MIRA INFORM REPORT
|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA MOTORS LIMITED |
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Registered
Office : |
Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai
– 400001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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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.6380.700 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
: |
29965 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 760000000 |
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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 appear dip in profitability of the company during the financial year 2013. However, the rating reflects sound market position in the Indian automobile segment, comfortable capital structure and the support it receives from the Tata group. 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. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
30.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
30.01.2014 |
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
31-03-2012.
INFORMATION DECLINED
Management non-Cooperative (91-22-66658282)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91–22–66658282 / 66658282 |
|
Fax No.: |
91–22–66657799 / 66657799 |
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E-Mail : |
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Website : |
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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 31.03.2013
|
Name : |
Mr. Ratan N. Tata |
|
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 |
|
Qualification : |
Educated in UK. |
|
Date of Appointment : |
22.12.1998 |
|
|
|
|
Name : |
Mr. Sam M. Palia |
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Designation : |
Director |
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Date of Birth : |
25.04.1938 |
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Qualification : |
B.Com., LLB, CAIIB, AIB, (London) |
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|
Name : |
Dr Raghunath A Mashelkar |
|
Designation : |
Director |
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Date of Birth : |
01.01.1943 |
|
Qualification : |
Chemical Engineering Scientist, Ph. D from Bombay University. |
|
Date of Appointment : |
28.08.2007 |
|
|
|
|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Director |
|
Qualification : |
Degree in Mechanical Engineering |
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|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Director |
|
Qualification : |
Master’s Degree from the London School of Economics |
|
|
|
|
Name : |
Mr Vinesh K Jairath |
|
Designation : |
Director |
|
Qualification : |
B.A. Degree In Public Administration, LLB degree and Masters in Economics |
|
|
|
|
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 |
|
Qualification : |
B.Com, PGDM – Indian Institute of Management, Ahmedabad. |
|
Date of Appointment : |
29.05.2013 |
|
|
|
|
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 |
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Date of Birth : |
09.02.1962 |
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Qualification : |
M.Sc. – Stanford University, Sloan Fellow. |
|
Date of Appointment : |
13.09.2012 |
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|
Name : |
Mr. R Pisharody |
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Designation : |
Executive Director |
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Name : |
Mr. S B Borwankar |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. H K Sethna |
|
Designation : |
Company Secretary |
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EXECUTIVE COMMITTEE |
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|
Name : |
Mr. Karl Slym |
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Designation : |
Managing Director |
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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 |
|
Designation : |
Executive Director and Head, Quality |
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Name : |
Mr. C Ramakrishnan |
|
Designation : |
President and Chief Financial Officer |
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|
Name : |
Dr. Tim Leverton |
|
Designation : |
President and Head, Engineering Research Centre |
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|
Name : |
Mr. Ranjit Yadav |
|
Designation : |
President and Head, Passenger Vehicles Business Unit |
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|
Name : |
Mr. Prabir Jha |
|
Designation : |
Sr Vice President and Chief Human Resources Officer |
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|
Name : |
Mr. Ankush Arora |
|
Designation : |
Sr Vice President, Commercial - Passenger Vehicle Business Unit |
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|
Name : |
Mr. Venkatram Mamillapalle |
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Designation : |
Sr Vice President and Head, Purchasing and Supply Chain |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
937781325 |
43.10 |
|
|
1774880 |
0.08 |
|
|
1774880 |
0.08 |
|
|
939556205 |
43.18 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
939556205 |
43.18 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
17799325 |
0.82 |
|
|
1495918 |
0.07 |
|
|
2098075 |
0.10 |
|
|
240146516 |
11.04 |
|
|
754911994 |
34.70 |
|
|
11651595 |
0.54 |
|
|
11018391 |
0.51 |
|
|
632213 |
0.03 |
|
|
991 |
0.00 |
|
|
1028103423 |
47.25 |
|
|
|
|
|
|
12304683 |
0.57 |
|
|
|
|
|
|
167966893 |
7.72 |
|
|
8807340 |
0.40 |
|
|
18988763 |
0.87 |
|
|
23750 |
0.00 |
|
|
10745602 |
0.49 |
|
|
4802202 |
0.22 |
|
|
2620083 |
0.12 |
|
|
490 |
0.00 |
|
|
796636 |
0.04 |
|
|
208067679 |
9.56 |
|
Total Public shareholding (B) |
1236171102 |
56.82 |
|
Total (A)+(B) |
2175727307 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
560985590 |
0.00 |
|
|
560985590 |
0.00 |
|
Total (A)+(B)+(C) |
2736712897 |
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 : |
29965 (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 : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
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Subsidiaries : |
·
Tata Technologies Limited ·
TAL Manufacturing Solutions Limited ·
TML Drivelines Limited ·
Sheba Properties Limited ·
Concorde Motors (India) Limited ·
Tata Daewoo Commercial Vehicle Company Limited ·
Tata Motors Insurance Broking and Advisory Services
Limited ·
