obu tata motors final draft.doc

ACCA Oxford Brookes University Research and Analysis Project

Table of Contents

PART 1

Project Objectives & Overall Research Approach......................................................................................................2Introduction.................................................................................................................................................................2Reason for Choosing The Topic......................................................................................................................................2Chosen Organization & Rational Behind Choosing Tata Motors Limited........................................................................2Tata Company Profile ...................................................................................................................................................3Project aim & objectives.................................................................................................................................4Background of Research Approach................................................................................................................................5

PART 2

INFORMATION GATHERING & ACCOUNTING & BUSINESS TECHNIQUS...................................................................................6Source of Information...................................................................................................................................................6Methods used to collect Information............................................................................................................................7Limitation in Information Gathering..............................................................................................................................7Limitation in Financial Ratio..........................................................................................................................................8Limitation of SWOT Analysis..........................................................................................................................................8Limitation of PESTEL Analysis........................................................................................................................................8Ethical Issues.................................................................................................................................................................9An Explanation of Accounting & Business Techniques..................................................................................................10PART 3

RESULTS, ANALYSIS, CONCLUSION & RECOMMENDATIONS................................................................................................14Financial Performance Analysis..................................................................................................................................14Indian Automobile Industry Overview.........................................................................................................................24Future of Indian Auto Sector......................................................................................................................................25PESTEL Analysis..........................................................................................................................................................26SWOT Analysis............................................................................................................................................................31Conclusion & Recommendation...................................................................................................................................34 Introduction

The BSc (Hons) in Applied Accounting is an integrated program with ACCA and this degree is awarded by Oxford Brookes University. This degree will help me to assure to my employers that I have al relevant skill and knowledge in accounting and finance, but that it is from a university that has a reputation for excellence.

Reasons for Choosing the Topic

For my thesis I have chosen Topic 8- An analysis and evaluation of the business and financial performance of an organization over three year period.

During the time of my professional degree of ACCA, I have gained knowledge in Accountancy and Finance. This selected topic gives me the opportunity to enhance my knowledge and help to me to demonstrate to my acquired knowledge. I use my learned techniques on accountancy and finance and analyse and evaluate the performance of my selected company and to improve my main graduate skill which is data analysis, research and interpretation of data.

Chosen Organization & Rationale behind choosing Tata Motors Limited

For fair comparison purpose, I have chosen Tata Motors Limited and Mahindra & Mahindra due to the research and analysis of the project. In this regard, I want to state that, for achieving my purpose I use Annual Report (standalone) of Tata Motors Limited as well as Annual Report (standalone) of Mahindra Motors.

To find out the current position and exact situation of Tata Motors Limited in the automobile industry I study the financial statements for three years (2013-2015) of this company. To accomplish my goal I will apply my knowledge which connected with related topic. My rational behind the choosing of Tata Motors Limited for analysing the business and financial performance are as follows:

Consistently Tata Motors Limited maintain faster growth pace than it competitor and become as one of the most successful market leader in commercial vehicle in Indian automobile industry. Recently customers become more sensitive to price, due to economic slowdown. As a result, it negatively effects on automobile sector and competition is getting stiff in India.

Being a public listed company Tata Motors Limited it is easy to get all required information. Shareholders, investors have the legal right to know about financial information as a result Tata Motors Limited provides detailed financial information to them.

TATA Company Profile

Tata Motors, a subsidiary of the Tata Group, is an Indian automotive company headquartered in Mumbai, India. It primarily operates in the automotive segment, consisting of Tata and other vehicles as well as Jaguar Land Rover.

Global Presence

Tata Motors has comprehensive global distribution network which in 175 country and 6600 sales and service points (Annual Report Standalone2014ofTATA Motors Limited).It has manufacturing unit in seven countries of three continents which are Europe, Asia & Oceania and Africa (Annual Report Standalone2014ofTATA Motors Limited).. It has research and Development unit in 5 countries across two continents.

Joint Venture In 2006, Tata Motors formed 51:49 joint ventures with the Brazil-based company, Marcopolo, a global leader in body-building for buses and coaches and the joint efforts help to manufacture fully-built buses and coaches for India (Annual Report Standalone2014ofTATA Motors Limited).In 2006, Tata Motors entered into joint venture with a Thailand based auto manufacturer name, Thonburi Automotive Assembly Plant Company to grab the market of the companys pickup vehicles in Thailand. Tata Motors (SA) (Proprietary) Ltd., also entered in joint venture with Tata Africa Holding (Pty) Ltd. And this joint effort enables TATA to set up an assembly plant in Rosslyn, north of Pretoria, in 2011 (Annual Report Standalone2014ofTATA Motors Limited). Acquisition Jaguar Land Rover, acquired in 2008. TATA also acquired the Daewoo Commercial Vehicles Company, South Koreas second largest truck maker, in 2004 (Annual Report Standalone2014ofTATA Motors Limited). roduction FacilityTATAs manufacturing base spread across Jamshedpur (Jharkhand), Pune (Maharashtra), Lacknow (Uttar Pradesh), Pantnagar (Uttarakhand), Sanand (Gujarat) and Dharwad (Karnataka) (Annual Report Standalone 2014 of TATA Motors Limited). Project aim & objectives

The major objective of Research and Analysis project (RAP) is to analyze the overall business performance and financial performance of Tata Motors Limited. In addition to the current business and financial performance status of the company, this report also tries to find out the future prospect of the company as well as industry overview and position of Tata Motors within the industry.

To attain the research objective, it is important to gather information from reliable sources. Here in this report, information is mainly gathered from last three years annual report of Tata Motors and Mahindra Motors. Information is also collect from newspaper and articles from various website.

