Financial analysis on recession period conducted at mahindra & mahindra tractors

FINANCIAL ANALYSIS ON RECESSION PERIOD 1.1 Introduction Financial analysis (also referred to as financial statement analysis or accounting analysis) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Based on these reports, management may: Continue or discontinue its main operation or part of its business; Make or purchase certain materials in the manufacture of its product; Acquire or rent/lease certain machineries and equipment in the production of its goods; Issue stocks or negotiate for a bank loan to increase its working capital; Make decisions regarding investing or lending capital; Other decisions that allow management to make an informed selection on various alternatives in the conduct of its business. Comparing financial ratios is merely one way of conducting financial analysis. Financial ratios face several theoretical challenges: They say little about the firm's prospects in an absolute sense. Their insights about relative performance require a reference point from other time periods or similar firms. One ratio holds little meaning. As indicators, ratios can be logically interpreted in at least two ways. One can partially overcome this problem by combining several related ratios to paint a more comprehensive picture of the firm's performance. Seasonal factors may prevent year-end values from being representative. A ratio's values may be distorted as account balances change from the beginning to the end of an accounting period. Use average values for such accounts whenever possible. Financial ratios are no more objective than the accounting methods employed. Changes in accounting policies or choices can yield drastically different ratio values. They fail to account for exogenous factors like investor behavior that are not based upon economic fundamentals of the firm or the general economy (fundamental analysis) [1]. Financial analysts can also use percentage analysis which involves reducing a series of figures as a percentage of some base amount HYPERLINK quot;
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[3]. Vertical or common-size analysis, reduces all items on a statement to a “common size” as a percentage of some base value which assists in comparability with other companies of different sizes [4]. Another method is comparative analysis. This provides a better way to determine trends. Comparative analysis presents the same information for two or more time periods and is presented side-by-side to allow for easy analysis. What Does Recession Mean? A prolonged decline in activity across the economy that lasts longer than a few months; recessions have a negative impact on industrial production, employment, real income, and wholesale-retail trade. Technically, a recession is said to have occurred when there have been two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP). 1.1 (a) Investopedia explains Recession Recession is a normal (albeit unpleasant) part of the business cycle; however, one-time crisis events can often trigger the onset of a recession. A recession generally lasts from 6 to 18 months. Interest rates usually fall are lowered in recessionary times to stimulate the economy by offering cheap rates at which to borrow money. 1.1 (b) Meaning of recession An extended decline in general business activity. The National Bureau of Economic Research formally defines a recession as three consecutive quarters of falling real gross domestic product. A recession affects different securities in different ways. For example, holders of high-quality bonds stand to benefit because inflation and interest rates may decline. Conversely, stockholders of manufacturing firms will probably see company profits and dividends drop. 1.2 Problem statement When an analyst, business executive, or student is dealing with a financial issue, or wishes to understand the financial implications and economic trade-offs involved in decisions about business investment, operations, or financing, a wide variety of analytical techniques—and sometimes rules of thumb—is available to generate quantitative answers. Selecting the appropriate tools from these choices is clearly an important part of the analytical task. Yet, experience has shown again and again that first developing a proper perspective for the problem or issue is just as important as the choice of the tools themselves. Therefore, this book not only presents the key financial tools generally used, but also explains the broader context of how and where they’re applied to obtain meaningful answers. To this end, the second chapter provides an integrated conceptual backdrop both for the financial/economic dimensions of systematic business management and for understanding the nature of financial statements, data, and processes underlying financial analysis techniques. All subjects are viewed in the context of creating shareholder value—a fundamental concept that is revisited in the final chapter on managing for shareholder value. While the tools and techniques covered in this book are discussed and demonstrated in detail, the user must not be tempted to view them as ends in themselves. It’s simply not enough to master the techniques alone! Financial/economic analysis is both an analytical and a judgmental process which helps answer questions that have been carefully framed in a managerial context. The process is at its best when the analyst’s efforts are focused primarily on structuring the issue and its context, and only secondarily on data manipulation. We can’t stress enough that the basic purpose of financial analysis is to help those responsible for results to make sound business decisions within a relevant cash flow framework. Apart from providing specific numerical answers, “solutions” to financial problems and issues depend significantly on the points of view of the various parties involved, on the relative importance of the issue, and on the nature and reliability of the information available. In each situation, the objective of the analysis must be clearly understood before pencil is put to paper or computer keys are touched—otherwise, the process becomes wasteful “number crunching,” even if the workload itself is eased by analytical software. Management has been defined as “the art of asking significant questions.” The same applies to financial analysis, which should be targeted toward finding meaningful answers to these significant questions—whether or not the results are fully quantifiable. In fact, the qualitative judgments involved in finding answers to financial/economic issues can often count just as heavily as the quantitative results, and no analytical task is complete until these aspects have been carefully spelled out and weighed. 1.3 Objective: 1. The ratio is computed for each financial statement in the sample. 2. These values are arrayed (listed) in an order from the strongest to the weakest. In interpreting ratios, the “strongest” or “best” value is not always the largest numerical value, nor is the “weakest” always the lowest numerical value. (For certain ratios, there may be differing opinions as to what constitutes a strong or a weak value. RMA follows general banking guidelines consistent with sound credit practice to resolve this problem.) 3. The array of values is divided into four groups of equal size. The description of each ratio appearing in the Statement Studies provides details regarding the arraying of the values. 1.4 Scope of study: ,[object Object]

