COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

TABLE OF CONTENTS

COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

TABLE OF CONTENTS

COMPANY OVERVIEWForce Motors is a fully, vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.

Its range includes Small Commercial Vehicles, Multi-Utility Vehicles (MUV), Light Commercial Vehicles (LCV), Sports Utility Vehicles (SUV) and Agricultural Tractors. So no matter what the need be, Force has a solution to offer.

Force provides appropriate solutions for transport – both goods as well as passenger – rugged, reliable and efficient transport solutions for every need- Rural or urban, long distance or local, over good roads or bad tracks.

Force Motors, formerly Bajaj Tempo, is an Indian manufacturer of three-wheelers, multi-utility and cross country vehicles, light commercial vehicles, tractors, buses and heavy commercial vehicles. It was originally named Firodia Tempo Ltd. and later after partial acquisition by Bajaj Auto as Bajaj Tempo Ltd.

COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

TABLE OF CONTENTS

Force Motors Ltd is an integrated automobile company, which focuses on design, development and manufacture of automotive components, aggregates and vehicles in India.

The company offers tractors, three wheelers, light commercial vehicles, multi utility and cross country vehicles, and heavy commercial vehicles.

Their subsidiaries include Man Force Trucks Pvt Ltd and Tempo Finance (West) Ltd. Force Motors Ltd was incorporated in the year 1958 with the name Baja Tempo Ltd.

The company was promoted by N K Firodia. Initially, the company started production of the HANSEAT 3-Wheelers in collaboration with Vidal & Sohn Tempo Werke Germany. Now, they manufacture Tractors, 3 Wheelers, Light Commercial Vehicles, Multi Utility Vehicles and Heavy Commercial Vehicles.

In the year 1959, the company started their manufacturing operation in a small plant at Goregaon, a suburb of Mumbai.

 The company changed their name form Bajaj Tempo Ltd to Force Motors Ltd with effect from May 12, 2005. In May 2005, the company entered into an agreement with DaimlerChrysler AG for sourcing the technology for G32 Gear box.

INTRODUCTION

MILESTONES

Production of Tempo 3-wheeler; ‘Hanseat’ started at Goregaon, Mumbai.195

8The manufacture of TEMPO VIKING 4-wheeler commercial vehicle commences

19641969

The production of MATADOR diesel light commercial vehicle begins.

1982

The company, in collaboration with the then Daimler Benz, produces the Mercedes Benz OM 616 engine under license.

19871988

The Tempo Traveller - production begins at Pithampur.

The Tempo Trax, rough road vehicle is introduced.

MILESTONES……contd.

1996

Force Motors introduced a new range of 3-wheelers called MINIDOR in pick-up and auto rickshaw models.

1997

The company enters the field of agricultural tractors with Balwan.

1999

The EXCEL range of state-of-the-art Light Commercial Vehicles was introduced. These vehicles with their superb ergonomics and superior aggregates represented the latest generation of LCVs in India.

2000

Full range of production of Trax range of vehicles achieved.

2003

The company enters into an alliance with MAN Nutzfahrzeuge AG.

2005

Tempo was rechristened as FORCE MOTORS LTD.

New state-of-the-art HCV manufacturing facility was inaugurated at Pithampur.

2006

MILESTONES……contd.

2008

Force Motors launched Traveller Shaktiman, Traveller Luxury and Traveller Smooth.

2010

New Cathodic Electro-deposition paint shop inaugurated at Pithampur, Indore.

2011

Force Motors launched its first offering in the Personal Vehicles segment, the FORCE ONE.

2012

Force Motors introduces a revolutionary passenger vehicle, Traveller 26.

2013

Force Motors introduces Gurkha, the Extreme Off-Roader Vehicle.

