APPENDIX I Annual production of selected automobile ...shodhganga.inflibnet.ac.in › bitstream › 10603 › 4832 › 19 › 19_appen… · TVS Motors Company Ltd Hero Honda Motors

APPENDIX I

Annual production of selected automobile industry in India (in thousands)

Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06

Commercial Vehicles

Ashok Leyland Ltd

37.90

45.26

33.20

26.50

36.28

33.78

31.82

33.65

49.15

52.35

56.62

Tata Motors Ltd 181.40 218.39 154.79 129.32 204.52 171.03 180.06 234.98 320.07 384.09 423.45

Eicher Motors Ltd 5.89 6.63 5.35 5.19 6.95 8.52 9.66 12.81 44.76 32.18 38.26

Swaraj Mazda Ltd 4.50 4.01 2.93 2.88 4.01 5.21 6.36 8.20 10.23 12.12 14.56

Passenger Cars and

Multiutility Vehicles Hindustan Motors Ltd

31.30

28.57

26.92

23.51

37.86

28.24

23.22

21.58

15.86

19.21

21..52

Mahindra and Mahindra Ltd 65.38 80.48 79.00 72.12 76.98 63.15 66.33 87.10 117.67 123.63 141.42

Maruthi Udyog Ltd 277.78 336.81 354.34 338.10 407.60 350.38 358.11 359.96 472.91 523.62 562.75

Daewoo Motors India Ltd 11.19 18.42 5.40 8.56 35.54 34.24 7.67 6.24 5.15 - -

Two and Three Wheelers Bajaj Auto Ltd

1302.03

1439.18

1354.28

1381.76

1269.13

1212.76

1294.63

1457.03

1516.87

1626.94

1723.82

Maharastra Scooters Ltd 126.62 154.36 145.02 153.66 140.53 91.74 60.13 31.36 17.90 22.18 26.14

TVS Motors India Ltd 442.81 576.02 649.14 712.43 794.18 868.83 871.87 1134.54 1143.34 1282.80 1322.81

Hero Honda Motors Ltd 230.08 269.48 407.30 532.74 761.21 1035.68 1423.00 1680.28 2064.70 2124.82 2322.65

Source: CMIE Database

APPENDIX II

Capacity utilisation of selected automobiles industry (production as percentage of installed capacity)

(in thousands)

Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06

Commercial Vehicles Ashok Leyland Ltd

81.75

86.00

63.84

52.50

71.54

66.30

62.74

66.62

96.54

102.81

113.26

Tata Motors Ltd 40.19 43.95 23.30 16.91 37.02 16.57 23.45 27.27 34.32 42.41 48.24


Swaraj Mazda Ltd 90.00 80.20 58.60 57.60 80.20 104.20 106.00 136.67 170.50 182.50 196.92

Passenger Cars and

Multiutility Vehicles

Hindustan Motors Ltd

61.09

55.22

49.11

31.64

41.67

40.25 32.23 32.06 24.78

36.85

42.18




Two and Three Wheelers

Bajaj Auto Ltd

45.68

38.62

40.81

31.13

28.44

19.26

15.99

11.51

64.82

71.92

86.23


TVS Motors Company Ltd 52.10 67.77 76.37 56.99 63.53 69.51 69.75 75.64 76.22 82.14 97.83



APPENDIX III

Annual sales quantity of selected automobile industry in India

(in thousands)

Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06

Commercial Vehicles Ashok Leyland Ltd

37.40

43.35

31.55

29.74

38.22

32.48

29.68

36.44

48.65

52.23

67.82

Tata Motors Ltd 181.22 209.26 152.93 128.86 199.14 170.51 171.57 232.29 295.46 321.42 383.73


Swaraj Mazda Ltd 4.23 3.73 3.30 2.98 3.98 5.07 6.22 8.10 10.28 12.14 14.68

Passenger Cars and


Hindustan Motors Ltd

33.57

29.01

25.69

23.55

38.03

28.20

23.10

21.05

16.50

20.12

24.15





1301.97

1415.82

1333.80

1423.50

1412.61

1209.09

1358.97

1445.67

1518.13

1623.14

1720.25


TVS Motors India Ltd 410.81 513.40 648.40 703.25 801.00 863.45 866.31 1119.1 1146.86 1321.83 1426.92



APPENDIX IV

Annual market share of selected automobile industry in India

(in thousands)

Industry 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06

Commercial Vehicles

Ashok Leyland Ltd

31.41

31.05

35.47

39.28

38.46

39.39

35.15

31.68

31.88

34.28

36.94

Tata Motors Ltd 35.46 39.94 34.00 34.00 27.04 24.93 25.85 30.64 57.67 62.14 65.25


Swaraj Mazda Ltd 4.57 3.33 5.72 5.72 7.18 8.51 12.12 10.97 9.18 12.14 16.23

Passenger Cars and

Multiutility Vehicles Hindustan Motors Ltd

9.10

6.98

6.41

6.33

7.18

6.50

4.88

4.71

2.67

8.21

11.23



Daewoo Motors India Ltd 5.64 8.00 3.29 3.20 6.32 5.71 1.38 1.35 0.00 0.00 0.00


16.12

18.30

21.35

19.26

21.23

20.45

22.05

22.45

24.65

26.26

32.18


TVS Motors Company Ltd 12.70 13.26 12.42 11.74 10.31 12.21 11.50 14.94 16.78 13.26 18.21



APPENDIX LXXXV

Economic Value Added (Automobile Industry)

(Rs.in crores)

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and Three

Wheelers

Industry

Average

1995-96 258.42 244.97 125.70 209.70

1996-97 175.57 106.06 78.00 119.88

1997-98 307.38 326.25 185.74 273.12

1998-99 -187.54 -214.68 -102.75 -168.32

1999-00 542.00 626.20 513.17 560.46

2000-01 128.81 45.90 199.46 124.72

2001-02 70.86 225.05 365.13 220.35

2002-03 -448.79 -1040.32 505.23 -327.96

2003-04 163.09 17.04 181.02 120.38

2004-05 194.46 31.68 89.19 105.11

2005-06 196.35 34.82 100.26 110.48

APPENDIX LXXXVI

Economic Value Added (Commercial Vehicle)

(Rs. in crores)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 226.19 777.68 18.21 11.60

1996-97 244.25 433.04 14.28 10.71

1997-98 249.12 961.36 8.58 10.46

1998-99 134.05 -900.70 3.33 4.54

1999-00 250.08 1888.03 22.81 7.08

2000-01 283.39 199.99 23.00 8.85

2001-02 222.16 25.98 22.82 12.48

2002-03 129.23 -1937.03 5.21 7.43

2003-04 234.91 360.56 38.26 18.62

2004-05 337.84 372.16 46.42 21.43

2005-06 340.41 384.26 41.41 19.31

APPENDIX LXXXVII

Economic Value Added (Passenger Cars and Multiutility Vehicles)

(Rs.in crores)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors India

Ltd

1995-96 116.58 216.76 584.49 62.03

1996-97 47.50 113.71 311.83 -48.81

1997-98 134.10 423.90 834.13 -87.12

1998-99 -66.55 -178.50 -452.34 -161.33

1999-00 138.27 961.95 1419.86 -15.29

2000-01 6.58 307.59 -39.45 -91.12

2001-02 68.64 395.52 621.12 -185.09

2002-03 -167.24 -1040.02 -2852.98 -101.02

2003-04 -44.35 139.67 30.86 -58.01

2004-05 -59.23 146.82 39.14 0.00

2005-06 -62.18 157.61 43.84 0.00

APPENDIX LXXXVIII

Economic Value Added (Two and Three Wheelers)

( Rs.in crores)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Company Ltd

Hero Honda

Motors Ltd

1995-96 414.44 15.66 43.23 29.46

1996-97 237.60 -2.29 38.87 37.81

1997-98 535.21 19.08 103.30 85.38

1998-99 -425.16 -28.90 3.07 39.97

1999-00 1452.80 69.39 252.27 278.14

2000-01 422.51 7.58 112.90 254.86

2001-02 811.70 23.43 129.29 496.11

2002-03 2223.75 135.48 -304.01 -34.30

2003-04 87.48 25.14 117.14 494.32

2004-05 87.46 9.16 3.21 256.94

2005-06 110.24 11.21 6.42 273.18

APPENDIX LXXXIX

Market Value Added (Automobile Industry)

(Rs. in crores)

Year Commercial

Vehicles

Passenger cars

and Multiutility

vehicles

Two and

Three

Wheelers

Industry

Average

1995-96 2858.53 2826.06 1366.99 2340.53

1996-97 2837.48 2844.75 1380.89 2354.37

1997-98 1180.40 2969.40 2068.52 2072.77

1998-99 355.29 3119.87 2518.66 1977.94

1999-00 731.19 3746.39 1788.42 2096.67

2000-01 696.30 2547.31 1960.63 1734.75

2001-02 1399.38 2465.70 2830.46 2231.85

2002-03 838.70 2810.43 4061.76 2570.30

2003-04 1103.16 3710.86 5208.11 3340.71

2004-05 1540.59 4727.96 6903.97 4390.84

2005-06 2216.73 7677.84 8387.47 6094.01

APPENDIX LXXXX

Market Value Added (Commercial Vehicle)

(Rs. in crores)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 1233.30 10112.67 57.96 30.18

