MIRA INFORM REPORT
|
Report No. : |
307827 |
|
Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA MOTORS LIMITED |
|
|
|
|
Registered
Office : |
Bombay House, 24, Homi Mody Street, Mumbai 400 001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.09.1945 |
|
|
|
|
Com. Reg. No.: |
11-004520 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6437.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1945PLC004520 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of automobile consisting of all types of commercial and
passenger vehicles including financing of the vehicles sold by the company. |
|
|
|
|
No. of Employees
: |
66593 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is India’s largest automobile company and market leader in the
domestic commercial vehicles industry and one of the top five manufacturers
of passenger vehicles in India. It is well – established and reputed company having fine track record. The rating reflects long and established track record of TML’s as the
largest Indian automobile Original Equipment Manufacturer supported by its
well – diversified product portfolio across categories, widespread
geographical presence aided by a strong sales and distribution network. Rating also takes into consideration company’s strong financial base
marked by adequate liquidity profile and promoters extensive experience in
auto mobile industry. Trade relations are reported as automobile trustworthy. Business is
active. Payments are reported to be regular and as per commitment. In view of established market position back by experienced management
team, 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Debt/Commercial Paper program me=A1+ |
|
Rating Explanation |
Very strong degree of safety and very carry lowest credit risk |
|
Date |
January 2015 |
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 BY
MANAGEMENT NON – CO - OPERATIVE (91-22-67577200)
LOCATIONS
|
Registered Office : |
Bombay House, 24, Homi Mody Street, Mumbai 400 001, Maharashtra, India
|
|
Tel. No.: |
91-22-66658282 |
|
Fax No.: |
91- 22-66657799 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located At:
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Cyrus P Mistry |
|
Designation : |
Non-Executive Director And Chairman |
|
|
|
|
Name : |
Mr. Ravi Kant |
|
Designation : |
Non-Executive Director And Vice Chairman |
|
|
|
|
Name : |
Mr. N N Wadia |
|
Designation : |
Non-Executive, Independent Director |
|
|
|
|
Name : |
Dr. R A Mashelkar |
|
Designation : |
Non-Executive, Independent Director |
|
|
|
|
Name : |
Mr. S Bhargava |
|
Designation : |
Non-Executive, Independent Director |
|
|
|
|
Name : |
Mr. N Munjee |
|
Designation : |
Non-Executive, Independent Director |
|
|
|
|
Name : |
Mr. V K Jairath |
|
Designation : |
Non-Executive, Independent Director |
|
|
|
|
Name : |
Ms. Falguni Nayar |
|
Designation : |
Non-Executive, Independent Director |
|
|
|
|
Name : |
Dr. Ralf Speth |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Karl Slym |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ravindra Pisharody |
|
Designation : |
Executive Director (Commerical Vehicles) |
|
|
|
|
Name : |
Mr. Satish B Borwankar |
|
Designation : |
Executive Director (Quality) |
KEY EXECUTIVES
|
Name : |
Mr. H K Sethna |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ratan N Tata |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr Ravindra Pisharody |
|
Designation : |
Executive Director (Commercial Vehicles) |
|
|
|
|
Name : |
Mr. Satish Borwankar |
|
Designation : |
Executive Director (Quality) |
|
|
|
|
Name : |
Mr. C Ramakrishnan |
|
Designation : |
President and Chief Financial Officer |
|
|
|
|
Name : |
Dr. Timothy Leverton |
|
Designation : |
President and Head, Advanced and Product Engineering |
|
|
|
|
Name : |
Mr. Ranjit Yadav |
|
Designation : |
President (Passenger Vehicle Business Unit) |
|
|
|
|
Name : |
Mr. Prasann Chobe |
|
Designation : |
Senior Vice President (Head Mfg Operations, CVBU) |
|
|
|
|
Name : |
Mr. Girish Wagh |
|
Designation : |
Senior Vice President (Product Planning & Program Management, PVBU) |
|
|
|
|
Name : |
Mr. R Ramakrishnan |
|
Designation : |
Senior Vice President (Commercial,CVBU) |
|
|
|
|
Name : |
Mr. Abhijit Gajendragadkar |
|
Designation : |
Senior Vice President (Business Planning & Controlling) |
|
|
|
|
Name : |
Mr. Gajendra Chandel |
|
Designation : |
Chief Human Resources Officer |
|
|
|
|