TABLE OF CONTENTS

COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

BOARD OF DIRECTORS

MANAGEMENT TEAM

Shareholder’s Name

National Westminster Bank PLC as Trustee of the Jupiter India Fund

Total Shares Held

Jupiter South Asia Invst. Co. Ltd.- A/c Jupiter South Asia Invst. Co. Ltd - South Asia Access Fund

172,477

Vanaja Sundar Iyer 163,545

2.78

1.31

1.24

Total Share Held (in %age)

366,022

Forc

e M

otor

s P

rom

oter

and

Pro

mot

er

Gro

up

52%

25%

23%

National Westminster Bank PLC as Trustee of the Jupiter India FundJupiter South Asia Invst. Co. Ltd.- A/c Jupiter South Asia Invst. Co. Ltd - South Asia Ac-cess FundVanaja Sundar Iyer

TABLE OF CONTENTS

COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

PRODUCTSPersonal Vehicles

Agricultural Vehicles

Commercial Vehicles

COMPANY LOCATION

The company has two plants:-

The company has established several sales departments for distribution and sale of the Company's products

Akurdi, Pune, Maharashtra

Pithampur, District Dhar, Madhya Pradesh

STRENGTHS

OPPORTUNITIESWAEKNESSES

WEAKNESSES•Force Motors wants to set up more units to expand LCV range •They had a target of selling 4,000 units but they have reached only 50 per cent of that due to more competitors.•Low market share.

•Well known brand with good reputation•Strong engineering capability •Global presence•Safest Drive in class

•Opportunities in India and China•Launch of new models Hybrid vehicles •Increasing demand for dual fuel vehicles

•Sluggish light vehicle production in developed markets•Economic slowdown in the US and Eurozone

SWOT ANALYSIS

SWOT ANALYSIS

Global Footprints

Force Motors is a highly flexible, vertically integrated automotive company that can cater to all types of markets, including niche markets, by providing customized 'country specific' modifications.Force Motors has a formidable product range in all segments, be it small commercial vehicles, light commercial vehicles, multi utility vehicles and agricultural vehicles.Over the last five decades it has partnered with leading global automotive names like Daimler, ZF, Ricardo, Bosch and MAN. Through these associations it has developed necessary expertise in-house for design, development and manufacture of automobiles, sub-systems, components and aggregates.The company exports its complete range of world class products to various countries in Middle East, Asia, Latin America and Africa.

Company Core Values

•We, at Force Motors, endeavour to focus on each of our customer’s requirements and deliver accordingly. Our customers are at the core of each of our ideal and they inspire us to experiment and innovate at every step.

•Our R&D Center is equipped with most advanced CAD center and computer engineering environment. The centre, with its well equipped computer engineering environment, gives us ample opportunities to develop novel product designs for our most modern vehicles. Thanks to our customers due to whom Force Motors has reached this stage of success.

Design Inspirations

•The new range of our products has been fully engineered and developed in-house by our experts at the Force Motors’ R & D centre which is considered to be among the most advanced in the country.

•The engines designed by Force Motors are fully checked for emission and fuel efficiency. An elaborate and state of art tool room with the latest high-precision and versatile machines for manufacturing is created solely for proficient engineering

Engineering Expertise

Contd….

•Force Motors has always been a highly flexible, vertically integrated automotive company that extended its range beyond the boundaries through country specific models.

•Over the last five decades we have partnered with leading global automotive companies to develop necessary expertise in-house for design, development and manufacture of automobiles, sub-systems, components and aggregates. Due to this, our vehicles have reached the niche markets of Middle East, Asia, Latin America and Africa.

Diversified Presence

•We focus on the utility of our products and evolve with the times to deliver the unsurpassed.

•We have a formidable product range in all segments - from small commercial vehicles, multi utility vehicles and light commercial vehicles to agricultural tractors.

•We showcase some innovative and exclusive products appropriately custom designed for the discerning Indian as well as the international market.

Evolving Utility

Contd….

•We are committed to cultivating a performance-driven culture that rewards results. Our core team has developed great expertise in design, development and manufacturing of automobiles with the help of our global partners.

•As a fully vertically integrated and complete automobile company, we focus on high quality, utility and technology through superior product design, production engineering, hi-tech manufacturing and innovative marketing.

Performance Driven

•We believe that delivering value through all channels drives growth. Force Motors encourages innovation and motivates the 500 odd expert design engineers to create path-breaking automotive designs.

•At Force Motors, every vehicle is run though durability test lab, engine test lab and driveline test setups before it hits the road. Apart from test labs Force Motor’s has in house torture track (Pave Track) for complete vehicle durability testing.

COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

TABLE OF CONTENTS

Automobiles Industries in INDIA

•15 manufacturers of passenger cars and multi-utility vehicles, • 9 manufacturers of commercial vehicles, • 16 manufacturers two/ three wheelers, • 14 manufacturers tractors, • 5 manufacturers of engines. 

