BIRLA SUN LIFE

SUMMER PROJECT REPORT ON

Equity Analysis on four wheeler sector

Submitted by:

ABHISEKH GHOSH
Under the guidance of:

SABEENA DESHPANDE

INDIRA SCHOOL OF BUSINESS STUDIES

PUNE
PGDM (2014-16)

Declaration
I hereby declare that the project entitled Equity Research on Four Wheeler submitted for
the PGDM course in Finance under the guidance of Prof. SABEENA DESHPANDE, is my
original work and the project has not formed the basis for the award of any degree, fellowship
or any other similar title.

ABHISEKH GHOSH
B2F14
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ISBS

ACKNOWLEDGEMENT
I would like to thanks BIRLA SUN LIFE, giving me this excellent opportunity to learn the
realities of the equity market and research. The two months of training provided me with
good exposure and provided me with a holistic learning experience.
I would like to thank my guide, Prof. SABEENA DESHPANDE for his valuable guidance.
He was ever willing to be of help and guide and supported me throughout the tenure of the
project.
I feel privileged to have come in contact and worked alongside such wonderful people.
Finally I would also like to express my gratitude towards all the member ISBS Pune & all my
friends who helped me directly or indirectly in successful completion of this report.

EXECUTIVE SUMMARY2 | Page

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The project EQUITY RESEARCH ON FOUR WHEELER SECTOR is based on the EIC
model. The Economic analysis includes a countrys economic analysis. The Industry analysis
includes sector analysis based on different aspects such as porter 5 forces, government
initiatives for the particular sector. The company Analysis focus on companys management
team, its vision, financial analysis.
The project work includes valuation of the share prices of the Four wheeler companies like
Tata motors And Maruti Suzuki. .The valuation is based on the EIC model where in the
prices of the shares are estimated according to the expected growth in the sector and adjusting
the shortcomings of the sector. The estimation of Price earning is according to the historical
analysis approach wherein the past PEs have been tracked down and used to value and
estimate the companys future prices of share.
The main idea behind conducting equity research is to find out the overall working and trend
of Entertainment sector and to find out promising scripts and Entertainment sector companies
to invest .It involves predicting the future prices.
On the basis of financial analysis and valuation the findings of the study is that Tata motors
and Maruti Suzuki both seems to be a good option for Investment .Both are in a positive
trend with almost all macro factors and political favours in their favour. On the financial
analysis part of is good in terms of liquidity, profitability and also in leverage

TABLE OF CONTENTS

Sr.No

Contents

Page nos.

Introduction

6-7

Industry overvies

8-9

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Company profile

10-11

Literature review

12-13

Objective

14

Research Methodology

15-18

About co.

19-29

Data Analysis ,research and interpretation

30-37

Conclusion and learning

38-39

10

Limitations

40

11

Recommendation

41

12

Annexture

42-59

INTRODUCTION
Introduction
What is Project?
The project to analyse the equity data of Tata motors and Maruti
Suzuki .
Definition and purpose of the project
The purpose of the project:
1) To analyse the primary and secondary data
2) To study the awareness level of customers
3) To explore new market for the company.
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Scope of the project

1) To find out Market Size of Tata motors and maruti suzuki
2) Understood the potential customers.
3) To increase awareness level of potential customer regarding
companys product
4) Quick service- monitoring and enhancing productivity.

Outline of the project report

This thesis consists of 9 chapters
The first chapter is introduction which contains overview and
objective of this project. In this chapter it is described, promoting the sales
and how it overcomes with the drawbacks of customer service. It also
contains an overview on some of the advantages of the project.
The second chapter is literature review which gives the background
study of the automobile sector which is used in this project. Here we have
also described the related work which was essential to be done, for
example the customer service, measure customer satisfaction level, quick
service, etc.
The third chapter is Therotical Background and Literature Review
which gives the background study about what the automobile company is
and all about. Here we have also described the earlier work which was
done in the company.
The fourth chapter is Objectives. In this chapter all the objectives
related to the project is given, this will be helpful to understand the
working of the project.
The fifth chapter is Research Methodology which consists the
different methods used in this project. This chapter gives the research
method, data type, data collection tool, sampling plans which were used
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for completion of the research.
The sixth chapter is Data Analysis and Interpritetion. In this chapter
all the data collected from the samples is analysed and interpreted.
The seventh chapter is Conclusion from the project which includes
all the important findings or results found at the end of project.
The eighth chapter is limitation which includes the challenges faced
during the project.
The nineth chapter in the Recommendations. In this chapter the
suggestion are given.
This thesis also includes references which consist of the web pages
from where we have taken the basic idea of the project and the books
referred are also listed in this chapter.

INDUSTRY OVERVIEW
The automobiles sector is compartmentalized in four different sectors which are as follows:

Two-wheelers which comprise of mopeds, scooters, motorcycles and electric

two-wheelers

Passenger Vehicles which include passenger cars, utility vehicles and multipurpose vehicles

Commercial Vehicles that are light and medium-heavy vehicles

Three Wheelers that are passenger carriers and goods carriers.

The automobile industry is one of the key drivers that boosts the economic growth of the country.
Since the de-licensing of the sector in 1991 and the subsequent opening up of 100 percent FDI

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through automatic route, Indian automobile sector has come a long way. Today, almost every
global auto major has set up facilities in the country.

Austria based motorcycle manufacturer KTM, the established makers of Harley Davidson from
the US and Mahindra & Mahindra have set up manufacturing bases in India. Furthermore,
according to internal projections by Mercedes Benz Cars, India is set to become Mercedes
Benzs fastest-growing market worldwide ahead of China, the US and Europe.

As per the data published by Department of Industrial Policy and Promotion

(DIPP), Ministry of Commerce, Government of India, the cumulative FDI inflows
into the Indian automobile industry during April 2000 to October 2013 was noted
to be US$ 9,079 million, which amounted to 4% of the total FDI inflows in terms
of US $. The production of compact superbikes is also expected to take place in
India. The country has a mass production base of 16 million two-wheelers and
the several global as well as Indian bike makers are looking forward to use it as
an advantage in order to roll out sports bikes in the 250 cc capacity.

The world standing for the Indian automobile sector, as per the Confederation of the Indian
industry is as follows:

Largest three-wheeler market

Second largest two-wheeler market

Tenth largest passenger car market

Fourth largest tractor market

Fifth largest commercial vehicle market

Fifth largest bus and truck segment

However, the year 2013-2014 has seen a decline in the industrys otherwise smooth-running
growth. High inflation, soaring interest rates, low consumer sentiment and rising fuel prices along
with economic slowdown are the major reason for the downturn of the industry.

Except for the two-wheelers, all other segments in the industry have been weakening. There is a
negative impact on the automakers and dealers who offered high discounts in order to push
sales. To match the decline in demand, automakers have resorted to production cuts and layoffs, due to which capacity utilization for most automakers remains at a dismal level.

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Despite the comprehensive market being under extreme burden, the luxury car market has
observed a robust double-digit hike during the year 2013-2014, as a result of rewarding new
launches at compelling lower price points. Further, with the measured increases in the price of
diesel, the overall market continues to shift towards petrol-fuelled cars. This has lead to the
growth in sales of the 'Mini' segment of the PV market by of 5.5%

Factors determining the growth of the industry

Fuel economy and demand for greater fuel efficiency is a major factor that
affects consumer purchase decision that will bring leading companies across twowheeler and four-wheeler segment to focus on delivering performance-oriented
products.
Sturdy legal and banking infrastructure
Increased affordability, heightened demand in the small car segment and the
surging income of the Indian population
India is the third largest investor base in the world
The Government technology modernization fund is concentrating on
establishing India as an auto-manufacturing hub.
Availability of inexpensive skilled workers
Industry is perusing to elevate sales by knocking on doors of women, youth,
rural and luxury segments
Market segmentation and product innovation

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COMPANY PROFILE
Birla Sun Life Insurance Company Limited (BSLI) was established in 2000 as a joint venture
between the Aditya Birla Group, a well-known and trusted name globally amongst Indian
conglomerates and Sun Life Financial Inc., leading international financial services
organization from Canada.
With an experience of over 9 years, BSLI has significantly contributed to the growth and
development of life insurance industry in India. BSLI currently ranks amongst top 5 private
life insurance companies in the country. Known for its innovation and industry benchmarks,
BSLI has several firsts to its credit. BSLI was the first Indian Insurance Company to
introduce Free Look Period and the same was made mandatory by IRDA for all other life
insurance companies. In addition to this BSLI also pioneered the launch of Unit Linked Life
Insurance plans amongst the private players in India. To establish creditability and
transparency, BSLI enjoys the prestige to be the originator of practice to disclose portfolio on
monthly basis. These development benefits have helped BSLI be closer to its policy holders
expectations which gets further accentuated by the compete bouquet of insurance products
(viz. pure term plan, life stage products, health plan and retirement plans) that the company
offers.
In addition to this, the extensive reach through its network of 600 branches and 1 75,000
empanelled advisors. The impressive combination of domain expertise, product range, reach
and ears on ground, h elped BSLI cover more than 2 million lives since it commenced
operations and establish a customer base spread across more than 1500 towns and cities in
India. To ensure that customers have an impeccable experience, BSLI ensured lowest
outstanding claims ratio of 0.00% for FY 2008-09. BSLI also has the best Turnaround Time
according to LOMA on all claim Parameters. Such services are well supported by sound
financials that BSLI has. The AUM of BSLI stood at Rs. 8165 crores as on February 28,
2009, while as on March 31, 2009, the company has a robust capital base of Rs. 2000 crores.