Financial performance:

In the report it is try to get answer of few selective questions. These answers of the questions lead to the clear understanding of financial performance of the company. Through this answers we get to know companys return on capital employed, profitable ratio, Earnings per shares etc. Financial performance will be measured by answering the following questions:

i. How profitable the company is?

ii. Is the company facing any liquidity crisis?

iii. Performance comparison with its competitor

Business performance:

There are few business models use in business world to understand business performance of any company. It would be determined by answering the following questions:

i. What are the major opportunities and threats

ii. What are industry situation and companys capability to cope up with it?

Background of research approach:

After selecting the topic and company i have gathered information on selected company, Tata Motors and Mahindra Motors. As Tata Motors and Mahindra Motors is listed in NSE and BSE therefore, company therefore information is available. To get financial performance i have calculated few ratios which are listed below-

Profitability

Liquidity

Gearing

Investor ratios

To understand the business performance I use PESTEL, and SWOT analysis to find out the companys both external and internal competitive environment, after reading through the companys business nature and structure. Limitations of the models also considered when selecting the appropriate model.

PART-2

Information Gathering and Accounting and Business Techniques

Sources of information

Information is foremost important element for conducting research and gets the result. Therefore collecting information is very crucial for conducting desired research result.

Primary Source

For completing the research work, primary source of information is one of most essential basis. Due to the nature of this particular research, I heavily relied on secondary source of information such as- annual report, various website, online newspaper, and online article rather than primary source of information. Secondary SourceAs I mentioned earlier, that to do my research work, attain research objectives, and get the answer of my research question secondary source of information sufficient. I have used various articles in business magazines and the article for various journals which have been accessed via internet. However, in this report the majority of the information is taken from online sources that Ive listed. Few benefits researchers can get by using secondary source of information; are listed bellow

Ease of Access: Secondary information is highly available because of availability of online access; secondary research is more openly accessed compare to primary information.

Low cost to acquire: To acquire secondary information a researchers need not to expense high. A researchers can access to valuable information for little or no cost to acquire. Therefore, this information is much less expensive so that the researchers had to carry out the research themselves

Clarification of Research Question: The use of secondary research may help the researcher to clarify the research question. Secondary research is often used prior to primary research to help clarify the research focus

Methods Used to Collect Information

Annual Reports of Tata Motors Limited and Mahindra & Mahindra

I have used official website of Tata Motors Ltd, to gather information related to companys background, last three financial years annual reports. In addition to this, information also collected form annual report to calculate the key ratio. For analyzing the trend the use of the past three years financial statements has helped me to exhibit the progress of the company over the period.

Electronic researchI collected majority of the information from internet for doing this report. I have surfed the official website of Tata and Mahindra. As these sources were more reliable, I have taken information from there. For my better understanding and for achieving the research goal I have browsed through other web pages. I also used some of their contents for clear definition in my project.

ACCA Text books

My report may not complete if paper F7 Financial Reporting & P2 Corporate Reporting is not guide me. It leads me through the whole project for conducting financial analysis of the project. My knowledge of Business analysis enhance by Paper F9, which taught me Financial Management & P3 Business Analysis. It also helps me to the application of business models.

Limitations in information gathering

Companys annual reports, newspaper articles, and websites are the main source for gathering the information. I depend on these sources to complete the project. . I have tried my level best to provide precise and applicable information considering the following:

Sometimes the exact information may not be possible to collect from various websites. So considering this issue and ensure the reliability, data was obtained from various government sites.

Information credibility increased if third parties critically examine the data. I scrutinize my all the information by third parties so that information credulity is not under question.

Limitations of the financial ratios Ratio calculation always cannot right information to analyze it is depend on accuracy of financial statement. It might give altered justification.

Ratios deal with quantity rather than quality ratio does not address issues like product quality, customer service, after sales service, these qualitative factors play an important role in determining financial performance of the company.

Limitations of the SWOT Analysis include One of the limitation of SWOT analysis is it cannot provide solutions

Through the analysis of SWOT it can generate too many ideas but not help to choose the best one

SWOT produce burden of information many of these are not useful.

Limitations of the PESTL Analysis include

External environment is not constant it changes every moment. As its regularly changing, PESTL analysis must also conduct in regular basis because it depends on it. Due to time and cost constraints, companies are not doing this analysis regularly. So the ultimate benefit of PESTL analysis is not possible to achieve.

PESTL analysis sometimes leads huge loss for company. Because the results of PESTL are subjective so that people can misinterpret in many ways. so in the long run company can face massive damage in its growth rate.

Ethical issues

As I have attempted the ACCA Professional Ethics Module, which was, a prerequisite to beginning work on my project. Ethics is significant to everyday life in general and also applying ethical issue in the accounting field in particular is very much crucial. Throughout the various ACCA papers like P1 I have been learning various ethical issues. The ethical issue that came into mind is as follows:

Integrity:

Considering the issue of plagiarism, I have tried to reference others work, report, ideas accordingly in order to safeguard against this threat. For completing my research, I have relied mostly on secondary information, which I have stated clearly.

Objectivity: Accordingly, in the R.A.P preparation guide, I have tried to be unbiased when undertaking my research. I never try to provide only that information that supports my view of the company have selected. According to me, neatly sums up the other ethical issue I faced. Undoubtedly Tata Motors Limited is doing well than its rivals therefore I could run the risk of slanting my research.

An Explanation of the Accounting and Business Techniques Financial Ratios

Financial statement analysis refers to: (1) comparing the firms performance with that of other firms in the same industry, (2) evaluating trends in the firms financial position over time.

Gross Profit Margin: This is a profitability indicator for a company. It measured by dividing Gross profit by Revenue and present through percentage. The higher the margin is, the better the company performance is.

Operating Profit Margin: This profitability indicator indicates the operating profit percentage over revenue. This ratio is representing by percentage.

Net Profit Margin: This is a profitability indicator measurement tools. The ratio measured by dividing Net profit by revenue. It is representing by percentage of revenue.

Current Ratio: current ratio is liquidity measure indicators. This ratio indicates how much a company is liquidating to pay off its current obligation. This liquidity ratio measures a companys capability to pay off its short-term obligations by short-term asset. The higher the ratio, the more liquid the company is.