Name : |
Mr. Nagesh Pinge |
|
Designation : |
Vice President (Internal Audit) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
937781325 |
43.52 |
|
|
1774880 |
0.08 |
|
|
1774880 |
0.08 |
|
|
939556205 |
43.60 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
939556205 |
43.60 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
60789361 |
2.82 |
|
|
4594987 |
0.21 |
|
|
2038825 |
0.09 |
|
|
233689761 |
10.84 |
|
|
677621352 |
31.44 |
|
|
36695855 |
1.70 |
|
|
11018391 |
0.51 |
|
|
2213 |
0.00 |
|
|
991 |
0.00 |
|
|
25674260 |
1.19 |
|
|
1015430141 |
47.12 |
|
|
|
|
|
|
12036278 |
0.56 |
|
|
|
|
|
|
160282795 |
7.44 |
|
|
8251104 |
0.38 |
|
|
19482049 |
0.90 |
|
|
10607845 |
0.49 |
|
|
3684350 |
0.17 |
|
|
4618305 |
0.21 |
|
|
490 |
0.00 |
|
|
571059 |
0.03 |
|
|
200052226 |
9.28 |
|
Total Public shareholding (B) |
1215482367 |
56.40 |
|
Total (A)+(B) |
2155038572 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
581674550 |
0.00 |
|
|
581674550 |
0.00 |
|
Total (A)+(B)+(C) |
2736713122 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of automobile consisting of all types of commercial and
passenger vehicles including financing of the vehicles sold by the company. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
66593(Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note: Nature of security (on
loans including interest accrued thereon) During the year 2009-10, the Company issued 2% secured non-convertible credit enhanced rupee debentures in four tranches, having tenor up to seven years, aggregating Rs42000.000 Millions on a private placement basis. These are secured by a second charge in favour of Vijaya Bank, Debenture Trustee and first ranking pari passu charge in favour of State Bank of India as security trustee on behalf of the guarantors, by way of English mortgage of the Company’s lands, freehold and leasehold, together with all buildings, constructions and immovable and movable properties situated at Chinchwad, Pimpri, Chikhali and Maval in Pune Districtand plant and machinery and other movable assets situated at Pantnagar in the State of Uttarakhand and at Jamshedpur in the state of Jharkhand. As at March 31, 2014, the outstanding is Rs. 12500.000 Millions. Rated, Listed, Secured, 9.95% Coupon, Non-Convertible Debentures amounting to Rs.2000.000 Millionsand 10.25% Coupon, Non-Convertible Debentures amounting to Rs.5000.000 Millions are secured by a pari passu charge by way of an English mortgage of the Company’s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand in the State of Gujarat. Buyers line of credit from banks are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets = except cash and bank balances, loans and advances of the Company both present and future. The term loan is due for repayment from the quarter ending March 31, 2033 to quarter ending March 31, 2034, along with simple interest at the rate of 0.10 % p.a. The loan is secured by a second and subservient charge (creation of charge is under process) over Company’s freehold land together with immovable properties, plant and machinery and other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat. Information
regarding short-term borrowings Loans, cash credits, overdrafts and buyers line of credit from banks and Foreign Currency Non Repatriable Borrowings (FCNR(B)) are secured by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances of the Company both present and future. |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins & Sells LLP Chartered Accountant |
|
Address : |
Indiabulls Finance Centre, Tower3, 27th -32nd Floor,
Senapati Bapat Marg, Elphinstone Road, (West), Mumbai – 400013, Maharashtera,
India |
|
Tel. No.: |
91-22-61854000 |
|
Fax No.: |
91-22-6185450/4601 |
|
|
|
|
Joint Ventures: |
|
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Associates |
|
CAPITAL STRUCTURE
After on
31.03.2014
Authorized Capital: Rs. 39000.000 Millions
Issued Subscribed & Paid-up Capital: Rs. 6437.360
Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450,00,00,000 |
Ordinary shares |
Rs.2/- each |
Rs.9000.000 Millions |
|
100,00,00,000 |
Ordinary shares |
Rs.2/- each |
Rs.2000.000 Millions |
|
30,00,00,000 |
Convertible Cumulative Preference Share |
Rs.100/- each |
Rs. 30000.000 Millions |
|
|
Total |
|
Rs. 39000.000 Millions |
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
273,71,97,592 |
Ordinary shares |
Rs.2/- each |