Growth management,Scope of the research is not limited only to analyze the financial levels of the financial working in the Mahindra industry. 1.5 Research Methodology: Source Of Data: Secondary data is collected from Various journals of Mahindra company and Internet. Sampling Plan: Financial ratio analysis of Mahindra Industry. Sampling size: 3 sampling size is taken (3 years balance sheet is taken 2006,2007,2008) 1.6 Limitation of study: Since Financial sampling is used the findings may not be accurate to the funds parameters. Statistical tools used limits the testing and findings Distribution of data collection is not confined to only one outlet. Findings are general. Due to non-availability of sufficient time and money a detailed study could not be made. LITERATURE REVIEW 2.FINANCIAL RATIO ANALYSIS Financial ratios are useful indicators of a firm's performance and financial situation. Most ratios can be calculated from information provided by the financial statements. Financial ratios can be used to analyze trends and to compare the firm's financials to those of other firms. In some cases, ratio analysis can predict future bankruptcy. 2.1 Objective: To understand the information contained in financial statements with a view to know the strength or weaknesses of the firm and to make forecast about the future prospects of the firm and thereby enabling the financial analyst to take different decisions regarding the operations of the firm. 2.2 Ratio Analysis: Fundamental Analysis has a very broad scope. One aspect looks at the general (qualitative) factors of a company. The other side considers tangible and measurable factors (quantitative). This means crunching and analyzing numbers from the financial statements. If used in conjunction with other methods, quantitative analysis can produce excellent results. Ratio analysis isn't just comparing different numbers from the balance sheet, income statement, and cash flow statement. It's comparing the number against previous years, other companies, the industry, or even the economy in general. Ratios look at the relationships between individual values and relate them to how a company has performed in the past, and might perform in the future. 2.3 Meaning Of Ratio: A ratio is one figure express in terms of another figure. It is a mathematical yardstick that measures the relationship two figures, which are related to each other and mutually interdependent. Ratio is express by dividing one figure by the other related figure. Thus a ratio is an expression relating one number to another. It is simply the quotient of two numbers. It can be expressed as a fraction or as a decimal or as a pure ratio or in absolute figures as “ so many times”. As accounting ratio is an expression relating two figures or accounts or two sets of account heads or group contain in the financial statements. Ratio analysis is the method or process by which the relationship of items or group of items in the financial statement are computed, determined and presented. Ratio analysis is an attempt to derive quantitative measure or guides concerning the financial health and profitability of business enterprises. Ratio analysis can be used both in trend and static analysis. There are several ratios at the disposal of an annalist but their group of ratio he would prefer depends on the purpose and the objective of analysis. While a detailed explanation of ratio analysis is beyond the scope of this section, we will focus on a technique, which is easy to use. It can provide you with a valuable investment analysis tool. This technique is called cross-sectional analysis. Cross-sectional analysis compares financial ratios of several companies from the same industry. Ratio analysis can provide valuable information about a company's financial health. A financial ratio measures a company's performance in a specific area. For example, you could use a ratio of a company's debt to its equity to measure a company's leverage. By comparing the leverage ratios of two companies, you can determine which company uses greater debt in the conduct of its business. A company whose leverage ratio is higher than a competitor's has more debt per equity. You can use this information to make a judgment as to which company is a better investment risk. However, you must be careful not to place too much importance on one ratio. You obtain a better indication of the direction in which a company is moving when several ratios are taken as a group. 2.4 Objective Of Ratios Ratio is work out to analyze the following aspects of business organization- A) Solvency- 1) Long term 2) Short term 3) Immediate B) Stability C) Profitability D) Operational efficiency E) Credit standing F) Structural analysis G) Effective utilization of resources H) Leverage or external financing 2.5 Forms Of Ratio: Since a ratio is a mathematical relationship between to or more variables / accounting figures, such relationship can be expressed in different ways as follows – A] As a pure ratio: For example the equity share capital of a company is Rs. 20,00,000 & the preference share capital is Rs. 5,00,000, the ratio of equity share capital to preference share capital is 20,00,000: 5,00,000 or simply 4:1. B] As a rate of times: In the above case the equity share capital may also be described as 4 times that of preference share capital. Similarly, the cash sales of a firm are Rs. 12,00,000 & credit sales are Rs. 30,00,000. sothe ratio of credit sales to cash sales can be described as 2.5 [30,00,000/12,00,000] or simply by saying that the credit sales are 2.5 times that of cash sales. C] As a percentage: In such a case, one item may be expressed as a percentage of some other item. For example, net sales of the firm are Rs.50,00,000 & the amount of the gross profit is Rs. 10,00,000, then the gross profit may be described as 20% of sales [ 10,00,000/50,00,000] 2.6 Steps In Ratio Analysis The ratio analysis requires two steps as follows: 1] Calculation of ratio 2] Comparing the ratio with some predetermined standards. The standard ratio may be the past ratio of the same firm or industry’s average ratio or a projected ratio or the ratio of the most successful firm in the industry. In interpreting the ratio of a particular firm, the analyst cannot reach any fruitful conclusion unless the calculated ratio is compared with some predetermined standard. The importance of a correct standard is oblivious as the conclusion is going to be based on the standard itself. 2.7 Classification Of Ratio Based On Financial Statement Based On User Based On Function 1] Balance Sheet Ratio2] Revenue Statement Ratio3] Composite Ratio1] Liquidity Ratio2] Leverage Ratio3] Activity Ratio4] Profitability Ratio5] Coverage Ratio1] Ratios For Short Term Creditors2] Ratio For Shareholder3] Ratios For Management4] Ratio For Long Term Creditors 2.8 Types Of Comparisons The ratio can be compared in three different ways – 1] Cross section analysis: One of the way of comparing the ratio or ratios of the firm is to compare them with the ratio or ratios of some other selected firm in the same industry at the same point of time. So it involves the comparison of two or more firm’s financial ratio at the same point of time. The cross section analysis helps the analyst to find out as to how a particular firm has performed in relation to its competitors. The firms performance may be compared with the performance of the leader in the industry in order to uncover the major operational inefficiencies. The cross section analysis is easy to be undertaken as most of the data required for this may be available in financial statement of the firm. 2] Time series analysis: The analysis is called Time series analysis when the performance of a firm is evaluated over a period of time. By comparing the present performance of a firm with the performance of the same firm over the last few years, an assessment can be made about the trend in progress of the firm, about the direction of progress of the firm. Time series analysis helps to the firm to assess whether the firm is approaching the long-term goals or not. The Time series analysis looks for (1) important trends in financial performance (2) shift in trend over the years (3) significant deviation if any from the other set of datalt;br />3] Combined analysis: If the cross section & time analysis, both are combined together to study the behavior & pattern of ratio, then meaningful & comprehensive evaluation of the performance of the firm can definitely be made. A trend of ratio of a firm compared with the trend of the ratio of the standard firm can give good results. For example, the ratio of operating expenses to net sales for firm may be higher than the industry average however, over the years it has been declining for the firm, whereas the industry average has not shown any significant changes. The combined analysis as depicted in the above diagram, which clearly shows that the ratio of the firm is above the industry average, but it is decreasing over the years & is approaching the industry average. 2.9 Pre-Requisites To Ratio Analysis In order to use the ratio analysis as device to make purposeful conclusions, there are certain pre-requisites, which must be taken care of. It may be noted that these prerequisites are not conditions for calculations for meaningful conclusions. The accounting figures are inactive in them & can be used for any ratio but meaningful & correct interpretation & conclusion can be arrived at only if the following points are well considered. 1) The dates of different financial statements from where data is taken must be same. 2) If possible, only audited financial statements should be considered, otherwise there must be sufficient evidence that the data is correct. 3) Accounting policies followed by different firms must be same in case of cross section analysis otherwise the results of the ratio analysis would be distorted. 4) One ratio may not throw light on any performance of the firm. Therefore, a group of ratios must be preferred. This will be conductive to counter checks. 5) Last but not least, the analyst must find out that the two figures being used to calculate a ratio must be related to each other, otherwise there is no purpose of calculating a ratio. 2.10 Based On Financial Statement Accounting ratios express the relationship between figures taken from financial statements. Figures may be taken from Balance Sheet , P& P A/C, or both. One-way of classification of ratios is based upon the sources from which are taken. 1] Balance sheet ratio: If the ratios are based on the figures of balance sheet, they are called Balance Sheet Ratios. E.g. ratio of current assets to current liabilities or ratio of debt to equity. While calculating these ratios, there is no need to refer to the Revenue statement. These ratios study the relationship between the assets & the liabilities, of the concern. These ratio help to judge the liquidity, solvency & capital structure of the concern. Balance sheet ratios are Current ratio, Liquid ratio, and Proprietary ratio, Capital gearing ratio, Debt equity ratio, and Stock working capital ratio. 2] Revenue ratio: Ratio based on the figures from the revenue statement is called revenue statement ratios. These ratio study the relationship between the profitability & the sales of the concern. Revenue ratios are Gross profit ratio, Operating ratio, Expense ratio, Net profit ratio, Net operating profit ratio, Stock turnover ratio. 3] Composite ratio: These ratios indicate the relationship between two items, of which one is found in the balance sheet & other in revenue statement. There are two types of composite ratios a) Some composite ratios study the relationship between the profits & the investments of the concern. E.g. return on capital employed, return on proprietors fund, return on equity capital etc. b) Other composite ratios e.g. debtors turnover ratios, creditors turnover ratios, dividend payout ratios, & debt service ratios. 2.11 Based On Function: Accounting ratios can also be classified according to their functions in to liquidity ratios, leverage ratios, activity ratios, profitability ratios & turnover ratios. 1] Liquidity ratios: It shows the relationship between the current assets & current liabilities of the concern e.g. liquid ratios & current ratios. 2] Leverage ratios: It shows the relationship between proprietors funds & debts used in financing the assets of the concern e.g. capital gearing ratios, debt equity ratios, & Proprietary ratios. 3] Activity ratios: It shows relationship between the sales & the assets. It is also known as Turnover ratios & productivity ratios e.g. stock turnover ratios, debtors turnover ratios. 4] Profitability ratios: a) It shows the relationship between profits & sales e.g. operating ratios, gross profit ratios, operating net profit ratios, expenses ratios b) It shows the relationship between profit & investment e.g. return on investment, return on equity capital. 5] Coverage ratios: It shows the relationship between the profit on the one hand & the claims of the outsiders to be paid out of such profit e.g. dividend payout ratios & debt service ratios. 