1996-97 611.30 10700.65 12.44 25.53

1997-98 328.25 4334.61 29.20 29.55

1998-99 1027.56 295.41 55.56 42.64

1999-00 511.40 2345.58 39.90 27.89

2000-01 676.77 2054.88 31.74 21.88

2001-02 1047.77 4359.15 128.56 62.12

2002-03 2137.17 727.81 317.30 172.52

2003-04 2468.99 1206.66 443.52 293.49

2004-05 3370.48 1668.97 750.68 372.24

2005-06 4897.54 2846.64 835.62 287.13

APPENDIX LXXXXI

Market Value Added (Passenger Cars and Multiutility Vehicles)

(Rs. in crores)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo Motors

India Ltd

1995-96 150.23 1575.30 9478.58 100.11

1996-97 43.35 1685.95 9461.12 188.56

1997-98 -8.39 928.68 10979.28 -21.98

1998-99 9.49 1785.92 10544.05 140.00

1999-00 -28.47 926.04 14144.72 -56.74

2000-01 -84.34 417.72 10156.94 -301.09

2001-02 -23.38 462.88 9771.41 -348.11

2002-03 664.39 1465.79 9361.00 -249.46

2003-04 101.59 2643.29 12219.21 -120.64

2004-05 405.73 3320.60 15185.50 0.00

2005-06 449.75 6550.05 23711.58 0.00

APPENDIX LXXXXII

Market Value Added (Two and Three Wheelers)

(Rs. in crores)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Company Ltd

Hero Honda

Motors Ltd

1995-96 4887.86 55.22 269.35 255.52

1996-97 4552.39 46.47 268.88 655.81

1997-98 6777.89 64.08 315.08 1117.02

1998-99 5365.98 54.10 301.92 4352.66

1999-00 3180.98 27.96 411.64 3533.07

2000-01 3180.98 17.10 331.72 4312.72

2001-02 4697.99 70.24 1021.94 5531.69

2002-03 7714.77 120.15 1778.70 6633.43

2003-04 9212.27 156.58 1800.73 9662.88

2004-05 12556.04 313.52 1966.88 12779.44

2005-06 15710.98 358.79 2406.59 15073.52

APPENDIX XXXVII

Current ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 1.50 1.18 1.18 1.29

1996-97 1.45 1.15 1.16 1.25

1997-98 1.62 1.25 1.26 1.38

1998-99 1.73 1.21 1.24 1.39

1999-00 1.53 1.13 1.17 1.28

2000-01 1.39 1.04 1.16 1.20

2001-02 1.19 0.98 1.02 1.06

2002-03 1.10 1.18 0.84 1.04

2003-04 1.08 1.10 0.75 0.98

2004-05 1.12 0.99 0.72 0.94

2005-06 1.15 1.15 0.75 1.02

APPENDIX XXXVIII

Liquidity ratio

Year Commercial

Vehicle

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 1.22 0.67 1.38 1.09

1996-97 1.38 1.34 1.36 1.36

1997-98 1.54 1.31 1.44 1.43

1998-99 1.46 1.02 1.37 1.28

1999-00 1.53 0.88 1.40 1.27

2000-01 1.08 1.24 1.18 1.17

2001-02 0.89 0.85 1.06 0.93

2002-03 0.76 1.08 0.96 0.93

2003-04 0.75 0.90 0.54 0.73

2004-05 0.97 1.02 0.54 0..84

2005-06 1.06 1.07 0.54 0.89

APPENDIX XXXIX

Debt equity ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 0.71 5.29 0.31 2.10

1996-97 5.62 5.86 0.32 3.93

1997-98 1.82 4.01 0.34 3.06

1998-99 1.23 3.47 0.35 1.68

1999-00 1.10 4.13 0.27 1.83

2000-01 1.00 4.40 0.25 1.88

2001-02 1.05 5.83 0.25 2.38

2002-03 0.72 3.64 0.21 1.52

2003-04 0.50 5.42 0.18 2.03

2004-05 0.56 4.27 0.18 1.67

2005-06 0.69 4.48 0.22 1.80

APPENDIX XL

Fixed assets to networth ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 0.00 1.44 1.02 0.79

1996-97 2.06 1.07 1.09 1.41

1997-98 1.46 1.04 0.92 1.14

1998-99 1.46 2.76 1.01 1.74

1999-00 1.52 3.46 0.81 1.93

2000-01 1.64 4.13 0.97 2.25

2001-02 1.99 17.31 1.05 6.78

2002-03 1.89 3.22 3.14 2.75

2003-04 1.92 4.35 3.74 3.34

2004-05 1.67 2.22 4.91 2.93

2005-06 1.18 3.08 1.16 1.81

APPENDIX XLI

Interest coverage ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 3.02 4.41 25.42 10.95

1996-97 2.74 4.87 50.13 19.25

1997-98 1.77 3.45 195.57 66.93

1998-99 1.53 4.86 132.99 46.46

1999-00 2.23 2.83 119.10 41.39

2000-01 2.85 -0.28 51.31 17.96

2001-02 3.12 0.76 172.64 58.84

2002-03 7.09 1.90 350.18 119.71

2003-04 9.40 4.28 289.15 100.94

2004-05 8.98 15.22 568.51 197.57

2005-06 7.01 28.68 1285.36 440.35

APPENDIX XLII

Inventory turnover ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 6.56 6.53 19.88 10.99

1996-97 6.46 6.90 17.40 10.25

1997-98 5.53 7.44 15.25 9.41

1998-99 6.68 7.57 15.31 9.85

1999-00 8.68 8.75 17.45 11.63

2000-01 8.46 8.76 14.43 10.55

2001-02 9.57 9.70 20.21 13.16

2002-03 11.34 12.46 22.31 15.37

2003-04 12.54 16.50 21.48 16.84

2004-05 12.05 11.84 24.70 16.20

2005-06 10.21 10.30 24.86 15.12

APPENDIX XLIII

Debtors turnover ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 6.49 12.41 30.07 16.32

1996-97 5.80 15.86 26.01 15.89

1997-98 4.87 17.36 26.25 16.16

1998-99 5.50 21.17 33.08 19.92

1999-00 7.11 16.42 40.67 21.40

2000-01 8.32 12.45 37.91 19.56

2001-02 8.54 14.08 31.15 17.92

2002-03 9.67 20.79 30.73 20.40

2003-04 12.41 19.06 46.06 25.84

2004-05 14.75 14.16 63.55 30.82

2005-06 15.52 14.76 50.30 26.86

APPENDIX XLIV

Fixed assets turnover ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 5.13 4.24 7.91 5.76

1996-97 5.20 4.04 7.33 5.52

1997-98 3.92 3.23 6.07 4.41

1998-99 3.40 1.74 5.68 3.61

1999-00 4.23 1.57 5.84 3.88

2000-01 4.56 1.44 4.25 3.42

2001-02 4.60 1.29 3.89 3.26

2002-03 4.93 1.59 3.71 3.41

2003-04 5.80 2.43 3.37 3.87

2004-05 6.58 2.42 3.69 4.23

2005-06 6.62 2.50 3.63 4.25

APPENDIX XLV

Working capital turnover ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and Three

Wheelers

Industry

average

1995-96 6.44 8.64 31.51 15.53

1996-97 4.26 17.35 63.28 28.30

1997-98 4.95 12.16 33.32 16.81

1998-99 4.89 5.31 -3.33 2.29

1999-00 8.23 9.01 1.15 6.13

2000-01 20.68 7.36 -2.66 8.46

2001-02 17.71 10.16 -25.75 0.71

2002-03 1.49 -15.02 110.65 32.37

2003-04 9.90 14.49 -33.43 -3.01

2004-05 -4.07 27.12 -10.19 4.29

2005-06 16.05 0.77 -27.00 -3.01

APPENDIX XLVI

Current ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 2.38 1.12 1.50 0.99

1996-97 2.13 1.20 1.42 1.04

1997-98 2.47 1.36 1.57 1.07

1998-99 2.93 1.27 1.62 1.08

1999-00 2.48 1.08 1.50 1.06

2000-01 2.20 0.91 1.40 1.04

2001-02 1.87 0.88 0.98 1.02

2002-03 1.71 0.88 0.78 1.04

2003-04 1.58 0.76 0.89 1.10

2004-05 1.54 0.87 0.95 1.13

2005-06 1.54 1.08 0.90 1.12

APPENDIX XLVII

Liquidity ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj

Motors Ltd

1995-96 2.32 0.98 1.01 0.56

1996-97 1.98 1.52 1.33 0.67

1997-98 2.60 1.68 1.19 0.68

1998-99 2.56 1.18 1.28 0.83

1999-00 2.33 1.91 0.91 0.98

2000-01 1.93 0.63 0.89 0.86

2001-02 1.26 0.73 0.61 0.94

2002-03 1.27 0.52 0.56 0.68

2003-04 0.95 0.51 0.70 0.83

2004-05 1.36 0.84 0.76 0.90

2005-06 0.94 1.05 0.83 1.41

APPENDIX XLVIII

Debt – equity ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj

Motors Ltd

1995-96 0.76 0.64 1.42 0.00

1996-97 0.99 0.63 1.12 19.72

1997-98 1.13 0.79 0.89 4.48

1998-99 1.03 0.90 0.69 2.28

1999-00 0.88 0.86 0.62 2.04

2000-01 0.84 0.86 0.49 1.79

2001-02 0.84 0.93 0.50 1.92

2002-03 0.83 0.74 0.39 0.90

2003-04 0.62 0.44 0.77 0.16

2004-05 0.64 0.49 0.78 0.32

2005-06 0.62 0.56 0.46 1.12

APPENDIX XLIX

Fixed assets to networth ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 0.96 1.11 1.31 -37.62