Rs.5474.400 Millions |
|
48,22,06,515 |
Ordinary shares |
Rs.2/- each |
Rs.964.400 Millions |
|
|
Total |
|
Rs. 6438.800 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
273,67,13,122 |
Ordinary shares |
Rs.2/- each |
Rs.5473.400 Millions |
|
48,19,66,945 |
Ordinary shares |
Rs.2/- each |
Rs.964.000 Millions |
|
Add: |
Call Unpaid-Ordinary Share |
|
Rs.(0.100) Million |
|
Add: |
Paid Up |
|
Rs. 6437.300 Millions |
|
Add: |
Forfeited shares- Ordinary shares |
|
Rs. 0.500 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 6437.800 Millions |
MOVEMENT OF NUMBER OF SHARES AND SHARE CAPITAL:
|
No. of Shares |
Type |
Amount |
|
270,81,56,151 |
Ordinary shares |
Rs.5416.300 Millions |
|
7,405 |
Shares issued out of held in abeyance |
- |
|
2,85,49,566 |
Shares issued through conversion of Foreign Currency Convertible Notes (FCCN) / Convertible Alternative Reference Securities (CARS) |
Rs.57.100 Million |
|
|
Total |
Rs. 5473.400 Millions |
|
|
|
|
|
48,19,59,620 |
Ordinary shares |
Rs. 964.000 Millions |
|
7,325 |
Add: Shares issued out of held in abeyance |
|
|
|
Total |
Rs. 964.000
Millions |
RIGHTS, PREFERENCES AND
RESTRICTIONS ATTACHED TO SHARES:
- 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 `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.
- American Depositary Shares (ADSs) and Global Depositary Shares (GDSs)
- Each ADS and GDS underlying the ADR and GDR respectively represents five Ordinary shares of `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 ADSs 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 existing Ordinary shares of `2 each in all respects, including entitlement of the dividend declared.
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)p |
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 |
|
|
|
Purchases 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) |
|
|
|
Employees benefits expense |
28776.900 |
28370.000 |
26914.500 |
|
|
|
Product Development Expenses |
4287.400 |
4257.600 |
2342.500 |
|
|
|
Expenditure Tanker to Capital
and Other |
(10091.100) |
(9538.000) |
(9071.300) |
|
|
|
Exceptional Item |
5398.600 |
4162.000 |
5852.400 |
|
|
|
Other expenses |
69875.300 |
77833.200 |
84055.100 |
|
|
|
|
|
|
|
|
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/ Add |
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 |
|
|
|
|
|
|
|
Transfer to General Reserve |
334.500 |
-998.200 |
1950.000 |
|
|
|
Dividend |
6662.700 |
7227.500 |
14622.400 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
9775.900 |
13427.900 |
16639.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
35082.600 |
34190.500 |
35982.200 |
|
|
|
Rent Income |
41.000 |
73.000 |
67.500 |
|
|
|
Interest and Dividend |
13858.900 |
14305.800 |
462.300 |
|
|
|
Sale Services |
752.900 |
275.700 |
250.500 |
|
|
|
Profit on sale of Investment |
19661.200 |
0.000 |
0.000 |
|
|
|
Commission |
20.700 |
13.300 |
7.000 |
|
|
TOTAL
EARNINGS |
69417.300 |
885.355 |
36769.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10496.500 |
10570.300 |
13646.900 |
|
|
|
Machinery spares parts |
354.600 |
606.600 |
573.100 |
|
|
|
Vehicles |
2740.300 |
4569.800 |
5255.100 |
|
|
|
Other |
356.800 |
383.200 |
154.700 |
|
|
|
Capital Goods |
2643.700 |
2753.400 |
3624.800 |
|
|
TOTAL IMPORTS |
16591.900 |
18883.300 |
23254.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.13 |
1.03 |
4.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.98 |
0.67 |
2.29 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.95 |
7.55 |
7.67 |
|
|
|
|
|
|
|
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 |
543065.600 |
447657.200 |
342881.100 |
|
|
|
(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 |
543065.600 |
447657.200 |
342881.100 |
|
Profit |
12422.300 |
3018.100 |
3345.200 |
|
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
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
|
LITIGATION DETAILS |
||||
|
Bench:- Bombay |
||||
|
Lodging No. : |
CEXAL/25/2015 |
Failing Date:- |
04.02.2015 |
|
|
|
||||
|
Petitioner:- |
THE COMMISSIONER OF CENTRAL EXCISE |
Respondent:- |
TATA MOTORS LIMITED (FORMALY KNOWN AS) |
|
|
Petn.Adv:- |
SIDU DINKAR BHOSALE |
|
||
|
District:- |
MUMBAI |
|||
|
Bench:- |
DIVISION |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|
|
Status:- |
PRE-ADMISSION |
|
|
|
|
|
|
|||
|
Act. : |
CENTRAL EXCISE AND SALT ACT |
Under Section: 35G |
||
UNSECURED LOAN
|
Particular |
As
on 31.03.2014 (Rs.