HIGHER COMMITTEE OF BIRLA SUNLIFE

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Mr. Donald joined Sun Life Financial in 1969 in London, England, and qualified as a Fellow
of the Institute of Actuaries in 1972. In 1974, he left the company to pursue a career in
benefits counselling, ultimately joining William M. Mercer in Toronto.
Mr. Stewart re-joined Sun Life Financial in 1980 with overall responsibility for the Canadian
pension division, where he led six years of rapid growth. From 1992- 1995, Mr. Stewart
restored profitability via re-structuring and re-engineering as Chief Executive Officer of Sun
Life Financials trust operations. In May 1995, Mr. Stewart was appointed Senior VicePresident and Chief Actuary followed by his appointment as President and Chief Operating
Officer followed in 1996.In April 1998;
Mr. Kumar Mangalam Birla
Mr. Birla is a Chartered Accountant and has also earned an MBA from London Business
School, London. He is also a Chairman of Aditya Birla Group, which is among Indias largest
business houses. Its JV operations include Birla Sun Life Asset Management Company, Birla
Life Distribution Co. Ltd and Birla Sun Life Insurance Co. Limited. Business World ranked
him among the top 10 of Indias most admired and respected CEOs and the top CEO of
coming millennium.
PRODUCTS BY BIRLA SUN LIFE
There are many products and solutions offered by BSLI such as Individual Solutions, Group
Solutions, Rural Solutions and NRI Solutions. I have done my research on Individual
Solutions some of which are as follows.

Protection Plans
Savings Plans
Child Plans
Investment Plans
Retirement Plans
Group Plans
Rural Plan

Literature Review
Insurance is a must because of the uncertain future adversities of life. Accidents, illnesses,
disability etc are facts of life that can be extremely devastating. Other than the
hospitalization, medication bills these may run up its the aftermath of the incident, the
physical well being of the individual that has to be taken into consideration. Will the
individual be in a position to earn as before?
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A pertinent question, But what if he is not? Disability can be taken care of by insurance. Your
family will not have to go through the grind due to your present inability.
You think twice before taking the plunge into buying insurance. Is buying insurance a
necessity now? Spending an 'extra' amount as premium at regular intervals where you do not
see immediate benefits does not seem a necessity at the moment.
May be later well you could be wrong. Buying Insurance cannot be compared with any other
form of investment. Insurance gives you a life long benefit and the returns will definitely
come but only when you need it the most i.e. at the right time.
Besides buying insurance early in life is one of the wise decisions you could take. Because
the premium you would be paying would be comparatively lower.

MARKETING STRATEGY

Birla Sun Life Insurance will continue with its strategy of having a targeted approach in the
Indian market, said Donald Stewart, chairman and chief executive officer, Sun Life Financial
Services. Birla Sun Life is a joint venture between Aditya Birla group and Sun Life
Financial of Canada.
In an interview to the The Economic Times , Mr Stewart said that the fact that Birla Sun Life
had the highest average sum assured among all life insurers in India was a reflection of the
company's targeted approach. Although scale was important to be viable in India, Birla Sun
Life would attempt to achieve scale only after it has built a strong base through targeted sales.
In the new markets, companies have to be very careful in new risks since it takes several
years to see whether the persistency in business holds on," said Mr Stewart referring to the
high rate of policy lapsation witnessed in some other Asian countries.
Unlike some other players who have tried to be a player in the mass market from day one
Birla Sun Life has been targeting largely high net worth individuals. Sun Life would also be
looking at opportunities in the pension market in India through a variety of ventures. Mr
Stewart said that for pensions the company would look at resources from the Birla Sun Life's
insurance and asset management ventures in India and if regulations required would float a
separate arm for pensions.
Today, Sun Life Financial Services is a completely different entity from the time when it
signed an understanding with the Aditya Birla group four years ago. After its group in '00,
which gave it the courage to acquire existing companies, Sun Life has been on an acquisition
spree.
The company has concluded the acquisition of another Canadian insurer Clarica in May, and
gone on to acquire Keyport Life Insurance and Independent Financial Marketing Group a
distribution company in US. The company, which was one-third the size of CIBC, is now
much bigger than the North American financial institution and is almost as big as Toronto
Dominion Bank financial group.
Following these acquisitions Sun Life Financial is the seventh largest North American insurer
in terms of market capitalisation. According to Mr Stewart, Sun Life will continue to look at
acquisitions in US. "Our future focus is to continue to widen our base in US as the Canadian
market is significantly smaller than the US. As far as Asia is concerned much of the focus is
on organic growth," said Mr Stewart. Birla Sun Life would look at achieving a dominant
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position in the Indian market by being among the top five players.

OBJECTIVES
Objectives are:

The core objective of the study in changing business environment is

to understand and analyze qualitative and quantitative performance
of Maruti &Tata company

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To investigate their risk and returns factors, their market position,

their collective impact on profitability and to come up with the best
and worst performing company by using modern performance
evaluating techniques and later ranking them according to their
achieved performance

. Further, for better future growth, will suggest rational and scientific
approach for companies to assess and analyze their intrinsic value,
practical risk, exposure and to visualize competitive and
comparative efficiency and their profitability position which can be
considered as a judicious recommendation for improvements of
their performance.

RESEARCH METHODOLOGY

Research Methodology is a way to systematically solve the

problems. It may be understood to study how research is done
scientifically. In this, we study various steps that are generally
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adopted by the researcher in studying research problems along with the
logic behind them, to understand why we are using particular method of
technique so that the research results are capable of being evaluated.
This is analytical research area where we analyses information with
cause and its effects relationship. This analysis leads to the simple
conclusions of whether to lend money to the institution for business. This
project depends upon the primary as well as secondary sources which
are as follows.

Primary Source:

Questionnaire

Personal Interview

Secondary Source:

Internet

This

chapter

deals

with

the

methodology:
1. Research Aim
2. Research Objectives
3. Research Methodology

6.1 Research Process

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fowling

issues

related

to

research

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DEFINE OBJECTIVE AND IDENTIFY

THE
PROBLEM

DETERMINE INFORMATION
NEEDED

DETERMINE THE SOURCES

DECIDE RESEARCH DESIGN

CONDUCT THE RESEARCH

INTERPRETING THE DATA

6.2 Data type:-

FOLLOW
PREPRATION
OF UP
REPORT
RECOMMENDATION

The data that has been collected for this report is primary.
6.3 Collection of primary data
Primary data is collected keeping in mind with the specific data
requirement of research study. They are essentially field data by using
an appropriate survey technique. When a field study covers the entire
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population, the resultant census-based data may be termed as primary
population; the sample-based data may be named as primary sample
data. There are several methods of collection primary data, particularly
in surveys and descriptive researches.

6.3.1 Preparing of Questionnaire

The quality and quantity of information collected through a
questionnaire depends to large extend on how best the questionnaires
is prepared and designed. Well thought-out and objectively stated
questions are more effective in fetching quick response. All these come
from experience in conducting research. Questionnaires include both
CLOSED as well as OPEN ENDED questions.

6.3.2 Observation
This method implies the collection of information by way of own
observation without interviewing respondents. The observation method is
the most commonly used method especially in studies relating to
behavioral sciences. In a way we all observe things around us, but this
sort of observation is not scientific observation. Observations become a
scientific tool and the method of data collection for the research.
6.4 Sampling plan
Convenience Sampling
Convenience sampling, as name implies is based on the convenience of
the researcher who is to select a sample. Convenience sampling is one in
which the researcher select the most accessible population members.
Respondents in the sample are included in it merely on account of their
being available on the spot where the survey is in progress. These
types of samples are used primarily for reasons of convenience. It is used
for exploratory research and speedy situations.
6.4.1 Sampling method Non probability convenience sampling.

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6.4.2 Research method Descriptive Research Method
Descriptive research, also known as statistical research, describes data
and characteristics about the population or phenomenon being studied.
However, it does answer questions about
6.5 Sample design
The way of selecting a sample is known as sample design. It is definite
plan for obtaining sample from given population. It refers to the
procedure or technique adopted in selecting items for the sample. Type of
design is Non Probability.

6.5.6 Data Collection Tool Questionnaire

6.6. Statistical and presentation tools

Primary data is represented
1. First

classified

i.e.

grouped

qualitatively

and

quantitatively

according to the situation or the type of the data which was

collected.
2. After

classifying

is

represented

in

the

form

of

tables

i.e.

systematically arranged in columns and rows.