Quick Ratio: Quick ratio is another form of liquidity measurement indicator. This ratio is also known as acid ratio, this ratio mainly a testing measurement to test the companys ultimate capability to pay off its current liabilities.

Gearing Ratio: This ratio show the financial leverage. it explain the degree to which a firms activities are funded by owners funds versus creditors funds Return on Capital Employed: this ratio measures a companys profitability. As well as profitability with the efficiency of its capital is employed. Asset Turnover: This is calculated as a ratio by dividing Revenue by Capital employed. The higher the ratio, the more efficient management is.

Business Techniques

SWOT Analysis:

SWOT is a critical method for analyzing the internal and external environment of the company. We can try to find out whether the internal and external environment favourable or non-favourable for the growth of the company or not. Strengths: Strength of the company mainly analyzes the internal strength, which is an advantage over its competitor. Weaknesses: Weaknesses of a company indicate internal disadvantageous part of the company. It shows the companys overall weak management policies, infrastructure. Opportunities: it refers to the external factors that can help a company to achieve its mission. It presents the untapped sectors, ability to converge existing platforms, growing opportunities in emerging Sectors. Therefore, it directly enhances the success of the company. Therefore, the essential purpose of this section is to identify strategic opportunities, so that company can increase its profitability and sustainability. Threats: It identifies the external factors, which can create barrier to achieve the companys goal. It demonstrates that competitors power, so they can gain advantage by developing holistic system, increasing presence of independent service provider. it also affect the companys internal operating system. PESTEL Analysis:PESTEL Analysis is a useful tool for understanding the big picture of the environment in which you are operating, and for thinking about the opportunities and threats that lie within it. By understanding your environment, you can take advantage of the opportunities and minimize the threats.

Political: it refers to whether the poetical situation and political decision taken by government is favourable or non favourable for the industry growth.

Government initiative to regulate or and de-regulative industries.

Nature of the government type and stability is one of the prime issues.

Rule of law and levels of bureaucracy and corruption within the government is substantive part within political analysis

Tax policy, and trade and tariff controls by the government.

Environmental and consumer-protection legislation

Economical: Economic activities and growth of the countrys economy is another indicator to get essence of industry position whether it is favourable for the company or not. Trends of economic growth in upcoming future very precisely current and projected economic growth, inflation and interest rates trends

Unemployment rate of the economy and supply of skill and unskilled labour plays vital role to analyze economic environment.

Labour costs are crucial part in economic environment analysis, as low labour cost helps the business to grow.

Amount of disposable income of the consumers and distribution of income among people from different occupations

Impact of globalization in local economy

Likely impact of technological or other change on the economy

Social: companys overall growth can positively or negatively affected by Change in societal factor. We can name some of the factor such as-

Population growth rate and age profile of the population.

Population health, education and social mobility, and attitudes to these

Population employment patterns, job market freedom and attitudes to work

Technological: Technological advancement not only boosts up the companys growth but also it can change the overall industry.

Impact of emerging technologies and emergence of technologists

Impact of Internet, reduction in communications costs and increased remote working.

Research & Development activity conducted by country and facility provided by the government

Impact of technology transfer

Environmental: To sustain in this competitive market in the end an industry need to be environment friendly. So like the previous factors we examine whether the authority is friendly or not.

Legal: Favourable legal frame works to the industry are badly important to the growth of the industry as well as company. Again, in that case, we examine whether law and regulation is favourable to the industry or company or not.

However, the analysis of the external environment is not so convenient for any manager of any company. Above all users access to quality information is limited. This model ignores internal environment and competitive scenario.

PART -3

Results, Analysis, Conclusions and Recommendations

Financial Performance Analysis

Financial Ratios always provide the in-depth view about financial scenario of a company. However performance of a company not only judged by quantitative performance, assessment of qualitative performance is also required, which is often ignored during financial ratio analysis. However, in this report, I largely depend on financial ratio analysis to get the real picture of my selected company TATA Motors and use it as a mechanism for comparative analysis with Mahindra & Mahindra.

I also have done PESTEL analysis, SWOT analysis and Porters five forces analysis to get a qualitative view of the company.Eventually I have looked at the amount of R&D expenditure TATA has made in the last 3 years to measure an understanding of what importance the company is giving in case of advance technologies.

Profitability Ratios

Profitability is a companys ability to generate revenues in excess of the costs incurred in producing those revenues.

Profitably is analysed as follows:

International & Domestic Sales Trend (Passenger Vehicle)

Source: Annual Report 2013, 2014 & 2015 of Tata Motors Limited (Standalone) & Society of Indian Automobile Manufacturer

Through out here financial years TATA Motors maintain a stable trends in exporting as well as domestic sales. In FY 2015 sales of TATA motors increased by 5.22% compare to last financial years. However number of passenger vehicles sales increased by 3.88% compared to last financial years.

International & Domestic Sales Trend (Commercial Vehicle)

Source: Annual Report 2013, 2014 & 2015 of Tata Motors Limited (Standalone) & Society of Indian Automobile Manufacturer

Sales of Commercial vehicles of Tata Motor are declining year to year. There is declining trend has been observed throughout three financial years. This declining is the reflection of overall failing trend in industry. Although overall industry sales have declined but still Tata has grab the more 53.82% of total market share.

The overall weak economy has effect the Tata Motors Limited revenue but in case of Mahindra revenue is increasing year to year.

Revenue From Four Wheelers

Source: Annual Report 2013, 2014 & 2015 of Tata Motors Limited (Standalone) & Mahindra & Mahindra (Standalone)

The above mentioned graph reveals the fact that, Tata Motors losing its revenue consistently two financial years. But in FY 2015 Tata revenue increased compared to last financial year. Revenue increased by 4.06% compare to last financial year. In this regard, chairman of Tata Motors, said,

In 2014-15, the Indian automotive industry registered a growth of over 2.5 percent over last year, with overall automobile exports growing by 5.2 percent. Growth in domestic passenger vehicle is strong at 5.5 percent with improving consumer sentiment on account of lower fuel price and interest rate,(Annual Report 2015, pp05).

