MIRA INFORM REPORT
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Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
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Name : |
TATA MOTORS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.09.1945 |
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Com. Reg. No.: |
11-004520 |
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Capital
Investment / Paid-up Capital : |
Rs.6437.800 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1945PLC004520 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMT00054F |
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PAN No.: [Permanent Account No.] |
AAACT2727Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares
are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Commercial Vehicles, Passenger
Vehicles, Construction Equipments and Machine Tools. |
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No. of Employees
: |
29,566 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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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 fine track record. There seems dip in profitability of the company during the financial
year 2014. However, Directors are reported to be experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payment
terms are reported as regular and as per commitment. In view of strong support from group companies, the company can be
considered for normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Non-Convertible Debenture Programme=AA |
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Rating Explanation |
Have high degree of safety and carry low
credit risk. |
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Date |
August, 2014 |
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
31-03-2014.
INFORMATION DENIED
Management non-Cooperative (91-22-66658282)
LOCATIONS
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Registered Office : |
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Tel. No.: |
91–22–66658282 / 66658282 |
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Fax No.: |
91–22–66657799 / 66657799 |
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E-Mail : |
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Website : |
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Corporate Office : |
One Indiabulls Centre Tower 2A, 14th Floor, 841, Senapati
Bapat Marg, Elphinstone Road, Mumbai – 400 013, Maharashtra, India |
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Factory 1 : |
Located At · Pimpri, Pune – 411 018, Maharashtra, India · Chikhali, Pune – 410 501, Maharashtra, India ·
Chinchwad, Pune – 411 033, Maharashtra, India |
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Factory 2 : |
Jamshedpur Towns Post Office, Jamshedpur – 831 010, Bihar,
India |
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Factory 3 : |
Chinhat – Deva Road, Lucknow – 227 105, Uttar Pradesh,
India |
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Factory 4 : |
Plot No. 1, Sector 11 and Plot No. 14, Sector 12, I.I.E.,
Pantnagar, District Udhamsingh Nagar, Uttarakhand – 263 145, India |
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Factory 5 : |
Revenue Survey No. 1, Village Northkotpura, Tal, Sanand, District Ahmedabad – 380015, Gujarat, India |
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Factory 6 : |
KIADB Block – 2, Belur Industrial Area, Dharwad – 580 007,
Karnataka, India |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Ratan N. Tata |
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Designation : |
Chairman |
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Qualification : |
B. Sc. (Architecture) |
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Name : |
Mr. Cyrus P Mistry |
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Designation : |
Non – Executive Director |
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Qualification : |
Graduate of Civil Engineering and M.Sc. in Management |
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Name : |
Mr. Nusli. N. Wadia |
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Designation : |
Director |
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Date of Birth : |
15.02.1944 |
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Qualification : |
Educated in UK. |
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Date of Appointment : |
22.12.1998 |
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Name : |
Dr. Raghunath A Mashelkar |
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Designation : |
Director |
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Date of Birth : |
01.01.1943 |
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Qualification : |
Chemical Engineering Scientist, Ph. D from Bombay University. |
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Date of Appointment : |
28.08.2007 |
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Name : |
Mr. Subodh Bhargava |
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Designation : |
Director |
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Qualification : |
Degree in Mechanical Engineering |
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Name : |
Mr. Nasser Munjee |
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Designation : |
Director |
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Qualification : |
Master’s Degree from the London School of Economics |
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Name : |
Mr. Vinesh K Jairath |
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Designation : |
Director |
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Qualification : |
B.A. Degree In Public Administration, LLB degree and Masters in Economics |
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Name : |
Ms. Falguni S Nayar |
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Designation : |
Non-Executive, Independent Director (appointed on May 29, 2013) |
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Date of Birth : |
19.02.1963 |
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Qualification : |
B.Com, PGDM – Indian Institute of Management, Ahmedabad. |
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Date of Appointment : |
29.05.2013 |
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Name : |
Dr. Ralf Speth |
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Designation : |
Director |
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Date of Birth : |
09.09.1955 |
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Qualification : |
Doctorate of Engineering in Mechanical Engineering and Business Administration |
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Name : |
Mr. Karl J Slym |
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Designation : |
Managing Director (Expired on January 26, 2014) |
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Date of Birth : |
09.02.1962 |
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Qualification : |
M.Sc. – Stanford University, Sloan Fellow. |
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Date of Appointment : |
13.09.2012 |
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Name : |
Mr. Ravindra Pisharody |
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Designation : |
Executive Director |
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Name : |
Mr. Satish B Borwankar |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. H K Sethna |
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Designation : |
Company Secretary |
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EXECUTIVE
COMMITTEE |
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Name : |
Mr. Ravindra Pisharody |
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Designation : |
Executive Director and Head, Commercial Vehicle Business
Unit |
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Name : |
Mr. Satish B Borwankar |
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Designation : |
Executive Director and Head, Quality |
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Name : |
Mr. C Ramakrishnan |
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Designation : |
President and Chief Financial Officer |
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Name : |
Dr. Timothy Leverton |
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Designation : |
President and Head, Engineering Research Centre |
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Name : |
Mr. Ranjit Yadav |
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Designation : |
President and Head, Passenger Vehicles Business Unit |
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Name : |
Mr. Prasann Chobe |
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Designation : |
Senior Vice President, Head Mfg
Operations, CVBU |
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Name : |
Mr. Girish Wagh |
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Designation : |
Senior Vice President, Product
Planning & Program Management, PVBU |
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Name : |
Mr. R Ramakrishnan |
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Designation : |
Senior Vice
President, Commercial, CVBU |
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Name : |
Mr Abhijit Gajendragadkar |
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Designation : |
Senior Vice President, Business
Planning & Controlling |
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Name : |
Mr. Mr Gajendra Chandel |
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Designation : |
Chief Human Resources Officer |
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Name : |
Mr Nagesh Pinge |
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Designation : |
Vice President, Internal Audit |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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Bodies Corporate |
937781325 |
34.27 |
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|
1774880 |
0.06 |
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|
1774880 |
0.06 |
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|
939556205 |
34.33 |
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Total shareholding of Promoter and Promoter Group (A) |
939556205 |
34.33 |
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(B) Public Shareholding |
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|
33841606 |
1.24 |
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|
1493743 |
0.05 |
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|
2091575 |
0.08 |
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|
228167640 |
8.34 |
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|
739718050 |
27.03 |
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|
11651595 |
0.43 |
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|
11018391 |
0.40 |
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|
632213 |
0.02 |
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|
991 |
0.00 |
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|
1016964209 |
37.16 |
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|
9813100 |
0.36 |
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161929138 |
5.92 |
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|
8711843 |
0.32 |
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|
18064082 |
0.66 |
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|
10476803 |
0.38 |
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|
3817111 |
0.14 |
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|
2988619 |
0.11 |
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|
490 |
0.00 |
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|
781059 |
0.03 |
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198518163 |
7.25 |
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Total Public shareholding (B) |
1215482372 |
44.41 |
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Total (A)+(B) |
2155038577 |
78.75 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
581674545 |
21.25 |
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|
581674545 |
21.25 |
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Total (A)+(B)+(C) |
2736713122 |
100.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Commercial Vehicles, Passenger
Vehicles, Construction Equipments and Machine Tools. |
GENERAL INFORMATION
|
No. of Employees : |
29,566 (Approximately) |
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Bankers : |
· Allahabad Bank · Andhra Bank · Bank of America · Bank of Baroda · Bank of India · Bank of Maharashtra · Central Bank of India · Citibank N.A. · Corporation Bank · Deutsche Bank · Federal Bank · HDFC Bank Limited · HSBC · ICICI Bank Limited · IDBI Bank · Indian Bank · ING Vysya Bank · Karur Vysya Bank · Punjab National Bank · Standard Chartered Bank · State Bank of India · State Bank of Mysore · State Bank of Patiala · Union Bank of India ·
United Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Joint Ventures : |
·
Fiat India Automobiles Limited ·
Suzhou Chery Jaguar Land Rover Trading
Co. Limited (Ownership transferred to Chery Jaguar Land Rover Automotive Co.