2.12 Based On User: 1] Ratios for short-term creditors: Current ratios, liquid ratios, stock working capital ratios. 2] Ratios for the shareholders: Return on proprietors fund, return on equity capital 3] Ratios for management: Return on capital employed, turnover ratios, operating ratios, expenses ratios 4] Ratios for long-term creditors: Debt equity ratios, return on capital employed, proprietor ratios 2.13 Ratio Analysis and Performance Because there are so many tools for doing performance assessment, we must remember that different techniques address measurement in very specific and often narrowly defined ways. One can be tempted to “run all the numbers,” particularly given the speed and ease of computer spreadsheets. Yet normally, only a few selected relationships will yield information the analyst really needs for useful insights and decision support. By definition, a ratio can relate any magnitude to any other—the choices are limited only by the imagination. To be useful, both the meaning and the limitations of the ratio chosen have to be understood. Before beginning any task, therefore, the analyst must define the following elements: • The viewpoint taken. • The objectives of the analysis. • The potential standards of comparison. Any particular ratio or measure is useful only in relation to the viewpoint taken and the specific objectives of the analysis. When there is such a match, the measure can become a standard for comparison. Moreover, ratios are not absolute criteria: They serve best when used in selected combinations to point out changes in financial conditions or operating performance over several periods and as compared to similar businesses. Ratios help illustrate the trends and patterns of such changes, which, in turn, might indicate to the analyst the risks and opportunities for the business under review. A further caution: Performance assessment via financial statement analysis is based on past data and conditions from which it might be difficult to extrapolate future expectations. Yet, any decisions to be made as a result of such performance assessment can affect only the future—the past is gone, or sunk, as an economist would call it. No attempt to assess business performance can provide firm answers. Any insights gained will be relative, because business and operating conditions vary so much from company to company and industry to industry. Comparisons and standards based on past performance are especially difficult to interpret in large, multibusiness companies and conglomerates, where specific information by individual lines of business is normally limited. Accounting adjustments of various types present further complications. To deal with all these aspects in detail is far beyond the scope of this book, although we’ll point out the key items. The reader should strive to become aware of these issues and always be cautious in using financial data. To provide a coherent structure for the many ratios and measures involved, the discussion will be built around three major viewpoints of financial performance analysis. While there are many different individuals and groups interested in the success or failure of a given business, the most important are: • Managers. • Owners (investors). • Lenders and creditors. Closest to the business on a day-to-day basis, but also responsible for its long-range performance, is the management of the organization, whether its members are professional managers or owner/managers. Managers are responsible and accountable for operating efficiency, the effective deployment of capital, useful human effort, appropriate use of other resources, and current and long-term results—all within the context of sound business strategies. 2.14 Management’s Point Of View Management has a dual interest in the analysis of financial performance: • To assess the efficiency and profitability of operations. • To judge how effectively the resources of the business are being used. Judging a company’s operations is largely done with an analysis of the income statement, while resource effectiveness is usually measured by reviewing both the balance sheet and the income statement. In order to make economic judgments, however, it’s often necessary to modify the available financial data to reflect current economic values and conditions. The same statements are shown here in We’ll use this information for the remainder of this chapter. For added convenience, we’ve also expressed the various items on the income statement as a percent of sales, a common 2,14 (a) Financial Classification: ManagementOwnersLendersOperational AnalysisInvestment ReturnLiquidityGross marginProfit marginEBIT; EBITDANOPATOperating expense analysisContribution analysisOperating leverageComparative analysisReturn on total net worthReturn on common equityEarnings per shareCash flow per shareShare price appreciationTotal shareholder returnCurrent ratioAcid testQuick sale valueResource ManagementDisposition of EarningsFinancial LeverageAsset turnoverWorking capital managementInventory turnoverAccounts receivable patternsAccounts payable patternsHuman resource effectivenessDividends per shareDividend yieldPayout/retention of earningsDividend coverageDividends to assetsDebt to assetsDebt to capitalizationDebt to equityProfitabilityMarket PerformanceDebt ServiceReturn on assets (after taxes)Return before interest and taxesReturn on current value basisEVA and economic profitCash flow return on investmentFree cash flowPrice/earnings ratioCash flow multiplesMarket to book valueRelative price movementsValue driversValue of the firmInterest coverageBurden coverageFixed changes coverageCash flow analysis Financial ratios can be classified according to the information they provide. The following types of ratios frequently are used: 2.15 Liquidity Ratios: Liquidity ratios provide information about a firm's ability to meet its short-term financial obligations. They are of particular interest to those extending short-term credit to the firm. Two frequently used liquidity ratios are the current ratio (or working capital ratio) and the quick ratio. 2.15 (1) Items Required in Liquidity Ratio: Current Assets Current Liabilities Inventory Cash Marketable Securities 2.15 (a) Current Ratio : Current Ratio: Current Ratio establishes relationship between the current assets and current liabilities and measures the ability of the firm to meet current liabilities. Current Ratio = Current AssetsCurrent Liabilities This ratio indicates the rupees of current assets available for each rupee of current liability / obligation. The higher the ratio, larger is the ability to meet current obligations and greater is the safety of funds of short-term creditors. Depending upon the industry the ratio may vary between 1.5 to 3.5 though the rule of thumb is 2. 2.15 (b) Quick Ratio : Liquid Ratio or Acid Test Ratio or Quick Ratio: Liquid Ratio measures the ability to meet the current liabilities from the current assets which are readily or quickly convertible into cash (Current Assets less Inventory & Pre-paid expenses). Inventory is not readily convertible into cash and hence to be excluded. Quick Ratio = Current Assets - InventoryCurrent Liabilities It is called Acid Test Ratio since it is more severe and stringent test. Rule of thumb is 1. 2.15 (c) Cash Ratio/ Absolute Liquid Ratio : Cash Ratio / Absolute Liquid Ratio: Absolute Liquid Assets are considered here. Receivables have doubts about their reliability in time and hence they are excluded here. Cash Ratio = Cash + Marketable SecuritiesCurrent Liabilities 2.15 (d) Working Capital Ratio Net Working capital Ratio=Working Capital/Total Assets Defensive Interval: This ratio measures the ability to meet projected daily operating expenditure Cash Interval Ratio = One year projected expenditure This ratio indicates the relative proportions of debt and equity in financing & claims against the assets of the firm. 2.16 Activity Ratios : Activity ratios indicate of how efficiently the firm utilizes its assets. They sometimes are referred to as efficiency ratios, asset utilization ratios, or asset management ratios. 2.16 (2) Items Required in Activity Ratios: Annual Sales Purchases Accounts Receivable Accounts Payable Net Fixed Assets Total Assets 2.16 (a) Account Receivables Turnover Receivables Turnover = Annual Credit SalesAccounts Receivable 2.16 (b) Average Collection Period Average Collection Period = 360Accounts Receivable Turnover 2.16 © Account Payable Turnover Account Payables Turnover = PurchasesAccounts Payables 2.16 (d) Average Payment Period Average Payment Period = 360Accounts Payable Turnover 2.16 (e) Fixed Asset Turnover Fixed Asset Turnover = SaleNet Fixed Asset 2.16 (f) Total Asset Turnover Total Asset Turnover = SaleTotal Assets 2.16 (g) Inventory in day : 360 Inventory Inventory in day = Cost of goods sold 2.16 (h) Debtor turnover ratio : Sales Debtor turnover ratio = Trade debtors 2.16 (i) Collection period : 360* Receivables Collection period = Sales 2.16 (j) Working Capital Turn Over : Sales Working capital turn over = Working capital 2.16 (k) Payment Period : 360* creditors Payment period = Purchase 2.16 (l) Operating Cycle : Operating Cycle = Inventory turnover in day + receivable turnover in day 2.17 Solvency Ratios: The solvency ratios measure business risk, which shows the ability if the business to pay its long term debts. Investors are very interested in these ratios because they indicate the amount of debt your company can handle. They also indicate the amount of investment you have in your company. 2.17 (1) Items Required in Solvency Ratio: EBIT Interest Expense Total Debts Total Assets Net Profit Equity 2.17 (a) Times Interest Earned Times Interest Earned = EBITInterest Expense 2.17 (b) Debt Ratio Debt Ratio = Total DebtsTotal Assets 2.17 (c) Equity Ratio Equity Ratio = EquityTotal Assets 2.17 (d) Debt To Equity Ratio Debt to Equity Ratio = Total Debt Equity 2.18 Profitability Ratios: Profitability ratios offer several different measures of the success of the firm at generating profits. 2.18 (1) Items Required In Profitability Ratios: Sales Cost of Goods Sold Net Profit Total Assets Shareholder’s Equity 2.18 (a) Gross Profit Margin Gross Profit Margin = Sales - Cost of Goods SoldSales 2.18 (b) Operating Profit Margin Operating Profit Margin = Operating ProfitSales 2.18 (c) Net Profit Margin Net Profit Margin = Net Profit After TaxSales 2.18 (e) Operating Ratio Operating Ratio = Operating ExpensesSales 2.18 (f) Return On Assets Return on Assets = Net IncomeTotal Assets 2.18 (g) Return On Equity Return on Equity = Net IncomeShareholder Equity 2.18 (h) Return On Investment Return on Investment = Net IncomeInvestment 2.18 (i) Return On Fixed Asset Return on Fixed Asset = Net IncomeFixed Assets 2.19 Market analysis: 2.19 (a) Degree of financial leverage DDegree of financial leverage = EBITEBT 2.19 (b) Price earning ratio PPrice earning ratio = Market price per shareEarning per share 2.19 (c) Earning per share EEarning per share = Net profit No of share issued 2.19 (d) Dividend yield ratio DDDividend yield ratio =Dividend per shareMarket value per share 2.19 (e) Dividend pay out ratio DDividend payout ratio =Dividend per shareEarning per share 2.19 (f) Diluted earning per share r Diluted earning per share =Stock dividend per shareDDiluted earning per share 2.20 Time Series 2.20 (a) Techniques/Trend Analysis 2.20 (b) Session Learning OutcomesLearners will understand and be appreciative on the use of the time series analysis technique while analyzing the financial statements information, its application and interpretation Trend analysis: Is the type of analysis in which the information for a single company is compared over time. Over the course of the business cycle, sales and profitability may expand and contract, so the ratio analysis for one year may not present an accurate picture of the firm. ‘The analysis of the changes in a given item of information over a period of time or a comparative analysis of a company's financial ratios over time” Trend analysis can be used to compare various other items in the industry/sector such as: Number of subscribers Investment in fixed assets Investment in total assets Sales Charging rates Trend analysis can be established by comparing items in the reasonable area such as: Number of telephone operators in Tanzania and average number of operators per country in Sub Saharan Africa Charge rates of Botswana mobile subscribers and the average charge rates in the Sub Saharan reason over years Trend analysis can help telecommunication operators enhance their policy making decisions by comparing themselves to other countries and providers in the reason. At the same time may seek expertise in the areas which the sector wants to improve if there is a country of comparative benefits as compared to others. Trend analysis is basically used to determine the trend of the firm. It provides trend of items involved in Income statement and Balance Sheet. E.g. how much percentage of sales is increased this year comparing to base year. Considering these trends in mind management takes the future decisions. Trend analysis is not only useful for management but also for potential investors of the company who can evaluate the performance of the company by comparing