Tata Motors European Technical Centre PLC ·
Tata Motors Finance Limited ·
Tata Marcopolo Motors Limited ·
Tata Motors (Thailand) Limited ·
Tata Motors (SA) (Proprietary) Limited ·
PT Tata Motors Indonesia ·
TML Holdings Pte. Limited, Singapore ·
TML Distribution Company Limited ·
Tata Hispano Motors Carrocera S.A. ·
Trilix S.r.l ·
Tata Precision Industries Pte. Limited ·
Jaguar Land Rover Automotive PLC (formerly known
as Jaguar Land Rover PLC) ·
Jaguar Cars Limited ·
(formerly known as Jaguar Cars Overseas Holdings
Limited) ·
Jaguar Land Rover Austria GmbH ·
Jaguar Belux NV ·
Jaguar Land Rover Limited ·
(formerly known as Jaguar Cars Limited) ·
Jaguar Land Rover Japan Limited ·
Jaguar Cars South Africa (pty) Limited ·
Jaguar Land Rover Exports Limited (Land Rover
Exports Limited Business transferred on April 2012) ·
The Daimler Motor Company Limited ·
The Jaguar Collection Limited ·
Daimler Transport Vehicles Limited ·
S S Cars Limited ·
The Lanchester Motor Company Limited ·
Jaguar Hispania SL ·
Jaguar Land Rover Deutschland GmbH ·
Land Rover Ireland Limited ·
INCAT International Plc. ·
Tata Technologies Europe Limited ·
INCAT GmbH ·
Tata Technologies Inc ·
Tata Technologies de Mexico, S.A. de CV ·
Tata Technologies (Canada) Inc ·
Tata Technologies (Thailand) Limited ·
Tata Technologies Pte Limited, Singapore ·
Miljobil Grenland AS uupto August300,200'2) ·
Tata Hispano Motors Carrocerries Maghreb ·
Tata Daewoo Commercial Vehicles Sales and
Distribution Company Limited ·
Tata Engineering Services (Pte) Limited ·
LLiquidated w.e.f. July 7,2012) ·
Jaguar Land Rover North America LLC ·
Land Rover Belux SA/NV ·
Jaguar Land Rover Nederland BV ·
Jaguar Land Rover Portugal - Veiculos e Pecas,
LDA ·
Jaguar Land Rover Australia Pty Limited ·
Jaguar Land Rover Italia SpA ·
Land Rover Espana SL ·
Jaguar Land Rover Korea Company Limited ·
Jaguar Land Rover Automotive Trading (Shanghai)
Limited ·
Jaguar Land Rover Canada ULC ·
Jaguar Land Rover France, SAS ·
Jaguar Land Rover (South Africa) (Pty) Limited ·
Jaguar e Land Rover Brazil Importacao e Comercio
de Veiculos Limiteda ·
Jaguar Land Rover (Russia) Limited Liability
Company ·
Land Rover Parts Limited ·
Jaguar Land Rover (South Africa) Holdings Limited ·
Jaguar Land Rover India Limited ·
(incorporated w.ef October25,2012) ·
Land Rover (business and assets transferred to
Jaguar Land Rover Limited except Jaguar Land Rover Automotive ·
Trading (Shianghiai) Company Limited w.e.f
January2013) ·
Land Rover Group Limited ·
PT Tata Motors Distribusi Indonesia (incorporated
w.ef February 1, 2013) |
|
|
|
|
Associates : |
· Tata AutoComp Systems Limited · Tata Cummins Limited · Tata Precision Industries (India) Limited · Tata Hitachi Construction Machinery Company Limited (formerly known as Telco Construction Equipment Company Limited) · Jaguar Cars Finance Limited · Nita Company Limited · Tata Sons Limited (investing Party) · Automobile Corporation of Goa Limited ·
Spark44 (JV) Limited |
|
|
|
|
Joint Ventures : |
·
Fiat India Automobiles Limited ·
Tata HAL Technologies Limited ·
Suzhou Chery Jaguar Land Rover Trading Company Limited
(Interim JV) ·
Chery Jaguar Land Rover Automotive Company Limited
incorporated in November 2012) |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
|
|
|
|
|
2708156151 |
Ordinary Shares |
Rs.2/- each |
Rs. 5416.300 Millions |
|
481959620 |
‘A’ Ordinary shares |
Rs.2/- each |
Rs. 964.000 Millions |
|
|
Less: Calls Unpaid – Ordinary Shares |
|
Rs. 0.100 Million |
|
|
Add: Shares Forfeited – Ordinary Shares |
|
Rs. 0.500 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 6380.700 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6380.700 |
6347.500 |
6377.100 |
|
(b) Reserves & Surplus |
184967.700 |
187329.100 |
193755.900 |
|
(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) |
191348.400 |
193676.600 |
200133.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
80517.800 |
80045.000 |
96794.200 |
|
(b) Deferred tax liabilities (Net) |
19639.100 |
21054.100 |
20231.600 |
|
(c) Other long term
liabilities |
12384.400 |
19596.300 |
22210.500 |
|
(d) long-term
provisions |
6911.900 |
6855.600 |
12532.500 |
|
Total Non-current
Liabilities (3) |
119453.200 |
127551.000 |
151768.800 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
62169.100 |
30071.300 |
49587.700 |
|
(b) Trade
payables |
84550.200 |
87055.300 |
88172.700 |
|
(c) Other
current liabilities |
49231.000 |
74709.500 |
32103.700 |
|
(d) Short-term
provisions |
15095.800 |
29545.600 |
20138.600 |
|
Total Current
Liabilities (4) |
211046.100 |
221381.700 |
190002.700 |
|
|
|
|
|
|
TOTAL |
521847.700 |
542609.300 |
541904.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
122877.100 |
117464.700 |
109119.600 |
|
(ii)
Intangible Assets |
31680.300 |
32730.500 |
25051.100 |
|
(iii)
Capital work-in-progress |
15078.400 |
19103.000 |
17198.600 |
|
(iv)
Intangible assets under development |
32449.600 |
21263.700 |
20791.700 |
|
(b) Non-current Investments |
181717.100 |
179032.900 |
225382.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35752.400 |
34881.100 |
34296.400 |
|
(e) Other
Non-current assets |
943.200 |
1004.200 |
348.400 |
|
Total Non-Current
Assets |
420498.100 |
405480.100 |
432187.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
17626.800 |
25902.600 |
860.000 |
|
(b)
Inventories |
44550.300 |
45882.300 |
38913.900 |
|
(c) Trade
receivables |
18180.400 |
27083.200 |
26028.800 |
|
(d) Cash
and cash equivalents |
4628.600 |
18409.600 |
24289.200 |
|
(e) Short-term
loans and advances |
15320.900 |
18717.400 |
18506.200 |
|
(f) Other
current assets |
1042.600 |
1134.100 |
1118.500 |
|
Total
Current Assets |
101349.600 |
137129.200 |
109716.600 |
|
|
|
|
|
|
TOTAL |
521847.700 |
542609.300 |
541904.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
447657.200 |
543065.600 |
470884.400 |
|
|
|
Other Income |
20882.000 |
5740.800 |
4229.700 |
|
|
|
TOTAL (A) |
468539.200 |
548806.400 |
475114.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
272442.800 |
338948.200 |
270584.700 |
|
|
|
Purchase of products for sale |
58644.500 |
64339.500 |
73631.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
products for sale |
(1436.000) |
(6238.400) |
(3542.200) |
|
|
|
Employee cost/benefits expense |
28370.000 |
26914.500 |
22940.200 |
|
|
|
Product development expense/ Engineering expenses |
4257.600 |
2342.500 |
1412.300 |
|
|
|
Other expenses |
77736.500 |
84055.100 |
67383.500 |
|
|
|
Expenditure transferred to capital and other accounts |
(9538.000) |
(9071.300) |