in Millions) |
As
on 31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Foreign Currency Convertible |
0.000 |
4022.500 |
|
Privately placed Non-Convertible Debentures |
33000.000 |
25000.000 |
|
Term loans from
Banks |
|
|
|
External Commercial Borrowings - USD 500 million |
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 |
310.000 |
3506.000 |
|
Commercial paper [maximum balance outstanding during the year Rs. 37150.000 Millions |
7934.400 |
19865.600 |
|
Total |
100655.200 |
83909.700 |
|
|
|
|
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.
Growth rate in
GDP:
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 labor 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%.
TATA MOTORS
BUSINESS:
Consequent to the macro economic factors as explained above, the Indian
automobile industry posted a decline of 9.3% in FY 2013-14, as compared to 1.1%
growth in the last fiscal. The commercial vehicles declined by 22.4% (last year
growth of 1.7%) and passenger vehicles declined by 4.7% (last year growth of
0.9%).
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
Commercial
Vehicles:
The demand for Commercial vehicles remained depressed throughout the
year. For FY 2013-14 the Commercial vehicle industry volumes at 698,907 reflect
a decline of 22.4% over FY 2012-13. The Medium and Heavy Commercial Vehicles
(M&HCV) segment recorded a further negative of 25.2% on the back of 23.3%
decline in the last fiscal. The ban on mining, fleet underutilization, fall in
resale value and low economic activities contributed to the fall. However, over
the last few months, the decline has slowed down and volumes have stabilized
through efforts taken by the Government to revive the sector by 4% reduction in
excise duty, partial lifting of mining bans and increase in freight rates,
indicating that the economy may be nearing the end of the down-cycle. While the
M&HCV segment had declined in the last fiscal, the contraction of the Light
Commercial Vehicles (LCV) segment by 21.2% is more significant because it was
the growth driver in the past, growing by 17.9% in the last fiscal. The fall in
this segment has been led by the drop in the Small Commercial Vehicle (SCV)
volumes where fund availability is the most critical element. The high default
rates in loans coupled with early delinquencies prompted the financiers to
tighten lending norms, reduce the Loan-to-value (LTV) ratio and go into a
collection mode impacting the SCV segment quite sharply.
Even under these difficult conditions, the Company has been able to gain
market share in the critical M&HCV segment. The Company has been focusing
intensely on market and customer activities to stimulate the buying sentiments.
