108719486 Financial Analysis of Ashok Leyland

INTRODUCTION

Indian automobile Industry

Commercial Vehicle industry has grown in line with the expectation at the rate

of 123 on a year on year basis for 2010-11 We expect an overall growth of

around 10 in 20011-12 which is much lower than in 2010-2011 This

slowdown in growth is mainly due to high base in spite of a strong focus by

the government towards core sectors like infrastructure and improving

competitiveness of private business With the opening up of trade under the

GATTi rules will help to push the demand of the industry

India economy is growing at a fast rate of 85 in 2010-11 with major growth

coming from the industry and service sector like most other developed

economies It seems that the Indian economy which was earlier a rural

centric agricultural driven economy is turning into an urban-centric industry

and service based economy

Structural reforms started in 90rsquos including private participation and

privatization in order to address to India infrastructural development The

Golden Quadrilateral Project and the other highways and road construction

programs being implemented by National Highway Authority of India have

had a significant and positive impact in transport and commercial vehicle

industry The focus area of the government will continue to remain on road up

gradation

The Medium amp Heavy Commercial Vehicles Sector

Commercial Vehicles (CV) broadly fall into two categories-- light commercial

vehicle segment (LCVii) and medium amp heavy commercial vehicle segment

(MampHCViii) HCVs are used for long distance transportation of people

agriculture produce capital equipment and some industrial raw materials

Growth in this sector is dependent on the general economic trend

1

development of infrastructure projects transport economics availability of

freight replacement period of vehicles availability of credit and favorable

government policies Since the industry competes with the railways for

several categories of cargo railway performance is an important determinant

of commercial vehicle sales Historically demand in the Rs 27000 cr MampHCV

industry has been cyclical 3-4 years of growth followed by 2-3 years of

stagnant sales and recession with around 6 CAGR over the last decade1

INTRODUCTION

Finance is regarded as the life blood of a business enterprise In themodern

oriented economy finance is one of the basic foundations of all kinds of

economics activities Finance statements are prepared primarily for decision-

making They play a dominant role in setting the frame work and managerial

conclusion and can be drawn from these statements However the

information provided in the financial statement is of immense use in decision-

making through analysis and interpretation of financial statements As said

earlier finance is said to be life blood of any business Every business under

taking needs finance for its smooth working It has to raise funds from the

cheapest and risky source to utilize this in most effective

manner So every company will be interested in knowing its financial

performance The project entitled ldquoFinancial performance Analysis of

Ashok Leyland Industry Ltdrdquo throw light on over all financial performance of

the company

The Ashok Leyland is an Public Limited Company Founded in 1948it is an

automobile industry and the company is one of Indias leading manufacturers

of commercial vehicles such as trucks and buses as well as emergency and

military vehicles the company is based in Chennai India its also

makes spare parts and engines for industrial and marine applications11500

1

2

employees are working in this company it sells about 60000 vehicles and

about 7000 engines annuallyIt is the second largest commercial

vehicle company in India in the medium and heavy commercial vehicle

segment with a market share of 28 With passenger transportation options

ranging from 19 seaters to 80 seaters Ashok Leyland is a market leader in

the bus segment The company claims to carry over 60 million passengers a

day more people than the entire Indian rail network The company

concentrates on the 16 ton to 25 ton range of trucks Entire truck

range starting from 75 tons to 49 tons

HISTORY

The origin of Ashok Leyland can be traced to the urge for self-reliance felt by

independence of India Pandit Jawaharlal Nehru Indiarsquos first Prime Minister

persuaded Mr Raghunandan Saran an industrialist to enter automotive

manufacture The company began in 1948 as Ashok Motors toassemble

Austin cars The company was renamed and started manufacturing

commercial vehicles in 1955 with equity participation by British Leyland Early

products included the Leyland Comet bus which was a passenger body built

on a truck chassis sold in large numbers to many

operators it built a reputation for reliability and ruggedness This was mainly

due to the product design legacy carried over from British Leyland The 5

00000 vehicle they have put on the road have considerably eased the

additional pressure placed on the road transportation in independent India

The company long term plan to become a global player by benchmarking

global standards of technology and quality was soon firmed up Access to

international technology and a US$200 million investment programmed

created a state-of-the-art manufacturing base to roll out international class

products This resulted in Ashok Leyland launching the Cargo range of

trucks based on European Ford Cargo trucks

3

GOALS

The companyrsquos plans is to acquire smaller car manufacturers in Chinaand in

other developing countries Ashok Leyland bought a majority stake inthe Czech

based- Avia Called Avia Ashok Leyland Motors sro this will

give Ashok Leyland a channel into the competitive European market According

to the company the joint venture sold 518 LCVs in Europe despite tough

economic conditions The company will expand its product offers into

construction equipment The company says negotiation is progressing on land

acquisition and the production plans are in place Aside from the full expansion

planned for the company Ashok Leyland is alsopaying close attention to the

environment They are one of the companies showing the strongest

commitment to environmental protection utilizinge co

friendly processes in their various plants Even as they thrust into different

directions Ashok Leyland maintains an RampD group that aims to

uncover ways to make their vehicles more fuel efficient and reduce emissions

CURRENT STATUS

The company has also maintained its profitable track record for 60years The

annual turnover of the company was USD 14 billion in 2011-12Selling

54431 medium and heavy vehicles in 2011-12 Ashok Leyland is Indiarsquos

largest exporter of medium and heavy duty trucks Ashok Leyland has also

entered into some significant partnerships seizing growth opportunities

offered by diversification and globalization ndash with Continental Corporation for

automotive infotronics with Alteams in Finland for high pressure die casting

and recently with John Deere for construction equipment PARENT Hinduja

group Ennore Foundaries Limited Automotive Coaches and Components

Limited Gulf-Aashly Motors Limited Ashley Holdings Limited

4

Following the independence of India Pandit Jawaharlal Nehru Indiarsquos first

Prime Minister persuaded Mr Raghunandan Saran an industrialist to enter

automotive manufacture The company began in 1948 as Ashok Motors to

assemble Austin cars The company was renamed and started manufacturing

commercial vehicles in 1955 with equity participation by British Leyland

Today the company is the flagship of the Hinduja Group a British-based and

Indian originated transnational conglomerate

Early products included the Leyland Comet bus which was a passenger body

built on a truck chassis sold in large numbers to many operators including

Hyderabad Road Transport Ahmedabad Municipality Travancore State

Transport Bombay State Transport and Delhi Road Transport Authority By

1963 the Comet was operated by every State Transport Undertaking in India

and over 8000 were in service The Comet was soon joined in production by

a version of the Leyland Tiger

In 1968 production of the Leyland Titan ceased in Britain but was restarted

by Ashok Leyland in India The Titan PD3 chassis was modified and a five

speed heavy duty constant-mesh gearbox utilized together with the Ashok

Leyland version of the O680 engine The Ashok Leyland Titan was very

successful and continued in production for many years

Over the years Ashok Leyland vehicles have built a reputation for reliability

and ruggedness This was mainly due to the product design legacy carried

over from British Leyland

Ashok Leyland had collaboration with the Japanese company Hino Motors from whom the technology for the H-series engines was bought Many indigenous versions of H-series engine were developed with 4 and 6 cylinder and also conforming to BS2 and BS3 emission norms in India These engines proved to be extremely popular with the customers primarily for their excellent

5

fuel efficiency Most current models of Ashok Leyland come with H-series engines

An Ashok Leyland bus run by theChennai Metropolitan Transport Corporation

In 1987 the overseas holding by Land Rover Leyland International Holdings

Limited (LRLIH) was taken over by a joint venture between the Hinduja

Group the Non-Resident Indian transnational group and IVECO Fiat SpA

part of the Fiat Group and Europes leading truck manufacturer Ashok

Leylandrsquos long-term plan to become a global player by benchmarking global

standards of technology and quality was soon firmed up Access to

international technology and a US$200 million investment programme



trucks based on European Ford Cargo trucks These vehicles used Iveco

engines and for the first time had factory-fitted cabs Though the Cargo trucks

are no longer in production and the use of Iveco engine was discontinued the

cab continues to be used on the ecomet range of trucks

In the journey towards global standards of quality Ashok Leyland reached a

major milestone in 1993 when it became the first in Indias automobile history

to win the ISO 9002 certification The more comprehensive ISO

9001 certification came in 1994 QS 9000 in 1998 and ISO 14001certification

for all vehicle manufacturing units in 2002 In 2006 Ashok Leyland became

the first automobile company in India to receive the TS16949 Corporate

CertificationEditorrsquos note This is part of a series of articles peeking into clean