In this graph we also reveal that Mahindra & Mahindra Limited has also done well in generating revenue in four wheelers segment. Mahindra & Mahindra experienced as improvement in this segment compare to last financial year.

Gross Profit Margin (%)


The company has experienced almost stable revenue but Gross profit margin (GPM) is slightly fall in FY2015 compare to last financial year. The decreasing trend of Tatas GPM is a result of increasing Cost of Goods Sold (COGS). COGS, which is increased by 32.68% compare to FY2014 forced GPM decline even after rise in revenue from FY2014 to FY 2015. On the other hand, Mahindra keep their GPM stable and constant.

Operating Profit Margin (%)


Operating Profit Margin (OPM) of Tata Motors is reducing year to year. In FY2015 OPM of the company appeared nil or negative. Due to significant increase in Operating cost, the company is facing this decline in FY2015. Component of the operating cost increasing year to year such as employee cost increased by 7.43%, dep. Cost increased by 25.74% and Product development expense increased by 2.04% and other expense increased by 15.64%. On the other hand, Mahindra & Mahindra keep it OPM stable compare to last financial year.

Net Profit Margin (%)


Net Profit Margin of Tata Motors Limited is very in FY 2013 and FY2014. But in FY 2015 it appeared nil. Increasing finance cost as well as net operating loss cause of this result. Finance cost increased by 20.50% compare to last financial years in FY 2015. Tata Motors Limited made loss in FY2015. Increasing finance cost as well as higher tax payment forced to incur loss in net profit. On the other hand, due to improvement in revenue, net profit margin showing increasing and stable trend throughout three financial years.

Return On Capital Employed


It is the method of knowing the situation of the company regarding its employed capital efficiency against profitability of the company. Tata motors performance in this regard is not satisfactory. Efficiency of capital employed to generate EBIT is not satisfactory. Due incurring operating loss in FY2015 caused a negative outcome in employed capital. The company need to control in operation cost as well as must give emphasis to increase in domestic sales and export so that employed capital could generate more operating profit and make the company more efficient. In this case, it is important to mention that, according to the consolidated statement ROCE of Tata Motors appeared in FY2015 is 21.32% and 20.39% in FY2014. Asset Turnover (%)


This ratio measures managements efficiency in generating revenue from its net assets. The higher the ratio, the more efficient management has been. In FY 2015, Tata Motors have ensured stability compare to last financial year. But compare to Mahindra it is low.

Liquidity Ratio

Liquidity ratio, expresses a company's ability to repay short-term creditors out of its total cash. The following liquidity ratios would be analyses for the research work. Current Ratio


A company is using current ratio to get the view of its capability to pay off its short term liability by using its current asset. Tata motors current asset is mainly comprise of inventories which is 56.01% in FY2015 and 57.32% in FY2014 this indicates that inventory portion in current asset slight decline year but as of decline in current investment, trade receivables and cash in hand of the company decline which reduce the asset base of the company and put the business in pressure to pay off its short term liability of the company as Tata Motors current ratio is less than1 in each of the three years which means the company is in a risky position to meet its short term payment. On the other hand, Mahindras current ratio is more than the norm, which indicates that the company is capable in paying its short term obligation at any given time.

Acid Test Ratio


Acid test ratio indicates the companys capability to pay off its current liability by using it current asset excluding inventories. Comparing with current ratio, acid test shows that there is a significant contribution of inventory in current assets for Tata Motors. As mentioned above, inventories of Tata is increasing year to year, which is 56.01% in FY2015 and 57.32% in FY2014 of total current asset. This indicates that the company is under significant risk of not being able to pay off short term debts. However, Mahindra & Mahindra is in relatively comfortable zone compare to Tata Motors.

Receivables Days


Receivables days indicate about the fact how well a company manages its debtor and how efficiently debt collection team is collecting debt. Tata Motors is taking fewer days in collecting receivables. The company is trying to maintain stable pattern in receivables. Analysis of three years data gives the impressive impression about the company. In FY 2015 it is 10.66 days, 11.65 days in FY2014 and 17.63 days in 2013 took to realize working capital tied up with receivables. Receivable of the company is always in a acceptable manner. It shows strong credit control policy of the company. On the other hand, Mahindra and Mahindra doing relatively poor compare to Tata Motors.

Payables Days


Payables days are indicating companys capability to pay of its suppliers. In the graph it is clearly represent that Tata motors is taking more time to pay off its suppliers. Moreover payables are decreasing in FY2015 compare to FY2014. Moreover this high amount of payables contributes to increase current liability of the company. Though payables days of Tata decreased in FY2015 compared to FY2014, there is a potential threat that Tata might end up of good relations with suppliers if it continues. On the other hand, payables days of Mahindra showing stable trend all over three financial years. Mahindra is paying suppliers early whereas Tata Motors is doing the opposite.

Inventory Days


Inventory of Tata Motors is increasing in respective of its current asset. As we mentioned above in FY2015 it is more than 50%. Inventory holding days is indicating the companys capability to consume it inventory which held up in godown. Slight fall in commercial vehicle sales and almost stable passenger vehicle sales caused for, inventory consumption days of the increased year to year. For Tata higher inventory holding up is a reason for lower acid test ratio. On the other hand, Mahindra is managing its inventory better than Tata Motors.

Gearing Ratio


Gearing ratios essentially tells us the amounts of risk associated to the company. The more highly geared a company is, the more unpredictable will be its profits left to distribute to shareholders. Tata Motors gearing ratio is upward trending slightly which is because of company policy to debt financing. Therefore little rise in gearing is actually meeting companys objective.

