Ratio Analysis m&m and Maruti Suzuki (2)

8/10/2019 Ratio Analysis m&m and Maruti Suzuki (2)

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RATIO ANALYSIS


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Objectives of Ratio Analysis

The main objective of ratio analysis is to show a firms relative strengths and weaknesses.

Other objectives of ratio analysis include comparisons for a useful interpretation of

financial statements, finding solutions to unfavorable financial statements and to help take

corrective measures when, in comparison to other similar firms, financial conditions and

performance of the firm are unfavorable. Ratio analysis also determines the financial

condition and financial performance of a firm. Financial ratios are true test of the

profitability, efficiency and financial soundness of the firm. These ratios have following

objectives:

Measuring the profitability: Profitability is the profit earning capacity of the business.

This can be measured by Gross Profit, Net Profit, Expenses and Other Ratios. If these

ratios fall we can take corrective measures.

Determining operational efficiency: Operational efficiency of the business can be

determined by calculating operating / activity ratios.


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Measuring financial position: Short-term and long-term financial position of the

business can be measured by calculating liquidity and solvency ratios. In case of

unhealthy short or long-term position, corrective measures can be taken.

Facilitating comparative analysis: Present performance can be compared with past

performance to discover the plus and minus points. Comparison with the performance

of other competitive firms can also be made.

Indicating overall efficiency: Profit and Loss Account shows the amount of net profit

and Balance Sheet shows the amount of various assets, liabilities and capital. But the

profitability can be known by calculating the financial ratios.

Budgeting and forecasting: Ratio analysis is of much help in financial forecasting and

planning. Ratios calculated for a number of years work as a guide for the future.

Meaningful conclusions can be drawn for future from these ratios.


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INTRODUCTION

Ratio Analysis enables the business owner/manager to spot trends in a business and to

compare its performance and condition with the average performance of similar

businesses in the same industry. To do this compare your ratios with the average of

businesses similar to yours and compare your own ratios for several successive years,

watching especially for any unfavorable trends that may be starting.

Ratio analysis may provide the all-important early warning indications that allow you to

solve your business problems before your business is destroyed by them. The Balance

Sheet and the Statement of Income are essential, but they are only the starting point for

successful financial management. Apply Ratio Analysis to Financial Statements to analyzethe success, failure, and progress of your business.

Importance of financial statement analysis in an organization. In our money-oriented

economy, Finance may be defined as provision of money at the time it is needed. To

everyone responsible for provision of funds, it is problem of securing importance to so

adjust his resources as to provide for a regular outflow of expenditure in face of an

irregular inflow of income.

1. The profit and loss account (Income Statement).

2. The balance sheet


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In companies, these are the two statements that have been prescribed and their contents

have been also been laid down by law in most countries including India.

There has been increasing emphasis on

(a) Giving information to the shareholder in such a manner as to enable them grasp

it easily.

(b) Giving much more information e.g. funds flow statement, again with a view to

facilitating easy understanding and to place a year results in perspective through

comparison with post year results.

(c) The directors report being quite comprehensive to cover the factors that have been

operating and are likely to operate in the near future as regards to the various functions

of production, marketing, finance, labour, government policies, environment in general.

Financial statements are being made use of increasingly by parties like Bank,Governments, Institutions, and Financial Analysis etc. The statement should be

sufficiently informative so as to serve as wide a curia as possible.

The financial statement is prepared by accounts based on the activities that take place in

production and non-production wings in a factory. The accounts convert activities in

monetary terms to the help know the position. Uses of Financial Statement Analysis.

The main uses of accounting statements for; -

Executives: - To formulate policies.

Bankers: - To establish basis for Granting Loans.

Institutions \ Auditors: - To extend Credit facility to business.

Investors: - To assess the prospects of the business and to know whether they can get a

good return on their investment.

Accountants: - To study the statement for comparative purposes.

Government Agencies: - To study from an angle of tax collection duty levee etc.

TYPES OF RATIOS


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Liquidity ratios

Turnover Ratios

Leverage Ratios

Profitability Ratios

1. Liquidity ratios:- Liquidity refers of the ability of a firm to meet its obligation in theshort run, usually one year or when they become duration for payment.

A proper balance between liquidly and profitability is required for efficient Financial

Management.

Liquidity ratios are based on the relationship between current assets the sources for

meeting short-term obligation and current liabilities.

The ratios, which indicate the liquidity of a firm, are: -

A. Current Ratio.

B. Acid test Ratio.

C. Net working capital.

A. Current Ratio.The current Ratio is the ratio of current liabilities it is calculated as:

Current assetsCurrent ratio = - - - - - - - - - - - - - - - - - -

Current Liabilities

The current assets include cash and Bank Balance, Marketable securities, Bills, Receivable,

Inventories, Loans and advances, Advances Payment and prepaid expenses.

The current liabilities include creditors, bills payable bank overdraft short-term loans,

outstanding expense & income tax payable, unclaimed divided and proposed dividend.

The current ratio measures the ability of the firm to meet its current liabilities. The

current assets get converted into cash into the operational cycle of the firm and provide

the fund needed to pay current liabilities. The higher the ratio, to ward off.

B. QUICK RATIO


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The Quick Ratio is sometimes called the "acid-test" ratio and is one of the best measures

of liquidity.

It is figured as shown below:

QUICK RATIO= current assets inventories

Current liabilities bank over draft

The Quick Ratio is a much more exacting measure than the Current Ratio. By excluding

inventories, it concentrates on the really liquid assets, with value that is fairly certain. It

helps answer the question: "If all sales revenues should disappear, could my business

meet its current obligations with the readily convertible `quick' funds on hand?"

An acid-test of 1:1 is considered satisfactory unless the majority of your "quick assets" are

in accounts receivable, and the pattern of accounts receivable collection lags behind the

schedule for paying current liabilities

2. TURN OVER RATIOSTurnover Ratios are also referred to as Activity ratio or Assets Management ratios. This

ratio establishes relationship between the level of activity represented by sales or cost of

goods sold and levels of various assets.

A. INVENTORY TURN OVER RATIO

This Ratio is computed by dividing net sales by inventory Thus,

Net salesInventory Turnover ratio =

----------------

Average Inventory

The numerator of this ratio is the net sales for the year and the denominator is the

Inventory balance at the end of the year.

This ratio is deemed to reflect the efficient the management of inventories and vice

versa. This statement need not be always true.

A low level of inventory may cause a higher inventory turnover ratio. It might be argued

that the inventory turnover ratio may be

Cost of goods sold

Inventory Turnover ratio = --------------------------------------------

Average Inventory


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B. DEBTORS TURNOVER RATIO

The debtor s turnover ratio is determined by dividing the net credit sales by average

debtors outstanding during the year.