(8176.800) |
|
|
|
Exceptional Items |
4258.700 |
5852.400 |
1471.200 |
|
|
|
TOTAL (B) |
434736.100 |
507142.500 |
425704.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33803.100 |
41663.900 |
49409.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13877.600 |
12186.200 |
13837.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19925.500 |
29477.700 |
35572.900 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
18176.200 |
16067.400 |
13607.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1749.300 |
13410.300 |
21965.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1268.800) |
988.000 |
3847.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3018.100 |
12422.300 |
18118.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16639.100 |
20789.200 |
19341.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Tax on Proposed Dividend |
7227.500 |
14622.400 |
14670.300 |
|
|
|
Transfer to General Reserve |
301.800 |
1250.000 |
2000.000 |
|
|
|
Debentures Redemption Reserve |
(1300.000) |
700.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
13427.900 |
16639.100 |
20789.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Goods |
34190.500 |
35982.200 |
33390.300 |
|
|
|
Interest and Dividend |
14305.800 |
462.300 |
196.100 |
|
|
|
Rent Income |
73.000 |
67.500 |
62.300 |
|
|
|
Commission |
13.300 |
7.000 |
2.100 |
|
|
|
Sale of Services |
275.700 |
250.500 |
0.000 |
|
|
TOTAL EARNINGS |
48858.300 |
36769.500 |
33650.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials
and Components |
10570.300 |
13646.900 |
18253.000 |
|
|
|
Machinery Spares
and Tools |
606.600 |
573.100 |
468.000 |
|
|
|
Capital Goods |
2753.400 |
3624.800 |
1587.100 |
|
|
|
Spare Parts |
4569.800 |
5255.100 |
2736.700 |
|
|
|
Other Items |
383.200 |
154.700 |
123.900 |
|
|
TOTAL IMPORTS |
18883.300 |
23254.600 |
23168.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic (Ordinary Shares) |
0.93 |
3.90 |
6.06 |
|
|
|
Diluted |
0.93 |
3.77 |
5.78 |
|
|
|
|
|
|
|
|
|
|
Basic (‘A’ Ordinary Shares) |
1.03 |
4.00 |
6.16 |
|
|
|
Diluted |
1.03 |
3.87 |
5.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.64
|
2.26 |
3.76
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.39
|
2.47 |
4.66
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.60
|
4.15 |
7.89
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.07 |
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.75
|
0.57 |
0.73
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.48
|
0.62 |
0.58
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
6377.100 |
6347.500 |
6380.700 |
|
Reserves & Surplus |
193755.900 |
187329.100 |
184967.700 |
|
Net
worth |
200133.000 |
193676.600 |
191348.400 |
|
|
|
|
|
|
long-term borrowings |
96794.200 |
80045.000 |
80517.800 |
|
Short term borrowings |
49587.700 |
30071.300 |
62169.100 |
|
Total
borrowings |
146381.900 |
110116.300 |
142686.900 |
|
Debt/Equity
ratio |
0.731 |
0.569 |
0.746 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
470,884.400 |
543,065.600 |
447,657.200 |
|
|
|
15.329 |
-17.568 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
470,884.400 |
543,065.600 |
447,657.200 |
|
Profit |
18,118.200 |
12,422.300 |
3,018.100 |
|
|
3.85% |
2.29% |
0.67% |
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 |
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.:- APPL/3/2014 Filing Date:- 03/01/2014 |
|
Petitioner:- GUJARAT URJA VIKAS NIGAM LIMITED
Respondent:- TATA MOTORS
LIMITED - Respondent:- TATA MOTORS LIMITED Petn.Adv:- MDP and Partners (I3989) District:- MUMBAI |
|
Bench:- DIVISION Status:- Admitted(Unready)
Category:- Appeals Next Date: 05/02/2014 Stage: APPEALS
FOR ADMISSION – FRESH (ORIGINAL SIDE MATTERS) Last Coram:- HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SHRI JUSTICE
B.P. COLABAWALLA |
|
Act:- Motor Vehicles Act, 1996
Under Section: 34 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Long-term
borrowings |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) |
4022.500 |
5973.600 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Privately placed Non-Convertible Debentures |
25000.000 |
4000.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Term loans from banks : |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(i) External Commercial Borrowings (ECB) -USD 500 million (at floating
interest rate) |
27142.600 |
25441.300 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Buyers’ line of credit (at floating interest rate) |
373.000 |
380.200 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Deposits* |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Deposits accepted from public |
0.000 |
2382.800 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Deposits accepted from shareholders |
0.000 |
789.500 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
From banks |
4000.000 |
0.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Loans and advances from subsidiaries and associates |
3506.000 |
678.500 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Deposits |
0.000 |
0.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Commercial paper [maximum balance outstanding during the year Rs.15400.000 Millions (2010-2011 :
Rs.3390 Millions)] |
19865.600 |
1312.700 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total |
83909.700 |
40958.600 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Schedule of
repayment and redemption for Non-Convertible Debentures : Rs. In Millions
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING RESULTS AND
PROFITS
FY 2012-13 was a challenging year for the economy – both globally and in India. The world economy grew by a mere 3.1% in 2012 as compared to 3.9% in the previous year. The domestic situation in India was influenced by these global trends and the ripple effect of a global slowdown was felt. After years of strong positive growth, the Indian economy slowed down to a GDP of 5% from 6.5% in the previous year.
The Tata Motors Group recorded a 13.4% growth in gross turnover from Rs.1706780.000 Millions in the previous year to Rs.1935840.000 Millions in FY 2012-13. This is the highest turnover recorded by the Group. The consolidated revenues (net of excise) for FY 2012-13 of Rs.1888180.000 Millions grew by 14% over last year on the back of strong growth in volumes across products and markets at Jaguar Land Rover. The consolidated EBITDA margins for FY 2012-13 stood at 14.1%. Consequently, Profit before Tax and Profit After Tax were Rs.136330.000 Millions and Rs.98930.000 Millions respectively.