Key drivers for the growth of Indian Auto industry

Finance Availability

Improved Infrastructure

Rising Family Income

Favorable duty structure

Poor public transport system

Low car penetration

Exchange of Cars

Changing lifestyle

Key Growth Drivers

• 3rd

• India’s share in global auto exports may also triple by 2016

1st

• The Passenger Vehicle market of India will even cross Japan by selling about 5 million Vehicles by 2017-18.

2nd

•The Indian auto exports will be upto $5.62 billion in the year ending March 2011 and the same will grow to $17.64 billion in 2015-16.

Future technological demands

PEER COMPARISONName Last Price Market Cap. Sales Net Profit Total Assets

(Rs. cr.) Turnover

Tata Motors 401.25 1,36,251.67 36,294.74 -4,738.95 34,943.56

Eicher Motors 16,771.15 45,520.90 3,031.22 558.92 1,233.66

Ashok Leyland 96.05 27,334.65 13,562.18 334.81 7,710.02

Tata Motors (D) 296 9,498.00 -- -- -

SML Isuzu 1,293.00 1,871.18 1,105.55 36.94 325.19

Force Motors 3,289.00 4,333.67 2,363.72 101.36 1,327.61

Tata Motors

Eicher Motors

Ashok Leyland

Tata Motors 

(D)

SML Isuzu

Force Motors

-20000

0

20000

40000

60000

80000

100000

120000

140000

Last PriceMarket Cap.Sales TurnoverNet ProfitTotal Assets

PEER COMPARISON

COMPANY OVERVIEW

INTRODUCTION

MANAGEMENT PERSONNEL

COMPANY ANALYSIS

INDUSTRY ANALYSIS

FUTURE PROSPECTS

TABLE OF CONTENTS

ParticularsMar '15 Mar '14 Mar '13 Mar '12 Mar '11

Net Sales/Income from operations 2,337.27 1,997.89 1,922.20 2,003.35 1,480.45

Other Operating Income 26.45 23.74 50.52 81.65 92.91

Total Income From Operations 2,363.72 2,021.63 1,972.72 2,085.01 1,573.36

 EPS 76.93 58.97 10.84 625.62 44.49

P/L Before Exceptional Items & Tax 124.94 62.63 19.13 50.59 82.13

P/L After Tax from Ordinary Activities 103.62 77.94 14.7 824.33 58.62

Financial Highlights

Mar '15

Mar '14

Mar '13

Mar '12

Mar '11

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

Net Sales/Income from operations

Other Operating Income

Total Income From Operations

 EPS

P/L Before Exceptional Items & Tax

P/L After Tax from Ordinary Activities

Particulars Mar '15 Mar '14

Share Capital 13.18 13.18

Networth 1,316.88 1,226.02

Debt 10.73 20.38

Liabilities 1,327.61 1,246.40

Assets 1,327.61 1,246.39

Share Capital Networth Debt Liabilities Assets0

200

400

600

800

1000

1200

1400

Mar '15Mar '14

Balance Sheet

5 Year Profit & Loss - Consolidated

Particulars Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Net Sales

2,363.72 2,021.63 1,972.72 2,085.00 1,564.79

Earning Per Share 76.93 58.97 10.84 625.62 44.49

Depreciation81.28 84.84 70.16 60.36 44.82

Profit before tax124.95 62.64 19.13 1,011.29 81.96

Tax expenses23.58 -15.07 4.85 186.97 23.35

Profit after tax101.36 77.69 14.28 824.33 58.62

Net Sales  Earning Per Share Depreciation  Profit before tax  Tax expenses  Profit after tax 

-500.00

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

Mar '15Mar '14Mar '13Mar '12Mar '11

QUARTERLY PERFORMANCE

Particulars Sep '15 Jun '15 Mar '15 Dec '14 Sep '14

Net Sales/Income from operations 755.98 634.09 694.55 511.92 592.37

EPS 32.24 27.14 35.13 7.58 19.50

EBITA 80.84 69.13 77.41 26.82 53.11

Net Profit/(Loss 42.48 35.76 46.28 9.99 25.69

Sep '15  Jun '15  Mar '15  Dec '14  Sep '14 0

100

200

300

400

500

600

700

800

Net Sales/Income from operations EPS EBITA Net Profit/(Loss