6

car industries and car manufacturers of China India South Korea and

Germany

Among many other goals Ashok Leyland aims to expand its operations to

penetrate into overseas markets Included in the companyrsquos plans is to

acquire smaller car manufacturers in China and in other developing countries

In October 2006 Ashok Leyland bought a majority stake in the Czech

based- Avia Called Avia Ashok Leyland Motors sro this will give Ashok

Leyland a channel into the competitive European market According to the

company in 2008 the joint venture sold 518 LCVs in Europe despite tough

economic conditions Furthermore the company will expand its product offers

into construction equipment following a joint venture with John Deere Newly

formed in June 2009 the John Deere partnership is a 5050 split between the

companies The company says negotiation is progressing on land acquisition

and the production plans are in place The venture is scheduled to start

rolling out wheel loaders and backhoe loaders in October 2010 Aside from

the full expansion planned for the company Ashok Leyland is also paying

close attention to the environment In fact they are one of the companies

showing the strongest commitment to environmental protection utilizing eco-


directions Ashok Leyland maintains an RampD group that aims to uncover

ways to make their vehicles more fuel efficient and reduce emissions

In fact even before laws were placed on car emissions Ashok Leyland was

already producing low-emission vehicles Back in 1997 they have already

released buses with quiet engines and low pollutant emission based on the

CNG technology In 2002 it developed the first hybrid electric vehicle Ashok

Leyland has also launched a mobile emission clinic that operates on

highways and at entry points to New Delhi The clinic checks vehicles for

7

emission levels recommends remedies and offers tips on maintenance and

care This work will help generate valuable data and garner insight that will

guide further development

When it comes to the development of environmentally friendly technologies

Ashok Leyland has developed Hythane engines In association with the

Australian company Eden Energy Ashok Leyland successfully developed a

6-cylinder 6-liter 92 kW BS-4 engine which uses Hythane (H-CNG) which is

a blend of natural gas and around 20 of hydrogen Hydrogen helps improve

the efficiency of the engine but the CNG aspect makes sure that emissions

are at a controlled level A 4-cylinder 4-litre 63 KW engine is also being

developed for H-CNG blend in a joint RampD program with MNRE (Ministry of

New and Renewable Energy) and Indian Oil Corporation

The H-CNG concept is now in full swing with more than 5500 of the

technologyrsquos vehicles running around Delhi The company is also already

discussing the wide-scale use of Hythane engines with the Indian

government Hythane engines may be expected in the near future but these

may not be brought to the United States as yet Ashok Leylandrsquos partnership

with Nissan is also focusing on vehicle power train and technology

development listed under three joint ventures With impressive investment

the joint ventures will focus on producing trucks with diesel engines that meet

Euro 3 and Euro 4 emission standards

In the coming years Ashok Leyland also has some hybrid trucks and buses

in store for its market The buses and trucks are set to feature a new

electronic shift-by-wire transmission technology as well as electronic-

controlled engine management for greater fuel efficiency Ashok Leyland

focuses on improving fuel efficiency without affecting automotive power and

8

the vehicles will have a 5 improvement on fuel efficiency Ashok Leyland is

also developing electric batteries and bio-fuel modes

Ashok Leyland Ltdrsquos March quarter results were expected to be impressive

as its monthly vehicle output reports had indicated a 138 jump in volumes

But what impressed was its net profit growth of 317 to Rs223 crore over

the year-ago period even as sales rose by 139 Ashok Leylandrsquos operating

profit margin rose to 13 compared with 105 Higher volume growth a

better product mix due to higher sales of multi-axle vehicles and tractor

trailers and cost reduction were key reasons for margin expansion its

estimate for volume growth in 2011 is conservative at 15 compared with

over 30 in FY2010

Around 1200 buses under the Jawaharlal Nehru National Urban Renewal

Mission scheme are yet to be delivered of the 5098 ordered Besides it has

orders on hand from state transport undertakings for another 2000 buses

The firm is investing to increase its capacity with Rs1200 crore proposed for

expansion plans over the next two years mainly to increase output of

engines and new generation cabs Besides it plans to invest Rs800 crore in

joint ventures Analysts believe that its Uttarakhand plant is expected to

deliver 22000-25000 vehicles in fiscal 2011 in its first full year of operation

The company has also steadily gained market share from 21-22 in the first

quarter of 2010 to 28-29 in the fourth quarter One concern is that it is not

yet a strong player in the eastern market Besides the southern market

traditionally its stronghold has grown by only 15 in volume terms in 2010

The rest of India (mainly north and west) grew by 40 during the year

An Ashok Leyland-Nissan joint venture produced light commercial vehicles

(LCVs) from the formers Hosur facility near Bangalore as well as from

Renault-Nissans car plant near Chennai

9

Current status

Inter-city luxury bus

Ashok Leyland is the second technology leader in the commercial vehicles

sector of India The history of the company has been punctuated by a number

of technological innovations which have since become industry norms It was

the first to introduce multi-axled trucks full air brakes and a host of

innovations like the rear engine and articulated buses in India In 1997 the

company launched the countryrsquos first CNG bus and in 2002 developed the

first Hybrid Electric Vehicle

The company has also maintained its profitable track record for 60 years The

annual turnover of the company was USD 14 billion in 2011-12 Selling

54431 medium and heavy vehicles in 2008-09 Ashok Leyland is Indias

largest exporter of medium and heavy duty trucks It is also one of the largest

private sector employers in India - with about 12000 employees working in 6

factories and offices spread over the length and breadth of India

The company has increased its rated capacity to 105000 vehicles per

annum Also further investment plans including putting up two new plants -

one in Uttarakhand in North India and a bus body building unit in middle-east

Asia are fast afoot It already has a sizable presence in African countries like

Nigeria Ghana Egypt and South Africa

10

Ashok Leyland has also entered into some significant partnerships seizing

growth opportunities offered by diversification and globalization ndash with

Continental Corporation for automotive infotronics with Alteams in Finland for

high pressure die casting and recently with John Deere for construction

equipment

As part of this global strategy the company acquired Czech Republic-

based Avias truck business The newly acquired company has been named

Avia Ashok Leyland Motors sro This gives Ashok Leyland a foothold in the

highly competitive European truck market

In 2010 Ashok Leyland acquired a 26 stake in the British bus manufacturer

Optare a company based on the premises of a former British Leyland

subsidiary CHRoe In December 2011 Ashok Leyland increased its stake in

Optare to 751

The Hinduja Group also bought out IVECOs indirect stake in Ashok Leyland

in 2007 The promoter shareholding now stands at 51 Leyland has a state

of the art research and development center at Vellivoyal Chavadi which is

located near Chennai

Nissan Ashok Leyland

In 2007 the company announced a joint venture with Japanese auto giant

Nissan (Renault Nissan Group) which will share a common manufacturing

facility in Chennai India The shareholding structures of the three joint

venture companies are

Ashok Leyland Nissan Vehicles Pvt Ltd the vehicle manufacturing

company will be owned 51 by Ashok Leyland and 49 by Nissan

11

Nissan Ashok Leyland Powertrain Pvt Ltd the powertrain

manufacturing company will be owned 51 by Nissan and 49 by Ashok

Leyland

Nissan Ashok Leyland Technologies Pvt Ltd the technology

development company will be owned 5050 by the two partners

Dr V Sumantran Executive Vice Chairman of Hinduja Automotive Limited

and a Director on the Board of Ashok Leyland is the Chairman of the

Powertrain company and he is on the Boards of the other two JV companies

The venture once it takes off will be one of the largest investments made in

automotive field in the country

iBUS

Ashok Leyland announced iBUS in the beginning of 2008 as part of the

future for the countrys increasingly traffic-clogged major cities Its Rs 60-lakh

iBus a feature-filled low-floor concept bus for the metros revealed during the

Auto Expo 2008 in India a vehicle for a first production run of pilot models

should be ready by the end of this year The start of full production is

scheduled for 2009 Developed by a team of young engineers the low-

floored iBus will have the first of its kind features including anti-lock braking

system electronic engine management and passenger infotainment The

executive class has an airline like ambience with wide LCD screens reading

lights audio speakers and for the first time Internet on the move A GPS

system enables vehicle tracking and display of dynamic route information on

LCD screens which can also support infotainment packages including live

data and news The bus will probably be equipped with an engine from the

new Neptune family which Ashok Leyland also introduced at this exhibition

12

which are ready for the BS4Euro 4 emission regulations and can be

upgraded to Euro 5

U-Truck

Ashok Leyland announced sale of vehicles on the new U-Truck platform from

November2010 with the rolling out of the first set of 10 models of tippers and

tractor trailers in the 16 ndash 49-tonne segmentFurther another 15 models are

set to enter the market in the next 12 months

Dost

DOST is a 125 ton light commercial vehicle (LCV) that is the first product to

be launched by the Indian-Japanese commercial vehicle joint venture Ashok

Leyland Nissan Vehicles Dost is powered by a 55 hp high-torque 3-cylinder

turbo-charged Common Rail Diesel engine and has a payload capacity of

125 Tonnes It is available in both BS3 and BS4 versions The LCV is being

produced in Ashok Leylands plant in Tamil Nadus Hosur The LCV is

available in three versions with the top-end version featuring air-conditioning

power steering dual-colour of a beige-gray trim and fabric seats With the

launch of Dost Ashok Leyland has now entered the Light Commercial Vehicle

segment in India

13

Ashok Leyland Defence Systems

An Indian road-mobile launcher with a ballistic missile

Ashok Leyland Defence Systems (ALDS) is a newly floated company by the

Hinduja Group Ashok Leyland the flagship company of Hinduja group holds

26 percent in the newly-formed Ashok Leyland Defence Systems (ALDS)