Subject recorded a gross turnover of Rs.493200.000 Millions, 16.7% lower from Rs.592210.000 Millions in the previous year. Weak macro economic factors leading to a continued slow-down in the Medium and Heavy Commercial Vehicles (M and HCV), stiff competition, mainly in Passenger Vehicles business, severely affected the standalone operations and profitability. Additionally, the need to increase marketing expenses to protect and grow market share has resulted in EBITDA margins reducing from 8.1% to 4.8% for FY 2012-13. The reduction of profits from operations was offset by dividend from subsidiary companies of Rs.15840.000 Millions (including dividend from JLR) as compared to Rs.1140.000 Millions for the previous year. The Profit before Tax and Profit After Tax for the FY 2012- 13 were lower at Rs.1750.000 Millions and Rs.3020.000 Millions, respectively, as compared to Rs.13410.000 Millions and Rs.12420.000 Millions in the previous year, respectively.
Jaguar Land Rover recorded a turnover of GB£ 157840.000 Millions, a growth of 17% from GB£ 13,512 million in the previous year. Volume growth was driven not only by a full year of the Range Rover Evoque, but also by increasing sales of existing models. EBITDA growth also benefitted from a favourable market mix, operating exchange rates due to the strengthening US$ against the GB£ and the Euro. Further, cost efficiency improvements in material costs and manufacturing costs supported by increased production volume levels also attributed to improved results of operations. These resulted in a higher EBITDA and Profit before Tax of GB£ 2,402 million and GB£ 1,675 million, respectively, as compared to GB£ 2,027 million and GB£ 1,507 million, respectively in the previous year. The effective tax rate was higher than the previous year, since last year it benefitted from recognition of previously unrecognised tax losses in the last year. The Profit after Tax for FY 2012-13 stood at GB£ 1,215 million as compared to GB£ 1,481 million last year (Jaguar Land Rovers’ figures as per IFRS).
Tata Motors Finance Limited, the Company’s captive financing subsidiary, registered total revenue of Rs.28900.000 Millions higher by 43% in the previous year and reported a Profit After Tax of Rs.3090.000 Millions in FY 2012-13 (previous year: Rs.2400.000 Millions). Tata Motors Finance Limited proposed a dividend of 7% per equity share for FY 2012-13.
Tata Daewoo Commercial Vehicle Company Limited, South Korea registered revenues of KRW 823.9 billion (Rs.40170.000 Millions), a growth of 8% over the previous year. However, the positive impact of higher volumes and various cost control initiatives were negated by a provision of KRW 18.9 billion (Rs.920.000 Millions) on account of a Court verdict in an ordinary wage suit filed by its Union employees resulting in a loss of KRW 9.2 billion (Rs.450.000 Millions) (previous year: profit of Rs.87.400 Millions).
VEHICLE SALES AND
MARKET SHARES
The Tata Motors Group sales for the year stood at 11,91,968 vehicles, lower by 6% as compared to the previous year. Global sales of all Commercial Vehicles were 593,897 vehicles, while sales of Passenger Vehicles were at 598,071 vehicles.
TATA MOTORS
The Company recorded sales of 765,557 vehicles, a decline of 11% over last year. Industry growth during the year was also muted at 1.1%, resulting in the Company’s market share decreasing to 22% in the Indian automotive industry from 25.1% in the previous year. The Company exported 50,938 vehicles during the year, lower by 19%, as compared to the previous year.
Commercial Vehicles
Within the domestic market, the Company continued to strengthen its presence in Commercial Vehicles, with sales of 5,36,232 vehicles, an all-time high for the Company, growing 1.1% from the previous year. This represented a market leadership share of 59.5% in the domestic CV market which was mainly supported by steep growth in the LCV segment.
Some of the highlights for the year were:
· Sales in the LCV segment continued to drive performance, growing by a 21.8% during the year to 3,93,468 vehicles. Market share in the LCV segment expanded by 200 basis points registering a 62.2% market share in FY 2012-13. The Company has grown and consolidated its position in the LCV segment, leading to expansion of the market share, especially in the Ace Segment. Sales of the Tata ACE reached highest ever at over 3,25,000 during FY 201 2-13. The Tata Ace family crossed 10,00,000 sales since its launch. During this year, the Company launched 'Tata Xenon', a stylish and rugged pick-up, offering both single cab and dual cab versions, with best in class looks, operating economies and fuel efficiency.
· Slowdown in economic activity, sluggish infrastructure spending and weak macro outlook coupled with higher operating costs for transport operators, adversely impacted demand in the M and HCV industry. The MandHCV segment which is the harbinger for growth in the economy de-grew by 23.3% in the year. The Company's sales in the MandHCVs segment were 1,42,764 vehicles. The depressed market scenario combined with new player entry resulted in very high competitive intensity. Several new products and variants across the traditional, Prima and Construck range focusing on 'best in class' performance, reliability and fuel efficiency, were introduced.
· The year also marked the roll-out of the two millionth truck from the Company's manufacturing facility at Jamshedpur. The plant manufactures the Company's entire range of MandHCV trucks, including the Tata Prima, both for civilian and defence applications. Many first of its class heavy trucks designed and built specifically to offer best in class performance, reliability and fuel efficiency were introduced viz - Tata LPT 3723 - the first 5 axle rigid truck in the country in the 10 x 4 configuration, the Tata Prima 3138.K Tipper, the Tata Prima 4938.S tractor and the Tata Prima 230 HP - LX range consisting of Tata Prima LX 4923.S, Tata Prima LX4023.S and Tata LPK 3118 tipper. Launches of buses such as MCV buses for intercity (AC - 45 Seater) and staff transportation (Non AC - 41 Seater), LP/ LPO Starbus Ultra with best in class features and fuel efficiency tailored to suit Indian conditions with highest capacity school bus in ICV platform in India (56 seats).
In January 2013, Tata Motors became the first company in India to introduce warranty period of four years on heavy trucks. The Company also introduced a Telematics and Fleet Management Service, branded "Tata FleetMan'' an intelligent vehicle and driver management solution.
