SUMMER INTERNSHIP PROJECT REPORT

ONFUNDAMENTAL ANALYSIS ON TATA

MOTORS

Submitted in partial fulfillment of Post Graduate Diploma in management(2014-

2016)

PROJECT GUIDE SUBMITTED BY.Mrs.Sapna jain Name-Shivam saxena PGDM 2 YEAR ROLL NO.

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ACKNOWLEDGMENTI take this opportunity to express my profound sense of gratitude and respect to all those who have helped me to successfully complete my project.I would like to thank my revered teachers Mrs.Sapna jain who furnished our theoretical & practical knowledge of the subject which made our project completion easier.I express my deep revernence & regards to my respected respected parents Mr. Deepak Saxena & Mrs. Meenu Saxena who’s affection and prayers have always .Been a source of inspiration & guidance of mine throughout my academic achievement & exploration without which it would not have been possible for the present work to see the light of the day.

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Above all I thank almighty god for his manifold mercies to carry the studies successfully. SHIVAM SAXENA

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DECLARATION

I Shivam saxena ,Roll no. student of PGDM of institute of management studies Noida ,hereby declare that the project report on Fundametal analysis of automobile industry at Abhipra capital Ltd. Is an original and authenticated work done by me.

I further declared that it has not been submitted else where by any other person in any of the institute for the award of any degree or diploma.

Shivam saxena

18.may.2015-18.july.2015

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CONTENTSS.NO TOPIC PAGE

NO.1 Executive summary of the report2 Introduction of the company

(a) Company profile (b) Milestones and awards

(c) Organizational structure

3 Introduction of the topic4 Need of the study5 Objectives of the study6 Literature review7 Research methodology.8 Ratio analysis9 Key financial growth of the company

10 Future projections11 Findings12. Suggestion &limitations13 Conclusion

14 Bibliography

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EXECUTIVE SUMMARYOF

THE REPORT

EXECUTIVE SUMMARY

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Success of the Indian auto components industry has attracted worldwide attention. The industry has evolved from being strictly regulated to being an important global outsourcing destination. D&B Industry Research Service’s report on the Indian Auto Components Industry attempts to explore various facets of the industry, to analyse the factors that influence its performance and the likely impact of such factors in future. Some of the emerging trends and concerns facing the industry identified in the report are listed below.

• Industry structure is fragmented, as more than 90% players are in unorganised sector.

• Original equipment manufacturers (OEMs) are the major source of demand.

• Healthy demand prospects prevail in both domestic and export markets.

• Indian auto component manufacturers are ramping up production capacities to match growing domestic as well as export demand.

• Increased focus on developing R&D and design & engineering skills.

• Raw material costs surging, hence, margins are under pressure.

• More mergers and acquisitions are taking place.

• Industry’s thrust is on increasing export turnover.

• Competition is intensifying.

• Companies are diversifying their businesses.

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Section I - Industry Dynamics The Indian auto components industry has evolved from a small, government-regulated and slow-growth-industry in early 1990s to a multi-segment, export-oriented industry that is witnessing rapid growth and high competition due to changes in the government’s policy regime. The once-protective government policies have been relaxed to a great extent now in a bid to attract foreign capital and adopt technology across borders so that a globally-competitive industry is developed. The industry structure comprises over 20,000 auto components that are classified under different segments — such as engine parts, electrical parts, etc — based on the purposes they serve. The industry domain has expanded rapidly over the years and in FY07 it accommodated over 10,000 players; all this factors have lent support to the highly fragmented structure of the industry, with no company enjoying a major market share. Another notable feature of this industry is cluster formation whereby manufacturers base themselves in proximity to OEMs for assured business. Even the government has been fostering development of such clusters apart from promoting SEZs.