Therefore Debtors turnover ratio = Net credit sales Average debtors

NOTE;- Here there is no specification about net credit purchase and average debtors

So, assume that

(net credit sales = net sales) (Average debtors = debtors)

The main function of this ratio is to measure how rapidly debts are collected.

A high ratio is indicative of shorter time lag between credit sales and cash collection/ A

low ratio indicates that debts are not being collected rapidly.

C. CREDITORS TURN OVER RATIO

Creditors turnover ratio is a rate between net purchase and average amount of

creditor Outstanding during the year.

Creditors turnover ratio = Net credit purchases

---------------------------Average of creditors

Average creditors = Average of creditors outstanding at the Beginning and at the end

of the year.

A low turnover ratio reflects liberal terms granted by suppliers, while a high turnover

ratio shown that accounts are settled rapidly.

The creditors turnover ratio is an important tool as a firm can reduce its requirement of

current assets by relying on suppliers creditors.

The intent to which trade creditors are willing to wait for payment can be approximated

by the creditors turnover ratio.

NOTE;- Here, there is no specification about net credit purchase and average of creditors,

So, let assume that,

(net credit purchase = Net Purchase) (Average of creditors =

creditors)


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3. LEVERAGE or CAPITAL STRUCTURE RATIO

These ratios refer to the use of debt finance long term solvency of the firm can be

examined by using leverage or capital ratios.

The leverage ratio or capital structure ratio can be defined as the financial ratios which

throw light on the long term solvency of a firm reflected in its ability to assure the longterm creditors with regards to.

1. Periodic payment of interest during the period of loan.

2. Repayment of Principe on maturity or in predetermined instalments at due dates.

A. DEBT-EQUITY RATIO

This ratio reflects the relative claims of creditors and share holders against the assets of

the firm, debt equity ratios establishment relationship between borrowed funds and

owner capital to measure the long term financial solvency of the firm.

The ratio indicates the relative proportions of debt and equity in financing the assets of

the firm.

It is calculated as follows

Debt equity ratio = Debt / Equity

The debts side consist of all liabilities (that include short term and long term liabilities) of

the firm. The equity side consists of new worth (plus) preference capital.

The lower the debt equity ratio the higher in the degree of protection enjoyed by the

creditors.

The debt equity ratio defined by the controller of capital issue, debt is defined as long

term debt plus preference capital which is redeemable before 12 years and equity is

defined as paid up equity capital plus preference capital which is redeemable after 12

years.

The general norm for this ratio is 2:1. on case of capital intensive industries as norms of

4:1 is used for fertilizer and cement industry and a norms of 6:1 is used for shipping units.

B. DEBT ASSET RATIO

The debit asset ratio establishes a relationship between borrowed funds and the assets

of firm.


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It is calculated as:

DebtDebt Asset Ratio = -------------------------------

Asset

Debt includes all liabilities. Short term as well as long term and the assets include the

total of all the assets (the balance sheet total)

C.INTERES COVERAG RATO

This ratio is also known as Time interested Earned ratio This ratio measures the debt

servicing of capacity of a firm in so far as fixed interest on long term loan is concerned.

Interest coverage ratio determined by dividing the operating profits or earnings before

interest and taxes by fixed interest charges on loans.

It is calculated as

Earning Before

Interest &Taxes (EBIT)

Interestest coverage Ratio = ----------------------------

Debt Interest

The EBIT is used in the numerator of this ratio because the ability of a firm to pay interestis not affected by tax payment as interest on debt fund in a tax deductible expenses.

The ratio apparently measure the margin of safety the firm enjoys with the respect to its

interest burden.

A high interest coverage ratio implies that the firm can easily meet its interest burden

even if EBIT decline.

A low interest coverage ratio results in financial embarrassment when EBIT declines. This

ratio is not appropriate measures of interest coverage because the source of interest

payment is cash flow before interest and taxes, not EBIT.

4. PROFITABILITY RATIO

A class of financial metrics that are used to assess a business's ability to generate

earnings as compared to its expenses and other relevant costs incurred during a specific

period of time.


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For most of these ratios, having a higher value relative to a competitor's ratio or the

same ratio from a previous period is indicative that the company is doing well

. Some examples of profitability ratios are profit margin, return on assets and return on

equity.

It is important to note that a little bit of background knowledge is necessary in order tomake relevant comparisons when analyzing these ratios.

For instances, some industries experience seasonality in their operations. The retail

industry, for example, typically experiences higher revenues and earnings for the

Christmas season. Therefore, it would not be too useful to compare a retailer's fourth-

quarter profit margin with its first-quarter profit margin. On the other hand, comparing a

retailer's fourth- quarter profit margin with the profit margin from the same period a year

before would be far more informative.

A. OPERATING MARGIN

A ratio used to measure a company's pricing strategy and operating efficiency. Operating

margin is a measurement of what proportion of a company's revenue is left over after

paying for variable costs of production such as wages, raw materials, etc.

A healthy operating margin is required for a company to be able to pay for its fixed costs,

such as interest on debt. It Is Also known as "operating profit margin."

Calculated as:

Operating margin gives analysts an idea of how much a company

makes (before interest and taxes) on each Rupee of sales.

When looking at operating margin to determine the quality of a company, it is best to

look at the change in operating margin over time and to compare the company's yearly or

quarterly figures to those of its competitors.

If a company's margin is increasing, it is earning more per dollar of sales. The higher the

margin, the better.

B. GROSS PROFIT MARGINGross profit can be defined as the difference between net sales and cost of goods sold.

Gross margin profit ratio is also known as gross margin

gross profit margin ratio is calculated by dividing gross profit by sales.


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Gross profit margin ratio = gross profit/Net sales Net sales-cost of goods sold.

The gross profit margin ration shows the margin left after meeting manufacturing cost.

The ratio also measures.

The efficiency of production as well as pricing.The Gross profit to sales is a sign of good management s as it implies that the cost of

production of the firm is relatively low. A high ratio may also imply of a higher sales rise

without a corresponding increase in the cost of goods sold.

C. NET PROFIT MARGINThe Net Profit Margin Ration determines the between Net profit and sales of business

firm. This relationship is also known as net margin.

This ratio shows the earning left for shareholder (both equity and preference) as

percentage of Net sales

Net Margin Ratio measures the overall efficiency of production, Administration selling,

Financing, pricing and Tase Management.

Thus, Net profit Margin Ratio: Net Profit/Net Sales A high Net profit Margin indicates

adequate return to the owners as well asenable a firm to withstand adverse economic

conditions when selling price is decanting, cost of production is rising and demand for

product is falling.

A low Net Profit Margin has opposite implications. A firm with low net profit margin can

earn a high rate of return on investment it has a higher inventory turnover.