Investor Ratio

EPS

EPS is very crucial and important figure for common stockholders, because through this they get to know earning of the company in future and based on this value of the stock may increase, Tata Motors EPS figure is low which indicates lower earning of the company and weak financial position, but in this case it is very important to mention that we are considering only Stand Alone Annual Report for fair comparison but if Consolidated Annual Report is chosen the EPS will be appeared Rs.43.51 in FY2014 and Rs.31.05 in FY2013

Price/Earnings Ratio

The price earnings (P/E) ratio reflects the worth of the company, it is stock markets evaluation regarding companys worth. It indicates whether the stock markets has assurance in the companys future growth or not. Tata Motors Limited P/E is improving as it is rising from FY2015 was caused vitally for rise in average share prices because of improved earnings if we consider Consolidated Annual Report during economic downturn. its Competitor Mahindra & Mahindra P/E is still higher than Tata Motors Limited through three financial years.

Indian Automobile Industry Overview

In India, automotive is showing impressive growth over the years and has significant contribution to overall industrial development in the country. Indian automobile industry consists of passenger cars; light, medium and heavy commercial vehicles. At present, India is the world's second largest manufacturer of two wheelers, fifth, in terms of commercial vehicles manufacturer and largest tractors manufacturer. It is the fourth largest passenger car market in Asia as well as a home to the largest motor cycle manufacturer. (Business Portal of India:Government of India, Indian Economy, Investment, Incentives, Trade,Infrustructure,Legal Aspect)

Automobile Sales Trend

Indian automobile industry largely dominated by two wheelers and sales passengers vehicles stand second in position. According to, Society of Indian Automobile Industry- Two wheelers grabbed 81% of total production and passenger vehicles 13% in fiscal year 2014-15.

Source: (Society of Indian Automobile industry, 2014-15)

Fig-1 Domestic Market Share, 2014-15In Fiscal year 2014-15, Indian automobile industry experienced a murky scenario due to global as well as domestic economic slowdown.

Source: (Society of Indian Automobile industry, 2013-14)

Fig-2 Automobile Domestic Sales Trend

Future of Indian Auto Sector

India will be the fourth largest automotive market by 2015, and currently 215 million vehicles produced in 2013-14 fiscal year which is 7% of the countrys GDP by volume (Make in India, 2015).Indian government has given emphasis to development of automobile sector. For robust growth in automobile industry Indian government plan to increase budgetary allocation in research and development by 200% from 150% (in house) and 175% from 125% (outsourced) as well as government will revise excise duty on small cars (Make in India 2015) .In addition government has been set up Automotive Testing and R&D Infrastructure Project at cost of USD 388.5 Million to adopt and implement global performance standard (Make In India 2015).

PESTEL ANALYSESThe Indian automotive industry has flourished in recent years. This extraordinary growth that the Indian automotive industry has witnessed is a result of a two factors namely, the improvement in the living standard of the middle class and an increase in their disposable incomes. In addition to this, relaxation of government monetary policy also helps the industry to grow leaps and bound. PESTL analysis is concerned with the environment in fluencies on a business. Identifying PESTL influences is a useful way of analyzing external environment in which a business operates.

POLITICAL Environment

Make in India Campaign:

Make in India campaign is a major national program designed to transform India into global manufacturing destination. This campaign allures foreign direct investor to invest in India. This is one of the bold initiative has been taken by Prime Minister Narendra Modi led Government. It includes plans to cut red tape, develop infrastructure and make it easier for companies to do business (www.bbc.com/news/world-asia-india-29357627). This new campaign also includes automobile sector. Therefore, this campaign also boost automobile sector of India In addition to, Indian government has appeared with Automotive Mission Plan-

To emerge as the destination of choice in the world for design and manufacture of automobiles and auto components with output reaching a level of US$ 145 billion accounting for more than 10% of the GDP and providing additional employment to 25 million people by 2016 (Department of Heavy Industry and Public Enterprise, Automotive Mission Plan 2006-2016) E-Biz Mission:To ease the business environment and to ensure more transparent business environment within Indian Territory, Indian government has taken The eBiz Project. Therefore, business environment of the country become more efficient, convenient, transparent, and integrated electronic service to investors, industries, and business in the areas of information on forms & procedures, license, permits, registration, approvals, clearness, permission, filing, payments and compliances throughout the life-cycle of an industry or business life cycle (Department of Industrial Policy & Promotion, Annual Report 2013-14).

ECONOMIC Environment

FDI Inflow: Government of India is trying increase foreign direct investment in overall manufacturing sector. According to UNCTAD Word Investment Report (WIR) 2013, in its analysis of the global trends in Foreign Direct Investment (FDI) inflows, has continued to report India as the third most attractive location for FDI for 2013-2015. The report also mentions that India accounted for more than four fifths of the FDI in South Asia in 2012 (Department of Industrial Policy & Promotion, Annual Report 2013-14).Indian Government allowed 100% FDI under the automatic route in the auto sector, subject to all the applicable regulations and laws (Make in India 2015).

Increasing GDP and Per Capita Income:

Growth in national income and personal income forced to raise the consumption of consumers goods. More income gives the opportunity to consume more luxurious item such as automobiles. As more and more persons buy motor vehicles, the motorization rate will increase (Richet & Ruet, 2008).The economic situation in India is better. Growth in gross domestic production is consistently increasing and contribution of manufacturing segment is increasing.

Source: CIA World Fact book

World Banks India Development Update, A biannual analysis of the Indian Economy,

With economic reforms gaining momentum, Indias long-term growth prospects remain bright.

The report also finds-

Indian economy expected to grow by5.6% in FY2015, 6.4% in FY2016 and 7.0% in FY2017. s

Excise Duty Reduction:

For the smooth growth of the industry Indian government has reduced excise duty on every kind of automobile. Government declared duty reduction in its interim Union Budget 2014. Small cars, motorcycle and scooters will enjoy duty reduction from 12% to 8%, along with this, duty has been reduced from 30% to 24% on Commercials Vehicles and SUVs and Large and mid segment cars will enjoy reduced duty facility from 27% to 24% and 24% to 20% respectively (Make in India 2015).