1996-97 1.09 0.99 1.15 5.01

1997-98 1.14 1.22 1.27 2.20

1998-99 1.29 1.44 1.27 1.84

1999-00 1.32 1.83 1.27 1.67

2000-01 1.37 2.39 1.13 1.67

2001-02 1.64 2.34 2.27 1.69

2002-03 1.91 2.29 2.04 1.30

2003-04 1.84 1.68 3.20 0.95

2004-05 1.71 1.61 2.63 0.73

2005-06 1.51 1.44 1.12 0.63

APPENDIX L

Interest coverage ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 2.35 5.22 2.36 2.14

1996-97 2.15 4.74 2.32 1.76

1997-98 1.04 1.80 1.55 2.67

1998-99 1.05 0.98 2.44 1.64

1999-00 1.69 0.60 4.71 1.93

2000-01 1.77 -0.02 7.54 2.12

2001-02 2.15 0.85 6.74 2.75

2002-03 2.78 2.65 14.78 8.14

2003-04 5.82 7.38 3.40 21.00

2004-05 12.68 8.58 4.29 10.38

2005-06 12.79 8.00 2.83 4.43

APPENDIX LI

Inventory turnover ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 5.56 8.69 7.17 4.81

1996-97 4.64 9.23 8.46 3.51

1997-98 3.15 6.80 8.62 3.56

1998-99 3.87 7.02 11.97 3.85

1999-00 6.04 9.41 13.39 5.88

2000-01 5.47 7.56 13.65 7.17

2001-02 4.85 8.29 17.73 7.40

2002-03 6.22 9.86 21.36 7.91

2003-04 8.68 13.15 19.28 9.04

2004-05 9.09 14.66 15.38 9.06

2005-06 8.39 13.10 11.53 7.80

APPENDIX LII

Debtors turnover ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 3.45 5.91 8.05 8.55

1996-97 2.86 4.86 7.98 7.50

1997-98 2.11 3.21 7.41 6.74

1998-99 2.53 3.75 9.22 6.53

1999-00 3.53 7.19 11.73 5.98

2000-01 3.75 9.77 14.57 5.18

2001-02 4.65 11.24 12.82 5.44

2002-03 6.18 12.23 13.66 6.59

2003-04 8.62 19.43 15.13 6.47

2004-05 11.31 28.51 14.13 5.03

2005-06 13.97 31.27 13.48 3.36

APPENDIX LIII

Fixed assets turnover ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 2.29 3.41 5.87 8.92

1996-97 2.36 3.42 6.32 8.70

1997-98 1.73 2.00 4.64 7.30

1998-99 1.62 1.54 4.23 6.19

1999-00 1.88 1.78 4.81 8.46

2000-01 1.79 1.43 5.11 9.91

2001-02 1.69 1.52 4.16 11.04

2002-03 1.81 1.82 3.80 12.29

2003-04 2.19 2.55 4.02 14.44

2004-05 2.55 3.20 3.67 16.91

2005-06 3.02 3.25 3.28 16.93

APPENDIX LIV

Working capital turnover ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 1.81 8.20 6.11 9.64

1996-97 1.84 4.11 5.86 5.21

1997-98 1.48 3.19 7.64 7.47

1998-99 2.00 4.58 8.19 4.79

1999-00 2.59 11.05 12.18 7.10

2000-01 2.61 52.85 19.20 8.07

2001-02 3.40 85.27 -26.12 8.29

2002-03 5.39 -17.23 -25.06 30.96

2003-04 8.83 -10.27 22.86 18.16

2004-05 5.95 -10.11 -23.35 11.23

2005-06 9.58 12.31 37.84 4.45

APPENDIX LV

Current ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 1.25 1.35 0.71 1.42

1996-97 1.44 1.49 0.84 0.81

1997-98 1.48 1.81 1.11 0.58

1998-99 1.26 1.85 1.29 0.42

1999-00 1.19 1.79 1.25 0.30

2000-01 1.18 1.55 1.22 0.20

2001-02 1.12 1.34 135 0.12

2002-03 1.15 1.25 1.47 0.86

2003-04 1.17 1.09 1.37 0.75

2004-05 1.03 1.06 1.42 0.43

2005-06 0.88 1.18 1.73 0.81

APPENDIX LVI

Liquidity ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors India

Ltd

1995-96 0.91 0.94 0.32 0.49

1996-97 1.16 1.31 0.65 2.24

1997-98 1.10 1.53 0.74 1.86

1998-99 0.08 1.60 1.14 1.24

1999-00 0.84 1.27 0.72 0.67

2000-01 0.90 1.25 1.09 1.71

2001-02 0.91 1.06 0.98 0.44

2002-03 0.76 0.91 1.55 1.08

2003-04 0.68 0.62 1.03 1.26

2004-05 0.72 0.87 1.43 1.06

2005-06 0.51 0.91 1.44 1.42

APPENDIX LVII

Debt -equity ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 1.46 17.48 0.43 1.79

1996-97 1.34 19.18 0.15 2.77

1997-98 1.50 10.89 0.05 3.61

1998-99 1.99 7.26 0.04 4.59

1999-00 2.85 8.16 0.12 5.38

2000-01 2.57 7.82 0.30 6.89

2001-02 1.95 6.15 0.33 14.87

2002-03 2.38 7.64 0.19 4.36

2003-04 3.73 12.70 0.11 5.14

2004-05 2.96 8.91 0.08 5.13

2005-06 1.64 10.12 0.04 6.12

APPENDIX LVIII

Fixed assets to net worth ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 2.05 0.71 1.52 1.46

1996-97 1.89 0.99 1.09 0.30

1997-98 1.80 1.03 0.86 0.45

1998-99 3.06 1.09 0.91 5.99

1999-00 4.58 0.91 1.22 7.14

2000-01 3.40 1.06 1.50 10.56

2001-02 4.37 1.38 1.69 61.79

2002-03 5.10 1.59 1.50 4.68

2003-04 10.78 1.43 1.28 3.96

2004-05 3.48 1.36 0.87 3.16

2005-06 5.26 0.97 1.10 4.98

APPENDIX LIX

Interest coverage ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 2.04 6.91 5.86 2.84

1996-97 1.80 5.08 11.50 1.10

1997-98 1.83 3.68 20.01 -11.72

1998-99 0.66 2.84 16.87 -0.92

1999-00 0.42 3.48 7.40 -0.01

2000-01 -0.19 2.14 -2.55 -0.51

2001-02 0.11 1.84 2.54 -1.46

2002-03 0.26 2.70 5.79 -1.16

2003-04 -0.81 6.70 19.82 -0.86

2004-05 -0.35 24.62 37.25 -0.65

2005-06 -4.16 33.02 86.78 -0.92

APPENDIX LX

Inventory turnover ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 6.18 7.40 9.92 2.61

1996-97 5.67 8.31 11.61 2.00

1997-98 5.34 8.20 13.93 0.82

1998-99 4.61 8.45 13.56 0.93

1999-00 5.02 9.03 11.88 3.86

2000-01 6.13 8.00 9.62 4.94

2001-02 6.37 7.70 11.75 1.72

2002-03 5.65 9.61 15.38 3.82

2003-04 4.62 12.18 23.84 2.16

2004-05 9.10 12.01 24.11 2.14

2005-06 8.92 11.08 19.06 2.12

APPENDIX LXI

Debtors turnover ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 9.88 17.48 53.79 17.59

1996-97 9.14 19.18 38.50 7.18

1997-98 8.92 10.89 32.05 2.26

1998-99 7.56 7.26 28.93 3.73

1999-00 7.91 8.16 25.08 16.37

2000-01 7.85 7.82 15.64 9.16

2001-02 6.82 6.15 12.00 2.90

2002-03 7.85 7.64 11.89 3.60

2003-04 7.61 12.70 16.24 4.20

2004-05 15.40 16.59 20.69 3.94

2005-06 15.70 15.80 23.52 4.02

APPENDIX LXII

Fixed assets turnover ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 2.69 4.59 4.68 5.01

1996-97 2.65 4.17 4.76 4.59

1997-98 2.64 3.38 4.70 1.39

1998-99 2.36 2.86 3.72 0.17

1999-00 2.34 2.69 3.18 0.32

2000-01 2.23 2.36 2.42 0.28

2001-02 1.69 1.97 2.20 0.07

2002-03 1.48 1.99 2.02 1.28

2003-04 1.17 2.37 2.43 2.42

2004-05 1.81 2.91 2.77 2.18

2005-06 1.60 3.27 2.95 2.16

APPENDIX LXIII

Working capital turnover ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo

Motors

India Ltd

1995-96 6.42 5.21 -9.51 32.44

1996-97 4.77 4.20 60.22 0.21

1997-98 4.67 4.18 39.13 0.67

1998-99 5.00 5.64 9.80 0.81

1999-00 6.45 5.42 15.60 8.57

2000-01 9.29 7.17 9.07 3.92

2001-02 8.94 13.03 14.10 4.56

2002-03 7.22 -77.98 6.89 3.81

2003-04 10.59 20.13 23.22 4.01

2004-05 73.93 21.60 8.75 4.21

2005-06 -27.74 16.50 10.63 3.69

APPENDIX LXIV

Current ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 1.56 1.09 1.17 0.90