Limited w.e.f. November 2013) ·
Cherry Jaguar Land Rover Automotive
Co. Limited ·
TATA HAL Technologies Limited ·
Tata Cummins Limited |
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Associates : |
·
Spark44 (JV) Limited ·
Jaguar Cars Finance Limited ·
Automobile Corporation of Goa Limited ·
Nita Company Limited ·
Tata Hitachi Construction Machinery
Company Limited ·
Tata Precision Industries (India)
Limited ·
Tata AutoComp Systems Limited ·
Tata Sons Limited (Investing Party) |
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Subsidiaries
: |
·
Tata Technologies Limited ·
Jaguar Land Rover India Limited ·
TAL Manufacturing Solutions Limited ·
Jaguar Land Rover Espana SL ·
TML Drivelines Limited ·
Jaguar Cars South Africa (pty)
Limited ·
Sheba Properties Limited ·
The Jaguar Collection Limited ·
Concorde Motors (India) Limited ·
Jaguar Land Rover Holdings Limited ·
Tata Motors Insurance Broking &
Advisory Services Limited (formerly known as Land Rover) ·
Tata Motors European Technical Centre
Plc ·
Land Rover Group Limited ·
Tata Motors Finance Limited ·
Land Rover Exports Limited ·
Tata Marcopolo Motors Limited ·
Land Rover Parts Limited ·
PT Tata Motors Indonesia ·
Land Rover Ireland Limited ·
TML Holdings Pte. Limited, Singapore ·
The Daimler Motor Company Limited ·
TML Distribution Company Limited
Daimler Transport Vehicles Limited ·
Tata Hispano Motors Carrocera S.A. ·
S.S. Cars Limited ·
Trilix S.r.l. ·
The Lanchester Motor Company Limited ·
Tata Precision Industries Pte.
Limited ·
Tata Hispano Motors Carrocera Maghreb ·
Jaguar Land Rover Automotive PLC ·
Tata Daewoo Commercial Vehicle Co.
Limited ·
JLR Nominee Company Limited.
(formerly known as Jaguar Land Rover Export Limited) ·
Tata Daewoo Commercial Vehicle Sales
and Distribution Co. Limited ·
Tata Motors (Thailand) Limited ·
Jaguar Hispania SL Tata Motors (SA)
(Proprietary) Limited ·
(absorbed into Land Rover Espana SL
w.e.f. January 1, 2013) Tata Technologies Inc ·
Jaguar Land Rover Austria GmbH ·
Tata Technologies (Canada) Inc ·
Jaguar Land Rover Limited ·
Tata Technologies de Mexico, S.A. de
CV ·
Jaguar Land Rover Japan Limited ·
Tata Technologies Pte Limited,
Singapore ·
Jaguar Land Rover Deutschland GmbH ·
Tata Technologies (Thailand) Limited ·
Jaguar Land Rover North America LLC ·
Tata Technologies Europe Limited ·
Jaguar Land Rover Netherland BV ·
INCAT International Plc. ·
Jaguar Land Rover Portugal - Veiculos
e Pecas, LDA ·
INCAT GmbH ·
Jaguar Land Rover Australia Pty
Limited ·
Cambric Holdings Inc. (w.e.f 1st
May,2013) ·
Jaguar Land Rover Italia Spa ·
Cambric Corporation (w.e.f 1st
May,2013) ·
Jaguar Land Rover Korea Co. Limited ·
Cambric Limited (w.e.f 1st May,2013) ·
Jaguar Land Rover Automotive Trading
(Shanghai) Co. Limited ·
Cambric Consulting SRL (w.e.f 1st
May,2013) ·
Jaguar Land Rover Canada ULC ·
Cambric GmbH (w.e.f 1st May,2013) ·
Jaguar Land Rover France, SAS ·
Cambric UK Limited (w.e.f 1st
May,2013) ·
Jaguar Land Rover (South Africa)
(Pty) Limited ·
Cambric Managed Services Inc (w.e.f
1st May,2013) ·
Jaguar e Land Rover Brasil Importacao
e Comercia de Veiculos Ltda ·
Midwest Managed Services (w.e.f 1st
May,2013) ·
Jaguar Land Rover" (Russia)
Limited Liability Company ·
Cambric Manufacturing Technologies
(Shanghai) Co. Limited ·
Jaguar Land Rover (South Africa)
Holdings Limited (incorporated w.e.f March 10, 2014) ·
Jaguar Land Rover Belux ·
(Land Rover Belux SA/NV merged with
Jaguar Belux NV w.e.f October 1, 2013 and name changed from Jaguar Belux
w.e.f November 12, 2013 ) ·
PT Tata Motors Distribusi Indonesia |
CAPITAL STRUCTURE
As on 31.03.2014
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 Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2737197592 |
Ordinary Shares |
Rs.2/- each |
Rs.5474.400 Millions |
|
482206515 |
‘A’ Ordinary Shares |
Rs.2/- each |
Rs.964.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.6438.800
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2736713122 |
Ordinary Shares |
Rs.2/- each |
Rs.5473.400 Millions |
|
481966945 |
‘A’ Ordinary Shares |
Rs.2/- each |
Rs.964.000 Millions |
|
|
Less: Calls Unpaid – Ordinary Shares |
|
Rs.0.100 Millions |
|
|
Forfeited Shares – Ordinary Shares |
|
Rs.0.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.6437.800
Millions |
Ø
Movement of number
of shares and share capital:
|
Particulars |
Number
of Shares |
Rs.