Section II – Global perspective As global OEMs have cut production of vehicles, owing to slowdown in automobile industry, auto component players’ performances have been affected globally. Furthermore, cost pressures are also taking a toll on the overseas auto components industry. Major automobile markets like the US are witnessing a decline and profits of international auto component players like Magna, Denso, Delphi, Robert Bosch and Johnson Control are taking a beating from rising raw material prices, high employee costs and sluggish demand. India and Chinese auto component industries have not faced the brunt of this slowdown owing to their low-cost advantage, as overseas companies are eyeing low-cost manufacturing destinations like them to outsource components and to set up their own facilities. India has a miniscule share in global trade of auto components and was a net importer in FY07; however, the industry players plan to increase exports and to take India’s share in global trade to around 3% by FY16. Exports to OEMs constitute around 75 per cent of the total exports and exports to replacement market makes up for the balance 25 per cent. India generally exports low-end, low-cost components and majority of its exports go to

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the European market followed by the US. However, as India’s engineering and technological skills have advanced over the years, it is looking at tapping technology-intensive product markets also

Section III – Industry Performance During the five year period ending FY07, the net sales of the industry have grown at a CAGR of 16.6 per cent while its operating and net profits have accelerated at 15 per cent and 26 per cent respectively. Operating margins of the industry has been stable in the range of 14 – 15 per cent despite rising prices of raw material. Raw material expenses have increased at a CAGR of 20.1 per cent for five years ending FY07. The industry has been successful in maintaining its operating efficiencies due to various cost reduction strategies adopted by players like entering into long term contracts with raw material suppliers. The companies have been focusing on procuring bulk orders for higher volume of sales. III Executive Summary Financial performance of the industry is expected to be average in the coming years and growth is likely to be volume-driven rather than realisation-driven. Exports turnover is expected to augment much faster than domestic turnover, as rising raw material prices, which has the largest share in net sales, will continue to squeeze industry margins in spite of handsome growth in net sales.

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INTRODUCTIONOF

THE TOPIC

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INTRODUCTION OF THE TOPICAutomobile industry in India is an emerging sector and has a potential to improve it. The key players have framed the strategies to tap the sector as per their features of the automotives. The increasing GDP and economical resources have boost up during the last decade which has increased purchasing power of the Indian peoples. The car segment in India has emerged as one of the promising sector and has shown growth trends in tremendous sales. Tata Motors has emerged as key player in Indian automobile industry and its share in Commercial Vehicles has 63.94%, Passenger Vehicles 16.45%. Tata Motors Limited is India’s largest automobile company, with consolidated revenues of USD 14 billion in 2008-09. It is the leader in commercial vehicles and among the top three in passenger vehicles. Maruti Suzuki India Limited, a subsidiary of Suzuki Motor Corporation of Japan, one of the India's largest passenger car companies has grabbed a share for over 45% of the domestic car market. Other key players in automobile segment of India have contributed significantly and their existence in market has made others players to act actively in India.

Despite economic slowdown, the Indian automobile sector has shown high growth. The passenger vehicle market, which constitutes around 80% of automobile sales, has immense growth potential as passenger car stock stood at around 11 per 1,000 people in 2008.Anticipating the future market potential, the production of passenger vehicle is forecasted to grow at a CAGR of around 10% from 2009-10 to 2012-13.De-licensing in 1991 has put the Indian automobile industry on a new growth track, attracting foreign auto giants to set up their production facilities in the country to take advantage of various benefits it offers. This took the Indian automobile production from 5.3 Million Units in 2001-02 to 10.8 Million Units in 2007-08. The other reasons attracting global auto manufacturers to India

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are the country’s large middle class population, growing earning power, strong technological capability and availability of trained manpower at competitive prices. These are the major findings of our new report, 'Indian Automobile Sector - A Booming Market” In 2006-07, the Indian automotive industry provided direct employment to more than 300,000 people, exported auto component worth around US$ 2.87 Billion, and contributed 5% to the GDP. Due to this large contribution of the industry in the national economy, the Indian government lifted the requirement of forging joint ventures for foreign companies, which attracted global to the Indian market to establish their plants, resulting in heightened automobile production. The Indian automobile market is currently dominated by two-wheeler segment but in future, the demand for passenger cars and commercial vehicles will increase with industrial development.Also, as India has low vehicle presence it possesses substantial potential for growth.