1996-97 1.39 1.10 1.25 0.89

1997-98 1.40 0.99 1.60 1.06

1998-99 1.41 0.98 1.55 1.02

1999-00 1.34 1.00 1.46 0.89

2000-01 1.32 1.05 1.40 0.86

2001-02 1.19 1.04 1.18 0.65

2002-03 1.02 0.91 0.94 0.47

2003-04 0.92 0.91 0.79 0.39

2004-05 0.87 0.89 0.76 0.36

2005-06 0.83 0.89 0.84 0.42

APPENDIX LXV

Liquidity ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 1.18 3.25 0.68 0.40

1996-97 1.14 2.65 1.04 0.59

1997-98 1.25 2.30 1.58 0.64

1998-99 1.32 2.33 1.08 0.73

1999-00 1.21 2.76 1.09 0.54

2000-01 1.23 1.96 1.07 0.47

2001-02 1.09 1.76 0.90 0.49

2002-03 1.00 1.71 0.57 0.57

2003-04 0.80 0.90 0.05 0.40

2004-05 0.85 0.52 0.55 0.23

2005-06 0.73 0.53 0.51 0.38

APPENDIX LXVI

Debt -equity ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 0.16 0.05 0.45 0.57

1996-97 0.13 0.06 0.44 0.67

1997-98 0.12 0.06 0.64 0.55

1998-99 0.13 0.06 0.86 0.35

1999-00 0.14 0.07 0.67 0.19

2000-01 0.17 0.06 0.66 0.11

2001-02 0.21 0.06 0.59 0.14

2002-03 0.24 0.06 0.39 0.16

2003-04 0.27 0.05 0.24 0.15

2004-05 0.29 0.05 0.24 0.14

2005-06 0.30 0.05 0.40 0.11

APPENDIX LXVII

Fixed assets to net worth ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 0.84 0.13 1.61 1.50

1996-97 0.76 0.16 1.47 1.95

1997-98 0.74 0.17 1.34 1.44

1998-99 0.64 0.20 1.90 1.28

1999-00 0.64 0.19 1.27 1.13

2000-01 0.94 0.21 1.73 1.01

2001-02 0.89 0.20 2.08 1.04

2002-03 0.81 0.19 1.91 0.91

2003-04 0.73 0.18 2.02 0.81

2004-05 1.51 0.16 1.90 1.35

2005-06 1.65 0.15 1.48 1.36

APPENDIX LXVIII

Interest coverage ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 60.39 19.59 13.59 8.13

1996-97 92.36 83.62 16.11 8.44

1997-98 82.33 679.00 6.08 14.85

1998-99 163.36 332.57 6.28 29.74

1999-00 214.25 194.35 6.36 61.43

2000-01 45.97 4.70 4.56 149.99

2001-02 176.39 47.71 5.59 460.85

2002-03 704.80 164.50 18.90 512.31

2003-04 1022.34 -27.50 21.83 139.91

2004-05 1622.01 0.00 20.32 631.70

2005-06 4648.62 0.00 8.16 484.64

APPENDIX LXIX

Inventory turnover ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 11.45 46.76 11.84 9.45

1996-97 13.95 29.09 14.59 11.97

1997-98 13.53 15.14 17.85 14.46

1998-99 17.17 12.66 18.28 13.12

1999-00 16.89 12.21 25.96 14.72

2000-01 13.88 13.09 13.45 17.23

2001-02 19.17 23.24 14.72 23.70

2002-03 24.67 20.52 17.15 26.90

2003-04 26.53 9.57 15.15 34.68

2004-05 30.78 9.46 14.76 43.81

2005-06 34.48 5.51 12.63 46.82

APPENDIX LXX

Debtors turnover ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 26.45 28.55 26.57 38.72

1996-97 25.02 19.20 26.32 33.49

1997-98 23.48 17.25 25.17 39.10

1998-99 20.62 31.65 29.16 50.90

1999-00 18.50 32.89 34.73 76.55

2000-01 23.48 24.39 18.61 85.15

2001-02 26.01 12.82 22.88 62.89

2002-03 26.15 9.62 44.85 42.30

2003-04 36.18 12.60 62.63 72.83

2004-05 42.32 10.32 72.63 128.94

2005-06 35.86 7.03 76.35 81.97

APPENDIX LXXI

Fixed assets turnover ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 2.59 19.08 5.39 4.58

1996-97 2.50 17.84 5.16 3.83

1997-98 2.18 13.25 4.71 4.15

1998-99 2.15 12.41 3.68 4.46

1999-00 1.97 10.71 5.52 5.14

2000-01 1.60 6.61 3.10 5.68

2001-02 1.66 3.68 3.44 6.77

2002-03 1.85 1.95 4.21 6.84

2003-04 2.04 1.24 3.36 6.85

2004-05 2.41 1.08 2.75 8.51

2005-06 3.04 0.83 2.80 7.83

APPENDIX LXXII

Working capital turnover ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 7.29 7.39 48.92 62.45

1996-97 8.41 44.54 15.11 185.04

1997-98 5.75 85.45 9.21 32.87

1998-99 5.27 48.27 16.00 -82.86

1999-00 5.86 33.25 14.44 -48.97

2000-01 6.13 17.88 13.01 -47.65

2001-02 12.37 -122.47 19.74 -12..62

2002-03 22.26 -11.77 440.07 -7.98

2003-04 -1.99 -7.91 -116.05 -7.76

2004-05 -19.08 -7.00 -22.96 8.29

2005-06 -11.04 -62.26 -46.48 11.72

APPENDIX V

Operating profit margin ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 16.70 13.07 14.39 14.72

1996-97 11.04 10.82 14.66 12.17

1997-98 9.93 8.36 15.25 11.18

1998-99 8.83 8.05 14.71 10.53

1999-00 7.74 10.65 15.29 11.23

2000-01 7.38 5.89 9.39 7.55

2001-02 8.66 -4.46 11.70 5.30

2002-03 10.22 6.89 13.95 10.35

2003-04 9.51 7.32 11.97 9.60

2004-05 8.68 7.87 15.42 10.66

2005-06 8.05 6.70 18.78 11.18

APPENDIX VI

Net profit margin ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 5.32 6.26 7.94 6.51