In Millions |
|
Ordinary shares |
|
|
|
Shares as on
April 1 |
2708156151 |
5416.300 |
|
Add: Shares
issued out of held in abeyance |
7405 |
-* |
|
Add: Shares issued
through conversion of Foreign Currency |
|
|
|
Convertible
Notes (FCCN) / Convertible Alternative Reference |
|
|
|
Securities
(CARS) |
28549566 |
57.100 |
|
Shares as on
March 31 |
2736713122 |
5473.400 |
|
(ii) ‘A’
Ordinary shares |
|
|
|
Shares as on
April 1 |
481959620 |
964.000 |
|
Add: Shares
issued out of held in abeyance |
7325 |
-* |
|
Shares as on March 31 |
481966945 |
964.000 |
* Less than Rs.50,000/-
Ø
Rights,
preferences and restrictions attached to shares:
v Ordinary shares and ‘A’ Ordinary shares, both of
Rs.2 each:
·
The Company has two classes of shares – the
Ordinary shares and the ‘A’ Ordinary shares both of Rs.2 each (together
referred to as shares). In respect of every Ordinary share (whether fully or partly
paid), voting rights shall be in the same proportion as the capital paid up on
such Ordinary share bears to the total paid up Ordinary share capital of the
Company. In case of every ‘A’ Ordinary share, if any resolution is put to vote
on a poll or by postal ballot at any general meeting of shareholders, the
holder shall be entitled to one vote for every ten ‘A’ Ordinary shares held as
per the terms of its issue and if a resolution is put to vote on a show of
hands, the holder of ‘A’ Ordinary shares shall be entitled to the same number
of votes as available to holders of Ordinary shares.
·
The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. Further, the Board of Directors may also announce an interim dividend.
The holders of ‘A’ Ordinary shares shall be entitled to receive dividend for
each financial year at five percentage point more than the aggregate rate of
dividend declared on Ordinary shares for that financial year.
·
In the event of liquidation, the shareholders are
eligible to receive the remaining assets of the Company after distribution of
all preferential amounts, in proportion to their shareholdings.
v American Depositary Shares (ADSs) and Global
Depositary Shares (GDSs) :
·
Each ADS and GDS underlying the ADR and GDR
respectively represents five Ordinary shares of Rs.2 each. A holder of ADS and
GDS is not entitled to attend or vote at shareholders meetings. An ADS holder
is entitled to issue voting instructions to the Depositary with respect to the
Ordinary shares represented by ADS(s) only in accordance with the provisions of
the Company’s ADS deposit agreement and Indian Law. The depositary for the ADSs
and GDSs shall exercise voting rights in respect of the deposited shares by
issue of an appropriate proxy or power of attorney in terms of the respective
deposit agreements.
·
Shares issued upon conversion of ADSs and GDSs will
rank pari passu with the existing Ordinary shares of Rs.2 each in all respects
including entitlement of the dividend declared.
Ø Number of shares held by each shareholder holding
more than 5 percent of the issued share capital:
|
Name of Shareholder |
% of Issued
Share Capital |
No. of Shares |
|
Ordinary shares
: |
|
|
|
(a) Tata Sons Limited
|
25.67 |
702333345 |
|
(b) Tata Steel
Limited 5. |
5.40 |
147810695 |
|
(c) Citibank N A
as Depositary |
# |
581674545 |
|
(ii) ‘A’
Ordinary shares : |
|
|
|
(a) Matthews
Asia Dividend Fund 6. |
6.93 |
33395515 |
|
(b) HSBC Global Investment
Funds A/C HSBC Global Investment Funds Mauritius Limited |
6.04 |
29086664 |
|
(c) HDFC Trustee
Co Limited - HDFC Top 200 Fund |
* |
- |
|
(d) HDFC Trustee
Co Limited - HDFC Equity Fund |
* |
- |
# held by Citibank,
N.A. as depositary for American Depositary Receipts (ADRs) and Global
Depositary Receipts (GDRs)
* Less than 5%
Ø Information regarding issue of shares in the last
five years
1.
The Company has not issued any shares without payment
being received in cash.
2.
There has been no issue of bonus shares.
3.
The Company has not undertaken any buy-back of
shares.