Activities included the Prima Truck Racing Championship event in March, 2014
the first of its kind initiative in the Indian trucking history. The Prima LX
series of trucks – a combination of economy &technology - were launched in
FY2013- 14 which included – 2523T, 3123T, 4028S (Single reduction and Hub
reduction) and 4928S (Single reduction and Hub reduction), 4923.S LX, Prima
4938 Tractor, 3138K Tipper, LPT 3723 - India’s first 5 axle truck and LPK 3118,
and Prima LX series of Tippers – 2523K, 3123K, 2528K & 3128K. One of the
successful marketing initiatives was the Power of Five campaign for M&HCV
trucks which was conducted across various locations across the country to
counter competition. The campaign focuses on five advantages of the Company’s
vehicles – 1) Better KMPL, 2) Best Vehicle Uptime 3) Highest Resale Value, 4)
Best in class four year warranty, 5) Lowest maintenance cost and five powerful
offerings – i) Triple benefit insurance, ii) Increased Oil change interval,
iii) 4 Year AMC, iv) Tata Alert, v) Fleetman. The bus segment also witnessed
growthin market share for the Company, due to intensive sales efforts coupled
with launch of buses with mechanical FIP, introduction of Starbus Ultra in
Stage carriage, marketing initiatives such as ‘Humare Bus Ki Baat Hain’ and
‘Dream it to win it’ program. The warranty for M&HCV buses and trucks were
increased to three years and four years respectively symbolizing improvement in
quality. The Tata Alert service, to return a vehicle back on road within 48
hours, has been expanded across all national highways. The Company registered a
decline in the market share of LCV segment due to the sharp fall in volumes of
the high share SCV segment. The newly launched Ultra trucks have started to
receive good response from the market. There have been various other
initiatives such as the Freedom campaign and Triumph through trials campaign of
back-to back and standalone fuel trials to establish the superior fuel
efficiency of vehicles. The Company tied up with various PCGs (Public sector,
Co-operative & Gramin banks) and has brought out several lucrative
financing schemes to ease the financing situation. The Company also launched a
major initiative called, ‘Saathi’, a Parts retailers’ customer referral program
for entire SCV range, to leverage their customer base. Some of launches this
year were the Ace, Magic DICOR and facelifts.
PASSENGER VEHICLES:
The Passenger Vehicle Industry contracted for the first time in the last
five years, in FY 2013-14 with decline of 4.7%. The last such instance was
during the economic slowdown of FY 2008-09 when it remained close to flat at
negative 0.5%. The decline in sales volumes is seen across segments, but sedans
bore the biggest brunt. Hatchbacks and UV’s continue to be the volume segments.
The high growth in UV segment last year, with the onset of Soft Roaders could
not be repeated this year. The premium and luxury vehicles segment however has
seen a growth even in an otherwise declining year.
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 |
18/06/2014 * |
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) BUILDING,
6TH FLOOR, MAHATAMA GANDHI ROAD, FORT, MUMBAI, |
A32840258 |
|
5 |
90232212 |
22/03/2002 |
278,985,000.00 |
IDBI BANK LTD. |
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 FLOOR, NEVILLEHOUSE,J.N. HEREDIA MARG,BALLARAD EAST, 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 |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Vehicles
- Office Equipment
- Computers
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2014
|
Particulars |
3 Months Ended |
9 Months Ended |
||
|
31.12.2014 [audited] |
30.09.2014 [audited] |
31.12.2014 [audited] |
||
|
|
|
|
||
|
A |
|
|
|
|
|
1. |
Vehicle Sales |
|
|
|
|
|
Commercial Vehicles |
787480.000 |
807240.000 |
2345110.000 |
|
|
Passenger cars and Utility Vehicles |
364220.000 |
324070.000 |
941750.000 |
|
|
Exports |
123140.000 |
140890.000 |
366300.000 |
|
|
|
|
|
|
|
|
|
1274840.000 |
1272200.000 |
3653160.000 |
|
2. |
Vehicle Sales |
|
|
|
|
|
Commercial Vehicles |
924870.000 |
933610.000 |
2748950.000 |
|
|
Passenger cars and Utility Vehicles |
209650.000 |
192760.000 |
594900.000 |
|
|
|
1134520.000 |
1126370.000 |
3343850.000 |
|
B. |
|
|
|
|
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
89435.700 |
86578.500 |
252143.100 |
|
|
(b) Other Operating Income |
1125.100 |
917.700 |
2961.500 |
|
|
Total income from operations (net) |
90560.800 |
87496.200 |
255104.600 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
55234.500 |
52973.600 |
159258.200 |
|
|
(b) Purchases of stock-in trade |
14993.100 |
14749.400 |
41125.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