with previous years performance. Basically there are two types of Trend analysis, which are: 2.20 (c) Horizontal analysis. Horizontal analysis is basically compares horizontally the items of income statement and balance sheet with previous years keeping one base year as 100%. At least four years data is required for conducting Horizontal Trend Analysis. When an analyst compares financial information more than three years for a single company, the process is referred to as Horizontal Analysis. In Horizontal Trend Analysis the analyst computes percentage changes from year to year for all financial statement items, such as cash and inventory. Trend analysis involves calculating each year's financial statement balances as percentages of the first year, also known as the Base year. When expressed as percentages, the base year figures are always 100 percent, and percentage changes from the base year can be determined. As we know that minimum four years data is required to conduct the Horizontal Trend Analysis of a company, so here this analysis could not be performed due to unavailability of financial data. 2.20 (d) Vertical Analysis Vertical Analysis is basically vertically analyze or compare the items include in Income Statement and Balance Sheet. Mainly one of the item is consider as base and keep that item equal to 100 all the remaining items are divided by that base and evaluating the answers. In Vertical Analysis analyst uses base of income statement is net sales revenue, while in balance sheet it is total assets. This approach to financial statement analysis, also known as component percentages, produces common-size financial statements. Common-size balance sheets and income statements can be more easily compared, whether across the years for a single company or across different companies. Vertical Analysis requires minimum two years data. 2.20 (e) Gross-Margin and Cost-of-Goods-Sold Analysis One of the most common ratios in operational analysis is the calculation of cost of goods sold (cost of sales) as a percentage of sales. This ratio indicates the magnitude of the cost of goods purchased or manufactured, or the cost of services provided, in relation to the gross margin (gross profit) left over for operating expenses and profit. 2.20 (f) Profit Margin The relationship of reported net profit after taxes (net income) to sales indicates management’s ability to operate the business with sufficient success. Success in this case means not only recovering the cost of the merchandise or services, the expenses of operating the business (including depreciation), and the cost of borrowed funds, but also leaving a margin of reasonable compensation to the owners for putting their capital at risk. The ratio of net profit (income) to sales (total revenue) essentially expresses the overall cost/price effectiveness of the operation. As we’ll demonstrate later, however, a more significant ratio for this purpose is the relationship of profit to the amount of capital employed in generating it. 2.21 Indicators And Sources Of Financial Distress 2.21 (a) Sensitivity Analysis (SA) is the study of how the variation in the output of a model (numerical or otherwise) can be apportioned, qualitatively or quantitatively, to different sources of variation. 2.21 (b) Sensitivity Analysis (SA) aims to ascertain how the model depends upon the information fed into it, upon its structure and upon the framing assumptions made to build it. This information can be invaluable, as: Different level of acceptance (by the decision-makers and stakeholders) may be attached to different types of uncertainty. Different uncertainties impact differently on the reliability, the robustness and the efficiency of the model.Sensitivity analysis is also referred to as “what if analysis” 2.21 (c) Building Financial Analysis ModelSeveral activities can be considered in building financial analysis model. In the building of the financial model the following have to be considered: 2.21 (d) Conservative estimations of the revenues/benefits:This is helpful to ensure that the viability of the proposed project is not easily threatened by unfavorable circumstances. The capital budgeting should be done in a such a way that it has a build in system for conservative estimations. The revenue figures should be justifiable given the capital expenditure proposals. 2.21 (e) Safety Margin Cost figures:A margin of safety for the cost items should be estimated. He margin can be between 10% -30%. For instance, in estimation of installation costs of a wireless telephone system, 10%-30% of the normal installation costs can be added. The management can decide on the percentages in the cost estimation of various items depending on the experience and other firm considerations. 2.21 (f) Flexible Investment yardsticksCutting point for the investments can be changed considerably to allow more room for seeing beyond the normal cut-off points. Example if the policy of a company is to accept the projects with payback period of less than three years, the use of a prolonged period can be assessed to determine the impact thereto. 2.21 (g) Calculating the Overall risk indexSome projects may call for the calculation of the overall risk index for various project components. These cutoff points may be based on sales, prices, operating cots, etc. The company may vary all the items by 62% favorable, given the risks index consideration. 2.21 (h) Judgment on Three point estimation:Telecommunication companies may judge their operations on three point estimation based on the hours of access as follows: Business (peak) hours E.g. From 0800hrs – 1800hrs Evening/Morning (off-peak) hours Various interconnection and charging rates are considered between three different times as indicated above. Reasons may be due to the fact that the use of bandwidth (which is paid even if not consumed) varies from the three time zones indicated above. Other considerations may be backed on the market responses and returns. The returns for this case may be classified as: Most pessimistic ,[object Object],2.22 The Financial Statements Are A System (Balance Sheet & Statement Of Cash Flow): 109220326390Financial statements paint a picture of the transactions that flow through a business. Each Transaction or exchange--for example, the sale of a product or the use of a rented facility--is a building block that contributes to the whole picture. 2.23 Learning ObjectivesAt the end of this session, students should be able to: Determine the costs of financial distress Explain the factors influencing the risk of financial distress 2.24 Important Learning Terms Financial distress Costs of financial distress Indicators for financial distress In the real world companies do not, generally raise their debt-to-equity ratios to very high levels. This suggests that there are other important influences on capital structure besides lower costs of debt and tax relief on debt. The basic additional factors which have a bearing on the gearing level are: financial distress (bankruptcy costs); agency costs; borrowing capacity; managerial preference; pecking order; financial slack; signalling; control; and industry group gearing. 2.25 Financial Distress Financial distress is defined as a condition where obligations are not met or are met with difficulty.A major disadvantage for a firm taking on higher levels of debt is that it increases the risk of financial distress, and ultimately liquidation. This may have detrimental effect on both the equity and debt holders. 2.26 Effects of Financial Distress The risk of incurring the costs of financial distress has a negative effect on a firm's value which offsets the value of tax relief of increasing debt levels. These costs become considerable with very high gearing. Even if a firm manages to avoid liquidation its relationships with suppliers, customers, employees and creditors may be seriously damaged. Suppliers providing goods and services on credit are likely to reduce the generosity of their terms, or even stop supplying altogether, if they believe that there is an increased chance of the firm not being in existence in a few months' time. Customers may develop close relationships with their suppliers, and plan their own production on the assumption of a continuance of that relationship. If there is any doubt about the longevity of a firm it will not be able to secure high-quality contracts. In the consumer markets customers often need assurance that firms are sufficiently stable to deliver on promises. In a financial distress situation, employees may become demotivated as they sense increased job insecurity and few prospects for advancement. The best staff will start to move to posts in safer companies. Bankers and other lenders will tend to look upon a request for further finance from a financially distressed company with a prejudiced eye – taking a safety-first approach – and this can continue for many years after the crisis has passed. Management find that much of their time is spent quot;
fire fightingquot;
– dealing with day-to-day liquidity problems – and focusing on short-term cash flow rather than long-term shareholder wealth. The indirect costs associated with financial distress can be much more significant than the more obvious direct costs such as paying for lawyers, accountants and for refinancing programs. Some of these indirect and direct costs are shown in the table below: 2.27 Preparation of Income Statement, Balance Sheet and Cash Flow Statements This session provides details on how to prepare financial statements. Most commonly used financial statements are income statement, balance sheet and cash flow statements. 2.28 Session Learning OutcomeLearners will be able to understand and appreciate the process in the preparation of the Income Statement or the Trading and Profit and Loss Account, Balance sheet and Cash Flow statements and their importance. 2.29 Important Learning Terms Financial Statements Income statement Balance sheet statement Cash flow statement Revenue/sales determination Cost of goods sold Manufacturing overheads Sources of funds Uses of funds 2.30 Basic DefinitionsFinancial statement A report of basic accounting data that helps investors understand a firm's financial history and activities. 2.30 (a) Income statement (statement of operations) A statement showing the revenues, expenses, and income (the difference between revenues and expenses) of a corporation over some period of time. 2.30 (b) Balance sheet Also called the statement of financial condition, it is a summary of a company's assets, liabilities, and owners' equity. The document distributed at the annual meeting to shareholders of record who wish to vote their shares in person. 2.30 (c) Cash flow statementStatement showing earnings before depreciation, amortization, and non-cash charges. Sometimes called cash earnings. Cash flow from operations indicates the ability to pay dividends. 2.30 (d) Preparation of Income StatementThe Income Statement normally shows whether the business is earning profits or sustaining losses. It communicates the financial performance of the business. The structure of the income statement differs with the nature of the business. The business can either be a manufacturing, merchandising/trading or service entity. Regardless of the structure, they however, communicate the same information.Factors to be considered in the preparation of income statements are: 2.30 (e) Preparation of the Balance Sheet StatementThe Balance Sheet shows the value of assets owned by the business, the amount of its debts and the equity of the owner. In other words, it communicates the financial position of the business. 2.30 (f) Preparation of Cash flow StatementThis statement shows the changes that have taken place in actual cash and the working capital of the firm as well as the sources and use of the working capital during the accounting period. It is a summary of a firm’s changes in financial position from one period to another; it is also called the sources and uses of funds statement or a statement of changes in financial position. The flow of cash/funds in a firm may be visualized as a continuous process. For every use of cash/funds, there must be an offsetting source. In a broad sense, the assets of a firm represent the net uses of cash/funds; its liabilities and net worth represent net sources. The fund flow statement is useful to know whether the uses of the funds can be met by the available sources funds or there is a need for external financing sources such as bank overdrafts, etc. 2.30 (g) Sources and Uses of Funds Statement Tracing Cash and Net Working Capital Sources of FundsConsist of all events that increase cash: A net decrease in any asset other than cash or fixed assets A gross decrease in fixed assets A net increase in any liability Proceeds from the sale of preferred or common stock Funds provided by operations 2.30 (h) Uses of FundsConsist of all events that decrease cash and include: A net increase in any asset other than cash or fixed assets A gross increase in fixed assets A net decrease in any liability A retirement or purchase of stock Cash dividends 2.30 (i) Statement of Cash FlowsIt emphasizes the critical nature of cash flow to the operation of the firm. The primary sections of the statement of cash flows are: Cash flows from operating activities Cash flows from investing activities Cash flow from financing activities The results from each section are added together to compute the net increase or decrease in cash flow for the firm. The format of the cash flows statement is given below: The explanatory notes communicate additional information regarding items included and excluded from the body of the statement. These normally include: Accounting policies Detailed disclosure regarding individual elements Commitments and contingencies Business combinations Transactions with related parties Legal proceedings etc. These are prepared to justify each accounting figure in the prepared financial statements. 