Ø The entitlements
to 4,84,470 Ordinary shares of Rs.2 each (as at March 31, 2013: 4,91,875
ordinary shares of Rs.2 each) and 2,39,570 ‘A’ Ordinary shares of Rs.2 each (as
at March 31, 2013: 2,46,895 ‘A’ Ordinary shares of Rs.2 each) are subject
matter of various suits filed in the courts / forums by third parties for which
final order is awaited and hence kept in abeyance.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6437.800 |
6380.700 |
6347.500 |
|
(b) Reserves & Surplus |
185328.700 |
184967.700 |
187329.100 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
191766.500 |
191348.400 |
193676.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
97464.500 |
80517.800 |
80045.000 |
|
(b) Deferred tax liabilities (Net) |
431.100 |
19639.100 |
21054.100 |
|
(c) Other long term liabilities |
11554.800 |
12384.400 |
19596.300 |
|
(d) long-term provisions |
8152.000 |
6911.900 |
6855.600 |
|
Total Non-current Liabilities (3) |
117602.400 |
119453.200 |
127551.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
47690.800 |
62169.100 |
30071.300 |
|
(b) Trade payables |
96723.600 |
84550.200 |
87055.300 |
|
(c) Other current
liabilities |
24631.800 |
49231.000 |
74709.500 |
|
(d) Short-term provisions |
18929.100 |
15095.800 |
29545.600 |
|
Total Current Liabilities (4) |
187975.300 |
211046.100 |
221381.700 |
|
|
|
|
|
|
TOTAL |
497344.200 |
521847.700 |
542609.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
121335.000 |
122877.100 |
117464.700 |
|
(ii) Intangible Assets |
31070.700 |
31680.300 |
32730.500 |
|
(iii) Capital
work-in-progress |
17168.500 |
15078.400 |
19103.000 |
|
(iv)
Intangible assets under development |
46382.200 |
32449.600 |
21263.700 |
|
(b) Non-current Investments |
183575.700 |
181717.100 |
179032.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29183.000 |
35752.400 |
34881.100 |
|
(e) Other Non-current assets |
1238.500 |
943.200 |
1004.200 |
|
Total Non-Current Assets |
429953.600 |
420498.100 |
405480.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1008.500 |
17626.800 |
25902.600 |
|
(b) Inventories |
38625.300 |
44550.300 |
45882.300 |
|
(c) Trade receivables |
12167.000 |
18180.400 |
27083.200 |
|
(d) Cash and cash
equivalents |
2261.500 |
4628.600 |
18409.600 |
|
(e) Short-term loans and
advances |
12237.700 |
15320.900 |
18717.400 |
|
(f) Other current assets |
1090.600 |
1042.600 |
1134.100 |
|
Total Current Assets |
67390.600 |
101349.600 |
137129.200 |
|
|
|
|
|
|
TOTAL |
497344.200 |
521847.700 |
542609.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
342881.100 |
447657.200 |
543065.600 |
|
|
|
Other Income |
38330.300 |
20882.000 |
5740.800 |
|
|
|
TOTAL (A) |
381211.400 |
468539.200 |
548806.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
204928.700 |
272442.800 |
338948.200 |
|
|
|
Purchase of Stock-in-trade |
50498.200 |
58644.500 |
64339.500 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
3717.200 |
(1436.000) |
(6238.400) |
|
|
|
Employee Benefits Expenses |
28776.900 |
28370.000 |
26914.500 |
|
|
|
Other Expenses |
69875.300 |
77833.200 |
84055.100 |
|
|
|
Product development expense /
Engineering expenses |
4287.400 |
4257.600 |
2342.500 |
|
|
|
Expenditure transferred to capital and other accounts |
(10091.100) |
(9538.000) |
(9071.300) |
|
|
|
Exceptional Items |
5398.600 |
4162.000 |
5852.400 |
|
|
|
TOTAL (B) |
357391.200 |
434736.100 |
507142.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23820.200 |
33803.100 |
41663.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13375.200 |
13877.600 |
12186.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10445.000 |
19925.500 |
29477.700 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
20703.000 |
18176.200 |
16067.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(10258.000) |
1749.300 |
13410.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(13603.200) |
(1268.800) |
988.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3345.200 |
3018.100 |
12422.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13427.900 |
16639.100 |
20789.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
- |
(1300.000) |
700.000 |
|
|
|
General Reserve |
334.500 |
301.800 |
1250.00 |
|
|
|
Other Reserves |
- |
- |
- |
|
|
|
Dividend (including dividend distribution tax) |
6662.700 |
7227.500 |
14622.400 |
|
|
BALANCE CARRIED
TO THE B/S |
9775.900 |
13427.900 |
16639.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of goods exported |
35082.600 |
34190.500 |
35982.200 |
|
|
|
Rent income |
41.000 |
73.000 |
67.500 |
|
|
|
Commission |
20.700 |
13.300 |
7.000 |
|
|
|
Interest and dividend |
13858.900 |
14305.800 |
462.300 |
|
|
|
Sale of services |
752.900 |
275.700 |
250.500 |
|
|
|
Profit on sale of investment |
19661.200 |
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
69417.300 |
48858.300 |
36769.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw material and components |
10496.500 |
10570.300 |
13646.900 |
|
|
|
Machinery spares and tools |
354.600 |
606.600 |
573.100 |
|
|
|
Capital Goods |
2683.700 |
2753.400 |
3624.800 |
|
|
|
Vehicles / spare parts / accessories for sale |
2740.300 |
4569.800 |
5255.100 |
|
|
|
Other items |
356.800 |
383.200 |
154.700 |
|
|
TOTAL IMPORTS |
16631.900 |
18883.300 |
23254.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Ordinary shares
(Face value of Rs.2 each) |
|
|
|
|
|
|
Basic |
1.03 |
0.93 |
3.90 |
|
|
|
Diluted |
1.03 |
0.93 |
3.77 |
|
|
|
|
|
|
|
|
|
|
‘A’ Ordinary
shares (Face value of Rs.2 each) |
|
|
|
|
|
|
Basic |
1.13 |
1.03 |
4.00 |
|
|
|
Diluted |
1.13 |
1.03 |
3.87 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2014 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
77047.600 |
|
Total Expenditure |
80029.000 |
|
PBIDT (Excluding Other Income) |
(2981.400) |
|
Other income |
15971.900 |
|
Operating Profit |
12990.500 |
|
Interest |
3398.000 |
|
Exceptional Items |
(247.800) |
|
PBDT |
9344.700 |
|
Depreciation |
5408.200 |
|
Profit Before Tax |
3936.500 |
|
Tax |
0.000 |
|
Profit after tax |
3936.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.88 |
0.64 |
2.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.99) |
0.39 |
2.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.10) |
0.60 |
4.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.01 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
0.75 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.36 |
0.48 |
0.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
6347.500 |
6380.700 |
6437.800 |
|
Reserves & Surplus |
187329.100 |
184967.700 |
185328.700 |
|
Net
worth |
193676.600 |
191348.400 |
191766.500 |
|
|
|
|
|
|
long-term borrowings |
80045.000 |
80517.800 |
97464.500 |
|
Short term borrowings |
30071.300 |
62169.100 |
47690.800 |
|
Total
borrowings |
110116.300 |
142686.900 |
145155.300 |
|
Debt/Equity
ratio |
0.569 |
0.746 |
0.757 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
543,065.600 |
447,657.200 |
342,881.100 |
|
|
|
(17.568) |
(23.405) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
543,065.600 |
447,657.200 |
342,881.100 |
|
Profit |
12,422.300 |
3,018.100 |
3,345.200 |
|
|
2.29% |
0.67% |
0.98% |
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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:
|
HIGH COURT OF BOMBAY |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
APPL/200/2013 |
Failing Date:- |
15/04/2013 |