SOCIAL Environment

Population Growth

Population growth has impact on the number of motor vehicles in developing countries. With increasing of population consumption of service and goods per person also increase, therefore, size of transportation sector is population growth sensitive.

Urbanization

Rapid urbanization is playing important role to the growth of automobile industry. As urbanization force more people to migrate to cities because of jobs, education and medical treatment which influence the number.

Many analysts indentify these primary factors that influence the growth rate of motor vehicle in many developing countries and they are population growth, increased urbanization and economic development (Riley, 2002).

According to World Urbanization Prospects 2014,

Just three countries-India, China, and Nigeria-together are expected to account for 37percent of the projected growth of the worlds population between 2014 and 2050. India is projected to add 404 million urban dwellers, China 292 million and Nigeria 212 million

Table 1: Total Population, Urban Population and Motor Vehicles (2000-2009)

YearUrban Population (In Thousands)Total Motor Vehicles(in millions)

200028141652.37

200128574854.99

200229466858.92

200330122467.01

200430772172.72

200531414581.5

200632162389.61

2007329112100.7

2008336746110.52

2009371460121.63

Source: An overview of Indias Urbanization, Urban Economic Growth an Urban Equity Sabyasachi Tripathi Institute for Social and Economic Change Mach -2013 pp 140

TECHNOLOGICAL Environment

Electric Mobility 2020:

Indian government has taken initiative for greener and cleaner environment as well as protecting National Fuel Security by reducing fuel consumption. Therefore Indian government has initiated a collaborative approach between government and industry to encourage reliable, affordable and efficient xEVs (hybrid and electric vehicles that meet consumer performance and price expectation (Make in India, 2015). This collaborative approach also helps to develop indigenous manufacturing capabilities, required infrastructure, consumer awareness and technology. (Make in India 2015) Pilot Electric Vehicle Projects:

To facilitate the Technological advancement Indian government has already take a pilot project on electric vehicles in Delhi and subsequently, other metros and cities all across the country under the NEMPP 2020 with a dual purpose- demonstrating and disseminating the benefits of adopting cleaner, greener modes of transportation as also to explore the viable optional modalities(Make in India2015)

LEGAL Environment

India- EU Trade Liberalization Pact:

Indian government is going to sign a deal with EU which helps to liberalize the trade between India and EU by reducing tariff. But according to SIAM (Society of Indian Automobile Industry) this proposed pact hurt the domestic automobile firms. SIAM also said-

FTAs with competing countries do not benefit automobile industry, it is against the concept of Make in India for local value addition and local employment and such completely built (CBUs) of vehicles and engines should be kept in Indias negative list under India-EU FTA Indian auto industry will be hurt because of reduction of tariff which is more clear by the below mentioned statement of SIAM-

Indians car can already be exported at 10 per cent duty to Europe. Obviously, India will not gain much by further reduction of EU duties for our cars but if Indian duties are reduced by 50 per cent or even more, it will be substantial reduction in tariff. The gains will be clearly be for the EU

SWOT Analysis

Strength International strategy-about new acquisitions, Tata added some of senior managers in the new companies or market. The benefit is that Tata Motors is able to exchange the expertise. Also by doing that the new company will dont need to setup new managerial post and company can run as per the old settings. Globalization-The company has a strategy to expand its network in world wide and company already started by expanding its networks to South Africa, China, UK, South Korea, Brazil and many others countries. R&D- Tata Motors put emphasize on R&D, and developed some of the very useful machine for Indian market for example- Tata Safari- India first sport utility vehicle, Tata Nano- World cheapest car, Tata Ace- Indies first mini transport utility vehicle, Tata Indica V2- Car that is most fuel efficient in Indian Market. Tata is also working for Compressed air car- Motor Development International of France has developed the worlds first prototype of Compressed air car Named OneCat. Weaknesses

Less Luxury-Tata as a international brand, do not produce luxury vehicles for domestic market. That is a disadvantage for company to competing with other Car makers in domestic market. Wrong Advertisement- Company is lacking in advertisement of their brand and Media is focusing companys failures about Tata Nano now days. Company also started monthly payment system for Tata Nano that is 99rupee (14 SEK) per month that is cheaper than the mobile subscription per month. That is developing negative psychology about Nano in people. Opportunities

Demography-According to indexmundi.com, 64.9% of the India population is between 15 and 64 years which, in other words, states that over 700 million are legal candidates to have a car. (Index Mundi) This number is growing. Economy-The eyes of the world are on Indias economy. There is a lot of demand for Indian products. Many journals such as The Economist and India is growing economic power house. Indian economy will grow by 7.4% this fiscal year, outpacing China to become worlds fastest growing economy (The Times of India 9 February 2015). The per capita net national income raised by 10.1% to RS. 88,538 from RS. 80,380 compare to previous year (The Times of India 9 February 2015). This is an opportunity for the company to have trustworthy providers as well as employees. Political-According to The Economic Timesthe government is aiming to spend $1 trillion on infrastructure development by 2017. This can only be interpreted as a political willpower to help the countrys wellbeing. A healthy country is a low-risk-to-invest country. Social-Times of India published the following on September 15th, 2010: Indian women demonstrate stratospheric levels of aspiration 76 per cent aspire to a top job 85 per cent of Indian women consider themselves very ambitious,. This boosts the number of potential clients. Environmental trends are also an opportunity on which the company is already taking advantage. Threats