3. INDUSTRY PROFILE 3.1 Industry Scenario The tractor industry in India has developed over the years to become one of the largest tractor markets in the world. From just about 50,000 units in early eighties the size of tractor market in the country has grown up to over 200,000 units. Today industry comprises of 14 players, including 3 MNCs. The opportunities still are huge considering the low farm mechanization levels in the country, when compared to other developed economies across the world. Key concern for the industry is its dependence on agricultural income in hands of farmers and the state of monsoon. The key players are Sonalika, John Deer, Mahindra, New Holland etc. Mahindra and Mahindra Limited were incorporated on October 2, 1945 as a private limited company under the Indian Companies Act of 1913 by two brothers, Mr. J.C. Mahindra and Mr. K.C. Mahindra. It was converted into a public limited company on June 15, 1955. Mahindra & Mahindra Ltd, one of the largest private sector companies in India, is the flagship company of the Mahindra Group. The company commenced operations in 1945 to manufacture General Purpose Utility Vehicles and later on entered into manufacturing of Tractors and Light Commercial Vehicles (LCVs). Over the years, the company has expanded its operations from automobiles and tractors to steel, trading and manufacturing of Ash Handling Plants & Traveling Water Screens. The company is focused to become a world giant in the tractor business. It has already made its presence felt in countries in Europe, Latin America, Africa and United States of America. 3.1 (a) HISTORY OF THE TRACTOR:- The word tractor was derived from the combining parts of the word TRACTOR and MOTOR and was first noted in a patent issued in USA in 1890. A self profiled power unit used to pull 100 to carry and operate till age cultivation harvesting, machinery to provide power take of or other , power out let a drive stationary and down implements, machinery as distinguish from tractor to pro puller steam engine tractors. Tractor was first used during the 1870's this tractors’s called tractors engine were large four wheeled machine driven by steam. They provided enough power to pall as money as 40 plough they were too awkward to be practical. The first tractors in the since of powered traction vehicles, grew out of the stationary and portable steam engine operated on farms in 19 the century and used to hour plows by 1890's. 3.1 (b) MAHINDRA TRACTOR HISTORY:- From army vehicles to farm tractors to major automobile manufacturing, Mahindra's relationship with American industry goes back quite a few years. American GI's who served in India during World War II recognize our parent company, Mahindra & Mahindra, which in l945 was selected to assemble the famous Willis Jeep. Following Indian independence in 1947, Mahindra & Mahindra charted a course of product expansion and globalization. The philosophy led to the company's entrance into the worldwide tractor. In 1962, M&M formed a joint venture with International Harvester to make tractors carrying the name Mahindra name-plate for the Indian market. Armed with engineering, tooling and manufacturing know-how gained from this relationship, M&M-a major auto maker- developed its first tractor, the B-275. This successor to International Harvester's incredibly popular B-414 is still the basis for some current Mahindra models. Today, Mahindra is the third largest tractor manufacturer in the world with sales of nearly 85,000 units annually in 10 countries. This places them ahead of John Deere & Kubota. In India, Mahindra has been the number one selling brand since 1983. 3.1 © Mahindra Tractors is one of India’s most innovative companies Mahindra & Mahindra’s Farm Equipment Sector (FES) has featured in the top 10 list of most innovative Indian companies compiled by the Wall Street Journal as part of its survey to determine Asia’s 200 most-admired and innovative companies. The Asia 200 surveys is the ultimate performance review of Asia’s leading companies. The survey takes into account key criteria including long-term vision, innovation in responding to customer needs, quality of products and services, corporate and financial reputation. Innovation is the cornerstone of business at Mahindra Tractors which has pioneered several innovative products and services in the recent past. The Mahindra Shaan is one such product resulting from this culture of innovation. India’s first multi-utility tractor, the Shaan helps in farming activities and facilitates transportation as well. It has been designed keeping in mind the needs of the young and progressive farmer – increased income and pride of ownership resulting from style, comfort and modernity. The Shaan has led innovation in the tractor market and has initiated the transition from a ‘product feature - price’ led business approach to a ‘value-led innovation’ business approach. The product has positively impacted the lives of several customers across the country, facilitating unique uses, such as mobile flour mills, brick kiln operations, vegetable farming and transportation of farm produce, water tanker haulage, transportation of goods and people. In early 2007, Mahindra Tractors launched India’s first 5% bio-diesel tractor which is the outcome of the sector’s relentless focus on R&D and its commitment to a cleaner environment. The utilization of renewable Biodiesel as a fuel for transportation vehicles is one of the significant technologies being developed for automotive application. The Bio-Diesel programmed is one of Mahindra’s investments in India’s sustainable economic development. FES has been the market leader in the Indian tractor Industry for the last 25 years and is historically known for the superior quality of its products and focus on customer centricity. It is also the only tractor company in the world to win both the Deming Application Prize and the Japan Quality Medal, two of the highest quality accolades which can be won by any company. 3.1 (d) About the Mahindra Group The US $6.7 billion Mahindra Group is among the top 10 industrial houses in India. Mahindra is the market leader in multi-utility vehicles in India. It made a milestone entry into the passenger car segment with the Logan. Mahindra & Mahindra is the only Indian company among the top tractor brands in the world. The Group has a leading presence in key sectors of the Indian economy, including the financial services, trade, retail and logistics, automotive components, aftermarket, information technology and infrastructure development. Mahindra’s Farm Equipment Sector has recently won the Japan Quality Medal, the only tractor company worldwide to be bestowed this honor. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its ‘Global 200: The World’s Best Corporate Reputations’ list. 3.1 (e) Types Of Tractors:- Tractors are classified according to weather wheels or tracks which are used to provide traction. Two wheel drive tractors: General purpose tractors Standard treads tractors. Track laying Tractor: These tractors are used to obtain better adhesion or lower ground pressure then would be possible with an ordinary wheeled tractor. Four Wheel drive tractors: These are able to work under any conditions since its engine is engaged to both the front & rear wheel. Those in most general use are of the wheel drive type with two large wheel driving wheels at the rear & two steering wheels at the front. The Tractor Industry in India dates back to 1961 when a madras based company pioneered the manufacture of farm equipment by establishing a tractor plant in collaboration with a multinational agricultural machinery manufacturer. Today agricultural tractors are manufactured by about 15 units in the organized sector with a total registered capacity of above 2 lakh. 3.1(f) USES OF TRACTORS:- Following are the uses of tractor. In the field of agriculture tractor have on important role to play in Rising productivity. Tractor is used in the field of transportation. The fertilizers can be carried to the field & the produce to the market with the help of tractors. It is also for the purpose of transportation goods from one place to another. Through the use of tractor farm practices were revolutionized & agriculture crops were increased per hectare. Mechanized farming becomes possible through the use of tractors. In stone crushers before the blasting of rocks drilling machines are used to drill the rocks with the help of tractors. Not only has animal power been displaced & human effort reduced through the use of tractors. 3.1 (g) Role Of Tractors In Indian Agriculture:- India has always been heavily dependent on agriculture for its economic growth. It follows that mechanized farming would increase agriculture output in the given the huge trucks of land which cultivated are would assume that tractors are sold in a big way in our country. Indian agriculture is as old as civilization itself & the Indian farmer has the benefit of a vast past experience the yield of crops in India are very low when compared to even some of the south east when compared to even some of the south east Asian countries. Agriculture forms the backbone of the Indian economy & despite concerted industrialization in the last four decades; agriculture occupies a place of pride. Being the largest industry in India, it is the source of livelihood for over 70% of the national income. Its importance in industrial development in the supply of raw-materials to leading industries like jute, textile, sugar etc, is very high. Agriculture increase national income & it helps in industrial development, agriculture helps for the promotion of international trade & the development of agriculture is essential for economic growth, the significance of agriculture in India arises also from the fact that the development in agriculture is an essential for the development of the national economics. Though the experience of Indian farmer the yields crops in India very low when compare to other countries. For this reasons are quite obviously monocropping & repeated use of land without rest is one problem is the efficient use of good fertilizers expect domestic fertilizers also primitive & traditional, besides the wooden plough, hoe, sickle & other old method of practicing agriculture no any mechanical or other devices are used. 3.2 COMPANY PROFILE Mahindra and Mahindra incorporated in 1945, began operations, with assembly of jeeps imported in semi knocked down (SKD) condition form wills, USA Mahindra and Mahindra started manufacturing jeep in collaboration with wily overland corporation and American motor cooperation (now parts of the Chrysler group) in 1954 and LCVs in 1965. Tractor production started in 1965 in a joint venture company with technical collaboration of international harvester company Chicago, USA. This company was merged with M and M in 1977. M and M is originally a principal supplier to the government for defense and other departments. M and M has restructured its operations. While the focus is an automotive and tractor divisions most of the other business including IT, Infrastructure and financial services have been hired off into new ventures. Mr. Anand Mahindra is a member of the class of 1977 Harvard College, Cambridge, mustache sets form where he graduated manger cum laude (high honors). In 1981 he secured on MBA from the Harvard business school in Boston after returning the India he joined Mahindra urine steel company ltd. In 1989 he was appointed president and deputy-managing director of MUSCO. In April 1997, he moved over to M and M as the deputy- managing director. In April 1997, he was appointed as the managing director by the board of M and M. Mr. Mahindra was also the co promoter and is the chairman of total Mahindra finance ltd. Mr. Mahindra writes frequently on business and general economic subject is leading business and Business magazines. 3.3 Organization analysis: 3.3 (a) Mission/Vision 3.3 (i) Vision: Indians are second to none in the world. The founders of our nation and of our company passionately believed this. We will prove them right by believing in ourselves and by making M&M Ltd. known worldwide for the quality of its product and services. 3.3 (ii) Mission: We don’t have a group-wide mission statement. Our core purpose is what makes all of us want to get up and come to work in the morning” 3.3 (iii) Goals and Objectives ,[object Object]