(315.700) |
(1282.800) |
(7016.500) |
|
|
(d) Employee benefits expense |
7647.100 |
7510.00 |
22552.600 |
|
|
(e) Depreciation and Amortization Expenses |
6256.000 |
6134.700 |
11798.900 |
|
|
(f) Other Expenses |
23410.000 |
18239.900 |
58994.900 |
|
|
(g) Product Development |
976.600 |
1199.200 |
271.800 |
|
|
(h) Amount Capitalized |
(2669.900) |
(3246.900) |
(8438.900) |
|
|
Total expenses |
105531.700 |
96277.100 |
287246.000 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
(14970.900) |
(8780.900) |
(32141.400) |
|
4 |
Other Income |
584.400 |
1427.100 |
17983.400 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4) |
(14386.500) |
(7353.800) |
(14158.000) |
|
6 |
Finance Costs |
4184.100 |
3448.200 |
11030.300 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
(18570.600) |
(10802.000) |
(25188.300) |
|
8 |
Exceptional items |
2475.200 |
271.700 |
2994.700 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
(21045.800) |
(11073.700) |
(28183.000) |
|
10 |
Tax expenses |
181.400 |
7392.600 |
7564.000 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(21227.200) |
(18456.300) |
(35747.000) |
|
12 |
Extraordinary item (net of tax expense) |
- |
- |
- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(21227.200) |
(18456.300) |
(35747.000) |
|
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 |
6437.800 |
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.2/- each (not annualized): |
|
|
|
|
|
(a) Basic |
(6.60) |
(5.73) |
(11.11) |
|
|
(b) Diluted |
(6.60) |
(5.73) |
(11.11) |
|
|
‘A’ Ordinary Share |
|
|
|
|
|
(a) Basic |
(5.73) |
(11.11) |
(5.73) |
|
|
(b) Diluted |
(5.73) |
(11.11) |
(5.73) |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
A. Public Shareholding |
|
|
|
|
|
- Number of shares |
1215482367 |
1215482367 |
1215482367 |
|
|
- Percentage of shareholding |
44.42 |
44.42 |
44.42 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
479488358 |
479488358 |
479488358 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
6.54 |
6.54 |
6.54 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
2.24 |
2.24 |
2.24 |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
878156205 |
878156205 |
878156205 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
93.46 |
93.46 |
93.46 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
32.09 |
32.09 |
32.09 |
|
|
B. b) Non Encumbered |
|
|
|
|
|
- Number of shares |
2478587 |
2478587 |
2478587 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
0.51 |
0.51 |
0.51 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
4 |
|
|
|
|
Received during the quarter |
8 |
|
|
|
|
Disposed off during the quarter |
8 |
|
|
|
|
Remaining unresolved at the end of the quarter |
4 |
|
|
Note:
- 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 February 05, 2015.
Figures for the previous periods / year have been regrouped / reclassified wherever necessary.
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 law cancelling the land lease agreement at Singur, and took over possession of the land. The Company challenged the constitutional validity of the law. In June 2012, the Calcutta High Court declared the law unconstitutional and restored Company's rights under the land lease agreement. The State Government filed an appeal in the Supreme Court of India in August 2012, which is pending disposal. Though the Company continues to rigorously press its rights, contentions and claims in the matter, the Company has been advised that the time it may take in disposal of the appeal is uncertain. The Company has also been advised that it has a good case and can strongly defend the appeal, but the questions that arise are issues of constitutional law and thus the result of the appeal cannot be predicted. In these circumstances, in view of the uncertainty on the timing of resolution, following the course of prudence, the management has during the quarter ended December 31, 2014, made a provision for carrying capital cost of buildings at Singur amounting to Rs. 3098.800 crores included under the head "other expenses" excluding other assets (electrical installations etc.) and expenses written off / provided in earlier years, security expenses, lease rent and claim for interest on the whole amount (including Rs. 3096.800 crores). The Company shall however continue to pursue the case and assert its rights and its claims in the Courts.
Other income for the quarter and nine months ended December 31, 2014, includes
profit of Rs. 134.900 crores (Rs. 19479.000 crores for the quarter and nine months ended December 31, 2013) on divestment of investment in a foreign subsidiary company to TML Holdings Private Limited, Singapore, a wholly owned subsidiary.