The newly floated company has a mandate to design and develop defence

logistics and tactical vehicles defence communication and other

systems]Ashok Leyland is the largest supplier of logistics vehicles to the

Indian Army It has supplied over 60000 of its Stallion vehicles which form

the Armys logistics backbone

Facilities

The company has seven manufacturing locations in India

Ennore and Hosur Tamil nadu (Hosur - 1 Hosur - 2 CPPS)

Alwar Rajasthan

Bhandara Maharashtra

Pantnagar Uttarakhand

Ashok Leylands Technical Centre at Vellivoyalchavadi (VVC) in the

outskirts of Chennai is a state-of-the-art product development facility that

apart from modern test tracks and component test labs also houses

Indias one and only Six Poster testing equipment

14

The company had an Engine Research and Development facility in

Hosur which was shifted to VVC Chennai

The company has signed an agreement with Ras Al Khaimah

Investment Authority (RAKIA) in UAE for setting up a bus body building

unit in the Middle East

15

REVIEW OF LITERATURE AND PROBLEM STATEMENT

Ahlgrim DArcy and Gorvett 1999 ldquoParameterizing Interest Rate Modelsrdquo

Casualty

Actuarial Society Forum Summer 1-50

1048766 Uses simulation to develop future scenarios for various applications

Wilkiersquos Provides a review of historical interest rate movements from

1953-1999 summarizes the key elements of several interest rate models

and describes how to select parameters of the models to fit historical

movements

bull Ait-Sahalia 1999 ldquoDo Interest Rates Really Follow Continuous-Time

Markov Diffusionsrdquo

University of Chicago Working Paper

1048766 Examines whether interest rates follow diffusion process (continuous

time Markov process) given that only discrete-time interest rates are

available Based on the extended period 1857 to 1995 this work finds

that neither short-term interest rates nor long-term interest rates follow

Markov processes but the slope of the yield curve is a univariate

Markov process and a diffusion process

bull Casualty Actuarial Society Financial Analysis Committee (CASFAC) 1989

ldquoA Study of the Effects of AssetLiability Mismatch on PropertyCasualty

Insurance Companiesrdquo Valuation Issues 1-52

1048766 Discusses the potential impact of an asset-liability mismatch for

property-liability insurers By ldquomismatchrdquo this article means that

anticipated cash flows from existing assets and liabilities will not

16

precisely offset each other Several mismatch scenarios are evaluated

and it is found that both potential risk and reward are greater the

greater the mismatch

bull Chan Karolyi Longstaff and Schwartz 1992 ldquoAn Empirical Comparison of

Alternative Models of the Short-Term Interest Rate Journal of Finance 47

1209-1227

1048766 CKLS estimate the parameters of a class of term structure models

using the generalized method of moments technique and the time series

of monthly interest rate data from 1964-1989 They find that the volatility

of interest rates is extremely sensitive to the level of the rate

bull Fama 1984 ldquoThe Information in the Term Structurerdquo Journal of Financial

Economics 13 509-528

1048766 Examines the ability of forward rates to forecast future spot rates

Based on data for 1974 and subsequent he finds evidence that very

short-term (one-month) forward rates can forecast spot rates one month

ahead Data prior to 1974 indicate that this predictive power extends five

months into the future

PROBLEM STATEMENT

In last research It was found that some parameter related to interest model

risk and rewards are not studied but concern research will be helpful to find

out these parameters

17

OBJECTIVES OF THE STUDY

The main objectives of the analysis of financial statements will be

1 To Study the earning capacity of the firm

2 To gauge the financial position and financial performance of the firm

3 To determine the long term liquidity of the funds as well as solvency

4 To determine the debt capacity of the firm

18

RESEARCH METHODOLOGY

Research Methodology is a way to systematically solve the research

problem It may be understood as a science of study how research is done

systematically This research on working capital will be referred to as

exploratory research in which problems and findings are generated from the

calculations

RESEARCH DESIGN

Research design provides the give that holds the research project together A

research design is used to structure the research to slow how all of the major

parts of the research project research design is some statement or

specification of procedure for collecting and analysing the information

required for the solution of some specific problem It provides a scientific

frame work for conducting some research investigation

SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA

1 PRIMARY DATA- The primary data refers to the data which is collected

directly It is collected by observations interviews etc it is generally more

accurate It is costly in the terms of time One needs to be very careful while

collecting this form of data Here primary data is collected from the

employees of Seagullarotech The data related to financial statements and

processes is collected from finance department Some production data is

collected from various departments

19

2SECONDARY DATA - Secondary data refers to the data which is already

collected by somebody It is generally collected from websites magazines

journals etc here data is collected from annual report of company for

financial analysis

COLLECTION OF DATA

The data will be collected through secondary data

TOOLS OF ANALYSIS

Collected data will be analysed a basis of mean amp on the help of tables

20

DATA ANALYSIS AND INTERPRETATION

In recent years the Governmentrsquos thrust on infrastructure and Supreme

Courtrsquos ban on overloading of trucks have been the growth impetus for the

commercial vehicle industry In 2006-07 the MampHCV segment clocked sales

of 294266 vehicles a strong growth of 34 year on year The export market

contributed 22 to these numbers We can see the trend from the table and

graph

MampHCVs production Trends (no of vehicles)

20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1

The medium amp heavy commercial vehicle sector has two different segments

One is passenger vehicle segment and other is goods carrier segment

Goods Carrier Segment

In goods carrier segment the market share of has increased by 1 from the

year 2004-05 to 2005-06

22

Graph 2

Graph 3

Passenger Car Segment

In passenger carrier segment the market share has increased by 53 from

the financial year 2004-05 to 2005-06

Graph 4

23

Graph 5

Passenger Carrier Segment and Goods Carrier Segment

In May 2007 MampHCV passenger carrier segment registered strong 40

growth in sales YOY However the MampHCV goods carrier segment registered

a sharp 142 decline This segment is very sensitive to interest rates as

more than 95 vehicles are financed Interest rates have almost doubled to

13-14 from 75-8 last year There are continuing concerns on input cost

increases due to commodity price movements together with cost increases

due to improvements in product designs and up gradation to meet emission

norms

In the near future competition in this sector is likely to intensify with the entry