By 2015 it wants to enter almost all continents of world

Plan to open 30 outlet pan in India by next 4 year

to make the production system even more efficient

To usher prosperity; for its customers, dealers, employees, society and all other stakeholders.

To be the market leader in all power segments of tractors3.5 Company Profile: GROUPMAHINDRASECTORAUTOMOBILEINDUSTRYAUTOMOBILE TRACTORCHAIRMENKESHUB MAHINDRAAUDITORSDELLOIT HUSKIN AND SELLFINANCIAL YEARMARCHBOOK CLOSYREJULYBSE CODE500520BSE GROUP‘A’NSE SYMBOLM&MPAR VALUE10LISTINGBSE, NSE, KOLKATA, SINGAPORE, LUXEMBERGISINDMATINE101A01018NO.OF EMPLOYEE150000 3.6 Values 'We don't have a group-wide mission statement. Our Core Purpose is what makes all of us want to get up and come to work in the morning.' Our Core Values are influenced by our past, tempered by our present, and will shape our future. They are an amalgam of what we have been, what we are and what we want to be. Good Corporate Citizenship As in the past, we will continue to seek long term success, which is in alignment with our country's needs. We will do this without compromising ethical business standards. 3.6 (a) Professionalism We have always sought the best people for the job and given them the freedom and the opportunity to grow. We will continue to do so. We will support innovation and well reasoned risk taking, but will demand performance. 3.6 (b) Customer First We exist and prosper only because of the customer. We will respond to the changing needs and expectations of our customers speedily, courteously and effectively. 3.6 (c) Quality Focus Quality is the key to delivering value for money to our customers. We will make quality a driving value in our work, in our products and in our interactions with others. We will do it 'First Time Right'. 3.6 (d) Dignity of the Individual We will value individual dignity, uphold the right to express disagreement and respect the time and efforts of others. Through our actions, we will nurture fairness, trust and transparency. These values are the compass that will guide our actions, both personal and corporate. 3.7 Background Mahindra & Mahindra Limited (M&M), the flagship company of the US$ 3 billion Mahindra Group, was set up in 1945 to make general-purpose utility vehicles for the Indian market. It soon branched out into manufacturing agricultural tractors and LCV and later expanded its operations from automobiles and tractors to other sectors. The company has recently started a new division, Mahindra Systems and Automotive Technologies (MSAT) in order to focus on developing components and to offer engineering services. M&M has two main operating divisions – Automotive division and Farm Equipment division. The company entered into collaboration with Willys Overland Corporation (now part of the Daimler Chrysler group) to import and assemble the Willys Jeep for the Indian market. Thereafter, in 1965 the company started producing LCV. It went on to develop its manufacturing technology to indigenously produce vehicles within a short time of signing the collaboration agreement with Willys.Today, the Automotive Division of M&M manufactures and markets MUV, LCV and three-wheelers. In 2005, the company entered into a joint venture with Renault of France for the manufacture of a mid-sized sedan, Logan, a newly developed vehicle that meets all the European regulations for emissions and safety. The Logan is expected to be launched in the Indian market in 2007. M&M has also launched a joint venture with International Truck & Engine Corporation, one of the leading commercial vehicle producers in the USA, for manufacture of trucks and buses in India. The Farm Equipment division was established in 1963 in the form of a joint venture with International Harvester Inc., and Voltas Limited, and christened as the International Tractor Company of India (ITCI). In 1977, ITCI merged with M&M and became its Tractor Division. After M&M's organisational restructuring in 1994, this CompanyProductsEstablishedFounderDistributionProduction plantsM&MAutomobilesTractors, AutoComponents1945K.C. Mahindra & J.C. Mahindra withGhulam MohammedEurope, RussiaAsia, Africa, USA, South AmericaIndia division was re-christened the Farm Equipment Sector Division. Today M&M is the largest manufacturer of tractors in India. It designs, develops, manufactures and markets tractors as well as implements which are used in conjunction with tractors. 3.8 Mahindra And Mahindra Ltd’s Board Of Director:- Board of director's as on 30th may, 2000 Keshub, Mahindra chairman R.K. Pitamber Deepak, S.Parekh, S.K Batanagar nadir, B.Godrej, M.M. Murugappan, Sanjivkapoor, nominee of unit trust of Idia Narayanan VaghulLewis , W.K Booth Philip, G.spender alternate director to lewis W.K Booth, B.R.Gupta-nominee of life insurance corporation of India A.S.Ganguly, R.K. KulkarniSanjiv, A Kerkar-nominee K.J Davasia Bharat Doshi Alan E Darante, A.K Nanda secretary A.K Nanda. Mahindra and Mahindra’s register office is in Gateway building, Apollabunder, Mumbai-400001, Plant locations in Mahindra and Mahindra ltd. All plants are located in Mahindra, Mumbai (1965), has facilities level, commander and armada range of vehicles and all tractors and spare parts manufactured on Nashik Plant. M and M has tractor manufacturing plants at Mumbai and Nagour in Maharashtra state where a wide range of tractors are produced. M and M’s tractors manufacturing unit at Kandiv is the single urges tractors manufacturing unit in the world it consist of modern machine shops ascertainable line and engine manufacturing facilities. M and M is one of the top four manufacturing of tractor's in the world value terms the plant in Nagpur. Maharashtra also produces a wide area of agricultural implements to soot every sole type and from operation and O.E components. The M and M tractors division to date as produce over 500000 tractors over 5000 of which has been exported to USA, Africa ,Europe, Srilanka, Bangladesh, Vietnam and other countries. Its marketing network spans the Entire globe with representation in most contents around the world. M and M has widest range of tractors among Indian companies. Different tractors models cover disparate market segment form 25 HP to 50 HP tractors for more than a decade. M and M tractors have been market leaders. But M and M is not content with being just a market leader research engines at machines developed a direct in injection tractors engine this gave for Greater fuel efficiency than even before and provided the advantage of an instant could start recently. M and M has “Increased warranty to India” on all its models to 2000 hours of usage or 2 years of service form 1000 hours or 1 year earlier strong emphasis on from continuous product innovation and improvement has helps to sustain our market leadership in the dynamic Indian tractor market. Strong manufacturing facilities backed by a strong R&D capability and a dynamic and customer oriented marketing function. M&M has secured the top position in the quot;
Domestic Tractor Marketquot;
. 3.9 The Indian Tractor Market; The Indian tractor industry, dominated since time immemorial by a few known brands, is in the process of a change. A look at the average growth rate recorded by the tractor industry point towards a general slowdown. The growth rate for the eight month period April- November 1996 has dropped to 13% from 16% recoded during the previous year. Among the 3 Indian majors, Mahindra & Mahindra Tractor &Farm Equipment (TAFE) & Punjab tractors, only M&M has recorded a marginal drop in market share. Overall all of them have witnessed increased sales in terms of volume. As for the others which include the links of Eicher, HMT, ESCORTS etc., there has been steady erosion in the market share. A begin state policy, which provides the buyer subsidies & soft loans has seen the tractors become a popular substitute for the LCV as utility vehicle in rural areas. Due to the general slowdown in the growth rate of the Economy, the industry expects to slow down. The growth rate in tractor declined from 18.5% in 1994-95 to 17.3% in 1995-96 & 1996-97 (April-Nov). But there is one company which has defined this entire ‘slowdown’ pattern & is growing at a steady pace. The co. is Punjab Tractors Ltd... The market share of Punjab tractors has increased from 11% to 13.9% in 1996-97 (April- December). It overtook Eicher in 93-94& Farm Equipment (TAPE). The future of the tractor industry will see a shakeout of sorts. The small players will either have to survive. According to experts, ten years from now, the market will stagnate. If at all there is a market that will grow, it will be one for replacements. Till then Tractor players will continue to trudge along slowly maintaining a 5-6 percent growth rate. Hence the performance of the companies, from the automobile industry that have featured in this year's top50 reveals that though the industry is in the grip of recession players with very good fundamentals will always continue to reward the investors. The Indian tractor industry sold approximately 2.2 lakh tractors between, April 1996&March 1997. On an average the tractor market gas grown by 6% to 7% each year since 1993. When the industry was of around 1.4 lakh tractors in all these years some of the companies had limited production capacities & the customer had to wait for most popular models. These problems were more acute in the season & often aggravated by the short supply of premium models. However, since October 1996, a distinct change has been observed in the tractor market. All tractors models, including the so called premium products, are readily available in the show room. The main reason for this phenomenon is that all tractor manufacturers have been gradually increasing their production volume in the last few years and presently the total production capacity of all the tractor manufacturers has reached approximately 2.7 lakh units. This will ease the supply position of tractors and in times to come the customer will not have any waiting period for a tractor. 3.10 Mahindra & Mahindra Tractor Sales Rise By 16%: Mahindra & Mahindra announced that its tractor sales for the month of August 2008 stood at 7,000 units as compared to 6011 units for the same period last year, recording a growth of16.45%. 