Passenger Vehicles
The domestic passenger car industry was affected mainly by weak sentiments, high cost of ownership, high interest rates, fuel prices and reduction in discretionary spends. Overall growth in Domestic Passenger vehicle industry was flat in FY 2012-13, within which Utility Vehicles recorded a robust growth of 51.5% on the back of new launches catering not only to the traditional rugged SUV customers but also to the customer preferring the more car-like soft roader utility vehicles and cars segment de-grew by 6.9%.
During the year, the Company's Passenger Vehicles sales were lower by 31.1 % at 2,29,325 vehicles, registering an 8.9% market share. The Company sold 1 ,80,520 cars and 48,805 utility vehicles and vans, lower by 34.6% and 14.4% respectively, over the previous year. The Company's sales in the mid-size segment suffered as competitive activity intensified with multiple new launches in this segment. The Company has taken various initiatives to improve its product refreshes/launch programmes, operational efficiency, dealer effectiveness, working capital management and restructuring customer facing functions.
The Company sold 2,294 vehicles of Jaguar Land Rover brands during FY 201 2-13. Network for these brands continued to grow with 17 operational outlets across 15 cities in the Country by the year end. The plant in Pune expanded its capacity and commenced operations to roll out locally built Jaguar XF in India from November 201 2.
Some of the highlights of this year's performance were:
- Launches of the Vista D90; and refreshed Tata Indica eV2, the most efficient car in its class with a mileage of 25 kmpl, with new exteriors and additional convenience features.
- Launched the Manza Club Class with first in class features like 6.5'' infotainment screen with voice enabled GPS guidance system, infinity roof, premium Italian leather seating system and plush interiors.
- Launched the Tata Safari Storme with new interiors and improved performance - disc brake on all wheel and projector lens head lamp - first time in its class and Tata Aria Pure LX - a new variant with a bouquet of features, at a stunning price.
- Launched the Nano MY13 with features like music system with Bluetooth/USB, glove box, refreshed interiors, etc., in an array of colours.
The above launches of the Nano MY13, Manza, Vista D90 and the Safari Storme were in-line with the Company's objective of taking the brand to a higher level, while making it relevant for the younger buyer.
- Showcased the Vista Extreme, a concept that combines the package efficiency of a hatch with the usability of the modern urban Utility Vehicle.
- The Company continued to focus on building brand strengths, refreshing the products and enhancing sales and service experience. The Company also introduced a new look, stylish, tech savvy best in class flagship Passenger Vehicle showrooms, for superior customer experience at pilot dealership in Mumbai and Delhi and this initiative will now be replicated to other setups across the country.
A new leadership team in the Passenger Vehicle business was in place towards the latter half of the year with rich experience not only from the automotive but from other sectors as well. The Company is working on a customer-centric strategy for providing the best customer experience with focus on products, world class manufacturing practices, purchase experience and consistent quality of services. As a precursor to future launches, the Company would be shortly unveiling improved and enhanced vehicles across its key brands.
Exports
For Tata Motors, traditionally strong markets in South Asia such as Bangladesh and Sri Lanka also were affected by internal conflict, political unrest and regulatory changes. As a result, export sales of the Company de-grew by 19.3% to 50,938 vehicles. With a view to expand its International Business, the Company re-entered the market of Saudi Arabia to re-establish its business in the Kingdom and launched its brand at the Jakarta Auto Show to address the Indonesian market - a key growth market. The Company introduced a host of new products on existing and new platforms in existing and new markets and showcased its vehicles in major auto shows in strategically important markets.
The Company continued to outperform competition in terms of exports of Commercial Vehicles and enjoyed a total exports share of 57% in FY 201 2-13, exporting 44,109 Commercial Vehicles. The Company exported 6,829 Passenger Vehicles. Aria witnessed growth in shipments led by a strong push into European markets. Indica grew due to strong fleet and entry level customer demand and Manza grew albeit over a low base, in South Africa. Other UVs - Safari, Sumo and Grande, showed growth led by the revival of demand in Nepal and Sub-Saharan Africa. Nano and Indigo were the only significant under-performers due to economic and political upheavals in key markets - Sri Lanka and Nigeria.
Some of the highlights of this year's performance were:
- Inaugurated its first 3S (Sales, Service and Spares) setup in Yangon, Myanmar.
- Won a tender for supplying 449 vehicles to Kuwait Municipality, Prestigious order for supply of 715 Xenon's from the US Army.
- Started Driver Training School in Bangladesh and Mechanic Training Centre in South Africa and Kenya.
JAGUAR LAND ROVER
Jaguar Land Rover has had a successful year of continued growth in all markets, despite uncertain trading conditions globally. Jaguar Land Rover sold 372,062 vehicles in FY 2012-13, an increase of 18.3% over the previous year. At the brand level, wholesale volumes were 57,81 2 vehicles for Jaguar and 314,250 vehicles for Land Rover, growing 7% and 20.7%, over the previous year, respectively. All market regions have grown, led by China where retail sales at 77,075 vehicles were up by 48% over previous year. Retail volumes in Europe were 80,994 vehicles, 18% increase over the previous year. UK retail volumes were 72,270 vehicles, a 20% increase, whilst the North American retail volumes were 62,959 vehicles, an increase of 9% over the previous year. Retail sales for the Asia Pacific region at 17,849 vehicles, were higher by 27% and for the rest of the world were 19% higher at 63,489 vehicles over the previous year.
Jaguar Land Rover has a multifaceted strategy to position itself as a leading manufacturer of premium vehicles offering high-quality products tailored to specific markets. T he company's success is tied to its investment in product development and market expansion which drives the strategic focus on product design and quality.
Jaguar Land Rover operates three major production facilities and two advanced design and engineering facilities all in the United Kingdom. Jaguar Land Rover markets products in 178 countries, through a global network of 17 national sales companies (NSCs), 85 importers, 62 export partners and 2,485 franchise sales dealers, of which 689 are joint Jaguar and Land Rover dealers.