Jointly considering gross and net profit margin provides a valuable understanding of the

cost and profit structure of the firm and enables the analyst to identity the source of

business efficiency of inefficiency.

D. EARNING PER SHARE

The portion of a company's profit allocated to each outstanding share of common stock.Earnings per share serve as an indicator of a company's profitability.

Calculated as:

EPS = Net Profit Available To Equity-Holders----------------------------------------------------Number Of Ordinary Shares Outstanding

When calculating, it is more accurate to use a weighted average number of sharesoutstanding over the reporting term, because the number of shares outstanding can

change over time.


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However, data sources sometimes simplify the calculation by using the number of shares

outstanding at the end of the period.

Diluted EPS expands on basic EPS by including the shares of convertibles or warrants

outstanding in the outstanding shares number.

Earnings per share are generally considered to be the single most important variable indetermining a share's price. It is also a major component used to calculate the price-to-

earnings valuation ratio.

E. PRICE EARNINGS RATIOPE ratio is closely related to the earnings yield/earnings

price ratio. It is actually the reciprocal of the latter.

This ratio is computed dividing the market price of the shares by the EPS.

Thus, PE ratio =

Market Price of Share

-----------------------------

EPS

The PE ratio reflects the price currently being paid by the market for each rupee of

currently reported EPS.

In other words, the P/E ratio measures investors expectations and the market appraisal

of the performance of a firm.

In estimating the earnings, therefore, only normally sustainable earnings associated with

the assets are taken into account. That is, the earnings are adjusted for income from, say,

discontinued operations and extraordinary items as well as many other items not

expected to occur.

This ratio is popularly used by security analysts to assess a firms performance as

expected by the investors.


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THE AUTOMOTIVE INDUSTRY OF INDIA

The automotive industry in Indiais one of the largest automotive markets in the world. It

had previously been one of the fastest growing markets globally, but is currently

experiencing flat or negative growth rates. India's passenger car and commercial vehicle

manufacturing industry is thesixth largest in the world,with an annual production of more

than 3.9 million units in 2011. According to recent reports, India overtook Brazil to become

the sixthlargest passenger vehicle producer in the world(beating such old and new auto

makers as Belgium, United Kingdom, Italy, Canada, Mexico, Russia, Spain, France,

Brazil). Throughout the course of 2011 and 2012, the industry grew 16-18%, selling around

three million units In 2009, India emerged as Asia's fourth largest exporter ofpassenger

cars,behind Japan, South Korea, and Thailand. In 2010, India beat Thailand to become

Asia's third largest exporter of passenger cars.

As of 2010, India is home to 40 million passenger vehicles. More than 3.7 million

automotive vehicles were produced in India in 2010 (an increase of 33.9%), making the

country the second (after China) fastest growing automobile market in the world in that

year. According to the Society of Indian Automobile Manufacturers, annual vehicle sales are

projected to increase to 4 million by 2015, no longer 5 million as previously projected.

The majority of India's car manufacturing industry is based around three clusters in the

south, west and north. The southern cluster consisting ofChennaiis the biggest with 35% of

the revenue share. The western hub nearMumbaiandPunecontributes to 33% of the

market and the northern cluster around theNational Capital Regioncontributes

32%.Chennai,houses the India operations

ofFord,Hyundai,Renault,Mitsubishi,Nissan,BMW,Hindustan

Motors,Daimler,Caparo,Mini,andDatsun.Chennai accounts for 60% of the country's

automotive exports.

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GurgaonandManesarinHaryanaform the northern cluster wherethe country's largest car manufacturer,Maruti Suzuki,is based TheChakancorridor

nearPune,Maharashtrais the western cluster with companies likeGeneral

Motors,Volkswagen,Skoda,Mahindra and Mahindra,Tata Motors,Mercedes Benz,Land

Rover,Jaguar Cars,FiatandForce Motorshaving assembly plants in the area.Nashikhas a

major base of Mahindra and Mahindra with a SUV assembly unit and an Engine assembly

unit.AurangabadwithAudi,SkodaandVolkswagenalso forms part of the western cluster.

Another emerging cluster is in the state ofGujaratwith manufacturing facility ofGeneral

MotorsinHaloland further planned forTata Nanoattheir plant inSanand.Ford, Maruti

Suzuki andPeugeot-Citroenplants are also set to come up inGujarat.KolkatawithHindustan Motors,NoidawithHondaandBangalorewithToyotaare