3. Some of the data is also graphically represented in the form of
graphs

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TATA MOTORS AND MARUTI SUZUKI

Tata Motors Limited (formerly TELCO, short for Tata Engineering and Locomotive
Company) is an Indian multinationalautomotive manufacturing company headquartered
in Mumbai, Maharashtra, India and a subsidiary of the Tata Group. Its products include
passenger cars, trucks, vans, coaches, buses, construction equipment and military vehicles. It
is the world's 17th-largest motor vehicle manufacturing company, fourth-largest truck
manufacturer, and second-largest bus manufacturer by volume.[3]
Tata Motors has auto manufacturing and assembly plants
in Jamshedpur, Pantnagar, Lucknow, Sanand, Dharwad, and Pune in India, as well as in
Argentina, South Africa, Thailand, and the United Kingdom. It has research and development
centres in Pune, Jamshedpur, Lucknow, and Dharwad, India,chintalapudi and in South Korea,
Spain, and the United Kingdom. Tata Motors' principal subsidiaries purchased the British
premium car maker Jaguar Land Rover (the maker of Jaguar, Land Rover, and Range Rover
cars) and the South Korean commercial vehicle manufacturer Tata Daewoo. Tata Motors has
a bus-manufacturing joint venture withMarcopolo S.A. (Tata Marcopolo), a constructionequipment manufacturing joint venture with Hitachi (Tata Hitachi Construction Machinery),
and a joint venture with Fiat which manufactures automotive components and Fiat and Tata
branded vehicles.
Founded in 1945 as a manufacturer of locomotives, the company manufactured its first
commercial vehicle in 1954 in a collaboration with Daimler-Benz AG, which ended in 1969.
Tata Motors entered the passenger vehicle market in 1991 with the launch of the Tata Sierra,
becoming the first Indian manufacturer to achieve the capability of developing a competitive
indigenous automobile.[4] In 1998, Tata launched the first fully indigenous Indian passenger
car, the Indica, and in 2008 launched the Tata Nano, the world's cheapest car. Tata Motors
acquired the South Korean truck manufacturer Daewoo Commercial Vehicles Company in
2004 and purchased Jaguar Land Rover from Ford in 2008.
Tata Motors is listed on the Bombay Stock Exchange, where it is a constituent of the BSE
SENSEX index, the National Stock Exchange of India, and the New York Stock Exchange.
Tata Motors is ranked 287th in the 2014 Fortune Global 500 ranking of the world's biggest
corporations.

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Tata Motors has vehicle assembly operations in India, the United Kingdom, South Korea,
Thailand, Spain and South Africa. It plans to establish plants in Turkey, Indonesia, and
Eastern Europe.

Tata Motors Cars

Tata Motors Cars
The Tata Prima
Tata Motors Cars is a division of Tata Motors which produces passenger cars under the Tata
Motors marque. Tata Motors is among the top four passenger vehicle brands in India with
products in the compact, midsize car, and utility vehicle segments.[20] The companys
manufacturing base in India is spread across Jamshedpur (Jharkhand), Pune (Maharashtra),
Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka) and Sanand
(Gujarat). Tata Motors has highest market share in Nepal due to contributions from
Padmendu and Inderpreet. Tata's dealership, sales, service, and spare parts network comprises
over 3,500 touch points.[20] Tata Motors has more than 250 dealerships in more than 195 cities
across 27 states and four Union Territories of India.[21] It has the third-largest sales and service
network after Maruti Suzuki and Hyundai.
Tata also has franchisee/joint venture assembly operations in Kenya, Bangladesh, Ukraine,
Russia, and Senegal.[22] Tata has dealerships in 26 countries across 4 continents.[23] Though
Tata is present in many countries, it has only managed to create a large consumer base in
the Indian Subcontinent, namely India, Bangladesh, Bhutan, Sri Lanka and Nepal. Tata is also
present in Italy,[24] Spain,[25] Poland,[26]Romania,[27] Turkey,[28] Chile,[29] South Africa,
[30]
Oman,Kuwait,Qatar,Saudi Arabia,United Arab Emirates,Bahrain,Turkey,Iraq and Syria.
Tata Daewoo
Tata Daewoo
The Tata Prima heavy truck on the roads of Lucknow

Tata Daewoo (officially Tata Daewoo Commercial Vehicle Company and formerly Daewoo
Commercial Vehicle Company) is a commercial vehicle manufacturer headquartered in
Gunsan, Jeollabuk-do, South Korea, and a wholly owned subsidiary of Tata Motors. It is the
second-largest heavy commercial vehicle manufacturer in South Korea and was acquired by
Tata Motors in 2004. The principal reasons behind the acquisition were to reduce Tata's
dependence on the Indian commercial vehicle market (which was responsible for around 94%
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of its sales in the MHCV segment and around 84% in the light commercial vehicle segment)
and expand its product portfolio by leveraging on Daewoo's strengths in the heavy-tonnage
sector.
Tata Motors has jointly worked with Tata Daewoo to develop trucks such as Novus and
World Truck and buses including GloBus and StarBus. In 2012, Tata began developing a new
line to manufacture competitive and fuel-efficient commercial vehicles to face the
competition posed by the entry of international brands such as Mercedes-Benz, Volvo, and
Navistar into the Indian market.[31]
Tata Hispano[edit]
Main article: Tata Hispano
Tata Hispano Motors Carrocera, S.A. was a bus and coach manufacturer based in Zaragoza,
Aragon, Spain, and a wholly owned subsidiary of Tata Motors. Tata Hispano has plants in
Zaragoza, Spain, and Casablanca, Morocco. Tata Motors first acquired a 21% stake
in Hispano Carrocera SA in 2005,[8] and purchased the remaining 79% for an undisclosed sum
in 2009, making it a fully owned subsidiary, subsequently renamed Tata Hispano. In 2013,
Tata Hispano ceased production at its Zaragoza plant. Ref
Jaguar Land Rover
The Range Rover Evoque
Jaguar Land Rover
Jaguar Land Rover PLC is a British premium automaker
headquartered in Whitley, Coventry, United Kingdom, and has been a wholly owned
subsidiary of Tata Motors since June 2008, when it was acquired from Ford Motor Company.
[32]
Its principal activity is the development, manufacture and sale of Jaguar luxury and sports
cars and Land Rover premium four-wheel-drive vehicles. It also owns the currently
dormant Daimler, Lanchester, and Rover brands.[33]
Jaguar Land Rover has two design centres and three assembly plants in the UK. Under Tata
ownership, Jaguar Land Rover has launched new vehicles including the Range Rover
Evoque, Jaguar F-Type, the Jaguar XF, the latest Jaguar XJ the second-generation Range
Rover Sport, the fourth-generation Land Rover Discovery, and the fourth-generation Range
Rover.
TML Drivelines
TML Drivelines Ltd. is a wholly owned subsidiary of Tata Motors engaged in the
manufacture of gear boxes and axles for heavy and medium commercial vehicles. It has
production facilities at Jamshedpur and Lucknow. TML Forge division is also a recent
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acquisition of TML Drivelines. TML Drivelines was formed through the merger of HV
Transmission and HV Axles .
Tata Technologies
Tata Technologies Limited (TTL) is an 86.91%-owned subsidiary of Tata Motors which
provides design, engineering, and business process outsourcing services to the automotive
industry. It is headquartered in Pune (Hinjewadi) and also has operations in Detroit, London,
and Thailand. Its clients include Ford, General Motors, Honda, andToyota.
The British engineering and design services company Incat International, which specialises in
engineering and design services and product lifecycle management in the automotive,
aerospace, and engineering sectors, is a wholly owned subsidiary of TTL. It was acquired by
TTL in August 2005 for 4 billion.
European Technical Centre
The Tata Motors European Technical Centre (TMETC) is an automotive design, engineering,
and research company based at Warwick Manufacturing Group (WMG) on the campus of
the University of Warwick in the United Kingdom. It was established in 2005 and is a wholly
owned subsidiary of Tata Motors. It was the joint developer of the World Truck.[34]
In September 2013, it was announced that a new National Automotive Innovation
Campus would be built at WMG at Warwick's main campus at a cost of 100 million.[35]
[36]
The initiative will be a partnership between Tata Motors, the university, and Jaguar Land
Rover, with 30 million in funding coming from Tata Motors.[37]

Tata Marcopolo
Tata Marcopolo
A Tata Marcopolo bus in use inChandigarh, India
Tata Marcopolo is a bus-manufacturing joint venture
between Tata Motors (51%) and the Brazil-based Marcopolo S.A. (49%). The joint venture
manufactures and assembles fully built buses and coaches targeted at developing mass rapid
transportation systems. It uses technology and expertise in chassis and aggregates from Tata
Motors, and know-how in processes and systems for bodybuilding and bus body design from
Marcopolo. Tata Marcopolo has launched a low-floor city bus which is widely used by
Chandigarh, Kolkata, Chennai, Coimbatore, Delhi, Hyderabad, Mumbai, Lucknow, Pune,
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Agra, Kochi, Trivandrum, and Bengaluru transport corporations. Its manufacturing facility is
based in Dharwad.
Fiat-Tata
Fiat-Tata is an India-based joint venture between Tata and Fiat which produces Fiat and Tata
branded passenger cars, as well as engines and transmissions. Tata Motors has gained access
to Fiats diesel engine technology through the joint venture.[38]
The two companies formerly also had a distribution joint venture through which Fiat products
were sold in India through joint Tata-Fiat dealerships. This distribution arrangement was
ended in March 2013; Fiats have since been distributed in India by Fiat Automobiles India
Limited, a wholly owned subsidiary of Fiat.[39][40]
Tata Hitachi Construction Machinery
Main article: Tata Hitachi Construction Machinery
Tata Hitachi Construction Machinery is a joint venture between Tata Motors
and Hitachi which manufactures excavators and other construction equipment. It was
previously known as Telcon Construction Solutions.

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SWOT ANALYSIS
Strengths

The internationalisation strategy so far has been to keep local managers in new
acquisitions, and to only transplant a couple of senior managers from India into the new
market. The benefit is that Tata has been able to exchange expertise. For example after the
Daewoo acquisition the Indian company leaned work discipline and how to get the final
product right first time.