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HISTORYOF

TATA MOTORS

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HISTORY OF TATA MOTORSCurrent price BSE 435.10

Current price NSE 434.60

Market Capitalisation 119074.39

Face value Rs. 2

EPS (TTM) Rs. 29.28

P/E 14.86

Sector Automobiles

No of shares 2736713122

BSE 52 week high 612.05

BSE 52 week low 418.00

NSE 52 week high 612.40

NSE 52 week low 417.25

BSE Sensex 27893.22

Nifty 8400.55

Average Volume BSE 614908.55

Average Volume NSE 7635073.00

BSE Code 500570

NSE Symbol TATAMOTORS

Absolute returns

TATAMOTORS SENSEX1 Years -2.24% 9.31%

3 Years 75.00% 63.38%4 Years 124.04% 52.02%

About the Company

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Founded in 1945, Tata Motors Limited (“Tata Motors” or the “Company”) is among the largest automobile manufacturing companies in the world by volume, and has presence across a range of passenger and commercial vehicles.  Tata Motors, the first company from India's engineering sector to be listed on the New York Stock Exchange (September 2004), has emerged as an automobile company of global repute, spanning 182 countries across six continents through subsidiaries and associate companies. Tata Motors had 64 (direct and indirect) subsidiaries (9 in India and 55 abroad) and 9 associate companies and 2 Joint Ventures as at March 31, 2012. 

The Company’s manufacturing base in India is spread across Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Sanand (Gujarat) and Dharwad (Karnataka). Through subsidiaries and associate companies, the Company's operations are spread across the UK, South Korea, Thailand, Spain and South Africa. Among its portfolio of brands is the Jaguar Land Rover ("JLR"), a business comprising the two iconic British brands that was acquired in 2008. JLR operates two state of the art engineering and design facilities and three manufacturing plants (Solihull, Castle Bromwich & Halewood) in the UK. 

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NEED OF THE STUDY

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NEED OF THE STUDY

The methodology used to find out the trends and the market share of TATA motors .

The research takes into account the past & the current trends in an economy.

Despite economic slowdown ,the Indian automobile sector has shown high growth.

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OBJECTIVES OF THE STUDY

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OBJECTIVES OF THE STUDY

To study the Ratio analysis of Tata motors.

To analyse the trend of Tata motors automobile industry.

To study the factors contributing to the growth of Tata motors.

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LITERATUREREVIEW

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LITERATURE REVIEWEvery major shift in policies made by the Indian government, the automotive industry has come out stronger and better. While the shift in policies seems to have mostly been brought by chance events, the Indian government has at least to be credited for making the right decisions andimplementing them correctly. It is paradoxical that the Indian middle class, the most attractive feature for foreign investment in the liberalization phase, was an outcome of the statist ideologiesin the regulatory phase. The product innovations of domestic firms like Tata Motors and Bajaj Auto today are the fruits of indigenization and protection policies of the regulatory phases . Buyer decision processes are the decision making processes undertaken by consumers in regardto a potential market transaction before, during, and after the purchase of a product or service. Consumers have to make different kinds of decisions everyday according to their different needs.

Some of the decisions are playing critical roles in consumers’ daily life, for example, purchasing a new home or purchasing a car, whereas sometimes the decisions are made on a virtuallyautomatic basis. There are not a lot published research articles available on the decision-framing process. Puto, C. proposed a conceptual model of the buying decision framing process, This model focuses on the information search phase which includes two referencepoints: an initial which is internal to the company-expectations and buying objectives, and a final one that takes into account the sales message and justification/reward of the offer. These twostages lead to the final choice

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RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY

The procedure adopted for conducting the research a lot of attention as it has direct bearing on accuracy , reliability and adequacy of results obtained it is due to this reason that research methodology ,which we used at the time of conducting the research ,needs to be elaborated upon ,research methodology is a way of to systematically study ,he must clearly state the methodology adapted in conducting the research so that it may be judged by the reader whether the methodology of a work is sound or not.