Reg. No.:- |
APP/315/2013 |
Reg. Date:- |
06/07/2013 |
|
|
|||||||
|
Petitioner:- |
ADITYA BIRLA CHEMICALS (INDIA) LIMITED |
Respondent:- |
TATA MOTORS LIMITED |
||||
|
Petn.Adv:- |
MANILAL KHER AMBALAL AND COMPANY |
Resp. Adv.: |
YATIN R. SHAH (529) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
APPEALS |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
APPEALS FOR ADMISSION – FRESH (ORIGINAL SIDE MATTERS) |
||||
|
Last Date:- |
13/11/2013 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SHRI JUSTICE G.S. PATEL |
||||||
|
|
|
||||||
|
Act. : |
Arbitration and Conciliation Act 1996 |
|
|||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long
Term Borrowings |
|
|
|
Foreign Currency Convertible Notes (FCCN) |
0.000 |
4022.500 |
|
Privately placed Non-Convertible Debentures |
33000.000 |
25000.000 |
|
Term
loans from banks : |
|
|
|
External Commercial Borrowings - USD 500 million (at
floating interest rate) |
29950.000 |
27142.600 |
|
Buyers’ line of credit |
9460.800 |
373.000 |
|
|
|
|
|
Short
Term Borrowings |
|
|
|
From banks |
20000.000 |
4000.000 |
|
Loans and advances from subsidiaries and associates
(repayable on demand) |
310.000 |
3506.000 |
|
Commercial paper [maximum balance outstanding during the
year |
7934.400 |
19865.600 |
|
|
|
|
|
Total |
100655.200 |
83909.700 |
OPERATING
RESULTS AND PROFITS
The
Global operating environment improved considerably in FY 2013-14, as economic activity
strengthened and spending in most economies began to recover, however in a
sporadic manner. Whilst the advanced economies, particularly the US and UK, led
the rebound, as growth became broader and more entrenched, Europe saw the first
tentative signs of recovery after a long and painful slowdown. India’s economic
growth rate in the current financial year remained weak at 4.7% (Previous Year:
at 4.5%). The Industrial activity remained weak and the stagnation was broad
based. Mining and manufacturing output remained negative and the economy
witnessed decline in investment in new projects in line with slowdown in
overall growth. FY 2013-14 was a challenging year for the Company as the Indian
economy continued to be under severe stress.
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS OVERVIEW
India’s
GDP growth continues to remain weak, at 4.7% in FY 2013-14 (advance estimates)
after growing at 4.5% in FY 2012-13. Industrial activity continues to remain
weak. Index of Industrial production (IIP) was negative at 0.1% during FY
2013-14. The stagnation in the industrial activity was broad-based. While
mining output registered a negative of 1.1%, manufacturing output registered a
negative of 0.7% during the same period. FY 2013-14 witnessed a decline in
investments in new projects in line with slowdown in overall growth.
On the
back of tight monetary policy, limited Fiscal spending, rising Inflation and
slowing investments, over the previous year, FY 2013- 14 saw many of the same
challenges continuing into the year. FY 2013-14 was marked by the challenge to
the Government to contain the fiscal deficit, and the Government expenditure on
infrastructure and other key sectors suffered. Current account deficit was
brought in control.
As a
result, the domestic auto industry saw decline after a long time. With the
continued high interest rates and inflation, households were forced to spend
more on essentials and discretionary spend reduced, leading to deferring of
purchase decisions. The consistent stagnation of the industrial growth mainly
in the areas of mining and quarrying, manufacturing and infrastructure
adversely impacted the domestic auto industry.
On the
global economy front, it was still a struggle, with the Euro zone in recession
for much of 2013. However, in the developed world which had started as an
uneven and patchy, recovery began to strengthen. The US economy, despite having
to cope with feuding over its budget, seems to have sped up. It has been
creating jobs and its housing market and stock indicator have moved up sharply.
By the
end of the year 2013, the UK had become, on some counts the fastest growing
large developed economy. UK labour market conditions improved as employment
increased. Rising consumer and business confidence helped to underpin stronger
retail sales and investment spending, while the recovery in house prices helped
shore up household wealth. This was led by higher consumption, in turn leading
to fears of overheating in the housing market.
Germany
had a solid year, reducing unemployment and boosting living standards. However,
across the Mediterranean the pattern was more disappointing, with Italy, Spain,
Portugal and Greece all enduring a year of rising unemployment. Europe and the
euro are not out of trouble, but the acute phase of their difficulties may be
past. However, there is still a long way to go: deflation risks remain, the
sovereign and banking crisis is not fully resolved, and there is a considerable
gulf in performance between the core and the periphery.
The
structural shift from the developed world towards the emerging world continued
but at a slightly slower pace than before. Industrial activity picked up pace
throughout the year, supporting continued employment growth. With asset prices
buoyant and confidence returning, the pillars of support for consumer spending
fell back into place during 2013. In the emerging markets due to announcement
by the US Federal Reserve in May, that it would soon begin reducing its monthly
asset purchases (so-called “tapering”), caused currencies to depreciate, stock
markets to fall and borrowing costs to rise. Countries with large current
account and fiscal deficits were worst affected.
Growth in China was at 7.5% and Africa, encouragingly, grew
by more than 5%.
OUTLOOK
While
the start of the new fiscal has continued from the moderate performance of last
year, there is a cautious optimism that FY 2014- 15 would see the start of the
revival in the global and domestic economies. The Indian economy is also
expected to look up marginally from growth in GDP of 5% in the last year.
Growth
in first half of FY 2014-15 is unlikely to be much different than in FY 2013-14
as industrial and services sector growth is still weak. It is expected to be in
the range 5% to 5.5%.
A new stable
Government will take steps to improve investor confidence and thereby leading
to revival of economy in the second half of FY 2014-15. M&HCV truck sales,
which are reflective of the economic sentiment, have seen an arrest in the
declining trend in the start of the new fiscal. Infrastructure spending as well
as regulation in areas like mining is expected to receive a positive shot in
the arm
While
current account deficit is under control, fiscal deficit will continue to be
priority for the Government and striking a balance between controlling
expenditure and encouraging growth will be key for this year.
On the
background of pressure on volumes in India and limited headroom in pricing due
to the intensely competitive market dynamics, the focus will be on effective
cost management- both direct and indirect to maintain margins. Even in this
challenging environment, as envisioned in its Mission statement, the Company is
looking to ‘passionately anticipate’ and provide vehicles and solutions that
‘excite customers globally’. The objective remains to be the ‘most admired’
Company by all our stakeholders.