of more multinationals Development of new infrastructure projects coupled

with movement of construction material in the upcoming mega SEZs

enforcement of rated payload regime and with stricter emission norms will

keep the growth in demand intact The potential of demand for replacements

is high as well with over 35 of existing fleet over 10 years old

24

Ashok Leyland

Ashok Leyland (ALL) a flagship company of the Hinduja group is Indias

second-largest commercial vehicle manufacturer with 26 market share in

MampHCVs The company also manufactures vehicles for defense amp special

applications and engines for industrial use gen-set marine requirements and

automobile spare parts It also makes double-decker buses in India The

major part of the revenues comes from the MampHCV segment The company

is systematically de-risking from the domestic trucks industry through

aggressive exports defense supplies engines and castings have helped to

build a robust business with a more than five decade unbroken dividend

record However its labor force has been a cause for concern as

management tries to negotiate higher productivity levels to reduce the costs-

sales ratio

The Present

ALL has a total market share of 279 in the MampHCV segment For FY07

ALL reported robust volume growth of 35 YoY to 83101 vehicles Sales

rose 37 YoY in FY07 and profits grew 35 YoY Exports grew by 235

over 05-06 sales with a sale of 6025 vehicles Ashok Leyland was late in

implementing vehicle price increases as industry leader Tata Motors shied

away from hiking prices As a result Ashok Leyland in spite of gaining

market share in domestic MampHCVs by 08 in FY07 saw its margins reduce

The ambitious CAPEX program of Rs 5 bn over the next four years the

largest ever by Ashok Leyland has come at a time of weak demand and

rising interest rates and this might affect the profitability next year

The Future

With a strong GDP numbers for next few quarters and NHAI road

development programs commercial vehicles sector in India is poised for

strong growth in the years to come Along with this Supreme Court order on

25

overloading of trucks will also fuel demand for loading commercial vehicles in

the country even though rising interest cost would impact sales volume in the

short term To take advantage of the market growth ALL is setting up two

manufacturing units at a cost of Rs 250 crore One will make engines for

heavy commercial vehicles and the other Gearboxes It is also introducing a

VRS to cut down the work force at its plant at Ennore in Tamil Nadu from

5000 to 4250 The company is also planning to make the H-series engines

at the Ennore plant with a total planned capacity of 40000 engines at a cost

of Rs150 cr and the commercial production will start by 2007 ALL is

expanding its CV facilities and is setting up a new facility in Uttaranchal to

avail tax benefits

Increased competition from the entry of foreign truck majors like Man

Navistar and Isuzu may impact its market share and demand high investment

in technology On long-term basis ALL is implementing de-risking strategies

whereby one-third of its sales would accrue from non-cyclical businesses

these include defense exports and auto engine and spare parts This

success of this strategy would stabilize the companyrsquos top line

Future prospects of Commercial vehicle Industry

Indian market

The growing requirements of next-generation customers and stricter emission

legislations will necessitate the introduction of sophisticated vehicular

products with India-specific solutions In the developed economies a demand

growth in this segment is mainly influenced by replacement rather than fresh

demand As a result major multinationals are more likely to concentrate on

the growth coming out of the developing economies Competition is likely to

intensify in the coming year

The demand outlook for 2007-08 is mixed While an increase in interest rates

could stunt demand increased infrastructure investments by the Government

26

could encourage growth In view of this Indiarsquos CV industry is likely to report

moderate growth during the current year

Export market

Since Indian CV manufacturers have set ambitious export targets they are

likely to enter unexplored territories ndashbeyond the traditional SAARC Middle

East and African markets ndash over the next few years

Going forward ALL plans to achieve stable growth by significantly ramping

up its non-cyclical businesses (spare parts exports and defense supplies)

and increasing their share in total revenues to 35 per cent from a level of 27

per cent in 2006iv In order to boost exports it plans to enter new markets in

Africa Middle East Turkey CIS and ASEAN region and further strengthen

its defense portfolio Africa and the Middle East markets are expected to be

the major drivers of its exports The company has planned investments of

more than US$ 120 million in 2007 and 2008 to expand its existing production

capacity for vehicles from 77000 units to 100000 unitsv

Goals strategies and future plans

Ashok Leyland has drawn up aggressive plans to increase annual capacity

and sales to over 180000 vehicles (medium and heavy duty vehicles) in

four five years as mentioned earlier The Company is optimistic of a wider

export presence through organic and inorganic growth it is developing new

models to address growing customer requirements in the existing market and

new territories

With the Indian transportation model maturing towards developed market

practices ndash hub and spoke transport model ndash the up-to-35-tonne GVW

segment grew at a 55 CAGR between 2001-02 and 2006-07 In line with

this the Company is exploring options to enter the LCV segment

27

Following the withdrawal of IVECO2 as an equity partner in the holding

company Ashok Leyland is pursuing a policy of self reliance The Company

has initiated extensive technical developments in the areas of vehicle

engine transmission and cabin among others A Future Vehicle

Development Program for modular vehicle development has been launched

After upgrading its H-series engine platform (with the help of a European

engine consultancy organization) to meet the Bharat Stage (BS) III regulation

the Company is now upgrading the platform to meet Euro 4 (BS IV) emission

requirements It has also commenced the independent development of a new

engine platform to meet future requirements The Company is in the process

of employing advanced simulation techniques in product development to

adapt rapidly to changing market requirements It also expects to treble its

existing base of 450 engineers in its technical centre over the next three to

four years

The Company is also gearing up to offer cost-effective passenger transport

solutions in the rapidly changing mass passenger transportation market

Concurrent to these initiatives the Company is reinforcing its existing allied

businesses with a view to de-risking its dependence on the CV business in

the unexpected event of a demand downturn in the latter It is also evaluating

new business segments and opportunities

Factors influencing the Commercial Vehicle Industry Demand

There are various factors which have given impetus to the demand of

commercial vehicle in India These factors are mentioned below

Industrial growth

Road Infrastructure Development

SHIFT from rail to road

Restriction on overloading

2

28

Legislation on age of vehicle

Emphasis on Mass transportation

Retail financing

Environmental and safety norms

Privatization of state transport undertakings tax levisrsquo and

implementation of WTO

Shareholding pattern

Graph 6

Recent announcements by the company

The Company proposes to publish the Audited Results for the financial

year 2007-08 within a period of 3 months from the end of the last

quarter of the financial year

Mr N Sundararajan Executive Director amp Company Secretary will

cease to be the Secretary of the Company as at the end of February

05 2008 due to his retirement from the services of the Company The

Board of Directors has appointed Mr A R Chandrasekharan Executive

Director as Secretary of the Company Compliance Officer of the

Company with effect from February 06 2008

29

Net Sales of Rs 1800082 lacs for quarter ending on 31-DEC-2007

against Rs 1777591 lacs for the quarter ending on 31-DEC-2006 Net

Profit (Loss) of Rs 120217 lacs for the quarter ending on 31-DEC-

2007 against Rs 105257 lacs for the quarter ending on 31-DEC-2006

Hinduja Groups Ashok Leyland and Nissan Sign Agreement for LCV

Partnership

Mr Subir Raha Director has ceased to be an Independent Director

consequent to his becoming connected with their associate company

however he continues to be a non-executive Director on companys

Board

The Board Committee at the meeting held on August 20 2007 have

allotted 1470000 shares of Re1- each on conversion of 1000 Foreign

Currency Convertible Notes Taking into account the above allotment

the total issued and paid-up capital of the Company as on August 20

2007 is Rs1330338317 consisting of 1330338317 equity shares of

Re1 each

Ashok Leyland brings Shriram Transport Finance as strategic partner in

Ashley Transport Services

30

Porter five force model

Threat of new entrants

Bargaining power of Bargaining power of

Suppliers buyers

Threat of substitute

Product or services

Graph 7

31

Potential entrantsPotential entrants

Buyers BuyersSuppliersSuppliers

SubstitutesSubstitutes

Industry competitors

Rivalry among existing firms



Industry Analysis Bases on Porterrsquos Five Forces Model

1 Industry Rivalry

In the traditional economic model competition among rival firms drives profits

to zero But competition is not perfect

bull Industry Concentration

The Concentration Ratio (CR) indicates the percent of market share held by a

company A high concentration ratio indicates that a high concentration of

market share is held by the largest firms - the industry is concentrated With

only a few firms holding a large market share the market is less competitive

(closer to a monopoly)

A low concentration ratio indicates that the industry is characterized by many

rivals none of which has a significant market share These fragmented

markets are said to be competitive If rivalry among firms in an industry is low

the industry is considered to be disciplined

In case of heavy motor vehicles in India Tata Motors Ltd and Ashok Leyland

dominate the market and other firms have a very small percentage So the

industry is highly concentrated

bull High Fixed Costs

When total costs are mostly fixed costs the firm must produce capacity to

attain the lowest unit costs Since the firm must sell this large quantity of

product high levels of production lead to a fight for market share and results

in increased rivalry The industry is typically capital intensive and thus

involves high fixed costs

bull Slow Market Growth

In growing market firms can improve their economies Market growth has

been impressive in the last few years (about 8 to 15) and it will grow further

as government has started to pay more attention to road and infrastructure

development

32

bull Low Switching Costs

Free switching between products makes it difficult for the companies to

capture customers In this industry switching cost is low as customers can

make a choice between Tata motorsrsquo products and Ashok Leylandrsquos products

For those people who are high on brand loyalty and switching between

products is rare

bull Diversity of rivals

Industry becomes unstable as the diversification increases In this case the

diversity of rivals is moderate as most offer products which are close to

standard versions and the competitors are also mostly similar in strength

Threat of substitutes

A productrsquos price elasticity is affected by the presence of substitutes as its

demand is affected by the change in the substitutersquos prices The new

technologies available also affect the demand of the product In case of

Ashok Leylandrsquos products the threat of substitutes is high The competition is