some of the other automotive manufacturing regions around the country.
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rshttp://en.wikipedia.org/wiki/Force_Motorshttp://en.wikipedia.org/wiki/Nashikhttp://en.wikipedia.org/wiki/Nashikhttp://en.wikipedia.org/wiki/Nashikhttp://en.wikipedia.org/wiki/Aurangabad,_Maharashtrahttp://en.wikipedia.org/wiki/Aurangabad,_Maharashtrahttp://en.wikipedia.org/wiki/Aurangabad,_Maharashtrahttp://en.wikipedia.org/wiki/Audi_Indiahttp://en.wikipedia.org/wiki/Audi_Indiahttp://en.wikipedia.org/wiki/Skoda_Auto_India_Private_Limitedhttp://en.wikipedia.org/wiki/Skoda_Auto_India_Private_Limitedhttp://en.wikipedia.org/wiki/Skoda_Auto_India_Private_Limitedhttp://en.wikipedia.org/wiki/Volkswagen_Indiahttp://en.wikipedia.org/wiki/Volkswagen_Indiahttp://en.wikipedia.org/wiki/Volkswagen_Indiahttp://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/Halolhttp://en.wikipedia.org/wiki/Halolhttp://en.wikipedia.org/wiki/Halolhttp://en.wikipedia.org/wiki/Tata_Nanohttp://en.wikipedia.org/wiki/Tata_Nanohttp://en.wikipedia.org/wiki/Tata_Nanohttp://en.wikipedia.org/wiki/Sanand_Plant_(Tata_Motors)http://en.wikipedia.org/wiki/Sanand_Plant_(Tata_Motors)http://en.wikipedia.org/wiki/Sanandhttp://en.wikipedia.org/wiki/Sanandhttp://en.wikipedia.org/wiki/Sanandhttp://en.wikipedia.org/wiki/Peugeot-Citroenhttp://en.wikipedia.org/wiki/Peugeot-Citroenhttp://en.wikipedia.org/wiki/Peugeot-Citroenhttp://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Noidahttp://en.wikipedia.org/wiki/Noidahttp://en.wikipedia.org/wiki/Noidahttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Toyota_Kirloskar_Motor_Private_Limitedhttp://en.wikipedia.org/wiki/Toyota_Kirloskar_Motor_Private_Limitedhttp://en.wikipedia.org/wiki/Toyota_Kirloskar_Motor_Private_Limitedhttp://en.wikipedia.org/wiki/Toyota_Kirloskar_Motor_Private_Limitedhttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Noidahttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Peugeot-Citroenhttp://en.wikipedia.org/wiki/Sanandhttp://en.wikipedia.org/wiki/Sanand_Plant_(Tata_Motors)http://en.wikipedia.org/wiki/Tata_Nanohttp://en.wikipedia.org/wiki/Halolhttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/Volkswagen_Indiahttp://en.wikipedia.org/wiki/Skoda_Auto_India_Private_Limitedhttp://en.wikipedia.org/wiki/Audi_Indiahttp://en.wikipedia.org/wiki/Aurangabad,_Maharashtrahttp://en.wikipedia.org/wiki/Nashikhttp://en.wikipedia.org/wiki/Force_Motorshttp://en.wikipedia.org/wiki/Fiat_Automobiles_India_Limitedhttp://en.wikipedia.org/wiki/Jaguarhttp://en.wikipedia.org/wiki/Land_Roverhttp://en.wikipedia.org/wiki/Land_Roverhttp://en.wikipedia.org/wiki/Mercedes-Benz_Indiahttp://en.wikipedia.org/wiki/Tata_Motorshttp://en.wikipedia.org/wiki/Mahindra_and_Mahindrahttp://en.wikipedia.org/wiki/Skoda_Auto_India_Private_Limitedhttp://en.wikipedia.org/wiki/Volkswagen_Indiahttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/General_Motors_India_Private_Limitedhttp://en.wikipedia.org/wiki/Maharashtrahttp://en.wikipedia.org/wiki/Punehttp://en.wikipedia.org/wiki/Chakan,_Maharashtrahttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Haryanahttp://en.wikipedia.org/wiki/Manesarhttp://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Automotive_industry_in_India#cite_note-9http://en.wikipedia.org/wiki/Datsunhttp://en.wikipedia.org/wiki/Mini_(marque)http://en.wikipedia.org/wiki/Caparohttp://en.wikipedia.org/wiki/Daimler_AGhttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/BMW_Indiahttp://en.wikipedia.org/wiki/Nissan_Motor_India_Private_Limitedhttp://en.wikipedia.org/wiki/Mitsubishihttp://en.wikipedia.org/wiki/Renault_India_Private_Limitedhttp://en.wikipedia.org/wiki/Hyundai_Motor_India_Limitedhttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Chennaihttp://en.wikipedia.org/wiki/National_Capital_Regionhttp://en.wikipedia.org/wiki/Punehttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Chennaihttp://en.wikipedia.org/wiki/Automobilehttp://en.wikipedia.org/wiki/Automobilehttp://en.wikipedia.org/wiki/List_of_countries_by_motor_vehicle_productionhttp://en.wikipedia.org/wiki/Automotive_industry


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In 2011, there were 3,695 factories producing automotive parts in all of India. The average

firm made US$6 million in annual revenue with profits close to US$400 thousand.

History

The first car on India's roads in 1897. Until the 1930s, cars were imported directly, but in

very small numbers.

The first car showroom inSecunderabad

An embryonic automotive industry emerged in India in the 1940s.Hindustanwas launched

in 1942, long time competitorPremierin 1944. They builtGMandFiatproductsrespectively.Mahindra & Mahindrawas established by two brothers in 1945, and began

assembly ofJeep CJ-3A utility vehicles. Following theindependence,in 1947, the

Government of India and the private sector launched efforts to create an automotive

component manufacturing industry to supply to the automobile industry. In 1953 an import

substitution programme was launched, and the import of fully built-up cars began to be

impeded.

TheHindustan Ambassadordominated India's automotive market from the 1960s until the

mid-80s

However, the growth was relatively slow in the 1950s and 1960s due to nationalisation and

thelicense rajwhich hampered the Indian private sector. Total restrictions for import of

vehicles were set and after 1970 the automotive industry started to grow, but the growth

was mainly driven by tractors, commercial vehicles and scooters. Cars were still a major

luxury item. In the 1970sprice controlswere finally lifted, inserting a competitive element

into the automobile marketBy the 1980s, the automobile market was still dominated

byHindustanandPremier,who sold superannuated products in fairly limited

numbers.[19]During the eighties, a few competitors began to arrive on the scene.

To promote the auto industry the government started theDelhi Auto Expowhich was had

its debut showcasing in 1986. The Auto Expo of 1986 was a window for technologytransfers showing how the Indian Automotive Industry was absorbing new technologies and
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promoting indigenous research and development for adapting these technologies for the

rugged Indian conditions. The 9 day show was marked by then Prime MinisterRajiv Gandhi.

Liberalisation

Eventually multinational automakers, such as, though not limited to,SuzukiandToyotaof

Japan andHyundaiof South Korea, were allowed to invest in the Indian market ultimately

leading to the establishment of an automotive industry in India.Maruti Suzukiwas the first,and the most successful of these new entries, and in part the result of government policies

to promote the automotive industry beginning in the 1980s. As India began to liberalise

their automobile market in 1991, a number of foreign firms also initiated joint ventures

with existing Indian companies. The variety of options available to the consumer began to

multiply in the nineties, whereas before there had usually only been one option in each

price class. By 2000, there were 12 large automotive companies in the Indian market, most

of them offshoots of global companies.

ThePremier Padminiwas the Ambassador's only true competitor

Exports were slow to grow. Sales of small numbers of vehicles to tertiary markets and

neighbouring countries began early, and in 1987 Maruti Suzuki shipped 480 cars to Europe

(Hungary). After some growth in the mid-nineties, exports once again began to drop as the

outmoded platforms handed down to Indian manufacturers by multinationals were not

competitive.[21]This was not to last, and today India manufactures low-priced cars for

markets across the globe. As of 18 March 2013 global brands such asProton Holdings,PSA

Group,Kia,Mazda,Chrysler,DodgeandGeely Holding Groupare shelving plans for India

due to the global economic crisis

Emission norms

In tune with international standards to reduce vehicular pollution, the central government

unveiled the standards titled 'India 2000' in 2000 with later upgraded guidelines as 'Bharat

Stage'. These standards are quite similar to the more stringent European standards andhave been traditionally implemented in a phased manner, with the latest upgrade getting

implemented in 13 cities and later, in the rest of the

nation.Delhi(NCR),Mumbai,Kolkata,Chennai,Bangalore,Hyderabad,Ahmedabad,Pune,S

urat,Kanpur,Lucknow,Solapur,andAgraare the 13 cities where Bharat Stage IV has been

imposed while the rest of the nation is still under Bharat Stage III.