One of
the key elements of this strategy would be to improve the relationship with the
customer – the experience the customer has with the Company at each touch point
from sale to service and replacement sales experiences.
This
would include improving the physical look of the setup, setting up right
processes and forums for speedy resolution of customer issues. The Company will
also actively pursue growth in the right International markets and look to
consolidate its position in markets where it is already present.
While
Europe remains uncertain in the short term, JLR will continue to focus on
growth from other markets, in particular the emerging markets. With entry been
established in China last year, growing and consolidating presence in this
market would be key to JLR’s strategy for the coming year. Investment in new
products and technologies along with enhancing capacity as required in the
right geographies would continue for both Jaguar and Land Rover.
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter ended |
|
|
30.06.2014 |
||
|
Audited |
||
|
(A) |
|
|
|
1 |
Vehicle sales (in Nos.) (Includes traded vehicles) |
|
|
|
Commercial vehicles |
750390.000 |
|
|
Passenger cars and
utility vehicles |
253460.000 |
|
|
Exports |
102270.000 |
|
|
|
1106120.000 |
|
|
|
|
|
2 |
Vehicle sales (in Nos.) |
|
|
|
Commercial vehicles |
890470.000 |
|
|
Passenger cars and
utility vehicles |
192490.000 |
|
|
|
1082960.000 |
|
(B) |
|
|
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
76128.900 |
|
|
(b) Other Operating Income |
918.700 |
|
|
Total income from
operations (net) |
77047.600 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
51050.100 |
|
|
(b) Purchases of stock-in trade |
11382.500 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(5418.000) |
|
|
(d) Employee benefits expense |
7395.500 |
|
|
(e) Depreciation and Anmortisation Expenses |
5408.200 |
|
|
(f) Product development / Engineering expense |
796.000 |
|
|
(g) Other Expenses |
17345.000 |
|
|
(h) Amount capitalised |
(2522.100) |
|
|
Total expenses |
85437.200 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
(8389.600) |
|
4 |
Other Income |
-- |
|
|
(a) Profit on sale of Investment in a subsidiary |
15971.900 |
|
|
(b) Others |
-- |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
7582.300 |
|
6 |
Finance Costs |
3398.000 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
4184.300 |
|
8 |
Exceptional items |
|
|
|
(a) Exchange loss / (gain) (net) including on revolution of foreign
currency borrowings, deposits and loans |
247.800 |
|
|
(b) Provision for loan given and costs associated with closure of
operations of subsidiary |
-- |
|
|
(c) Provision for impalrment of investments in a subsidiary |
-- |
|
|
(d) Profit on sales of a division |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
3936.500 |
|
10 |
Tax expenses |
-- |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
3936.500 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
3936.500 |
|
14 |
Share of profit' (loss) of associates |
-- |
|
15 |
Minority Interest |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
|
|
17 |
Paid up equity share capital (Face Value of Rs.2/-each) |
6437.800 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualised): |
|
|
|
(a) Basic |
1.21 |
|
|
(b) Diluted |
1.21 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
(a) Basic |
1.31 |
|
|
(b) Diluted |
1.31 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
A. Ordinary Share |
|
|
|
- Number of shares |
1215482372 |
|
|
- Percentage of shareholding |
44.42 |
|
|
B. ‘A’ Ordinary Share |
|
|
|
- Number of shares |
478738358 |
|
|
- Percentage of shareholding |
99.33 |
|
|
|
|
|
2 |
Promoters and Promoter group shareholding |
|
|
|
A. Ordinary Share |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
76400000 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
8.13 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
2.79 |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
863156205 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
91.87 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
31.54 |
|
|
B. ‘A’ Ordinary Share |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
-- |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
-- |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
3228587 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
0.67 |
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
2 |
|
|
Received during the quarter |
10 |
|
|
Disposed off during the quarter |
6 |
|
|
Remaining unresolved at the end of the quarter |
6 |
NOTES:
1.
The above results have been reviewed by
the Audit Committee of the Board and were approved by the Board of Directors at
its meeting held on August 11, 2014.
2.
Figures for the previous periods / year
have been regrouped / reclassified, wherever necessary.
3.
Other income for the quarter ended June
30, 2014, includes dividends from subsidiary companies of Rs.15486.500 Millions
(Rs. 5371.200 Millions for the quarter ended June 30, 2013).
4.
In terms of the proviso to clause 3(i)
of Part A of Schedule II to the Companies Act, 2013 (the Act), the Company has
decided to retain the useful life hitherto adopted for various categories of
fixed assets, which are in certain cases, different from those prescribed in
Schedule II to the Act. Based on the policy followed by the Company of
continuous and periodic assessment, the estimated useful life and residual
value adopted so far is appropriate.
5.
During the quarter ended June 30, 2014,
TML Holdings Pte Ltd. Singapore (TMLH), a wholly owned subsidiary of the
Company, bought back 3,50,00,000 Equity Shares of USD 1 each at premium of USD
6.99 each. The consideration of Rs.16582.400 Millions has been credited to
investments.
6.
In October 2008, the Company moved the
Nano project from Singur in West Bengal to Sanand in Gujarat. In June 2011, the
newly elected Government of West Bengal (State Government) enacted a
legislation to cancel the land lease agreement. The Company challenged the
legal validity of the legislation. In June 2012, the High Court of Calcutta
ruled against the validity of the legislation and restored Company's rights
under the land lease agreement. The State Government filed an appeal in the
Supreme Court of India, which is pending disposal. Based on management's
assessment no provision is considered necessary to the carrying cost of
buildings at Singur.
7.
The Company is engaged mainly in the
business of automobile products consisting of all types of commercial and
passenger vehicles including financing of the vehicles sold by the Company.
These, in the context of Accounting Standard 17 on Segment Reporting, as
specified in the Companies (Accounting Standards) Rules, 2006, are considered
to constitute one single primary segment.
8.
Public shareholding of Ordinary shares
as on June 30, 2014 excludes 21.25% (19.24% as on June 30, 2013, 21.25% as on
March 31, 2014) of Citibank N.A. as Custodian for Depository shares.
9.
Figures for the quarter ended March 31,
2014 represent the difference between the audited figures in respect of the
full financial year and the audited figures for the nine-months ended December
31, 2013.