Research design

In the fundamental analysis of AUTOMOBILE INDUSTRY industry

Quantitative exploration research design to be used to interpret the financial position of the company.

A research design is the arrangement of condition for collection and analysis data in a manner that aims to combine relevance to the research purpose with economy procedure .research design is the conceptual sturucture with in which research in conducted the blueprint for the collection measurement and analysis the data

A research design is a framework for the study and is used as a guide in collection and analyzing data the design is such studies must be rigid and not flexible and most focus attention on the following

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Data collection

it is the most important part of any project for my project work I have used secondary data as the main basic of my study these data are collected from company and their website I had collected the data by both annual report and balance sheet of the company that I had selected for my project work for fundamental analysis the period of the study for project work is of eight week from 18.may.2015-18.july.2015

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RATIO ANALYSISOF

TATA MOTORS

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RATIO ANALYSIS

EPS (Earning per share)

Earnings per share (EPS) is the portion of a company’s profit that is allocated to each outstanding share of common stock, serving as an indicator of the company’s profitability. It is often considered to be one of the most important variables in determining a stock’s value, and it comprises the “E” part of the P/E (price-earnings) valuation ratio. EPS is calculated as:

Particulars FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

Total Income

from

Operations

(Rs. Cr.)

70,938.85 92,519.25 1,23,133.3 1,65,654.5 1,88,817.63

Growth (%) - 30.42 % 33.09 % 34.53 % 13.98 %

PAT

(Rs. Cr.)(2,465.00) 2,516.89 9,220.79 13,573.91 9,862.49

Growth (%) - (202.11 %) 266.36 % 47.21 % (27.34 %)

Earnings Per

Share –

Basic (Rs. )(11.38) 9.73 31.05 42.58 31.02

Earning Per

Share -

Diluted

(Rs. )

(11.38) 8.93 28.97 40.71 30.94

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70,9

38.8

5

92,5

19.2

5

1,23

,133

.3

1,65

,654

.5

1,88

,817

.63

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013-4000

-2000

0

2000

4000

6000

8000

10000

12000

14000

Growth (%)PAT (Rs. Cr.)Growth (%)Earnings Per Share – Basic (Rs. )Earning Per Share - Diluted (Rs. )

1.CURRENT RATIO

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This compares assets which will become liquid within approximately twelve months with liabilities which will be due for payment in the same period and is intended to indicate whether there are sufficient short –term liabilities .recommended current ratio is 2:1 .Any ratio below indicates that the entity may face liquidity problem but also ratio over 2:1 as above indicates over trading that is the entity is under utilizing its current assets.

1)Current ratio=current assets/current liabilities Rs.In crore

2013-14 2012-13 2011-12 2010-11 2009-10

Current assets

9,680.36 12,041.84 14,969.54 14,350.14 12,329.48

Current liabilities 16,042.24 18,781.24 23,881.64 19,538.96 19,672.73

Ratio (times)0.60 0.64 0.62 0.73 0.62

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1 2 3 4 50.00

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

30,000.00

9,680.3612,041.84

14,969.54 14,350.1412,329.48

16,042.24

18,781.24

23,881.64

19,538.96 19,672.73

Current assetsCurrent liabilities

Interpretation- It can be observed that current ratio of tata motors varied between 0.62:1 and 0.73:1 during the period from 2012-13 to 2013-14.Usually , a current ratio 0.60 is considered to the standard to indicate sound liquidity position and current ratio of tata motors in 2009-10 is 0.60 which is quite good for this point of view but it is considerably fluctuating from the consecutive five years which is serious matter of thinking for management . In 2013-14 current liabilities Is decreased in comparison to previous year.

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2.QUICK RATIO

This shows that , provided creditors and debtors are paid at approximately the same time, a view might be made as to whether the business has sufficient liquid resources to meet its current liability . A company in the service industry will not have inventories as such current ratio will not significantly be different from the current ratio.