EconomyA fast growing economy could mean more competitors. At the same time, high demand of products could bring inflation that affects the companys potential clients budged. The following statement was taken from bbc.co.uk:Raging inflation and a gradual increase in borrowing costs has dampened domestic demand, alongside lackluster investment sentiment, said Radhika Rao of Forecast Pte. Social-Times of India (timesofindia.com) states the following: more than half of Indian women experience pressure from their spouses and in-laws to quit working when they get married 52 per cent of Indian women were criticized for continuing their career. This on the other hand decreases the number of potential clients.4.0Conclusion and Recommendations:As it is mentioned earlier, in this report for analysis purpose, Annual Report (standalone) has been used. It is also important to mention that product category of both of the company is not identical. It clearly stated the rational behind selecting TATA Motors Limited for my analysis. In this report business performance and financial performance of Tata Motors Limited is analyzed. Here for financial purpose ratio analysis is used, so that financial performance of Tata Motors can be understand and evaluate. In this analysis, it is found; Tata Motors must give utmost attention to boost up its domestic sales as well as international export. Otherwise, profitability will suffer much in coming years. Operating cost increased resultant of operating loss as well as net loss also hampered company financial strength. Return on Capital Employed (ROCE), (calculate based information collected from standalone annual report) also give murky scenario of the company. Liquidity position of the company is not satisfactory. Tata Motors Limited is struggling to pay off its current liability by using its current asset. According to the Standalone Annual Report 2015, investor are likely to be demoralized and net loss left negative EPS.

Being multinational Tata has to abide by laws and restrictions, corporate governance code, human right which the company is meeting successfully. Moreover Tata manages its risk of losing market share by investing more in R&D and inventing more friendly commercial vehicle. Adoption of robust marketing, policy, purchasing or raw material, attachment with government, and central bank and proactive approach made Tata even more credible.

Reference

1. Society of Indian Automobile Manufacturers, Domestic Market Share for2014-2015. Available from:: http://www.siamindia.com/statistics.aspx?mpgid=8&pgidtrail=12 (Accessed:25 April2015)2. Society of Indian Automobile Manufacturers, Domestic Sales Trend. Available from:: 8http://www.siamindia.com/statistics.aspx?mpgid=8&pgidtrail=14 (Accessed:25 April2015)3. Society of Indian Automobile Manufacturers, Automobile Export Trend. Available from:: http://www.siamindia.com/statistics.aspx?mpgid=8&pgidtrail=15 (Accessed:25 April2015)4. PTI 2015, India to grow at 7.4% this year, outpacing China, The Economic Times 9 February. Available From: http://economictimes.indiatimes.com/news/economy/indicators/india-to-grow-at-7-4-this-year-outpacing-china/articleshow/46179512.cms (Accessed:25 April 20155. PTI 2015, India to grow at 7.4% this year, outpacing China, The Economic Times 9 February. Available From:http://economictimes.indiatimes.com/news/economy/indicators/india-to-grow-at-7-4-this-year-outpacing-china/articleshow/46179512.cms (Accessed:25 April 2015)6. Make In India 2015, Reasons To Invest. Available From: http://www.makeinindia.com/sector/automobiles/ (Accessed:26 April 2015)7. Ministry of Heavy Industry and Public Enterprise, Department of Heavy Industry and Public Enterprise, Automotive Mission Plan 2006-2016. Available From: http://dhi.nic.in/Final_AMP_Report.pdf (Accessed:26 April 2015)8. Make In India 2015, Sector Policy. Available From: http://www.makeinindia.com/sector/automobiles/ (Accessed:26 April 2015)9. Make In India 2015, Sector Policy. Available From: http://www.makeinindia.com/sector/automobiles/ (Accessed:26 April 2015)10. Tata Motors n.d. Tata Motors Limited Company Profile. Available from: http://www.tatamotors.com/about-us/company-profile.php (Accessed:26 April 2015)11. Tata Motors n.d. Tata Motors Limited Company Profile. Available from: http://www.tatamotors.com/about-us/company-profile.php (Accessed:27April 2015)12. Tata Motors n.d. Tata Motors Limited Company Profile. Available from: http://www.tatamotors.com/about-us/company-profile.php (Accessed:28April 2015)13. Tata Motors n.d. Tata Motors Limited Company Profile. Available from: http://www.tatamotors.com/about-us/company-profile.php (Accessed:28 April 2015)14. Ministry of Commerce & Industry, Department of Industrial Policy & Promotion, Annul Report 2013-2014. Available From: http://dipp.nic.in/English/Publications/Annual_Reports/AnnualReport_Eng_2013-14.pdf (Accessed: 28 April 2015)

15. United Nations Conference on Trade and Development, World Investment Repot 2013. Available From: http://dipp.nic.in/English/Publications/Annual_Reports/AnnualReport_Eng_2013-14.pdf

(Accessed: 28 April 2015)

16. Ministry of Commerce & Industry, Department of Industrial Policy & Promotion, Annul Report 2013-2014. Available From: http://dipp.nic.in/English/Publications/Annual_Reports/AnnualReport_Eng_2013-14.pdf (Accessed: 28 April 2015)

17. Make In India 2015, FDI Policy. Available From: http://www.makeinindia.com/sector/automobiles/ (Accessed:28 April 2015)18. CIA Fact book, Economy India: Economic Overview. Available from: https://www.cia.gov/library/publications/the-world-factbook/geos/in.html (Accessed:28 April 2015)19. The World Bank, Global economic Prospects, Country and Region specific forecasts and data. Available form:http://www.worldbank.org/en/publication/global-economic-prospects/data?region=SAS (Accessed:28 April 2015)20. World Bank, India Development Update October 2014. http://www.worldbank.org/en/country/india/publication/development-update-domestic-reforms-encourage-investments (Accessed: 28 April 2015)21. United Nations, Department of Economic and Social Affairs, World Urbanization Prospect 2014. Available from: http://esa.un.org/unpd/wup/Highlights/WUP2014-Highlights.pdf (Accessed: 28 April 2015)22. Tripathi, S. 2013, An Overview of Indias Urbanization, Urban Economic Growth and Urban Equity, Institute of Social and Economic Change. Available from http://mpra.ub.uni-muenchen.de/45537/ (Accessed: 28 April 2015)