With the objective of increasing its marketing and dealer networks in emerging markets, Jaguar Land Rover established a National Sales company in China in 2010 to expand its presence and has plans to increase its network of dealers in China. Similar plans of increasing its dealer network are also underway in India. Jaguar Land Rover also aims to establish new manufacturing facilities, assembly points and suppliers in select markets. T he joint venture with Chery Automobiles, China as also an established manufacturing operation for some of its products and product development activities in India are examples of these initiatives.
Some of the highlights of this year's performance were:
- Launch of the all new aluminum Range Rover in December 201 2, with a world-wide roll-out in the last quarter of the year, recording sales of over 13,000 vehicles in the first four months. The Range Rover has already received over 10 global awards including WhatCar? 'Best Luxury Car.
- Launch of the all new aluminum Range Rover Sport in March 2013, with a world wide roll out in the first half of FY 2013-14.
- Expanded the Jaguar XF range with an all wheel drive version and a new Sportbrake and introduced a more fuel efficient, 2.0l XF with an 8 speed automatic gear box.
- Introduction of new variants of the Jaguar XF, the launch of the new Range Rover, as well as the continued strength of the Evoque, were key contributors to the overall success.
- Jaguar Land Rover's joint venture with Chery Automobiles, China has been formalised to develop, manufacture and sell certain Jaguar and Land Rover vehicles and jointly branded vehicles for the Chinese market.
- Continued investment in new state-of-the-art facility at Wolverhampton, UK, to manufacture new advanced low emission engines.
Jaguar Land Rover and Tata Motors participated in various international autoshows displaying its range of products, including at Geneva, New York, Detroit and Jakarta, wherein the displayed products won accolades and a positive response.
TATA DAEWOO
COMMERCIAL VEHICLES COMPANY
LIMITED
Tata Daewoo Commercial Vehicles Company Limited (TDCV) sold 10,100 vehicles- higher by 6% over the previous year. TDCV exported 4,700 vehicles in FY 201 2-13, which is the highest ever in its history, registering a growth of 57.8% as compared to 2,979 vehicles exported in the previous year. However, in the domestic market, sales decreased by 17.6% to 5,400 vehicles as against 6,552 vehicles sold in the previous year, due to economic slowdown.
TATA MOTORS
(THAILAND) LIMITED
Tata Motors (Thailand) Limited. (TMTL) sold 4,905 vehicles in FY 201 2-13. These included Tata Xenon pickups, Super Ace and heavy commercial vehicles. During FY 201 2-13, TMTL launched three additional variants of the pickup, tailor-made for the T hailand commercial vehicle market. In the single cab segment, which is used predominantly by the commercial users, Xenon continues to be ranked fourth amongst eight players in the segment.
TATA MOTORS (SA)
(PROPRIETARY) LIMITED
Tata Motors (SA) (Proprietary) Limited (TMSA) sold 864 vehicles during FY 201 2-13. During the year, TMSA introduced four new models of commercial vehicles and crossed a major milestone of rolling out its 1,000th vehicle since start of operations last year.
TATA MOTORS FINANCE
LIMITED
The vehicle financing activity under the brand "Tata Motors Finance" (TMF) of Tata Motors Finance Limited (TMFL) - a wholly owned subsidiary company, continued to show improved financial results inspite of challenging market conditions and rising costs of funds.
With the Company's increased focus on financing of small commercial vehicles, the total disbursements for the year were at Rs. 111800.000 Millions - 6% higher than disbursements of Rs.105050.000 Millions in the previous year. A total of 2,51,936 vehicles were financed representing an increase of 9.3% over the previous year. The disbursals for commercial vehicle were Rs.88160.000 Millions (1,81,374 vehicles) in FY 2012-13 compared to Rs.72040.000 Millions (1,20,032 vehicles) for previous year. For passenger cars, disbursals were Rs.23640.000 Millions (70,562 vehicles) in FY 2012-13 compared to Rs.33010.000 Millions (1,10,556 vehicles) in the previous year. The overall market share in terms of the Tata vehicle unit sales in India financed by Tata Motors Finance increased from 27% to 33% - led by significant increase in commercial vehicle market share from 23% to 34%.
Tata Motors Finance Limited continued to expand its reach in the market place by growing its branch network and expanding its support to Tata Motors dealership network. Significant increase in its manpower resources as well as driving IT technology to improve productivity and output, ensures that Tata Motor Finance now reaches to over 75% of the dealers. With greater attention being placed on further enhancing customer experience through its "Office of the Customer" TMFL is confident of continuing to deliver profitable growth in the future.
FINANCE
During the year, the free cash flows for Tata Motors Group were Rs.33420.000 Millions, post spend on capex, design and development of Rs.187200.000 Millions. Tata Motors Group's borrowing as on March 31, 2013, stood at Rs. 535910.000 Millions (previous year: Rs. 471490.000 Millions). Cash and bank balances stood at Rs 211130.000 Millions (previous year: Rs.182380.000 Millions). Cash flows from operations were Rs.22580.000 Millions for standalone operations of the Company. Spend on capex, design and development were Rs.25880.000 Millions (net). The borrowings of the Company as on March 31, 2013 stood at Rs. 167990.000 Millions (previous year: Rs. 158810.000 Millions). Cash and bank balances stood at Rs.4630.000 Millions (previous year: Rs.18410.000 Millions).
During the year, the Company repaid the Zero Coupon Convertible Alternate Reference Securities (CARS) amounting to US$ 623.38 million, (Rs.34938.300 Millions) inclusive of a redemption premium of US$ 150.38 million. Consequent upon exercise of conversion option by the holders of 4% Foreign Currency Convertible Notes, aggregating Rs.3420.000 Millions (including Rs.1416.200 Millions in May 2013), the Company allotted 28,308,896 Ordinary Shares/ Shares represented by ADSs (including 11,789,695 Ordinary Shares/ Shares represented by ADSs in May 2013).
The Company also repaid Tranche 2 of Rs.4460.000 Millions of Secured, Rated, Credit Enhanced, Listed, 2% Coupon Non-Convertible Debentures (NCDs) inclusive of premium on redemption of Rs.960.000 Millions. Further, the Company also repaid Rs.17470.000 Millions forming part of the public fixed deposit scheme launched in December 2008.