This ratio should ideally be 1, for companies with a slow inventory turnover . For companies with a faster inventory turnover , a quick ratio can be less than 1 without suggesting that the company should be in cash flow trouble . Both current and quick ratio offer an indication of the company ‘s liquidity position , but the absolute figures should be 2:1 for the current ratio and 1:1 for quick ratio but these should only be used as a guide . Different business operate in very different ways.

2 Quick ratio-current assets-inventory/current liability Rs In crore

2013-2014 2012-2013 2011-2012 2010-2011 2009-10

Quick assets5817.83 7586.81 10381.31 10458.75 9393.89

Quick liabilities 16,042.24 18,781.24 23,881.64 19,538.96 19,672.73

Ratio (times) 0.36 0.40 0.55 0.53 0.47

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1 2 3 4 50

5000

10000

15000

20000

25000

30000

5817.837586.81

10381.31 10458.759393.89

16,042.24

18,781.24

23,881.64

19,538.96 19,672.73

Quick assetsCurrent liabilities

Interpretation- Current assets minus inventory are quick assets and on an average , it has been maintained at Rs.0.36 in 2013-14for every rupee of -quick liabilities . The current ratio and quick ratio of TATA motors reflect that short – term liability and solvency is in safety and it of couse determined how the short-term financial obligation of the firm would be met under under such

Sound financial position .The combined interpretation of these two ratios reflects that the interest of short –term creditors is at all protected by adequate solvency and liquidity of far from money assets.

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3. INVENTORY TURNOVER RATIO

The ratio is aimed at checking how vigorous the entity is trading .It measures approximately the number of times an entity is able to acquire the inventories and coinvert them into sales . A lengthening inventory turnover period from one accounting year to the next indicates:

1) A slow down in trading; or2) A build in inventory levels ,perhaps suggesting that the investment

in inventories is becoming positive.

The higher turnover ratio is good for the firm , but several aspects of inventory holding policy have to be balanced .

1) Lead times2) Seasonal fluctuations in orders3) Alternatives use of warehouse space4) Bulk discounts.

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Inventory turnover ratio= COGS/Av.inventory Rs.In crore

2013-2014 2012-2013 2011-2012 2010-2011 2009-2010

sales 34288.11 44762.72 54306.56 47088.44 35373.49

Av.inventory 4158.78 4521.63 4239.81 3416.49 2935.59

RATIO (IN TIMES)

8.24 9.89 12.80 13.78 12.04

1 2 3 4 50

10000

20000

30000

40000

50000

60000

34288.11

44762.72

54306.56

47088.44

35373.49

4158.78 4521.63 4239.81 3416.49 2935.59

salesAv.inventory

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Interpretation- It indicates extremely is bad bad. The ratio indicates how slow inventory is sold . A low ratio is bad from the viewpoint of liquidity and vice-versa . Inventory turnover ratio decreses from 12.80 times in 2011-12 to 8.24 times in 2013-14.the trend shows inventory turnover ratio decreases . However , on overall analysis , it may opined that inventory management is not satisfactory.

P/E Ratio (price earning ratio)Page | 37

The price-earnings ratio indicates the dollar amount an investor can expect to invest in a company in order to receive one dollar of that company’s earnings. This is why the P/E is sometimes referred to as the multiple because it shows how much investors are willing to pay per dollar of earnings. If a company were currently trading at a multiple (P/E) of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings.

REMEMBER

Generally a high P/E ratio means that investors are anticipating higher growth in the future.

The average market P/E ratio is 20-25 times earnings.

The P/E ratio can use estimated earnings to get the forward looking P/E ratio.

The price-earnings ratio can be calculated as:

Market Value per Share / Earnings per Share

Parti

cular

FY

200

FY FY FY FY

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s 9 2010 2011 2012 2013

Total

Inco

me

from

Oper

ation

s

(Rs. Cr.)

70,93

8.85

92,5

19.2

5

1,23,

133.

3

1,65,

654.