intense as several players have products in the categories given by Ashok

Leyland Price performance comparison favors heavily towards Ashok

Leyland in most product categories Also the high availability and quality of

services offered by Ashok Leyland gives the customer a better trade-off

3 Buyer Power

It specifies the impact of customers on the product When buyer power is

strong the buyer is the one who sets the price in the market In the case of

Ashok Leyland the sales volumes have shown increasing trend over past so

many years The customers are more or less concentrated in cities where big

projects are going on or which are industrial hubs of India The industry is

also concentrated in these regions mostly

33

4 Supplier Power

Suppliers can influence the industry by deciding on the price at which the raw

materials can be sold This is done in order to capture profits from the market

Steel is a major input in this industry and so steel prices have a sharp and

immediate impact on the product price Substitute inputs are restricted to non

critical or additional components like electronic gadgets and interior design

components The industry being capital intensive switching costs of suppliers

is high other than steel as raw material which is highly price sensitive and the

firm may easily move towards a supplier with lower cost Presence of

substitute inputs is also high

5 Barriers to Entry Threat of Entry

These are the characteristics that inhibit the entrance of new rivals into the

market and in turn protect the profits of the existing firms Based on the

present profit levels in the market one can expect the entrance of new firms

into the market or not The entrance is however also affected by the start-up

costs

bull Government policies

Governments restrict competition through granting of monopolies and through

regulation The industry in India is witnessing average competition with little

government imposed restrictions

bull Patents and Proprietary knowledge

Competitively advantageous ideas and knowledge are treated as private

property when patented This prevents others from using the knowledge and

thus creating a barrier to entry Patents and other such IP related issues are

not very significant in the industry

bull Asset specificity

It gives the extent to which the assets can be utilized to produce a different

product Firstly the firm holding such an asset they will resist the efforts of

34

other firms Secondly the entrants are reluctant to invest if a firm uses

specialized technology Asset specificity in the segment is low as the

production processes are generally standardized

bull Economies of scale

The Minimum Efficient Scale (MES) is the point at which unit costs are

minimized The greater the difference between the MES and the entry unit

cost greater is the barrier Economies of scale are becoming increasingly

important as competition is driving the profit margins to lower levels Also

being a capital intensive industry economies of scale have important

consequences

Corporate Governance Analysis

The study of corporate governance helps to find out where the power of Firm

lays ie with management or stockholders

1 The company philosophy

The Board of Directors and the Management of Ashok Leyland commit

themselves to

bull strive towards enhancement of shareholder value through

- Sound business decisions

- Prudent financial management and

- High standards of ethics throughout the organization

bull ensure transparency and professionalism in all decisions and

transactions of the Company

bull achieve excellence in Corporate Governance by

- Conforming to and exceeding wherever possible the prevalent mandatory

guidelines on Corporate Governance

- Regularly reviewing the Board processes and the management systems for

further improvement

35

The Company has adopted a Code of Conduct for members of the Board and

Senior Management All Directors have affirmed in writing their adherence to

the above Code

2 Board of director

12 directors- have 3 inside director (Mr R J Shahaney as Chairman Mr R

Seshasayee as Managing Director and Mr S R Krishnaswamy representing

LIC as shareholder and rest of all are non executive director As per

Corporate Finance by Aswath Damodaran

ldquoTo judge independence board should not have more than 2 insider

directorsrdquo

Board analysis

Board Size 12 directors

Board Independence low has 3 inside directors

Accountability to Stockholders Only 2 non executive director

have equity shares (less no)

Quality of directors During 2006 7 board meeting

happened

Average presence was always

more than 75

Active board

Table 2

36

Societal constraint

As a part of corporate social responsibility Ashok Leyland believes in the

welfare of society at large Their initiative for social engineering comprises the

manufacturing of eco-friendly vehicles imparting comprehensive training to

drivers and addressing their health concerns pioneering the research and

development of alternative fuels and enriching the communityrsquos social health

in several ways which have far-reaching benefits for companyrsquos

stakeholders

The company is involved in the construction and renovation of community

halls government schools drilling public bore wells erecting bus shelters

and putting up street lights around its manufacturing units The company has

conducted over hundred medical blood donation and HIV awareness camps

to benefit people residing in the neighboring areas

Career guidance for high school students skill development for unemployed

youth and vocational training for women of self help groups around the

companyrsquos manufacturing units have been organized with the help of

specialists in the respective fields Ashok Leyland imparts computer training

to economically deprived students in Hosur at the Companyrsquos Management

Development Centre The selected students are put through a carefully

designed 4-module session and certified on successful completion of the

course A batch of 25 students is selected every month and the program aims

to cover 300 students every year

Ratio analysis i General agreement on tariffs and tradewwwwtoorgenglishtratop_egatthtm

ii A vehicle whose loading capacity is less than 7 tonne weight

iii A vehicle whose loading capacity is more than 7 tonne weight

iv Ashok _Leyland_Limited[1]pdf

v Annual report of Ashok Leyland for 2006-07

37

Ratios are well-known and most widely used tools for financial analysis A

ratio gives the mathematical relationship between one variable and another

Though computation of a ratio involves only a simple arithmetic operation but

its interpretation is a difficult exercise The analysis of a ratio can disclose

relationships as well as basis of comparison that reveal conditions and trends

that cannot be detected by going through the individual components of ratio

The usefulness of ratios ultimately depends on their intelligent and skillful

interpretation

Ratios are used by different people for various purposes Ratio analysis

mainly helps in valuing the firm in quantitative terms Two groups of people

who are interested in them are creditors and shareholders creditors are

further divided into short term creditors and long term creditors

Short term creditors hold obligations that will soon mature and they are

concerned with the firmrsquos ability to pay its bills promptly The short run the

amount of liquid asset determines the ability to clear off current liabilities

These people are interested in liquidity Long term investors hold bonds or

mortgage against the firm and are interested in current payments of interest

and eventual repayment of principal The firm must be sufficiently liquid in the

short term and adequate profits for the long term These persons examine

liquidity and profitability

There are several other ratios like earnings ratio leverage ratio and dividend

ratio which fall under the category of ownership ratios and help to analyze the

financial health of a company

Liquidity ratio

38

Liquidity ratios attempt to measure a companys ability to pay off its short-

term debt obligations There are two ratios current ratio and quick ratio which

directly measure liquidity of a firm

Current ratio

The current ratio is the ratio of current assets (cash inventory accounts

receivable) to its current liabilities (obligations coming due within the next

period)

A current ratio below 1 indicates that the firm has more cash obligations

coming due in the next year than assets it can expect to turn to cash That

would be an indication of liquidity risk

Although traditional analysis suggests that firms maintain a current ratio of 2

or greater there is a trade off here between minimizing liquidity risk and tying

up more and more cash in net working capital It can be reasonably argued

that a very high current ratio is indicative of an unhealthy firm which is having

problems in reducing its inventory In recent years firms have worked at

reducing their current ratios and managing their working capital better

If we compare current ratio of Ashok Leyland with industry average we find

that liquidity position of the company is better than the industry average

which is good signal for short term and long term investors

YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio

The quick ratio or acid test ratio is a variant of the current ratio It

distinguishes current assets that can be converted quickly into cash (cash

marketable securities) from those that cannot (inventory accounts

receivable) The quick ratio is a more stringent measure of liquidity because

inventories which are least liquid of current assets are excluded from the

ratio

Though there is no standard with which the ratio can be compared normally

ratios are compared with industry figures in the absence of predetermined

standards If we compare Ashok Leylandrsquos quick ratio with industry average

we find that liquidity position of the company was very good from 2003 to

2005 but after that it has come below industry standard which may be matter

of concern for the company

40

As inventories are not taken into account in quick ratio so this decrease in

quick ratio shows that company is having more inventory than the healthy

standard and that is affecting its liquidity position It means Ashok Leyland

needs to improve on its inventory management system and supply chain

management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9

Inventory turnover ratio

The inventory turnover or stock turnover measures how fast the inventory is

moving through the firm and generating sales Inventory turnover can be

defined as cost of goods sold divided by average inventory Higher is the

ratio greater is the efficiency of inventory management

41

In case of inventory management ratio industry average is greater than

Ashok Leylandrsquos ratio which shows that the company is not managing its

inventory efficiently The company should take some measures to improve its

inventory management system

YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio

Debt equity ratio indicates the relative contribution of creditors and owners It

is defined as debt divided by equity Depending on the types of business and

the patterns of cash flows the components in debt to equity ratio will vary

Normally the debt component includes all liabilities including current The

42

equity component consists of net worth and preference capital It includes

only the preference shares not redeemable in one year Lower the debt

equity ratio the higher the degree of protection felt by lenders

In the starting debt equity ratio of Ashok Leyland was higher than the

industry average but in the year 2007 it was less than the industry average

which is a sign of good financial health of the company

YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio

These ratios measure the efficiency of the firmrsquos activities and its ability to

generate profits Various ratios are discussed below

Gross profit margin

The gross profit margin ratio (GPM) is defined as gross profit divided by net

sales This ratio shows the profits relative to sales after the direct production

costs are deducted It may be used as an indicator of the efficiency of the

production operation and the relation between production costs and selling

price

Gross profit margin of Ashok Leyland has been better than the industry

average It means that the company is able to generate adequate profit on

each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12

Net profit margin ratio

The net profit margin ratio is defined as net profit divided by net sales This

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

a percentage of net sales It measures the overall efficiency of production

administration selling financing pricing and tax management This is the

available tool to identify the sources of business efficiencyinefficiency

Net profit margin ratio of Ashok Leyland has been almost at par with the

industry average so we can say that business efficiency of the company is

same as the industry

YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13

Asset turnover ratio

Asset turnover ratio is defined as sales divided by average assets It

highlights the amount of assets that the firm used to generate its total sales

The ability to generate a large volume of sales on a small asset base is an

important part of the firmrsquos profit picture Idle or improperly used assets

increase the firmrsquos need for costly financing and the expenses for

maintenance and upkeep By achieving a high asset turnover a firm reduces

costs and increases the eventual profit to its owners

Asset turnover ratio of the Ashok Leyland is pretty decent and it has shown a

significant improvement over the period of time It means company is

generating more and more assets on year on year basis

46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14

Earnings per share ratio (EPS)