Dividend from subsidiary companies Rs. Nii and Rs. 16234.100 crores, respectively (Rs. 90.900 crores and Rs. 15558.000 crores for the quarter and nine months ended December 31, 2013, respectively).
During the quarter ended December 31, 2014, the Company has issued USD 500 million 4.625% Senior Unsecured Notes due 2020 and USD 250 million 5.750% Senior Unsecured Notes due 2024. The proceeds have been used to refinance existing External Commercial Borrowing (ECB) of the Company of USD 500 million and balance proceeds are being used to incur new additional capital expenditure and other permitted purposes as per RBI ECB guidelines. As the ECB has been prepaid, the unamortized exchange loss (net) of Rs. 2160.700 crores and the borrowing cost of Rs. 270.800 crores as at September 30, 2014 have been debited to Statement of Profit and Loss during the quarter ended December 31, 2014.
In terms of the provision 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,
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.
8Public shareholding of Ordinary shares as on December 31, 2014 excludes 21.25% (20.50% as on December 31, 2013 and 21.25% as on March 31, 2014) of Citibank N.A. as Custodian for Depository shares.
The Statutory Auditors have carried out an audit of the above results stated in Part 1(B) for the quarter and nine months ended December 31, 2014.
PRESS RELEASE:
CONSOLIDATED NET REVENUE GROWS TO RS.699730.000 MILLIONS
CONSOLIDATED PAT STOOD AT RS.35810.000 MILLIONS
Mumbai, February 5, 2015
Consolidated
Financial Results for the Quarter and Nine months ended December 31, 2014
Tata Motors today reported consolidated revenues (net of excise) of Rs.699730.000 Millions for the quarter ended December 31, 2014, a growth of 9.6% over Rs.638530.000 Millions for the corresponding quarter last year, despite continuing weak operating environment in the standalone business which was more than offset by, increase in wholesale volumes, richer product mix and market mix at Jaguar Land Rover (JLR). The Consolidated Profit before tax for the quarter stood at Rs.57320.000 Millions, a de-growth of 6.4% over Rs.61270.000 Millions for the corresponding quarter last year. The Consolidated Profit after tax (post minority interest and profit / loss in respect of associate companies) for the quarter was Rs.35810.000 Millions, a de-growth of 25.5% over Rs.48050.000 Millions for the corresponding quarter last year.
The consolidated revenue (net of excise) for the nine months ended December 31, 2014, was Rs.1952200.000 Millions posting a growth of 16.5% over Rs.1675160.000 Millions for the corresponding period last year. The Consolidated Profit before tax for the nine months ended December 31, 2014 was Rs.189320.000 Millions, a growth of 37.0% over Rs.138160.000 Millions for the corresponding period last year. The Consolidated Profit after tax (post minority interest and profit / loss in respect of associate companies) for the nine months ended December 31, 2014 was Rs.122700.000 Millions, a growth of 21.8% over Rs.100730.000 Millions for the corresponding period last year.
Tata Motors
Standalone Financial Results for the Quarter and Nine months ended December 31,
2014
In the MHICV segment, positive economic sentiment, firm freight rates and improved freight availability, lower fuel prices and improved profitability of truck operators led to replacement demand which supported the Company sales growth in this segment of 42.9% Y-o-Y in Q3 FY 2014-15. However, LCV segments (mainly the SCV) continued to be impacted by low transportation tonnage and vehicle over-capacity as well as constrained financing environment. As a result, the overall CV sales were down 8.5% Y-o-Y in Q3 FY 2014-15. New launches in the Prima LX and Ultra range as well as other product enhancements provides a strong foundation for the future growth.
In Passenger vehicles, ZEST, the All-new Stylish Compact Sedan, received a very strong and encouraging response from the customers. This led to the passenger vehicles segment of the company showing a growth of 4.6% Y-o-Y with car segment growth of 16.8% Y-o-Y in Q3 FY 2014-15. ZEST has won several awards in the Compact sedan segment since its launch.