Commercial vehicle manufacturers in India

Indian brands
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AMW

Eicher Motors

Force

Hindustan Motors

Mahindra & Mahindra

Premier

Tata Motors

Hero Motocorp

Bajaj Auto

TVS Motor

Joint-venture (JV) brands

Ashok Leyland- originally a JV betweenAshok Motors(owned by theHinduja

Group)andLeyland Motors,now joint ventures between Ashok LeylandandNissan Motors(Japan) for LCV's; andJohn Deere(USA) for construction

equipment

KaMAZ Vectra - A JV between Russia'sKaMAZand the Vectra Group

MAN Force- A JV betweenForce MotorsandMAN AG(Germany)

SML Isuzu- originally, asSwaraj Mazda,a JV between Punjab Tractors

andMazda,now 53.5% owned bySumitomo Groupand with its current name

since 2011.

Tatra Vectra Motors Ltd- (defunct) Initial truck partnership with India by Vectra.

Replaced by Kamaz. Tatra trucks for sale in India are now manufactured incollaboration withBharat Earth Movers Limited.

VE Commercial Vehicles Limited- VE Commercial Vehicles limited - A JV

between Volvo Group & Eicher Motors Limited.

Maruti Suzuki- A joint venture of IndianMarutiand JapaneseSuzuki.

Foreign-owned brands

J. C. Bamford(JCB) (Owned by British multinational corporationJ. C. Bamford). BharatBenz(Owned byDaimler AGofGermanyand affiliated with

Daimler'sFusoandMercedes-Benzbrands)

Caterpillar Inc.

DAF

Hino

Isuzu

Iveco

MAN

Mercedes-Benz- manufactures luxury coaches in India.

Piaggio

Rosenbauer
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ruckshttp://en.wikipedia.org/wiki/Caterpillar_Inc.http://en.wikipedia.org/wiki/Mercedes_Benz_Indiahttp://en.wikipedia.org/wiki/Mitsubishi_Fuso_Truck_and_Bus_Corporationhttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Daimler_AGhttp://en.wikipedia.org/wiki/BharatBenzhttp://en.wikipedia.org/wiki/J._C._Bamfordhttp://en.wikipedia.org/wiki/J._C._Bamfordhttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Marutihttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Eicher_Motorshttp://en.wikipedia.org/wiki/Bharat_Earth_Movers_Limitedhttp://en.wikipedia.org/w/index.php?title=Tatra_Vectra_Motors_Ltd&action=edit&redlink=1http://en.wikipedia.org/wiki/Sumitomo_Grouphttp://en.wikipedia.org/wiki/Mazdahttp://en.wikipedia.org/wiki/Swaraj_Mazdahttp://en.wikipedia.org/wiki/SML_Isuzuhttp://en.wikipedia.org/wiki/MAN_SEhttp://en.wikipedia.org/wiki/Force_Motorshttp://en.wikipedia.org/w/index.php?title=MAN_Force&action=edit&redlink=1http://en.wikipedia.org/wiki/KaMAZhttp://en.wikipedia.org/wiki/John_Deerehttp://en.wikipedia.org/wiki/Nissan_Motorshttp://en.wikipedia.org/wiki/Leyland_Motorshttp://en.wikipedia.org/wiki/Hinduja_Grouphttp://en.wikipedia.org/wiki/Hinduja_Grouphttp://en.wikipedia.org/wiki/Ashok_Motorshttp://en.wikipedia.org/wiki/Ashok_Leylandhttp://en.wikipedia.org/wiki/TVS_Motorhttp://en.wikipedia.org/wiki/Bajaj_Autohttp://en.wikipedia.org/wiki/Hero_Motocorphttp://en.wikipedia.org/wiki/Tata_Motorshttp://en.wikipedia.org/wiki/Premier_Automobiles_Limitedhttp://en.wikipedia.org/wiki/Mahindra_%26_Mahindrahttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Force_Motorshttp://en.wikipedia.org/wiki/Eicher_Motorshttp://en.wikipedia.org/wiki/Asia_Motor_Works


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Scania

Tatra

Volvo

Electric car manufacturers in India

Ajanta Group Hero Electric

Mahindra

REVAnow Mahindra Reva Electric Vehicles

Tara International

TataMotors
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Mahindra & Mahindra Limited (M&M)

M&M is an Indianmultinationalautomobilemanufacturingcorporation headquartered

inMumbai, Maharashtra,India. It is one of the largest vehicle manufacturers by production

inIndiaand the largest seller of tractors across the world. It is a part ofMahindra Group,an

Indianconglomerate.

It was ranked as the 10th most trusted brand in India, byThe Brand Trust Report,India

Study 2014. It was ranked 21st in the list of top companies of India inFortune India 500in

2011.

Its major competitors in the Indian market includeMaruti Suzuki,Tata Motors,Ashok

Leyland,Toyota,Hyundai,Mercedes-Benz (Merc)and others.

Mahindra & Mahindra was set up as a steel trading company in 1945 inLudhianaasMahindra & Mohammed by brothers K.C. Mahindra andJ.C. MahindraandMalik Ghulam

Mohammed.After India gainedindependenceandPakistanwas formed, Mohammed

emigrated to Pakistan. The company changed its name to Mahindra & Mahindra in 1948.

It eventually saw business opportunity in expanding into manufacturing and selling larger

MUVs, starting with assembly under licence of theWillysJeepin India. Soon established as

the Jeep manufacturers of India, the company later commenced manufacturinglight

commercial vehicles(LCVs) and agriculturaltractors.

Today, Mahindra & Mahindra is a key player in the utility vehicle manufacturing andbranding sectors in theIndian automobile industrywith its flagshipUV Scorpioand uses

India's growing global market presence in both the automotive and farming industries to

push its products in other countries.
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Over the past few years, the company has taken interest in new industries and in foreign

markets. They entered thetwo-wheelerindustry by taking over Kinetic Motors in India.

M&M also has controlling stake inREVA Electric Car Companyand acquired South

Korea'sSsangYong Motor Companyin 2011. In the 2010-11 M&M entered in micro dripp

irrigation with the takeover of EPC Industrie' Ltd, Nashik

Operations

Automobiles

Automotive

Mahindra & Mahindra Limited

Mahindra Scorpio

Mahindra Pik-Up

Mahindra Bolero

Mahindra XUV 500
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Mahindra Quanto

Mahindra Thar

Mahindra Xylo

Mahindra-Renault Verito

Mahindra e2o

Mahindra & Mahindra, branded on its products usually as 'Mahindra',

producesSUVs,saloon cars,pickups, commercial vehicles, and two wheeled motorcycles

andtractors.It owns assembly plants inIndia,Mainland China(PRC), the UnitedKingdom, and has three assembly plants in the United States. Mahindra maintains business

relations with foreign companies likeRenault SA,France.