APPENDIX

Appendix 1: Extracts from Annual Reports of Tata Motors Limited (Income Statements)

Financial Year Ending : March (INR in Millions)2,0152,0142,013

Revenue381,762381,212468,539.20

Less : Cost Of Sales/Services(270,417)(259,135)(359,457.00)

Gross Profit111,345122,077109,082

GP Margin29%32%23.28%

Other Operating Income000.00

Less : Operating Cost(130,938)(113,551)(89,196.30)

Profit/(Loss) From Operations(19,593)8,52619,886

Net Finance Costs(16,117)(13,375)(13,877.60)

Non-Operating Income000

Profit/(Loss) Before Tax(35,710)(4,849)6,008.30

Tax Expense And Zakat/ provision for taxation(7,642)13,6031,269

Profit/(Loss) After Tax(43,352)8,7547,277

Pre-Acquisition Loss/(Profit)

Profit/(Loss) Attributable To Minority Interests And Others/tax holiday reserve

Profit/(Loss) After Tax And Before Extraordinary Item Attributable To Shareholders(43,352)8,7547,277

Extraordinary Item(4,038)(5,399)(4,259)

Net Profit/(Loss) For The Year Attributable To Shareholders(47,390)3,3553,018

Retained Profit/(Loss) Brought Forward18,79615,44012,422

Prior Year Adjustments

Restated Retained Profit/(Loss) Brought Forward18,79615,44012,422

Profit/(Loss) Available For Appropriation(28,594)18,79615,440

Appendix 2: Extracts from Annual Reports of Tata Motors Limited (Balance Sheet)Balance Sheet

Financial Year Ending : March2,0152,0142,013

NON-CURRENT ASSETS

Fixed And Operating Assets218,240215,955420,498

Other Non-Current Assets195,462213,9990

413,702429,954420,498

CURRENT ASSETS

Current Land And Development Expenditure000

Inventories48,02138,62544,550

Trade Receivables11,14512,16718,180

Other Receivables000

Cash And Bank Balances9,4482,2614,629

Cash in hand & at banks9,4482,2614,629

Other Current Assets17,11714,33733,989

85,73067,390101,347

CURRENT LIABILITIES

Borrowings77,62047,69062,169

Trade Payables88,52796,72484,550

Other Payables31,42924,63249,231

Provisions For Liabilities6,13118,92915,096

203,706187,975211,046

NET CURRENT ASSETS/(LIABILITIES)(117,977)(120,585)(109,699)

295,725309,369310,799

FINANCED BY :

SHAREHOLDERS' EQUITY

Share Capital6,4386,4386,381

Reserves142,188185,329184,965

Retained Profits/(Losses)

148,626191,767191,346

Minority Interests

148,626191,767191,346

NON-CURRENT LIABILITIES

Borrowings123,19097,46580,518

Provisions For Liabilities043132,024

Other Non-Current Liabilities23,91019,7076,912

147,100117,602119,453

295,725309,369310,799

Appendix 3: Extracts from Annual Reports of Mahindra & Mahindra (Income Statements)

Financial Year Ending : March2,015 2,014 2,013

Profit and Loss Account


Revenue397,943 412,265 409,903.30

Less : Cost Of Sales/Services(279,553)(294,323)(304,152.40)

Gross Profit118,390 117,942 105,751

GP Margin30%29%25.80%

Less : Operating Cost(77,914)(72,183)(60,274.30)

Profit/(Loss) From Operations40,475 45,759 45,477

Net Finance Costs(2,143)(2,592)(1,911.90)

Profit/(Loss) Before Tax38,332 43,166 43,564.70

Tax Expense And Zakat/ provision for taxation(8,478)(6,111)(10,943)

Profit/(Loss) After Tax29,855 37,056 32,622

Appendix 4: Extracts from Annual Reports of Mahindra & Mahindra (Balance Sheet)

Mahindra & Mahindra

Balance Sheet


NON-CURRENT ASSETS

Fixed And Operating Assets81,082 71,054 58,213

Other Non-Current Assets147,083 128,943 126,888

228,165 199,997 185,102

CURRENT ASSETS

Inventories24,376 28,036 24,198

Trade Receivables25,580 25,098 22,084

Cash And Bank Balances20,648 29,504 17,814

Other Current Assets30,678 30,251 25,339

101,282 112,889 89,434

CURRENT LIABILITIES

Borrowings1,063 7 546

Trade Payables53,654 60,688 55,797

Other Payables35,025 26,973 25,161

89,742 87,668 81,504

NET CURRENT ASSETS/(LIABILITIES)11,540 25,221 7,930

239,705 225,219 193,032

FINANCED BY :

SHAREHOLDERS' EQUITY

Share Capital2,957 2,952 2,952

Reserves189,594 164,960 143,638

Retained Profits/(Losses)

192,551 167,912 146,589

192,551 167,912 146,589

NON-CURRENT LIABILITIES

Borrowings25,140 37,445 31,724

Provisions For Liabilities6,073 5,103 4,416

Other Non-Current Liabilities15,940 14,759 10,303

47,154 57,307 46,443

239,705 225,219 193,032

APPENDIX 5

Formulas used in ratio calculationProfitability ratios:

1. Gross profit margin = Gross profit / Sales * 100

2. Net profit margin = Operating profit / Sales * 100

3. Return on Capital employed

= profit before interest and tax / average capital employed *100 Liquidity ratios:

1. Quick ratio = (Current assets inventory) / Current liability2. Current Ratio = current asset / current liabilityEfficiency ratios:

1 Inventory days = Inventory / cost of sales * 3652. Receivables days = Receivable / Sales * 3653. Payable days = payables / Cost of Sales * 365Gearing ratios:1. Gearing ratio = long term debt / debt + equity

Investor ratios:

1. Earnings per share = Profit after tax and preference dividend / weighted average number of shares

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