3.10 (a) Exports: - They exports during August 2008 were 597 units as against 561 units for the same period last year, recording a growth of 6.42%. Total sales (domestic and exports) for the month were 7,597 units, as compared to 6,572 units for the same period last year, recording growth of 15.59%. Cumulatively, during this fiscal, Mahindra & Mahindra tractors sales in the domestic market were 41,455 units as compared to 37,611 units for the April- August quarter last year, recording a growth of 10.22%. Shares of the company declined Rs 5.2, or 0.9%, to settle at Rs 572.85. The total volume of shares traded was 15,411 at the BSE. ,[object Object],MAHINDRA & MAHINDRA LTD. was established in 1962 at Mumbai. The company is India's first large scale project based on totally indigenously & totally indigenous design, know how & technology was promoted by the International Harvester company of U.K.At present the name of owner of the company is Anand G Mahindra. The Mahindra Factory is located at Akurli Road. Mumbai & their implement division are at Nagpur. The factory is among the first to be set up in this Industrial town. Its main marketing Department is at World Road, Mumbai. 3.12 Growth Of The Organization:- Mahindra & Mahindra Ltd... Consist of 3 divisions. Mahindra tractor Division. Mahindra Jeep Division. LCV Division FORD-ESCORT- MAHINDRA Collaboration. Mahindra tractor Division started with annual capacity of 500 tractors & with capacity of Rs 400 crores. It went into commercial production in the year 1962 with 35 HP ranges of tractor. At present the annual capacity of Mahindra Tractor division is 8000 tractors & with capacity of Rs 2000 crores. The company is managed by seven Boards of Directors with Secretary, Deputy Manager, and Chairman. The day to day operations are managed by the Managing directors.Having Mahindra established in the Indian Market. Mahindra Tractor Division made a determined starts in 1995-96 year to establish itself in the international market over the years, a large number of Mahindra tractors & implements are operating in many countries like Australia, Pakistan, Brazil, Srilanka, and Alzeria. It would be very glad that the pure Indian company with Indian technology export tractors & the implements to other countries or foreign countries. Most of the Mahindra Tractors are sold Foreign countries are 30 HP range of Model. But in Indian market 40 HP ranges of tractors is more demand. Mahindra has 728 dealers in the entire country & it has 30 dealers in Karnataka. 3.12 (a) Dynamic growth:- During the 35 years of its existence, Mahindra tractors division has not only expanded its tractors manufacturing capacity of tractors per annum but also more product in to manufacturing range Mahindra has emerged as a major industrial complex in India. The Mahindra is only one pure Indian company, without any alliance of collaboration with any multinational countries which manufactured the machine tools. Mahindra name is synonymous with the quality machine tools in the major industrial concerns in India. Mahindra was not only manufactured tractors but also manufactured harvesters, combines, forklifts, trucks, agriculture implements and automobile castings. High technology, sophisticated tool room equipment and modern R&D facilities, including computer aided designs and computerized testing machines, blending with decade of experience of Indian conditions, has resulted in technology relevant to Indian conditions. The export performance, Mahindra has always been conscious that the quality if its products lie in it acceptable in the world market, entry in export market means, it has to know what sells abroad and it has to design its product according to network in India, which will serve as a major source of competitive advantage. The Indian tractor market is anxiously awaiting the arrival of global tractor giants like John Deere, New- Holland, Same, Steyretc and the existing players have also enhanced their product volumes, models range and quality. In this highly competitive market- driven scenario, the complete purchase process shall focus around the customer needs. At these crucial juncture, there shall be used to plan a series of multiple activities to gear up all over business processes to face the future market where in we envisage that “the customer will be king” and that “customer satisfaction” shall be the prime consideration for all over systems Mahindra Tractors, also known as Mahindra & Mahindra Limited - an Indian automobile company, is one of the largest tractor manufacturers in the world. Mahindra entered the U.S. tractor market in 1994, and currently has two assembly and distribution centers in the United States. Mahindra was used at the end of World War II to assemble the Willy’s Jeep for American soldiers in India. Mahindra then later entered the world wide tractor market in 1947, after India’s independence. Mahindra actually developed its first tractor through the help of International Harvester through a joint venture dating back to 1963. Some of the Mahindra tractor models are still based upon the IH B-414 successor. Mahindra has also done a joint venture with Ford Motor Company in 1995. M&M had posted excellent results for the year ended 31st March 2003. Gross sales from operations at Rs 5,914 crore was up by 31.5%, while profit after tax (PAT) at Rs 348.5 crore was up by 139%, from that posted in 2002-03. A total of 41,135 tractors were sold in July-March 2008-2009 as compared to 37,096 units in the same period of last fiscal year. Sale of tractors at 21,247 units and 19,888 units as compared to 18,342 and 18,754 units in July-March 2007-2008. 3.13 M&M Ltd. Tractors record 19% growth in Sales in June 2009 Mumbai Tuesday July 1, 2009. Mahindra & Mahindra’s Farm Equipment Sector (FES), a part of the U.S. $6.7 billion Mahindra Group, significantly consolidated its leadership position in the tractor industry in June 2008. For the month of June 2008, domestic sales of tractors of Mahindra & Mahindra Ltd. were 11054 nos., a growth of 16% and exports during the month were 954 nos., a growth of 69% over the corresponding month last year. Total sales for the month were 12008 nos., a growth of 19% over the corresponding month last year. M&M is the third largest tractor company in the world. It is also the largest manufacturer of tractors in India with sustained market leadership of around 25 years. It designs, develops, manufactures and markets tractors as well as farm implements. Mahindra & Mahindra grew from being a maker of army vehicles to a major automobile and tractor manufacturer. It has acquired plants in Chinaand the United Kingdomand has three assembly plants in the USA. M&M has partnerships with international companies like Renault SA, France and International Truck and Engine Corporation, USA. 3.14 World-class products with high quality, reliability, durability and multiple features. Not only in India one of the largest tractors, markets, it is also one of the few growing markets in the world that is expected to saturate only by the year 2005, by when it shall have a stable demand of around 3.5 lakh units per annum. In the near future the customer will have a multiple variety of models to choose from, not only in terms of quality, technology, reliability &overall economics. In this scenario the role of a dealership for delivering total customer satisfaction through all its thoughts, words and deeds becomes the single highest priority objective in the times to come. 3.14 (a) Distribution Network:- The company has not only contributed by supplying a large number of tractors to the Indian farmers but has also ensured proper backup services to help them operate. Mahindra has a large network of sales, service, first aid centers &space parts dealers spread throughout the length & a breadth of the country. Mahindra has 728 dealers in the entire country. It has main dealers in Karnataka. It is because of these well spread out facilities. That the ensures minimum downing time of the tractors. The dealership have well equipped workshops having special tools and equipment, field service motor- cycles to ensure prompt service is rendered at the door steps of the farmer. 3.14 (b) The demand of tractors in Indian market is generally as below. ModelsPercentage of Demand.475-DI40275-DI20B-275-DI30OTHERS10TOTAL100 The above table shows in the below diagram. 3.14 (b) MAHINDRA USA, INC;- In 2002, Mahindra USA completed a major expansion of its Tomball (Houston Area), Texas headquarters. They tripled the size of the parts warehouse and the production assembly lines. In 2003, a second assembly and distribution center was established in Calhoun, Georgia. In 2004, a separate, much larger parts warehouse was put into operation outside of Houston, Texas, to keep up with the huge growth of Mahindra tractor sales in the U.S.A...Final assembly takes place here in the U.S.A. where we conduct a 51-point pre-delivery inspection, including dynamometer and road test 3.14 (c) COMPARISON WITH COMPLETIVE COMPANIES: Comparison of stock market performance of different brands:- COMPANY NAMEPRICEN/PCASH PROFITEicher16.583.31183.4M&M91183.04236.78Ford117.5180.7522.2Escort245.07541.33157.77 The above comparison shows in the following diagram. 3.14 (d) Comparison Of Installed Capacity And Its Utilization:- COMPANYInstalled CapacityProductionCapacity UtilizationNAMES200820092008200920082009Eicher180001800016913158999488M&M28000280003778634886162223Ford850085001448212123170142Escort230002300018437130636647 The above comparison shows in the following diagram. 3.15 Firm Profile 3.15 (a) Brief History of Dealer Sri Ganesh Agro Tractors is started in the year 2009 and registered under partnership Act of 1932. Mr. Sathish Gowda, Mr. Darmegowda are the partners of Sri Ganesh Agro Tractors. The showroom of M&M tractors is situated in B.M. Road, Opp: Govt. First Grade College, Channarayapatna-573116. The showroom sports a uniform look and the service station is situated behind the show room. The service station area however upgraded as per company specification. Mr. Sathish Gowda and Mr. Darmegowda are very good dealers in Hassan area. They are also having a skill of marketing. Mr. Naveen S. Kaggere the manager of the company, who is looking after all sales and services of the firm. He has very good tractor mechanic in Hassan area. He is also having a skill of marketing of tractors. In the beginning the firm initial capital was 62 lakhs and sale of the tractor is 15 per month. The firm started to deal with Mahindra tractors & implements and spare parts of the Mahindra tractors in the range 25 hp,30hp,33hp 36hp,40 hp.50 hp ,with regard to 225-DI,265-DI,365-DI,275-DI,B-275, 475-DI,585-DI respectively. There is a large demand for the 295,275,475,575 tractors as other range of tractors. 3.16 INFRASTRUCTURE FACILITIES:- Land and building: The firm is having its own building. The office covers an area of 13759.60 square feet, East- west 167'.8quot;
feet, North-south 90+74/2 feet. ,[object Object]