1996-97 2.81 3.96 8.11 4.96

1997-98 2.60 1.51 8.14 4.08

1998-99 1.77 -0.25 8.59 3.37

1999-00 2.40 -0.72 9.28 3.65

2000-01 0.97 -6.18 5.06 -0.05

2001-02 2.08 -3.22 6.61 1.82

2002-03 3.88 -4.33 6.78 2.11

2003-04 4.06 -3.68 15.16 5.18

2004-05 4.21 -1.43 6.40 3.06

2005-06 1.46 -3.13 6.42 1.58

APPENDIX VII

Return on assets

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 15.08 18.32 21.96 18.45

1996-97 10.21 11.71 21.19 14.04

1997-98 7.12 10.61 19.27 12.33

1998-99 4.28 5.47 19.24 9.66

1999-00 6.90 1.99 21.68 10.19

2000-01 5.79 -7.16 14.45 4.36

2001-02 7.97 -2.07 20.50 8.80

2002-03 22.47 -0.69 22.66 14.81

2003-04 20.55 -1.99 21.43 13.33

2004-05 19.04 -12.03 15.85 7.62

2005-06 4.57 1.44 15.53 7.18

APPENDIX VIII

Return on net worth

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 30.41 32.69 32.69 31.93

1996-97 27.66 19.44 34.16 27.09

1997-98 19.42 17.84 31.10 22.79

1998-99 9.19 6.86 30.27 15.44

1999-00 12.32 0.62 38.02 16.99

2000-01 12.61 -16.24 18.87 5.08

2001-02 16.14 2.64 26.20 14.99

2002-03 32.50 3.51 31.84 22.62

2003-04 32.56 9.91 28.76 23.74

2004-05 33.67 0.69 25.60 19.99

2005-06 24.73 13.06 24.68 20.82

APPENDIX IX

Return on capital employed

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 23.76 33.75 42.09 33.20

1996-97 22.37 26.29 41.99 30.22

1997-98 14.86 22.44 35.03 24.11

1998-99 12.69 14.06 32.33 19.69

1999-00 14.42 9.44 42.24 22.03

2000-01 16.36 0.05 23.60 13.34

2001-02 20.23 3.23 33.36 18.94

2002-03 35.90 5.11 40.75 27.25

2003-04 43.34 11.38 35.37 30.03

2004-05 36.48 15.50 32.07 28.02

2005-06 22.46 15.25 30.47 22.73

APPENDIX X

Earnings per share

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 11.20 87.41 27.41 42.01

1996-97 12.36 101.81 32.44 48.87

1997-98 5.15 129.28 29.50 54.66

1998-99 2.82 103.38 30.91 45.70

1999-00 4.66 66.81 40.16 37.21

2000-01 5.63 2.59 16.37 8.20

2001-02 5.86 21.96 25.31 17.71

2002-03 12.49 4.18 32.23 16.30

2003-04 18.14 23.73 28.43 23.43

2004-05 19.26 19.08 31.16 23.17

2005-06 32.99 18.98 41.38 31.12

APPENDIX XI

Dividend per share

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 25.00 18.75 50.50 31.42

1996-97 35.00 20.00 52.50 35.83

1997-98 18.75 21.25 47.50 29.17

1998-99 13.75 21.25 61.25 32.08

1999-00 22.50 20.00 75.00 39.17

2000-01 18.75 13.75 80.00 37.50

2001-02 23.75 20.00 260.00 101.25

2002-03 42.50 21.25 291.50 118.42

2003-04 65.00 30.00 350.00 148.33

2004-05 85.00 42.50 351.25 159.58

2005-06 86.25 42.50 393.75 174.17

APPENDIX XII

Dividend payout ratio

Year Commercial

Vehicles

Passenger Cars

and Multiutility

Vehicles

Two and

Three

Wheelers

Industry

average

1995-96 17.26 13.58 19.68 16.84

1996-97 22.76 14.33 15.48 17.52

1997-98 41.25 14.08 16.24 23.86

1998-99 43.87 8.25 18.16 23.43

1999-00 51.26 8.32 17.85 25.81

2000-01 27.06 12.60 45.73 28.46

2001-02 30.94 23.12 43.59 32.55

2002-03 35.77 19.19 57.04 37.33

2003-04 36.27 9.23 62.39 35.96

2004-05 37.46 9.32 56.48 34.42

2005-06 38.22 21.14 57.03 38.80

APPENDIX XIII

Operating profit margin ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher

Motors Ltd

Swaraj

Mazda Ltd

1995-96 14.03 14.28 9.43 5.37

1996-97 14.29 14.92 8.16 6.77

1997-98 12.12 13.90 5.96 7.72

1998-99 11.31 10.96 7.06 5.98

1999-00 11.64 07.24 7.82 4.26

2000-01 12.08 04.27 8.05 5.11

2001-02 12.71 08.14 8.42 5.35

2002-03 11.80 11.16 11.32 6.59

2003-04 11.11 12.38 7.91 6.65

2004-05 10.12 11.51 6.52 6.58

2005-06 9.99 12.11 5.03 5.05

APPENDIX XIV

Net profit margin ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 5.53 6.85 4.16 4.75

1996-97 4.96 0.01 2.66 3.62

1997-98 0.89 4.11 3.94 1.44

1998-99 0.96 1.52 1.68 2.93

1999-00 2.93 0.82 1.33 4.51

2000-01 3.43 -6.31 1.48 5.29

2001-02 3.42 -0.62 2.02 3.48

2002-03 3.85 2.84 3.48 5.36

2003-04 4.86 5.34 3.87 2.15

2004-05 4.69 5.89 2.66 3.59

2005-06 4.50 5.34 -6.40 2.40

APPENDIX XV

Return on assets (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj

Mazda Ltd

1995-96 5.89 14.82 15.24 24.35

1996-97 5.51 13.12 12.04 10.15

1997-98 0.79 4.51 4.69 18.49

1998-99 0.98 1.51 8.92 05.71

1999-00 3.74 1.19 15.97 06.68

2000-01 4.36 -9.33 19.90 08.24

2001-02 4.81 -1.13 16.42 11.79

2002-03 7.17 7.46 29.49 45.74

2003-04 12.75 16.79 8.98 43.69

2004-05 11.31 18.02 16.40 30.42

2005-06 13.15 14.94 -19.16 9.33

APPENDIX XVI

Return on networth (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj

Mazda Ltd

1995-96 11.60 27.63 39.50 42.90

1996-97 12.04 25.15 27.69 45.75

1997-98 0.59 7.96 08.03 61.11

1998-99 0.62 -0.26 15.64 20.76

1999-00 7.16 -4.98 27.37 19.74

2000-01 8.10 -14.28 32.14 24.48

2001-02 8.53 -0.29 23.99 32.34

2002-03 12.37 11.86 43.51 62.24

2003-04 19.75 26.20 23.37 60.90

2004-05 25.02 32.12 27.51 50.03

2005-06 25.86 31.36 14.28 27.41

APPENDIX XVII

Return on capital employed (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher

Motors Ltd

Swaraj

Mazda Ltd

1995-96 13.62 30.95 28.57 21.91

1996-97 14.26 26.99 24.70 23.52

1997-98 07.90 11.94 13.39 26.19

1998-99 07.43 06.45 17.54 19.33

1999-00 11.15 04.60 24.35 17.56

2000-01 11.29 -0.16 27.26 27.04

2001-02 12.47 06.95 30.54 30.97

2002-03 14.99 18.64 52.56 57.41

2003-04 22.00 33.77 32.52 85.05

2004-05 22.04 32.76 25.63 65.47

2005-06 24.07 31.25 9.39 25.15

APPENDIX XVIII

Earnings per share (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher

Motors Ltd

Swaraj

Mazda Ltd

1995-96 9.51 21.92 6.18 7.20

1996-97 10.01 29.01 5.74 4.70

1997-98 1.45 10.97 1.80 6.36

1998-99 1.60 3.48 3.75 2.44

1999-00 6.21 2.23 7.71 2.49

2000-01 7.30 0.00 11.56 3.65

2001-02 7.76 0.00 9.24 6.45

2002-03 9.47 8.87 18.28 13.35

2003-04 15.32 21.93 16.17 19.12

2004-05 2.14 32.44 20.39 22.05

2005-06 2.50 37.59 76.65 15.23

APPENDIX XIX

Dividend per share (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj

Mazda Ltd

1995-96 40.00 60.00 0.00 0.00

1996-97 50.00 80.00 10.00 0.00

1997-98 10.00 55.00 10.00 0.00

1998-99 10.00 30.00 15.00 0.00

1999-00 35.00 25.00 20.00 10.00

2000-01 40.00 0.00 20.00 15.00

2001-02 45.00 0.00 25.00 25.00

2002-03 50.00 40.00 35.00 4500

2003-04 75.00 80.00 35.00 70.00

2004-05 100.00 125.00 40.00 75.00

2005-06 120.00 135.00 40.00 55.00

APPENDIX XX

Dividend payout ratio (Commercial Vehicles)

Year Ashok

Leyland Ltd

Tata Motors

Ltd

Eicher Motors

Ltd

Swaraj Mazda

Ltd

1995-96 42.07 26.98 0.00 0.00

1996-97 47.60 26.31 17.12 0.00

1997-98 64.58 47.77 52.63 0.00

1998-99 58.37 78.76 38.36 0.00

1999-00 58.02 89.83 25.22 36.97

2000-01 51.89 0.00 17.00 39.35

2001-02 58.01 0.00 27.06 38.70

2002-03 49.46 42.62 18.69 32.31

2003-04 46.08 34.81 29.24 34.95

2004-05 49.41 38.75 26.23 35.43

2005-06 51.03 37.43 28.01 36.42

APPENDIX XXI

Operating profit margin ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo Motors

India Ltd

1995-96 10.00 13.63 14.58 14.06

1996-97 09.93 13.53 13.90 05.92

1997-98 10.13 13.98 14.94 -05.63

1998-99 05.92 13.52 13.17 -0.40

1999-00 04.90 14.31 07.06 16.31

2000-01 01.56 08.92 01.44 11.65

2001-02 03.90 08.94 05.92 -36.61

2002-03 05.21 10.75 06.98 04.61

2003-04 -0.40 11.67 12.64 05.38

2004-05 2.54 12.27 13.48 3.19

2005-06 -3.40 12.00 13.93 4.27

APPENDIX XXII

Net profit margin ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo Motors

India Ltd

1995-96 4.07 6.11 6.55 8.30

1996-97 3.11 6.01 6.33 0.38

1997-98 3.03 6.37 7.78 -11.14

1998-99 -1.91 5.68 6.29 -11.07

1999-00 -3.39 6.13 3.48 -09.09

2000-01 -7.07 2.82 -3.22 -17.24

2001-02 -2.84 2.61 1.16 -113.79

2002-03 -2.78 3.27 1.44 -19.23

2003-04 -9.63 5.98 5.50 -16.56

2004-05 -4.53 6.54 6.40 -14.11

2005-06 -10.51 5.59 8.06 -15.65

APPENDIX XXIII

Return on assets (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo Motors

India Ltd

1995-96 9.32 12.86 31.15 19.95

1996-97 6.43 10.02 30.27 0.11

1997-98 5.29 09.60 28.67 -1.13

1998-99 -3.34 07.96 18.19 -0.95

1999-00 -7.97 9.36 9.52 -2.95

2000-01 -19.82 4.05 -7.78 -5.07

2001-02 -6.52 3.56 3.24 -8.56

2002-03 -5.68 5.45 3.74 -6.26

2003-04 -18.67 13.97 2.00 -5.26

2004-05 -65.26 16.41 7.82 -7.12

2005-06 -23.26 13.44 21.81 -6.20

APPENDIX XXIV

Return on networth (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo Motors

India Ltd

1995-96 25.36 20.35 50.14 34.92

1996-97 16.71 20.91 39.41 0.74

1997-98 14.97 20.95 35.45 0.00

1998-99 -10.79 16.28 21.95 0.00

1999-00 -29.53 15.13 11.93 0.00

2000-01 -61.22 05.95 -09.70 0.00

2001-02 0.00 6.64 03.91 0.00

2002-03 0.00 9.57 04.47 0.00

2003-04 0.00 21.03 18.59 0.00

2004-05 -46.14 27.47 21.42 0.00

2005-06 0.00 28.03 24.19 0.00

APPENDIX XXV

Return on capital employed (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi Udyog