The Company issued rated, listed, unsecured, non-convertible debentures of Rs.21000.000 Millions. Further Rs.9000.000 Millions were issued in April and May 2013.
Due to significant reduction in volumes, the Company had to deploy short term funds to support critical long term finance needs. The Company is in the process of taking appropriate steps to increase the long term funds.
At Jaguar Land Rover, post spend on capex, design and development of GB£ 1,846 million Rs.168140.000 Millions), the free cash flows were GB£ 583 million (Rs.48850.000 Millions) for FY 2012-13. The borrowings of the Jaguar Land Rover as on March 31, 2013, stood at GB£ 2,167 million 177910.000 Millions) [previous year: GB£ 1,974million (Rs. 162060.000 Millions)]. Cash and bank balances stood at GB£ 2,847million (Rs.233730.000 Millions) [previous year: GB£ 2,430 million (Rs. 199500.000 Millions)] resulting in negative net debt position. Additionally, JLR has undrawn committed bank lines of GB£ 865 million (as per IFRS).
In January 2013, Jaguar Land Rover issued US$ 500 million Senior Notes due 2023, at a coupon of 5.625% per annum. This was an opportunistic fund raising which enabled Jaguar Land Rover to reinforce its market acceptance and demonstrated the continued confidence of the investors. This was a further step taken towards strengthening capital structure and enhancing the debt maturity profile.
TML Holdings Pte Limited, Singapore, a 100% subsidiary of the Company, holding the investment in Jaguar Land Rover raised Senior Notes aggregating SG$ 350 million in May 2013.
Tata Motors Finance Limited raised Rs.1000.000 Millions by an issue of unsecured, non-convertible, subordinated perpetual debentures towards Tier 1 and Tier 2 Capital and Rs.904.000 Millions by an issue of unsecured, non-convertible, subordinated debentures towards Tier 2 Capital in order to meet its growth strategy and improve its Capital Adequacy ratio.
With healthy profitability and cash flow generation, the Consolidated Net Automotive Debt to Equity Ratio stood at 0.24:1on March 31, 2013, as compared to 0.25:1 on March 31, 201 2.
Tata Motors Group has undertaken and will continue to implement suitable steps for raising long term resources to match fund requirements and to optimise its loan maturity profile.
During the year, the Company's rating for foreign currency borrowings was revised upwards by Standard and Poors to "BB"/ Positive and was retained at existing levels by Moodys at "Ba3"/ Stable. For borrowings in the local currency, the outlook on the ratings was improved from "Stable" to "Positive" and the rating stood at "AA-"/Positive by Crisil and at "AA-"/Positive by ICRA. The Non Convertible Debentures are rated by CARE at "AA"
During the year, Jaguar Land Rover's rating for was revised upwards by Standard and Poors to " BB-"/Positive. As on March 2013, the other ratings stood " B1 "/Stable by Moodys and " BB-"/Stable by Fitch.
For Tata Motors Finance, CRISIL revised its rating outlook on long-term debt instruments and bank facilities to 'CRISIL AA - Positive' from 'CRISIL AA - Stable'. The ratings on the short-term debt instruments and bank facilities were reaffirmed at 'CRISIL A1+’.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS OVERVIEW
The Indian economy continued its downward slide throughout FY 2012-13, recording a lower GDP growth of 5% compared to 6.5% for FY 2011-12. The downward trend was also pronounced on a quarterly basis
After achieving growth rates of 8.6% in FY 2009-10 and 9.3% in FY 2010-11, the inflationary pressures started mounting. The RBI started tightening the monetary policy, resulting in lower growth rate in the last two years. The moderation in growth is primarily attributable to weakness in industry. The growth in agriculture has also been weak in FY 2012-13, following lower than normal rainfall. All the three major segments, agriculture and allied, industry and services, have displayed softening trend, quarter over quarter during the last two years.
As the pace of growth started slowing, the Government revenues started shrinking, exposing the economy to a higher fiscal deficit. The current account deficit also widened. Beginning FY 2011-12, the corporate and infrastructure investment started slowing mainly due to investment bottlenecks and tight monetary policy. FY 2012-13 was marked by the challenge to the Government to contain the fiscal deficit, and the Government expenditure on infrastructure and other key sectors suffered.
While there were monetary policy changes and limited Repo Rate revisions downwards in an effort to stimulate growth, (100 bps drop from the rate of April 2012), the RBI policy hinted limited headroom for further reduction in the light of the inflationary pressures, which dampened the prospects.
As a result, as compared to prior years, the domestic auto industry has recorded insignificant growth on an overall basis. 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. In March (2013), a month which traditionally sees large volumes, car sales declined by 22.5%, despite heavy discounts being offered.
On the global economy front, both US and Europe were struggling with a stall in fundamental sectoral growth. The European economy continued to move sluggishly mainly due to the sovereign debt crisis. The pace of economic expansion in emerging countries has slowed down. On the other hand, there was an eruption of political crises in the Middle East and Africa, which continues even till today. Unrelated political unrest also emerged in North Korea. The net impact of all these global events was that growth took a backseat as controlling unemployment, monitoring government expenditures and maintaining political stability, became priorities for regional governments. The world economy grew by 3.2% in 2012.
In terms of outlook for the year 2013, the advanced economies are likely to grow by 1.2% as compared to 1.1 % in the year 2012. Slowdown is expected for developing and emerging economies, with growth falling in China from 7.8% to 7.5% in 2012.
The automobile industry has shown progress in a steady manner, especially in the US and emerging countries such as Asia. The demand for products with advanced green technology has remained strong throughout all the markets worldwide. However, the automotive industry continues to face a very competitive pricing environment, driven in part by industry excess capacity, particularly in mature markets such as North America and Europe. The Chinese economy has continued to grow strongly throughout 2012. GDP growth is likely to slow in future, although remain above 7.5%.
Tata Motors Business:
Consequent to the macro economic factors as explained above, the Indian automobile industry posted growth of 1.1% in FY 2012-13, as compared to 7.2% in the last fiscal. The commercial vehicles, grew by 1.7% (last year 19.2%) and passenger vehicles by 0.9% (last year 3.6%).
OUTLOOK
While the start of the new fiscal has continued from the moderate performance of last year, there is a cautious optimism that FY 201314 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.