Shareholders are concerned with the earnings of the firm in two ways One is

availability of funds to pay their dividends and the other to expand their

interest in the firm with retained earnings These earnings are expressed on

per share basis which is in short called EPS It is calculated by dividing the

net income by the number of shares outstanding

EPS for Ashok Leyland was not too below than the industry average from

2003-2004 but after 2005 it felt down sharply It has far below than the

industry average It means that the company has issued new shares due to

47

which no of outstanding shares have increased significantly which has led to

sharp decline in the EPS of the company

YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share

The dividend and earnings ratios reflect the annual return to shareholders

Dividends are a decision made by directors on the basis of the proportion of

profits they want to distribute and the capital needed to be retained in the

business to fund expansion plans

Dividend per share of Ashok Leyland was above industry average from 2003

to 2004 But after 2004 it has reduced significantly as the company has

48

issued new shares which has led to increase in the no of shares and

subsequently the dividend per share has decreased

YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16

Return on equity (ROE)

The return on equity (ROE) is an important profit indicator to the

shareholders It is defined as net income divided by average equity

49

Return on equity has increased significantly from 2003 to 2007 It shows that

Ashok Leyland is giving good return over the capital employed by the

shareholders The return on equity measures the profitability of equity funds

invested in firm It is regarded as a very important measure because it

reflects the productivity of capital employed in the firm

YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17

Comparative Analysis

This analysis is done to find out whether the company ratios are in limits or

not here the companyrsquos ratios are compared across industry or with certain

50

set standards Hence this analysis will give a useful picture about the

companyrsquos performance with compared to the industry

This analysis is done by comparing financial statement taking individual item

of different financial statement and reporting the changes which is occurred

over the time period Primarily this shows the trend which reveals the

direction velocity and the amplitude of trend3

Different Types of Comparative Analysis are

Cross Sectional Analysis

To assess whether the financial ratios are within the limits they are

compared with the industry averages or with a good player in normal

business conditions if an organized industry is absent This is called cross-

sectional analysis in which industry averages or standard playersrsquo averages

are used as benchmarks

Time Series Analysis

Year to Year Change

This analysis is of Year to Year change in different financial ratios of

company This shows how the financial ratios are changing year over year

and what trend they are following This analysis is also done along the

ldquoFinancial Ratio Analysisrdquo in earlier part where I have compared companyrsquos

ratios trend to the industry trend

Index Analysis

When comparison of financial statements covering more than three years is

undertaken the year to year method may become too cumbersome The best

way to understand such longer term trend comparisons is by means of index

numbers The computation of a series of index numbers require the choice of

a base year that will for all items have an index amount of 100 Since such a

3

51

base year represents a frame of reference for all comparisons it is advisable

to choose a year that is as typical or normal as possible in a business

conditions sense An important use of this method is that one can see how all

the variables of a particular statement are changing over a longer period of

time For example the index number trend series for Ashok Leyland over last

five years given below in the table reflects the overall picture at a glance

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255

TOTAL LIABLITIES(C+F) 100 9248 13207 10274 12046

APPLICATION OF FUNDFIXED

ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS LOANS amp

ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK BALANCES 100 14644 24515 7567 7214

LOANS AND ADVANCES 100 11905 14758 9068 22125

TOTAL CURENT ASSETS 100 10919 14739 10348 12084

LESS CURRENT LIABLITIES amp

PROVISIONS(S+T)

CURRENT LIABLITIES 100 13840 14092 11932 14401

PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS (M-R) 100 8437 15711 8309 11432

TOTAL ASSETS (J+K+L+U) 100 9205 12949 10350 11892

Table 13

DuPont Analysis

Return on Assets

53

+Average Net Current Asset

Average Net Current Asset

dividedivide

X

Average Fixed Asset

Average Fixed Asset

Total ExpenseTotal ExpenseNet SalesNet Sales

Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset

Net Profit Average Asset Turnover

Return on Average Asset

Graph 18

DuPont Analysis

The Du Pont Company of the US developed a system of financial analysis

which has got good recognition and acceptance Du Pont analysis divides a

particular ratio into components and studies the effect of each and every

component of the ratio

Sales amp Net Profit

Sales are means of business that company has done over the period

whereas net profit is the sales subtracted from all expenses which leads to

sales Here in the graph we can see that sales of the company have

increased over the period of time and that has led to increase in the net profit

It shows that the company has good management ability to perform the

functions of the company By having a look at the pattern of the graph we

can easily say that the company has performed consistently and can make a

prediction that the company will perform in the same way

54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin

Average Asset Turnover

Equity Multiplier

Return on Equity

Graph 19

Return over Asset

The return over assets (ROA) of a firm measures its operating efficiency in

generating profits from its assets prior to the effects of financing From the

graph below we can see that ROA of the company has increased consistently

over the years It means Ashok Leyland is utilizing its assets in an efficient

manner and over the period of time it has improved on its asset utilization

efficiency

Return over Equity

The return on equity (ROE) examines profitability from the perspective of the

equity investors by relating profits to the equity investors (net profit after taxes