Ltd

Daewoo Motors

India Ltd

1995-96 20.52 28.03 65.24 21.20

1996-97 18.42 24.38 59.96 02.42

1997-98 16.37 19.38 54.03 0.00

1998-99 07.17 15.05 34.03 0.00

1999-00 05.77 17.41 14.60 0.00

2000-01 -2.78 8.38 -05.44 0.00

2001-02 0.00 7.28 05.63 0.00

2002-03 0.00 11.34 09.10 0.00

2003-04 0.00 20.06 25.45 0.00

2004-05 3.54 27.16 31.28 0.00

2005-06 0.00 26.33 34.68 0.00

APPENDIX XXVI

Earnings per share (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi Udyog

Ltd

Daewoo Motors

India Ltd

1995-96 4.75 16.51 323.27 5.41

1996-97 3.56 20.06 383.57 0.06

1997-98 3.56 23.77 489.99 0.00

1998-99 000 21.51 391.99 0.00

1999-00 0.00 23.24 243.99 0.00

2000-01 0.00 10.35 0.00 0.00

2001-02 0.00 08.85 78.99 0.00

2002-03 0.00 11.84 04.88 0.00

2003-04 0.00 28.89 18.56 0.00

2004-05 3.54 27.16 31.28 0.00

2005-06 0.00 26.33 34.68 0.00

APPENDIX XXVII

Dividend per share (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi Udyog

Ltd

Daewoo Motors

India Ltd

1995-96 10.00 45.00 20.00 0.00

1996-97 10.00 50.00 20.00 0.00

1997-98 0.00 55.00 30.00 0.00

1998-99 0.00 55.00 30.00 0.00

1999-00 0.00 55.00 25.00 0.00

2000-01 0.00 55.00 0.00 0.00

2001-02 0.00 50.00 30.00 0.00

2002-03 0.00 55.00 30.00 0.00

2003-04 0.00 90.00 30.00 0.00

2004-05 0.00 130.00 40.00 0.00

2005-06 0.00 100.00 70.00 0.00

APPENDIX XXVIII

Dividend payout ratio (Passenger Cars and Multiutility Vehicles)

Year Hindustan

Motors Ltd

Mahindra and

Mahindra Ltd

Maruthi

Udyog Ltd

Daewoo Motors

India Ltd

1995-96 21.77 26.26 6.30 0.00

1996-97 27.54 24.32 5.45 0.00

1997-98 27.31 22.72 6.27 0.00

1998-99 0.00 24.87 8.11 0.00

1999-00 0.00 23.06 10.21 0.00

2000-01 0.00 50.41 0.00 0.00

2001-02 0.00 54.74 37.73 0.00

2002-03 0.00 43.84 32.92 0.00

2003-04 0.00 29.96 6.96 0.00

2004-05 0.00 30.17 7.12 0.00

2005-06 0.00 32.17 10.11 0.00

APPENDIX XXIX

Operating profit margin ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 24.20 11.92 11.92 9.52

1996-97 25.00 11.19 12.10 9.26

1997-98 25.41 09.15 12.75 11.34

1998-99 26.63 08.24 14.24 11.90

1999-00 25.39 08.03 11.88 13.55

2000-01 22.25 11.26 13.23 14.41

2001-02 14.37 01.67 8.15 13.36

2002-03 18.71 04.60 6.76 16.73

2003-04 20.12 07.67 9.39 18.61

2004-05 20.95 02.27 9.35 17.72

2004-05 19.37 19.29 7.79 15.22

2005-06 20.67 32.16 7.11 15.17

APPENDIX XXX

Net profit margin ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 15.27 6.63 5.69 4.17

1996-97 13.69 5.58 6.57 6.58

1997-98 13.68 5.57 6.63 6.69

1998-99 14.43 5.56 6.25 8.12

1999-00 13.57 8.41 6.83 8.31

2000-01 8.39 0.54 3.46 7.85

2001-02 10.58 3.47 2.45 9.94

2002-03 11.66 0.96 4.00 10.49

2003-04 12.88 4.57 4.23 11.16

2004-05 9.69 5.46 2.51 7.92

2005-06 11.50 3.59 2.42 8.15

APPENDIX XXXI

Return on assets (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 25.72 14.08 30.42 17.61

1996-97 21.90 12.80 28.73 21.31

1997-98 18.17 11.22 21.34 26.35

1998-99 16.67 11.44 17.14 31.70

1999-00 13.60 15.34 20.01 37.78

2000-01 9.63 0.67 10.66 36.86

2001-02 12.60 2.42 10.89 56.07

2002-03 13.64 0.35 22.87 53.79

2003-04 14.92 1.00 20.26 49.56

2004-05 11.87 0.95 10.40 40.17

2005-06 15.81 0.43 8.47 37.43

APPENDIX XXXII

Return on networth (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 33.73 15.91 50.56 30.55

1996-97 27.81 14.91 51.11 42.79

1997-98 23.93 12.43 43.79 44.26

1998-99 22.43 12.96 37.86 47.82

1999-00 17.03 16.75 66.98 51.30

2000-01 10.33 0.69 18.63 45.82

2001-02 15.94 2.55 15.89 70.41

2002-03 17.63 0.36 34.29 75.09

2003-04 21.10 1.05 27.76 65.11

2004-05 19.59 3.60 17.62 61.58

2005-06 24.74 4.16 14.36 55.46

APPENDIX XXXIII

Return on capital employed (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 41.96 24.71 66.03 35.66

1996-97 38.17 21.57 59.86 38.37

1997-98 32.07 16.16 47.41 44.49

1998-99 28.12 16.58 31.36 53.29

1999-00 20.12 20.63 62.08 66.15

2000-01 9.94 0.84 18.75 64.86

2001-02 18.03 1.97 18.59 94.84

2002-03 20.88 1.90 41.04 99.22

2003-04 21.89 -0.31 36.68 83.21

2004-05 21.63 2.76 22.84 81.04

2005-06 27.27 3.45 18.43 72.75

APPENDIX XXXIV

Earnings per share (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 52.53 28.69 15.22 13.19

1996-97 54.35 27.20 23.19 25.03

1997-98 38.08 12.69 29.26 37.96

1998-99 44.39 14.77 34.77 29.70

1999-00 50.13 21.71 44.81 46.99

2000-01 25.13 1.97 26.31 12.06

2001-02 51.50 4.66 22.42 22.67

2002-03 51.42 0.22 54.49 26.78

2003-04 69.09 5.04 5.65 33.91

2004-05 72.28 8.99 5.61 37.75

2005-06 103.27 11.68 4.74 45.84

APPENDIX XXXV

Dividend per share (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 100 40 30 32

1996-97 100 40 35 35

1997-98 80 20 50 40

1998-99 80 20 70 75

1999-00 100 20 80 100

2000-01 80 10 80 150

2001-02 140 10 90 850

2002-03 140 6 120 900

2003-04 250 20 130 1000

2004-05 250 25 130 1000

2005-06 400 45 130 1000

APPENDIX XXXVI

Dividend payout ratio (Two and Three Wheelers)