The company has a strategy in place for the next stage of its expansion. Not only is it
focusing upon new products and acquisitions, but it also has a programme of intensive
management development in place in order to establish its leaders for tomorrow.

The company has had a successful alliance with Italian mass producer Fiat since
2006. This has enhanced the product portfolio for Tata and Fiat in terms of production and
knowledge exchange. For example, the Fiat Palio Style was launched by Tata in 2007, and
the companies have an agreement to build a pick-up targeted at Central and South America.

Weaknesses

The companys passenger car products are based upon 3rd and 4th
generation platforms, which put Tata Motors Limited at a disadvantage
with competing car manufacturers.

Despite buying the Jaguar and Land Rover brands (see opportunities
below); Tata has not got a foothold in the luxury car segment in its
domestic, Indian market. Is the brand associated with commercial vehicles
and low-cost passenger cars to the extent that it has isolated itself from
lucrative segments in a more aspiring India?
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One weakness which is often not recognised is that in English the

word tat means rubbish. Would the brand sensitive British consumer ever
buy into such a brand? Maybe not, but they would buy into Fiat, Jaguar
and Land Rover (see opportunities and strengths).

Opportunities

In the summer of 2008 Tata Motors announced that it had successfully purchased the
Land Rover and Jaguar brands from Ford Motors for UK 2.3 million. Two of the Worlds
luxury car brand have been added to its portfolio of brands, and will undoubtedly off the
company the chance to market vehicles in the luxury segments.

Tata Motors Limited acquired Daewoo Motors Commercial vehicle business in 2004
for around USD $16 million.

Nano is the cheapest car in the World retailing at little more than a motorbike.
Whilst the World is getting ready for greener alternatives to gas-guzzlers, is the Nano the
answer in terms of concept or brand? Incidentally, the new Land Rover and Jaguar models
will cost up to 85 times more than a standard Nano!
Threats

Other competing car manufacturers have been in the passenger car business for 40, 50
or more years. Therefore Tata Motors Limited has to catch up in terms of quality and lean
production.

Sustainability and environmentalism could mean extra costs for this low-cost
producer. This could impact its underpinning competitive advantage. Obviously, as Tata
globalises and buys into other brands this problem could be alleviated.

Since the company has focused upon the commercial and small vehicle segments, it
has left itself open to competition from overseas companies for the emerging Indian luxury
segments. For example ICICI bank and DaimlerChrysler have invested in a new Pune-based
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plant which will build 5000 new Mercedes-Benz per annum. Other players developing luxury
cars targeted at the Indian market include Ford, Honda and Toyota. In fact the entire Indian
market has become a target for other global competitors including Maruti Udyog, General
Motors, Ford and others.

MARUTI SUZUKI INDIA LIMITED (MSIL)

Maruti Suzuki India Limited (MSIL), formerly known as Maruti Udyog Limited, a subsidiary
of Suzuki Motor Corporation of Japan, is India's largest passenger car company, accounting
for over 50 per cent of the domestic car market. Maruti Udyog Limited was incorporated in
1981 under the provisions of Indian Companies Act 1956 and the government of India
selected Suzuki Motor Corporation as the joint venture partner for the company. In 1982 a JV
was signed between Government of India and Suzuki Motor Corporation.
It was in 1983 that the Indias first affordable car, Maruti 800, a 796 cc hatch back was
launched as the company went into production in a record time of 13 month.
More than half the number of cars sold in India wear a Maruti Suzuki badge. They are a
subsidiary of Suzuki Motor Corporation Japan. The company offer full range of cars from
entry level Maruti 800 & Alto to stylish hatchback Ritz, A star, Swift, Wagon R, Estillo and
sedans DZire, SX4 and Sports Utility vehicle Grand Vitara.
Since inception, the company has produced and sold over 7.5 million vehicles in India and
exported over 500,000 units to Europe and other countries.
They were born as a government company, with Suzuki as a minor partner, to make a
people's car for middle class India. Over the years, its product range has widened, ownership
has changed hands and the customer has evolved. What remains unchanged, then and now, is
their mission to motorise India. MSILs parent company, Suzuki Motor Corporation, has been
a global leader in mini and compact cars for three decades. Suzuki's technical superiority lies
in its ability to pack power and performance into a compact, lightweight engine that is clean
and fuel efficient. The same characteristics make their cars extremely relevant to Indian
customers and Indian conditions. Product quality, safety and cost consciousness are
embedded into their manufacturing process, which they have inherited from their parent
company.
Right from inception, Maruti brought to India, a very simple yet powerful Japanese
philosophy 'smaller, fewer, lighter, shorter and neater'
From the Japanese work culture they imbibed simple practices like an open office, a common
uniform and common canteen for everyone from the Managing Director to the workman,
daily morning exercise, and quality circle teams.
Maruti Suzuki exports entrylevel models across the globe to over 100 countries and the
focus has been to identify new markets. Some important markets include Latin America,
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Africa and South East Asia.Interestingly with a brand new offering Astar, Maruti Suzuki is
ready to take on European markets.Maruti Suzuki sold 53,024 units during 200708. This is
the highest ever export volume in a year for the company, and marked a growth of 35 per cent
over the previous year.Maruti Suzuki has exported over 552,000 units cumulatively with
about 280,000 units to Europe and Israel .
Maruti Suzuki has two stateoftheart manufacturing facilities in India. The first facility is
at Gurgaon spread over 300 acres and the other facility is at Manesar, spread over 600 acres
in North India.
The Gurgaon facility Maruti Suzuki's facility in Gurgoan houses three
fully integrated plants. While the three plants have a total installed capacity of 350,000 cars
per year, several productivity improvements or shop floor Kaizens over the years have
enabled the company to manufacture nearly 700,000 cars/ annum at the Gurgaon facilities.
The Manesar facility Its Manesar facility has been made to suit Suzuki Motor Corporation
(SMC) and Maruti Suzuki India Limited's (MSIL) global ambitions. The plant was
inaugurated in February 2007. At present the plant rolls out World Strategic Models Swift ,
Astar & SX4 and DZire.The plant has several inbuilt systems and mechanisms.
Diesel Engine Plant Suzuki Powertrain India Limited Suzuki Powertrain India Limited the
diesel engine plant at Manesar is SMC's & Maruti's first and perhaps the only plant designed
to produce world class diesel engine and transmissions for cars. The plant is under a joint
venture company, called Suzuki Powertrain India Limited (SPIL) in which SMC holds 70 per
cent equity the rest is held by MSIL. This facility has an initial capacity to manufacture
100,000 diesel engines a year. This will be scaled up to 300,000 engines/annum by 2010.
In 2012 Senior management members were injured as workers resort to violence at Maruti
Suzuki?s Manesar plant.
Product range of the company includes:
It offer full range of cars from entry level Maruti 800 & Alto to stylish hatchback Ritz, A
star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara.

Maruti Alto 800

Omni

Gypsy

Zen Estilo

Wagon R

Versa

A Star

Ritz

SX4
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Dzire

Grand Vitara

Ertiga

Celerio

SWOT ANALYSIS
Maruti Suzuki is the market leader in India and has an amazing brand equity. Maruti is
known for the service it provides and is synonymous with Maruti 800 the longest running
small car in India. Here is a SWOT of maruti suzuki, its strengths, weaknesses, opportunities
and threats.

Strengths

Major strength of MUL is having largest network of dealers and after sales service
centers in the country.

Maruti Suzuki recorded highest number of domestic sales with 9,66,447 units from
7,65,533 units in the previous fiscal. It recently attained the 10million domestic sales mark.

MUL is the first automobile company to start second hand vehicle sales through its
True-value entity.

Weaknesses
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Low interior quality inside the cars when compared to quality players
likeHyundai and other new foreign players like Volkswagen,Nissan etc.

The management and the companys labor unions are not in good terms. The recent
strikes of the employees have slowed down production and in turn affecting sales.

Maruti hasnt proved itself in SUV segment like other players.

Opportunities

MUL has launched its LPG version of Wagon R and it was a good move
simultaneously

MUL can start R&D on electric cars for a much better substitute of the fuel.

Export capacity of the company is giving new hopes in American and UK markets

Threats

MUL recently faced a decline in market share from its 50.09% to 48.09 % in the
previous year(2011)

Major players like Maruti Suzuki, Hyundai, Tata has lost its market share due to many
small players like Volkswagen- polo. Ford has shown a considerable increase in market share
due to its Figo.

Tata Motors recent launches like Nano 2012, Indigo e-cs are imposing major threats
to its respective competitors segment

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DATA ANALYSIS ,RESEARCH AND INTERPRETATION

EQUITY ANALYSIS OF TATA MOTORS AND MARUTI SUZUKI

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Financials

EQUITY SHARE DATA

TATA MOTORS MARUTI SUZUKI
Mar-15

TATA MOTORS

5-Yr Chart

Mar-15 MARUTI SUZUKI

High

Rs

605

3,790

16.0%

Low

Rs

403

1,866

21.6%

Sales per share (Unadj.)

Rs

816.5

1,681.7

48.5%

Earnings per share (Unadj.)

Rs

43.5

126.0

34.5%

Cash flow per share (Unadj.)

Rs

85.1

209.3

40.6%

Dividends per share (Unadj.)

