were not as badly affected by the economic crisis as the western
economies and have continued GDP growth in the last few years, partially on the
back of increased commodity and oil prices.
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.
FIXED ASSETS:
- Land
- Buildings
- Plant
- Machinery
- Equipment
- Vehicle
- Office equipment
- Computers and other it assets
- Water system and sanitation
- Technical Know-how
- Computer software
- Product development cost
PRESS RELEASES:
TATA MOTORS GROUP GLOBAL WHOLESALES AT
84,458 IN JUNE 2013
15 JULY 2013
The
Tata Motors Group global wholesales in June 2013, including Jaguar Land Rover,
were 84,458 nos. Cumulative wholesales for the fiscal were 247,501 nos.
Global
wholesales of all commercial vehicles - Tata, Tata Daewoo and the Tata Hispano
Carrocera range -- were 41,577 nos. Cumulative commercial vehicles wholesales
for the fiscal were 120,206 nos.
Global
wholesales of all passenger vehicles in June 2013 were 42,881 nos. Cumulative
passenger vehicles wholesales for the fiscal were 127,295 nos.
Global
wholesales of Tata passenger vehicles in June 2013 were 12,345 nos. Cumulative
wholesales for the fiscal were 36,675 nos.
Global
wholesales for Jaguar Land Rover were 30,536 vehicles. Jaguar wholesales for
the month were 6,182 vehicles and cumulative wholesales were 18,577 vehicles,
while Land Rover wholesales for the month were 24,354 vehicles and cumulative
wholesales were 72,043 vehicles. Cumulative wholesales for Jaguar Land Rover
for the fiscal were 90,620 vehicles.
About Tata Motors
Tata
Motors is India's largest automobile company, with consolidated revenues of Rs.
1, 88,818 crores ($ 34.7 billion) in 2012-13. Through subsidiaries and
associate companies, Tata Motors has operations in the UK, South Korea,
Thailand, Spain, South Africa and Indonesia. Among them is Jaguar Land Rover,
the business comprising the two iconic British brands. It also has an
industrial joint venture with Fiat in India. With over 7.5 million Tata
vehicles plying in India, Tata Motors is the country's market leader in
commercial vehicles and among the top in passenger vehicles. It is also the
world's fourth largest truck and bus manufacturer. Tata cars, buses and trucks
are being marketed in several countries in Europe, Africa, the Middle East,
South Asia, South East Asia, South America, CIS and Russia.
EXPEDITION TO
EPICNESS! THE 'AWESOME' TATA NANO CELEBRATES A WORLD RECORD FOR THE
LONGEST JOURNEY IN A SINGLE COUNTRY
25 JANUARY 2013
Tata Motors today celebrated not one but two iconic Nano expeditions. Mr. Ranjit Yadav, President, Passenger Vehicle Business Unit, Tata Motors and India's first Formula One motor racing driver, Mr. Narain Karthikeyan today felicitated Mr. Srikarunya Subrahmanyam, a Bangalore based motoring enthusiast and his team, for entering the Guinness World. This significant achievement has been achieved with a national expedition in a Tata Nano.
Mr. Yadav and Mr. Karthikeyan today unveiled the book 'Atop the World' which has been written and edited by Mr. Thomas Chacko. Mr. Chacko is a Kochi-based, 63-year old motoring enthusiast, who completed a 78-day long national expedition in a Tata Nano, covering the length and breadth of the country.
These momentous achievements come from sheer passion for motoring, backed by a robust and reliable car like the Tata Nano.
Speaking on this remarkable achievement, Mr. Ranjit Yadav, President - Passenger Vehicles Business Unit, Tata Motors said, "The Tata Nano has put India on the world motoring map when it comes to frugal engineering. The car has made us proud yet again with this record. The Tata Nano has proved its robustness and reliability in many car rallies and expeditions undertaken by Tata Motors and by customers on their own. It is motoring enthusiasts like Karun and Thomas who emote true passion for motoring. We are proud to be associated with them and we will continue to encourage such expeditions as it will enable customers to further understand and experience the brand's true value."
Celebrating epicness:
Tata Motors today felicitated Mr. Srikarunya Subrahmanyam and his team for
having set the Guinness World Record by accomplishing the longest journey of
10,218 kms, in a Tata Nano, in 10 days, breaking the current record of 8046.74
kms. The team set on an adventure on March 21, 2013 from Kanyakumari to
circumnavigate the country and successfully returned victorious on March 30,
2013 in Bangalore.
Celebrating a dream come true:
Tata Motors today unveiled the book 'Atop the World' written and edited by Mr. Thomas Chacko. The book captures Mr. Chacko's dream project of exploring the country in a Tata Nano. Mr. Chacko successfully completed his 78-day long dream project on July 21, 2012. The 78-day all India drive has tested the Nano across the some of the most rugged terrains of the country and through all kinds of weather. The car emerged successful in this test of endurance.
Felicitating the two motoring enthusiasts, the Ace Racer, Mr. Narain Karthikeyan said, "Ilately have seen a new breed of traveller emerge, one who has a streak of adventure and passion for motoring. I have known people who have driven immense distances just for the fun of it, even though a far more painless option of taking a flight or a train was always there. This is exactly the spirit that encourages enthusiasts like Srikarunya and Thomas to overcome challenges that comes with driving long distances especially the sort of mileage that they have done. But all this effort has to be backed up by a reliable package - which is the car and having been involved with the Nano since it existed on a drawing board, I am not surprised that it has managed to achieve this."