5

1,88,8

17.63

Grow

th

(%)

- 30.4

2 %

33.0

9 %

34.5

3 %

13.98

%

PAT

(Rs. Cr.)

(2,46

5.00)

2,51

6.89

9,22

0.79

13,5

73.9

1

Grow

th

(%)

-

(202.

11

%)

266.

36 %

47.2

1 %

Earni

ngs

Per

Share

–

Basic

(Rs. )

(11.3

8) 9.73

31.0

5

42.5

8 31.02

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Earni

ng

Per

Share

-

Dilute

d

(Rs. )

(11.3

8) 8.93

28.9

7

40.7

1 30.94

Price

to

Earni

ngs

- 16.9

2 8.61 6.77 8.70

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FUTURE PROJECTIONS

FUTURE PROJECTIONS

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The Equity Research Report presented below is based on a Fundamental Analysis of Tata Motors Limited.

20 12 2013 2014

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FINDINGS OF THE STUDY

FINDINGS OF THE STUDY

Major findings and conclusions drawn from the study are listed below

- 1. 71 percent of respondents have shown their preference towards low engine capacity cars to get higher fuel efficiency. It shows that in future only cars giving higher fuel efficiency will be preferred by Indian consumers.

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2. 73percent of the respondents have shown their preference toward small cars as due to increased traffic and congestion on roads. As vehicle population is increasing continuously and size of city roads started appearing narrow, it can be concluded that small cars will prove sustainable in the future.

3. 74 percent of respondents have shown their preference towards small cars due to parking convenience of roads. In cities due to phenomenal increase in number of vehicles, parking is proving to be a big problem. Parking of small cars is a bit easy and therefore, in future people are likely to prefer small cars. 211

4. In recent past car manufacturers have launched a number of models of small cars with comparable features of big cars, consequently small car owners can now enjoy all these features in small cars also. In all 73 percent of respondents have expressed their happiness due to this reason endorsed the purchase of small car.

5. In India still personal disposable income of majority of respondent is not so high that they can afford to buy a big car and therefore, 71 percent of the total respondents have expressed their opinion that their disposable income permit them to buy only a small car and thus small cars are going to be sustainable in Indian car market.

6. In India due to increase in literacy rate and also desire to lead a comfortable life have induced the people to observe small family norm, which can easily be accommodated in small cars, the of choice people is, therefore, shifting towards small cars. 70 percent of total respondents have expressed the view that small car is good for them as they have small family.

7. 70 percent of the total respondents have expressed their opinion that they prefer the small cars as repair facility is available easily and next to their door for the repair of the same

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. 8. In past few years the number and percentage of women in employment is increasing staidly. Such women employee prefers the small cars due to variety of reasons. 76 percent of the total respondents have expressed their agreement to the fact that increased women employment has boost the sale of small cars. As this trend is going to persist, the future of small car is bright.

9. Increased affluence and easy availability of loans and finance facilities have led to many two wheeler users to buy their first car which is normally a small car. This has made the small cars sustainable in Indian car market. 78 percent of total respondents have endorsed this fact.

10. In past few years urban as well as rural affluence has increased. This has boosted the trend of urbanization. This in turn induces the people to buy 212 cars. In all 77 percent respondents are of the opinion that growing urban population has boost the market of small cars in India.

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RECOMMENDATION &

SUGESSTION

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RECOMMENDATION & SUGESSTIONFrom this study one fact has come out clearly that, currently many

models with many variances in each model, are available for a buyer

. It is therefore recommended that in selecting a car the buyer should carefully evaluate the technical specifications, and match, the same with his needs.

(ii) There are different schemes with different auto finance organizations. With a careful study of the schemes available at the time of car purchase, substantial saving in car financing can be obtained.

(iii) Tata Motors Nano car is not favored by majority of the respondents, due to their perceptions, related to safety, stability, status symbol etc. However the manufacturer is continuously working to rectify these concerns. For the buyers having low disposable income, it is therefore recommended that at least considering the very low price of this car, the current model available at the time of purchase can be once again technically evaluated

(iv) The government policies for protection of environment are also influencing the engine type and the fuel used in a car. It is therefore 220 recommended that buyer should select a model which is having futuristic technology engine.