Rs

25.00

0.0%

0.9

0.0%

Rs

174.8

805.0

21.7%

3,218.68

302.08

1,065.5%

Dividend yield (eoy)

Book value per share (Unadj.)
Shares outstanding (eoy)
Bonus/Rights/Conversions
Price / Sales ratio

0.6

1.7

36.7%

Avg P/E ratio

11.6

22.4

51.7%

P/CF ratio (eoy)

5.9

13.5

43.9%

Price / Book Value ratio

2.9

3.5

82.1%

19.8

0.0%

Rs m

1,622,376

854,282

189.9%

No. of employees

`000

73.5

NA

Total wages/salary

Rs m

255,490

16,710

1,529.0%

Avg. sales/employee

Rs Th

35,761.9

NM

Avg. wages/employee

Rs Th

3,476.8

NM

Avg. net profit/employee

Rs Th

1,903.3

NM

Net Sales

Rs m

2,627,963

508,014

517.3%

Other income

Rs m

8,987

8,650

103.9%

Total revenues

Rs m

2,636,951

516,664

510.4%

Gross profit

Rs m

392,387

68,441

573.3%

Dividend payout
Avg Mkt Cap

INCOME DATA

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Depreciation

Rs m

133,886

25,153

532.3%

Interest

Rs m

48,615

2,178

2,232.1%

Profit before tax

Rs m

218,873

49,760

439.9%

Minority Interest

Rs m

-868

-12

7,231.7%

Prior Period Items

Rs m

134

180

74.6%

Extraordinary Inc (Exp)

Rs m

-1,847

Tax

Rs m

76,429

11,854

644.8%

Profit after tax

Rs m

139,863

38,074

367.3%

Gross profit margin

14.9

13.5

110.8%

Effective tax rate

34.9

23.8

146.6%

Net profit margin

5.3

7.5

71.0%

Current assets

Rs m

1,017,584

86,964

1,170.1%

Current liabilities

Rs m

1,002,720

89,824

1,116.3%

0.6

-0.6

-100.5%

1.0

1.0

104.8%

Inventory Days

Days

41

19

211.6%

Debtors Days

Days

17

212.5%

Net fixed assets

Rs m

1,124,226

143,796

781.8%

Share capital

Rs m

6,438

1,510

426.3%

"Free" reserves

Rs m

611,696

232,489

263.1%

Net worth

Rs m

562,619

243,184

231.4%

Long term debt

Rs m

560,713

2,783

20,147.8%

Total assets

Rs m

2,386,580

344,786

692.2%

Interest coverage

5.5

23.8

23.1%

Debt to equity ratio

1.0

8,708.6%

Sales to assets ratio

1.1

1.5

74.7%

Return on assets

7.9

11.7

67.6%

Return on equity

24.9

15.7

158.8%

Return on capital

23.6

21.2

111.3%

Exports to sales

1.5

9.0

16.8%

Imports to sales

0.7

8.4

8.5%

Exports (fob)

Rs m

39,802

45,857

86.8%

Imports (cif)

Rs m

18,915

42,919

44.1%

Fx inflow

Rs m

55,848

46,329

120.5%

BALANCE SHEET DATA

Net working cap to sales

Current ratio

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Fx outflow

Rs m

34,002

77,959

43.6%

Net fx

Rs m

21,846

-31,630

-69.1%

From Operations

Rs m

351,829

65,391

538.0%

From Investments

Rs m

-345,189

-45,810

753.5%

From Financial Activity

Rs m

52,014

-20,035

-259.6%

Net Cashflow

Rs m

45,004

-454

-9,912.7%

Indian Promoters

34.3

0.0

Foreign collaborators

0.0

56.2

Indian inst/Mut Fund

10.1

14.0

72.4%

FIIs

27.0

22.0

122.9%

ADR/GDR

21.3

0.0

Free float

7.3

7.8

93.6%

356,574

100,212

355.8%

6.5

0.0

CASH FLOW

Share Holding

Shareholders
Pledged promoter(s) holding

Current Valuations
TATA MOTORS MARUTI SUZUKI

Stock Price Chart: Tata Motors Vs.

Maruti Suzuki
P/E (TTM)

32 | P a g e

TATA MOTORS/
MARUTI SUZUKI

9.5

31.5

30.1% View Chart

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P/BV
Dividend Yield

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2.0

5.4

0.0

0.6

36.9% View Chart

-

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INTERPRETATION
INTERPRETATION
INTERPRETATION
INTERPRETATION
INTERPRETATION
The
net cash flow of Tata Motors has increased from 25534 in 2011 to 45004
The
Netearning
profit
of
Tata
Motors
has
decreased
fromfrom
7.6 in1924.5
2011 toin
2015
peritper
share
of
Tata
Motors
has decreased
from
inThe
permargin
share
ofgenerating
Tata
Motors
has
decreased
it means
that
is
revenue
over decreased
the years
.
sales
The
cash
flow
share
of more
Tata
Motors
has
5.3
in
2015
which
indicates
lowthat
margin
of
safety
, higher
risk
that
146.1
in
2011
to 43.5
in 2015
it
means
that
its
profitability
2011
to
816.5
in
2015
it
means
the
company
is
les
active
The
net
cash
flow
of
Maruti
Suzuki
has
decreased
from
23693
in
2011
to from
219.5
in
2011
to
85.1
in
2015
which
is
due
to
a
decline
in
sales
will
erase
and
result
in
net
loss.
has
decreased
over
the
years.
over
the
years
.
454 indecrease
2015 which
means
that
the revenueof
generation
is less from 2011 to
inper
sales
orof
collection
less
revenue.
Netearning
profit
of
Suzuki
has
increased
fromfrom
6.4 in1281.1
2011
The
share
Maruti
Suzuki
has
increased
from
2015
The
sales
permargin
share
of Maruti
Maruti
Suzuki
has
increased

The
cash
flow
per
share
of
Maruti
Suzuki
has
increased
to
7.5
in
2015
which
indicates
higher
margin
of
safety
82.5 in
to in
126
.0 in
it that
means
profitability
has
in 2011
to 2011
1681.7
2015
it 2015
means
theits
company
is more
increased
uver
the
years
from
118.2
2011 to 209.3 in 2015 which may be due
acticve
over
the in
years.
Net Cash Flow
=
Cash
received
Cash
payment of more revenue.
to increase
or collection
Net profit
margin = in
netsales
profit/net
sales*100
EPS
= NPAT
/Revenue
nos. of C.F
equity
Sales
per
share
= Total
/ average
shares
o/s o/s
Cash
flow Pre
p/s
=div
( opening
pre div)/
shares

Conclusion and learning

Accordingly, this study has been focused on understanding the financial

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performance of Indian automobile industry. 6.1 Summary of findings The
study has come out with the key findings that have been arrived at from
the analysis. The findings are presented in the order of the objectives of
the study. Analysis on growth of the Indian Automobile Industry
a. Total Assets of selected automobile companies The mean of total assets
of the industry is Rs. 2068.97 cr during the study period. Ashok Leyland
Limited, Hero Moto Corp, Maharashtra Scooters Limited, Maruti Suzuki
India Limited, and SML Isuzu have the
b. Net Sales of selected automobile companies The net sales of the
selected automobile companies are above the industry average for a
period of five years from 2006 to 2010. TVS Motors, SML Isuzu,
Maharashtra Scooters Limited and Maruti Suzuki India Limited have
outperformed the industry average since the growth of co-efficient of
these companies is more than that of industry average.
c. Total Current Assets of selected automobile companies Ashok Leyland
Limited, Hyundai Motors India Limited, Mahindra &Mahindra, Maruti Suzuki
India Limited and Tata Motors Limited have highest mean of total current
assets when compared with its industry average.
d. . Total Income of selected automobile companies TVS Motors, SML Isuzu,

Maharashtra Scooters and Maruti Suzuki India have showed the excellent
performance in total income. The industry mean of total income is
Rs.44343.59 crores during the study period
e. Total Expenses of selected automobile companies TVS Motors (Rs.
17159.10 crores), SML Isuzu (Rs. 12087.11 crores), Maharashtra Scooters
(Rs. 7530.18 crores) have huge total expenses when compared with
industry average. Mahindra & Mahindra, Tata Motors, Hindustan Motors
have less growth in total Please purchase PDF Split-Merge on
www.verypdf.com to remove this watermark.
f . Operating Profit of selected automobile companies Tata Motors, SML
Isuzu, Maruti Suzuki India have outperformed when compared with the
growth of the industry since their average of operating profit is much
higher than its industry average. Most of the companies have growth in
their operating profit except Force Motors, Hindustan Motors, Mahindra &
Mahindra, Tata Motors and Majestic auto because these companies have
negative growth

g. Profit before Tax of selected automobile companies Hero Moto Corp,

Maharashtra Scooters, SML Isuzu and TVS Motors have highest mean of
profit before tax than the industry mean. Tata Motors, SML Isuzu, Maruti
Suzuki India have performed well since their growth is above the industry
growth. The growth rate of profit before tax is highest for Maruti Suzuki,
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Tata Motors, TVS Motors, Eicher motors. Honda Siel Cars and Majestic auto
have negative growth when compared to all other companies.

h. Net profit of selected automobile companies TVS Motors, SML Isuzu, Maruti Suzuki India
have performed well since their growth is above the industry growth. Honda Siel Cars,
Hyundai Motors and Majestic auto have negative growth when compared with all other
companies. Force Motors, TVS Motors and Maruti Suzuki India showed the highest growth
in net profit during the period under study. Performance of various Ratio A. Profitability
Ratios i. Material cost composition to sales ratio indicates that the MSL, FML, HMIL have
spent more amount for materials in total cost of production. The growth in material cost is
also high in these companies. The mean of this ratio indicates that SML has higher material
cost to sales ratio when compared to other companies. Material cost of most of the companies
comes around 70% of its sales. Please purchase PDF Split-Merge on www.verypdf.com to
remove this watermark. 262 ii. Labour cost composition to sales ratio was lowest for VST,
HMC, M&M and HMIL. This shows that these companies have efficient labour force. The
mean of this ratio reveals that MSL (163.68%) has highest labour cost during the study
period. iii. ALL, AAL, HML have highest growth in selling and distribution cost composition
to sales ratio when compared to other companies. SIL, HMC, AAL showed the lowest selling
and distribution cost composition to sales ratio. These companies have good practice for sales
and distribution of their products. iv. The mean of expenses as composition of total sales was
highest of. 248.32 % for MSL compared to other companies.