TATA MOTORS ANNOUNCES
HORIZONEXT
Tata Motors today announced HORIZONEXT, an aggressive customer-focused strategy for its Passenger Vehicles business. It also unveiled 8 newly upgraded and enhanced products, across 5 brands. These vehicles will soon be available at dealerships.
HORIZONEXT, a four-pronged customer-focused strategy, provides the best customer experience -- from best vehicle experience to superlative purchase experience and followed by technology-intense after market service support. The four pillars for this strategy are:
Intense product focus
Focus on world-class manufacturing practices
Enriched customer purchase experience
Consistent quality of service
Speaking at Horizonext, Mr. Karl Slym, Managing Director, Tata Motors, said, "While the Indian automobile market has become intensely competitive, our goal is to enhance our market leadership in commercial vehicles and move to a strong podium finish in the passenger vehicle market. Horizonext is the next step in line with the company's mission to be passionate in anticipating and providing the best vehicles and experiences that excite our customers globally. We are igniting that passion -- so that customers are central to us, in what we are offering in our products, in the manner we are engaging with them at our dealerships, and in the processes we have adopted in servicing their vehicles."
As a precursor to future launches, the company today unveiled 8 improved and enhanced vehicles, across 5 of its key brands, to provide the best vehicle experience. These include new enhanced versions of the Tata Indigo eCS, the Tata Sumo Gold, the Tata Nano and the Tata Indica, with the additions of exciting new colours and graphic designs, enhanced exteriors, improved high-quality suspension to offer a better ride, great multimedia entertainment options and introduction of the Feather-shift gearbox (F-shift gearbox).
The company today also showcased the new CNG range - Tata Indica CNG, Tata Indigo CNG and Tata Nano CNG -- and the Explorer Edition of the Tata Safari Storme.
Select variants will be phased in the next 90 days.
Mr. Ranjit Yadav, President, Passenger Vehicle Business Units, Tata Motors, said, “Even as we unveil our business strategy focused on customer needs and wants, we today also showcased 8 new exciting products, across 5 brands, which is an industry first. These products clearly indicate the significant improvement we are bringing in our product quality. While we are working towards our next-generation product pipeline, today we are bringing best-in-class vehicle experience across different passenger car categories to enhance some of our great existing brands. Besides offering exciting new features, these cars will be backed by an engaging purchase experience and a transformed after-sales network".
An Exciting New Range
With the new Tata Indigo eCS, Tata Motors has created a new benchmark. This executive compact sedan presents significant changes in its exteriors and interiors. The all-new powertrain redefines performance. A refined CR4 diesel engine cranks out a max torque of 140 Nm at 1800-3000 rpm and delivers 25 kmpl (ARAI certified). While an advanced F-Shift Gear box makes coasting through city traffic a breeze. The new Duo Float Suspension enhances load distribution along the constituent elements for a comfortable and smooth drive. With an all new NVH package that reduces external noise from intruding into the cabin, you're ensured a refined, quiet drive.
Prepare to be amazed by pure power and performance of the new Tata Sumo Gold. The roaring CR4 engine along with top-notch features is guaranteed to bring you more style and comfort than ever before. The Dual AC cooling and Bluetooth/USB connectivity it offers is a first-in-class feature. This powerful SUV comes with a best in segment 5m turning radius and high performance clutch that gives you 1lac kms of tension free driving experience, returning a splendid fuel economy of 15.3 kmpl, making it a pleasure to drive anywhere
The new Tata Nano now is even more exciting with the introduction of an array of new features available on the Tata Nano, including remote keyless entry, twin gloveboxes, and a four-speaker AmphiStream™ music system with Bluetooth™ USB and Aux-in connectivity. Thanks to a stylish and refreshed interior, handsome new exterior colours, and chrome exterior accents, Tata Nano's big personality has been made even bigger. New additions are the fresh and stylish Nano Personalization Kits, enabling owners to customize their Nano with one of four unique identities: Jet, Alpha, Remix, and Peach. The car will be available in dealerships by July 2013.
The new Tata Indica comes with luxurious dual tone interiors, new transmission and striking new exteriors, which delivers a whole new experience. The new transmission with Smart-shift gear technology (New TA65* gear transmission) is mated to a refined and powerful diesel engine. This results in effortless and smooth gear shifts and a class leading fuel efficiency of 25 kmpl (for the BS4 variant). It is also complemented by new Dual Path Suspension that ensures best-in-class ride, handling and driveability on all kinds of terrains.
Tata Motors showcased 'THE REAL SUV' in a new avatar. The Explorer Edition of the Tata Safari Storme further builds on to the utility, ruggedness and off-roading characteristics. The Explore Edition takes the adventure and fun of Safari Storme to the next level. The range of accessories in the Explore Edition include BLAUPUNKT - Touchscreen Double DIN Infotainment system, stylish nudge guard, door visors, explorer decals and adventure gears like camping kits, backpack etc. These accessories will initially be available in select Tata Motors outlets.
About Tata Motors
Tata Motors is India's largest automobile company, with consolidated revenues of Rs. 1,88,818 crores ($ 34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 7.5 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top in passenger vehicles. It is also the world's fourth largest truck and bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.
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.59.80 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared by
: |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.