Within the market however, there are certain segments which would react quicker to a revival in sentiment than others. The MandHCV segment would recover later than others and is expected to see an upswing only after a few more conscious monetary and fiscal policy moves from the Government and RBI, as well as growth in infrastructure projects spending.
While current account deficit and fiscal deficit will continue to be priorities for the Government, 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.
Contingent liabilities, commitments (to the extent not provided for):
(Rs. in millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
1 Claims against
the Company not acknowledged as debts - |
|
|
|
(i) Sales tax -
Gross - Net of tax |
3535.400 2388.400 |
4131.200 2790.800 |
|
(ii) Excise duty
- Gross - Net of tax |
8673.500 5859.400 |
1975.400 1334.500 |
|
(iii) Others -
Gross - Net of tax |
1739.000 1174.800 |
1570.200 1060.700 |
|
(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 |
0.000 |
23.800 |
|
(b) Pending in
appeal / other matters |
952.000 |
952.000 |
|
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 |
708.000 |
697.700 |
|
3. Other money
for which the Company is contingently liable - |
|
|
|
(i) In respect of
bills discounted and export sales on deferred credit |
2043.000 |
1392.100 |
|
(ii) The Company
has given guarantees for liability in respect of receivables
assigned by way of securitisation |
0.000 |
1078.000 |
|
(iii) Cash
margins / collateral |
0.000 |
902.900 |
|
(iv) In respect
of subordinated receivables |
0.000 |
95.100 |
|
(v) Others |
0.000 |
66.400 |
|
4 Estimated amount of contracts remaining to be executed on capital account and not provided for |
15261.100 |
15362.500 |
|
5 Purchase commitments |
121424.400 |
125276.300 |
INDEX OF CHARGES
|
S.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 |
18/04/2013 * |
45,060,000,000.00 |
STATE BANK OF INDIA |
STATE BANK BHAVAN, MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B74982646 |
|
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, Maharashtra - 400023, INDIA |
A32840258 |
|
5 |
90229900 |
25/03/2004 * |
2,292,800,000.00 |
INTERNATIONAL FINANCE CORPORATION |
WASHINGTON D C, AMERICA, , UNITED STATES OF AMERICA |
- |
|
6 |
90232212 |
22/03/2002 |
278,985,000.00 |
IDBI BANK LIMITED. |
MUMBAI, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
7 |
90229436 |
27/07/1999 * |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
JEHANGIR WADIA BUILDING, 51; M. G. ROAD; FORT, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
8 |
90231006 |
07/05/1999 * |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
JEHANGIR WADIA BUILDING, 51; M. G. ROAD, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
9 |
90230998 |
25/05/2000 * |
3,000,000,000.00 |
CENTRAL BANK OF INDIA |
JEHANGIR WADIA BUILDING, M. G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
10 |
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 |
- |
|
11 |
90229254 |
26/06/2012 * |
140,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH- CENTRAL, 3rd Floor |
B42008367 |
|
12 |
90232005 |
22/01/1997 |
1,261,200,000.00 |
STATE BANK OF INDIA |
NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
13 |
90229113 |
03/12/1996 * |
1,000,000,000.00 |
THE PRADESHIYA INDUSTRIAL and INVESTMENT COPN. OF U. |
PICUP BHAWAN, VIBHUTI KHAND, LUCKNOW, Uttar Pradesh - 226010, INDIA |
- |
|
14 |
90230805 |
15/02/1995 * |
940,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra |
- |
|
15 |
90228661 |
16/07/1993 |
30,000,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, BOMBAY, Maharashtra - 400005, INDIA |
- |
|
16 |
90230659 |
06/03/1997 * |
3,755,554,950.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra |
- |
|
17 |
90232359 |
03/12/1996 * |
3,755,554,950.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra |
- |
|
18 |
90228055 |
27/07/1999 * |
600,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra |
- |
|
19 |
90230527 |
25/05/2000 * |
600,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra |
- |
|
20 |
90231568 |
07/10/1996 * |
50,000,000.00 |
STATE BANK OF PATIALA |
WORLD TRADE CENTRE, MUMBAI, Maharashtra - 400005, |
- |
|
21 |
90227714 |
03/12/1996 * |
550,000,000.00 |
THE CENTRAL BANK EXECUTOR and TRUSTEE COMPANY LIMITED |
JEHANGIR WADIA BUILDING, M. G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA |
- |
* Date of charge modification
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
AS PER WEBSITE
PRESS RELEASES:
TATA MOTORS JANUARY
SALES AT 40,481 NOS.
Mumbai, February 01, 2014: Tata Motors’ total sales (including exports) of Tata commercial and passenger vehicles in January 2014 were 40,481 vehicles. The company’s domestic sales of Tata commercial and passenger vehicles for January 2014 were 36,657 nos.
Cumulative sales (including exports) for the company for the fiscal were 475,560 nos.
Commercial Vehicles
The company’s sales of commercial vehicles in January 2014 in the domestic market were 25,683 nos. LCV sales were 17,517 nos., while M&HCV sales stood at 8,166 nos.
Cumulative sales of commercial vehicles in the domestic market for the fiscal were 321,002 nos. Cumulative LCV sales were 232,298 nos., while M&HCV sales stood at 88,704 units.
Passenger Vehicles
Sales of passenger vehicles for January 2014 were at 10,974 nos. Sales of the Nano/ Indica/ Indigo range in January 2014 were 8,463 nos. The Sumo/ Safari/ Aria/ Venture range sales were 2,511 nos.
Cumulative sales of passenger vehicles were 114,490 nos. Cumulative sales of the Nano/ Indica/ Indigo range were at 88,400 nos. Cumulative sales of the Sumo/Safari/ Aria/ Venture range were 26,090 nos.
Exports
The company's sales from exports were 3,824 nos. in January 2014. Cumulative sales from exports for the fiscal were 40,068 nos.
About Tata Motors
Tata Motors is India's largest automobile company, with consolidated revenues of Rs. 1888180.000 Millions ($ 34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, 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 8 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 fifth largest truck manufacturer and fourth largest 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 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.62.45 |
|
|
1 |
Rs.102.01 |
|
Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
68 |
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.