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LIMITATIONS

This study has been conducted purely to understand Equity analysis for investors.

The study is restricted to three companies based on Fundamental analysis.

The study is limited to the companies having equities.

Detailed study of the topic was not possible due to limited size of the project.

There was a constraint with regard to time allocation for the research study i.e. for a
period of 45 days.

Suggestions and conclusions are based on the limited data of five years

40 | P a g e

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Recommendation/ contribution to the company

Maruti suzuki can offer better product design and style to influence
customer buying preference in favor .

Improved product should be

maintenance and repair cost.

Tata motors and maruti Suzuki can focus on brand building activity
to avoid price war.

Thou Tata motors has better network of dealer in the area but they
should focus on dealer efficiency & dealer performance.

Assurance of adequate post-sales, maintenance & repair services

can be one of the strongest tools to influence purchaser buying
decision.

Showroom sales person should be well trained to handle customer

objections, queries and complaints.

Maruti Suzuki should focus on Internet media to reach more & more
customers.

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offered

in

the

market

at

low

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Annexture

Balance Sheet For Tata Motors Ltd.

(Rs in Cr)
Mar' 11

Mar' 15

Mar' 14

Mar' 13

Mar' 12

643.78

643.78

638.07

634.75

637.71

Share Application Money

0.00

0.00

0.00

0.00

0.00

Peference Share Capital

0.00

0.00

0.00

0.00

0.00

14,195.94 18,510.00 18,473.46 18,967.51

19,351.40

SOURCES OF FUNDS
Owners' Fund
Equity Share Capital

Reserves & Surplus

Loan Funds
Secured Loans

4,803.26

4,450.01

5,877.72

6,915.77

7,708.52

Unsecured Loans

15,277.71 10,065.52

8,390.97

4,095.86

6,929.67

Total

34,920.69 33,669.31 33,380.22 30,613.89

34,627.30

27,973.79 26,130.82 25,190.73 23,676.46

21,002.78

USES OF FUNDS
Fixed Assets
Gross Block
Less: Revaluation Reserve

22.87

23.31

23.75

24.19

Less: Accumulated Depreciation

12,190.56 10,890.25

9,734.99

8,656.94

7,585.71

Net Block

15,760.36 15,217.70 15,432.43 14,995.77

13,392.88

Capital Work-in-progress

22.87

4,036.67

3,799.03

16,987.17 18,458.42 19,934.39 20,493.55

22,624.21

Current Assets, Loans & Advances

11,131.98

9,680.36 12,041.84 14,969.54

14,350.14

Less : Current Liabilities & Provisions

14,999.61 16,042.24 18,781.24 23,881.64

19,538.96

Total Net Current Assets

-3,867.63

-6,361.88

-6,739.40

-8,912.10

-5,188.82

0.00

0.00

0.00

0.00

0.00

34,920.69 33,669.31 33,380.22 30,613.89

34,627.30

16,633.67 18,104.92 19,580.89 20,140.06

22,276.13

Investments

6,040.79

6,355.07

4,752.80

Net Current Assets

Miscellaneous Expenses not written

Total
Note
Book Value of Unqouted Investment
Market Value of Qouted Investment
Contingent liabilities
Number of Equity shares outstanding (in Lacs)

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275.36

253.07

204.82

299.54

379.18

9,882.65 13,036.73 15,090.21 15,413.62

19,084.08

32,186.80 32,186.80 31,901.16 31,735.47

6,346.14

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Profit & Loss For Tata Motors Ltd.

(Rs in Cr)
Mar' 15

Mar' 14

Mar' 13

Mar' 12

Mar' 11

36,294.74

34,288.11

44,765.72

54,306.56

47,088.44

27,489.01

26,412.31

33,620.80

40,457.95

34,692.83

833.35

820.83

910.42

785.14

612.51

3,091.46

2,877.69

2,837.00

2,691.45

2,294.02

0.00

0.00

0.00

0.00

0.00

6,118.40

5,088.43

5,689.19

6,194.47

4,823.94

0.00

0.00

0.00

0.00

0.00

Cost Of Sales

37,532.22

35,199.26

43,057.41

50,129.01

42,423.30

Operating Profit

-1,237.48

-911.15

1,708.31

4,177.55

4,665.14

1,881.41

3,833.03

2,088.20

574.08

422.97

643.93

2,921.88

3,796.51

4,751.63

5,088.11

Financial Expenses

1,611.68

1,337.52

1,387.76

1,218.62

1,383.70

Depreciation

2,603.22

2,070.30

1,817.62

1,606.74

1,360.77

0.00

0.00

0.00

0.00

0.00

-3,570.97

-485.94

591.13

1,926.27

2,343.64

764.23

-1,360.32

-126.88

98.80

384.70

-4,335.20

874.38

718.01

1,827.47

1,958.94

-403.75

-539.86

-416.20

-585.24

-147.12

0.00

0.00

0.00

0.00

0.00

-4,738.95

334.52

301.81

1,242.23

1,811.82

Income :
Operating Income
Expenses
Material Consumed
Manufacturing Expenses
Personnel Expenses
Selling Expenses
Adminstrative Expenses
Expenses Capitalised

Other Recurring Income

Adjusted PBDIT

Other Write offs

Adjusted PBT
Tax Charges
Adjusted PAT
Non Recurring Items
Other Non Cash adjustments
Reported Net Profit

44 | P a g e

BIRLA SUN LIFE

Earnigs Before Appropriation

-3,761.36

1,677.31

1,965.72

3,321.15

3,745.95

Equity Dividend

0.00

555.16

566.17

1,097.68

1,081.43

Preference Dividend

0.00

0.00

0.00

0.00

0.00

Dividend Tax

0.00

93.40

79.03

183.02

192.80

-3,761.36

1,028.75

1,320.52

2,040.45

2,471.72

Retained Earnings

Cash Flow For Tata Motors Ltd.

(Rs in Cr)
Mar' 15

Mar' 14

Mar' 13

Mar' 12

Mar' 11

Profit Before Tax

-4,738.95

334.52

301.81

1,242.23

1,811.82

Net CashFlow-Operating Activity

-2,562.67

2,463.46

2,258.44

3,653.59

1,505.56

601.74

2,552.91

991.50

144.72

-2,521.88

2,631.53

-5,033.81

-4,045.69

-4,235.59

1,648.42

Net Inc/Dec In Cash And Equivlnt

663.27

-6.89

-714.07

-432.50

635.87

Cash And Equivalnt Begin of Year

198.68

205.57

919.64

1,352.14

716.27

Cash And Equivalnt End Of Year

861.95

198.68

205.57

919.64

1,352.14

Net Cash Used In Investing Activity

NetCash Used in Fin. Activity

Capital Structure For Tata Motors Ltd.

Current Equity: 679.13 Crore

From

To

Year

Year

2014

2015

45 | P a g e

Class
Of
Share
Equity
Share

Authorized

Issued

Capital

Capital

(Crores)

(Crores)

900.00

643.88

Paid Up
Shares (Nos)

3,218,680,067

Paid Up

Paid Up

Face

Capital

Value

(Crores)