10.
The Statutory Auditors have carried out
an audit of the above results stated in Part I (B).
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10219310 |
27/03/2012
* |
7,000,000,000.00 |
VIJAYA
BANK |
MERCHANT
BANKING DIVISION, HEAD OFFICE,, 41/2, M. G. ROAD, BANGALORE, KARNATAKA -
560001, INDIA |
B37040961 |
|
2 |
10173404 |
18/06/2014
* |
21,900,000,000.00 |
STATE
BANK OF INDIA |
STATE
BANK BHAVAN,, MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
C09988098 |
|
3 |
10170584 |
28/03/2013
* |
42,000,000,000.00 |
VIJAYA
BANK |
MERCHANT
BANKING DIVISION, HEAD OFFICE,, 41/2, M. G. ROAD, BANGALORE, KARNATAKA -
560001, INDIA |
B73714792 |
|
4 |
10103711 |
30/01/2008 |
12,000,000,000.00 |
CENTRAL
BANK OF INDIA |
DEBENTURE
TRUSTEE SECTION, CENTRAL BANK (MMO) BLDG, 6TH FLOOR, MAHATAMA GANDHI ROAD,
FORT, MUMBAI, |
A32840258 |
|
5 |
90232212 |
22/03/2002 |
278,985,000.00 |
IDBI
BANK LIMITED. |
MUMBAI,
MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
6 |
90230998 |
25/05/2000
* |
3,000,000,000.00 |
CENTRAL
BANK OF INDIA |
JEHANGIR
WADIA BUILDING, M. G. ROAD; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
7 |
90230950 |
30/08/2006
* |
37,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNT GROUP-CENTRAL BRANCH, 20TH FLOOR, EXPRESS TOWERS, NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
90229254 |
26/06/2012
* |
140,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH- CENTRAL, 3RD FLR, NEVILLEHOUSE,J.N.HEREDIA MARG,
BALLARAD EST, MUMBAI, MAHARASHTRA - 400001, INDIA |
B42008367 |
|
9 |
90232005 |
22/01/1997 |
1,261,200,000.00 |
STATE
BANK OF INDIA |
NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
10 |
90230805 |
15/02/1995
* |
940,000,000.00 |
CENTRAL
BANK OF INDIA |
CHANDERMUKHI,
NARIMAN POINT, MUMBAI, MAHARASHTRA |
- |
|
11 |
90228661 |
16/07/1993 |
30,000,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
12 |
90230659 |
06/03/1997
* |
3,755,554,950.00 |
CENTRAL
BANK OF INDIA |
CHANDERMUKHI,
NARIMAN POINT, MUMBAI, MAHARASHTRA |
- |
|
13 |
90232359 |
03/12/1996
* |
3,755,554,950.00 |
CENTRAL
BANK OF INDIA |
CHANDERMUKHI,
NARIMAN POINT, MUMBAI, MAHARASHTRA |
- |
|
14 |
90231568 |
07/10/1996
* |
50,000,000.00 |
STATE
BANK OF PATIALA |
WORLD
TRADE CENTRE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and machinery
·
Equipment
·
Vehicles
·
Office equipment
·
Computers and other
·
Water system and sanitization
·
Plant and machinery
·
Leasehold land
·
Computer software
PRESS RELEASE:
Key Highlights:
·
The Zest base variant in petrol
starts at Rs.4.64 Lakhs and the base variant, in Diesel starts at Rs. 5.64
Lakhs, ex-showroom, New Delhi
·
Zest comes loaded with 29 segment
leading features
·
Available in four trims in Petrol and
five trims in Diesel
·
Range will come in six exciting
colours
·
On sale in over 470 Tata Motors
passenger vehicle sales outlets
·
Technology-enabled dealerships with
new retail identity for enhanced purchase experience
·
Introducing 333 Confidence, an
industry first service offering
Tata
Motors today announced the commercial launch of the Zest, the all new, sub-four
metre compact sedan with a start price of Rs. 4.64 Lakhs, ex-showroom, New
Delhi, for the petrol Revotron 1.2T model and Rs. 5.64 Lakhs, ex-showroom, New
Delhi, as the start price for the diesel variant. Zest from Tata Motors,
clearly showcases the three key vectors of DesigNext, DriveNext and ConnectNext
to deliver best-in-class performance with unparalleled driving pleasure in a
spacious, dynamic, comfortable and stylish sedan. The company today opened
sales nationally of this most awaited car. The cars will be on sale across the
country in over 470 Tata Motors Passenger Vehicle sales outlets from today
The company today also launched an industry
first service offering with the 333 Confidence. This unique programme offers
best-in-class warranty of 3 years or 1 lakhs Kms (whichever is earlier), an
Annual Maintenance Contract (AMC) of 3 years/ 45000 kms (whichever is earlier)
and a free 24X7 Roadside Assistance service for 3 years. With this, Tata Motors
is offering its customers high reliability, reduced cost of ownership and great
resale value for the Zest.
Speaking at the launch, Mr. Ranjit Yadav,
President Passenger Vehicles Business Unit, Tata Motors, said, "We at Tata
Motors are delighted to launch the much-awaited Zest. It has been engineered
for global customers, by global teams across India, UK, Italy and Korea to
offer a car that matches refinement with performance - from the engine, to
suspension & braking, the NVH or premium materials. All this has brought
elegance to life in this segment. With 29 segment-first features, Zest from
Tata Motors is the first all-new vehicle in the Horizonext journey with our
commitment to bringing disruptive innovation to this segment of car-buyers.
Both the petrol and diesel versions come with their unique segment-firsts and
we are confident it will delight our consumers with its design, driving
pleasure and great connectivity features."
As the name suggests, the all-new Zest exudes
excitement and energy and is designed to give the driver total control of his
vehicle. Zest is the first vehicle from Tata Motors that clearly exemplifies
the HORIZONEXT themes of Intense Product Focus, World-class Manufacturing Quality,
Enriched Purchase Experience and Consistent Quality of Service for its
passenger vehicle business.
The Zest is being manufactured at the Pimpri
and Ranjangaon Plant in Pune, on a completely modified X1 platform.
DESIGNEXT:
The all-new
styling of the Zest is based on its new design direction of 'Confident
Dynamism'. With a classy new forward pouncing stance and well-sculpted body,
the design portrays a sense of power and agility. The car has a good balance of
elements like a sedan profile, the strong wedge of the shoulder-line, the wide
stretched front, rear and sporty 15" Alloy Wheels. All these elements
combined with a signature Buzz Blue colour and a well sculpted body, add to the
dynamic and stylish stance of the new Zest.