Year Bajaj Auto

Ltd

Maharastra

Scooters Ltd

TVS Motors

Ltd

Hero Honda

Ltd

1995-96 19.20 15.57 19.71 24.24

1996-97 18.42 14.79 14.85 13.84

1997-98 22.13 15.57 16.84 10.43

1998-99 18.77 13.38 19.71 20.77

1999-00 23.74 8.75 17.55 21.37

2000-01 26.83 102.70 29.32 24.06

2001-02 32.30 27.34 38.26 76.45

2002-03 25.45 113.33 22.25 67.14

2003-04 36.07 129.88 22.76 61.35

2004-05 35.82 105.18 24.16 60.75

2005-06 34.13 112.13 23.17 58.67

APPENDIX LXXIII

Altman Z Score of Ashok Leyland Ltd

Year X1 X2 X3 X4 X5 Z Score

1995 - 96 58.7 11.3 12.1 13.4 1.07 2.41

1996 - 97 60.4 11.6 13.0 10.1 1.11 2.49

1997 - 98 59.4 9.3 8.2 -9.5 1.14 2.20

1998 - 99 50.8 8.4 8.6 12.4 1.02 2.10

1999 - 00 49.2 8.5 10.9 12.3 1.28 2.30

2000 - 01 48.7 8.7 11.1 12.7 1.27 2.42

2001 - 02 41.3 9.1 12.9 13.4 1.40 2.53

2002 - 03 34.6 8.5 15.8 16.6 1.86 3.01

2003 - 04 29.7 8.6 22.8 23.8 2.62 3.99

2004 - 05 40.1 7.9 18.8 13.5 2.38 2.59

2005 - 06 30.6 8.1 23.3 17.6 2.93 5.24

X1 -Working capital to total assets; X2 - Net operating profit to net sales

X3- Earnings before interest and taxes to total assets

X4- Market value of equity to book value of debt; X5 -Sales to total assets

Source: Computed

APPENDIX LXXIV

Altman Z Score of Tata Motors Ltd


1995 - 96 26.3 12.1 26.3 18.9 2.16 3.62

1996 - 97 41.3 12.8 21.8 10.1 1.70 3.15

1997 - 98 34.3 10.2 11.3 7.7 1.10 2.07

1998 - 99 21.5 8.3 8.3 7.4 0.99 1.68

1999 - 00 13.2 6.3 9.2 8.5 1.46 2.06

2000 - 01 2.70 -0.1 -0.2 8.5 1.48 1.56

2001 - 02 2.10 3.5 6.4 13.9 1.82 2.19

2002 - 03 -15.3 7.7 20.4 21.5 2.63 3.36

2003 - 04 -30.6 9.8 31.0 28.0 3.14 3.59

2004 - 05 -0.3 9.3 28.3 14.5 3.05 4.20

2005 - 06 10.9 9.9 27.7 11.2 2.79 4.03




Source: Computed

APPENDIX LXXV

Altman Z Score of Eicher Motors Ltd


1995 - 96 52.5 8.2 26.5 45.5 3.21 5.01

1996 - 97 56.8 6.8 22.7 39.7 3.33 5.09

1997 - 98 42.6 4.5 14.7 59.7 3.26 4.67

1998 - 99 37.1 5.5 16.9 56.1 3.05 4.47

1999 - 00 29.0 6.4 22.9 55.9 3.54 5.07

2000 - 01 19.6 6.6 25.1 56.3 3.77 5.26

2001 - 02 -18.0 6.6 31.3 48.4 4.72 5.91

2002 - 03 -21.9 9.0 49.6 76.5 3.50 5.97

2003 - 04 11.8 5.2 21.8 10.2 4.18 5.17

2004 - 05 4.7 4.3 25.3 20.3 5.89 8.01

2005 - 06 7.9 11.6 34.7 15.8 2.98 5.24




Source: Computed

APPENDIX LXXVI

Altman Z Score of Swaraj Mazda Ltd


1995 - 96 60.7 6.3 37.4 33.2 5.85 8.09

1996 - 97 73.4 6.1 23.5 23.7 3.82 5.70

1997 - 98 62.7 7.0 33.0 41.9 0.21 2.40

1998 - 99 71.1 5.1 17.5 33.6 3.41 4.84

1999 - 00 70.5 3.5 18.0 38.3 5.01 6.72

2000 - 01 69.0 4.5 25.4 33.8 5.57 7.41

2001 - 02 70.5 4.8 28.5 36.8 5.85 7.92

2002 - 03 42.5 6.1 35.0 36.4 5.16 7.12

2003 - 04 62.2 6.2 30.8 9.5 5.30 7.18

2004 - 05 75.3 6.2 51.2 44.4 8.46 13.78

2005 - 06 87.4 4.6 18.2 9.2 3.89 11.03




Source: Computed

APPENDIX LXXVII

Altman Z Score of Hindustan Motors Ltd


1995 - 96 35.72 8.26 18.93 37.04 2.29 3.68

1996 - 97 43.34 8.00 16.51 31.79 2.07 3.44

1997 - 98 37.39 8.21 14.33 23.79 1.75 2.33

1998 - 99 34.98 3.74 6.55 18.26 1.75 2.55

1999 - 00 35.59 2.53 5.81 17.64 2.29 3.05

2000 - 01 30.16 4.82 13.51 41.63 2.80 3.92

2001 - 02 25.72 0.53 1.23 45.20 2.30 2.93

2002 - 03 28.26 1.33 0.27 42.36 2.04 2.66

2003 - 04 18.31 -5.20 10.08 43.19 1.94 2.68

2004 - 05 6.07 11.17 15.17 97.04 4.49 5.80

2005 - 06 -7.90 -5.11 11.20 100.16 2.19 3.00




Source: Computed

APPENDIX LXXVIII

Altman Z Score of Mahindra and Mahindra Ltd


1995 - 96 27.09 12.09 28.75 26.94 2.11 3.71

1996 - 97 32.03 11.73 19.58 9.90 1.67 2.92

1997 - 98 36.10 11.46 17.27 7.74 1.51 2.72

1998 - 99 33.52 10.73 15.04 7.05 1.40 2.49

1999 - 00 27.02 11.44 17.47 11.58 1.44 2.57

2000 - 01 26.40 5.64 8.10 9.74 1.44 3.75

2001 - 02 18.87 5.00 6.83 8.42 1.37 1.94

2002 - 03 12.79 7.03 11.72 10.18 1.67 2.37

2003 - 04 0.30 8.84 20.64 15.90 2.34 3.27

2004 - 05 11.52 9.84 24.49 10.67 2.49 3.64

2005 - 06 14.52 12.40 29.70 26.42 2.39 3.88




Source: Computed

APPENDIX LXXIX

Altman Z Score of Maruthi Udyog Ltd


1995 - 96 50.02 12.26 58.33 42.66 4.76 6.45

1996 - 97 7.94 11.54 55.22 155.22 3.78 6.79

1997 - 98 9.42 12.65 46.63 158.22 2.69 5.47

1998 - 99 29.56 10.71 30.96 136.81 2.89 5.23

1999 - 00 17.57 4.78 18.07 24.23 2.74 3.76

2000 - 01 26.65 2.16 -5.23 11.89 2.42 3.01

2001 - 02 19.88 2.15 6.02 20.17 2.80 3.39

2002 - 03 37.64 3.72 9.66 31.69 2.59 3.97

2003 - 04 12.53 7.22 21.02 46.33 2.91 4.13

2004 - 05 26.76 10.05 28.61 46.98 2.84 4.53

2005 - 06 30.51 12.12 32.05 201.53 2.67 5.47




Source: Computed

APPENDIX LXXX

Altman Z Score of Daewoo Motors India Ltd


1995 - 96 7.40 12.82 30.81 72.16 2.40 4.12

1996 - 97 23.60 4.53 1.29 20.09 0.28 0.79

1997 - 98 15.19 -0.99 -0.10 16.69 0.10 0.37

1998 - 99 10.38 -5.29 -0.45 13.87 0.09 0.21

1999 - 00 3.78 -0.07 -0.02 15.14 0.32 0.45

2000 - 01 7.49 -5.80 -1.70 14.54 0.29 0.33

2001 - 02 1.65 -3.44 -0.26 14.16 0.08 0.13

2002 - 03 2.52 -2.96 -0.16 16.12 0.12 0.20

2003 - 04 1.86 -2.46 -0.92 14.18 0.26 0.30

2004 - 05 1.76 -1.97 -0.86 13.17 0.28 0.32

2005 - 06 2.11 -3.20 0.94 15.26 0.29 0.39




Source: Computed

APPENDIX LXXXI

Altman Z Score of Baja Auto Ltd


1995 - 96 23.09 22.28 37.53 38.81 1.68 3.74

1996 - 97 19.02 21.68 34.68 37.21 1.60 3.41

1997 - 98 23.13 22.08 29.35 46.24 1.33 3.16

1998 - 99 21.96 21.63 25.01 34.14 1.16 2.76

1999 - 00 17.10 22.35 22.38 24.09 1.00 1.74

2000 - 01 18.74 8.24 9.46 19.70 1.15 1.19

2001 - 02 9.64 17.07 20.34 16.16 1.19 2.31

2002 - 03 5.25 16.53 19.34 12.04 1.17 2.17

2003 - 04 -5.81 17.65 20.45 10.06 1.16 2.07

2004 - 05 -6.42 16.55 20.27 8.25 1.22 2.06

2005 - 06 -12.44 18.44 25.34 6.90 1.37 2.43




Source: Computed

APPENDIX LXXXII

Altman Z Score of Maharastra Scooter Ltd


1995 - 96 28.73 0.55 1.77 115.35 2.12 3.22

1996 - 97 5.15 0.10 0.24 67.49 2.30 2.77

1997 - 98 2.36 0.01 0.02 176.66 2.01 3.01

1998 - 99 4.26 0.02 0.05 107.52 2.06 2.76

1999 - 00 5.48 0.05 0.10 110.22 1.82 2.55

2000 - 01 6.98 0.14 0.18 149.41 1.25 2.24

2001 - 02 -0.57 0.06 0.04 109.06 0.70 1.35

2002 - 03 -3.07 0.03 0.01 119.43 0.36 1.04

2003 - 04 -2.77 0.05 0.01 135.11 0.22 0.91

2004 - 05 -2.48 0.15 5.12 125.47 0.17 1.07

2005 - 06 -0.20 0.12 6.77 119.31 0.12 1.06




Source: Computed

APPENDIX LXXXIII

Altman Z Score of TVS Motors India Ltd


1995 - 96 10.94 10.61 56.79 69.35 5.35 7.91

1996 - 97 28.96 11.01 48.18 37.82 4.38 6.69

1997 - 98 34.41 11.89 37.69 16.46 3.17 5.09

1998 - 99 17.15 9.55 26.21 10.01 2.74 4.00

1999 - 00 20.29 10.60 31.04 10.91 2.93 4.41

2000 - 01 23.68 5.75 17.72 9.87 3.08 4.09

2001 - 02 22.47 4.54 20.14 13.84 4.44 5.72

2002 - 03 1.30 6.83 38.98 18.95 5.71 7.22

2003 - 04 -4.12 6.90 33.01 19.96 4.79 6.14

200 4 - 05 -16.71 6.29 24.11 12.71 3.84 4.59

2005 - 06 -6.97 5.08 16.46 6.17 3.24 4.44




Source: Computed

APPENDIX LXXXIV

Altman Z Score of Hero Honda Motors Ltd


1995 - 96 6.76 7.57 31.94 37.31 4.22 5.68

1996 - 97 1.75 9.62 31.16 19.18 3.23 4.53

1997 - 98 11.98 10.25 40.40 22.73 3.90 5.65

1998 - 99 -4.71 12.04 47.02 45.60 4.54 6.47

1999 - 00 -9.28 12.87 58.49 78.18 3.33 4.06

2000 - 01 -9.85 11.97 56.18 60.08 4.69 6.95

2001 - 02 -44.68 15.58 87.87 34.30 3.64 6.42

2002 - 03 -64.62 17.37 89.11 29.74 4.13 6.72

2003 - 04 -57.18 18.42 81.78 22.86 4.44 6.84

2004 - 05 -61.75 14.18 71.92 19.79 5.07 7.00

2005 - 06 -39.19 14.03 64.47 21.50 4.59 6.56




Source: Computed

RANGE OF VEHICLES MADE IN INDIA

INDIAN AUTOMOBILE INDUSTRY

THREE

WHEELERS

MULTI UTILITY

VEHICLES

TWO

WHEELER

PASSENGER

CARS

MOTOR

CYCLES

SCOOTER

MOPEDS

PASSENGER

CARRIERS

GOODS

CARRIERS

COMMERCIAL

VEHICLES

BUSES

TRUCKS

OTHERS …

Market Share of Selected Sectors of Indian Automobile Industry (2004-05)