2.00

643.74

BIRLA SUN LIFE

2013

2014

2012

2013

2011

2012

2010

2011

2009

2010

2008

2009

2007

2008

2006

2007

2005

2006

2004

2005

2003

2004

2002

2003

2001

2002

2000

2001

1999

2000

1998

1999

1996

1998

1995

1996

46 | P a g e

Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity

900.00

643.88

3,218,680,067

2.00

643.74

900.00

638.02

3,190,115,771

2.00

638.02

900.00

634.71

3,173,546,570

2.00

634.71

900.00

634.61

634,613,990

10.00

634.61

900.00

570.56

570,557,544

10.00

570.56

900.00

514.01

514,008,314

10.00

514.01

450.00

385.50

385,503,954

10.00

385.50

450.00

385.37

385,373,885

10.00

385.37

410.00

382.83

382,834,131

10.00

382.83

400.00

361.75

361,751,751

10.00

361.75

400.00

352.96

352,958,130

10.00

352.96

350.00

319.89

319,784,387

10.00

319.78

350.00

319.89

319,782,395

10.00

319.78

350.00

255.92

255,856,343

10.00

255.86

300.00

255.92

255,856,343

10.00

255.86

300.00

255.92

255,856,832

10.00

255.86

300.00

255.92

255,920,932

10.00

255.92

300.00

241.89

241,884,646

10.00

241.88

BIRLA SUN LIFE

Share
1994

1995

1993

1994

1992

1993

1992

1993

1991

1992

1991

1992

1990

1991

1989

1990

1987

1989

1983

1984

1982

1983

1981

1982

1978

1979

1977

1978

1975

1977

1971

1974

1967

1971

47 | P a g e

Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share

200.00

137.06

137,062,019

10.00

137.06

200.00

128.84

128,844,214

10.00

128.84

145.50

139.61

114,453,700

10.00

114.45

145.50

139.61

14,372,540

7.50

10.78

145.50

117.47

106,437,808

10.00

106.44

145.50

117.47

22,059,800

5.00

11.03

145.50

103.67

103,673,600

10.00

103.67

145.50

103.67

103,673,600

10.00

103.67

145.50

103.67

10,366,501

100.00

103.67

55.50

52.87

5,286,732

100.00

52.87

55.50

40.92

4,092,197

100.00

40.92

55.50

40.92

4,092,197

100.00

40.92

3.55

2.92

2,922,998

10.00

2.92

25.50

18.90

1,889,856

100.00

18.90

17.50

15.75

1,574,880

100.00

15.75

17.50

15.11

1,510,915

100.00

15.11

15.05

14.35

1,434,928

100.00

14.35

BIRLA SUN LIFE

1966

1967

1965

1966

1963

1965

1962

1963

1959

1962

1955

1957

1950

1955

1948

1950

1945

1948

Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share
Equity
Share

13.00

12.30

1,229,630

100.00

12.30

13.00

12.00

1,199,582

100.00

12.00

13.00

12.00

999,935

100.00

10.00

13.00

10.00

799,993

100.00

8.00

8.00

8.00

799,538

100.00

8.00

5.00

5.00

500,000

100.00

5.00

4.00

3.00

300,000

100.00

3.00

4.00

2.00

200,000

100.00

2.00

4.00

2.00

20,000

1,000.00

2.00

Balance Sheet of Maruti

Suzuki India

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Networth
Secured Loans

48 | P a g e

------------------- in Rs. Cr. ------------------Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

151.00
151.00
0.00
0.00
23,553.20
23,704.20
0.00

151.00
151.00
0.00
0.00
20,827.00
20,978.00
0.00

151.00
151.00
0.00
0.00
18,427.90
18,578.90
0.00

144.50
144.50
0.00
0.00
15,042.90
15,187.40
0.00

144.50
144.50
0.00
0.00
13,723.00
13,867.50
0.00

BIRLA SUN LIFE

Unsecured Loans
Total Debt
Total Liabilities

180.20
180.20
23,884.40
Mar '15

1,685.10
1,685.10
22,663.10
Mar '14

1,389.20
1,389.20
19,968.10
Mar '13

1,078.30
1,078.30
16,265.70
Mar '12

170.20
170.20
14,037.70
Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

26,076.90
0.00
13,817.60
12,259.30
1,882.80
12,814.00

22,435.00
0.00
11,644.60
10,790.40
2,621.40
10,117.90

19,633.90
0.00
9,834.70
9,799.20
1,940.90
7,078.30

14,678.30
0.00
7,157.60
7,520.70
611.40
6,147.40

11,718.60
0.00
6,189.20
5,529.40
862.50
5,106.80

Inventories

2,615.00

1,705.90

1,840.70

1,796.50

1,415.00

Sundry Debtors

1,069.80

1,413.70

1,469.90

937.60

824.50

18.30

629.70

775.00

2,436.10

2,508.50

Total Current Assets

3,703.10

3,749.30

4,085.60

5,170.20

4,748.00

Loans and Advances

2,891.80

3,256.70

3,830.20

2,852.50

2,178.40

0.00

0.00

0.00

0.00

0.00

6,594.90

7,006.00

7,915.80

8,022.70

6,926.40

0.00

0.00

0.00

0.00

0.00

Current Liabilities

8,013.60

6,996.90

5,892.00

5,338.00

3,861.60

Provisions

1,653.00

875.70

874.10

698.50

525.80

Total CL & Provisions

9,666.60

7,872.60

6,766.10

6,036.50

4,387.40

Net Current Assets

-3,071.70

-866.60

1,149.70

1,986.20

2,539.00

0.00

0.00

0.00

0.00

0.00

Application Of Funds
Gross Block
Less: Revaluation Reserves
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments

Cash and Bank Balance

Fixed Deposits
Total CA, Loans & Advances
Deferred Credit

Miscellaneous Expenses

49 | P a g e

BIRLA SUN LIFE

Total Assets

Contingent Liabilities

23,884.40

22,663.10

19,968.10

16,265.70

14,037.70

9,228.60

7,210.20

8,193.30

6,108.00

6,384.80

784.70

694.45

615.03

525.68

479.99

Book Value (Rs)

Consolidated Balance Sheet of Maruti

Suzuki India

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Init. Contribution Settler
Preference Share Application Money
Employee Stock Opiton
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Minority Interest
Policy Holders Funds
Group Share in Joint Venture
Total Liabilities

------------------- in Rs. Cr. ------------------Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

151.00
151.00
151.00
144.50
144.50
151.00
151.00
151.00
144.50
144.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
24,167.40 21,345.40 18,876.80 15,530.00 14,164.30
24,318.40 21,496.40 19,027.80 15,674.50 14,308.80
0.00
0.00
0.00
0.00
0.00
330.80 1,865.30 1,568.80 1,262.20
315.00
330.80 1,865.30 1,568.80 1,262.20
315.00
13.40
12.20
10.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
24,662.60 23,373.90 20,607.20 16,936.70 14,623.80
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11
12 mths

Application Of Funds
Gross Block
Less: Revaluation Reserves
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories

50 | P a g e

26,515.30
0.00
14,025.80
12,489.50
1,890.10
13,297.70
2,674.40

12 mths

12 mths

12 mths

12 mths

22,837.20 19,985.10 14,998.90 11,933.50

0.00
0.00
0.00
0.00
11,803.50 9,963.40 7,253.40 6,261.70
11,033.70 10,021.70 7,745.50 5,671.80
2,639.50 1,967.90
612.20
879.20
10,527.10 7,421.40 6,545.00 5,439.30
1,763.20 1,887.20 1,837.80 1,438.60

BIRLA SUN LIFE

Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deferred Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Minority Interest
Group Share in Joint Venture
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

1,144.30 1,489.10 1,489.20 1,006.60

881.30
43.20
648.60
814.80 2,463.40 2,532.00
3,861.90 3,900.90 4,191.20 5,307.80 4,851.90
2,939.40 3,310.20 3,868.60 2,888.80 2,264.10
0.00
0.00
0.00
0.00
0.00
6,801.30 7,211.10 8,059.80 8,196.60 7,116.00
0.00
0.00
0.00
0.00
0.00
8,163.70 7,164.10 5,995.80 5,469.70 3,966.40
1,652.30
873.40
867.80
692.90
516.10
9,816.00 8,037.50 6,863.60 6,162.60 4,482.50
-3,014.70
-826.40 1,196.20 2,034.00 2,633.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
24,662.60 23,373.90 20,607.20 16,936.70 14,623.80
6,982.60
805.03

5,322.10
711.61

Profit & Loss account of Maruti Suzuki India

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

51 | P a g e

5,502.20
629.89

3,333.90
542.54

2,861.80
495.27

------------------- in Rs. Cr. -------------------

Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

12 mths

12 mths

12 mths

12 mths

12 mths

55,133.60 48,878.60 49,090.00 35,587.10 36,618.40

5,163.00
5,178.00
5,502.10
0.00
0.00
49,970.60 43,700.60 43,587.90 35,587.10 36,618.40
831.60
822.90
812.40
826.80
508.80
455.90
-18.50
-23.40
131.20
56.00
51,258.10 44,505.00 44,376.90 36,545.10 37,183.20
35,713.10 31,495.00 32,722.00 28,330.60 28,490.10
712.30
594.10
493.70
229.50
210.20
1,606.60
1,368.10
1,069.60
843.80
703.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,681.60
5,129.00
5,049.60
3,801.40
3,632.00
0.00
0.00
0.00
0.00
0.00
43,713.60 38,586.20 39,334.90 33,205.30 33,035.90
Mar '15
Mar '14
Mar '13
Mar '12
Mar '11

BIRLA SUN LIFE

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

12 mths

12 mths

12 mths

12 mths

12 mths

6,712.90
7,544.50
206.00
7,338.50
2,470.30
0.00
4,868.20
0.00
4,868.20
1,157.00
3,711.20
8,000.50
0.00
755.20
153.80

5,095.90
5,918.80
175.90
5,742.90
2,084.40
0.00
3,658.50
0.00
3,658.50
875.50
2,783.00
7,091.20
0.00
362.50
61.60

4,229.60
5,042.00
189.80
4,852.20
1,861.20
0.00
2,991.00
0.00
2,991.00
598.90
2,392.10
6,612.90
0.00
241.70
41.10

2,513.00
3,339.80
55.20
3,284.60
1,138.40
0.00
2,146.20
0.00
2,146.20
511.00
1,635.20
4,874.70
0.00
216.70
35.10