M&M has a global presenceand its products are exported to several countries. Its global

subsidiaries include Mahindra Europe S.r.l. based in Italy, Mahindra USA Inc., Mahindra

South Africa and Mahindra (China) Tractor Co. Ltd.

Mahindra started making passenger vehicles firstly with the Logan in April 2007 under the

Mahindra Renault joint venture. M&M will make its maiden entry into the heavy trucks

segment withMahindra Navistar,the joint venture withInternational Truck,USA.Mahindra produces a wide range of vehicles including MUVs, LCVs and three wheelers. It

manufactures over 20 models of cars including larger, multi-utility vehicles like
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theScorpioand theBolero.It formerly had a joint venture withFordcalledFord India

Private Limitedto build passenger cars.

At the 2008 Delhi Auto Show, Mahindra executives said the company is pursuing an

aggressive product expansion program that would see the launch of several new platforms

and vehicles over the next three years, including an entry-level SUV designed to seat five

passengers and powered by a small turbodiesel engine. True to their word, Mahindra &

Mahindra launched theMahindra Xyloin January 2009, and as of June 2009, the Xylo hassold over 15000 units.

Also in early 2008, Mahindra commenced its first overseas CKD operations with the launch

of the Mahindra Scorpio in Egypt, in partnership with the Bavarian Auto Group. This was

soon followed by assembly facilities inBrazil.Vehicles assembled at the plant in Bramont,

Manaus, include Scorpio Pik Ups in single and double cab pick-up body styles as well

asSUVs.

Mahindra planned to sell the diesel SUVs and pickup trucks starting in late 2010 in North

America through an independent distributor, Global Vehicles USA, based inAlpharetta,Georgia.Mahindra announced it will import pickup trucks from India inknockdown kit

(CKD)form to circumvent theChicken tax.CKDs are complete vehicles that will be

assembled in the U.S. from kits of parts shipped in crates. On 18 October 2010, however, it

was reported that Mahindra had indefinitely delayed the launch of vehicles into the North

American market, citing legal issues between it and Global Vehicles after Mahindra

retracted its contract with Global Vehicles earlier in 2010, due to a decision to sell the

vehicles directly to consumers instead of through Global Vehicles. However, a November

2010 report quotedJohn Perez,theCEOof Global Vehicles USA, as estimating that he

expects Mahindras small diesel pickups to go on sale in the U.S. by spring 2011, although

legal complications remain, and Perez, while hopeful, admits that arbitration could take

more than a year. Later reports suggest that the delays may be due to an Mahindra

scrapping the original model of the truck and replacing it with an upgraded one before

selling them to Americans In June 2012, amass tortlawsuit was filed against Mahindra by

its American dealers, alleging the company of conspiracy and fraud.

Mahindra & Mahindra has a controlling stake inMahindra Reva Electric Vehicles.In 2011, it

also gained a controlling stake in South Korea's SsangYong Motor Company.

Mahindra has launched its relatively heavily publicised SUV, XUV 500, code named as W201

in September 2011. The new SUV by Mahindra has been designed in-house and it is

developed on the first global SUV platform that could be used for developing more SUVs. In

India, the new Mahindra XUV 500 comes in a price range between Rs 11.40 lakh to Rs 15

lakh. The company is expected to launch 3 products in CY'15 (2 SUVs and 1 CV) and an XUV

500 hybrid. M&Ms two wheeler segment will launch a new scooter in Q1FY'15. BesidesIndia, the company also targets Europe, Africa, Australia and Latin America for this model.
http://en.wikipedia.org/wiki/Mahindra_Scorpiohttp://en.wikipedia.org/wiki/Mahindra_Scorpiohttp://en.wikipedia.org/wiki/Mahindra_Scorpiohttp://en.wikipedia.org/wiki/Mahindra_Bolero_Camperhttp://en.wikipedia.org/wiki/Mahindra_Bolero_Camperhttp://en.wikipedia.org/wiki/Fordhttp://en.wikipedia.org/wiki/Fordhttp://en.wikipedia.org/wiki/Fordhttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Mahindra_Xylohttp://en.wikipedia.org/wiki/Mahindra_Xylohttp://en.wikipedia.org/wiki/Mahindra_Xylohttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/SUVhttp://en.wikipedia.org/wiki/SUVhttp://en.wikipedia.org/wiki/SUVhttp://en.wikipedia.org/wiki/Alpharetta,_Georgiahttp://en.wikipedia.org/wiki/Alpharetta,_Georgiahttp://en.wikipedia.org/wiki/Alpharetta,_Georgiahttp://en.wikipedia.org/wiki/Alpharetta,_Georgiahttp://en.wikipedia.org/wiki/Knockdown_kithttp://en.wikipedia.org/wiki/Knockdown_kithttp://en.wikipedia.org/wiki/Knockdown_kithttp://en.wikipedia.org/wiki/Knockdown_kithttp://en.wikipedia.org/wiki/Chicken_taxhttp://en.wikipedia.org/wiki/Chicken_taxhttp://en.wikipedia.org/wiki/Chicken_taxhttp://en.wikipedia.org/wiki/John_Perezhttp://en.wikipedia.org/wiki/John_Perezhttp://en.wikipedia.org/wiki/John_Perezhttp://en.wikipedia.org/wiki/CEOhttp://en.wikipedia.org/wiki/CEOhttp://en.wikipedia.org/wiki/CEOhttp://en.wikipedia.org/wiki/Mass_torthttp://en.wikipedia.org/wiki/Mass_torthttp://en.wikipedia.org/wiki/Mass_torthttp://en.wikipedia.org/wiki/Revahttp://en.wikipedia.org/wiki/Revahttp://en.wikipedia.org/wiki/Revahttp://en.wikipedia.org/wiki/Revahttp://en.wikipedia.org/wiki/Mass_torthttp://en.wikipedia.org/wiki/CEOhttp://en.wikipedia.org/wiki/John_Perezhttp://en.wikipedia.org/wiki/Chicken_taxhttp://en.wikipedia.org/wiki/Knockdown_kithttp://en.wikipedia.org/wiki/Knockdown_kithttp://en.wikipedia.org/wiki/Alpharetta,_Georgiahttp://en.wikipedia.org/wiki/Alpharetta,_Georgiahttp://en.wikipedia.org/wiki/SUVhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Mahindra_Xylohttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Fordhttp://en.wikipedia.org/wiki/Mahindra_Bolero_Camperhttp://en.wikipedia.org/wiki/Mahindra_Scorpio


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Mahindra President Mr Pawan Goenka stated that the company plans to launch six new

models this fiscal. The company launched CNG version of its mini truck Maxximo on 29 June

2012. A new version of Verito in diesel and petrol options was launched by the company on

26 July 2012 to compete with Maruti's Dzire and Toyota Kirloskar Motor's Etios.

Employees

As on 31 March 2013, the company had 34,612 employees, out of which 699 were women

(2%). It also had around 16,000 temporary employees on the same date.