and interest expenses) to the book value of the equity investment

Since ROE is based on earnings after interest payments it is affected by the

financing mix the firm uses to fund its projects ROE of Ashok Leyland has

55

increased over the period of time It means that the company is giving good

returns to its equity investors

Graph 20

56

SWOT Analysis of Ashok Leyland

Strengths

Innovation through engineering

Strong RampD department

Customization of vehicles according to the need of customers

Team of skilled and dedicated workers

Industry leadership in setting the quality standards

Weakness

Distribution network is not very good

Doesnrsquot have presence in light commercial vehicle segment

Falling dollar is affecting companyrsquos export targets

Opportunities

Industrial growth




Retail financing

Privatization of state transport undertakings tax levis and


Threats

Rising input cost

Rising Oil Prices

Competition both from international and domestic manufacturers

Rising interest rates have reduced the demand for commercial vehicle

57

CONCLUSIONS AND RECOMMENDATIONS

The company has performed at par with the industry standards as financial

health of the company is very good There is a lot of growth potential in the

commercial vehicle segment because of heavy focus on industrial growth

infrastructure development restriction on overloading retail financing and

emphasis on mass transportation Ashok Leyland has always been a leader

in terms of technology and pioneering initiatives So the company has a lot of

scopes to grow The company can grow in both ways organically and

inorganically that depends on the discretion of the company management

and shareholders


The study is carried out to assess the impact of Industrial Parks with special

reference to SIPCOT on the industrial and economic growth of Tamil

Nadu Disproportionate Stratified Random Sampling technique was used

Eighty industrial units have been covered with the questionnaire The

researcher cc~ntacted majority of the respondents in person The data were

subjected to an appropriate statistical analysis naniely Mean Standard

deviation Percentage analysis Factor analysis t test F test ANOVA and

MANOVA Later the results of this study were further interpreted with the

help of formulated hypotheses and discussed in detail The researcher

extensively reviewed the earlier studies and formulated the following

objectives and are presented below

1 To analyse the impact of Industrial Parks in attracting new industries in

Tamil Nadu

2 To examine the impact of Industrial Parks in creating employment

opportunities directly and indirectly in Tamil Nadu

58

3 To study the impact of Industrial Parks in the growth of ancillary

Industries in Tamil Nadu

4 To evaluate the impact of Industrial Parks in stimulating the latent

Entrepreneurial talents in Tamil Nadu

5 To assess the Impact of industrial Parks in raising the general economic

Development of Tamil Nadu

6 To evaluate the impact of Industrial Parks in the industrialization

of backward areas and in minimizing the regional imbalances in

Tamil Nadu

7 T o offer ccncrete suggestions for the growth and development of

Industrial Parks in Tamil Nadu

Recommendation

I Infrastructure Government assistance and Services have no significant

influences s i t h the types of organisations

2 Employment pattern differs significantly with the types of organisations

3 There is no significant difference among the types of organisations in the

indirect employment opportunities in the ancillary and vendor industries

4 Employmznt of women of different cadres differs with the t r p e of

organisations

5 There is no significant influence among the mes of organisations in the

case of locally employed people of various cadres

59

6 Spread effect vanes in terms of the distance from the Industrial Parks

FINDINGS

Based on the analysis the following findings were arrived at

I Industrial Parks have been developed in the industrially most backward

districts and in the backward regions of the other districts

2 Seventeen lndustrial Parks have been developed in 12-districts Of this

7-industrial Parks have been established during 1973-84 while 10-

Industrial Park have been developed during 1991 -1998

3 Total area acqulred for all Industrial Parks works out to 20779 acres Of

this the extent of Industrial Parks located at Perundurai Sripemmpudur

and Gangaikondan occupy more than 2000 acres The extent of

lndustr~al Parks located at Ranipet Hosur Cuddalore Gummidipoondi

Tuticorin Rurgur and Imngattukottai is between 1000 to 2000 acres

The extent is below 500 acres in Industrial Parks located at

Manamadural Pudukottai and Nilakottai attributed to lack of demand in

these areas

4 Scrutiny reveals the cost per acre of plots is above Rs10 lakhs in

Industrial Parks located at Gummidipoondi Cuddalore Irunganukottai

Sripemmpudur Oragadam and Sin~seri In Industrial Parks located at

Ranipet Hosur EPIP-Gumnudipoondi Tuticorin Perundurai

60

Gangaikondan hilakonai Bargur and Cheyyar the plot cost is between

Rs5 lakhs to Rs10 lakhs In Manamadurai and Pudukottai Industrial

Parks the plot cost per acre is only Rs25000 and Rs50000

respectively This is attributed to the poor demand for plots in these

areas

5 The area sold is 100 per cent at Ranipet (Phase - I and Phase - 11) and

Cuddalore (Phase - I ) It is 99 per cent at Hosur (Phase - I) and 98 per cent

Hosm (Phase - 11) The demand for industrial Plots is very poor in Nilakottai

Cheyyar Bargur and EPIP - Gummidipoondi lndusmal Parks

6 Th decline in sanction and disbursement of term loan from the years

1999-2000 is attributed to the transfer of lending portfolio from SIPCOT to

TIlC by the Government of Tamil Nadu

7 Ready availability of plots with all facilities and labour have significantly

and favowably influenced the entrepreneurs This is followed by the factor

of nearness to city 1 town Availability of raw materials exerts only lesser

influence as they can be easily and cheaply transported 6 om the place of

availability

8 In the choice of plots by the entrepreneurs the availability of power

Govemment incentives proactive policies of the Govemment exert greater

influence Agencies of the Government of India have obtained the lowest

mean value

9 The campaigns of SIPCOT has the highest mean value of 379

Atmosnhere of good industrial relations comes second closely followed by

61

press reports and advertisements This signifies that the importance of

SIPCOTs campaigns and good industrial relations in the choice of plots

10 Infrastructure Government assistance and Services have no signifcant

influence with the types of organisations l i 1100 industrial units are

located in SIPCOT Indusmal Parks During the study period ie 1998 to

2002 250 - industrial units have come up in

the Industrial Parks Among 80-sample units 19-units were started in the

study period This clearly indicates that SIPCOTs Industrial Parks have

atkacted substantial number of industrial units in Tamil Nadu

12 14100 direct employment opportunities were created by the 80 sample

industrial units Totally in the 1100 units 92200 people were employed at the

end of the study period 13350 indirect employment opporhmities were

created by the 80- sample units

13 The nuniber of managers increased from 581 to 766 under public limited

companies 104 to 137 under private limited companies and then 24 to 26

under partnership and proprietary concerns Thus it is apparent that new

industries have improved employment opportunities for managerial cadre

14 The n ~ ~ m b e r of supervisors in the public limited companies

increased from 1596 in 1998 to 1780 in 2002 In private limited companies

from 261 to 366 and in Partnership and proprietary concems the number

has increased from 52 to 57 Thus there is an addition of 184 supervisors in

public limited companies 75 in private limited companies and only 5 in

partnership and proprietary concems Thus the increase in employment of

supenisoly category is impressive

62

15 When the number of skilled labourers directly employed in the public

limited companies is taken into account it is found that it has increased from

3906 in 1998 to 5283 in 2002 followed by private limited companies from

509 to 630 and in partnership and proprietary concern from 106 to 137 It

may be thus noted that number of skilled labourers has registered a gradual

increase 16 Analysis of employment of local people in the three types of

organisations indicates that except skilled labour there is significant

difference in the case of local people employed in different cadres in the threc

types of organisations

7 Eighty per cent of the respondents of the sample units have informed

that Industrial Parks have played a significant role in making them

entrepreneurs This clearly shows that Industrial Parks have stimulated the

latent entrepreneurial talents of entrepreneurs in Tamil Nadu

17 Total exports doubled during 1998-2002 from Rs 151 crores to Rs345

crores In other words units are able to export finished 7roducts at the rate

of Rs1 crore per day

18 The total contribution to Govenunent of India comes to Rs354184

crores This works out to per day contribution of nearly Rs10 crores It is

noteworthy that 98 per cent of contribution comes from public limited

companies

19 Majority of the Industrial Parks of SIPCOT are situated at the backward

areas of Tamil Nadu 1050 industrial units have been located in the

Industrial Parks situated in backward areas and t h ~ s minimises the

regional imbalances in Tamil Nadn 20 Thc total foreign equity brought in

during the year 1998 was Rs59276 crores which has increased to

Rs61211 crores in the year 1999 Due to industrial recession the foreign

63

equity brought in has declined to Rs2070 crores in the year 2000

Subsequently it has registered a marginal increase of Rs21129 crores in

the year 2001 but it again declined to Rs3003 crores in the year 2002

Totally the value of foreign equity brought in works out to Rs 1467 crores

64

PER SHARE

RATIOS

(RS) ASHOK LEYLAND INDUSTRY AVERAGE

YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()