3,638.50
4,147.30
25.00
4,122.30
1,013.50
0.00
3,108.80
0.00
3,108.80
820.20
2,288.60
4,545.80
0.00
216.70
35.10

3,020.80
122.85
500.00
784.70

3,020.80
92.13
240.00
694.45

3,020.80
79.19
160.00
615.03

2,889.10
56.60
150.00
525.68

2,889.10
79.21
150.00
479.99

Cash Flow of Maruti Suzuki India

------------------- in Rs. Cr. ------------------Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax

Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash
Equivalents

52 | P a g e

2991.0
0
4301.1
0
3491.0
0

12
mths

4868.2
0
6410.6
0
4499.9
0
1962.1
0

3658.5
0
4903.5
0
4892.9
0

2146.2 3108.8
0
0
2229.4 2819.4
0
0
2918.3 343.00
0

-65.90 -966.30

616.50

752.10

-51.40

-55.30 -156.20

-72.40

2410.3
0

BIRLA SUN LIFE

Opening Cash & Cash Equivalents

69.70

125.00

281.20

Closing Cash & Cash Equivalents

18.30

69.70

125.00

2508.5
98.20
0
2436.1 2508.5
0
0

FINACIAL REPORT OF MARUTI SUZUKI

FINANCIAL RESULTS
The Company''s financial performance during the year 2014-15 as compared
to the previous year 2013-14 is summarised below:
( Rs. in million)
Total revenue

508,022

445,235

Profit before tax

48,682

36,585

Tax expense

11,570

8,755

Profit after tax

37,112

27,830

173,849

153,043

Balance brought forward

Impact of revision of
useful lives of certain
fixed assets

(792)

Profit available for

appropriation

210,169

180,873

Appropriations:
General reserve

3,711

2,783

Proposed dividend

7,552

3,625

53 | P a g e

BIRLA SUN LIFE

Corporate dividend tax

Balance carried forward to
balance sheet

1,538
197,368

616
173,849

FINANCIAL HIGHLIGHTS

The total revenue (net of excise) was Rs. 508,022 million as againstRs. 445,235 million in
the previous year showing an increase of 14 per cent. Sale of vehicles in the domestic market
was 1,170,702 units ascompared to 1,053,689 units in the previous year showing an increase
of 11 per cent. Total number of vehicles exported was 121,713 units ascompared to 101,352
units in the previous year showing an increase of 20 percent.
Profit before tax (PBT) was Rs. 48,682 million against Rs. 36,585 million showing an
increase of 33 per cent and profit after tax (PAT) stood at Rs. 37,112 million against Rs.
27,830 million in the previous year showing an increase of 33 per cent. Price earning ratio
(based on last quoted price on NSE) as on 31st March 2014 and 31st March 2015 was
21.40 and 30.10 respectively.
The Government of India came out with an ''offer for sale'' at a price of Rs. 125/- per share in
2003. The market capitalisation as on 31st March 2014 and 31st March 2015 was Rs. 595,400
million and Rs. 1,117,394 million respectively. This is based on market price of the
Company''sshares (BSE closing) of Rs. 1,971 and Rs. 3,699 as at 31st March 2014 and 31st
March 2015 respectively. The share price of the Company increased by 2859 percent as on
31st March 2015 vis-a-vis the price of
allotted shares at the time of said offer for sale.
.

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FINANCIAL STATEMENT OF TATA MOTORS

FINANCIAL PERFORMANCE SUMMARY
(Rs. in crores)
Company
(Standalone)
Fiscal 2015

Fiscal 2014

Gross revenue

39,524.34

37,758.00

Net revenue (excluding excise duty)

36,294.74

34,288.11

Total expenditure

37,094.75

34,754.86

Operating profit / (loss)

(800.01)

(466.75)

Other income

1,881.41

3,833.03

FINANCIAL RESULTS

Profit before interest, depreciation,

amortization, exceptional item
and tax

1,081.40

3,366.28

Finance cost

1,611.68

1,353.18

Cash profit

(530.28)

2,013.10

Depreciation, amortization and product

development / engineering
expenses

3,040.69

2,499.04

Profit / (loss) for year before

exceptional items and tax

(3,570.97)

(485.94)

Exceptional items - loss (net)

403.75

539.86

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Profit / (loss) before tax

(3,974.72)

Tax expenses / (credit)

764.23

Profit / (loss) after tax

(4,738.95)

Share of minority interest and share

of profit of associates (net)

(1,025.80)
(1,360.32)
334.52

Profit / (loss) for the year

(4,738.95)

334.52

(4,738.95)

334.52

APPROPRIATIONS
Profit / (loss) for the year
Balance brought forward from
previous year
Amount available for appropriations

977.59

1,342.79

(3,761.36)

1,677.31

Less: appropriations / (transfer from)

General Reserve

33.45

Other Reserves
Dividend (including dividend
distribution tax)

(93.40)

Balance carried to Balance Sheet

(3,667.96)

666.27
977.59

Tata Motors Group

(Consolidated)
Fiscal 2015

Fiscal 2014

FINANCIAL RESULTS
Gross revenue

266,345.25

236,626.43

Net revenue (excluding excise duty)

262,796.33

232,833.66

Total expenditure

220,682.51

195,415.09

Operating profit / (loss)

42,113.82

37,418.57

Other income
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898.74

828.59

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Profit before interest, depreciation,

amortization, exceptional item
and tax
Finance cost

43,012.56

38,247.16

4,861.49

4,749.44

Cash profit

38,151.07

33,497.72

Depreciation, amortization and product

development / engineering
expenses

16,263.80

13,643.37

Profit / (loss) for year before

exceptional items and tax

21,887.27

19,854.35

Exceptional items - loss (net)

184.71

985.38

Profit / (loss) before tax

21,702.56

18,868.97

Tax expenses / (credit)

7,642.91

Profit / (loss) after tax

14,059.65

14,104.18

(73.36)

(113.16)

Share of minority interest and share

of profit of associates (net)
Profit / (loss) for the year

13,986.29

4,764.79

13,991.02

APPROPRIATIONS
Profit / (loss) for the year

13,986.29

13,991.02

Balance brought forward from

previous year

40,530.48

27,305.87

Amount available for appropriations

54,516.77

41,296.89

Less: appropriations / (transfer from)

General Reserve

21.00

54.45

Other Reserves

39.52

21.88

Dividend (including dividend

distribution tax)

(30.92)

Balance carried to Balance Sheet

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54,487.17

690.08
40,530.48

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BIBLIOGRAPHY
WEBSITE1- http://www.moneycontrol.com/india/stockpricequote/media-entertainment/pvr/PVR
2- http://www.moneycontrol.com/financials/pvr/profit-loss/PVR#PVR
3-http://www.moneycontrol.com/india/stockpricequote/mediaentertainment/inoxleisure/INO01
4- http://www.moneycontrol.com/financials/inoxleisure/profit-loss/INO01#INO01
5- Money works for me
6- EquityMaster.com
7- Official Website Of Companies
8- Tradeeconomies.com
9- ibef.orf
10- ICICI direct
11- Refer to the Report
12- Interview of CEO

Tata Motors Official Website

Wiki Tata Motors Ltd
Business Today Pick and Choose
Business Today Tata Motors to bring Jaguar, Land Rover to India

Questionnaire
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Dear Sir/Madam, I am representing equity analysis on four wheeler sector

.". Please assist me in this survey process by filling the Questionnaire
given below. Your cooperation will be obliged.
1. Other than commute, which factor influences you the most to
purchase four wheeler?
a. Product design and style
repair cost
c. Affordable price

b. Low maintenance and

d. Better Mileage

2. What is your opinion about product design and style of Tata motors?
a. Excellent
b. Very Good
c. Good
d. Fair
e. Poor
3. What is your opinion about product design and style of Maruti
Suzuki ?
a. Excellent
b. Very Good
c. Good
d. Fair
e. Poor
4. Pricing of Tata motors isa. Affordable

b. Higher

5. Tata motors has best network dealer in Pimpri-Chinchwad regiona. Strongly Agree
b. Agree
c. Neither agrees nor disagree d. Disagree
e. Strongly disagree
6. Maruti Suzuki has best network dealer in Pimpri-Chinchwad regiona. Strongly Agree
b. Agree
c. Neither agrees nor disagree d. Disagree
e. Strongly disagree

7. Post-sales maintenance and repair services for Tata motors to me

isa. Extremely important
b. Very important
c. Somewhat important
d. Not very important
e. Not at all important

8. Post-sales maintenance and repair services forMaruti Suzuki to me

isa. Extremely important
b. Very important
c. Somewhat important
d. Not very important
e. Not at all important
9. Which is the most credible source of information for purchasing a
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two wheeler?
a. Word of mouth
c. Event and Experience
10.
?

From which media you get the information about Tata motors
a. Print Media
c. Internet

11.
?

b. Advertisement
d. Opinion leader

b. Broadcast Media
d. Outdoor Media

From which media you get the information about Maruti suzuli
a. Print Media
c. Internet

b. Broadcast Media
d. Outdoor Media

12.
Comparing all the benefits of Tata motoes, you would include
Tata in your choice set while making purchasing decisiona. Definitely
b. Probably
c. Not Sure
d. Probably Not
e. Definitely Not
13.
Comparing all the benefits of Maruti suzuki, you would include
Tata in your choice set while making purchasing decisiona. Definitely
b. Probably
c. Not Sure
d. Probably Not
e. Definitely Not

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