The electric power requirement of the firm is of 250 to0350 unit’s pm. The electric power consumer by the firm’s showroom is about 150 units and service attain like water washing of vehicles etc., take the power consumption of 150 to 200 units.

Machinery: The firm is well equipped machines and tolls are used in services facilities to vehicle the value of tool is the firm more than Rs. 1, 50,000. 3. Recruited staff of the firm: ,[object Object]

Accounts staff.5.Man power: The firm has sufficient staff. There are 19 members working in the showroom. There are 14 foremen working in the showroom. ,[object Object]

Advertisement is the main aims for create demand for the product in the mind of the customer and improve the competitive strength. The dealer is advertisement its vehicles through various media such as local news paper and states news papers, magazines etc.3.17 Organization Structure:- ORGANISATION STRUCTURE OF GANESHA AGRO MOTORS WITH SPECIAL REGARD TO SALES ProprietorStructure of Sri Ganesh Agro Tractors with Special Regard to Sales Manager Spare parts SupervisorsClerkSr. MechanicOffice In chargeSales ExecutiveSupervisor HelperAccountantJr. Mechanic The service station is situated at the back side of the show room so that they can provide timely repairs, and other service like wash services, wheel alignment, oil change etc to the customers within time. They also provide after sales services like free services up to one year of purchase and demonstrations...etc. The place of purchase and place of service are situated at the same place and it would be economical to the customers as well as the service providers. 3.18 Demand For The Product: Generally the market is a medium to secure certain volume of sales. It is mainly interested in the demand side of the market. Market consists of individuals and group of people institution and corporate bodies, their needs, their resources, their buying habits and their preferences. The success of the marketing is also depends on the ability to forecast the strength and character of demand as it is the basis for allocation of resources in business. There are three variable factors that relate to tractors in market demand, that is demographic variables (population pattern) to ascertain size of demand, effective demand (purchasing power) to ascertain potential demand life style pattern of the customers. 3.19 Company Demand:- Company demand is volume of sales expected under given environmental conditions for a specific time. It is function of firm strategies marketing effort and specific the amount of sales turnover which would be realized by a company under different levels of company’s selling efforts. It is the market share of a company. 3.19 (a) Target given by the company; YEARTARGETSALES2004-051502852005-063505002006-073403502007-08500520 The above table showed in below diagram. Mahindra tractors are one of the main products of Mahindra and Mahindra ltd., this company is having collaboration with many foreign companies. But now it is indigenous in manufacturing Mahindra. Following points affect the increased demand for Mahindra tractors:- Manufacturing tractors by incorporating the best technology available. Superior quality of raw material used in production. Tractors having good specification when compared to other tractors. Good service given by the agency to customers after sale tractors. 3.20 SWOT Analysis 3.20 (a) Strengths: Over the years the company has emerged as one of the top players in the world in terms of number of tractors sold. This gives a clear indication that the company's market share is one of its biggest strengths. The company's ability to introduce new products in the market and to generate sales from those new products is a major strength. The reason being that this is very essential for any company, for its survival in the long run. Brand name and brand image. The company has established its brand name in other countries of the world as well. It has a wide market spreading over the five continents. This is evident from the 40% market share that it holds in the 30-40 HP tractors market in the US. Market leader in terms of market share is its biggest strength The company's ability to introduce new products in the market and to generate sales from those new products is a major strength. The reason being that this is very essential for any company, for its survival in the long run. The company has established its brand name in other countries of the world as well which is biggest strength of a company to extend and diversify the business Large and effective distribution channel. Sufficient financial resources. 3.20 (b) Weaknesses: The company is highly dependent on the rural sector, and the rural sector in turn is highly dependent on the monsoons. As a result, if there happen to be bad monsoons (less of rains) for two consecutive years it could have an adverse impact on the demand of tractors for the company. The company is highly dependent on the rural sector Less technological ability as compared to Foreign players. 3.20 (c) Opportunities: The government has been trying to strengthen the exports of agricultural products. As a result, the quality of agricultural products necessarily has to be very high. For this, they need better rural and agricultural infrastructure. This might result in an increase in demand for tractors. In India, the penetration of tractors is 10 tractors per 1000 hectares of cropped area, which is much below the world average of 19 tractors for the same. Thus there is scope for the demand to increase. 3.20 (d) Threats: The company has a history of having invested in unrelated diversifications such as telecom, holiday and resort inns, financial services, etc. which it has hived off as subsidiaries from time to time when these turned unmanageable. This is a cause for concern as such diversifications could divert the company's attention from its core business. It is a dangerous tendency as it leads to destruction of shareholders value. The entry of foreign players in the tractors segment could pose a threat to the company as these foreign players are technically more competitive than Mahindra & Mahindra. ,[object Object]

M&M’s 61st year was studded with a number of noteworthy achievements, prestigious prizes and glittering awards.

YEARACHIEVMENTS1986CJ 640 DP Vehicle introduced.1987MM 540 DP metal Body Wagonette introduced.1988M&M signed a MoU with Hyderabad Allwyn Nissan Limited to form Mahindra Nissan Allwyn Ltd., as its associate company with LCV operations in Andhra Pradesh.1989The CJ 340 DP model was introduced. M&M and Peugeot announced their tie up for the manufacture of Peugeot 504 pickup truck, BA 10 gearboxes and latest XD 3 diesel engines. M&M acquired automotive pressing unit at Kanhe, from Guest Keen Williams Ltd.1991Introduced CJ 500 DI model with MDI 2500 A direct injection diesel engines. M&M bags order to export 10,000 CKD kits. Commander range of models: 650 DI, 750 DP/HT were also launched with tremendous market response.1993The Mahindra Armada was launched1995Mahindra Nissan Allwyn Ltd. (MNAL) was merged with M&M and Zaheerabad LCV operations becoming part of Automotive Sector. FJ series of LCVs were shifted from Nasik to Zaheerabad. Igatpuri Engine Plant received ISO 9002 certificate.1996The new LCV model Cabking DI 3150 & Mahindra Classic vehicles were launched. New Commander 5 Door Hard Top introduced.1997Commercial production of the Ford Escort commenced at Nasik Plant. License & Technical Assistance Agreement signed with Mitsubishi Motors Corporation for Manufacture of SL Body at Zaheerabad (Voyager with XD 3 and BA 10). Kandivli and Nasik plants received ISO 9002 certificate from RW-TUV.1998Die shop Inauguration at Nasik Plant 2-8/8/97. Voyager was launched by the Chairman at Zaheerabad Plant on 12/11/971999The Company acquired major stake in Gujarat Tractors2000The Company unveils new logoMahindra Auto Specialties Ltd. a new 100% subsidiary is formed.M&M sets up its first satellite tractor plant at Rudrapur. The Company launches New Age Tractor, the Mahindra Arjun 605 DI (60 HP tractor).2003M&M opens a second tractor assembly plant in USA. M&M Tractors awarded the prestigious Deming Prize for excellence in Quality – The first tractor company in the world to receive the award. M&M launches India's first Turbo tractor - Mahindra Sarpanch 595 DI Super Turbo. Scorpio wins National Award for R&D. M&M ventures into Industrial Engine business2004Launched the Mahindra World Tractor - a 75 HP tractor in the overseas market. M&M becomes the first Indian company to achieve sales of one million tractors2005Acquired 51% stake in SAR Transmission Private Limited, a company engaged in manufacture of gears and transmission shafts. M&M Farm Equipment Sector launch operations in Australia.3.22 AwardsBombay Chamber Good Corporate Citizen Award for 2006-07 Business world FICCI-SEDF Corporate Social Responsibility Award – 2007Deming Application Prize.Japan Quality Medal in 2007.M&M, in 2004 announced that they had bought majority stake (80%) in Jiangling Tractor Company, and renamed it Mahindra Jiangling Motor Co Group (JMCG). This is the first instance of Indian tractor industries participating in India's reverse FDI. The plant in China reportedly has a production capacity of 12,000 tractors annually. M&M has two main tractor manufacturing plants located at Mumbai and Nagpur in Maharashtra. Apart from these two main manufacturing units, the Farm Equipment Sector has satellite plants located at Rudrapur in Uttaranchal and Jaipur in Rajasthan.The Farm Equipment Sector as reported by the Company has a dealer network of over 450 dealers. This dealer network is managed by 28 area offices, situated in all the major cities and covering all the principal states and M&M tractors has sold more than 13,00,000 tractorsData Interpretation and Analysis4.1 Balance Sheet on Mahindra agro Tractor20082007 Rupees in CroesI]Source of fund Share holders fund Capital I239.07 238.03Employee stock standing out Standing3.00 3.18Reserves & Surplus II4107.00 3311.7 4350.073552.91Loan Fund a) Secured fund III A617.26 106.65b) Unsecured fund III B1969.80 1529.35 2587.061636Deferred Tax liability (Net) ……. 56.7219.79 Total…………. 6993.855208.7 II] Application of fund Fixed Asset Gross Block……………………………… 3656.13 3229.69Less: Depreciation………………….1841.68 1639.12Net Block……………………………….. IV1813.45 1590.57Capital Work in Progress……….546.45 280.6 2360.901871.17Investment

Financial analysis on recession period conducted at mahindra & mahindra tractors

Financial analysis on recession period conducted at mahindra & mahindra tractors

Financial analysis on recession period conducted at mahindra & mahindra tractors

Financial analysis on recession period conducted at mahindra & mahindra tractors

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Financial analysis on recession period conducted at mahindra & mahindra tractors