Awards and recognitions

Bombay Chamber Good Corporate Citizen Award for 2006-07.

Businessworld FICCI-SEDF Corporate Social Responsibility Award 2007.

The Brand Trust Reportranked M&M as India's 10th Most Trusted Brand in its India

Study 2014 survey (from 20,000 brands analyzed).

Its Farm Equipment division received theDeming Prizein 2003.

Its Farm Equipment division received the Japan Quality Medal in 2007.

The US based Reputation Institute ranked M&M amongst the top Ten Indian companies

in its 'Global 200: The World's Best Corporate Reputations' list for 2008.

Bluebytes News rated M&M as India's second Most Reputed Car Company (reported in

their study titled Reputation Benchmark Study) conducted for the Auto (Cars) Sector in

2012.

Balance Sheet of Mahindra and Mahindra ------------------- in Rs. Cr. -------------------

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

12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 295.16 295.16 294.52 293.62Equity Share Capital 295.16 295.16 294.52 293.62

Share Application Money 0.00 0.00 0.00 0.02

Preference Share Capital 0.00 0.00 0.00 0.00

Reserves 16,496.03 14,363.76 11,876.57 10,019.75

Revaluation Reserves 0.00 0.00 0.00 0.00

Networth 16,791.19 14,658.92 12,171.09 10,313.39

Secured Loans 294.10 266.67 400.18 407.23

Unsecured Loans 3,451.06 2,960.40 2,774.04 1,913.87

Total Debt 3,745.16 3,227.07 3,174.22 2,321.10

Total Liabilities 20,536.35 17,885.99 15,345.31 12,634.49

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


Application Of Funds
http://en.wikipedia.org/wiki/The_Brand_Trust_Reporthttp://en.wikipedia.org/wiki/The_Brand_Trust_Reporthttp://en.wikipedia.org/wiki/Deming_Prizehttp://en.wikipedia.org/wiki/Deming_Prizehttp://en.wikipedia.org/wiki/Deming_Prizehttp://en.wikipedia.org/wiki/Deming_Prizehttp://en.wikipedia.org/wiki/The_Brand_Trust_Report


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Gross Block 10,242.58 8,602.96 7,502.36 5,858.26

Less: Accum. Depreciation 4,365.63 3,645.10 3,216.34 2,725.35

Net Block 5,876.95 4,957.86 4,286.02 3,132.91

Capital Work in Progress 1,228.44 863.48 794.73 773.68

Investments 11,379.85 11,833.46 10,310.46 8,925.63

Inventories 2,803.63 2,419.77 2,358.39 1,694.21

Sundry Debtors 2,509.84 2,208.35 1,988.36 1,260.31

Cash and Bank Balance 2,950.39 1,781.41 1,188.43 614.64

Total Current Assets 8,263.86 6,409.53 5,535.18 3,569.16Loans and Advances 4,539.55 3,389.26 2,985.59 3,138.40

Fixed Deposits 0.00 0.00 0.00 0.00

Total CA, Loans & Advances 12,803.41 9,798.79 8,520.77 6,707.56

Deffered Credit 0.00 0.00 0.00 0.00

Current Liabilities 8,678.28 7,662.13 6,721.40 5,223.75

Provisions 2,074.02 1,905.47 1,845.27 1,681.54

Total CL & Provisions 10,752.30 9,567.60 8,566.67 6,905.29

Net Current Assets 2,051.11 231.19 -45.90 -197.73

Miscellaneous Expenses 0.00 0.00 0.00 0.00

Total Assets 20,536.35 17,885.99 15,345.31 12,634.49

Contingent Liabilities 6,421.09 87.20 2,307.66 1,893.85

Book Value (Rs) 272.63 238.75 198.23 167.99


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Profit & Loss account of Mahindra and Mahindra ------------------- in Rs. Cr. -------------------

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


Income

Sales Turnover 40,508.50 40,441.16 31,853.52 23,460.26

Excise Duty 0.00 0.00 0.00 0.00

Net Sales 40,508.50 40,441.16 31,853.52 23,460.26

Other Income 770.78 639.79 574.06 551.63

Stock Adjustments 274.67 87.31 597.33 202.23

Total Income 41,553.95 41,168.26 33,024.91 24,214.12

Expenditure

Raw Materials 29,889.44 30,675.27 24,258.94 16,604.88

Power & Fuel Cost 221.35 206.39 175.78 143.93

Employee Cost 2,163.72 1,866.45 1,701.78 1,431.52

Other Manufacturing Expenses 0.00 0.00 0.00 0.00

Selling and Admin Expenses 0.00 0.00 0.00 0.00

Miscellaneous Expenses 3,787.45 3,071.06 2,543.63 2,027.83

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00

Total Expenses 36,061.96 35,819.17 28,680.13 20,208.16

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


Operating Profit 4,721.21 4,709.30 3,770.72 3,454.33

PBDIT 5,491.99 5,349.09 4,344.78 4,005.96

Interest 259.22 191.19 162.75 72.49

PBDT 5,232.77 5,157.90 4,182.03 3,933.47

Depreciation 863.34 710.81 576.14 413.86

Other Written Off 0.00 0.00 0.00 0.00

Profit Before Tax 4,369.43 4,447.09 3,605.89 3,519.61

Extra-ordinary items 0.00 0.00 0.00 0.00

PBT (Post Extra-ord Items) 4,369.43 4,447.09 3,605.89 3,519.61

Tax 611.08 1,094.27 727.00 857.51

Reported Net Profit 3,758.35 3,352.82 2,878.89 2,662.10

Total Value Addition 6,172.52 5,143.90 4,421.19 3,603.28

Preference Dividend 0.00 0.00 0.00 0.00

Equity Dividend 862.25 798.17 767.48 706.08

Corporate Dividend Tax 104.04 92.98 101.13 96.56

Per share data (annualised)

Shares in issue (lakhs) 6,158.92 6,139.81 6,139.75 6,139.40Earning Per Share (Rs) 61.02 54.61 46.89 43.36

Equity Dividend (%) 280.00 260.00 250.00 230.00

Book Value (Rs) 272.63 238.75 198.23167.99


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Cash Flow of Mahindra and Mahindra ------------------- in Rs. Cr. -------------------