ASHOK LEYLAND INDUSTRY AVERAGE

YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE

RATIOS ASHOK LEYLAND INDUSTRY AVERAGE

YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY

RATIO ASHOK LEYLAND INDUSTRY AVERAGE

YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References

1 Lanka Ashok Leyland Ashok Leyland

httpwwwashokleylandcomgroupcompaniessubjsp

name=companiesampcid=2 Retrieved 2008-09-28 Established in 1982

this is a joint venture between Ashok Leyland and the Government of

Sri Lanka Equity holding of Ashok Leyland Ltd in the joint venture is

28

2 SME Times News Bureau | 30 Apr 2010

3 Leyland John Deere complete JV formalities

4 Rs 60 lakh iBus from Ashok Leyland

71

Current status


iBUS

U-Truck

Dost


Facilities

References

development of infrastructure projects transport economics availability of

freight replacement period of vehicles availability of credit and favorable

government policies Since the industry competes with the railways for

several categories of cargo railway performance is an important determinant

of commercial vehicle sales Historically demand in the Rs 27000 cr MampHCV

industry has been cyclical 3-4 years of growth followed by 2-3 years of

stagnant sales and recession with around 6 CAGR over the last decade1

INTRODUCTION

Finance is regarded as the life blood of a business enterprise In themodern

oriented economy finance is one of the basic foundations of all kinds of

economics activities Finance statements are prepared primarily for decision-

making They play a dominant role in setting the frame work and managerial

conclusion and can be drawn from these statements However the

information provided in the financial statement is of immense use in decision-

making through analysis and interpretation of financial statements As said

earlier finance is said to be life blood of any business Every business under

taking needs finance for its smooth working It has to raise funds from the

cheapest and risky source to utilize this in most effective

manner So every company will be interested in knowing its financial

performance The project entitled ldquoFinancial performance Analysis of

Ashok Leyland Industry Ltdrdquo throw light on over all financial performance of

the company

The Ashok Leyland is an Public Limited Company Founded in 1948it is an

automobile industry and the company is one of Indias leading manufacturers

of commercial vehicles such as trucks and buses as well as emergency and

military vehicles the company is based in Chennai India its also

makes spare parts and engines for industrial and marine applications11500

1

2










HISTORY



















3

GOALS















CURRENT STATUS











4
























5























6


Germany


























7



























8











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References










HISTORY



















3

GOALS















CURRENT STATUS











4
























5























6


Germany


























7



























8











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

GOALS















CURRENT STATUS











4
























5























6


Germany


























7



























8











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References
























5























6


Germany


























7



























8











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References























6


Germany


























7



























8











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References


Germany


























7



























8











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



























8











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References











over 30 in FY2010

















9

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Current status




















10





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References





equipment








Optare to 751












11



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



Leyland








iBUS















12


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References


upgraded to Euro 5

U-Truck





Dost










segment in India

13











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References











Facilities



Alwar Rajasthan







14






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References






15



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



Casualty






movements
















16






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References






1209-1227












PROBLEM STATEMENT




17







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References







18






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References






calculations

RESEARCH DESIGN







SOURCES OF DATA

DATA COLLECTION

1 PRIMARY DATA

2 SECONDARY DATA








19




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References




financial analysis

COLLECTION OF DATA


TOOLS OF ANALYSIS


20







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References







graph


20

06-07

20

07-08

20

08-09

200

9-10

20

10-11

20

11-12

9

6752

12

0502

16

6123

214

807

219

295

29

4266

Table 1

21

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Graph 1





year 2004-05 to 2005-06

22

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Graph 2

Graph 3




Graph 4

23

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Graph 5









norms







24

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Ashok Leyland












sales ratio

The Present











The Future




25











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References











avail tax benefits








Indian market










26



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



Export market



















new territories





27














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References














four years










Industrial growth




2

28



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



Retail financing





Graph 6











29






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References






Partnership




Board






Re1 each



30




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References




Suppliers buyers


Product or services

Graph 7

31









1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References


1 Industry Rivalry


























development

32






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References






products is rare














3 Buyer Power







33

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

4 Supplier Power















costs













34










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References










consequences






themselves to











further improvement

35



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



the above Code

2 Board of director






directorsrdquo

Board analysis






happened


more than 75

Active board

Table 2

36

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Societal constraint







stakeholders




















37








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References








interpretation
















Liquidity ratio

38




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References




Current ratio



period)













YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 176 144 161 137 129

INDUSTRY

AVERAGE 113 106 118 124 120

39

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Table 3

Graph 8

Quick ratio






ratio







40





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References





management

YEAR 2003 2004 2005 2006 2007

QUICK RATIO 122 094 119 079 073

INDUSTRY

AVERAGE 076 069 086 082 080

Table 4

Graph 9






41





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References





YEAR 2003 2004 2005 2006 2007

ASHOK LEYLAND 825 843 924 716 829

INDUSTRY

AVERAGE 1288 1222 1264 1066 1184

Table 5

Graph 10

Debt equity ratio





42







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References







YEAR 2003 2004 2005 2006 2007

TOTAL DEBTEQUITY

RATIO 076 048 077 049 034

INDUSTRY RATIO 052 061 063 046 046

Table 6

Graph 11

43

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Profitability ratio



Gross profit margin





price



each unit of sales

YEAR 2003 2004 2005 2006 2007

GROSS PROFIT

MARGIN 811 863 706 773 727

INDUSTRY

AVERAGE 857 835 692 583 636

Table 7

44

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Graph 12










YEAR 2003 2004 2005 2006 2007

NET PROFIT

MARGIN 427 551 629 605 594

INDUSTRY

AVERAGE 45 47 54 88 53

Table 8

45

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Graph 13












46

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

YEAR 2003 2004 2005 2006 2007

ASSET

TURNOVER

RATIO 15 22 21 25 28

Table 9

Graph 14










47



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



YEAR 2003 2004 2005 2006 2007

EPS 1071 1665 194 24 305

INDUSTRY

AVERAGE 1352 1921 1884 1803 2284

Table 10

Graph 15

Dividend per share







48



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



YEAR 2003 2004 2005 2006 2007

DIVIDEND PER

SHARE 5 75 1 12 15

INDUSTRY

AVERAGE 42 63 58 61 152

Table 11

Graph 16




49






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References






YEAR 2003 2004 2005 2006 2007

ASHOK

LEYLAND 1703 2637 2661 2815 2886

Table 12

Graph 17




50















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References















Year to Year Change






Index Analysis






3

51







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References







YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255



ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005


ADVANCES

INVENTORIES 100 12351 11206 15888 11859

52

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

SUNDRY DEBTORS 100 7828 11310 9250 12322





PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984



Table 13

DuPont Analysis

Return on Assets

53



dividedivide

X

Average Fixed Asset

Average Fixed Asset


Net Sales

Net Sales

Net Sales

Net Sales

Net Profit

Net Profit

Average Asset

Average Asset



Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Graph 18

DuPont Analysis














54

dividedividedivide

timestimes

Net Sales

Average Equity

Average Assets

Average Assets

Net Sales

Net Profit

Return on Equity

Net Profit Margin


Equity Multiplier

Return on Equity

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

Graph 19

Return over Asset






efficiency

Return over Equity






55



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References



Graph 20

56


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References


Strengths






Weakness




Opportunities

Industrial growth




Retail financing



Threats

Rising input cost

Rising Oil Prices



57










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References










and shareholders














Tamil Nadu



58









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References









Tamil Nadu



Recommendation







organisations



59


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References


FINDINGS














these areas





60





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References





areas












availability




mean value



61

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

























62




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References




















companies







63





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References





64

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

PER SHARE

RATIOS


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

ADJUSTED

E P S 1071 1665 194 24 305 1352 1912 1884 1803 2283

DIVIDEND

PER

SHARE 5 75 1 12 15 416 633 583 606 1516

OPERATING

PROFIT

PER

SHARE 2752 3321 356 442 518 3317 4839 3644 2897 3901

NET

OPERATING

INCOME

PER

SHARE 23245 29076 359 4388 5559 2757 44863 40724 38523 48274

FREE

RESERVES

PER

SHARE 605 6928 809 1001 1279 5288 7486 5837 9364 10226

Appendix

65

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

PROFITABILITY

RATIOS ()


YEAR

200

3

200

4

200

5

200

6

200

7

200

3

200

4

200

5

200

6

200

7

OPERATIN

G

MARGIN

118

4

114

2 991

100

8 932 12

112

8 954 842

84

6

GROSS

PROFIT

MARGIN 811 863 706 773 727 857 835 691 582

63

6

NET

PROFIT

MARGIN 427 551 629 605 594 449 468 541 88

53

2

RETURN

ON LONG

TERM

FUNDS

165

4

229

6

217

6

263

2

255

1

310

6

265

9

253

6

210

5

25

6

LEVERAGE


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

LONG TERM

DEBT

EQUITY 076 048 038 024 025 048 054 05 027 026

TOTAL 076 048 077 049 034 052 061 063 046 046

66

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

DEBTEQUIT

Y

OWNERS

FUND AS

OF TOTAL

SOURCE 5655 6728 5649 6674 745 6693 6376 6123 6798 6848

FIXED

ASSETS

TURNOVER

RATIO 154 187 218 256 286 221 229 286 295 338

LIQUIDITY


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

CURRENT

RATIO 176 144 161 137 129 113 105 118 123 119

QUICK

RATIO 122 094 119 079 073 076 069 086 082 079

INVENTORY

TURNOVER

RATIO 825 843 924 716 829 1288 1222 1264 1066 1184

COMPONENT


YEAR 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

MATERIAL COST

COMPONENT(

EARNINGS) 6169 719 7267 7832 7569 6586 695 7316 7625 7455

EXPORTS AS

PERCENT OF

759 875 1277 881 894 764 58 806 937 901

67

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

TOTAL SALES

IMPORT COMP IN

RAW MAT

CONSUMED 514 291 29 26 335 466 297 273 317 294

LONG TERM

ASSETS TOTAL

ASSETS 043 04 034 039 042 051 047 038 042 043

68

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

INDEX ANALYSIS

YEAR 2003 2004 2005 2006 2007

SHARE CAPITAL 100 10000 10000 10272 10837

RESERVE TOTAL 100 11098 11244 12301 13657

TOTAL SHAREHOLDER

FUNDS(A+B) 100 10962 11104 12094 13413

SECURED LOANS 100 6151 8490 7009 19504

UNSECURED LOANS 100 8862 32690 8222 5524

TOTAL DEBT (D+E) 100 6956 17641 7859 9255


APPLICATION OF

FUNDFIXED ASSET

GROSS BLOCK 100 10351 10675 10680 12253

LESSACCUMULATED

DEPRECIATION 100 11003 11075 10783 10987

NET BLOCK (H-I) 100 9693 10217 10553 13856

CAPITAL WORK IN

PROGRESS 100 12399 18404 16607 16794

INVESTMENTS 100 9304 15633 16064 6005

CURRENT ASSETS

LOANS amp ADVANCES

INVENTORIES 100 12351 11206 15888 11859

SUNDRY DEBTORS 100 7828 11310 9250 12322

CASH AND BANK

BALANCES 100 14644 24515 7567 7214



69

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

LESS CURRENT

LIABLITIES amp

PROVISIONS(S+T)


PROVISIONS 100 15117 13592 12794 3984

NET CURRENT ASSETS

(M-R) 100 8437 15711 8309 11432


70

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

References






28




71

Current status


iBUS

U-Truck

Dost


Facilities

References

108719486 Financial Analysis of Ashok Leyland

Documents

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