Riding
on Tata Motors DNA of being spacious and safe, a greater attention to detail
towards the vehicle's interiors is another defining factor of the Zest's
design. Reminiscent of luxury cars, the Zest comes with premium interiors, a
neatly-layered dashboard with dual-tone - Java Black & Latte, for a
stunning and high-tech inviting feel. This is coupled with a well-integrated
infotainment screen and Tata Motors next-generation 3-spoke steering wheel. The
vehicle's wing-shaped central instrument cluster Bezel, gear knob, precisely
detailed air vents and sculpturally designed console, connected in a single
wing-shaped graphic, ensure that the Zest has the best design attributes.
DRIVENEXT:
The
Zest will come with the Revotron 1.2T, the first engine from the new family of
gasoline engines from Tata Motors and will be India's first Turbocharged
Multi-point Fuel Injection (MPFi) Petrol engine. It has been developed in
conjunction with global consultancies and suppliers to deliver world-class
performance in terms of power, torque and efficiency. It has undergone over
300,000 hours of rigorous developmental and research testing.
Refined
Revotron 1.2T Engine:
·
Design optimization through global
engine consultant (AVL, Austria) and key technology partners namely Bosch, Honeywell,
Mahle, INA
·
Extremely silent engine
·
Low friction crank case for minimized
NVH
·
Drive by wire technology for enhanced
drive experience
·
Smart Electronic Control Unit for
precise control
The
Zest diesel comes with most acclaimed 1.3 litre Quadrajet Diesel engine
coupled with the first-in-class F-Tronic technology-enabled, 5-speed Automated
Manual Transmission (AMT), with both Automatic and Sequential mode of
gear-shifting, developed in collaboration with Magneti Marelli, Italy.
Both
petrol and diesel powertrains are BS-IV compliant and are capable of meeting
future norms.
Multi-Drive
Mode Innovation
Multi-Drive
Modes is one of the key innovations, introduced by Tata Motors with the
Revotron 1.2T turbo engine in the Zest. The Revotron 1.2T engine offers the
optimum blend of performance, refinement and fuel economy. The unique
first-in-segment 'Multi-Drive Mode' technology enables switching between SPORT,
ECO and CITY mode, along with a superior throttle response.
The SPORT
Mode gives the sharpest throttle response and quickest acceleration from
the Zest. The140Nm of torque from the Revotron engine will deliver a more
dynamic drive, enabling the driver to exploit the full acceleration and
driveability of the Zest. In the ECO Mode, performance and throttle
response is reduced to maximize fuel economy but with a comfortable drive
experience. It is ideal for Highway cruising. In the CITY Mode the Zest
has the perfect balance between performance and economy. Power delivery is
smooth and throttle response is linear leading to agile drivability to easily
navigate city traffic conditions.
The
Zest Diesel AMT will have dual drive modes - City and Sport mode. The manual
also is shift assist manual engaging the consumer into suggesting down and up
shifts.
Refinement
in Driving:
·
The Zest will have ePAS (Electric
Power Assisted System), with speed sensitivity and 'Active Return' function - a
first in the segment.
·
A silent, quieter cabin will ensure a
pleasant and superlative drive experience.
·
The most advanced, 9th generation ABS
with EBD (Electronic Brake Distribution) from Bosch for improved braking
efficiency, and with yet another segment-first, the Corner Stability Control
feature, add to the safety feature of the vehicle.
·
Dual Airbags and Rear Park assist further
add to the safety features of the Zest.
·
The dual-path suspension, coupled
with a zero-pivot sub-frame and Anti-roll bar, ensures a smooth and comfortable
ride. The improved suspension provides effective isolation from road inputs,
without compromising on body control, translating into a class-leading balance
between ride and handling for a comfortable and grounded drive.
Performance:
Equipped
with a high boost turbo-charger, the Revotron 1.2T delivers best-in-class power
of 90PS @ 5000 RPM and best-in-class peak torque of 140 Nm @ 1750-3500 RPM. The
car has a top speed of 154 kmph. The Diesel 1.3L Quadrajet engine produces 90PS
@ 4000 RPM and 200 Nm @ 1750 -3000 RPM of uninterrupted flat torque. The car
has a top speed of 158 kmph.
Fuel
efficiency:
The
Modes give the car best-in-class fuel efficiency in real world driving
conditions. As per the Automotive Research Association of India (ARAI)
certification, the Revotron 1.2T delivers 17.6 km/litre and the Diesel delivers
23 km/litre, under mandated test km/litre in normal conditions.
CONNECTNEXT
Understanding the dynamic consumer's
increasing need, Tata Motors offers its customers with the ConnectNext
experience. The Company has worked closely with HARMANTM to design and engineer
an acoustic audio and infotainment system, with best-in-class features like
5" ConnectNext Touchscreen Infotainment System, Advance voice command
recognition, SMS notification and read outs, Fully Automatic Temperature
Controls on the touchscreen, which will allow the user to stay connected.
The Zest will be available in four trims in
Petrol - XE, XM, XMS and XT and five trims in Diesel - XE, XM, XMS, XMA (AMT)
and XT. The range will be available in 6 exciting colours - Buzz Blue, Venetian
Red, Sky Grey, Dune Beige, Platinum Silver and Pristine White.
ZEST-IFIED PURCHASE AND SERVICE EXPERIENCE
To enhance the customer engagement levels at
the dealerships, Tata Motors has upgraded its showrooms, to deliver customers
desired world class ambience, purchase experience and after-market service.
This is being achieved through technology-enabled dealerships, providing
all-encompassing sales, service and spares.
These reformatted dealerships with the new
Tata Motors retail identity will take the dealership experience to the next
level. Over 3000 new sales staff have been recruited nationally for Zest
customers. Specially-trained sales managers at these revamped, tech-savvy
dealerships will be equipped with hand-held tablets, thus taking the purchase
experience to next level.
In addition to the 333 Confidence programme,
all Tata Motors Passenger Vehicle service centres will offer latest and most
comprehensive customer service initiatives, launched by the company recently
such as V-tabs (Vehicle Tracking and Bay Scheduling).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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.60.47 |
|
UK Pound |
1 |
Rs.100.15 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
67 |
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.