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


Net Profit Before Tax 4316.64 4356.47 3497.62 3402.13

Net Cash From Operating Activities 3727.64 4145.71 2734.95 2979.78

Net Cash (used in)/fromInvesting Activities -2407.08 -2895.95 -1936.54 -3734.99

Net Cash (used in)/from Financing Activities -823.93 -1221.89 -306.15 -383.75

Net (decrease)/increase In Cash and CashEquivalents

496.63 27.87 492.26 -1138.96

Opening Cash & Cash Equivalents 1208.98 1136.09 695.97 1753.13

Closing Cash & Cash Equivalents 1705.61 1163.96 1188.23 614.17

Key Financial Ratios of Mahindra and Mahindra

Mar'14

Mar '13 Mar '12 Mar '11

Investment Valuation Ratios

Face Value 5.00 5.00 5.00 5.00

Dividend Per Share 14.00 13.00 12.50 11.50

Operating Profit Per Share (Rs) 76.66 76.70 61.41 56.26

Net Operating Profit Per Share (Rs) 657.72 658.67 518.81 382.13Free Reserves Per Share (Rs) -- -- -- --

Bonus in Equity Capital 57.80 57.80 57.92 58.10

Profitability Ratios

Operating Profit Margin(%) 11.65 11.64 11.83 14.72

Profit Before Interest And Tax Margin(%) 9.35 9.75 9.88 12.72

Gross Profit Margin(%) 9.52 9.88 10.02 12.96

Cash Profit Margin(%) 11.08 9.69 10.35 12.38

Adjusted Cash Margin(%) 11.08 9.69 10.35 12.38

Net Profit Margin(%) 9.11 8.17 8.90 11.14

Adjusted Net Profit Margin(%) 9.11 8.17 8.90 11.14

Return On Capital Employed(%) 22.28 25.42 23.85 27.50Return On Net Worth(%) 22.38 22.87 23.65 25.81

Adjusted Return on Net Worth(%) 22.06 22.25 22.76 24.67

Return on Assets Excluding Revaluations 272.63 238.75 198.23 167.99

Return on Assets Including Revaluations 272.63 238.75 198.23 167.99

Return on Long Term Funds(%) 22.28 25.50 23.85 27.52

Liquidity And Solvency Ratios

Current Ratio 1.19 1.02 0.99 0.97

Quick Ratio 0.93 0.77 0.72 0.73

Debt Equity Ratio 0.22 0.22 0.26 0.23

Long Term Debt Equity Ratio 0.22 0.22 0.26 0.22

Debt Coverage Ratios

Interest Cover 17.65 23.79 22.49 47.93

Total Debt to Owners Fund 0.22 0.22 0.26 0.23

Financial Charges Coverage Ratio 20.98 27.50 26.03 53.64

Financial Charges Coverage Ratio Post Tax 18.83 22.25 22.23 43.43


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Management Efficiency Ratios

Inventory Turnover Ratio 14.45 16.71 13.51 13.85

Debtors Turnover Ratio 17.17 19.27 19.61 18.63

Investments Turnover Ratio 14.45 16.71 13.51 13.85

Fixed Assets Turnover Ratio 4.02 4.82 4.39 4.10

Total Assets Turnover Ratio 1.99 2.29 2.11 1.88

Asset Turnover Ratio 2.11 2.43 2.28 2.01

Average Raw Material Holding -- -- -- --Average Finished Goods Held -- -- -- --

Number of Days In Working Capital 21.28 2.77 -1.10 -4.27

Profit & Loss Account Ratios

Material Cost Composition 73.78 75.85 76.15 70.77Imported Composition of Raw MaterialsConsumed

2.90 3.41 3.48 1.79

Selling Distribution Cost Composition -- -- -- --

Expenses as Composition of Total Sales 5.57 5.81 5.83 4.68

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 22.94 23.80 26.65 26.52

Dividend Payout Ratio Cash Profit 18.65 19.64 22.21 22.95

Earning Retention Ratio 76.74 75.54 72.30 72.26

Cash Earning Retention Ratio 81.13 79.92 77.07 76.14

AdjustedCash Flow Times 0.82 0.81 0.95 0.78

Mar'14

Mar '13 Mar '12 Mar '11

Earnings Per Share 61.02 54.61 46.89 43.36

Book Value 272.63 238.75 198.23167.99


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Maruti Suzuki India Limited

Maruti Suukicommonly referred to as Marutiand formerly known as Maruti UdyogLimited, is an automobile manufacturer in India. It is a subsidiary of Japanese automobile

and motorcycle manufacturerSuzuki.As of November 2012, it had a market share of 37%

of the Indian passenger car markets Maruti Suzuki manufactures and sells a complete range

of cars from the entry level Maruti 800,Alto,to the hatchbackRitz,Celerio,Ciaz, A-

Star,Swift,Wagon R,Zenand sedansDZire,KizashiandSX4,in the 'C' segmentEeco,Omni,

Multi Purpose vehicle SuzukiErtigaand Sports Utility vehicleGrand Vitara.

The company's headquarters are at No 1,Nelson Mandela Road,New Delhi.In February

2012, the company sold its ten millionth vehicle in India.

History

Maruti Udyog Limited was established in February 1981, though the actual production

commenced only in 1983. It started with Maruti 800, based on theSuzuki Altokei carwhich

at the time was the only modern car available in India. Its only competitors wereHindustan

AmbassadorandPremier Padmini.Originally, 74% of the company was owned by theIndiangovernment,and 26% by Suzuki of Japan. As of May 2007, the government of India sold its

complete share to Indian financial institutions and no longer has any stake in Maruti Udyog

Products and services

Current models

Model Launched Category Image
http://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Suzuki_Altohttp://en.wikipedia.org/wiki/Suzuki_Altohttp://en.wikipedia.org/wiki/Suzuki_Altohttp://en.wikipedia.org/wiki/Suzuki_Splashhttp://en.wikipedia.org/wiki/Suzuki_Splashhttp://en.wikipedia.org/wiki/Suzuki_Splashhttp://en.wikipedia.org/wiki/Suzuki_Celeriohttp://en.wikipedia.org/wiki/Suzuki_Celeriohttp://en.wikipedia.org/wiki/Suzuki_Celeriohttp://en.wikipedia.org/wiki/Suzuki_Alto#Internationalhttp://en.wikipedia.org/wiki/Suzuki_Alto#Internationalhttp://en.wikipedia.org/wiki/Suzuki_Alto#Internationalhttp://en.wikipedia.org/wiki/Suzuki_Alto#Internationalhttp://en.wikipedia.org/wiki/Suzuki_Swifthttp://en.wikipedia.org/wiki/Suzuki_Swifthttp://en.wikipedia.org/wiki/Suzuki_Swifthttp://en.wikipedia.org/wiki/Suzuki_Wagon_Rhttp://en.wikipedia.org/wiki/Suzuki_Wagon_Rhttp://en.wikipedia.org/wiki/Suzuki_Wagon_Rhttp://en.wikipedia.org/wiki/Maruti_Zenhttp://en.wikipedia.org/

Documents

Ratio Analysis m&m and Maruti Suzuki (2)