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CONCLUSION

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CONCLUSION

Whenever you're thinking of investing in a company it is vital that you understand what it does, its market and the industry in which it operates. You should never blindly invest in a company. 

One of the most important areas for any investor to look at when researching a company is the financial statements. It is essential to understand the purpose of each part of these statements and how to interpret them. The industry has recorded phenomenon growth during the last decade. A market trend is growing at a faster rate. According to CAGR the market will further grow in years to come. The opening of the Indian automobile market for foreign companies the competition is expected to enhance further. The opportunities can be grabbed through the diversification of export basket in untouched foreign destinations. Thus strict quality standards, services and use of latest technology can provide an edge over competitors across the globe.

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BIBLIOGRAPHY

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BIBLIOGRAPHYwww. tatamotors .com/investors/pdf/2014/69 tata motors annual reort 2013-2014

www.globalchange.com/ future -of-the- automotive - industry - auto -trends.h . . future trends of automobile industry

www.ijrmet.com/vol2issue2/amarjit2. pdf swot analysis of automobile industry.

www.ajtmr.com/papers/.../ Automobile - Industry -and-performance. pd automobile industry and performance.

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BALANCE SHEET OF

TATA MOTORS

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BALANCE SHEET

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of FundsTotal Share Capital 643.78 638.07 634.75 637.71 570.60

Equity Share Capital 643.78 638.07 634.75 637.71 570.60

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 18,510.00 18,473.46 18,967.51 19,351.40 14,208.55

Networth 19,153.78 19,111.53 19,602.26 19,989.11 14,779.15

Secured Loans 4,450.01 5,877.72 6,915.77 7,708.52 7,742.60

Unsecured Loans 10,065.52 8,390.97 4,095.86 6,929.67 8,883.31

Total Debt 14,515.53 14,268.69 11,011.63 14,638.19 16,625.91

Total Liabilities 33,669.31 33,380.22 30,613.89 34,627.30 31,405.06

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

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12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 26,130.82 25,190.73 23,676.46 21,002.78 18,416.81

Less: Revaluation Reserves 22.87 23.31 23.75 24.19 24.63

Less: Accum. Depreciation 10,890.25 9,734.99 8,656.94 7,585.71 7,212.92

Net Block 15,217.70 15,432.43 14,995.77 13,392.88 11,179.26

Capital Work in Progress 6,355.07 4,752.80 4,036.67 3,799.03 5,232.15

Investments 18,458.42 19,934.39 20,493.55 22,624.21 22,336.90

Inventories 3,862.53 4,455.03 4,588.23 3,891.39 2,935.59

Sundry Debtors 1,216.70 1,818.04 2,708.32 2,602.88 2,391.92

Cash and Bank Balance 226.15 462.86 1,840.96 2,428.92 612.16

Total Current Assets 5,305.38 6,735.93 9,137.51 8,923.19 5,939.67

Loans and Advances 4,374.98 5,305.91 5,832.03 5,426.95 5,248.71

Fixed Deposits 0.00 0.00 0.00 0.00 1,141.10

Total CA, Loans & Advances 9,680.36 12,041.84 14,969.54 14,350.14 12,329.48

Deferred Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 13,334.13 16,580.47 20,280.82 16,271.85 16,909.30

Provisions 2,708.11 2,200.77 3,600.82 3,267.11 2,763.43

Total CL & Provisions 16,042.24 18,781.24 23,881.64 19,538.96 19,672.73

Net Current Aassets -6,361.88 -6,739.40 -8,912.10 -5,188.82 -7,343.25Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 33,669.31 33,380.22 30,613.89 34,627.30 31,405.06

Contingent Liabilities 13,036.73 15,090.21 15,413.62 19,084.08 3,708.33

Book Value (Rs) 59.51 59.91 61.77 314.98 259.03

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