Category Percentage

Commercial Vehicles 03

Passenger Vehicles 12

Two Wheelers 81

Three Wheelers 04

Total 100

Market Share (2004-05)

81%

12% 3% 4%

Commercial Vehicles Passenger Vehicles

Two Wheelers Three Wheelers

MANUFACTURERS OF VARIOUS VEHICLE CATEGORY IN

INDIA

MEDIUM AND HEAVY COMMERCIAL VEHICLES

Tata Groups (engines in collaboration with Cummins)

Ashoks Leyland (in collaboration with IVECO, Italy)

Volvo India Pvt. Ltd. (wholly-owned subsidiary of Sweden)

Defense Vehicle factory (in collaboration with MAN, Germany)

LIGHT COMMERCIAL VEHICLES

Tata Group

Bajaj Tempo Limited

Eicher Motors Limited

Mahindra and Mahindra

Swaraj Mazda

Hindustan Motors

Ashok Leyland Limited

Daewoo Motors (India) Limited

PASSENGER CARS AND MULTI UTILITY VEHICLES

Maruthi Udyog Ltd.

Hindustan Motors Ltd.

Daewoo Motors (India) Ltd.

Premier Automobile Ltd.

PAL Peugeot Ltd.

General Motors (India) Ltd.

Tata Group

Mahindra and Mahindra Ltd.

Mercedes Benz (India) Ltd.

Ford India Ltd.

Hyundai India Ltd.

Honda SIEL India Ltd.

Toyota India Ltd.

Skoda India Ltd.

TWO AND THREE WHEELERS

Bajaj Auto Ltd.

TVS Suzuki Ltd.

LML Limited

Hero-Honda Motors Ltd.

Yamaha Motors India Ltd.

Kinetic Engineering Ltd.

Maharashtra Scooters Ltd.

Majestic Auto Ltd.

Kinetic-Honda Motors Ltd.

Royal Enfield (India) Ltd.

Scooters (India) Ltd.

Greaves Ltd.

Honda Motorcycle and Scooter India Pvt. Ltd.

Light Commercial Vehicles

Demand: Past & Future

Market Growth Rates

Year No Year Growth Rates (%)

1990 - 91 56 1990-91-1996-97 8.4

1991 - 92 54 1996-97-2001-02 - 4.3

1992 - 93 57 2001-02-2006-07 4.3

1993 - 94 81 2006-07-2011-12 5.0

1994 - 95 100

1995 - 96 137

1996 - 97 91

1997 - 98 71 Sensitivity Coefficient 11.6%

1998 - 99 62

1999 - 00 68

2000 - 01 71

2001 - 02 73

2002 - 03 75 Strategic Alliances

2003 - 04 78

2004 - 05 81 Company Collaboration

2005 - 06 85 Ashok Leyland IVECO, Italy

2006 - 07 90 Bajaj Tempo Mercedez Benz,

2011 - 12 115 Germany

Eicher Mitsubishi, Japan

Market Structure M & M Nissan Motor Co., Japan

Market Segmentation Swaraj Mazda Mazda Motor Co., Japan

Segment Share (%)

North 18

East 9 Lead Players

West 33 Company Share (%)

South 40

Telco 52

Eicher Motors 17

Leading Brands Swaraj Mazda 13

Dyna Clipper, Camter,

Traveller, Chital,

Matador, Cabking,

Standard, Swaraj Mazda

M&M 12

Bajaj Tempo 6

Ashok Leyland 1

Passenger Cars

Demand : Past & Future Market Growth Rates

Year No. Year Growth Rates (%)

1990-91 182 1990-91-1996-97 16.2

1991-92 166 1996-97-2001-02 8.6

1992-93 163 2001-02-2006-07 11.1

1993-94 207 2006-07-2011-12 12.0

1994-95 264

1995-96 375

1996-97 448

1997-98 448 Sensitivity Coefficient 11.7%

1998-99 435

1999-00 662

2000-01 616

2001-02 678 Lead Players

2002-03 745 Company Share (%)

2003 –04 827 Maruti Udyog 61.0

2004-05 918 Hyundai Motor 16.0

2005-06 1028 Telco 10.6

2006-07 1150

Hindustan

Motors

3.0

2011-12 2000 Ford India 2.6

Fiat India 2.5

Deawoo Motors 1.8

Honda Siel 1.8

Market Structure General Motors 1.5

Mercedez Benz 0.3

Market Segmentation

Segment Share (%) Strategic Alliances

Company Collaboration

Hind. Motors Mitsubishi, Japan

MUL Suzuki, Japan

North 43.0 Honda Siel Honda Motor Japan

East 8.0

West 26.0 Leading Brands

South 23.0 Maruti 800, Esteem, Omni, Lancer,

Opel Astra, Opel Corsa, Mrecedez,

E&S class, Uno, Ford, Ikon, Siera,

Wagon R, Baleno, Alto, Zen,

Altura, Opel Swing, Opel Astra

Club, Indica, Sonata, Accord,

Accent, Santro, Honda city, Matiz,

Nexia, Palio, Versa

Over Rs 1.0 mn 0.8

Rs 5,01,000 to Rs 1.0 mn 3.2

Rs 3,01,000 to Rs

5,00,000

49

Under Rs 3,00,000 47


Demand : Past & Future

Year No. Market Growth Rates

1990-91 37 Year Growth Rates

(%)

1991-92 32 1990-91-1996-97 24.4

1992-93 38 1996-97-2001-02 0.4

1993-94 49 2001-02-2006-07 8.2

1994-95 51 2006-07-2011-12 10.0

1995-96 68

1996-97 137

1997-98 137

1998-99 115 Sensitivity Coefficient 5.8%

1999-00 128

2000-01 131

2001-02 140

2002-03 150

2003 –04 162 Product Variation

2004-05 175

2005-06 190 Type Share (%)

2006-07 208 Petrol 7

2011-12 335 Diesel 93

Market Structure

Market Segmentation

Segment Share (%) Lead Players

North 36 Company Share (%)

East 11

West 33 Mahindra & Mahindra 46

South 20 Toyota Kirloskar 24

TELCO 19

Strategic Alliances Maruti Udyog 4

Company Collaboration Baja Tempo 4

Maruti Suzuki Motors, Japan Hindustan Motors 3

M&M Willys Overland Corp.

USA Leading Brands

Mitsubishi, Japan Voyager, trax, Quadro, Qualis,

Armada, Gypsy, Sumo, Pick Up,

Safari, Bolero, Marshal, Sierra, Indo,

Gurkha

Toyota Toyota Motor Co.

Kirloskar Japan

Two and Three Wheelers

Demand : Past & Future Market Growth Rates

Year No. Year Growth Rates (%)

1990-91 1.82 1990-91-1996-97 8.6

1991-92 1.60 1996-97-2001-02 6.4

1992-93 1.50 2001-02-2006-07 7.1

1993-94 1.75 2006-07-2011 -12 8.2

1994-95 2.19

1995-96 2.86 Sensitivity Coefficient 6.2%

1996-97 2.98

1997-98 3.07

1998-99 3.37 Lead Players

1999-00 3.78 Company Share (%)

2000-01 3.83 Total Segment

2001-02 4.06 Hero Honda 33.0

2002-03 4.30 Baja Auto 26.0

2003 –04 4.60 TVS Suzuki 20.0

2004-05 4.92 LML 4.0

2005-06 5.31 Kinetic Motors 3.0

2006-07 5.73 Yamaha 5.0

2011-12 8.50 Majestic Auto 2.0

Royal Enfield 0.5

Honda Motors 1.0

Market Structure Maharashtra Scooters 1.5

Market Segmentation Kinetic Egg. 4.0

Segment Share (%) 4-Stroke

North 32 Hero Honda 72.0

East 9 Bajaj Auto 22.0

West 27 Yamaha 4.0

South 32 Kinetic 2.0

Product Variation Leading Brands

Type Share (%) Bajaj, Super, Chetak, Classic, Bravo,

Legend, Yamaha, Stride, LML, Vespa,

Kawasaki Bajaj, Hero Honda, Kinetic-

Honda, Bullet 350, Shogun, Samurai,

Caliber, Fiero

Scooters 22.3

Motorcycles 66.1

Mopeds 11.6

Documents

APPENDIX I Annual production of selected automobile ...shodhganga.inflibnet.ac.in › bitstream › 10603 › 4832 › 19 › 19_appen… · TVS Motors Company Ltd Hero Honda Motors