The sales (including exports) of commercial and passenger vehicles for the quarter ended December 31, 2014, stood at 1,27,484 units, down by 3.5%, as compared to the corresponding quarter last year. The revenues (net of excise) for the quarter ended December 31, 2014 stood at Rs.90560.000 Millions, as compared to Rs.77700.000 Millions for the corresponding quarter last year. Loss before and after tax for the quarter ended December 31, 2014 was Rs.21050.000 Millions and Rs.21230.000 Millions, respectively, against Profit before and after tax of Rs.6210.000 Millions and Rs.12510.000 Millions, respectively, for the corresponding quarter last year. Loss before tax for the quarter ended December 31, 2014 includes profit of Rs.130.000 Millions on divestment of investment in a foreign subsidiary company to TML Holdings Private Limited, Singapore, a wholly owned subsidiary (Rs.19480.000 Millions for the corresponding quarter last year), provision of Rs.3100.000 Millions to the carrying cost of buildings at Singur due to uncertainty on the timing of the resolution of the legal case pending in the Supreme Court of India and the unamortized exchange loss of Rs.2160.000 Millions due to the prepayment of the existing foreign currency borrowings with new foreign currency borrowings in the quarter.
The revenues (net of excise) for the Nine months ended December 31, 2014, stood at Rs.255100.000 Millions as compared to Rs.257430.000 Millions in the corresponding period last year. Loss before and after tax for nine months ended December 31, 2014 was Rs.28180.000 Millions and Rs.35750.000 Millions, respectively, against the Profit before and after tax of Rs.3910.000 Millions and Rs.11510.000 Millions, respectively, for the corresponding period last year.
Jaguar Land Rover
Automotive PLC - (figures as per IFRS)
Jaguar Land Rover wholesales and retails for the quarter ended December 31, 2014 stood at 122,187 units and 111,525 units respectively.
Revenues for the quarter ended December 31, 2014 of GBP 5,879 million, represented a growth of 10.3% over GBP 5,328 million in the corresponding quarter last year. Operating profit (EBITDA) for the quarter ended December 31, 2014, stood at 18.6%, of GBP 1,096 million, representing a growth of 7.8% over GBP 1,017 million in the corresponding quarter last year. Continued strong revenue and operating performance were driven by wholesale volume increase, richer product mix supported by the ongoing success of Range Rover Sport, Range Rover and Jaguar F-TYPE and rich market mix. Profit before tax of GBP 685 million for the quarter ended December 31, 2014 was down 18.6% over the corresponding quarter last year (GBP 842 million in the corresponding quarter last year) due to unfavorable revaluation of foreign currency debt and unrealized hedges and higher depreciation and amortization. Profit after tax for the quarter ended December 31, 2014 stood at GBP 593 million (GBP 619 million in the corresponding quarter last year).
Revenues for the nine months ended December 31, 2014 of GBP 16,040 million, represented a growth of 14.3% over GBP 14,037 million in the corresponding period last year. EBITDA of GBP 3,116 million for the nine months ended December 31, 2014, represented a growth of 26.0% over GBP 2,473 million in the corresponding period last year. The Profit before tax for the nine months ended December 31, 2014, grew 15.2% over the corresponding period last year to GBP 2,218 million (GBP 1,925 million in the corresponding period last year). Profit after tax for the nine months ended December 31, 2014, grew 21.4% over the corresponding period last year to GBP 1,736 million (GBP 1,430 million in the corresponding period last year).
Tata Daewoo
Commercial Vehicles Company Limited - (figures as per Korean GAAP)
Tata Daewoo Commercial Vehicles Company Limited registered net revenues of KRW 233 billion and recorded a net profit of KRW 31 billion in the quarter ended December 31, 2014. Net revenue and net profit for the Nine months ended December 31, 2014 stood at KRW 687 billion and KRW 40 billion respectively. Net profit for the quarter and nine months ended December 31, 2014, includes reversal of provision under Korean GAAP due to favourable court judgment.
Tata Motors Finance
Limited
Tata Motors Finance Limited, the Company's captive financing subsidiary, registered net revenue from operations of Rs.6950.000 Millions and reported a Loss after tax of Rs.820.000 Millions the quarter ended December 31, 2014. Net revenue from operations and Loss after tax for the nine months ended December 31, 2014 stood at Rs.20730.000 Millions and Rs.2140.000 Millions respectively.
The Financial Results for the Quarter ended December 31,
2014, are enclosed.
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.62.20 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
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.